As filed with the U.S. Securities and Exchange Commission on September 2, 2022
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, 2022
Item 1. Reports to Stockholders.
(a) |
Semi-Annual Report –
Baird Funds
June 30, 2022
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 | 11 | |
Baird Intermediate Bond Fund | 24 | |
Baird Aggregate Bond Fund | 41 | |
Baird Core Plus Bond Fund | 70 | |
Baird Short-Term Municipal Bond Fund | 98 | |
Baird Strategic Municipal Bond Fund | 134 | |
Baird Quality Intermediate Municipal Bond Fund | 148 | |
Baird Core Intermediate Municipal Bond Fund | 166 | |
Baird Municipal Bond Fund | 199 | |
Additional Information on Fund Expenses | 208 | |
Statements of Assets and Liabilities | 209 | |
Statements of Operations | 211 | |
Statements of Changes in Net Assets | 213 | |
Financial Highlights | 218 | |
Notes to the Financial Statements | 238 | |
Statement Regarding Liquidity Risk Management Program | 249 | |
Additional Information | 249 |
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, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $5,378,914,932 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class (Subsidized) | 2.37% | |||
Institutional Class (Unsubsidized) | 2.22% | |||
Investor Class (Subsidized) | 2.12% | |||
Investor Class (Unsubsidized) | 1.97% | |||
Average Effective Duration | 0.53 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 | 58% | (6) | ||
Number of Holdings | 337 | |||
(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, 2022. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. 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, 2023. 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, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -0.44% | -0.42% | 0.91% | 1.42% | 1.27% |
Investor Class Shares | -0.46% | -0.58% | 0.74% | 1.22% | 1.06% |
Bloomberg U.S. Short-Term Government/Corporate Index(2) | -0.37% | -0.37% | 0.73% | 1.25% | 0.93% |
(1) | For the period from December 31, 2013 (inception date) through June 30, 2022. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
0.125%, 08/31/2022 | $ | 134,850,000 | $ | 134,527,916 | ||||||||
2.000%, 10/31/2022 | 240,000,000 | 239,894,789 | ||||||||||
0.125%, 12/31/2022 | 110,000,000 | 108,685,157 | ||||||||||
0.125%, 04/30/2023 | 120,000,000 | 117,300,000 | ||||||||||
0.125%, 05/31/2023 | 265,000,000 | 258,437,111 | ||||||||||
0.125%, 06/30/2023 | 50,000,000 | 48,634,765 | ||||||||||
2.625%, 06/30/2023 | 100,000,000 | 99,734,375 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $1,010,034,419) | 1,007,214,113 | 18.7 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
AbbVie, Inc.: | ||||||||||||
3.250%, 10/01/2022 | ||||||||||||
(Callable 07/01/2022) | 4,425,000 | 4,425,000 | ||||||||||
2.900%, 11/06/2022 | 24,963,000 | 24,960,048 | ||||||||||
American Tower Corp., | ||||||||||||
3.500%, 01/31/2023 | 3,622,000 | 3,620,903 | ||||||||||
AmerisourceBergen Corp., | ||||||||||||
0.737%, 03/15/2023 | ||||||||||||
(Callable 08/01/2022) | 20,281,000 | 19,889,262 | ||||||||||
Anglo American Capital PLC, | ||||||||||||
4.125%, 09/27/2022(1)(2) | 31,458,000 | 31,463,311 | ||||||||||
Avery Dennison Corp., | ||||||||||||
3.350%, 04/15/2023 | ||||||||||||
(Callable 01/15/2023) | 5,561,000 | 5,549,029 | ||||||||||
Biogen, Inc., | ||||||||||||
3.625%, 09/15/2022 | 5,970,000 | 5,970,860 | ||||||||||
Boardwalk Pipelines LP, | ||||||||||||
3.375%, 02/01/2023 | ||||||||||||
(Callable 11/01/2022) | 31,777,000 | 31,677,554 | ||||||||||
Boeing Co.: | ||||||||||||
1.167%, 02/04/2023 | ||||||||||||
(Callable 08/01/2022) | 20,000,000 | 19,772,842 | ||||||||||
4.508%, 05/01/2023 | ||||||||||||
(Callable 04/01/2023) | 7,650,000 | 7,668,025 | ||||||||||
Boral Finance Pty Ltd., | ||||||||||||
3.000%, 11/01/2022 | ||||||||||||
(Callable 10/01/2022)(1)(2) | 9,400,000 | 9,370,218 | ||||||||||
Bunge Limited Finance Corp., | ||||||||||||
3.000%, 09/25/2022 | ||||||||||||
(Callable 08/25/2022) | 15,698,000 | 15,694,756 | ||||||||||
Campbell Soup Co., | ||||||||||||
3.650%, 03/15/2023 | ||||||||||||
(Callable 02/15/2023) | 3,676,000 | 3,683,177 | ||||||||||
Canadian Natural Resources Ltd., | ||||||||||||
2.950%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022)(1) | 28,143,000 | 28,040,887 | ||||||||||
Carlisle Companies, Inc.: | ||||||||||||
3.750%, 11/15/2022 | ||||||||||||
(Callable 08/15/2022) | 5,750,000 | 5,751,856 | ||||||||||
0.550%, 09/01/2023 | ||||||||||||
(Callable 09/01/2022) | 10,000,000 | 9,644,904 | ||||||||||
Celanese US Holdings LLC, | ||||||||||||
4.625%, 11/15/2022 | 16,252,000 | 16,354,212 | ||||||||||
Choice Hotels International, Inc., | ||||||||||||
5.750%, 07/01/2022 | 6,978,000 | 6,978,000 | ||||||||||
CNH Industrial NV, | ||||||||||||
4.500%, 08/15/2023(1) | 5,595,000 | 5,641,902 | ||||||||||
CommonSpirit Health, | ||||||||||||
2.950%, 11/01/2022 | 11,055,000 | 11,058,794 | ||||||||||
Conagra Brands, Inc.: | ||||||||||||
3.250%, 09/15/2022 | 2,507,000 | 2,511,193 | ||||||||||
3.200%, 01/25/2023 | ||||||||||||
(Callable 10/25/2022) | 41,256,000 | 41,221,020 | ||||||||||
0.500%, 08/11/2023 | ||||||||||||
(Callable 08/11/2022) | 7,000,000 | 6,747,198 | ||||||||||
ConocoPhillips Co., | ||||||||||||
2.125%, 03/08/2024 | ||||||||||||
(Callable 09/08/2022) | 30,000,000 | 29,409,169 | ||||||||||
Continental Resources, Inc., | ||||||||||||
4.500%, 04/15/2023 | ||||||||||||
(Callable 01/15/2023) | 1,310,000 | 1,314,520 | ||||||||||
CVS Health Corp., | ||||||||||||
2.750%, 12/01/2022 | ||||||||||||
(Callable 09/01/2022) | 3,903,000 | 3,900,850 | ||||||||||
Daimler Finance North America LLC: | ||||||||||||
3.350%, 02/22/2023(1)(2) | 7,345,000 | 7,354,516 | ||||||||||
1.750%, 03/10/2023(1)(2) | 4,841,000 | 4,783,092 | ||||||||||
DCP Midstream LLC, | ||||||||||||
3.875%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 3,760,000 | 3,724,167 | ||||||||||
Discovery Communications LLC, | ||||||||||||
2.950%, 03/20/2023 | ||||||||||||
(Callable 02/20/2023) | 20,837,000 | 20,694,057 | ||||||||||
Dollar General Corp., | ||||||||||||
3.250%, 04/15/2023 | ||||||||||||
(Callable 01/15/2023) | 9,380,000 | 9,333,813 | ||||||||||
DR Horton, Inc.: | ||||||||||||
4.375%, 09/15/2022 | ||||||||||||
(Callable 08/01/2022) | 3,250,000 | 3,252,457 | ||||||||||
4.750%, 02/15/2023 | ||||||||||||
(Callable 11/15/2022) | 1,258,000 | 1,265,889 | ||||||||||
Eastman Chemical Co., | ||||||||||||
3.600%, 08/15/2022 | ||||||||||||
(Callable 07/06/2022) | 4,924,000 | 4,924,121 | ||||||||||
Eaton Corp., | ||||||||||||
2.750%, 11/02/2022 | 1,275,000 | 1,274,128 | ||||||||||
Enbridge, Inc., | ||||||||||||
2.900%, 07/15/2022(1) | 22,284,000 | 22,282,456 | ||||||||||
Energen Corp., | ||||||||||||
7.320%, 07/28/2022 | 6,000,000 | 6,009,395 | ||||||||||
Energy Transfer LP, | ||||||||||||
4.250%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 31,959,000 | 31,942,495 | ||||||||||
Energy Transfer Partners LP, | ||||||||||||
3.600%, 02/01/2023 | ||||||||||||
(Callable 11/01/2022) | 17,825,000 | 17,774,358 | ||||||||||
Eni SpA, | ||||||||||||
4.000%, 09/12/2023(1)(2) | 4,952,000 | 4,927,701 | ||||||||||
Enterprise Products Operating LLC, | ||||||||||||
3.350%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 13,025,000 | 12,991,442 | ||||||||||
Equifax, Inc., | ||||||||||||
3.300%, 12/15/2022 | ||||||||||||
(Callable 09/15/2022) | 8,102,000 | 8,109,925 | ||||||||||
Fidelity National Information Services, Inc., | ||||||||||||
0.375%, 03/01/2023 | 5,985,000 | 5,860,770 | ||||||||||
Flex Ltd., | ||||||||||||
5.000%, 02/15/2023 | 53,178,000 | 53,577,585 | ||||||||||
Florida Gas Transmission Co. LLC, | ||||||||||||
3.875%, 07/15/2022(2) | 4,750,000 | 4,751,511 | ||||||||||
Freeport-McMoRan, Inc., | ||||||||||||
3.875%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 17,926,000 | 17,848,534 |
The accompanying notes are an integral part of these financial statements.
Page 3
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Fresenius US Finance II, Inc., | ||||||||||||
4.500%, 01/15/2023 | ||||||||||||
(Callable 10/17/2022)(1)(2) | $ | 7,685,000 | $ | 7,692,161 | ||||||||
General Mills, Inc., | ||||||||||||
2.600%, 10/12/2022 | ||||||||||||
(Callable 09/12/2022) | 6,334,000 | 6,336,423 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
3.550%, 07/08/2022 | 29,820,000 | 29,820,171 | ||||||||||
3.250%, 01/05/2023 | ||||||||||||
(Callable 12/05/2022) | 4,075,000 | 4,068,097 | ||||||||||
3.700%, 05/09/2023 | ||||||||||||
(Callable 03/09/2023) | 3,880,000 | 3,878,618 | ||||||||||
4.250%, 05/15/2023 | 3,063,000 | 3,073,432 | ||||||||||
Glencore Finance (Canada) Ltd., | ||||||||||||
4.250%, 10/25/2022(1)(2) | 22,001,000 | 21,985,379 | ||||||||||
Glencore Funding LLC: | ||||||||||||
3.000%, 10/27/2022 | ||||||||||||
(Callable 09/27/2022)(1)(2) | 6,112,000 | 6,094,755 | ||||||||||
4.125%, 05/30/2023(1)(2) | 26,043,000 | 25,954,193 | ||||||||||
Global Payments, Inc., | ||||||||||||
3.750%, 06/01/2023 | ||||||||||||
(Callable 03/01/2023) | 5,132,000 | 5,095,018 | ||||||||||
Gray Oak Pipeline LLC, | ||||||||||||
2.000%, 09/15/2023(2) | 25,991,000 | 25,322,255 | ||||||||||
GSK Consumer Healthcare Capital US LLC, | ||||||||||||
3.024%, 03/24/2024 | ||||||||||||
(Callable 03/24/2023)(2) | 14,375,000 | 14,160,099 | ||||||||||
Heineken NV, | ||||||||||||
2.750%, 04/01/2023(1)(2) | 15,000,000 | 14,902,718 | ||||||||||
Hewlett Packard Enterprise Co.: | ||||||||||||
4.400%, 10/15/2022 | ||||||||||||
(Callable 08/15/2022) | 29,466,000 | 29,520,798 | ||||||||||
2.250%, 04/01/2023 | ||||||||||||
(Callable 03/01/2023) | 21,585,000 | 21,429,344 | ||||||||||
HF Sinclair Corp., | ||||||||||||
2.625%, 10/01/2023(2) | 3,130,000 | 3,039,593 | ||||||||||
Howard University, | ||||||||||||
2.738%, 10/01/2022 | 2,700,000 | 2,690,293 | ||||||||||
HP, Inc., | ||||||||||||
4.050%, 09/15/2022 | 4,175,000 | 4,191,668 | ||||||||||
Huntington Ingalls Industries, Inc., | ||||||||||||
0.670%, 08/16/2023 | ||||||||||||
(Callable 08/16/2022) | 10,000,000 | 9,641,828 | ||||||||||
Hyatt Hotels Corp., | ||||||||||||
1.300%, 10/01/2023 | ||||||||||||
(Callable 10/01/2022) | 10,000,000 | 9,683,729 | ||||||||||
Hyundai Capital America: | ||||||||||||
3.250%, 09/20/2022(1)(2) | 4,671,000 | 4,669,811 | ||||||||||
2.850%, 11/01/2022(1)(2) | 11,115,000 | 11,086,731 | ||||||||||
2.375%, 02/10/2023(1)(2) | 26,456,000 | 26,116,482 | ||||||||||
Infor, Inc., | ||||||||||||
1.450%, 07/15/2023 | ||||||||||||
(Callable 06/15/2023)(2) | 4,030,000 | 3,920,671 | ||||||||||
International Flavors & Fragrances, Inc., | ||||||||||||
3.200%, 05/01/2023 | ||||||||||||
(Callable 02/01/2023) | 6,000,000 | 5,977,530 | ||||||||||
Jones Lang LaSalle, Inc., | ||||||||||||
4.400%, 11/15/2022 | ||||||||||||
(Callable 08/15/2022) | 9,888,000 | 9,898,795 | ||||||||||
Kerry Group Financial Services Unlimited Co., | ||||||||||||
3.200%, 04/09/2023 | ||||||||||||
(Callable 01/09/2023)(1)(2) | 13,775,000 | 13,688,900 | ||||||||||
Kinder Morgan, Inc., | ||||||||||||
3.150%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022) | 18,562,000 | 18,533,545 | ||||||||||
Kroger Co., | ||||||||||||
2.800%, 08/01/2022 | ||||||||||||
(Callable 07/11/2022) | 3,000,000 | 2,999,977 | ||||||||||
Land O’ Lakes, Inc., | ||||||||||||
6.000%, 11/15/2022 | ||||||||||||
(Callable 08/15/2022)(2) | 18,950,000 | 19,000,455 | ||||||||||
Leggett & Platt, Inc., | ||||||||||||
3.400%, 08/15/2022 | 9,700,000 | 9,705,368 | ||||||||||
Leidos, Inc., | ||||||||||||
2.950%, 05/15/2023 | ||||||||||||
(Callable 04/15/2023) | 4,545,000 | 4,500,937 | ||||||||||
Lennar Corp., | ||||||||||||
4.750%, 11/15/2022 | ||||||||||||
(Callable 08/15/2022) | 13,095,000 | 13,117,004 | ||||||||||
Magallanes, Inc., | ||||||||||||
3.528%, 03/15/2024 | ||||||||||||
(Callable 03/15/2023)(2) | 15,000,000 | 14,687,783 | ||||||||||
Marriott International, Inc., | ||||||||||||
2.125%, 10/03/2022 | 27,199,000 | 27,123,113 | ||||||||||
Martin Marietta Materials, Inc., | ||||||||||||
0.650%, 07/15/2023 | ||||||||||||
(Callable 08/01/2022) | 10,000,000 | 9,663,586 | ||||||||||
McKesson Corp., | ||||||||||||
2.700%, 12/15/2022 | ||||||||||||
(Callable 09/15/2022) | 1,650,000 | 1,648,807 | ||||||||||
Microchip Technology, Inc., | ||||||||||||
4.333%, 06/01/2023 | ||||||||||||
(Callable 05/01/2023) | 18,832,000 | 18,842,076 | ||||||||||
Mohawk Industries, Inc., | ||||||||||||
3.850%, 02/01/2023 | ||||||||||||
(Callable 11/01/2022) | 30,686,000 | 30,676,803 | ||||||||||
Mondelez International | ||||||||||||
Holdings Netherlands BV, | ||||||||||||
2.125%, 09/19/2022(2) | 5,360,000 | 5,347,899 | ||||||||||
Moody’s Corp., | ||||||||||||
2.625%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022) | 4,000,000 | 3,991,171 | ||||||||||
Mosaic Co., | ||||||||||||
3.250%, 11/15/2022 | ||||||||||||
(Callable 10/15/2022) | 20,547,000 | 20,568,493 | ||||||||||
MPLX LP: | ||||||||||||
3.500%, 12/01/2022 | ||||||||||||
(Callable 11/01/2022) | 34,183,000 | 34,166,065 | ||||||||||
3.375%, 03/15/2023 | ||||||||||||
(Callable 02/15/2023) | 10,059,000 | 10,030,971 | ||||||||||
4.500%, 07/15/2023 | ||||||||||||
(Callable 04/15/2023) | 505,000 | 506,436 | ||||||||||
Mylan, Inc., | ||||||||||||
3.125%, 01/15/2023(2) | 15,652,000 | 15,556,822 | ||||||||||
National Fuel Gas Co., | ||||||||||||
3.750%, 03/01/2023 | ||||||||||||
(Callable 12/01/2022) | 22,709,000 | 22,722,853 | ||||||||||
Newell Brands, Inc., | ||||||||||||
4.100%, 04/01/2023 | ||||||||||||
(Callable 02/01/2023) | 8,061,000 | 7,990,466 | ||||||||||
Nissan Motor Acceptance Corp.: | ||||||||||||
2.650%, 07/13/2022(1)(2) | 1,070,000 | 1,069,829 | ||||||||||
2.600%, 09/28/2022(1)(2) | 4,000,000 | 3,980,313 | ||||||||||
Nissan Motor Co. Ltd., | ||||||||||||
3.043%, 09/15/2023(1)(2) | 6,500,000 | 6,390,206 | ||||||||||
NOVA Gas Transmission Ltd., | ||||||||||||
7.875%, 04/01/2023(1) | 6,420,000 | 6,581,922 | ||||||||||
Nutrien Ltd., | ||||||||||||
3.150%, 10/01/2022 | ||||||||||||
(Callable 08/02/2022)(1) | 2,406,000 | 2,407,529 |
The accompanying notes are an integral part of these financial statements.
Page 4
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
O’Reilly Automotive, Inc., | ||||||||||||
3.800%, 09/01/2022 | ||||||||||||
(Callable 08/01/2022) | $ | 21,000,000 | $ | 21,025,004 | ||||||||
ONEOK Partners LP, | ||||||||||||
3.375%, 10/01/2022 | ||||||||||||
(Callable 07/12/2022) | 3,500,000 | 3,500,141 | ||||||||||
Oracle Corp.: | ||||||||||||
2.500%, 10/15/2022 | 44,959,000 | 44,862,757 | ||||||||||
2.625%, 02/15/2023 | ||||||||||||
(Callable 01/15/2023) | 9,525,000 | 9,485,799 | ||||||||||
Panasonic Corp., | ||||||||||||
2.536%, 07/19/2022(1)(2) | 1,916,000 | 1,915,808 | ||||||||||
Parker-Hannifin Corp., | ||||||||||||
3.500%, 09/15/2022 | 2,412,000 | 2,415,240 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
4.875%, 07/11/2022(2) | 36,903,000 | 36,911,642 | ||||||||||
4.250%, 01/17/2023(2) | 2,575,000 | 2,583,284 | ||||||||||
2.700%, 03/14/2023 | ||||||||||||
(Callable 02/14/2023)(2) | 11,610,000 | 11,576,032 | ||||||||||
PerkinElmer, Inc., | ||||||||||||
0.550%, 09/15/2023 | ||||||||||||
(Callable 09/15/2022) | 10,000,000 | 9,629,756 | ||||||||||
Pernod Ricard SA, | ||||||||||||
4.250%, 07/15/2022(1)(2) | 1,500,000 | 1,500,778 | ||||||||||
POSCO: | ||||||||||||
2.375%, 11/12/2022(1)(2) | 23,075,000 | 23,006,236 | ||||||||||
2.375%, 01/17/2023(1)(2) | 33,566,000 | 33,382,394 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp., | ||||||||||||
5.000%, 10/01/2022 | ||||||||||||
(Callable 08/01/2022) | 7,250,000 | 7,259,882 | ||||||||||
Reliance Steel & Aluminum Co., | ||||||||||||
4.500%, 04/15/2023 | ||||||||||||
(Callable 01/15/2023) | 22,905,000 | 22,975,387 | ||||||||||
RELX Capital, Inc., | ||||||||||||
3.500%, 03/16/2023 | ||||||||||||
(Callable 02/16/2023)(1) | 30,644,000 | 30,602,104 | ||||||||||
Royalty Pharma PLC, | ||||||||||||
0.750%, 09/02/2023 | 6,075,000 | 5,849,807 | ||||||||||
RPM International, Inc., | ||||||||||||
3.450%, 11/15/2022 | ||||||||||||
(Callable 08/15/2022) | 40,731,000 | 40,747,730 | ||||||||||
Ryder System, Inc.: | ||||||||||||
2.500%, 09/01/2022 | ||||||||||||
(Callable 08/01/2022) | 20,905,000 | 20,906,572 | ||||||||||
3.400%, 03/01/2023 | ||||||||||||
(Callable 02/01/2023) | 19,428,000 | 19,379,995 | ||||||||||
Sabine Pass Liquefaction LLC, | ||||||||||||
5.625%, 04/15/2023 | ||||||||||||
(Callable 01/15/2023) | 40,335,000 | 40,717,507 | ||||||||||
Schneider Electric SE, | ||||||||||||
2.950%, 09/27/2022(2) | 3,093,000 | 3,092,462 | ||||||||||
SES SA, | ||||||||||||
3.600%, 04/04/2023(1)(2) | 27,759,000 | 27,383,788 | ||||||||||
Sky Ltd., | ||||||||||||
3.125%, 11/26/2022(2) | 5,000,000 | 5,002,016 | ||||||||||
Skyworks Solutions, Inc., | ||||||||||||
0.900%, 06/01/2023 | ||||||||||||
�� (Callable 07/18/2022) | 16,144,000 | 15,603,372 | ||||||||||
Southern Copper Corp., | ||||||||||||
3.500%, 11/08/2022(1) | 25,044,000 | 25,031,979 | ||||||||||
Southern Natural Gas Co. LLC, | ||||||||||||
0.625%, 04/28/2023 | ||||||||||||
(Callable 08/01/2022)(2) | 8,085,000 | 7,841,633 | ||||||||||
St. Joseph’s University Medical Center, Inc., | ||||||||||||
3.926%, 07/01/2022 | 2,025,000 | 2,025,000 | ||||||||||
Stellantis NV, | ||||||||||||
5.250%, 04/15/2023 | 34,897,000 | 35,136,393 | ||||||||||
Teledyne Technologies, Inc., | ||||||||||||
0.650%, 04/01/2023 | 23,400,000 | 22,867,515 | ||||||||||
Thermo Fisher Scientific, Inc., | ||||||||||||
0.797%, 10/18/2023 | ||||||||||||
(Callable 10/18/2022) | 25,000,000 | 24,220,933 | ||||||||||
Time Warner Entertainment Co. LP, | ||||||||||||
8.375%, 03/15/2023 | 5,815,000 | 5,983,651 | ||||||||||
Toll Brothers Finance Corp., | ||||||||||||
4.375%, 04/15/2023 | ||||||||||||
(Callable 01/15/2023) | 3,000,000 | 2,994,592 | ||||||||||
TransCanada PipeLines Ltd., | ||||||||||||
2.500%, 08/01/2022(1) | 24,208,000 | 24,195,865 | ||||||||||
Triton Container International Ltd., | ||||||||||||
0.800%, 08/01/2023(1)(2) | 4,673,000 | 4,428,041 | ||||||||||
Trustees of Boston College, | ||||||||||||
2.651%, 07/01/2022 | 1,000,000 | 1,000,000 | ||||||||||
Verizon Communications, Inc., | ||||||||||||
2.511%, 05/15/2025 | ||||||||||||
(3 Month LIBOR USD + 1.100%) | ||||||||||||
(Callable 03/15/2025)(3) | 4,000,000 | 3,975,508 | ||||||||||
Vodafone Group PLC, | ||||||||||||
2.950%, 02/19/2023(1) | 4,306,000 | 4,283,426 | ||||||||||
Volkswagen Group of America Finance LLC: | ||||||||||||
2.700%, 09/26/2022(1)(2) | 6,060,000 | 6,050,490 | ||||||||||
0.750%, 11/23/2022(1)(2) | 5,300,000 | 5,257,375 | ||||||||||
3.125%, 05/12/2023(1)(2) | 14,666,000 | 14,560,982 | ||||||||||
Walgreen Co., | ||||||||||||
3.100%, 09/15/2022 | 3,595,000 | 3,601,618 | ||||||||||
Walgreens Boots Alliance, Inc., | ||||||||||||
0.950%, 11/17/2023 | ||||||||||||
(Callable 08/01/2022) | 30,000,000 | 29,015,468 | ||||||||||
Walt Disney Co., | ||||||||||||
8.875%, 04/26/2023 | 2,450,000 | 2,576,162 | ||||||||||
Whirlpool Corp., | ||||||||||||
3.700%, 03/01/2023 | 10,609,000 | 10,615,298 | ||||||||||
Williams Companies, Inc., | ||||||||||||
3.700%, 01/15/2023 | ||||||||||||
(Callable 10/15/2022) | 54,359,000 | 54,446,062 | ||||||||||
Total Industrials | ||||||||||||
(Cost $1,983,987,513) | 1,962,175,307 | 36.5 | % | |||||||||
Utilities | ||||||||||||
Alliant Energy Finance LLC, | ||||||||||||
3.750%, 06/15/2023 | ||||||||||||
(Callable 05/15/2023)(2) | 4,000,000 | 4,002,881 | ||||||||||
CenterPoint Energy Resources Corp., | ||||||||||||
0.700%, 03/02/2023 | ||||||||||||
(Callable 08/01/2022) | 6,984,000 | 6,839,408 | ||||||||||
Dominion Energy, Inc.: | ||||||||||||
2.750%, 09/15/2022 | ||||||||||||
(Callable 07/21/2022) | 3,325,000 | 3,322,043 | ||||||||||
2.450%, 01/15/2023(2) | 45,010,000 | 44,735,164 | ||||||||||
DTE Energy Company, | ||||||||||||
2.250%, 11/01/2022 | 3,000,000 | 2,993,854 | ||||||||||
Evergy Metro, Inc., | ||||||||||||
3.150%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 2,883,000 | 2,878,097 | ||||||||||
Eversource Energy, | ||||||||||||
2.800%, 05/01/2023 | ||||||||||||
(Callable 02/01/2023) | 2,330,000 | 2,315,547 |
The accompanying notes are an integral part of these financial statements.
Page 5
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Georgia Power Co., | ||||||||||||
5.750%, 04/15/2023 | $ | 6,431,000 | $ | 6,528,897 | ||||||||
Indiana Michigan Power Co., | ||||||||||||
3.200%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 9,711,000 | 9,655,936 | ||||||||||
ITC Holdings Corp.: | ||||||||||||
2.700%, 11/15/2022 | ||||||||||||
(Callable 10/15/2022)(1) | 2,925,000 | 2,914,019 | ||||||||||
4.050%, 07/01/2023 | ||||||||||||
(Callable 04/01/2023)(1) | 1,925,000 | 1,934,834 | ||||||||||
NextEra Energy Capital Holdings, Inc., | ||||||||||||
1.775%, 02/22/2023 | ||||||||||||
(3 Month LIBOR USD + 0.270%) | ||||||||||||
(Callable 08/01/2022)(3) | 8,500,000 | 8,446,841 | ||||||||||
Niagara Mohawk Power Corp., | ||||||||||||
2.721%, 11/28/2022(1)(2) | 12,000,000 | 11,958,253 | ||||||||||
Public Service Enterprise Group, Inc.: | ||||||||||||
2.650%, 11/15/2022 | ||||||||||||
(Callable 10/15/2022) | 32,517,000 | 32,490,076 | ||||||||||
0.841%, 11/08/2023 | ||||||||||||
(Callable 08/01/2022) | 8,000,000 | 7,674,542 | ||||||||||
Virginia Electric and Power Co., | ||||||||||||
2.750%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 4,672,000 | 4,641,083 | ||||||||||
Washington Gas Light Co., | ||||||||||||
6.650%, 03/20/2023(1) | 9,112,000 | 9,304,089 | ||||||||||
Total Utilities | ||||||||||||
(Cost $164,881,879) | 162,635,564 | 3.0 | % | |||||||||
Financials | ||||||||||||
AerCap Holdings NV: | ||||||||||||
3.300%, 01/23/2023 | ||||||||||||
(Callable 12/23/2022)(1) | 5,997,000 | 5,973,132 | ||||||||||
4.125%, 07/03/2023 | ||||||||||||
(Callable 06/03/2023)(1) | 8,825,000 | 8,737,071 | ||||||||||
4.500%, 09/15/2023 | ||||||||||||
(Callable 08/15/2023)(1) | 7,054,000 | 7,020,253 | ||||||||||
AIB Group PLC, | ||||||||||||
4.750%, 10/12/2023(1)(2) | 1,475,000 | 1,476,045 | ||||||||||
Air Lease Corp.: | ||||||||||||
2.625%, 07/01/2022 | 30,489,000 | 30,489,000 | ||||||||||
2.250%, 01/15/2023 | 1,663,000 | 1,646,107 | ||||||||||
2.750%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022) | 8,250,000 | 8,191,258 | ||||||||||
Ally Financial, Inc.: | ||||||||||||
3.050%, 06/05/2023 | ||||||||||||
(Callable 05/05/2023) | 3,265,000 | 3,230,053 | ||||||||||
1.450%, 10/02/2023 | ||||||||||||
(Callable 09/02/2023) | 20,157,000 | 19,484,153 | ||||||||||
Anthem, Inc., | ||||||||||||
2.950%, 12/01/2022 | ||||||||||||
(Callable 11/01/2022) | 43,920,000 | 43,894,963 | ||||||||||
Aon Corp., | ||||||||||||
2.200%, 11/15/2022 | 4,840,000 | 4,829,269 | ||||||||||
Banco Santander SA, | ||||||||||||
3.848%, 04/12/2023(1) | 8,400,000 | 8,392,453 | ||||||||||
Bank of America Corp.: | ||||||||||||
2.816%, 07/21/2023 | ||||||||||||
(3 Month LIBOR USD + 0.930%) | ||||||||||||
(Callable 07/21/2022)(3) | 19,700,000 | 19,693,762 | ||||||||||
3.004%, 12/20/2023 | ||||||||||||
(3 Month LIBOR USD + 0.790%) | ||||||||||||
(Callable 12/20/2022)(3) | 16,225,000 | 16,171,812 | ||||||||||
BGC Partners, Inc., | ||||||||||||
5.375%, 07/24/2023 | 4,099,000 | 4,125,174 | ||||||||||
Capital One Financial Corp., | ||||||||||||
2.600%, 05/11/2023 | ||||||||||||
(Callable 04/11/2023) | 24,926,000 | 24,752,217 | ||||||||||
Citigroup, Inc., | ||||||||||||
2.876%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.950%) | ||||||||||||
(Callable 07/24/2022)(3) | 21,500,000 | 21,490,582 | ||||||||||
Cooperatieve Rabobank UA, | ||||||||||||
3.950%, 11/09/2022(1) | 32,861,000 | 32,966,640 | ||||||||||
Credit Suisse AG, | ||||||||||||
1.000%, 05/05/2023(1) | 6,425,000 | 6,287,411 | ||||||||||
Credit Suisse Group Funding Guernsey Ltd., | ||||||||||||
3.800%, 09/15/2022(1) | 14,201,000 | 14,212,354 | ||||||||||
Deutsche Bank AG, | ||||||||||||
3.950%, 02/27/2023(1) | 1,759,000 | 1,755,148 | ||||||||||
Discover Bank, | ||||||||||||
3.350%, 02/06/2023 | ||||||||||||
(Callable 01/06/2023) | 42,018,000 | 42,019,535 | ||||||||||
Discover Financial Services, | ||||||||||||
3.850%, 11/21/2022 | 6,114,000 | 6,128,960 | ||||||||||
F.N.B. Corporation, | ||||||||||||
2.200%, 02/24/2023 | ||||||||||||
(Callable 01/24/2023) | 8,297,000 | 8,203,861 | ||||||||||
First Horizon National Corp., | ||||||||||||
3.550%, 05/26/2023 | ||||||||||||
(Callable 04/26/2023) | 14,084,000 | 14,029,680 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
0.627%, 11/17/2023 (SOFR + 0.538%) | ||||||||||||
(Callable 11/17/2022)(3) | 14,160,000 | 13,983,000 | ||||||||||
1.217%, 12/06/2023 | ||||||||||||
(Callable 12/06/2022) | 5,000,000 | 4,817,023 | ||||||||||
0.673%, 03/08/2024 (SOFR + 0.572%) | ||||||||||||
(Callable 03/08/2023)(3) | 8,755,000 | 8,553,330 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.033%, 11/22/2023 | ||||||||||||
(3 Month LIBOR USD + 0.923%) | ||||||||||||
(Callable 11/22/2022)(1)(3) | 38,830,000 | 38,654,150 | ||||||||||
3.950%, 05/18/2024 | ||||||||||||
(3 Month LIBOR USD + 0.987%) | ||||||||||||
(Callable 05/18/2023)(1)(3) | 1,290,000 | 1,284,107 | ||||||||||
Humana, Inc., | ||||||||||||
0.650%, 08/03/2023 | ||||||||||||
(Callable 07/11/2022) | 20,000,000 | 19,348,862 | ||||||||||
International Lease Finance Corp., | ||||||||||||
5.875%, 08/15/2022(1) | 7,479,000 | 7,493,110 | ||||||||||
Kimco Realty Corp., | ||||||||||||
3.375%, 10/15/2022 | ||||||||||||
(Callable 08/01/2022) | 2,100,000 | 2,100,330 | ||||||||||
Lloyds Bank PLC, | ||||||||||||
2.907%, 11/07/2023 | ||||||||||||
(3 Month LIBOR USD + 0.810%) | ||||||||||||
(Callable 11/07/2022)(1)(3) | 57,698,000 | 57,497,692 | ||||||||||
M&T Bank Corp., | ||||||||||||
3.650%, 12/06/2022 | ||||||||||||
(Callable 09/06/2022) | 54,914,000 | 54,978,610 | ||||||||||
Macquarie Group Ltd., | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR USD + 1.023%) | ||||||||||||
(Callable 11/28/2022)(1)(2)(3) | 8,433,000 | 8,413,163 | ||||||||||
Markel Corp.: | ||||||||||||
4.900%, 07/01/2022 | 2,565,000 | 2,565,000 | ||||||||||
3.625%, 03/30/2023 | 1,520,000 | 1,523,589 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
2.665%, 07/25/2022(1) | 3,445,000 | 3,445,637 | ||||||||||
3.455%, 03/02/2023(1) | 22,237,000 | 22,267,770 |
The accompanying notes are an integral part of these financial statements.
Page 6
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd., | ||||||||||||
2.652%, 09/19/2022 | ||||||||||||
(Callable 08/19/2022)(1)(2) | $ | 3,000,000 | $ | 2,996,357 | ||||||||
Mizuho Financial Group, Inc., | ||||||||||||
2.721%, 07/16/2023 | ||||||||||||
(3 Month LIBOR USD + 0.840%) | ||||||||||||
(Callable 07/16/2022)(1)(3) | 8,595,000 | 8,595,216 | ||||||||||
Morgan Stanley: | ||||||||||||
3.750%, 02/25/2023 | 25,995,000 | 26,072,019 | ||||||||||
0.560%, 11/10/2023 (SOFR + 0.466%) | ||||||||||||
(Callable 11/10/2022)(3) | 1,306,000 | 1,291,099 | ||||||||||
MUFG Union Bank NA, | ||||||||||||
2.100%, 12/09/2022 | ||||||||||||
(Callable 11/09/2022)(1) | 4,750,000 | 4,730,278 | ||||||||||
National Bank of Canada: | ||||||||||||
2.150%, 10/07/2022(1)(2) | 4,609,000 | 4,601,152 | ||||||||||
2.100%, 02/01/2023(1) | 1,540,000 | 1,527,824 | ||||||||||
0.900%, 08/15/2023 | ||||||||||||
(1 Year CMT Rate + 0.770%) | ||||||||||||
(Callable 08/15/2022)(1)(2) | 23,360,000 | 23,273,219 | ||||||||||
NatWest Markets PLC, | ||||||||||||
3.625%, 09/29/2022(1)(2) | 9,850,000 | 9,861,034 | ||||||||||
Nordea Bank AB, | ||||||||||||
4.250%, 09/21/2022(1)(2) | 10,275,000 | 10,297,005 | ||||||||||
Park Aerospace Holdings Ltd., | ||||||||||||
5.250%, 08/15/2022 | ||||||||||||
(Callable 07/15/2022)(1)(2) | 24,957,000 | 24,957,944 | ||||||||||
Reliance Standard Life Global Funding II: | ||||||||||||
2.625%, 07/22/2022(1)(2) | 1,004,000 | 1,003,890 | ||||||||||
2.150%, 01/21/2023(1)(2) | 725,000 | 717,465 | ||||||||||
Royal Bank of Scotland Group PLC, | ||||||||||||
3.875%, 09/12/2023(1) | 28,024,000 | 27,931,619 | ||||||||||
Santander Holdings USA, Inc., | ||||||||||||
3.400%, 01/18/2023 | ||||||||||||
(Callable 12/18/2022)(1) | 6,600,000 | 6,590,251 | ||||||||||
SMBC Aviation Capital Finance DAC: | ||||||||||||
3.000%, 07/15/2022(1)(2) | 6,300,000 | 6,299,109 | ||||||||||
4.125%, 07/15/2023 | ||||||||||||
(Callable 06/15/2023)(1)(2) | 5,075,000 | 5,032,138 | ||||||||||
StanCorp Financial Group, Inc., | ||||||||||||
5.000%, 08/15/2022(1) | 13,800,000 | 13,832,343 | ||||||||||
Sumitomo Mitsui Banking Corp., | ||||||||||||
3.000%, 01/18/2023(1) | 4,175,000 | 4,174,680 | ||||||||||
Synovus Financial Corp., | ||||||||||||
3.125%, 11/01/2022 | ||||||||||||
(Callable 10/01/2022) | 4,295,000 | 4,288,984 | ||||||||||
Trinity Acquisition PLC, | ||||||||||||
4.625%, 08/15/2023 | 5,948,000 | 5,980,800 | ||||||||||
UBS Group Funding Switzerland AG, | ||||||||||||
2.859%, 08/15/2023 | ||||||||||||
(3 Month LIBOR USD + 0.954%) | ||||||||||||
(Callable 08/15/2022)(1)(2)(3) | 27,000,000 | 26,990,544 | ||||||||||
Wells Fargo & Co., | ||||||||||||
1.654%, 06/02/2024 (SOFR + 1.600%) | ||||||||||||
(Callable 06/02/2023)(3) | 43,150,000 | 42,143,052 | ||||||||||
Total Financials | ||||||||||||
(Cost $873,229,474) | 865,314,288 | 16.1 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $3,022,098,866) | 2,990,125,159 | 55.6 | % | |||||||||
Municipal Bonds | ||||||||||||
Burke County Development Authority, | ||||||||||||
1.550%, 12/01/2049 | ||||||||||||
(Mandatory Tender Date 08/19/2022)(4) | 13,100,000 | 13,086,089 | ||||||||||
Central Texas Turnpike System, | ||||||||||||
1.980%, 08/15/2042 | ||||||||||||
(Mandatory Tender Date 08/15/2022)(4) | 25,525,000 | 25,511,505 | ||||||||||
City of New Orleans LA, | ||||||||||||
3.692%, 09/01/2022 (ETM) | 2,000,000 | 2,005,422 | ||||||||||
City of New York NY: | ||||||||||||
1.090%, 04/01/2042 | ||||||||||||
(Optional Put Date 07/01/2022)(4) | 10,025,000 | 10,025,000 | ||||||||||
1.060%, 10/01/2046 | ||||||||||||
(Optional Put Date 07/01/2022)(4) | 1,700,000 | 1,700,000 | ||||||||||
Golden State Tobacco Securitization Corp., | ||||||||||||
1.850%, 06/01/2031 | 4,210,000 | 4,120,256 | ||||||||||
Louisiana Stadium & Exposition District, | ||||||||||||
1.872%, 07/03/2023 | ||||||||||||
(Callable 04/01/2023)(2) | 16,595,000 | 16,271,022 | ||||||||||
Medical Center Hospital Authority, | ||||||||||||
4.875%, 08/01/2022 | 5,520,000 | 5,529,978 | ||||||||||
Mission Economic Development Corp., | ||||||||||||
2.100%, 07/01/2040 | ||||||||||||
(Mandatory Tender Date 09/01/2022)(4) | 2,500,000 | 2,499,848 | ||||||||||
Mississippi Hospital | ||||||||||||
Equipment & Facilities Authority, | ||||||||||||
0.200%, 09/01/2036 | ||||||||||||
(Mandatory Tender Date 09/01/2022)(4) | 1,950,000 | 1,943,544 | ||||||||||
New Hampshire Business Finance Authority, | ||||||||||||
2.100%, 04/01/2024 | ||||||||||||
(Mandatory Tender Date 09/01/2022)(4) | 7,500,000 | 7,499,544 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
2.550%, 07/01/2023 | 1,000,000 | 988,148 | ||||||||||
New York State Housing Finance Agency, | ||||||||||||
1.600%, 11/01/2024 | ||||||||||||
(Callable 07/21/2022) | 10,110,000 | 9,816,894 | ||||||||||
Public Finance Authority, | ||||||||||||
5.000%, 07/01/2022 | 1,090,000 | 1,090,000 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
1.770%, 05/01/2037 | ||||||||||||
(Callable 05/01/2032) | ||||||||||||
(Optional Put Date 07/07/2022)(2)(4) | 5,625,000 | 5,625,000 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $108,206,596) | 107,712,250 | 2.0 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Aegis Asset Backed Securities Trust, | ||||||||||||
Series 2005-4, Class M1, 2.299%, | ||||||||||||
10/25/2035 (1 Month LIBOR | ||||||||||||
USD + 0.675%) (Callable 07/25/2022)(3) | 187,033 | 186,609 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2019-3, Class A1, 2.962%, | ||||||||||||
10/25/2048 (Callable 07/25/2022)(2)(4) | 18,660,498 | 18,057,184 | ||||||||||
Series 2019-1, Class A1, 3.805%, | ||||||||||||
01/25/2049 (Callable 07/25/2022)(2)(4) | 6,449,305 | 6,209,676 | ||||||||||
Series 2019-2, Class A1, 3.347%, | ||||||||||||
04/25/2049 (Callable 07/25/2022)(2)(4) | 10,301,867 | 10,002,675 | ||||||||||
Home Equity Asset Trust, | ||||||||||||
Series 2006-2, Class 2A4, 2.244%, | ||||||||||||
05/25/2036 (1 Month LIBOR USD + | ||||||||||||
0.620%) (Callable 07/25/2022)(2)(3) | 162,556 | 162,381 | ||||||||||
Starwood Mortgage Residential Trust, | ||||||||||||
Series 2021-1, Class A1, 1.219%, | ||||||||||||
05/25/2065 (Callable 03/25/2023)(2)(4) | 10,575,955 | 9,934,581 |
The accompanying notes are an integral part of these financial statements.
Page 7
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2016-4, Class A1, 2.250%, | ||||||||||||
07/25/2056 (Callable 04/25/2026)(2)(4) | $ | 558,527 | $ | 557,288 | ||||||||
Series 2017-1, Class A1, 2.750%, | ||||||||||||
10/25/2056 (Callable 05/25/2026)(2)(4) | 3,693,133 | 3,663,505 | ||||||||||
Series 2017-5, Class A1, 2.224%, | ||||||||||||
02/26/2057 (1 Month LIBOR USD + | ||||||||||||
0.600%) (Callable 02/25/2024)(2)(3) | 7,562,973 | 7,485,268 | ||||||||||
Series 2017-3, Class A1, 2.750%, | ||||||||||||
06/25/2057 (Callable 09/25/2024)(2)(4) | 3,651,287 | 3,611,628 | ||||||||||
Series 2017-6, Class A1, 2.750%, | ||||||||||||
10/25/2057 (Callable 08/25/2026)(2)(4) | 13,008,373 | 12,710,530 | ||||||||||
Series 2018-6, Class A1A, 3.750%, | ||||||||||||
03/25/2058 (Callable 01/25/2026)(2)(4) | 17,624,960 | 17,514,556 | ||||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $93,497,901) | 90,095,881 | 1.7 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2013-LC6, Class ASB, 2.478%, | ||||||||||||
01/12/2046 (Callable 09/10/2022) | 43,832 | 43,752 | ||||||||||
Series 2013-LC6, Class A4, 2.941%, | ||||||||||||
01/12/2046 (Callable 12/10/2022) | 6,705,310 | 6,683,887 | ||||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust, | ||||||||||||
Series 2013-LC11, Class A5, 2.960%, | ||||||||||||
04/15/2046 (Callable 04/15/2023) | 27,960,000 | 27,674,867 | ||||||||||
JPMBB Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-C12, Class A5, 3.664%, | ||||||||||||
07/17/2045 (Callable 05/15/2023) | 25,325,000 | 25,211,919 | ||||||||||
Series 2013-C14, Class A4, 4.133%, | ||||||||||||
08/17/2046 (Callable 07/15/2023)(4) | 28,293,645 | 28,238,084 | ||||||||||
Morgan Stanley Bank of America | ||||||||||||
Merrill Lynch Trust: | ||||||||||||
Series 2013-C9, Class A4, 3.102%, | ||||||||||||
05/17/2046 (Callable 04/15/2023) | 12,550,820 | 12,425,685 | ||||||||||
Series 2013-C12, Class A4, 4.259%, | ||||||||||||
10/17/2046 (Callable 09/15/2023)(4) | 5,182,823 | 5,158,097 | ||||||||||
UBS-Barclays Commercial Mortgage Trust, | ||||||||||||
Series 2012-C4, Class A5, 2.850%, | ||||||||||||
12/12/2045 (Callable 11/10/2022) | 10,231,015 | 10,224,669 | ||||||||||
VNDO Mortgage Trust, | ||||||||||||
Series 2012-6AVE, Class A, 2.996%, | ||||||||||||
11/15/2030 (Callable 11/15/2022)(2) | 4,100,000 | 4,094,055 | ||||||||||
Wells Fargo Commercial Mortgage Trust, | ||||||||||||
Series 2013-LC12, Class ASB, 3.928%, | ||||||||||||
07/17/2046 (Callable 04/15/2023)(4) | 8,957,215 | 8,951,549 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2013-C11, Class A5, 3.071%, | ||||||||||||
03/17/2045 (Callable 01/15/2023) | 6,811,205 | 6,784,446 | ||||||||||
Series 2012-C10, Class A3, 2.875%, | ||||||||||||
12/15/2045 (Callable 12/15/2022) | 16,674,000 | 16,644,248 | ||||||||||
Series 2013-C14, Class ASB, 2.977%, | ||||||||||||
06/15/2046 (Callable 04/15/2023) | 93,428 | 92,918 | ||||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $153,402,850) | 152,228,176 | 2.8 | % | |||||||||
Asset Backed Securities | ||||||||||||
Affirm Asset Securitization Trust: | ||||||||||||
Series 2020-Z2, Class A, 1.900%, | ||||||||||||
01/15/2025 (Callable 04/15/2023)(2) | 36,841,512 | 36,221,956 | ||||||||||
Series 2021-Z1, Class A, 1.070%, | ||||||||||||
08/15/2025 (Callable 07/15/2023)(2) | 38,419,470 | 37,490,283 | ||||||||||
Ally Auto Receivables, | ||||||||||||
Series 2019-3, Class A3, 1.930%, | ||||||||||||
05/15/2024 (Callable 04/15/2023) | 4,201,519 | 4,197,396 | ||||||||||
ARI Fleet Lease Trust: | ||||||||||||
Series 2018-B, Class A3, 3.430%, | ||||||||||||
08/16/2027 (Callable 08/15/2022)(2) | 5,474,191 | 5,471,734 | ||||||||||
Series 2019-A, Class A2A, 2.410%, | ||||||||||||
11/15/2027 (Callable 12/15/2022)(2) | 5,025,331 | 5,016,723 | ||||||||||
BA Credit Card Trust, | ||||||||||||
Series 2019-A1, Class A1, | ||||||||||||
1.740%, 01/15/2025 | 6,461,000 | 6,460,365 | ||||||||||
Capital One Prime Auto Receivables Trust, | ||||||||||||
Series 2020-1, Class A3, 1.600%, | ||||||||||||
11/15/2024 (Callable 09/15/2023) | 22,992,426 | 22,828,021 | ||||||||||
CarMax Auto Owner Trust: | ||||||||||||
Series 2018-4, Class A3, 3.360%, | ||||||||||||
09/15/2023 (Callable 11/15/2022) | 132,419 | 132,553 | ||||||||||
Series 2018-4, Class A4, 3.480%, | ||||||||||||
02/15/2024 (Callable 11/15/2022) | 5,925,000 | 5,936,245 | ||||||||||
Series 2021-2, Class A2A, 0.270%, | ||||||||||||
06/17/2024 (Callable 06/15/2024) | 3,723,834 | 3,710,888 | ||||||||||
Chase Auto Credit Linked Notes, | ||||||||||||
Series 2021-1, Class B, 0.875%, | ||||||||||||
09/25/2028 (Callable 11/25/2024)(2) | 26,520,542 | 25,758,273 | ||||||||||
Chase Issuance Trust, | ||||||||||||
Series 2020-A1, Class A1, | ||||||||||||
1.530%, 01/15/2025 | 7,725,000 | 7,666,528 | ||||||||||
Chesapeake Funding II LLC, | ||||||||||||
Series 2019-1A, Class A1, 2.940%, | ||||||||||||
04/15/2031 (Callable 07/15/2022)(2) | 4,327,763 | 4,328,919 | ||||||||||
Citibank Credit Card Issuance Trust, | ||||||||||||
Series 2018-A6, Class A6, | ||||||||||||
3.210%, 12/09/2024 | 2,000,000 | 2,004,231 | ||||||||||
Dell Equipment Finance Trust, | ||||||||||||
Series 2020-1, Class A3, 2.240%, | ||||||||||||
02/22/2023 (Callable 09/22/2022)(2) | 4,891,428 | 4,883,659 | ||||||||||
Discover Card Execution Note Trust, | ||||||||||||
Series 2019-A3, Class A, | ||||||||||||
1.890%, 10/15/2024 | 14,750,000 | 14,730,977 | ||||||||||
DLLAD LLC, | ||||||||||||
Series 2021-1A, Class A2, | ||||||||||||
0.350%, 09/20/2024(2) | 16,026,766 | 15,750,692 | ||||||||||
Donlen Fleet Lease Funding 2 LLC, | ||||||||||||
Series 2021-2, Class A2, | ||||||||||||
0.560%, 12/11/2034(2) | 2,534,627 | 2,459,943 | ||||||||||
Evergreen Credit Card Trust, | ||||||||||||
Series 2019-2, Class A, | ||||||||||||
1.900%, 09/16/2024(21)(2) | 17,625,000 | 17,612,872 | ||||||||||
Ford Credit Auto Lease Trust, | ||||||||||||
Series 2020-B, Class A3, 0.620%, | ||||||||||||
08/15/2023 (Callable 12/15/2022) | 14,050,769 | 14,035,450 | ||||||||||
Ford Credit Auto Owner Trust: | ||||||||||||
Series 2019-A, Class A3, 2.780%, | ||||||||||||
09/15/2023 (Callable 01/15/2023) | 88,070 | 88,068 | ||||||||||
Series 2019-A, Class A4, 2.850%, | ||||||||||||
08/15/2024 (Callable 01/15/2023) | 11,728,000 | 11,731,971 | ||||||||||
Series 2018-2, Class A, 3.470%, | ||||||||||||
01/15/2030 (Callable 07/15/2023)(2) | 9,721,000 | 9,690,018 |
The accompanying notes are an integral part of these financial statements.
Page 8
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ford Credit Floorplan Master Owner Trust: | ||||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.230%, 09/15/2024 | $ | 32,122,000 | $ | 32,119,405 | ||||||||
Series 2017-3, Class A, | ||||||||||||
2.480%, 09/15/2024 | 13,167,000 | 13,166,756 | ||||||||||
Series 2018-2, Class A, | ||||||||||||
3.170%, 03/15/2025 | 13,900,000 | 13,879,489 | ||||||||||
Harley-Davidson Motorcycle Trust, | ||||||||||||
Series 2021-B, Class A2, 0.240%, | ||||||||||||
12/15/2024 (Callable 07/15/2024) | 4,470,052 | 4,440,950 | ||||||||||
Honda Auto Receivables Owner Trust, | ||||||||||||
Series 2021-3, Class A2, | ||||||||||||
0.200%, 02/20/2024 | 12,418,965 | 12,304,088 | ||||||||||
HPEFS Equipment Trust: | ||||||||||||
Series 2021-2A, Class A2, 0.300%, | ||||||||||||
09/20/2028 (Callable 06/20/2024)(2) | 12,842,294 | 12,732,803 | ||||||||||
Series 2021-1A, Class A2, 0.270%, | ||||||||||||
03/20/2031 (Callable 02/20/2024)(2) | 10,659,854 | 10,605,654 | ||||||||||
Hyundai Auto Lease Securitization Trust, | ||||||||||||
Series 2022-A, Class A2, | ||||||||||||
0.810%, 04/15/2024(2) | 18,149,580 | 17,818,989 | ||||||||||
Kubota Credit Owner Trust: | ||||||||||||
Series 2021-1A, Class A2, | ||||||||||||
0.310%, 04/15/2024(2) | 22,438,081 | 22,155,202 | ||||||||||
Series 2021-2A, Class A2, | ||||||||||||
0.260%, 06/17/2024(2) | 18,164,275 | 17,845,850 | ||||||||||
Marlette Funding Trust: | ||||||||||||
Series 2021-1A, Class A, 0.600%, | ||||||||||||
06/16/2031 (Callable 12/15/2024)(2) | 1,555,868 | 1,553,024 | ||||||||||
Series 2021-2A, Class A, 0.510%, | ||||||||||||
09/15/2031 (Callable 04/15/2025)(2) | 7,280,355 | 7,209,947 | ||||||||||
Series 2021-3A, Class A, 0.650%, | ||||||||||||
12/15/2031 (Callable 11/15/2025)(2) | 13,312,192 | 13,038,533 | ||||||||||
Mercedes-Benz Auto Receivables Trust, | ||||||||||||
Series 2019-1, Class A3, 1.940%, | ||||||||||||
03/15/2024 (Callable 05/15/2023) | 1,946,421 | 1,943,588 | ||||||||||
MMAF Equipment Finance LLC: | ||||||||||||
Series 2020-A, Class A2, | ||||||||||||
0.740%, 04/09/2024(2) | 4,884,359 | 4,822,549 | ||||||||||
Series 2016-AA, Class A5, 2.210%, | ||||||||||||
12/15/2032 (Callable 03/15/2024)(2) | 8,736,143 | 8,667,602 | ||||||||||
NextGear Floorplan Master Owner Trust: | ||||||||||||
Series 2019-2A, Class A2, | ||||||||||||
2.070%, 10/15/2024(2) | 28,124,000 | 28,051,620 | ||||||||||
Series 2020-1A, Class A2, | ||||||||||||
1.550%, 02/15/2025(2) | 18,472,000 | 18,184,993 | ||||||||||
Nissan Auto Receivables Owner Trust, | ||||||||||||
Series 2019-A, Class A3, 2.900%, | ||||||||||||
10/16/2023 (Callable 03/15/2023) | 1,763,219 | 1,764,937 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2020-F, Class A, | ||||||||||||
0.930%, 08/15/2024(2) | 62,857,000 | 62,732,260 | ||||||||||
Series 2019-C, Class A, | ||||||||||||
2.230%, 10/15/2024(2) | 19,323,000 | 19,249,012 | ||||||||||
Series 2020-A, Class A, | ||||||||||||
1.270%, 06/15/2025(2) | 14,920,000 | 14,500,262 | ||||||||||
Santander Bank Auto Credit, | ||||||||||||
Series 2022-A, Class B, 5.281%, | ||||||||||||
05/17/2032 (Callable 04/15/2025)(2) | 15,765,245 | 15,587,129 | ||||||||||
Santander Bank NA, | ||||||||||||
Series 2021-1A, Class B, 1.833%, | ||||||||||||
12/15/2031 (Callable 02/15/2025)(2) | 17,565,817 | 17,071,068 | ||||||||||
Santander Consumer Auto Receivables Trust, | ||||||||||||
Series 2020-AA, Class A, 1.370%, | ||||||||||||
10/15/2024 (Callable 01/15/2024)(2) | 3,663,159 | 3,656,117 | ||||||||||
Santander Retail Auto Lease Trust: | ||||||||||||
Series 2020-A, Class A3, 1.740%, | ||||||||||||
07/20/2023 (Callable 03/20/2023)(2) | 13,109,932 | 13,107,117 | ||||||||||
Series 2019-C, Class A4, 1.930%, | ||||||||||||
11/20/2023 (Callable 10/20/2022)(2) | 1,738,054 | 1,737,443 | ||||||||||
Series 2021-A, Class A2, | ||||||||||||
0.320%, 02/20/2024(2) | 25,780,348 | 25,545,389 | ||||||||||
Series 2022-A, Class A2, 0.970%, | ||||||||||||
03/20/2025 (Callable 11/20/2024)(2) | 14,929,236 | 14,595,241 | ||||||||||
Synchrony Credit Card Master Note Trust, | ||||||||||||
Series 2017-2, Class A, | ||||||||||||
2.620%, 10/15/2025 | 2,800,000 | 2,801,519 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2019-MH1, Class A1, 3.000%, | ||||||||||||
11/25/2058 (Callable 11/25/2024)(2)(4) | 1,427,443 | 1,409,742 | ||||||||||
Series 2020-MH1, Class A1, 2.250%, | ||||||||||||
02/25/2060 (Callable 08/25/2022)(2)(4) | 16,270,763 | 15,414,091 | ||||||||||
Verizon Owner Trust: | ||||||||||||
Series 2019-A, Class A1A, 2.930%, | ||||||||||||
09/20/2023 (Callable 07/20/2022) | 177,575 | 177,697 | ||||||||||
Series 2020-B, Class A, 0.470%, | ||||||||||||
02/20/2025 (Callable 10/20/2023) | 21,235,000 | 20,900,797 | ||||||||||
Wheels SPV 2 LLC: | ||||||||||||
Series 2019-1A, Class A3, 2.350%, | ||||||||||||
05/22/2028 (Callable 12/20/2022)(2) | 23,203,852 | 23,136,877 | ||||||||||
Series 2019-1A, Class A4, 2.520%, | ||||||||||||
05/22/2028 (Callable 12/20/2022)(2) | 7,375,000 | 7,281,874 | ||||||||||
Series 2020-1A, Class A2, 0.510%, | ||||||||||||
08/20/2029 (Callable 02/20/2024)(2) | 9,952,941 | 9,833,166 | ||||||||||
World Financial Network | ||||||||||||
Credit Card Master Trust, | ||||||||||||
Series 2019-C, Class A, | ||||||||||||
2.210%, 07/15/2026 | 44,110,000 | 44,106,224 | ||||||||||
World Omni Auto Receivables Trust, | ||||||||||||
Series 2019-C, Class A3, 1.960%, | ||||||||||||
12/15/2024 (Callable 07/15/2023) | 7,414,180 | 7,389,753 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $830,949,828) | 820,746,522 | 15.3 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $5,218,190,460) | 5,168,122,101 | 96.1 | % | |||||||||
Short-Term Investments | ||||||||||||
Commercial Paper | ||||||||||||
Catholic Health Initiatives, | ||||||||||||
2.84%(6), 07/13/2022 | 23,000,000 | 22,976,429 | ||||||||||
Health Care Facilities and Services, | ||||||||||||
2.00%, 08/11/2022 | 25,726,000 | 25,712,866 | ||||||||||
Enel Finance America LLC, | ||||||||||||
2.37%(6), 09/06/2022 | 19,125,000 | 19,039,456 | ||||||||||
Total Commercial Paper | ||||||||||||
(Cost $67,819,020) | 67,728,751 | 1.2 | % |
The accompanying notes are an integral part of these financial statements.
Page 9
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investments (cont.)
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(5) | 134,016,356 | $ | 134,016,356 | |||||||||
Total Money Market Mutual Fund | ||||||||||||
(Cost $134,016,356) | 134,016,356 | 2.5 | % | |||||||||
Total Short-Term Investments | ||||||||||||
(Cost $201,835,376) | 201,745,107 | 3.7 | % | |||||||||
Total Investments | ||||||||||||
(Cost $5,420,025,836) | 5,369,867,208 | 99.8 | % | |||||||||
Other Assets in Excess of Liabilities | 9,047,724 | 0.2 | % | |||||||||
TOTAL NET ASSETS | $ | 5,378,914,932 | 100.0 | % |
Notes to Schedule of Investments
CMT – Constant Maturity Treasury
ETM – Escrowed to Maturity
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, 2022, the value of these securities totaled $1,343,280,484, which represented 24.97% 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, 2022. |
(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, 2022. |
(5) | Seven-day yield. |
(6) | Effective yield as of June 30, 2022. |
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | �� | |||||||||||||||
U.S. Treasury Securities | $ | — | $ | 1,007,214,113 | $ | — | $ | 1,007,214,113 | ||||||||
Corporate Bonds | — | 2,990,125,159 | — | 2,990,125,159 | ||||||||||||
Municipal Bonds | — | 107,712,250 | — | 107,712,250 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 90,095,881 | — | 90,095,881 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 152,228,176 | — | 152,228,176 | ||||||||||||
Asset Backed Securities | — | 820,746,522 | — | 820,746,522 | ||||||||||||
Total Long-Term Investments | — | 5,168,122,101 | — | 5,168,122,101 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Commercial Paper | — | 67,728,751 | — | 67,728,751 | ||||||||||||
Money Market Mutual Fund | 134,016,356 | — | — | 134,016,356 | ||||||||||||
Total Short-Term Investments | 134,016,356 | 67,728,751 | — | 201,745,107 | ||||||||||||
Total Investments | $ | 134,016,356 | $ | 5,235,850,852 | $ | — | $ | 5,369,867,208 |
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 10
Baird Short-Term Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $9,954,472,991 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 3.18% | |||
Investor Class | 2.93% | |||
Average Effective Duration | 1.91 years | |||
Average Effective Maturity | 2.05 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 33% | (6) | ||
Number of Holdings | 521 | |||
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, 2022. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 11
Baird Short-Term Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | ||||||
Since | Since | |||||
Six | One | Five | Ten | Inception | Inception | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | (8/31/04) | (9/19/12) |
Institutional Class Shares | -3.55% | -4.03% | 1.32% | 1.57% | 2.41% | N/A |
Investor Class Shares | -3.67% | -4.26% | 1.07% | N/A | N/A | 1.23% |
Bloomberg 1-3 Year U.S. Government/Credit Bond Index(1) | -3.11% | -3.56% | 1.07% | 1.01% | 2.05% | 0.98% |
(1) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 12
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
2.750%, 11/15/2023 | $ | 643,825,000 | $ | 641,888,497 | ||||||||
0.375%, 07/15/2024 | 1,141,325,000 | 1,082,564,590 | ||||||||||
0.250%, 05/31/2025 | 1,137,750,000 | 1,049,885,481 | ||||||||||
2.875%, 06/15/2025 | 265,000,000 | 264,213,215 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $3,123,608,616) | 3,038,551,783 | 30.5 | % | |||||||||
Other Government Related Securities | ||||||||||||
Harvest Operations Corp., | ||||||||||||
1.000%, 04/26/2024 | ||||||||||||
(Callable 08/02/2022)(1)(2) | 25,000,000 | 23,807,725 | ||||||||||
Korea East-West Power Co. Ltd., | ||||||||||||
3.600%, 05/06/2025(1)(2) | 5,875,000 | 5,813,119 | ||||||||||
NBN Co. Ltd., | ||||||||||||
0.875%, 10/08/2024 | ||||||||||||
(Callable 09/08/2024)(1)(2) | 36,000,000 | 33,607,296 | ||||||||||
Total Other Government Related Securities | ||||||||||||
(Cost $66,702,224) | 63,228,140 | 0.6 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
7-Eleven, Inc., | ||||||||||||
0.800%, 02/10/2024 | ||||||||||||
(Callable 08/01/2022)(1)(2) | 20,000,000 | 18,949,020 | ||||||||||
AbbVie, Inc., | ||||||||||||
3.850%, 06/15/2024 | ||||||||||||
(Callable 03/15/2024) | 13,187,000 | 13,175,869 | ||||||||||
Aker BP ASA, | ||||||||||||
3.000%, 01/15/2025 | ||||||||||||
(Callable 12/15/2024)(1)(2) | 8,950,000 | 8,643,347 | ||||||||||
Allegion US Holding Co., Inc., | ||||||||||||
3.200%, 10/01/2024 | ||||||||||||
(Callable 08/01/2024) | 20,250,000 | 19,754,893 | ||||||||||
AmerisourceBergen Corp., | ||||||||||||
0.737%, 03/15/2023 | ||||||||||||
(Callable 08/01/2022) | 10,232,000 | 10,034,364 | ||||||||||
Anglo American Capital PLC: | ||||||||||||
4.125%, 09/27/2022(1)(2) | 2,775,000 | 2,775,468 | ||||||||||
5.375%, 04/01/2025 | ||||||||||||
(Callable 03/01/2025)(1)(2) | 13,250,000 | 13,583,357 | ||||||||||
4.875%, 05/14/2025(1)(2) | 956,000 | 962,452 | ||||||||||
ANR Pipeline Co., | ||||||||||||
7.375%, 02/15/2024(1) | 13,000,000 | 13,659,888 | ||||||||||
ArcelorMittal: | ||||||||||||
6.125%, 06/01/2025(1) | 1,413,000 | 1,454,135 | ||||||||||
4.550%, 03/11/2026(1) | 4,000,000 | 3,942,069 | ||||||||||
AT&T, Inc., | ||||||||||||
0.900%, 03/25/2024 | ||||||||||||
(Callable 07/11/2022) | 26,000,000 | 24,789,959 | ||||||||||
Bayer US Finance II LLC, | ||||||||||||
5.500%, 08/15/2025(1)(2) | 4,000,000 | 4,014,626 | ||||||||||
Becton Dickinson and Co., | ||||||||||||
3.363%, 06/06/2024 | ||||||||||||
(Callable 04/06/2024) | 3,118,000 | 3,085,795 | ||||||||||
Bell Canada, Inc., | ||||||||||||
0.750%, 03/17/2024(1) | 40,325,000 | 38,401,790 | ||||||||||
Berry Global, Inc., | ||||||||||||
0.950%, 02/15/2024 | ||||||||||||
(Callable 01/15/2024) | 20,000,000 | 18,944,127 | ||||||||||
BMW US Capital LLC, | ||||||||||||
0.800%, 04/01/2024(1)(2) | 18,100,000 | 17,247,483 | ||||||||||
Boardwalk Pipelines LP, | ||||||||||||
4.950%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 40,966,000 | 41,246,788 | ||||||||||
Boeing Co.: | ||||||||||||
1.950%, 02/01/2024 | 10,000,000 | 9,677,004 | ||||||||||
1.433%, 02/04/2024 | ||||||||||||
(Callable 07/11/2022) | 35,325,000 | 33,743,474 | ||||||||||
BorgWarner, Inc., | ||||||||||||
5.000%, 10/01/2025(2) | 9,946,000 | 10,032,271 | ||||||||||
Brambles USA, Inc., | ||||||||||||
4.125%, 10/23/2025 | ||||||||||||
(Callable 07/25/2025)(1)(2) | 30,041,000 | 29,775,738 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.625%, 01/15/2024 | ||||||||||||
(Callable 11/15/2023) | 11,225,000 | 11,213,389 | ||||||||||
3.150%, 11/15/2025 | ||||||||||||
(Callable 10/15/2025) | 5,000,000 | 4,815,144 | ||||||||||
Brunswick Corp., | ||||||||||||
0.850%, 08/18/2024 | ||||||||||||
(Callable 08/18/2022) | 10,000,000 | 9,241,313 | ||||||||||
Bunge Limited Finance Corp., | ||||||||||||
1.630%, 08/17/2025 | ||||||||||||
(Callable 07/17/2025) | 5,006,000 | 4,611,579 | ||||||||||
Cadence Design Systems, Inc., | ||||||||||||
4.375%, 10/15/2024 | ||||||||||||
(Callable 07/15/2024) | 4,103,000 | 4,139,044 | ||||||||||
Canadian Natural Resources Ltd., | ||||||||||||
2.950%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022)(1) | 6,500,000 | 6,476,416 | ||||||||||
Carlisle Companies, Inc., | ||||||||||||
3.750%, 11/15/2022 | ||||||||||||
(Callable 08/15/2022) | 2,230,000 | 2,230,720 | ||||||||||
CDW LLC / CDW Finance Corp., | ||||||||||||
5.500%, 12/01/2024 | ||||||||||||
(Callable 06/01/2024) | 2,958,000 | 2,969,107 | ||||||||||
Celanese US Holdings LLC: | ||||||||||||
4.625%, 11/15/2022 | 3,395,000 | 3,416,352 | ||||||||||
3.500%, 05/08/2024 | ||||||||||||
(Callable 04/08/2024) | 4,450,000 | 4,396,097 | ||||||||||
Charter Communications Operating LLC, | ||||||||||||
4.908%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 13,000,000 | 13,030,160 | ||||||||||
Cheniere Corpus Christi Holdings LLC: | ||||||||||||
7.000%, 06/30/2024 | ||||||||||||
(Callable 01/01/2024) | 18,650,000 | 19,325,150 | ||||||||||
5.875%, 03/31/2025 | ||||||||||||
(Callable 10/02/2024) | 6,595,000 | 6,752,416 | ||||||||||
Chevron Phillips Chemical Co. LLC / | ||||||||||||
Chevron Phillips Chemical Co. LP, | ||||||||||||
3.300%, 05/01/2023 | ||||||||||||
(Callable 04/01/2023)(2) | 1,930,000 | 1,925,873 | ||||||||||
Choice Hotels International, Inc., | ||||||||||||
5.750%, 07/01/2022 | 4,495,000 | 4,495,000 | ||||||||||
Cigna Corp., | ||||||||||||
3.750%, 07/15/2023 | ||||||||||||
(Callable 06/15/2023) | 1,414,000 | 1,417,071 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
4.200%, 01/15/2024(1) | 13,300,000 | 13,308,882 | ||||||||||
3.950%, 05/23/2025(1) | 10,000,000 | 9,894,168 | ||||||||||
CNH Industrial NV, | ||||||||||||
4.500%, 08/15/2023(1) | 15,515,000 | 15,645,061 | ||||||||||
Coca-Cola Europacific Partners PLC, | ||||||||||||
0.800%, 05/03/2024(1)(2) | 5,050,000 | 4,773,105 | ||||||||||
CommonSpirit Health: | ||||||||||||
2.950%, 11/01/2022 | 6,349,000 | 6,351,179 | ||||||||||
4.200%, 08/01/2023 | 4,210,000 | 4,252,635 |
The accompanying notes are an integral part of these financial statements.
Page 13
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CVS Pass-Through Trust: | ||||||||||||
5.880%, 01/10/2028 | $ | 5,467,963 | $ | 5,753,065 | ||||||||
6.036%, 12/10/2028 | 11,462,115 | 11,763,975 | ||||||||||
Daimler Finance North America LLC: | ||||||||||||
0.750%, 03/01/2024(1)(2) | 16,250,000 | 15,436,650 | ||||||||||
1.625%, 12/13/2024(1)(2) | 25,000,000 | 23,506,306 | ||||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | ||||||||||||
(Callable 04/15/2023) | 5,282,000 | 5,335,368 | ||||||||||
4.000%, 07/15/2024 | ||||||||||||
(Callable 06/15/2024) | 15,643,000 | 15,588,197 | ||||||||||
Devon Energy Corp., | ||||||||||||
5.250%, 09/15/2024 | ||||||||||||
(Callable 06/15/2024) | 6,010,000 | 6,131,029 | ||||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | ||||||||||||
(Callable 02/04/2023) | 35,000,000 | 34,786,719 | ||||||||||
Element Fleet Management Corp.: | ||||||||||||
1.600%, 04/06/2024 | ||||||||||||
(Callable 03/06/2024)(1)(2) | 39,475,000 | 37,591,404 | ||||||||||
3.850%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025)(1)(2) | 13,022,000 | 12,790,485 | ||||||||||
Embotelladora Andina SA, | ||||||||||||
5.000%, 10/01/2023(1)(2) | 12,389,000 | 12,450,945 | ||||||||||
Energy Transfer LP: | ||||||||||||
4.250%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 15,933,000 | 15,924,772 | ||||||||||
4.250%, 04/01/2024 | ||||||||||||
(Callable 01/01/2024) | 1,276,000 | 1,275,978 | ||||||||||
Energy Transfer Partners LP, | ||||||||||||
4.050%, 03/15/2025 | ||||||||||||
(Callable 12/15/2024) | 16,781,000 | 16,528,210 | ||||||||||
Eni SpA, | ||||||||||||
4.000%, 09/12/2023(1)(2) | 3,187,000 | 3,171,362 | ||||||||||
Equifax, Inc., | ||||||||||||
3.950%, 06/15/2023 | ||||||||||||
(Callable 05/15/2023) | 12,294,000 | 12,280,525 | ||||||||||
Fiserv, Inc., | ||||||||||||
3.500%, 10/01/2022 | ||||||||||||
(Callable 07/01/2022) | 6,350,000 | 6,350,000 | ||||||||||
Flex Ltd.: | ||||||||||||
5.000%, 02/15/2023 | 2,350,000 | 2,367,658 | ||||||||||
4.750%, 06/15/2025 | ||||||||||||
(Callable 03/15/2025) | 18,999,000 | 19,140,297 | ||||||||||
3.750%, 02/01/2026 | ||||||||||||
(Callable 01/01/2026) | 28,600,000 | 27,365,644 | ||||||||||
FMC Corp., | ||||||||||||
4.100%, 02/01/2024 | ||||||||||||
(Callable 11/01/2023) | 2,425,000 | 2,428,715 | ||||||||||
Ford Motor Credit Co. LLC, | ||||||||||||
2.979%, 08/03/2022 | ||||||||||||
(Callable 07/03/2022) | 15,000,000 | 15,000,000 | ||||||||||
Fortune Brands Home & Security, Inc., | ||||||||||||
4.000%, 09/21/2023 | ||||||||||||
(Callable 08/21/2023) | 3,805,000 | 3,817,432 | ||||||||||
Freeport-McMoRan, Inc., | ||||||||||||
4.550%, 11/14/2024 | ||||||||||||
(Callable 08/14/2024) | 3,547,000 | 3,529,655 | ||||||||||
Fresenius Medical Care US Finance II, Inc., | ||||||||||||
4.750%, 10/15/2024 | ||||||||||||
(Callable 07/17/2024)(1)(2) | 18,720,000 | 18,737,443 | ||||||||||
Fresenius US Finance II, Inc., | ||||||||||||
4.500%, 01/15/2023 | ||||||||||||
(Callable 10/17/2022)(1)(2) | 3,328,000 | 3,331,101 | ||||||||||
General Motors Financial Co, Inc., | ||||||||||||
3.800%, 04/07/2025 | 30,000,000 | 29,247,209 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
1.700%, 08/18/2023 | 12,000,000 | 11,699,780 | ||||||||||
5.100%, 01/17/2024 | ||||||||||||
(Callable 12/17/2023) | 2,925,000 | 2,954,088 | ||||||||||
2.750%, 06/20/2025 | ||||||||||||
(Callable 05/20/2025) | 7,302,000 | 6,851,126 | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.375%, 12/01/2024 | ||||||||||||
(Callable 11/01/2024) | 1,184,000 | 1,161,493 | ||||||||||
Genuine Parts Co., | ||||||||||||
1.750%, 02/01/2025 | ||||||||||||
(Callable 02/01/2023) | 15,000,000 | 14,132,542 | ||||||||||
Gilead Sciences, Inc., | ||||||||||||
0.750%, 09/29/2023 | ||||||||||||
(Callable 07/11/2022) | 15,195,000 | 14,703,453 | ||||||||||
Glencore Finance (Canada) Ltd., | ||||||||||||
4.250%, 10/25/2022(1)(2) | 7,555,000 | 7,549,636 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 7,121,000 | 7,096,717 | ||||||||||
4.625%, 04/29/2024(1)(2) | 7,500,000 | 7,502,243 | ||||||||||
4.000%, 04/16/2025(1)(2) | 14,043,000 | 13,869,584 | ||||||||||
1.625%, 09/01/2025 | ||||||||||||
(Callable 08/01/2025)(1)(2) | 20,000,000 | 18,258,484 | ||||||||||
Global Payments, Inc.: | ||||||||||||
3.750%, 06/01/2023 | ||||||||||||
(Callable 03/01/2023) | 4,550,000 | 4,517,212 | ||||||||||
1.500%, 11/15/2024 | ||||||||||||
(Callable 10/15/2024) | 10,000,000 | 9,387,526 | ||||||||||
2.650%, 02/15/2025 | ||||||||||||
(Callable 01/15/2025) | 40,361,000 | 38,517,609 | ||||||||||
Graphic Packaging International LLC, | ||||||||||||
0.821%, 04/15/2024 | ||||||||||||
(Callable 03/15/2024)(2) | 10,000,000 | 9,407,345 | ||||||||||
Gray Oak Pipeline LLC: | ||||||||||||
2.000%, 09/15/2023(2) | 7,000,000 | 6,819,891 | ||||||||||
2.600%, 10/15/2025 | ||||||||||||
(Callable 09/15/2025)(2) | 5,499,000 | 5,134,352 | ||||||||||
Grupo Bimbo SAB de CV, | ||||||||||||
3.875%, 06/27/2024(1)(2) | 43,581,000 | 43,056,285 | ||||||||||
Gulfstream Natural Gas System LLC, | ||||||||||||
4.600%, 09/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 8,407,000 | 8,405,447 | ||||||||||
HCA, Inc.: | ||||||||||||
5.000%, 03/15/2024 | 14,570,000 | 14,635,633 | ||||||||||
5.375%, 02/01/2025 | 10,000,000 | 9,947,600 | ||||||||||
5.250%, 04/15/2025 | 16,815,000 | 16,841,159 | ||||||||||
5.375%, 09/01/2026 | ||||||||||||
(Callable 03/01/2026) | 4,250,000 | 4,214,236 | ||||||||||
HCL America, Inc., | ||||||||||||
1.375%, 03/10/2026 | ||||||||||||
(Callable 02/10/2026)(1)(2) | 4,350,000 | 3,914,206 | ||||||||||
Hewlett Packard Enterprise Co.: | ||||||||||||
2.250%, 04/01/2023 | ||||||||||||
(Callable 03/01/2023) | 23,000,000 | 22,834,141 | ||||||||||
4.450%, 10/02/2023 | ||||||||||||
(Callable 09/02/2023) | 22,909,000 | 23,138,154 | ||||||||||
Huntington Ingalls Industries, Inc., | ||||||||||||
3.844%, 05/01/2025 | ||||||||||||
(Callable 04/01/2025) | 48,626,000 | 47,877,670 | ||||||||||
Hyatt Hotels Corp., | ||||||||||||
1.800%, 10/01/2024 | ||||||||||||
(Callable 10/01/2022) | 15,000,000 | 14,178,158 |
The accompanying notes are an integral part of these financial statements.
Page 14
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Hyundai Capital America: | ||||||||||||
2.850%, 11/01/2022(1)(2) | $ | 6,000,000 | $ | 5,984,740 | ||||||||
0.800%, 04/03/2023(1)(2) | 15,000,000 | 14,634,684 | ||||||||||
1.250%, 09/18/2023(1)(2) | 15,000,000 | 14,532,739 | ||||||||||
1.800%, 10/15/2025 | ||||||||||||
(Callable 09/15/2025)(1)(2) | 5,557,000 | 5,082,331 | ||||||||||
Illumina, Inc., | ||||||||||||
0.550%, 03/23/2023 | 12,600,000 | 12,335,028 | ||||||||||
Infor, Inc.: | ||||||||||||
1.450%, 07/15/2023 | ||||||||||||
(Callable 06/15/2023)(2) | 28,072,000 | 27,310,444 | ||||||||||
1.750%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 8,145,000 | 7,533,629 | ||||||||||
International Flavors & Fragrances, Inc., | ||||||||||||
1.230%, 10/01/2025 | ||||||||||||
(Callable 09/01/2025)(2) | 22,000,000 | 19,847,392 | ||||||||||
Inversiones CMPC SA, | ||||||||||||
4.375%, 05/15/2023 | ||||||||||||
(Callable 02/15/2023)(1)(2) | 2,325,000 | 2,332,184 | ||||||||||
Johnson Controls International PLC, | ||||||||||||
3.625%, 07/02/2024 | ||||||||||||
(Callable 04/02/2024)(7) | 1,651,000 | 1,638,230 | ||||||||||
Kerry Group Financial | ||||||||||||
Services Unlimited Co., | ||||||||||||
3.200%, 04/09/2023 | ||||||||||||
(Callable 01/09/2023)(1)(2) | 36,325,000 | 36,097,951 | ||||||||||
Kimberly-Clark de Mexico SAB de CV, | ||||||||||||
3.250%, 03/12/2025(1)(2) | 5,000,000 | 4,816,650 | ||||||||||
Kinder Morgan, Inc., | ||||||||||||
5.625%, 11/15/2023 | ||||||||||||
(Callable 08/15/2023)(2) | 9,060,000 | 9,224,697 | ||||||||||
Kinross Gold Corp., | ||||||||||||
5.950%, 03/15/2024 | ||||||||||||
(Callable 12/15/2023)(1) | 15,680,000 | 16,050,222 | ||||||||||
Leggett & Platt, Inc., | ||||||||||||
3.400%, 08/15/2022 | 10,000,000 | 10,005,534 | ||||||||||
Leidos, Inc.: | ||||||||||||
2.950%, 05/15/2023 | ||||||||||||
(Callable 04/15/2023) | 27,875,000 | 27,604,756 | ||||||||||
3.625%, 05/15/2025 | ||||||||||||
(Callable 04/15/2025) | 10,675,000 | 10,449,442 | ||||||||||
Lennar Corp.: | ||||||||||||
4.875%, 12/15/2023 | ||||||||||||
(Callable 09/15/2023) | 21,250,000 | 21,366,762 | ||||||||||
4.500%, 04/30/2024 | ||||||||||||
(Callable 01/31/2024) | 15,892,000 | 15,855,415 | ||||||||||
5.875%, 11/15/2024 | ||||||||||||
(Callable 05/15/2024) | 11,260,000 | 11,576,534 | ||||||||||
Lennox International, Inc.: | ||||||||||||
3.000%, 11/15/2023 | ||||||||||||
(Callable 09/15/2023) | 16,160,000 | 15,987,873 | ||||||||||
1.350%, 08/01/2025 | ||||||||||||
(Callable 07/01/2025) | 5,000,000 | 4,580,655 | ||||||||||
Magallanes, Inc.: | ||||||||||||
3.638%, 03/15/2025(2) | 23,150,000 | 22,420,994 | ||||||||||
3.788%, 03/15/2025 | ||||||||||||
(Callable 03/15/2023)(2) | 24,000,000 | 23,263,193 | ||||||||||
Marriott International, Inc., | ||||||||||||
2.125%, 10/03/2022 | 10,000,000 | 9,972,099 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
2.670%, 09/01/2023 | 3,100,000 | 3,048,350 | ||||||||||
0.972%, 02/15/2024 | 48,775,000 | 46,310,168 | ||||||||||
Molex Electronic Technologies LLC, | ||||||||||||
3.900%, 04/15/2025 | ||||||||||||
(Callable 01/15/2025)(2) | 1,000,000 | 985,655 | ||||||||||
Mondelez International, Inc., | ||||||||||||
2.125%, 03/17/2024 | 10,000,000 | 9,746,996 | ||||||||||
MPLX LP, | ||||||||||||
3.500%, 12/01/2022 | ||||||||||||
(Callable 11/01/2022) | 6,403,000 | 6,399,828 | ||||||||||
Mylan NV, | ||||||||||||
3.950%, 06/15/2026 | ||||||||||||
(Callable 03/15/2026) | 16,477,000 | 15,522,862 | ||||||||||
Mylan, Inc., | ||||||||||||
3.125%, 01/15/2023(2) | 32,660,000 | 32,461,399 | ||||||||||
National Fuel Gas Co., | ||||||||||||
5.200%, 07/15/2025 | ||||||||||||
(Callable 04/15/2025) | 18,825,000 | 19,057,789 | ||||||||||
Newell Brands, Inc., | ||||||||||||
4.100%, 04/01/2023 | ||||||||||||
(Callable 02/01/2023) | 33,713,000 | 33,418,011 | ||||||||||
Nissan Motor Acceptance Co. LLC, | ||||||||||||
1.125%, 09/16/2024(1)(2) | 12,000,000 | 11,028,645 | ||||||||||
Nissan Motor Acceptance Corp., | ||||||||||||
3.450%, 03/15/2023(1)(2) | 1,585,000 | 1,576,127 | ||||||||||
Nissan Motor Co. Ltd.: | ||||||||||||
3.043%, 09/15/2023(1)(2) | 10,000,000 | 9,831,086 | ||||||||||
3.522%, 09/17/2025 | ||||||||||||
(Callable 08/17/2025)(1)(2) | 5,291,000 | 5,005,962 | ||||||||||
Nutrien Ltd.: | ||||||||||||
3.150%, 10/01/2022 | ||||||||||||
(Callable 08/02/2022)(1) | 1,000,000 | 1,000,636 | ||||||||||
1.900%, 05/13/2023(1) | 19,400,000 | 19,089,550 | ||||||||||
Oracle Corp., | ||||||||||||
2.950%, 05/15/2025 | ||||||||||||
(Callable 02/15/2025) | 5,554,000 | 5,316,284 | ||||||||||
Panasonic Corp., | ||||||||||||
2.536%, 07/19/2022(1)(2) | 15,000,000 | 14,998,497 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
4.250%, 01/17/2023(2) | 10,000,000 | 10,032,173 | ||||||||||
2.700%, 03/14/2023 | ||||||||||||
(Callable 02/14/2023)(2) | 1,500,000 | 1,495,611 | ||||||||||
4.125%, 08/01/2023 | ||||||||||||
(Callable 07/01/2023)(2) | 1,350,000 | 1,355,016 | ||||||||||
4.000%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 8,000,000 | 7,875,112 | ||||||||||
Perrigo Finance Unlimited Co., | ||||||||||||
3.900%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 45,957,000 | 43,027,241 | ||||||||||
Phillips 66 Co., | ||||||||||||
3.700%, 04/06/2023 | 9,800,000 | 9,799,269 | ||||||||||
POSCO: | ||||||||||||
2.375%, 01/17/2023(1)(2) | 35,000,000 | 34,808,550 | ||||||||||
4.000%, 08/01/2023(1)(2) | 5,000,000 | 5,026,050 | ||||||||||
PVH Corp., | ||||||||||||
4.625%, 07/10/2025 | ||||||||||||
(Callable 06/10/2025) | 9,171,000 | 9,084,179 | ||||||||||
Quanta Services, Inc., | ||||||||||||
0.950%, 10/01/2024 | ||||||||||||
(Callable 10/01/2022) | 18,200,000 | 16,832,344 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp.: | ||||||||||||
5.000%, 10/01/2022 | ||||||||||||
(Callable 08/01/2022) | 1,430,000 | 1,431,949 | ||||||||||
4.500%, 11/01/2023 | ||||||||||||
(Callable 08/01/2023) | 13,121,000 | 13,186,576 | ||||||||||
Reliance Industries Ltd., | ||||||||||||
4.125%, 01/28/2025(1)(2) | 8,778,000 | 8,771,163 |
The accompanying notes are an integral part of these financial statements.
Page 15
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Renesas Electronics Corp., | ||||||||||||
1.543%, 11/26/2024 | ||||||||||||
(Callable 10/26/2024)(1)(2) | $ | 30,000,000 | $ | 28,005,900 | ||||||||
Rogers Communications, Inc., | ||||||||||||
2.950%, 03/15/2025 | ||||||||||||
(Callable 03/15/2023)(1)(2) | 28,650,000 | 27,676,602 | ||||||||||
Royalty Pharma PLC: | ||||||||||||
0.750%, 09/02/2023 | 15,000,000 | 14,443,969 | ||||||||||
1.200%, 09/02/2025 | ||||||||||||
(Callable 08/02/2025) | 1,000,000 | 891,478 | ||||||||||
RPM International, Inc., | ||||||||||||
3.450%, 11/15/2022 | ||||||||||||
(Callable 08/15/2022) | 2,508,000 | 2,509,030 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.625%, 04/15/2023 | ||||||||||||
(Callable 01/15/2023) | 15,800,000 | 15,949,835 | ||||||||||
5.750%, 05/15/2024 | ||||||||||||
(Callable 02/15/2024) | 6,463,000 | 6,591,224 | ||||||||||
Seagate HDD Cayman: | ||||||||||||
4.750%, 06/01/2023 | 12,400,000 | 12,276,000 | ||||||||||
4.875%, 03/01/2024 | ||||||||||||
(Callable 01/01/2024) | 2,500,000 | 2,467,121 | ||||||||||
Shire Acquisitions | ||||||||||||
Investments Ireland DAC, | ||||||||||||
2.875%, 09/23/2023 | ||||||||||||
(Callable 07/23/2023)(1) | 853,000 | 843,454 | ||||||||||
SK Hynix, Inc., | ||||||||||||
1.000%, 01/19/2024(1)(2) | 37,010,000 | 35,332,707 | ||||||||||
Skyworks Solutions, Inc., | ||||||||||||
0.900%, 06/01/2023 | ||||||||||||
(Callable 07/18/2022) | 5,000,000 | 4,832,561 | ||||||||||
Smurfit Kappa Treasury Funding DAC, | ||||||||||||
7.500%, 11/20/2025(1) | 5,852,000 | 6,382,942 | ||||||||||
Sociedad Quimica y Minera de Chile SA, | ||||||||||||
3.625%, 04/03/2023(1)(2) | 3,000,000 | 2,992,500 | ||||||||||
Solvay Finance America LLC, | ||||||||||||
4.450%, 12/03/2025 | ||||||||||||
(Callable 09/03/2025)(1)(2) | 32,111,000 | 31,978,988 | ||||||||||
Southern Copper Corp., | ||||||||||||
3.875%, 04/23/2025(1) | 15,534,000 | 15,332,058 | ||||||||||
Spirit AeroSystems, Inc., | ||||||||||||
3.950%, 06/15/2023 | ||||||||||||
(Callable 05/15/2023) | 3,515,000 | 3,295,313 | ||||||||||
SSM Health Care Corp., | ||||||||||||
3.688%, 06/01/2023 | ||||||||||||
(Callable 03/01/2023) | 16,500,000 | 16,516,848 | ||||||||||
Steel Dynamics, Inc., | ||||||||||||
2.800%, 12/15/2024 | ||||||||||||
(Callable 11/15/2024) | 21,338,000 | 20,825,280 | ||||||||||
SYNNEX Corp., | ||||||||||||
1.250%, 08/09/2024 | ||||||||||||
(Callable 08/09/2022)(2) | 35,000,000 | 32,665,539 | ||||||||||
TC PipeLines LP, | ||||||||||||
4.375%, 03/13/2025 | ||||||||||||
(Callable 12/13/2024)(1) | 31,166,000 | 31,330,602 | ||||||||||
Thermo Fisher Scientific, Inc., | ||||||||||||
1.215%, 10/18/2024 | ||||||||||||
(Callable 10/18/2022) | 25,000,000 | 23,684,690 | ||||||||||
Timken Co., | ||||||||||||
3.875%, 09/01/2024 | ||||||||||||
(Callable 06/01/2024) | 33,952,000 | 33,674,703 | ||||||||||
T-Mobile USA, Inc., | ||||||||||||
2.625%, 04/15/2026 | ||||||||||||
(Callable 04/15/2023) | 6,000,000 | 5,445,000 | ||||||||||
Toll Road Investors Partnership II LP, | ||||||||||||
0.000%, 02/15/2024 | ||||||||||||
(Insured by NATL)(1)(2) | 19,590,000 | 17,946,067 | ||||||||||
Triton Container International Ltd.: | ||||||||||||
0.800%, 08/01/2023(1)(2) | 30,000,000 | 28,427,400 | ||||||||||
1.150%, 06/07/2024 | ||||||||||||
(Callable 05/07/2024)(1)(2) | 22,930,000 | 21,466,707 | ||||||||||
VICI Properties LP, | ||||||||||||
4.375%, 05/15/2025 | 10,000,000 | 9,766,791 | ||||||||||
Viterra Finance BV, | ||||||||||||
2.000%, 04/21/2026 | ||||||||||||
(Callable 03/21/2026)(1)(2) | 22,350,000 | 19,770,287 | ||||||||||
VMware, Inc.: | ||||||||||||
0.600%, 08/15/2023 | 5,050,000 | 4,880,663 | ||||||||||
1.000%, 08/15/2024 | ||||||||||||
(Callable 08/15/2022) | 15,000,000 | 14,031,550 | ||||||||||
Volkswagen Group of | ||||||||||||
America Finance LLC: | ||||||||||||
3.125%, 05/12/2023(1)(2) | 7,000,000 | 6,949,876 | ||||||||||
0.875%, 11/22/2023(1)(2) | 10,000,000 | 9,581,633 | ||||||||||
3.950%, 06/06/2025(1)(2) | 10,800,000 | 10,598,062 | ||||||||||
Vontier Corp., | ||||||||||||
1.800%, 04/01/2026 | ||||||||||||
(Callable 03/01/2026) | 1,986,000 | 1,732,725 | ||||||||||
Wabtec Corp., | ||||||||||||
4.400%, 03/15/2024 | ||||||||||||
(Callable 02/15/2024) | 20,900,000 | 20,935,713 | ||||||||||
Walgreens Boots Alliance, Inc., | ||||||||||||
0.950%, 11/17/2023 | ||||||||||||
(Callable 08/01/2022) | 20,000,000 | 19,343,645 | ||||||||||
Western Digital Corp., | ||||||||||||
4.750%, 02/15/2026 | ||||||||||||
(Callable 11/15/2025) | 52,570,000 | 50,157,563 | ||||||||||
Western Midstream Operating LP, | ||||||||||||
3.600%, 02/01/2025 | ||||||||||||
(Callable 01/01/2025) | 1,692,000 | 1,558,755 | ||||||||||
Westinghouse Air Brake | ||||||||||||
Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025) | 30,724,000 | 29,294,400 | ||||||||||
Westlake Chemical Corp., | ||||||||||||
0.875%, 08/15/2024 | ||||||||||||
(Callable 08/15/2022) | 6,000,000 | 5,726,402 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
3.700%, 01/15/2023 | ||||||||||||
(Callable 10/15/2022) | 12,537,000 | 12,557,079 | ||||||||||
4.300%, 03/04/2024 | ||||||||||||
(Callable 12/04/2023) | 19,450,000 | 19,534,153 | ||||||||||
3.900%, 01/15/2025 | ||||||||||||
(Callable 10/15/2024) | 14,364,000 | 14,190,013 | ||||||||||
Woodside Finance Ltd., | ||||||||||||
3.650%, 03/05/2025 | ||||||||||||
(Callable 12/05/2024)(1)(2) | 39,550,000 | 38,858,567 | ||||||||||
Total Industrials | ||||||||||||
(Cost $2,852,238,455) | 2,724,089,343 | 27.4 | % | |||||||||
Utilities | ||||||||||||
Ausgrid Finance Pty Ltd., | ||||||||||||
3.850%, 05/01/2023 | ||||||||||||
(Callable 02/01/2023)(1)(2) | 9,979,000 | 9,976,957 | ||||||||||
Black Hills Corp., | ||||||||||||
1.037%, 08/23/2024 | ||||||||||||
(Callable 07/18/2022) | 35,275,000 | 32,980,550 |
The accompanying notes are an integral part of these financial statements.
Page 16
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Dominion Energy, Inc., | ||||||||||||
2.450%, 01/15/2023(2) | $ | 30,000,000 | $ | 29,816,817 | ||||||||
EDP Finance BV, | ||||||||||||
3.625%, 07/15/2024(1)(2) | 40,833,000 | 40,503,121 | ||||||||||
Enel Finance International NV, | ||||||||||||
4.250%, 06/15/2025(1)(2) | 25,000,000 | 24,732,561 | ||||||||||
Entergy Louisiana LLC, | ||||||||||||
0.950%, 10/01/2024 | ||||||||||||
(Callable 10/01/2022) | 33,550,000 | 31,505,622 | ||||||||||
ITC Holdings Corp., | ||||||||||||
4.050%, 07/01/2023 | ||||||||||||
(Callable 04/01/2023)(1) | 8,000,000 | 8,040,869 | ||||||||||
Jersey Central Power & Light Co., | ||||||||||||
4.700%, 04/01/2024 | ||||||||||||
(Callable 01/01/2024)(2) | 3,000,000 | 3,018,314 | ||||||||||
NextEra Energy Capital Holdings, Inc.: | ||||||||||||
0.650%, 03/01/2023 | 27,325,000 | 26,855,792 | ||||||||||
4.450%, 06/20/2025 | 7,000,000 | 7,048,420 | ||||||||||
Puget Energy, Inc., | ||||||||||||
3.650%, 05/15/2025 | ||||||||||||
(Callable 02/15/2025) | 13,944,000 | 13,651,155 | ||||||||||
Transelec SA: | ||||||||||||
4.625%, 07/26/2023(1)(2) | 9,800,000 | 9,800,000 | ||||||||||
4.250%, 01/14/2025 | ||||||||||||
(Callable 10/14/2024)(1)(2) | 5,000,000 | 4,881,250 | ||||||||||
Total Utilities | ||||||||||||
(Cost $252,376,134) | 242,811,428 | 2.4 | % | |||||||||
Financials | ||||||||||||
ABN AMRO Bank NV, | ||||||||||||
4.750%, 07/28/2025(1)(2) | 34,188,000 | 34,023,282 | ||||||||||
AerCap Holdings NV: | ||||||||||||
3.300%, 01/23/2023 | ||||||||||||
(Callable 12/23/2022)(1) | 8,000,000 | 7,968,161 | ||||||||||
1.650%, 10/29/2024 | ||||||||||||
(Callable 09/29/2024)(1) | 23,675,000 | 21,859,881 | ||||||||||
4.450%, 10/01/2025 | ||||||||||||
(Callable 08/01/2025)(1) | 18,937,000 | 18,300,442 | ||||||||||
Aetna, Inc., | ||||||||||||
2.800%, 06/15/2023 | ||||||||||||
(Callable 04/15/2023) | 2,000,000 | 1,975,191 | ||||||||||
AIB Group PLC: | ||||||||||||
4.750%, 10/12/2023(1)(2) | 7,397,000 | 7,402,239 | ||||||||||
4.263%, 04/10/2025 | ||||||||||||
(3 Month LIBOR USD + 1.874%) | ||||||||||||
(Callable 04/10/2024)(1)(2)(3) | 43,531,000 | 42,689,637 | ||||||||||
Air Lease Corp.: | ||||||||||||
2.625%, 07/01/2022 | 1,609,000 | 1,609,000 | ||||||||||
2.750%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022) | 21,150,000 | 20,999,408 | ||||||||||
Ally Financial, Inc.: | ||||||||||||
1.450%, 10/02/2023 | ||||||||||||
(Callable 09/02/2023) | 27,100,000 | 26,195,393 | ||||||||||
5.125%, 09/30/2024 | 5,000,000 | 5,048,512 | ||||||||||
Assurant, Inc., | ||||||||||||
4.200%, 09/27/2023 | ||||||||||||
(Callable 08/27/2023) | 3,073,000 | 3,094,142 | ||||||||||
Australia & New Zealand | ||||||||||||
Banking Group Ltd., | ||||||||||||
4.500%, 03/19/2024(1)(2) | 18,269,000 | 18,290,283 | ||||||||||
Banco Bilbao Vizcaya Argentaria SA, | ||||||||||||
0.875%, 09/18/2023(1) | 27,000,000 | 26,043,600 | ||||||||||
Banco Santander SA: | ||||||||||||
3.892%, 05/24/2024(1) | 16,200,000 | 16,115,126 | ||||||||||
2.746%, 05/28/2025(1) | 15,423,000 | 14,603,923 | ||||||||||
Bank of America Corp.: | ||||||||||||
2.816%, 07/21/2023 | ||||||||||||
(3 Month LIBOR USD + 0.930%) | ||||||||||||
(Callable 07/21/2022)(3) | 10,000,000 | 9,996,833 | ||||||||||
3.550%, 03/05/2024 | ||||||||||||
(3 Month LIBOR USD + 0.780%) | ||||||||||||
(Callable 03/05/2023)(3) | 5,000,000 | 4,983,940 | ||||||||||
3.864%, 07/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.940%) | ||||||||||||
(Callable 07/23/2023)(3) | 5,275,000 | 5,251,835 | ||||||||||
0.976%, 04/22/2025 (SOFR + 0.690%) | ||||||||||||
(Callable 04/22/2024)(3) | 45,000,000 | 42,325,671 | ||||||||||
1.530%, 12/06/2025 (SOFR + 0.650%) | ||||||||||||
(Callable 12/06/2024)(3) | 30,000,000 | 27,913,357 | ||||||||||
3.384%, 04/02/2026 (SOFR + 1.330%) | ||||||||||||
(Callable 04/02/2025)(3) | 25,000,000 | 24,232,610 | ||||||||||
Bank of Ireland Group PLC, | ||||||||||||
4.500%, 11/25/2023(1)(2) | 2,589,000 | 2,582,781 | ||||||||||
Bank of Montreal, | ||||||||||||
1.500%, 01/10/2025(1) | 55,000,000 | 51,904,623 | ||||||||||
Bank of Nova Scotia, | ||||||||||||
2.440%, 03/11/2024(1) | 23,600,000 | 23,100,728 | ||||||||||
Banque Federative du Credit Mutuel SA, | ||||||||||||
2.125%, 11/21/2022(1)(2) | 9,000,000 | 8,966,753 | ||||||||||
Barclays PLC: | ||||||||||||
3.650%, 03/16/2025(1) | 8,400,000 | 8,214,326 | ||||||||||
3.932%, 05/07/2025 | ||||||||||||
(3 Month LIBOR USD + 1.610%) | ||||||||||||
(Callable 05/07/2024)(1)(3) | 7,250,000 | 7,131,911 | ||||||||||
2.852%, 05/07/2026 (SOFR + 2.714%) | ||||||||||||
(Callable 05/07/2025)(1)(3) | 27,787,000 | 26,239,149 | ||||||||||
BNP Paribas SA: | ||||||||||||
3.500%, 03/01/2023(1)(2) | 10,794,000 | 10,766,155 | ||||||||||
4.705%, 01/10/2025 | ||||||||||||
(3 Month LIBOR USD + 2.235%) | ||||||||||||
(Callable 01/10/2024)(1)(2)(3) | 11,390,000 | 11,384,043 | ||||||||||
4.375%, 09/28/2025(1)(2) | 2,500,000 | 2,461,296 | ||||||||||
2.819%, 11/19/2025 | ||||||||||||
(3 Month LIBOR USD + 1.111%) | ||||||||||||
(Callable 11/19/2024)(1)(2)(3) | 26,502,000 | 25,316,738 | ||||||||||
BNZ International Funding Ltd., | ||||||||||||
3.375%, 03/01/2023(1)(2) | 11,105,000 | 11,108,974 | ||||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 17,793,000 | 18,052,960 | ||||||||||
4.625%, 07/11/2024(1)(2) | 5,294,000 | 5,262,956 | ||||||||||
5.150%, 07/21/2024(1)(2) | 17,675,000 | 17,670,345 | ||||||||||
4.500%, 03/15/2025(1)(2) | 6,970,000 | 6,852,983 | ||||||||||
Brown & Brown, Inc., | ||||||||||||
4.200%, 09/15/2024 | ||||||||||||
(Callable 06/15/2024) | 1,000,000 | 996,549 | ||||||||||
Canadian Imperial Bank of Commerce, | ||||||||||||
2.606%, 07/22/2023 | ||||||||||||
(3 Month LIBOR USD + 0.785%) | ||||||||||||
(Callable 07/22/2022)(1)(3) | 36,050,000 | 36,032,532 | ||||||||||
Cantor Fitzgerald LP, | ||||||||||||
4.875%, 05/01/2024 | ||||||||||||
(Callable 04/01/2024)(2) | 9,600,000 | 9,641,577 | ||||||||||
Capital One Financial Corp.: | ||||||||||||
4.166%, 05/09/2025 (SOFR + 1.370%) | ||||||||||||
(Callable 05/09/2024)(3) | 10,000,000 | 9,853,558 | ||||||||||
2.636%, 03/03/2026 (SOFR + 1.290%) | ||||||||||||
(Callable 03/03/2025)(3) | 10,000,000 | 9,441,704 | ||||||||||
Capital One NA, | ||||||||||||
3.375%, 02/15/2023 | 34,182,000 | 34,153,681 |
The accompanying notes are an integral part of these financial statements.
Page 17
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CIT Bank NA, | ||||||||||||
2.969%, 09/27/2025 (SOFR + 1.715%) | ||||||||||||
(Callable 09/27/2024)(3) | $ | 2,340,000 | $ | 2,254,071 | ||||||||
Citigroup, Inc.: | ||||||||||||
1.678%, 05/15/2024 (SOFR + 1.667%) | ||||||||||||
(Callable 05/15/2023)(3) | 25,000,000 | 24,496,956 | ||||||||||
0.981%, 05/01/2025 (SOFR + 0.669%) | ||||||||||||
(Callable 05/01/2024)(3) | 15,000,000 | 14,052,436 | ||||||||||
4.140%, 05/24/2025 (SOFR + 1.372%) | ||||||||||||
(Callable 05/24/2024)(3) | 10,000,000 | 9,959,147 | ||||||||||
1.281%, 11/03/2025 (SOFR + 0.528%) | ||||||||||||
(Callable 11/03/2024)(3) | 15,000,000 | 13,927,185 | ||||||||||
3.290%, 03/17/2026 (SOFR + 1.528%) | ||||||||||||
(Callable 03/17/2025)(3) | 17,700,000 | 17,112,171 | ||||||||||
CNO Global Funding, | ||||||||||||
1.650%, 01/06/2025(2) | 15,000,000 | 14,148,156 | ||||||||||
Credit Agricole SA: | ||||||||||||
3.750%, 04/24/2023(1)(2) | 3,380,000 | 3,376,958 | ||||||||||
4.375%, 03/17/2025(1)(2) | 20,341,000 | 19,996,423 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
2.997%, 12/14/2023 | ||||||||||||
(3 Month LIBOR USD + 1.200%) | ||||||||||||
(Callable 12/14/2022)(1)(2)(3) | 29,400,000 | 29,203,856 | ||||||||||
2.593%, 09/11/2025 (SOFR + 1.560%) | ||||||||||||
(Callable 09/11/2024)(1)(2)(3) | 12,000,000 | 11,289,899 | ||||||||||
2.193%, 06/05/2026 (SOFR + 2.044%) | ||||||||||||
(Callable 06/05/2025)(1)(2)(3) | 5,000,000 | 4,531,727 | ||||||||||
Credit Suisse Group | ||||||||||||
Funding Guernsey Ltd., | ||||||||||||
3.800%, 09/15/2022(1) | 4,650,000 | 4,653,718 | ||||||||||
Danske Bank A/S: | ||||||||||||
3.875%, 09/12/2023(1)(2) | 8,500,000 | 8,463,124 | ||||||||||
1.171%, 12/08/2023 | ||||||||||||
(1 Year CMT Rate + 1.030%) | ||||||||||||
(Callable 12/08/2022)(1)(2)(3) | 26,375,000 | 26,023,139 | ||||||||||
3.244%, 12/20/2025 | ||||||||||||
(3 Month LIBOR USD + 1.591%) | ||||||||||||
(Callable 12/20/2024)(1)(2)(3) | 6,743,000 | 6,425,835 | ||||||||||
1.621%, 09/11/2026 | ||||||||||||
(1 Year CMT Rate + 1.350%) | ||||||||||||
(Callable 09/11/2025)(1)(2)(3) | 15,000,000 | 13,424,462 | ||||||||||
Deutsche Bank AG: | ||||||||||||
2.222%, 09/18/2024 (SOFR + 2.159%) | ||||||||||||
(Callable 09/18/2023)(1)(3) | 17,000,000 | 16,389,798 | ||||||||||
1.447%, 04/01/2025 (SOFR + 1.131%) | ||||||||||||
(Callable 04/01/2024)(1)(3) | 14,500,000 | 13,549,616 | ||||||||||
4.162%, 05/13/2025(1) | 7,000,000 | 6,936,457 | ||||||||||
3.961%, 11/26/2025 (SOFR + 2.581%) | ||||||||||||
(Callable 11/26/2024)(1)(3) | 12,200,000 | 11,785,836 | ||||||||||
Discover Bank: | ||||||||||||
3.350%, 02/06/2023 | ||||||||||||
(Callable 01/06/2023) | 7,964,000 | 7,964,291 | ||||||||||
4.200%, 08/08/2023 | 17,405,000 | 17,465,029 | ||||||||||
Discover Financial Services: | ||||||||||||
3.750%, 03/04/2025 | ||||||||||||
(Callable 12/04/2024) | 13,305,000 | 13,075,935 | ||||||||||
4.500%, 01/30/2026 | ||||||||||||
(Callable 11/30/2025) | 9,500,000 | 9,308,360 | ||||||||||
F.N.B. Corporation, | ||||||||||||
2.200%, 02/24/2023 | ||||||||||||
(Callable 01/24/2023) | 19,492,000 | 19,273,190 | ||||||||||
Fifth Third Bancorp, | ||||||||||||
1.625%, 05/05/2023 | ||||||||||||
(Callable 04/05/2023) | 15,000,000 | 14,774,660 | ||||||||||
First Horizon National Corp., | ||||||||||||
3.550%, 05/26/2023 | ||||||||||||
(Callable 04/26/2023) | 30,000,000 | 29,884,294 | ||||||||||
GATX Corp., | ||||||||||||
4.350%, 02/15/2024 | ||||||||||||
(Callable 01/15/2024) | 2,650,000 | 2,655,901 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
2.905%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.990%) | ||||||||||||
(Callable 07/24/2022)(3) | 14,200,000 | 14,195,681 | ||||||||||
0.673%, 03/08/2024 (SOFR + 0.572%) | ||||||||||||
(Callable 03/08/2023)(3) | 21,800,000 | 21,297,841 | ||||||||||
1.757%, 01/24/2025 (SOFR + 0.730%) | ||||||||||||
(Callable 01/24/2024)(3) | 8,250,000 | 7,930,807 | ||||||||||
Health Care Service Corp. | ||||||||||||
A Mutual Legal Reserve Co., | ||||||||||||
1.500%, 06/01/2025 | ||||||||||||
(Callable 05/01/2025)(2) | 6,465,000 | 5,979,540 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
0.732%, 08/17/2024 (SOFR + 0.534%) | ||||||||||||
(Callable 08/17/2023)(1)(3) | 15,000,000 | 14,380,501 | ||||||||||
3.803%, 03/11/2025 | ||||||||||||
(3 Month LIBOR USD + 1.211%) | ||||||||||||
(Callable 03/11/2024)(1)(3) | 28,200,000 | 27,805,140 | ||||||||||
0.976%, 05/24/2025 (SOFR + 0.708%) | ||||||||||||
(Callable 05/24/2024)(1)(3) | 9,000,000 | 8,391,835 | ||||||||||
2.999%, 03/10/2026 (SOFR + 1.430%) | ||||||||||||
(Callable 03/10/2025)(1)(3) | 7,000,000 | 6,662,880 | ||||||||||
ING Groep NV, | ||||||||||||
3.869%, 03/28/2026 (SOFR + 1.640%) | ||||||||||||
(Callable 03/28/2025)(1)(3) | 24,000,000 | 23,517,979 | ||||||||||
Jackson Financial, Inc., | ||||||||||||
1.125%, 11/22/2023(2) | 15,000,000 | 14,415,693 | ||||||||||
Jackson National Life Global Funding, | ||||||||||||
1.750%, 01/12/2025(2) | 21,850,000 | 20,605,945 | ||||||||||
JPMorgan Chase & Co.: | ||||||||||||
3.845%, 06/07/2025 (SOFR + 0.980%) | ||||||||||||
(Callable 06/14/2024)(3) | 15,000,000 | 14,852,158 | ||||||||||
4.080%, 04/26/2026 (SOFR + 1.320%) | ||||||||||||
(Callable 04/26/2025)(3) | 20,000,000 | 19,750,538 | ||||||||||
1.045%, 11/19/2026 (SOFR + 0.800%) | ||||||||||||
(Callable 11/19/2025)(3) | 4,300,000 | 3,822,481 | ||||||||||
KeyCorp, | ||||||||||||
3.878%, 05/23/2025 (SOFR + 1.250%) | ||||||||||||
(Callable 05/23/2024)(3) | 7,000,000 | 6,948,178 | ||||||||||
Kimco Realty Corp., | ||||||||||||
3.850%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025) | 3,950,000 | 3,891,824 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 45,018,000 | 43,106,373 | ||||||||||
Liberty Mutual Insurance Co., | ||||||||||||
8.500%, 05/15/2025(2) | 2,093,000 | 2,286,373 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
2.907%, 11/07/2023 | ||||||||||||
(3 Month LIBOR USD + 0.810%) | ||||||||||||
(Callable 11/07/2022)(1)(3) | 21,704,000 | 21,628,651 | ||||||||||
0.695%, 05/11/2024 | ||||||||||||
(1 Year CMT Rate + 0.550%) | ||||||||||||
(Callable 05/11/2023)(1)(3) | 9,400,000 | 9,124,807 | ||||||||||
3.511%, 03/18/2026 | ||||||||||||
(1 Year CMT Rate + 1.600%) | ||||||||||||
(Callable 03/18/2025)(1)(3) | 15,000,000 | 14,603,351 |
The accompanying notes are an integral part of these financial statements.
Page 18
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
M&T Bank Corp.: | ||||||||||||
3.650%, 12/06/2022 | ||||||||||||
(Callable 09/06/2022) | $ | 6,329,000 | $ | 6,336,447 | ||||||||
4.000%, 07/15/2024 | ||||||||||||
(Callable 04/16/2024) | 14,505,000 | 14,424,718 | ||||||||||
Macquarie Bank Ltd., | ||||||||||||
4.875%, 06/10/2025(1)(2) | 16,375,000 | 16,342,124 | ||||||||||
Macquarie Group Ltd.: | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR USD + 1.023%) | ||||||||||||
(Callable 11/28/2022)(1)(2)(3) | 4,000,000 | 3,990,591 | ||||||||||
1.201%, 10/14/2025 (SOFR + 0.694%) | ||||||||||||
(Callable 10/14/2024)(1)(2)(3) | 25,000,000 | 23,179,140 | ||||||||||
Massachusetts Mutual Life Insurance Co., | ||||||||||||
7.625%, 11/15/2023(2) | 23,898,000 | 24,699,401 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
0.848%, 09/15/2024 | ||||||||||||
(1 Year CMT Rate + 0.680%) | ||||||||||||
(Callable 09/15/2023)(1)(3) | 20,000,000 | 19,254,135 | ||||||||||
0.953%, 07/19/2025 | ||||||||||||
(1 Year CMT Rate + 0.550%) | ||||||||||||
(Callable 07/19/2024)(1)(3) | 23,200,000 | 21,648,573 | ||||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd., | ||||||||||||
2.652%, 09/19/2022 | ||||||||||||
(Callable 08/19/2022)(1)(2) | 3,000,000 | 2,996,357 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
4.600%, 03/27/2024(1)(2) | 37,170,000 | 37,264,327 | ||||||||||
1.241%, 07/10/2024 (SOFR + 1.252%) | ||||||||||||
(Callable 07/10/2023)(1)(3) | 14,700,000 | 14,290,366 | ||||||||||
Morgan Stanley: | ||||||||||||
0.731%, 04/05/2024 (SOFR + 0.616%) | ||||||||||||
(Callable 04/05/2023)(3) | 7,100,000 | 6,921,590 | ||||||||||
3.737%, 04/24/2024 | ||||||||||||
(3 Month LIBOR USD + 0.847%) | ||||||||||||
(Callable 04/24/2023)(3) | 34,242,000 | 34,122,782 | ||||||||||
2.630%, 02/18/2026 (SOFR + 0.940%) | ||||||||||||
(Callable 02/18/2025)(3) | 20,000,000 | 19,080,804 | ||||||||||
Nationwide Building Society: | ||||||||||||
2.000%, 01/27/2023(1)(2) | 4,980,000 | 4,940,468 | ||||||||||
3.766%, 03/08/2024 | ||||||||||||
(3 Month LIBOR USD + 1.064%) | ||||||||||||
(Callable 03/08/2023)(1)(2)(3) | 9,670,000 | 9,644,719 | ||||||||||
New York Life Global Funding, | ||||||||||||
1.100%, 05/05/2023(2) | 14,425,000 | 14,140,784 | ||||||||||
Nomura Holdings, Inc.: | ||||||||||||
2.648%, 01/16/2025(1) | 7,000,000 | 6,677,628 | ||||||||||
5.099%, 07/03/2025(1)(8) | 10,000,000 | 10,043,438 | ||||||||||
1.851%, 07/16/2025(1) | 34,050,000 | 31,177,384 | ||||||||||
Nordea Bank AB, | ||||||||||||
3.750%, 08/30/2023(1)(2) | 3,725,000 | 3,728,673 | ||||||||||
Park Aerospace Holdings Ltd., | ||||||||||||
4.500%, 03/15/2023 | ||||||||||||
(Callable 02/15/2023)(1)(2) | 7,746,000 | 7,717,629 | ||||||||||
Principal Life Global Funding II: | ||||||||||||
0.750%, 04/12/2024(2) | 6,500,000 | 6,147,177 | ||||||||||
1.375%, 01/10/2025(2) | 15,000,000 | 13,994,069 | ||||||||||
Protective Life Global Funding, | ||||||||||||
1.082%, 06/09/2023(1)(2) | 15,900,000 | 15,525,353 | ||||||||||
Prudential Funding LLC, | ||||||||||||
6.750%, 09/15/2023(2) | 41,192,000 | 42,535,738 | ||||||||||
Reliance Standard Life Global Funding II: | ||||||||||||
2.625%, 07/22/2022(1)(2) | 13,625,000 | 13,623,503 | ||||||||||
2.150%, 01/21/2023(1)(2) | 15,000,000 | 14,844,112 | ||||||||||
2.500%, 10/30/2024(1)(2) | 9,418,000 | 9,042,395 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
3.875%, 09/12/2023(1) | 8,187,000 | 8,160,011 | ||||||||||
4.519%, 06/25/2024 | ||||||||||||
(3 Month LIBOR USD + 1.550%) | ||||||||||||
(Callable 06/25/2023)(1)(3) | 9,734,000 | 9,708,992 | ||||||||||
4.269%, 03/22/2025 | ||||||||||||
(3 Month LIBOR USD + 1.762%) | ||||||||||||
(Callable 03/22/2024)(1)(3) | 14,250,000 | 14,103,480 | ||||||||||
Santander Holdings USA, Inc., | ||||||||||||
3.400%, 01/18/2023 | ||||||||||||
(Callable 12/18/2022)(1) | 7,114,000 | 7,103,492 | ||||||||||
Santander UK Group Holdings PLC, | ||||||||||||
3.373%, 01/05/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%) | ||||||||||||
(Callable 01/05/2023)(1)(3) | 10,000,000 | 9,953,433 | ||||||||||
Santander UK PLC, | ||||||||||||
5.000%, 11/07/2023(1)(2) | 2,300,000 | 2,316,054 | ||||||||||
Skandinaviska Enskilda Banken AB, | ||||||||||||
3.700%, 06/09/2025(1)(2) | 36,675,000 | 36,269,995 | ||||||||||
SMBC Aviation Capital Finance DAC, | ||||||||||||
4.125%, 07/15/2023 | ||||||||||||
(Callable 06/15/2023)(1)(2) | 1,960,000 | 1,943,446 | ||||||||||
Societe Generale SA: | ||||||||||||
5.000%, 01/17/2024(1)(2) | 14,511,000 | 14,570,784 | ||||||||||
3.875%, 03/28/2024(1)(2) | 17,000,000 | 16,828,269 | ||||||||||
2.625%, 10/16/2024(1)(2) | 14,000,000 | 13,462,474 | ||||||||||
2.226%, 01/21/2026 | ||||||||||||
(1 Year CMT Rate + 1.050%) | ||||||||||||
(Callable 01/21/2025)(1)(2)(3) | 10,000,000 | 9,317,270 | ||||||||||
Standard Chartered PLC: | ||||||||||||
1.319%, 10/14/2023 | ||||||||||||
(1 Year CMT Rate + 1.170%) | ||||||||||||
(Callable 10/14/2022)(1)(2)(3) | 2,525,000 | 2,506,751 | ||||||||||
3.885%, 03/15/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%) | ||||||||||||
(Callable 03/15/2023)(1)(2)(3) | 18,850,000 | 18,791,808 | ||||||||||
1.822%, 11/23/2025 | ||||||||||||
(1 Year CMT Rate + 0.950%) | ||||||||||||
(Callable 11/23/2024)(1)(2)(3) | 28,000,000 | 25,928,742 | ||||||||||
2.819%, 01/30/2026 | ||||||||||||
(3 Month LIBOR USD + 1.209%) | ||||||||||||
(Callable 01/30/2025)(1)(2)(3) | 8,700,000 | 8,236,772 | ||||||||||
Stifel Financial Corp., | ||||||||||||
4.250%, 07/18/2024 | 3,021,000 | 3,022,990 | ||||||||||
Sumitomo Mitsui Financial Group, Inc., | ||||||||||||
4.436%, 04/02/2024(1)(2) | 14,085,000 | 14,089,260 | ||||||||||
Sumitomo Mitsui Trust Bank Ltd., | ||||||||||||
0.850%, 03/25/2024(1)(2) | 37,000,000 | 35,082,131 | ||||||||||
Synchrony Financial: | ||||||||||||
4.375%, 03/19/2024 | ||||||||||||
(Callable 02/19/2024) | 12,000,000 | 11,926,950 | ||||||||||
4.250%, 08/15/2024 | ||||||||||||
(Callable 05/15/2024) | 9,000,000 | 8,944,115 | ||||||||||
4.875%, 06/13/2025 | ||||||||||||
(Callable 05/13/2025) | 15,000,000 | 14,832,113 | ||||||||||
4.500%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 6,367,000 | 6,194,578 | ||||||||||
Toronto-Dominion Bank, | ||||||||||||
3.766%, 06/06/2025(1) | 27,100,000 | 26,946,135 | ||||||||||
UBS Group AG: | ||||||||||||
1.008%, 07/30/2024 | ||||||||||||
(1 Year CMT Rate + 0.830%) | ||||||||||||
(Callable 07/30/2023)(1)(2)(3) | 9,800,000 | 9,489,293 | ||||||||||
4.488%, 05/12/2026 | ||||||||||||
(1 Year CMT Rate + 1.550%) | ||||||||||||
(Callable 05/12/2025)(1)(2)(3) | 12,000,000 | 11,954,160 |
The accompanying notes are an integral part of these financial statements.
Page 19
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
UBS Group Funding Switzerland AG: | ||||||||||||
2.859%, 08/15/2023 | ||||||||||||
(3 Month LIBOR USD + 0.954%) | ||||||||||||
(Callable 08/15/2022)(1)(2)(3) | $ | 7,200,000 | $ | 7,197,478 | ||||||||
4.125%, 09/24/2025(1)(2) | 9,454,000 | 9,378,720 | ||||||||||
USAA Capital Corp., | ||||||||||||
1.500%, 05/01/2023(2) | 6,000,000 | 5,909,900 | ||||||||||
Wells Fargo & Co.: | ||||||||||||
3.750%, 01/24/2024 | ||||||||||||
(Callable 12/22/2023) | 9,840,000 | 9,863,301 | ||||||||||
1.654%, 06/02/2024 (SOFR + 1.600%) | ||||||||||||
(Callable 06/02/2023)(3) | 30,000,000 | 29,299,920 | ||||||||||
3.908%, 04/25/2026 (SOFR + 1.320%) | ||||||||||||
(Callable 04/25/2025)(3) | 25,000,000 | 24,587,134 | ||||||||||
2.188%, 04/30/2026 (SOFR + 2.000%) | ||||||||||||
(Callable 04/30/2025)(3) | 1,500,000 | 1,403,329 | ||||||||||
Willis North America, Inc., | ||||||||||||
3.600%, 05/15/2024 | ||||||||||||
(Callable 03/15/2024) | 2,600,000 | 2,560,958 | ||||||||||
Total Financials | ||||||||||||
(Cost $2,386,921,888) | 2,289,878,657 | 23.0 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $5,491,536,477) | 5,256,779,428 | 52.8 | % | |||||||||
Municipal Bonds | ||||||||||||
Alaska Industrial Development | ||||||||||||
& Export Authority, | ||||||||||||
0.000%, 03/01/2025 (Insured by NATL) | 4,925,000 | 4,339,818 | ||||||||||
Arlington Higher | ||||||||||||
Education Finance Corp., | ||||||||||||
3.000%, 08/15/2044 (Callable | ||||||||||||
08/15/2024) (Mandatory Tender Date | ||||||||||||
08/15/2026) (PSF Guaranteed)(4) | 28,340,000 | 27,864,662 | ||||||||||
Bloomington Redevelopment District, | ||||||||||||
2.400%, 08/01/2024 | 495,000 | 484,180 | ||||||||||
Central Texas Turnpike System, | ||||||||||||
1.980%, 08/15/2042 (Mandatory | ||||||||||||
Tender Date 08/15/2022)(4) | 8,280,000 | 8,275,622 | ||||||||||
Chicago Transit Authority: | ||||||||||||
1.708%, 12/01/2022 | 1,100,000 | 1,095,398 | ||||||||||
1.838%, 12/01/2023 | 1,000,000 | 978,185 | ||||||||||
City of Brockton MA, | ||||||||||||
5.410%, 08/01/2027 (Insured by AGM) | 47,200,000 | 49,797,912 | ||||||||||
City of Houston TX, | ||||||||||||
1.054%, 07/01/2023 | 6,000,000 | 5,869,767 | ||||||||||
City of Johnson TN, | ||||||||||||
7.850%, 03/01/2024 (Insured by NATL) | 2,725,000 | 2,808,678 | ||||||||||
City of Ontario CA, | ||||||||||||
2.216%, 06/01/2023 | 1,300,000 | 1,285,829 | ||||||||||
City of Stockton CA, | ||||||||||||
5.365%, 09/01/2026 (Insured by AGM) | 16,325,000 | 16,808,844 | ||||||||||
Clear Creek Independent School District, | ||||||||||||
0.280%, 02/15/2038 (Mandatory Tender | ||||||||||||
Date 08/15/2024) (PSF Guaranteed)(4) | 2,775,000 | 2,615,119 | ||||||||||
Colorado Bridge Enterprise, | ||||||||||||
0.923%, 12/31/2023 | ||||||||||||
(Callable 06/30/2023) | 50,175,000 | 48,430,571 | ||||||||||
County of Broward FL, | ||||||||||||
5.998%, 09/01/2028 | ||||||||||||
(Insured by AMBAC) | 23,585,000 | 25,134,409 | ||||||||||
County of Riverside CA: | ||||||||||||
2.363%, 02/15/2023 | 5,000,000 | 4,969,254 | ||||||||||
4.940%, 02/15/2025 | 20,000,000 | 20,308,858 | ||||||||||
County of Saline AR, | ||||||||||||
3.550%, 06/01/2042 | ||||||||||||
(Callable 06/01/2024) | 25,000 | 23,228 | ||||||||||
Florida Development Finance Corp., | ||||||||||||
1.976%, 04/01/2023 | 1,255,000 | 1,237,426 | ||||||||||
Great Lakes Water Authority: | ||||||||||||
1.684%, 07/01/2022 | 250,000 | 250,000 | ||||||||||
1.879%, 07/01/2023 | 500,000 | 493,945 | ||||||||||
1.984%, 07/01/2024 | 500,000 | 485,891 | ||||||||||
Housing & Redevelopment Authority | ||||||||||||
of The City of St. Paul, | ||||||||||||
3.539%, 07/01/2023 | 5,000,000 | 5,009,483 | ||||||||||
Illinois Housing Development Authority, | ||||||||||||
4.000%, 02/01/2034 | ||||||||||||
(Callable 08/01/2025) | 2,275,000 | 2,282,272 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority: | ||||||||||||
1.073%, 07/01/2024 | 1,725,000 | 1,635,908 | ||||||||||
1.338%, 07/01/2025 | 5,000,000 | 4,639,842 | ||||||||||
2.000%, 07/01/2037 | ||||||||||||
(Callable 07/01/2031) | 1,000,000 | 880,802 | ||||||||||
New Hampshire Housing | ||||||||||||
Finance Authority, | ||||||||||||
4.000%, 07/01/2036 | ||||||||||||
(Callable 07/10/2024) | 1,355,000 | 1,359,323 | ||||||||||
New Jersey Economic | ||||||||||||
Development Authority: | ||||||||||||
2.781%, 06/15/2023 | 2,085,000 | 2,067,273 | ||||||||||
6.310%, 07/01/2026 (Insured by AGC) | 6,150,000 | 6,494,134 | ||||||||||
New Jersey Sports & | ||||||||||||
Exposition Authority: | ||||||||||||
6.076%, 03/01/2023 (Insured by NATL) | 490,000 | 492,558 | ||||||||||
5.976%, 03/01/2024 (Insured by NATL) | 675,000 | 676,049 | ||||||||||
Peralta Community College District, | ||||||||||||
0.000%, 08/05/2031 | ||||||||||||
(Mandatory Tender Date 08/05/2025) | ||||||||||||
(Insured by NATL)(7) | 27,850,000 | 24,957,076 | ||||||||||
Philadelphia Authority | ||||||||||||
for Industrial Development: | ||||||||||||
0.000%, 04/15/2023 | ||||||||||||
(Insured by AMBAC) | 7,250,000 | 7,064,602 | ||||||||||
3.964%, 04/15/2026 | 4,500,000 | 4,478,657 | ||||||||||
State of Connecticut: | ||||||||||||
2.500%, 07/01/2022 | 3,000,000 | 3,000,000 | ||||||||||
2.000%, 07/01/2023 | 3,000,000 | 2,973,223 | ||||||||||
State Public School Building Authority, | ||||||||||||
2.615%, 04/01/2023 | ||||||||||||
(Insured by ST AID) | 2,500,000 | 2,489,348 | ||||||||||
Tennessee Housing Development Agency, | ||||||||||||
4.000%, 07/01/2040 | ||||||||||||
(Callable 07/01/2029) | 3,660,000 | 3,671,454 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $310,142,512) | 297,729,600 | 3.0 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Aegis Asset Backed Securities Trust, | ||||||||||||
Series 2005-4, Class M1, | ||||||||||||
2.299%, 10/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.675%) | ||||||||||||
(Callable 07/25/2022)(3) | 1,264,345 | 1,261,475 |
The accompanying notes are an integral part of these financial statements.
Page 20
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Alternative Loan Trust: | ||||||||||||
Series 2004-12CB, Class 1A1, 5.000%, | ||||||||||||
08/25/2022 (Callable 07/25/2022) | $ | 4,128 | $ | 3,988 | ||||||||
Series 2004-J2, Class 3A3, 5.500%, | ||||||||||||
04/25/2034 (Callable 07/25/2022) | 41,333 | 40,213 | ||||||||||
Series 2005-73CB, Class 1A7, 5.500%, | ||||||||||||
01/25/2036 (Callable 07/25/2022) | 35,167 | 33,089 | ||||||||||
Series 2006-28CB, Class A17, 6.000%, | ||||||||||||
10/25/2036 (Callable 07/25/2022)(6) | 422,372 | 253,547 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2019-3, Class A1, 2.962%, | ||||||||||||
10/25/2048 (Callable 07/25/2022)(2)(4) | 7,751,344 | 7,500,735 | ||||||||||
Series 2019-2, Class A1, 3.347%, | ||||||||||||
04/25/2049 (Callable 07/25/2022)(2)(4) | 6,111,352 | 5,933,863 | ||||||||||
Series 2020-1, Class A1A, 1.662%, | ||||||||||||
03/25/2055 (Callable 02/25/2023)(2) | 4,661,393 | 4,467,956 | ||||||||||
Series 2022-1, Class A1A, 2.495%, | ||||||||||||
12/25/2056 (Callable 01/25/2025)(2)(7) | 12,999,938 | 12,295,822 | ||||||||||
Citigroup Mortgage Loan Trust, | ||||||||||||
Series 2018-RP2, Class A1, 3.500%, | ||||||||||||
02/25/2058 (Callable 12/25/2031)(2)(4) | 6,026,056 | 5,922,347 | ||||||||||
COLT Trust, | ||||||||||||
Series 2020-RPL1, Class A1, 1.390%, | ||||||||||||
01/25/2065 (Callable 09/25/2023)(2)(4) | 19,571,470 | 17,714,582 | ||||||||||
CSMC Trust, | ||||||||||||
Series 2019-RPL1, Class A1A, 3.650%, | ||||||||||||
07/25/2058 (Callable 03/25/2031)(2)(4) | 20,920,264 | 20,442,456 | ||||||||||
CWABS Asset-Backed Certificates Trust, | ||||||||||||
Series 2006-9, Class 1AF3, 5.859%, | ||||||||||||
08/25/2036 (Callable 07/25/2022)(4) | 175,226 | 176,358 | ||||||||||
FirstKey Homes Trust, | ||||||||||||
Series 2020-SFR2, Class A, 1.266%, | ||||||||||||
10/19/2037(2) | 33,870,769 | 31,203,307 | ||||||||||
GCAT Trust, | ||||||||||||
Series 2022-HX1, Class A1, 2.885%, | ||||||||||||
12/25/2066 (Callable 02/25/2027)(2)(4) | 32,751,403 | 30,398,247 | ||||||||||
GSAMP Trust, | ||||||||||||
Series 2006-HE7, Class A2D, 2.084%, | ||||||||||||
10/25/2036 (1 Month LIBOR USD + | ||||||||||||
0.460%) (Callable 07/25/2022)(3) | 1,919,199 | 1,900,348 | ||||||||||
Home Partners of America Trust, | ||||||||||||
Series 2019-2, Class A, 2.703%, | ||||||||||||
10/19/2039 (Callable 10/17/2024)(2) | 50,038,035 | 45,904,122 | ||||||||||
J.P. Morgan Mortgage Trust, | ||||||||||||
Series 2005-A4, Class 1A1, 2.904%, | ||||||||||||
07/25/2035 (Callable 07/25/2022)(4) | 82,777 | 83,084 | ||||||||||
MASTR Alternative Loan Trust: | ||||||||||||
Series 2003-5, Class 7A1, 5.000%, | ||||||||||||
10/01/2031 (Callable 07/25/2022) | 35,384 | 14,537 | ||||||||||
Series 2003-5, Class 4A1, 5.500%, | ||||||||||||
07/25/2033 (Callable 07/25/2022) | 1,347,414 | 1,312,064 | ||||||||||
MFA Trust, | ||||||||||||
Series 2022-NQM1, Class A1, 4.112%, | ||||||||||||
12/25/2066 (Callable 03/25/2025)(2)(4) | 27,113,542 | 26,242,140 | ||||||||||
Mill City Mortgage Loan Trust, | ||||||||||||
Series 2018-2, Class A1, 3.500%, | ||||||||||||
05/25/2058 (Callable 05/25/2027)(2)(4) | 580,539 | 575,648 | ||||||||||
Morgan Stanley Capital I Trust, | ||||||||||||
Series 2005-HE5, Class M2, 2.269%, | ||||||||||||
09/25/2035 (1 Month LIBOR USD + | ||||||||||||
0.645%) (Callable 07/25/2022)(3) | 1,378,778 | 1,372,839 | ||||||||||
New Residential Mortgage Loan Trust, | ||||||||||||
Series 2019-RPL3, Class A1, 2.750%, | ||||||||||||
07/25/2059 (Callable 09/25/2032)(2)(4) | 18,106,521 | 17,492,189 | ||||||||||
Renaissance Home Equity Loan Trust, | ||||||||||||
Series 2007-2, Class AF2, 5.675%, | ||||||||||||
06/25/2037 (Callable 12/25/2028)(7) | 1,914,212 | 615,312 | ||||||||||
Structured Asset Securities Corp., | ||||||||||||
Series 2004-4XS, Class 1A6, 5.050%, | ||||||||||||
02/25/2034 (Callable 07/25/2022)(7) | 11,465 | 10,759 | ||||||||||
Thornburg Mortgage Securities Trust, | ||||||||||||
Series 2003-5, Class 3A, 1.999%, | ||||||||||||
10/25/2043 (Callable 07/25/2022)(4) | 2,133,396 | 2,084,686 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2016-5, Class A1, 2.500%, | ||||||||||||
10/25/2056 (Callable 06/25/2026)(2)(4) | 5,298,013 | 5,257,425 | ||||||||||
Series 2017-1, Class A1, 2.750%, | ||||||||||||
10/25/2056 (Callable 05/25/2026)(2)(4) | 4,506,889 | 4,470,733 | ||||||||||
Series 2017-5, Class A1, 2.224%, | ||||||||||||
02/26/2057 (1 Month LIBOR USD + | ||||||||||||
0.600%) (Callable 02/25/2024)(2)(3) | 2,442,064 | 2,416,973 | ||||||||||
Series 2017-2, Class A1, 2.750%, | ||||||||||||
04/25/2057 (Callable 02/25/2025)(2)(4) | 2,353,464 | 2,338,328 | ||||||||||
Series 2017-3, Class A1, 2.750%, | ||||||||||||
06/25/2057 (Callable 09/25/2024)(2)(4) | 12,419,154 | 12,284,260 | ||||||||||
Series 2017-4, Class A1, 2.750%, | ||||||||||||
06/25/2057 (Callable 07/25/2025)(2)(4) | 14,838,622 | 14,464,905 | ||||||||||
Series 2017-6, Class A1, 2.750%, | ||||||||||||
10/25/2057 (Callable 08/25/2026)(2)(4) | 23,096,365 | 22,567,546 | ||||||||||
Series 2018-6, Class A1A, 3.750%, | ||||||||||||
03/25/2058 (Callable 01/25/2026)(2)(4) | 3,875,560 | 3,851,283 | ||||||||||
Series 2020-4, Class A1, 1.750%, | ||||||||||||
10/25/2060 (Callable 11/25/2026)(2) | 36,929,530 | 33,904,334 | ||||||||||
WaMu Mortgage | ||||||||||||
Pass-Through Certificates Trust, | ||||||||||||
Series 2004-AR3, Class A1, 3.081%, | ||||||||||||
06/25/2034 (Callable 07/25/2022)(4) | 1,494,053 | 1,414,601 | ||||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $359,716,865) | 338,226,101 | 3.4 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Bank of America Commercial | ||||||||||||
Mortgage Trust, | ||||||||||||
Series 2016-UB10, Class ASB, 3.019%, | ||||||||||||
07/16/2049 (Callable 11/15/2025) | 6,269,384 | 6,153,734 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2013-GC11, Class A4, 3.093%, | ||||||||||||
04/10/2046 (Callable 03/10/2023) | 11,499,024 | 11,432,265 | ||||||||||
Series 2014-GC19, Class AAB, 3.552%, | ||||||||||||
03/12/2047 (Callable 11/10/2023) | 1,506,415 | 1,498,260 | ||||||||||
Series 2014-GC23, Class AAB, 3.337%, | ||||||||||||
07/12/2047 (Callable 05/10/2024) | 5,879,797 | 5,854,552 | ||||||||||
Series 2015-GC27, Class A5, 3.137%, | ||||||||||||
02/10/2048 (Callable 12/10/2024) | 9,750,000 | 9,504,849 | ||||||||||
Series 2016-C3, Class AAB, 2.984%, | ||||||||||||
11/18/2049 (Callable 12/15/2025) | 1,612,236 | 1,581,651 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2013-LC6, Class ASB, 2.478%, | ||||||||||||
01/12/2046 (Callable 09/10/2022) | 529,663 | 528,690 | ||||||||||
Series 2014-LC15, Class ASB, 3.528%, | ||||||||||||
04/12/2047 (Callable 10/10/2023) | 4,256,590 | 4,256,900 | ||||||||||
Series 2014-CR16, Class ASB, 3.653%, | ||||||||||||
04/12/2047 (Callable 12/10/2023) | 3,814,244 | 3,818,043 | ||||||||||
Series 2015-LC19, Class A4, 3.183%, | ||||||||||||
02/10/2048 (Callable 01/10/2025) | 10,882,530 | 10,598,236 | ||||||||||
Series 2015-LC21, Class A4, 3.708%, | ||||||||||||
07/10/2048 (Callable 05/10/2025) | 12,060,955 | 11,850,950 | ||||||||||
Series 2013-CR11, Class A4, 4.258%, | ||||||||||||
08/12/2050 (Callable 09/10/2023) | 5,130,000 | 5,141,066 |
The accompanying notes are an integral part of these financial statements.
Page 21
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
GS Mortgage Securities Trust: | ||||||||||||
Series 2014-GC20, Class A5, 3.998%, | ||||||||||||
04/12/2047 (Callable 03/10/2024) | $ | 19,078,916 | $ | 18,951,509 | ||||||||
Series 2014-GC22, Class A5, 3.862%, | ||||||||||||
06/10/2047 (Callable 05/10/2024) | 14,470,023 | 14,352,120 | ||||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2012-C8, Class A3, 2.829%, | ||||||||||||
10/17/2045 (Callable 07/15/2022) | 503,427 | 502,885 | ||||||||||
Series 2013-LC11, Class A5, 2.960%, | ||||||||||||
04/15/2046 (Callable 04/15/2023) | 12,580,000 | 12,451,710 | ||||||||||
JPMBB Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-C14, Class ASB, 3.761%, | ||||||||||||
08/17/2046 (Callable 06/15/2023)(4) | 4,907,515 | 4,894,360 | ||||||||||
Series 2013-C14, Class A4, 4.133%, | ||||||||||||
08/17/2046 (Callable 07/15/2023)(4) | 8,009,058 | 7,993,330 | ||||||||||
Series 2013-C17, Class A4, 4.199%, | ||||||||||||
01/17/2047 (Callable 12/15/2023) | 19,125,000 | 19,102,987 | ||||||||||
Series 2014-C20, Class A5, 3.805%, | ||||||||||||
07/17/2047 (Callable 05/15/2024) | 11,750,000 | 11,665,131 | ||||||||||
Series 2014-C22, Class A4, 3.801%, | ||||||||||||
09/17/2047 (Callable 08/15/2024) | 23,316,000 | 23,131,785 | ||||||||||
Series 2014-C25, Class A5, 3.672%, | ||||||||||||
11/18/2047 (Callable 10/15/2024) | 9,543,000 | 9,421,679 | ||||||||||
Series 2015-C31, Class ASB, 3.540%, | ||||||||||||
08/17/2048 (Callable 05/15/2025) | 6,004,998 | 5,950,369 | ||||||||||
Series 2015-C28, Class A4, 3.227%, | ||||||||||||
10/19/2048 (Callable 03/15/2025) | 15,000,000 | 14,589,009 | ||||||||||
Series 2015-C33, Class ASB, 3.562%, | ||||||||||||
12/17/2048 (Callable 08/15/2025) | 2,862,580 | 2,831,136 | ||||||||||
Morgan Stanley Bank of | ||||||||||||
America Merrill Lynch Trust: | ||||||||||||
Series 2013-C9, Class AAB, 2.657%, | ||||||||||||
05/17/2046 (Callable 01/15/2023) | 3,738,302 | 3,726,574 | ||||||||||
Series 2015-C27, Class ASB, 3.557%, | ||||||||||||
12/17/2047 (Callable 03/15/2025) | 3,314,443 | 3,285,595 | ||||||||||
Series 2015-C25, Class ASB, 3.383%, | ||||||||||||
10/19/2048 (Callable 06/15/2025) | 8,347,150 | 8,259,695 | ||||||||||
Series 2013-C8, Class ASB, 2.699%, | ||||||||||||
12/17/2048 (Callable 10/15/2022) | 966,116 | 965,196 | ||||||||||
Series 2016-C30, Class ASB, 2.729%, | ||||||||||||
09/17/2049 (Callable 10/15/2025) | 2,808,694 | 2,741,643 | ||||||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||||||
Series 2015-C27, Class ASB, 3.278%, | ||||||||||||
02/18/2048 (Callable 12/15/2024) | 2,288,454 | 2,262,426 | ||||||||||
Series 2015-C31, Class ASB, 3.487%, | ||||||||||||
11/18/2048 (Callable 07/15/2025) | 1,751,034 | 1,730,958 | ||||||||||
Series 2014-LC16, Class ASB, 3.477%, | ||||||||||||
08/17/2050 (Callable 03/15/2024) | 5,716,908 | 5,678,715 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2013-C11, Class A5, 3.071%, | ||||||||||||
03/17/2045 (Callable 01/15/2023) | 4,865,146 | 4,846,033 | ||||||||||
Series 2013-C14, Class ASB, 2.977%, | ||||||||||||
06/15/2046 (Callable 04/15/2023) | 4,428,567 | 4,404,387 | ||||||||||
Series 2013-C14, Class A4, 3.073%, | ||||||||||||
06/15/2046 (Callable 05/15/2023) | 10,659,173 | 10,610,017 | ||||||||||
Series 2014-C23, Class ASB, | ||||||||||||
3.636%, 10/17/2057 | 528,768 | 525,309 | ||||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $279,662,880) | 267,093,754 | 2.7 | % | |||||||||
Asset Backed Securities | ||||||||||||
Affirm Asset Securitization Trust, | ||||||||||||
Series 2021-B, Class A, 1.030%, | ||||||||||||
08/17/2026 (Callable 08/15/2023)(2) | 27,500,000 | 26,065,012 | ||||||||||
Bank of The West Auto Trust, | ||||||||||||
Series 2019-1, Class A3, 2.430%, | ||||||||||||
04/15/2024 (Callable 05/15/2023)(2) | 1,482,068 | 1,482,197 | ||||||||||
Chase Auto Credit Linked Notes: | ||||||||||||
Series 2020-2, Class B, 0.840%, | ||||||||||||
02/25/2028 (Callable 06/25/2024)(2) | 4,614,749 | 4,508,896 | ||||||||||
Series 2021-1, Class B, 0.875%, | ||||||||||||
09/25/2028 (Callable 11/25/2024)(2) | 21,050,555 | 20,445,507 | ||||||||||
Series 2021-2, Class B, 0.889%, | ||||||||||||
12/25/2028 (Callable 11/25/2024)(2) | 19,513,980 | 18,906,276 | ||||||||||
Series 2021-3, Class B, 0.760%, | ||||||||||||
02/25/2029 (Callable 01/25/2025)(2) | 31,328,961 | 30,273,880 | ||||||||||
Chesapeake Funding II LLC, | ||||||||||||
Series 2020-1A, Class A1, 0.870%, | ||||||||||||
08/15/2032 (Callable 06/15/2023)(2) | 9,685,392 | 9,544,492 | ||||||||||
Donlen Fleet Lease Funding 2 LLC, | ||||||||||||
Series 2021-2, Class A2, | ||||||||||||
0.560%, 12/11/2034(2) | 21,972,975 | 21,325,537 | ||||||||||
Ford Credit Auto Owner Trust, | ||||||||||||
Series 2018-1, Class A, 3.190%, | ||||||||||||
07/15/2031 (Callable 01/15/2025)(2) | 9,735,000 | 9,576,015 | ||||||||||
Ford Credit Floorplan | ||||||||||||
Master Owner Trust: | ||||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.230%, 09/15/2024 | 46,629,000 | 46,625,232 | ||||||||||
Series 2019-2, Class A, | ||||||||||||
3.060%, 04/15/2026 | 14,974,000 | 14,754,288 | ||||||||||
Genesis Sales Finance Master Trust, | ||||||||||||
Series 2021-AA, Class A, 1.200%, | ||||||||||||
12/20/2026 (Callable 03/20/2024)(2) | 1,080,000 | 1,021,056 | ||||||||||
GM Financial Automobile Leasing Trust, | ||||||||||||
Series 2020-2, Class A3, 0.800%, | ||||||||||||
07/20/2023 (Callable 01/20/2023) | 2,837,305 | 2,832,698 | ||||||||||
GMF Floorplan Owner Revolving Trust: | ||||||||||||
Series 2020-1, Class A, | ||||||||||||
0.680%, 08/15/2025(2) | 14,302,000 | 13,814,563 | ||||||||||
Series 2019-2, Class A, | ||||||||||||
2.900%, 04/15/2026(2) | 26,900,000 | 26,494,098 | ||||||||||
Hyundai Auto Lease Securitization Trust, | ||||||||||||
Series 2022-B, Class A3, 3.350%, | ||||||||||||
06/16/2025 (Callable 10/15/2024)(2) | 41,325,000 | 41,201,025 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & | ||||||||||||
Community Development Authority, | ||||||||||||
3.615%, 02/01/2029 | 27,725,000 | 27,717,026 | ||||||||||
Navient Private Education | ||||||||||||
Refi Loan Trust: | ||||||||||||
Series 2019-EA, Class A2A, 2.640%, | ||||||||||||
05/15/2068 (Callable 05/15/2026)(2) | 3,208,884 | 3,099,680 | ||||||||||
Series 2019-FA, Class A2, 2.600%, | ||||||||||||
08/15/2068 (Callable 09/15/2026)(2) | 12,070,884 | 11,500,703 | ||||||||||
Series 2021-A, Class A, 0.840%, | ||||||||||||
05/15/2069 (Callable 11/15/2027)(2) | 10,030,925 | 9,181,552 | ||||||||||
Series 2021-GA, Class A, 1.580%, | ||||||||||||
04/15/2070 (Callable 11/15/2028)(2) | 28,640,975 | 25,321,776 | ||||||||||
Navient Student Loan Trust, | ||||||||||||
Series 2019-BA, Class A2A, 3.390%, | ||||||||||||
12/15/2059 (Callable 07/15/2029)(2) | 5,855,107 | 5,664,122 |
The accompanying notes are an integral part of these financial statements.
Page 22
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Nelnet Student Loan Trust: | ||||||||||||
Series 2021-A, Class APT1, 1.360%, | ||||||||||||
04/20/2062 (Callable 09/20/2029)(2) | $ | 10,203,357 | $ | 9,437,000 | ||||||||
Series 2021-BA, Class AFX, 1.420%, | ||||||||||||
04/20/2062 (Callable 07/20/2029)(2) | 14,055,149 | 13,026,766 | ||||||||||
Series 2021-DA, Class AFX, 1.630%, | ||||||||||||
04/20/2062 (Callable 05/20/2031)(2) | 14,193,589 | 13,219,618 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2020-A, Class A, | ||||||||||||
1.270%, 06/15/2025(2) | 89,020,000 | 86,515,636 | ||||||||||
Series 2021-A, Class A, | ||||||||||||
0.710%, 04/15/2026(2) | 12,500,000 | 11,704,088 | ||||||||||
Santander Bank Auto Credit, | ||||||||||||
Series 2022-A, Class B, 5.281%, | ||||||||||||
05/17/2032 (Callable 04/15/2025)(2) | 12,383,576 | 12,243,666 | ||||||||||
Synchrony Card Funding LLC, | ||||||||||||
Series 2022-A1, Class A, | ||||||||||||
3.370%, 04/15/2028 | 33,875,000 | 33,623,793 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2019-MH1, Class A1, 3.000%, | ||||||||||||
11/25/2058 (Callable 11/25/2024)(2)(4) | 4,851,531 | 4,791,370 | ||||||||||
Series 2020-MH1, Class A1A, 2.184%, | ||||||||||||
02/25/2060 (Callable 08/25/2022)(2)(4) | 12,413,392 | 11,746,712 | ||||||||||
Series 2020-MH1, Class A1, 2.250%, | ||||||||||||
02/25/2060 (Callable 08/25/2022)(2)(4) | 16,104,539 | 15,256,619 | ||||||||||
Volkswagen Auto Loan Enhanced Trust, | ||||||||||||
Series 2020-1, Class A3, 0.980%, | ||||||||||||
11/20/2024 (Callable 10/20/2023) | 10,356,584 | 10,230,064 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $612,915,691) | 593,150,963 | 6.0 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $10,244,285,265) | 9,854,759,769 | 99.0 | % | |||||||||
Short-Term Investments | ||||||||||||
Shares | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(5) | 283,988,975 | $ | 283,988,975 | |||||||||
Total Short-Term Investment | ||||||||||||
(Cost $283,988,975) | 283,988,975 | 2.9 | % | |||||||||
Total Investments | ||||||||||||
(Cost $10,528,274,240) | 10,138,748,744 | 101.9 | % | |||||||||
Liabilities in Excess of Other Assets | (184,275,753 | ) | (1.9 | )% | ||||||||
TOTAL NET ASSETS | $ | 9,954,472,991 | 100.0 | % |
Notes to Schedule of Investments
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
NATL – National Public Finance Guarantee Corp.
ST AID – State Aid Intercept/Withholding
CMT – Constant Maturity Treasury
LIBOR – London Inter-bank Offered Rate
PSF – Permanent School Fund
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, 2022, the value of these securities totaled $2,955,650,730, which represented 29.69% 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, 2022. |
(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, 2022. |
(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, 2022. |
(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, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 3,038,551,783 | $ | — | $ | 3,038,551,783 | ||||||||
Other Government Related Securities | — | 63,228,140 | — | 63,228,140 | ||||||||||||
Corporate Bonds | — | 5,256,779,428 | — | 5,256,779,428 | ||||||||||||
Municipal Bonds | — | 297,729,600 | — | 297,729,600 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 338,226,101 | — | 338,226,101 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 267,093,754 | — | 267,093,754 | ||||||||||||
Asset Backed Securities | — | 593,150,963 | — | 593,150,963 | ||||||||||||
Total Long-Term Investments | — | 9,854,759,769 | — | 9,854,759,769 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 283,988,975 | — | — | 283,988,975 | ||||||||||||
Total Short-Term Investment | 283,988,975 | — | — | 283,988,975 | ||||||||||||
Total Investments | $ | 283,988,975 | $ | 9,854,759,769 | $ | — | $ | 10,138,748,744 |
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, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $7,048,642,538 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 3.40% | |||
Investor Class | 3.15% | |||
Average Effective Duration | 3.96 years | |||
Average Effective Maturity | 4.41 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 23% | (6) | ||
Number of Holdings | 712 | |||
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, 2022. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 24
Baird Intermediate Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -7.22% | -7.76% | 1.27% | 1.87% | 4.12% |
Investor Class Shares | -7.33% | -7.96% | 1.03% | 1.62% | 3.86% |
Bloomberg Intermediate U.S. Government/Credit Bond Index(2) | -6.77% | -7.28% | 1.13% | 1.45% | 3.72% |
(1) | For the period from September 29, 2000 (inception date) through December 31, 2021. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
0.375%, 07/15/2024 | $ | 624,050,000 | $ | 591,921,173 | ||||||||
0.250%, 05/31/2025 | 429,600,000 | 396,423,470 | ||||||||||
2.250%, 11/15/2025 | 584,500,000 | 569,293,870 | ||||||||||
1.125%, 10/31/2026 | 34,100,000 | 31,431,941 | ||||||||||
2.000%, 11/15/2026 | 7,025,000 | 6,716,559 | ||||||||||
2.250%, 11/15/2027 | 308,450,000 | 295,714,389 | ||||||||||
1.125%, 08/31/2028 | 1,078,075,000 | 959,444,640 | ||||||||||
2.375%, 03/31/2029 | 80,000,000 | 76,743,760 | ||||||||||
1.250%, 08/15/2031 | 211,000,000 | 181,641,329 | ||||||||||
2.875%, 05/15/2032 | 49,525,000 | 48,967,844 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $3,340,279,277) | 3,158,298,975 | 44.8 | % | |||||||||
Other Government Related Security | ||||||||||||
NBN Co. Ltd., | ||||||||||||
2.625%, 05/05/2031 | ||||||||||||
(Callable 02/05/2031)(1)(2) | 20,487,000 | 17,471,698 | ||||||||||
Total Other Government Related Security | ||||||||||||
(Cost $19,643,992) | 17,471,698 | 0.2 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
Adventist Health System, | ||||||||||||
2.952%, 03/01/2029 | ||||||||||||
(Callable 12/01/2028) | 250,000 | 229,073 | ||||||||||
Agilent Technologies, Inc.: | ||||||||||||
3.050%, 09/22/2026 | ||||||||||||
(Callable 06/22/2026) | 1,495,000 | 1,427,211 | ||||||||||
2.100%, 06/04/2030 | ||||||||||||
(Callable 03/04/2030) | 250,000 | 203,666 | ||||||||||
Air Products and Chemicals, Inc., | ||||||||||||
2.050%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 275,000 | 237,696 | ||||||||||
Albemarle Corp., | ||||||||||||
4.650%, 06/01/2027 | ||||||||||||
(Callable 05/01/2027) | 7,000,000 | 6,888,743 | ||||||||||
Allegion PLC, | ||||||||||||
3.500%, 10/01/2029 | ||||||||||||
(Callable 07/01/2029) | 3,160,000 | 2,794,833 | ||||||||||
Allegion US Holding Co., Inc.: | ||||||||||||
3.200%, 10/01/2024 | ||||||||||||
(Callable 08/01/2024) | 4,998,000 | 4,875,800 | ||||||||||
5.411%, 07/01/2032 | ||||||||||||
(Callable 04/01/2032) | 2,000,000 | 1,986,467 | ||||||||||
Anglo American Capital PLC: | ||||||||||||
2.250%, 03/17/2028 | ||||||||||||
(Callable 01/17/2028)(1)(2) | 6,500,000 | 5,601,477 | ||||||||||
2.625%, 09/10/2030 | ||||||||||||
(Callable 06/10/2030)(1)(2) | 300,000 | 246,878 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc., | ||||||||||||
6.625%, 08/15/2033(1) | 8,085,000 | 9,141,590 | ||||||||||
AP Moller – Maersk A/S, | ||||||||||||
4.500%, 06/20/2029 | ||||||||||||
(Callable 03/20/2029)(1)(2) | 4,207,000 | 4,093,619 | ||||||||||
ArcelorMittal, | ||||||||||||
4.550%, 03/11/2026(1) | 11,355,000 | 11,190,547 | ||||||||||
Ashtead Capital, Inc.: | ||||||||||||
1.500%, 08/12/2026 | ||||||||||||
(Callable 07/12/2026)(1)(2) | 10,075,000 | 8,797,725 | ||||||||||
4.000%, 05/01/2028 | ||||||||||||
(Callable 05/01/2023)(1)(2) | 7,166,000 | 6,467,641 | ||||||||||
AT&T, Inc.: | ||||||||||||
4.350%, 03/01/2029 | ||||||||||||
(Callable 12/01/2028) | 2,425,000 | 2,387,746 | ||||||||||
4.300%, 02/15/2030 | ||||||||||||
(Callable 11/15/2029) | 9,604,000 | 9,372,551 | ||||||||||
2.250%, 02/01/2032 | ||||||||||||
(Callable 11/01/2031) | 8,975,000 | 7,332,428 | ||||||||||
2.550%, 12/01/2033 | ||||||||||||
(Callable 09/01/2033) | 3,778,000 | 3,064,841 | ||||||||||
Becton Dickinson and Co.: | ||||||||||||
3.734%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 82,000 | 81,622 | ||||||||||
7.000%, 08/01/2027 | 9,275,000 | 10,332,890 | ||||||||||
Bemis Co., Inc., | ||||||||||||
2.630%, 06/19/2030 | ||||||||||||
(Callable 03/19/2030) | 7,025,000 | 5,760,201 | ||||||||||
Biogen, Inc., | ||||||||||||
3.625%, 09/15/2022 | 300,000 | 300,043 | ||||||||||
Boardwalk Pipelines LP: | ||||||||||||
5.950%, 06/01/2026 | ||||||||||||
(Callable 03/01/2026) | 12,095,000 | 12,559,348 | ||||||||||
4.800%, 05/03/2029 | ||||||||||||
(Callable 02/03/2029) | 1,750,000 | 1,695,600 | ||||||||||
3.400%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030) | 225,000 | 191,841 | ||||||||||
BorgWarner, Inc., | ||||||||||||
5.000%, 10/01/2025(2) | 475,000 | 479,120 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.125%, 01/15/2025 | ||||||||||||
(Callable 11/15/2024) | 925,000 | 910,386 | ||||||||||
3.150%, 11/15/2025 | ||||||||||||
(Callable 10/15/2025) | 5,000,000 | 4,815,144 | ||||||||||
3.875%, 01/15/2027 | ||||||||||||
(Callable 10/15/2026) | 5,000,000 | 4,810,978 | ||||||||||
4.750%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029) | 250,000 | 242,234 | ||||||||||
5.000%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 8,000,000 | 7,843,988 | ||||||||||
2.450%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030)(2) | 10,000,000 | 8,034,385 | ||||||||||
Broadridge Financial Solutions, Inc., | ||||||||||||
3.400%, 06/27/2026 | ||||||||||||
(Callable 03/27/2026) | 250,000 | 241,769 | ||||||||||
Bunge Limited Finance Corp., | ||||||||||||
3.750%, 09/25/2027 | ||||||||||||
(Callable 06/25/2027) | 5,225,000 | 5,027,128 | ||||||||||
Campbell Soup Co., | ||||||||||||
3.950%, 03/15/2025 | ||||||||||||
(Callable 01/15/2025) | 8,000,000 | 7,979,782 | ||||||||||
Carlisle Companies, Inc., | ||||||||||||
3.750%, 12/01/2027 | ||||||||||||
(Callable 09/01/2027) | 275,000 | 261,783 | ||||||||||
Carrier Global Corp., | ||||||||||||
2.242%, 02/15/2025 | ||||||||||||
(Callable 01/15/2025) | 1,921,000 | 1,825,393 | ||||||||||
CF Industries, Inc., | ||||||||||||
4.500%, 12/01/2026(2) | 5,950,000 | 5,925,831 | ||||||||||
CH Robinson Worldwide, Inc., | ||||||||||||
4.200%, 04/15/2028 | ||||||||||||
(Callable 01/15/2028) | 12,600,000 | 12,153,988 | ||||||||||
Charter Communications Operating LLC: | ||||||||||||
4.908%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 1,502,000 | 1,505,485 |
The accompanying notes are an integral part of these financial statements.
Page 26
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Charter Communications | ||||||||||||
Operating LLC: (cont.) | ||||||||||||
3.750%, 02/15/2028 | ||||||||||||
(Callable 11/15/2027) | $ | 6,105,000 | $ | 5,637,716 | ||||||||
4.200%, 03/15/2028 | ||||||||||||
(Callable 12/15/2027) | 2,070,000 | 1,934,001 | ||||||||||
2.250%, 01/15/2029 | ||||||||||||
(Callable 11/15/2028) | 2,200,000 | 1,807,668 | ||||||||||
5.050%, 03/30/2029 | ||||||||||||
(Callable 12/30/2028) | 4,155,000 | 3,999,023 | ||||||||||
4.400%, 04/01/2033 | ||||||||||||
(Callable 01/01/2033) | 5,500,000 | 4,910,608 | ||||||||||
Cheniere Corpus Christi Holdings LLC: | ||||||||||||
5.125%, 06/30/2027 | ||||||||||||
(Callable 01/01/2027) | 2,150,000 | 2,157,923 | ||||||||||
3.700%, 11/15/2029 | ||||||||||||
(Callable 05/18/2029) | 3,800,000 | 3,475,867 | ||||||||||
Cigna Corp.: | ||||||||||||
3.000%, 07/15/2023 | ||||||||||||
(Callable 05/16/2023) | 6,405,000 | 6,356,930 | ||||||||||
4.500%, 02/25/2026 | ||||||||||||
(Callable 11/27/2025) | 300,000 | 302,995 | ||||||||||
CK Hutchison International Ltd., | ||||||||||||
2.500%, 04/15/2031 | ||||||||||||
(Callable 01/15/2031)(1)(2) | 5,000,000 | 4,334,932 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
4.200%, 01/15/2024(1) | 2,800,000 | 2,801,870 | ||||||||||
1.875%, 01/15/2026 | ||||||||||||
(Callable 12/15/2025)(1) | 250,000 | 226,596 | ||||||||||
CNH Industrial NV: | ||||||||||||
4.500%, 08/15/2023(1) | 5,000,000 | 5,041,914 | ||||||||||
3.850%, 11/15/2027 | ||||||||||||
(Callable 08/15/2027)(1) | 2,518,000 | 2,370,816 | ||||||||||
Coca-Cola Femsa SAB de CV, | ||||||||||||
2.750%, 01/22/2030 | ||||||||||||
(Callable 10/22/2029)(1) | 8,875,000 | 7,928,570 | ||||||||||
Columbia Pipeline Group, Inc., | ||||||||||||
4.500%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025)(1) | 880,000 | 887,244 | ||||||||||
Comcast Cable Communications | ||||||||||||
Holdings, Inc., | ||||||||||||
9.455%, 11/15/2022 | 300,000 | 306,873 | ||||||||||
CommonSpirit Health, | ||||||||||||
2.760%, 10/01/2024 | ||||||||||||
(Callable 07/01/2024) | 525,000 | 511,178 | ||||||||||
Conagra Brands, Inc.: | ||||||||||||
4.600%, 11/01/2025 | ||||||||||||
(Callable 09/01/2025) | 500,000 | 501,845 | ||||||||||
8.250%, 09/15/2030 | 1,140,000 | 1,335,688 | ||||||||||
Constellation Brands, Inc., | ||||||||||||
3.500%, 05/09/2027 | ||||||||||||
(Callable 02/09/2027) | 3,625,000 | 3,479,891 | ||||||||||
Cox Communications, Inc.: | ||||||||||||
3.850%, 02/01/2025 | ||||||||||||
(Callable 11/01/2024)(2) | 2,800,000 | 2,766,421 | ||||||||||
3.350%, 09/15/2026 | ||||||||||||
(Callable 06/15/2026)(2) | 2,527,000 | 2,415,813 | ||||||||||
CVS Health Corp.: | ||||||||||||
3.625%, 04/01/2027 | ||||||||||||
(Callable 02/01/2027) | 2,500,000 | 2,435,335 | ||||||||||
4.300%, 03/25/2028 | ||||||||||||
(Callable 12/25/2027) | 5,818,000 | 5,756,444 | ||||||||||
CVS Pass-Through Trust: | ||||||||||||
5.773%, 01/10/2033(2) | 187,135 | 195,591 | ||||||||||
5.926%, 01/10/2034(2) | 1,856,652 | 1,904,132 | ||||||||||
4.163%, 08/11/2036(2) | 2,131,319 | 2,038,546 | ||||||||||
Daimler Finance North America LLC, | ||||||||||||
3.650%, 04/07/2027(1)(2) | 13,825,000 | 13,243,708 | ||||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | ||||||||||||
(Callable 04/15/2023) | 3,281,000 | 3,314,150 | ||||||||||
6.020%, 06/15/2026 | ||||||||||||
(Callable 03/15/2026) | 9,000,000 | 9,341,612 | ||||||||||
4.900%, 10/01/2026 | ||||||||||||
(Callable 08/01/2026) | 425,000 | 425,153 | ||||||||||
Dentsply Sirona, | ||||||||||||
3.250%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 10,900,000 | 9,200,018 | ||||||||||
Diageo Capital PLC, | ||||||||||||
2.000%, 04/29/2030 | ||||||||||||
(Callable 01/29/2030)(1) | 3,275,000 | 2,793,821 | ||||||||||
Dow Chemical Co., | ||||||||||||
4.550%, 11/30/2025 | ||||||||||||
(Callable 09/30/2025) | 165,000 | 168,364 | ||||||||||
DuPont de Nemours, Inc., | ||||||||||||
4.493%, 11/15/2025 | ||||||||||||
(Callable 09/15/2025) | 4,450,000 | 4,480,296 | ||||||||||
DXC Technology Co., | ||||||||||||
1.800%, 09/15/2026 | ||||||||||||
(Callable 08/15/2026) | 12,000,000 | 10,783,200 | ||||||||||
Ecolab, Inc., | ||||||||||||
4.800%, 03/24/2030 | ||||||||||||
(Callable 12/24/2029) | 10,000,000 | 10,368,964 | ||||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | ||||||||||||
(Callable 02/04/2023) | 6,575,000 | 6,534,934 | ||||||||||
EI du Pont de Nemours and Co., | ||||||||||||
1.700%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025) | 10,000,000 | 9,403,300 | ||||||||||
Emerson Electric Co., | ||||||||||||
1.950%, 10/15/2030 | ||||||||||||
(Callable 07/15/2030) | 12,600,000 | 10,626,319 | ||||||||||
Energy Transfer LP: | ||||||||||||
4.500%, 04/15/2024 | ||||||||||||
(Callable 03/15/2024) | 1,000,000 | 1,000,457 | ||||||||||
5.500%, 06/01/2027 | ||||||||||||
(Callable 03/01/2027) | 18,231,000 | 18,504,653 | ||||||||||
5.250%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029) | 14,264,000 | 14,127,873 | ||||||||||
3.750%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 275,000 | 247,835 | ||||||||||
Energy Transfer Partners LP, | ||||||||||||
4.200%, 04/15/2027 | ||||||||||||
(Callable 01/15/2027) | 475,000 | 455,976 | ||||||||||
EnLink Midstream Partners LP, | ||||||||||||
4.400%, 04/01/2024 | ||||||||||||
(Callable 01/01/2024) | 10,000,000 | 9,761,450 | ||||||||||
Enterprise Products Operating LLC, | ||||||||||||
3.900%, 02/15/2024 | ||||||||||||
(Callable 11/15/2023) | 225,000 | 224,721 | ||||||||||
EQT Midstream Partners LP, | ||||||||||||
4.125%, 12/01/2026 | ||||||||||||
(Callable 09/01/2026) | 5,000,000 | 4,318,750 | ||||||||||
Equifax, Inc., | ||||||||||||
2.600%, 12/01/2024 | ||||||||||||
(Callable 11/01/2024) | 5,000,000 | 4,823,790 |
The accompanying notes are an integral part of these financial statements.
Page 27
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Equinix, Inc.: | ||||||||||||
1.800%, 07/15/2027 | ||||||||||||
(Callable 05/15/2027) | $ | 7,000,000 | $ | 6,073,830 | ||||||||
3.900%, 04/15/2032 | ||||||||||||
(Callable 01/15/2032) | 11,000,000 | 9,948,442 | ||||||||||
Express Scripts Holding Co., | ||||||||||||
4.500%, 02/25/2026 | ||||||||||||
(Callable 11/27/2025) | 18,000,000 | 18,272,415 | ||||||||||
Exxon Mobil Corp., | ||||||||||||
2.992%, 03/19/2025 | ||||||||||||
(Callable 02/19/2025) | 11,250,000 | 11,076,468 | ||||||||||
Ferguson Finance PLC: | ||||||||||||
4.500%, 10/24/2028 | ||||||||||||
(Callable 07/24/2028)(2) | 6,230,000 | 6,050,632 | ||||||||||
4.650%, 04/20/2032 | ||||||||||||
(Callable 01/20/2032)(2) | 8,000,000 | 7,543,156 | ||||||||||
Fidelity National Information Services, Inc., | ||||||||||||
1.650%, 03/01/2028 | ||||||||||||
(Callable 01/01/2028) | 5,000,000 | 4,265,207 | ||||||||||
Fiserv, Inc.: | ||||||||||||
3.500%, 10/01/2022 | ||||||||||||
(Callable 07/01/2022) | 3,050,000 | 3,050,000 | ||||||||||
2.250%, 06/01/2027 | ||||||||||||
(Callable 04/01/2027) | 16,000,000 | 14,310,103 | ||||||||||
4.200%, 10/01/2028 | ||||||||||||
(Callable 07/01/2028) | 1,035,000 | 997,174 | ||||||||||
3.500%, 07/01/2029 | ||||||||||||
(Callable 04/01/2029) | 700,000 | 638,531 | ||||||||||
Flex Intermediate Holdco LLC, | ||||||||||||
3.363%, 06/30/2031 | ||||||||||||
(Callable 12/30/2030)(2) | 3,515,000 | 2,870,077 | ||||||||||
Flex Ltd.: | ||||||||||||
3.750%, 02/01/2026 | ||||||||||||
(Callable 01/01/2026) | 6,765,000 | 6,473,028 | ||||||||||
4.875%, 05/12/2030 | ||||||||||||
(Callable 02/12/2030) | 4,073,000 | 3,876,832 | ||||||||||
Florida Gas Transmission Co. LLC: | ||||||||||||
2.550%, 07/01/2030 | ||||||||||||
(Callable 04/01/2030)(2) | 7,000,000 | 5,932,441 | ||||||||||
2.300%, 10/01/2031 | ||||||||||||
(Callable 07/01/2031)(2) | 10,225,000 | 8,293,404 | ||||||||||
Flowers Foods, Inc., | ||||||||||||
2.400%, 03/15/2031 | ||||||||||||
(Callable 12/15/2030) | 300,000 | 247,439 | ||||||||||
FMC Corp., | ||||||||||||
4.100%, 02/01/2024 | ||||||||||||
(Callable 11/01/2023) | 4,960,000 | 4,967,598 | ||||||||||
Fomento Economico Mexicano SAB de CV, | ||||||||||||
2.875%, 05/10/2023(1) | 525,000 | 518,002 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
2.979%, 08/03/2022 | ||||||||||||
(Callable 07/03/2022) | 12,000,000 | 12,000,000 | ||||||||||
4.250%, 09/20/2022 | 1,545,000 | 1,541,616 | ||||||||||
Fortune Brands Home & Security, Inc.: | ||||||||||||
4.000%, 09/21/2023 | ||||||||||||
(Callable 08/21/2023) | 6,025,000 | 6,044,685 | ||||||||||
3.250%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 2,725,000 | 2,358,018 | ||||||||||
Fox Corp., | ||||||||||||
4.030%, 01/25/2024 | ||||||||||||
(Callable 12/25/2023) | 5,155,000 | 5,155,445 | ||||||||||
Freeport-McMoRan, Inc.: | ||||||||||||
3.875%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 1,100,000 | 1,095,246 | ||||||||||
5.400%, 11/14/2034 | ||||||||||||
(Callable 05/14/2034) | 691,000 | 674,354 | ||||||||||
Fresenius Medical Care US Finance III, Inc.: | ||||||||||||
1.875%, 12/01/2026 | ||||||||||||
(Callable 11/01/2026)(1)(2) | 20,000,000 | 17,224,687 | ||||||||||
3.750%, 06/15/2029 | ||||||||||||
(Callable 03/15/2029)(1)(2) | 500,000 | 451,436 | ||||||||||
General Mills, Inc., | ||||||||||||
4.000%, 04/17/2025 | ||||||||||||
(Callable 02/17/2025) | 275,000 | 274,784 | ||||||||||
General Motors Co., | ||||||||||||
6.125%, 10/01/2025 | ||||||||||||
(Callable 09/01/2025) | 5,861,000 | 6,058,741 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
4.150%, 06/19/2023 | ||||||||||||
(Callable 05/19/2023) | 1,625,000 | 1,625,996 | ||||||||||
1.700%, 08/18/2023 | 10,275,000 | 10,017,936 | ||||||||||
2.900%, 02/26/2025 | ||||||||||||
(Callable 01/26/2025) | 4,000,000 | 3,817,387 | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.375%, 12/01/2024 | ||||||||||||
(Callable 11/01/2024) | 7,525,000 | 7,381,952 | ||||||||||
Genpact Luxembourg SARL, | ||||||||||||
1.750%, 04/10/2026 | ||||||||||||
(Callable 03/10/2026) | 21,600,000 | 19,661,006 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 1,750,000 | 1,744,033 | ||||||||||
4.125%, 03/12/2024 | ||||||||||||
(Callable 02/12/2024)(1)(2) | 5,000,000 | 4,974,918 | ||||||||||
4.625%, 04/29/2024(1)(2) | 1,375,000 | 1,375,411 | ||||||||||
4.000%, 03/27/2027 | ||||||||||||
(Callable 12/27/2026)(1)(2) | 4,850,000 | 4,663,538 | ||||||||||
3.875%, 10/27/2027 | ||||||||||||
(Callable 07/27/2027)(1)(2) | 1,150,000 | 1,087,438 | ||||||||||
4.875%, 03/12/2029 | ||||||||||||
(Callable 12/12/2028)(1)(2) | 175,000 | 170,195 | ||||||||||
2.500%, 09/01/2030 | ||||||||||||
(Callable 06/01/2030)(1)(2) | 6,343,000 | 5,167,156 | ||||||||||
2.625%, 09/23/2031 | ||||||||||||
(Callable 06/23/2031)(1)(2) | 8,350,000 | 6,728,542 | ||||||||||
Global Payments, Inc.: | ||||||||||||
3.750%, 06/01/2023 | ||||||||||||
(Callable 03/01/2023) | 2,875,000 | 2,854,282 | ||||||||||
4.800%, 04/01/2026 | ||||||||||||
(Callable 01/01/2026) | 4,535,000 | 4,534,804 | ||||||||||
2.900%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 275,000 | 232,041 | ||||||||||
Graphic Packaging International LLC, | ||||||||||||
1.512%, 04/15/2026 | ||||||||||||
(Callable 03/15/2026)(2) | 300,000 | 270,759 | ||||||||||
Grupo Bimbo SAB de CV, | ||||||||||||
3.875%, 06/27/2024(1)(2) | 5,340,000 | 5,275,706 | ||||||||||
Hexcel Corp., | ||||||||||||
4.200%, 02/15/2027 | ||||||||||||
(Callable 11/15/2026) | 300,000 | 281,391 | ||||||||||
HP, Inc., | ||||||||||||
2.200%, 06/17/2025 | ||||||||||||
(Callable 05/17/2025) | 18,325,000 | 17,317,411 | ||||||||||
Hubbell, Inc., | ||||||||||||
3.350%, 03/01/2026 | ||||||||||||
(Callable 12/01/2025) | 225,000 | 219,228 | ||||||||||
Husky Energy, Inc., | ||||||||||||
4.400%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029)(1) | 5,000,000 | 4,817,488 |
The accompanying notes are an integral part of these financial statements.
Page 28
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Hyundai Capital America: | ||||||||||||
2.650%, 02/10/2025 | ||||||||||||
(Callable 01/10/2025)(1)(2) | $ | 525,000 | $ | 500,783 | ||||||||
1.300%, 01/08/2026 | ||||||||||||
(Callable 12/08/2025)(1)(2) | 5,825,000 | 5,169,809 | ||||||||||
1.650%, 09/17/2026 | ||||||||||||
(Callable 08/17/2026)(1)(2) | 15,000,000 | 13,227,399 | ||||||||||
IDEX Corp., | ||||||||||||
3.000%, 05/01/2030 | ||||||||||||
(Callable 02/01/2030) | 1,100,000 | 960,224 | ||||||||||
Infor, Inc., | ||||||||||||
1.450%, 07/15/2023 | ||||||||||||
(Callable 06/15/2023)(2) | 250,000 | 243,218 | ||||||||||
Ingersoll-Rand Co., | ||||||||||||
6.391%, 11/15/2027 | 1,195,000 | 1,254,082 | ||||||||||
Ingredion, Inc., | ||||||||||||
2.900%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 550,000 | 476,654 | ||||||||||
International Business Machines Corp., | ||||||||||||
3.300%, 05/15/2026 | 6,900,000 | 6,729,820 | ||||||||||
International Flavors & Fragrances, Inc., | ||||||||||||
1.832%, 10/15/2027 | ||||||||||||
(Callable 08/15/2027)(2) | 10,000,000 | 8,615,159 | ||||||||||
JB Hunt Transport Services, Inc.: | ||||||||||||
3.850%, 03/15/2024 | ||||||||||||
(Callable 12/15/2023) | 300,000 | 299,578 | ||||||||||
3.875%, 03/01/2026 | ||||||||||||
(Callable 01/01/2026) | 3,500,000 | 3,463,665 | ||||||||||
JBS USA LUX SA / JBS USA Food Co. / | ||||||||||||
JBS USA Finance, Inc., | ||||||||||||
5.750%, 04/01/2033 | ||||||||||||
(Callable 01/01/2033)(2) | 8,000,000 | 7,618,320 | ||||||||||
Johnson Controls International PLC, | ||||||||||||
3.625%, 07/02/2024 | ||||||||||||
(Callable 04/02/2024)(7) | 280,000 | 277,834 | ||||||||||
Kerry Group Financial | ||||||||||||
Services Unlimited Co., | ||||||||||||
3.200%, 04/09/2023 | ||||||||||||
(Callable 01/09/2023)(1)(2) | 5,000,000 | 4,968,748 | ||||||||||
Keurig Dr Pepper, Inc., | ||||||||||||
3.950%, 04/15/2029 | ||||||||||||
(Callable 02/15/2029) | 7,000,000 | 6,677,912 | ||||||||||
Kinder Morgan Energy Partners LP, | ||||||||||||
3.500%, 09/01/2023 | ||||||||||||
(Callable 06/01/2023) | 650,000 | 648,017 | ||||||||||
Kinder Morgan, Inc.: | ||||||||||||
3.150%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022) | 250,000 | 249,617 | ||||||||||
5.625%, 11/15/2023 | ||||||||||||
(Callable 08/15/2023)(2) | 1,000,000 | 1,018,179 | ||||||||||
4.300%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025) | 300,000 | 298,456 | ||||||||||
7.800%, 08/01/2031 | 15,425,000 | 17,921,205 | ||||||||||
Kraft Heinz Foods Co., | ||||||||||||
3.875%, 05/15/2027 | ||||||||||||
(Callable 02/15/2027) | 8,129,000 | 7,861,157 | ||||||||||
Kyndryl Holdings, Inc.: | ||||||||||||
2.050%, 10/15/2026 | ||||||||||||
(Callable 09/15/2026)(2) | 5,900,000 | 4,966,451 | ||||||||||
2.700%, 10/15/2028 | ||||||||||||
(Callable 08/15/2028)(2) | 2,730,000 | 2,174,185 | ||||||||||
Lear Corp., | ||||||||||||
3.800%, 09/15/2027 | ||||||||||||
(Callable 06/15/2027) | 410,000 | 387,316 | ||||||||||
Lennar Corp., | ||||||||||||
4.750%, 11/29/2027 | ||||||||||||
(Callable 05/29/2027) | 4,500,000 | 4,368,914 | ||||||||||
Lennox International, Inc.: | ||||||||||||
3.000%, 11/15/2023 | ||||||||||||
(Callable 09/15/2023) | 300,000 | 296,805 | ||||||||||
1.350%, 08/01/2025 | ||||||||||||
(Callable 07/01/2025) | 7,000,000 | 6,412,916 | ||||||||||
1.700%, 08/01/2027 | ||||||||||||
(Callable 06/01/2027) | 475,000 | 415,116 | ||||||||||
Lundin Energy Finance BV, | ||||||||||||
2.000%, 07/15/2026 | ||||||||||||
(Callable 06/15/2026)(1)(2) | 21,000,000 | 18,756,485 | ||||||||||
LYB International Finance III LLC, | ||||||||||||
2.250%, 10/01/2030 | ||||||||||||
(Callable 07/01/2030) | 5,000,000 | 4,123,103 | ||||||||||
Magallanes, Inc., | ||||||||||||
4.054%, 03/15/2029 | ||||||||||||
(Callable 01/15/2029)(2) | 6,000,000 | 5,495,859 | ||||||||||
Marathon Petroleum Corp., | ||||||||||||
5.125%, 12/15/2026 | ||||||||||||
(Callable 09/15/2026) | 150,000 | 153,503 | ||||||||||
Martin Marietta Materials, Inc., | ||||||||||||
2.500%, 03/15/2030 | ||||||||||||
(Callable 12/15/2029) | 200,000 | 168,708 | ||||||||||
Metropolitan Detroit Area | ||||||||||||
Hospital Services, Inc., | ||||||||||||
4.480%, 12/01/2029(2) | 9,589,035 | 9,352,167 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
4.333%, 06/01/2023 | ||||||||||||
(Callable 05/01/2023) | 300,000 | 300,161 | ||||||||||
2.670%, 09/01/2023 | 10,191,000 | 10,021,206 | ||||||||||
0.972%, 02/15/2024 | 5,000,000 | 4,747,326 | ||||||||||
Midwest Connector Capital Co. LLC: | ||||||||||||
3.900%, 04/01/2024 | ||||||||||||
(Callable 03/01/2024)(2) | 7,450,000 | 7,310,906 | ||||||||||
4.625%, 04/01/2029 | ||||||||||||
(Callable 01/01/2029)(2) | 2,975,000 | 2,805,666 | ||||||||||
Molex Electronic Technologies LLC, | ||||||||||||
3.900%, 04/15/2025 | ||||||||||||
(Callable 01/15/2025)(2) | 1,050,000 | 1,034,938 | ||||||||||
Mosaic Co., | ||||||||||||
4.250%, 11/15/2023 | ||||||||||||
(Callable 08/15/2023) | 8,606,000 | 8,665,845 | ||||||||||
MPLX LP: | ||||||||||||
4.875%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025) | 10,219,000 | 10,267,601 | ||||||||||
1.750%, 03/01/2026 | ||||||||||||
(Callable 02/01/2026) | 300,000 | 270,102 | ||||||||||
4.125%, 03/01/2027 | ||||||||||||
(Callable 12/01/2026) | 275,000 | 265,875 | ||||||||||
2.650%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030) | 3,950,000 | 3,297,211 | ||||||||||
Nutrien Ltd., | ||||||||||||
3.150%, 10/01/2022 | ||||||||||||
(Callable 08/02/2022)(1) | 1,306,000 | 1,306,830 | ||||||||||
nVent Finance Sarl, | ||||||||||||
4.550%, 04/15/2028 | ||||||||||||
(Callable 01/15/2028) | 250,000 | 241,569 | ||||||||||
NXP BV / NXP Funding LLC / | ||||||||||||
NXP USA, Inc.: | ||||||||||||
4.875%, 03/01/2024 | ||||||||||||
(Callable 02/01/2024)(1) | 5,790,000 | 5,846,331 | ||||||||||
2.700%, 05/01/2025 | ||||||||||||
(Callable 04/01/2025)(1) | 550,000 | 522,820 |
The accompanying notes are an integral part of these financial statements.
Page 29
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Occidental Petroleum Corp.: | ||||||||||||
2.900%, 08/15/2024 | ||||||||||||
(Callable 07/15/2024) | $ | 5,000,000 | $ | 4,827,222 | ||||||||
7.500%, 10/15/2026 | 1,288,000 | 1,378,160 | ||||||||||
Ochsner LSU Health System | ||||||||||||
of North Louisiana, | ||||||||||||
2.510%, 05/15/2031 | ||||||||||||
(Callable 11/15/2030) | 5,000,000 | 4,045,598 | ||||||||||
ONEOK, Inc.: | ||||||||||||
7.500%, 09/01/2023 | ||||||||||||
(Callable 06/01/2023) | 7,720,000 | 7,996,436 | ||||||||||
2.750%, 09/01/2024 | ||||||||||||
(Callable 08/01/2024) | 3,300,000 | 3,190,921 | ||||||||||
Oracle Corp.: | ||||||||||||
2.800%, 04/01/2027 | ||||||||||||
(Callable 02/01/2027) | 11,050,000 | 10,077,682 | ||||||||||
2.300%, 03/25/2028 | ||||||||||||
(Callable 01/25/2028) | 3,000,000 | 2,581,171 | ||||||||||
Orange SA, | ||||||||||||
9.000%, 03/01/2031(1) | 4,125,000 | 5,324,808 | ||||||||||
PeaceHealth Obligated Group, | ||||||||||||
1.375%, 11/15/2025 | ||||||||||||
(Callable 08/15/2025) | 550,000 | 506,252 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
2.700%, 11/01/2024 | ||||||||||||
(Callable 10/01/2024)(2) | 8,000,000 | 7,679,463 | ||||||||||
3.950%, 03/10/2025 | ||||||||||||
(Callable 01/10/2025)(2) | 12,000,000 | 11,815,501 | ||||||||||
4.000%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 6,500,000 | 6,398,528 | ||||||||||
Phillips 66 Co.: | ||||||||||||
3.605%, 02/15/2025 | ||||||||||||
(Callable 11/15/2024)(2) | 2,000,000 | 1,976,740 | ||||||||||
3.150%, 12/15/2029 | ||||||||||||
(Callable 09/15/2029)(2) | 500,000 | 449,073 | ||||||||||
2.150%, 12/15/2030 | ||||||||||||
(Callable 09/15/2030) | 10,000,000 | 8,168,384 | ||||||||||
Pioneer Natural Resources Co., | ||||||||||||
3.950%, 07/15/2022 | 175,000 | 175,026 | ||||||||||
POSCO, | ||||||||||||
4.000%, 08/01/2023(1)(2) | 5,000,000 | 5,026,050 | ||||||||||
Premier Health Partners, | ||||||||||||
2.911%, 11/15/2026 | ||||||||||||
(Callable 05/15/2026) | 17,527,000 | 16,247,840 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp., | ||||||||||||
4.500%, 11/01/2023 | ||||||||||||
(Callable 08/01/2023) | 1,100,000 | 1,105,498 | ||||||||||
Renesas Electronics Corp., | ||||||||||||
2.170%, 11/25/2026 | ||||||||||||
(Callable 10/25/2026)(1)(2) | 5,450,000 | 4,862,272 | ||||||||||
Rogers Communications, Inc., | ||||||||||||
3.800%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(1)(2) | 15,000,000 | 13,716,150 | ||||||||||
Roper Technologies, Inc.: | ||||||||||||
3.800%, 12/15/2026 | ||||||||||||
(Callable 09/15/2026) | 1,450,000 | 1,415,284 | ||||||||||
2.000%, 06/30/2030 | ||||||||||||
(Callable 03/30/2030) | 14,675,000 | 11,817,329 | ||||||||||
Ryder System, Inc., | ||||||||||||
2.850%, 03/01/2027 | ||||||||||||
(Callable 02/01/2027) | 3,775,000 | 3,519,128 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.875%, 06/30/2026 | ||||||||||||
(Callable 12/31/2025) | 10,280,000 | 10,621,611 | ||||||||||
4.500%, 05/15/2030 | ||||||||||||
(Callable 11/15/2029) | 4,500,000 | 4,312,430 | ||||||||||
Samarco Mineracao SA, | ||||||||||||
5.375%, 09/26/2024(1)(2)(9) | 1,675,000 | 1,012,498 | ||||||||||
Schneider Electric SE, | ||||||||||||
2.950%, 09/27/2022(2) | 2,000,000 | 1,999,652 | ||||||||||
Sherwin-Williams Co., | ||||||||||||
3.300%, 02/01/2025 | ||||||||||||
(Callable 11/01/2024) | 3,851,000 | 3,819,494 | ||||||||||
Shire Acquisitions Investments Ireland DAC, | ||||||||||||
2.875%, 09/23/2023 | ||||||||||||
(Callable 07/23/2023)(1) | 91,000 | 89,982 | ||||||||||
Smith & Nephew PLC, | ||||||||||||
2.032%, 10/14/2030 | ||||||||||||
(Callable 07/14/2030)(1) | 5,250,000 | 4,177,349 | ||||||||||
Smurfit Kappa Treasury Funding DAC, | ||||||||||||
7.500%, 11/20/2025(1) | 7,800,000 | 8,507,681 | ||||||||||
Sodexo, Inc., | ||||||||||||
1.634%, 04/16/2026 | ||||||||||||
(Callable 03/16/2026)(1)(2) | 15,000,000 | 13,512,501 | ||||||||||
Solvay Finance America LLC, | ||||||||||||
4.450%, 12/03/2025 | ||||||||||||
(Callable 09/03/2025)(1)(2) | 16,495,000 | 16,427,187 | ||||||||||
Southern Natural Gas Co. LLC: | ||||||||||||
7.350%, 02/15/2031 | 8,020,000 | 8,965,346 | ||||||||||
8.000%, 03/01/2032 | 2,523,000 | 2,948,731 | ||||||||||
Spectra Energy Partners LP, | ||||||||||||
4.750%, 03/15/2024 | ||||||||||||
(Callable 12/15/2023)(1) | 150,000 | 151,185 | ||||||||||
Steel Dynamics, Inc., | ||||||||||||
2.800%, 12/15/2024 | ||||||||||||
(Callable 11/15/2024) | 325,000 | 317,191 | ||||||||||
Stellantis Finance US, Inc., | ||||||||||||
1.711%, 01/29/2027 | ||||||||||||
(Callable 12/29/2026)(2) | 575,000 | 499,995 | ||||||||||
Sysco Corp., | ||||||||||||
5.950%, 04/01/2030 | ||||||||||||
(Callable 01/01/2030) | 4,232,000 | 4,511,991 | ||||||||||
Targa Resources Corp., | ||||||||||||
5.200%, 07/01/2027 | ||||||||||||
(Callable 06/01/2027)(18) | 5,000,000 | 5,021,624 | ||||||||||
TC PipeLines LP: | ||||||||||||
4.375%, 03/13/2025 | ||||||||||||
(Callable 12/13/2024)(1) | 5,500,000 | 5,529,048 | ||||||||||
3.900%, 05/25/2027 | ||||||||||||
(Callable 02/25/2027)(1) | 13,850,000 | 13,582,488 | ||||||||||
Timken Co.: | ||||||||||||
4.500%, 12/15/2028 | ||||||||||||
(Callable 09/15/2028) | 225,000 | 219,589 | ||||||||||
4.125%, 04/01/2032 | ||||||||||||
(Callable 01/01/2032) | 8,000,000 | 7,266,310 | ||||||||||
T-Mobile USA, Inc., | ||||||||||||
3.875%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 18,806,000 | 17,550,814 | ||||||||||
Toll Road Investors Partnership II LP: | ||||||||||||
0.000%, 02/15/2026 | ||||||||||||
(Insured by NATL)(1)(2) | 5,000,000 | 4,048,821 | ||||||||||
0.000%, 02/15/2028 | ||||||||||||
(Insured by NATL)(1)(2) | 750,000 | 535,009 | ||||||||||
Toyota Motor Credit Corp., | ||||||||||||
2.900%, 03/30/2023(1) | 10,000,000 | 10,001,189 |
The accompanying notes are an integral part of these financial statements.
Page 30
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
TransCanada PipeLines Ltd., | ||||||||||||
5.600%, 03/31/2034(1) | $ | 1,335,000 | $ | 1,369,297 | ||||||||
Transcontinental Gas Pipe Line Co. LLC, | ||||||||||||
7.250%, 12/01/2026 | 4,748,000 | 5,270,630 | ||||||||||
Triton Container International Ltd.: | ||||||||||||
0.800%, 08/01/2023(1)(2) | 6,575,000 | 6,230,338 | ||||||||||
2.050%, 04/15/2026 | ||||||||||||
(Callable 03/15/2026)(1)(2) | 10,000,000 | 8,842,276 | ||||||||||
TSMC Arizona Corp., | ||||||||||||
2.500%, 10/25/2031 | ||||||||||||
(Callable 07/25/2031)(1) | 8,175,000 | 7,009,780 | ||||||||||
Tyson Foods, Inc., | ||||||||||||
4.000%, 03/01/2026 | ||||||||||||
(Callable 01/01/2026) | 3,000,000 | 2,980,702 | ||||||||||
Vale Overseas Ltd., | ||||||||||||
3.750%, 07/08/2030 | ||||||||||||
(Callable 04/08/2030)(1) | 9,500,000 | 8,326,845 | ||||||||||
Valero Energy Corp., | ||||||||||||
2.150%, 09/15/2027 | ||||||||||||
(Callable 07/15/2027) | 300,000 | 267,018 | ||||||||||
Var Energi ASA, | ||||||||||||
��5.000%, 05/18/2027 | ||||||||||||
(Callable 04/18/2027)(1)(2) | 10,000,000 | 9,955,956 | ||||||||||
Verisk Analytics, Inc.: | ||||||||||||
4.125%, 09/12/2022 | 250,000 | 250,433 | ||||||||||
4.125%, 03/15/2029 | ||||||||||||
(Callable 12/15/2028) | 3,000,000 | 2,890,613 | ||||||||||
Verizon Communications, Inc.: | ||||||||||||
4.125%, 03/16/2027 | 3,196,000 | 3,188,276 | ||||||||||
3.000%, 03/22/2027 | ||||||||||||
(Callable 01/22/2027) | 13,000,000 | 12,347,633 | ||||||||||
2.100%, 03/22/2028 | ||||||||||||
(Callable 01/22/2028) | 5,750,000 | 5,107,274 | ||||||||||
4.329%, 09/21/2028 | 2,351,000 | 2,338,197 | ||||||||||
4.016%, 12/03/2029 | ||||||||||||
(Callable 09/03/2029) | 5,628,000 | 5,450,830 | ||||||||||
2.355%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031) | 2,309,000 | 1,914,481 | ||||||||||
Viterra Finance BV: | ||||||||||||
2.000%, 04/21/2026 | ||||||||||||
(Callable 03/21/2026)(1)(2) | 25,000,000 | 22,114,415 | ||||||||||
4.900%, 04/21/2027 | ||||||||||||
(Callable 03/21/2027)(1)(2) | 10,500,000 | 10,205,527 | ||||||||||
3.200%, 04/21/2031 | ||||||||||||
(Callable 01/21/2031)(1)(2) | 1,605,000 | 1,298,813 | ||||||||||
VMware, Inc., | ||||||||||||
1.400%, 08/15/2026 | ||||||||||||
(Callable 07/15/2026) | 900,000 | 796,240 | ||||||||||
Volkswagen Group of | ||||||||||||
America Finance LLC: | ||||||||||||
4.250%, 11/13/2023(1)(2) | 775,000 | 774,914 | ||||||||||
0.875%, 11/22/2023(1)(2) | 6,875,000 | 6,587,373 | ||||||||||
2.850%, 09/26/2024(1)(2) | 8,850,000 | 8,620,270 | ||||||||||
Vontier Corp.: | ||||||||||||
1.800%, 04/01/2026 | ||||||||||||
(Callable 03/01/2026) | 6,300,000 | 5,496,561 | ||||||||||
2.400%, 04/01/2028 | ||||||||||||
(Callable 02/01/2028) | 14,825,000 | 12,426,301 | ||||||||||
Wabtec Corp.: | ||||||||||||
4.375%, 08/15/2023 | ||||||||||||
(Callable 05/15/2023) | 12,427,000 | 12,450,861 | ||||||||||
3.450%, 11/15/2026 | ||||||||||||
(Callable 08/15/2026) | 11,050,000 | 10,068,204 | ||||||||||
4.950%, 09/15/2028 | ||||||||||||
(Callable 06/15/2028) | 1,500,000 | 1,448,556 | ||||||||||
Walgreens Boots Alliance, Inc.: | ||||||||||||
3.450%, 06/01/2026 | ||||||||||||
(Callable 03/01/2026) | 106,000 | 103,078 | ||||||||||
3.200%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 6,335,000 | 5,592,307 | ||||||||||
Waste Connections, Inc., | ||||||||||||
3.200%, 06/01/2032 | ||||||||||||
(Callable 03/01/2032) | 875,000 | 779,938 | ||||||||||
Western Digital Corp., | ||||||||||||
2.850%, 02/01/2029 | ||||||||||||
(Callable 12/01/2028) | 10,000,000 | 8,141,950 | ||||||||||
Western Midstream Operating LP, | ||||||||||||
4.500%, 03/01/2028 | ||||||||||||
(Callable 12/01/2027) | 7,195,000 | 6,511,475 | ||||||||||
Westinghouse Air Brake | ||||||||||||
Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025) | 5,000,000 | 4,767,348 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
3.700%, 01/15/2023 | ||||||||||||
(Callable 10/15/2022) | 1,775,000 | 1,777,843 | ||||||||||
4.300%, 03/04/2024 | ||||||||||||
(Callable 12/04/2023) | 9,329,000 | 9,369,363 | ||||||||||
7.500%, 01/15/2031 | 3,400,000 | 3,905,586 | ||||||||||
Wipro IT Services LLC, | ||||||||||||
1.500%, 06/23/2026 | ||||||||||||
(Callable 05/23/2026)(1)(2) | 9,000,000 | 8,079,390 | ||||||||||
Woodside Finance Ltd., | ||||||||||||
4.500%, 03/04/2029 | ||||||||||||
(Callable 12/04/2028)(1)(2) | 10,000,000 | 9,621,008 | ||||||||||
WRKCo, Inc.: | ||||||||||||
4.650%, 03/15/2026 | ||||||||||||
(Callable 01/15/2026) | 275,000 | 276,662 | ||||||||||
3.900%, 06/01/2028 | ||||||||||||
(Callable 03/01/2028) | 8,275,000 | 7,975,987 | ||||||||||
Yara International ASA, | ||||||||||||
3.800%, 06/06/2026 | ||||||||||||
(Callable 03/06/2026)(1)(2) | 1,150,000 | 1,099,882 | ||||||||||
Zoetis, Inc., | ||||||||||||
4.500%, 11/13/2025 | ||||||||||||
(Callable 08/13/2025) | 2,000,000 | 2,025,747 | ||||||||||
Total Industrials | ||||||||||||
(Cost $1,514,222,344) | 1,402,235,815 | 19.9 | % | |||||||||
Utilities | ||||||||||||
Ausgrid Finance Pty Ltd.: | ||||||||||||
3.850%, 05/01/2023 | ||||||||||||
(Callable 02/01/2023)(1)(2) | 6,200,000 | 6,198,731 | ||||||||||
4.350%, 08/01/2028 | ||||||||||||
(Callable 05/01/2028)(1)(2) | 4,400,000 | 4,280,684 | ||||||||||
Avangrid, Inc., | ||||||||||||
3.800%, 06/01/2029 | ||||||||||||
(Callable 03/01/2029)(1) | 10,975,000 | 10,267,293 | ||||||||||
DTE Electric Company, | ||||||||||||
2.625%, 03/01/2031 | ||||||||||||
(Callable 12/01/2030) | 275,000 | 244,032 | ||||||||||
Duquesne Light Holdings, Inc., | ||||||||||||
2.775%, 01/07/2032 | ||||||||||||
(Callable 10/07/2031)(2) | 12,400,000 | 10,161,982 | ||||||||||
East Ohio Gas Co., | ||||||||||||
2.000%, 06/15/2030 | ||||||||||||
(Callable 03/15/2030)(2) | 550,000 | 457,149 | ||||||||||
Edison International, | ||||||||||||
2.950%, 03/15/2023 | ||||||||||||
(Callable 01/15/2023) | 448,000 | 444,202 |
The accompanying notes are an integral part of these financial statements.
Page 31
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
EDP Finance BV, | ||||||||||||
3.625%, 07/15/2024(1)(2) | $ | 275,000 | $ | 272,778 | ||||||||
Enel Finance International NV: | ||||||||||||
4.625%, 06/15/2027 | ||||||||||||
(Callable 05/15/2027)(1)(2) | 10,000,000 | 9,837,512 | ||||||||||
3.500%, 04/06/2028(1)(2) | 14,675,000 | 13,563,567 | ||||||||||
Entergy Corp., | ||||||||||||
2.800%, 06/15/2030 | ||||||||||||
(Callable 03/15/2030) | 13,250,000 | 11,364,060 | ||||||||||
Eversource Energy, | ||||||||||||
1.650%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030) | 275,000 | 219,008 | ||||||||||
Fells Point Funding Trust, | ||||||||||||
3.046%, 01/31/2027 | ||||||||||||
(Callable 12/31/2026)(2) | 325,000 | 299,692 | ||||||||||
FirstEnergy Corp., | ||||||||||||
2.050%, 03/01/2025 | ||||||||||||
(Callable 02/01/2025) | 6,450,000 | 5,917,875 | ||||||||||
ITC Holdings Corp.: | ||||||||||||
3.350%, 11/15/2027 | ||||||||||||
(Callable 08/15/2027)(1) | 275,000 | 262,698 | ||||||||||
2.950%, 05/14/2030 | ||||||||||||
(Callable 02/14/2030)(1)(2) | 15,717,000 | 13,855,755 | ||||||||||
KeySpan Corp., | ||||||||||||
8.000%, 11/15/2030(1) | 2,000,000 | 2,336,409 | ||||||||||
Oncor Electric Delivery Co. LLC, | ||||||||||||
2.750%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 6,000,000 | 5,461,062 | ||||||||||
Pacific Gas and Electric Co.: | ||||||||||||
3.450%, 07/01/2025 | 259,500 | 244,025 | ||||||||||
3.750%, 07/01/2028 | 259,500 | 229,079 | ||||||||||
Puget Energy, Inc., | ||||||||||||
2.379%, 06/15/2028 | ||||||||||||
(Callable 04/15/2028) | 325,000 | 284,128 | ||||||||||
Southern Co., | ||||||||||||
2.950%, 07/01/2023 | ||||||||||||
(Callable 05/01/2023) | 500,000 | 495,240 | ||||||||||
Total Utilities | ||||||||||||
(Cost $106,268,894) | 96,696,961 | 1.4 | % | |||||||||
Financials | ||||||||||||
ABN AMRO Bank NV, | ||||||||||||
4.750%, 07/28/2025(1)(2) | 26,048,000 | 25,922,501 | ||||||||||
AerCap Holdings NV: | ||||||||||||
2.875%, 08/14/2024 | ||||||||||||
(Callable 07/14/2024)(1) | 5,525,000 | 5,263,106 | ||||||||||
2.450%, 10/29/2026 | ||||||||||||
(Callable 09/29/2026)(1) | 10,000,000 | 8,707,628 | ||||||||||
Aetna, Inc., | ||||||||||||
2.800%, 06/15/2023 | ||||||||||||
(Callable 04/15/2023) | 4,010,000 | 3,960,257 | ||||||||||
AIA Group Ltd., | ||||||||||||
3.200%, 03/11/2025 | ||||||||||||
(Callable 12/11/2024)(1)(2) | 3,000,000 | 2,955,918 | ||||||||||
Air Lease Corp.: | ||||||||||||
2.625%, 07/01/2022 | 300,000 | 300,000 | ||||||||||
2.250%, 01/15/2023 | 3,800,000 | 3,761,399 | ||||||||||
2.750%, 01/15/2023 | ||||||||||||
(Callable 12/15/2022) | 250,000 | 248,220 | ||||||||||
4.250%, 02/01/2024 | ||||||||||||
(Callable 01/01/2024) | 525,000 | 518,648 | ||||||||||
AmFam Holdings, Inc., | ||||||||||||
2.805%, 03/11/2031 | ||||||||||||
(Callable 12/11/2030)(2) | 7,000,000 | 5,888,676 | ||||||||||
Anthem, Inc.: | ||||||||||||
3.350%, 12/01/2024 | ||||||||||||
(Callable 10/01/2024) | 10,225,000 | 10,083,842 | ||||||||||
2.375%, 01/15/2025 | ||||||||||||
(Callable 12/15/2024) | 12,000,000 | 11,552,634 | ||||||||||
Aon PLC, | ||||||||||||
3.500%, 06/14/2024 | ||||||||||||
(Callable 03/14/2024) | 300,000 | 298,145 | ||||||||||
Australia & New Zealand | ||||||||||||
Banking Group Ltd., | ||||||||||||
4.500%, 03/19/2024(1)(2) | 275,000 | 275,320 | ||||||||||
Banco Santander SA: | ||||||||||||
5.179%, 11/19/2025(1) | 5,000,000 | 4,997,642 | ||||||||||
1.722%, 09/14/2027 (1 Year CMT Rate + | ||||||||||||
0.900%) (Callable 09/14/2026)(1)(3) | 4,500,000 | 3,905,898 | ||||||||||
2.749%, 12/03/2030(1) | 4,000,000 | 3,176,949 | ||||||||||
3.225%, 11/22/2032 (1 Year CMT Rate + | ||||||||||||
1.600%) (Callable 11/22/2031)(1)(3) | 2,000,000 | 1,581,805 | ||||||||||
Bank of America Corp.: | ||||||||||||
2.816%, 07/21/2023 | ||||||||||||
(3 Month LIBOR USD + 0.930%) | ||||||||||||
(Callable 07/21/2022)(3) | 3,500,000 | 3,498,892 | ||||||||||
4.000%, 04/01/2024 | 1,785,000 | 1,797,251 | ||||||||||
3.864%, 07/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.940%) | ||||||||||||
(Callable 07/23/2023)(3) | 10,300,000 | 10,254,767 | ||||||||||
3.458%, 03/15/2025 | ||||||||||||
(3 Month LIBOR USD + 0.970%) | ||||||||||||
(Callable 03/15/2024)(3) | 5,060,000 | 4,986,999 | ||||||||||
3.093%, 10/01/2025 | ||||||||||||
(3 Month LIBOR USD + 1.090%) | ||||||||||||
(Callable 10/01/2024)(3) | 3,295,000 | 3,188,393 | ||||||||||
1.734%, 07/22/2027 (SOFR + 0.960%) | ||||||||||||
(Callable 07/22/2026)(3) | 5,000,000 | 4,444,480 | ||||||||||
3.824%, 01/20/2028 | ||||||||||||
(3 Month LIBOR USD + 1.575%) | ||||||||||||
(Callable 01/20/2027)(3) | 375,000 | 359,580 | ||||||||||
3.705%, 04/24/2028 | ||||||||||||
(3 Month LIBOR USD + 1.512%) | ||||||||||||
(Callable 04/24/2027)(3) | 5,050,000 | 4,813,917 | ||||||||||
4.376%, 04/27/2028 (SOFR + 1.580%) | ||||||||||||
(Callable 04/27/2027)(3) | 7,675,000 | 7,555,813 | ||||||||||
3.419%, 12/20/2028 | ||||||||||||
(3 Month LIBOR USD + 1.040%) | ||||||||||||
(Callable 12/20/2027)(3) | 1,689,000 | 1,572,895 | ||||||||||
2.087%, 06/14/2029 (SOFR + 1.060%) | ||||||||||||
(Callable 06/14/2028)(3) | 4,350,000 | 3,725,259 | ||||||||||
Bank of Ireland Group PLC, | ||||||||||||
2.029%, 09/30/2027 (1 Year CMT Rate + | ||||||||||||
1.100%) (Callable 09/30/2026)(1)(2)(3) | 11,243,000 | 9,771,741 | ||||||||||
Bank of Montreal, | ||||||||||||
3.300%, 02/05/2024(1) | 10,000,000 | 9,978,750 | ||||||||||
Bank of New Zealand, | ||||||||||||
3.500%, 02/20/2024(1)(3) | 5,000,000 | 4,982,820 | ||||||||||
Bank of Nova Scotia: | ||||||||||||
1.625%, 05/01/2023(1) | 10,000,000 | 9,859,216 | ||||||||||
4.500%, 12/16/2025(1) | 7,000,000 | 6,992,045 | ||||||||||
Banque Federative du Credit Mutuel SA, | ||||||||||||
3.750%, 07/20/2023(1)(3) | 8,000,000 | 8,003,404 | ||||||||||
Barclays PLC: | ||||||||||||
3.650%, 03/16/2025(1) | 275,000 | 268,921 | ||||||||||
3.932%, 05/07/2025 | ||||||||||||
(3 Month LIBOR USD + 1.610%) | ||||||||||||
(Callable 05/07/2024)(1)(3) | 4,500,000 | 4,426,704 | ||||||||||
4.337%, 01/10/2028 | ||||||||||||
(Callable 01/10/2027)(1) | 8,790,000 | 8,399,916 |
The accompanying notes are an integral part of these financial statements.
Page 32
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
BBVA USA, | ||||||||||||
3.875%, 04/10/2025 | ||||||||||||
(Callable 03/10/2025) | $ | 4,700,000 | $ | 4,660,227 | ||||||||
BNP Paribas SA: | ||||||||||||
3.500%, 03/01/2023(1)(2) | 500,000 | 498,710 | ||||||||||
2.819%, 11/19/2025 | ||||||||||||
(3 Month LIBOR USD + 1.111%) | ||||||||||||
(Callable 11/19/2024)(1)(2)(3) | 5,000,000 | 4,776,383 | ||||||||||
4.375%, 05/12/2026(1)(2) | 8,288,000 | 8,109,522 | ||||||||||
1.323%, 01/13/2027 (SOFR + 1.004%) | ||||||||||||
(Callable 01/13/2026)(1)(2)(3) | 4,250,000 | 3,754,678 | ||||||||||
2.159%, 09/15/2029 (SOFR + 1.218%) | ||||||||||||
(Callable 09/15/2028)(1)(2)(3) | 2,000,000 | 1,672,887 | ||||||||||
2.871%, 04/19/2032 (SOFR + 1.387%) | ||||||||||||
(Callable 04/19/2031)(1)(2)(3) | 3,000,000 | 2,480,145 | ||||||||||
3.132%, 01/20/2033 (SOFR + 1.561%) | ||||||||||||
(Callable 01/20/2032)(1)(2)(3) | 7,000,000 | 5,860,171 | ||||||||||
Boston Properties LP, | ||||||||||||
3.200%, 01/15/2025 | ||||||||||||
(Callable 10/15/2024) | 12,400,000 | 12,094,150 | ||||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 5,675,000 | 5,757,913 | ||||||||||
4.625%, 07/11/2024(1)(2) | 10,500,000 | 10,438,429 | ||||||||||
4.875%, 04/01/2026(1)(2) | 3,386,000 | 3,334,887 | ||||||||||
3.116%, 10/19/2032 (SOFR + 1.730%) | ||||||||||||
(Callable 10/19/2031)(1)(2)(3) | 11,500,000 | 9,266,051 | ||||||||||
Brown & Brown, Inc.: | ||||||||||||
4.200%, 09/15/2024 | ||||||||||||
(Callable 06/15/2024) | 10,461,000 | 10,424,895 | ||||||||||
4.500%, 03/15/2029 | ||||||||||||
(Callable 12/15/2028) | 8,747,000 | 8,545,819 | ||||||||||
2.375%, 03/15/2031 | ||||||||||||
(Callable 12/15/2030) | 3,500,000 | 2,770,640 | ||||||||||
4.200%, 03/17/2032 | ||||||||||||
(Callable 12/17/2031) | 10,000,000 | 9,102,408 | ||||||||||
Cantor Fitzgerald LP, | ||||||||||||
4.500%, 04/14/2027 | ||||||||||||
(Callable 01/14/2027)(2) | 5,000,000 | 4,805,215 | ||||||||||
Capital One Financial Corp.: | ||||||||||||
3.200%, 01/30/2023 | ||||||||||||
(Callable 12/30/2022) | 250,000 | 250,128 | ||||||||||
3.650%, 05/11/2027 | ||||||||||||
(Callable 04/11/2027) | 3,275,000 | 3,119,282 | ||||||||||
Centene Corp., | ||||||||||||
2.450%, 07/15/2028 | ||||||||||||
(Callable 05/15/2028) | 5,450,000 | 4,545,518 | ||||||||||
Citigroup, Inc.: | ||||||||||||
2.876%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.950%) | ||||||||||||
(Callable 07/24/2022)(3) | 2,300,000 | 2,298,992 | ||||||||||
3.750%, 06/16/2024 | 500,000 | 501,921 | ||||||||||
3.352%, 04/24/2025 | ||||||||||||
(3 Month LIBOR USD + 0.897%) | ||||||||||||
(Callable 04/24/2024)(3) | 10,590,000 | 10,372,369 | ||||||||||
3.887%, 01/10/2028 | ||||||||||||
(3 Month LIBOR USD + 1.563%) | ||||||||||||
(Callable 01/10/2027)(3) | 14,000,000 | 13,460,344 | ||||||||||
3.057%, 01/25/2033 (SOFR + 1.351%) | ||||||||||||
(Callable 01/25/2032)(3) | 10,000,000 | 8,476,544 | ||||||||||
3.785%, 03/17/2033 (SOFR + 1.939%) | ||||||||||||
(Callable 03/17/2032)(3) | 7,425,000 | 6,689,873 | ||||||||||
Citizens Bank NA, | ||||||||||||
2.250%, 04/28/2025 | ||||||||||||
(Callable 03/28/2025) | 19,275,000 | 18,358,884 | ||||||||||
Citizens Financial Group, Inc., | ||||||||||||
2.850%, 07/27/2026 | ||||||||||||
(Callable 04/27/2026) | 300,000 | 281,500 | ||||||||||
CNA Financial Corp.: | ||||||||||||
7.250%, 11/15/2023 | 1,980,000 | 2,070,411 | ||||||||||
4.500%, 03/01/2026 | ||||||||||||
(Callable 12/01/2025) | 5,370,000 | 5,374,893 | ||||||||||
3.900%, 05/01/2029 | ||||||||||||
(Callable 02/01/2029) | 4,000,000 | 3,755,584 | ||||||||||
2.050%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030) | 875,000 | 703,684 | ||||||||||
CNO Global Funding, | ||||||||||||
2.650%, 01/06/2029(2) | 15,000,000 | 13,067,052 | ||||||||||
Commonwealth Bank of Australia, | ||||||||||||
3.784%, 03/14/2032(1)(2) | 20,000,000 | 17,618,777 | ||||||||||
Cooperatieve Rabobank UA: | ||||||||||||
4.375%, 08/04/2025(1) | 7,700,000 | 7,635,369 | ||||||||||
3.750%, 07/21/2026(1) | 1,826,000 | 1,741,100 | ||||||||||
3.649%, 04/06/2028 | ||||||||||||
(1 Year CMT Rate + 1.220%) | ||||||||||||
(Callable 04/06/2027)(1)(2)(3) | 7,700,000 | 7,313,914 | ||||||||||
Corebridge Financial, Inc., | ||||||||||||
3.850%, 04/05/2029 | ||||||||||||
(Callable 02/05/2029)(2) | 13,825,000 | 12,776,103 | ||||||||||
Credit Agricole SA, | ||||||||||||
1.247%, 01/26/2027 (SOFR + 0.892%) | ||||||||||||
(Callable 01/26/2026)(1)(2)(3) | 4,000,000 | 3,521,219 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
4.207%, 06/12/2024 | ||||||||||||
(3 Month LIBOR USD + 1.240%) | ||||||||||||
(Callable 06/12/2023)(1)(2)(3) | 4,000,000 | 3,963,207 | ||||||||||
2.593%, 09/11/2025 (SOFR + 1.560%) | ||||||||||||
(Callable 09/11/2024)(1)(2)(3) | 12,395,000 | 11,661,525 | ||||||||||
4.282%, 01/09/2028 | ||||||||||||
(Callable 01/09/2027)(1)(2) | 500,000 | 466,777 | ||||||||||
3.869%, 01/12/2029 | ||||||||||||
(3 Month LIBOR USD + 1.410%) | ||||||||||||
(Callable 01/12/2028)(1)(2)(3) | 250,000 | 224,654 | ||||||||||
Credit Suisse Group | ||||||||||||
Funding Guernsey Ltd., | ||||||||||||
3.800%, 06/09/2023(1) | 9,000,000 | 8,914,547 | ||||||||||
Danske Bank A/S: | ||||||||||||
1.621%, 09/11/2026 | ||||||||||||
(1 Year CMT Rate + 1.350%) | ||||||||||||
(Callable 09/11/2025)(1)(2)(3) | 5,000,000 | 4,474,821 | ||||||||||
4.298%, 04/01/2028 | ||||||||||||
(1 Year CMT Rate + 1.750%) | ||||||||||||
(Callable 04/01/2027)(1)(2)(3) | 25,000,000 | 23,711,010 | ||||||||||
Deutsche Bank AG: | ||||||||||||
3.300%, 11/16/2022(1) | 5,175,000 | 5,173,491 | ||||||||||
2.222%, 09/18/2024 (SOFR + 2.159%) | ||||||||||||
(Callable 09/18/2023)(1)(3) | 5,000,000 | 4,820,529 | ||||||||||
2.311%, 11/16/2027 (SOFR + 1.219%) | ||||||||||||
(Callable 11/16/2026)(1)(3) | 3,450,000 | 2,977,288 | ||||||||||
3.035%, 05/28/2032 (SOFR + 1.718%) | ||||||||||||
(Callable 05/28/2031)(1)(3) | 5,000,000 | 3,956,058 | ||||||||||
Discover Bank, | ||||||||||||
3.450%, 07/27/2026 | ||||||||||||
(Callable 04/27/2026) | 300,000 | 283,427 | ||||||||||
Discover Financial Services: | ||||||||||||
3.950%, 11/06/2024 | ||||||||||||
(Callable 08/06/2024) | 4,200,000 | 4,138,498 | ||||||||||
3.750%, 03/04/2025 | ||||||||||||
(Callable 12/04/2024) | 250,000 | 245,696 | ||||||||||
4.100%, 02/09/2027 | ||||||||||||
(Callable 11/09/2026) | 12,000,000 | 11,508,623 |
The accompanying notes are an integral part of these financial statements.
Page 33
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Elevance Health, Inc., | ||||||||||||
3.500%, 08/15/2024 | ||||||||||||
(Callable 05/15/2024) | $ | 300,000 | $ | 298,922 | ||||||||
Equitable Financial Life Global Funding, | ||||||||||||
1.400%, 07/07/2025(2) | 225,000 | 206,781 | ||||||||||
Federation des Caisses | ||||||||||||
Desjardins du Quebec, | ||||||||||||
2.050%, 02/10/2025(1)(2) | 500,000 | 472,095 | ||||||||||
FirstMerit Bank NA, | ||||||||||||
4.270%, 11/25/2026 | 5,450,000 | 5,374,024 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
2.905%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.990%) | ||||||||||||
(Callable 07/24/2022)(3) | 500,000 | 499,848 | ||||||||||
3.500%, 01/23/2025 | ||||||||||||
(Callable 10/23/2024) | 2,000,000 | 1,970,315 | ||||||||||
3.272%, 09/29/2025 | ||||||||||||
(3 Month LIBOR USD + 1.201%) | ||||||||||||
(Callable 09/29/2024)(3) | 3,500,000 | 3,400,492 | ||||||||||
1.093%, 12/09/2026 (SOFR + 0.789%) | ||||||||||||
(Callable 12/09/2025)(3) | 2,000,000 | 1,781,319 | ||||||||||
1.948%, 10/21/2027 (SOFR + 0.913%) | ||||||||||||
(Callable 10/21/2026)(3) | 15,700,000 | 13,895,322 | ||||||||||
2.640%, 02/24/2028 (SOFR + 1.114%) | ||||||||||||
(Callable 02/24/2027)(3) | 2,000,000 | 1,815,154 | ||||||||||
3.615%, 03/15/2028 (SOFR + 1.846%) | ||||||||||||
(Callable 03/15/2027)(3) | 26,125,000 | 24,725,238 | ||||||||||
3.691%, 06/05/2028 | ||||||||||||
(3 Month LIBOR USD + 1.510%) | ||||||||||||
(Callable 06/05/2027)(3) | 5,025,000 | 4,765,118 | ||||||||||
4.223%, 05/01/2029 | ||||||||||||
(3 Month LIBOR USD + 1.301%) | ||||||||||||
(Callable 05/01/2028)(3) | 3,100,000 | 2,979,697 | ||||||||||
Guardian Life Global Funding, | ||||||||||||
3.400%, 04/25/2023(2) | 9,000,000 | 9,017,785 | ||||||||||
Hartford Financial Services Group, Inc., | ||||||||||||
2.800%, 08/19/2029 | ||||||||||||
(Callable 05/19/2029) | 4,600,000 | 4,101,579 | ||||||||||
Health Care Service Corp. | ||||||||||||
A Mutual Legal Reserve Co., | ||||||||||||
2.200%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030)(2) | 10,275,000 | 8,711,354 | ||||||||||
High Street Funding Trust I, | ||||||||||||
4.111%, 02/15/2028 | ||||||||||||
(Callable 11/15/2027)(2) | 5,000,000 | 4,899,896 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.600%, 05/25/2023(1) | 2,700,000 | 2,709,162 | ||||||||||
3.803%, 03/11/2025 | ||||||||||||
(3 Month LIBOR USD + 1.211%) | ||||||||||||
(Callable 03/11/2024)(1)(3) | 3,000,000 | 2,957,994 | ||||||||||
4.292%, 09/12/2026 | ||||||||||||
(3 Month LIBOR USD + 1.348%) | ||||||||||||
(Callable 09/12/2025)(1)(3) | 7,485,000 | 7,312,770 | ||||||||||
2.251%, 11/22/2027 (SOFR + 1.100%) | ||||||||||||
(Callable 11/22/2026)(1)(3) | 10,000,000 | 8,909,666 | ||||||||||
3.973%, 05/22/2030 | ||||||||||||
(3 Month LIBOR USD + 1.610%) | ||||||||||||
(Callable 05/22/2029)(1)(3) | 1,500,000 | 1,377,854 | ||||||||||
Humana, Inc., | ||||||||||||
2.900%, 12/15/2022 | ||||||||||||
(Callable 11/15/2022) | 6,525,000 | 6,524,542 | ||||||||||
ING Groep NV: | ||||||||||||
4.100%, 10/02/2023(1) | 475,000 | 476,265 | ||||||||||
3.550%, 04/09/2024(1) | 4,300,000 | 4,261,267 | ||||||||||
4.017%, 03/28/2028 (SOFR + 1.830%) | ||||||||||||
(Callable 03/28/2027)(1)(3) | 3,833,000 | 3,650,575 | ||||||||||
Invesco Finance PLC, | ||||||||||||
3.750%, 01/15/2026 | 300,000 | 296,325 | ||||||||||
Jackson National Life Global Funding, | ||||||||||||
3.250%, 01/30/2024(2) | 10,350,000 | 10,239,849 | ||||||||||
Jefferies Group LLC: | ||||||||||||
4.850%, 01/15/2027 | 1,700,000 | 1,700,583 | ||||||||||
6.450%, 06/08/2027 | 3,325,000 | 3,555,004 | ||||||||||
John Hancock Life Insurance Co., | ||||||||||||
7.375%, 02/15/2024(1)(2) | 11,650,000 | 12,287,289 | ||||||||||
JPMorgan Chase & Co.: | ||||||||||||
2.414%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%) | ||||||||||||
(Callable 10/24/2022)(3) | 5,035,000 | 5,034,064 | ||||||||||
3.559%, 04/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.730%) | ||||||||||||
(Callable 04/23/2023)(3) | 1,075,000 | 1,071,695 | ||||||||||
4.023%, 12/05/2024 | ||||||||||||
(3 Month LIBOR USD + 1.000%) | ||||||||||||
(Callable 12/05/2023)(3) | 20,000,000 | 19,931,434 | ||||||||||
2.301%, 10/15/2025 (SOFR + 1.160%) | ||||||||||||
(Callable 10/15/2024)(3) | 13,000,000 | 12,378,649 | ||||||||||
2.005%, 03/13/2026 (SOFR + 1.585%) | ||||||||||||
(Callable 03/13/2025)(3) | 7,625,000 | 7,140,377 | ||||||||||
2.083%, 04/22/2026 (SOFR + 1.850%) | ||||||||||||
(Callable 04/22/2025)(3) | 3,000,000 | 2,805,218 | ||||||||||
1.045%, 11/19/2026 (SOFR + 0.800%) | ||||||||||||
(Callable 11/19/2025)(3) | 5,000,000 | 4,444,746 | ||||||||||
1.578%, 04/22/2027 (SOFR + 0.885%) | ||||||||||||
(Callable 04/22/2026)(3) | 7,000,000 | 6,229,416 | ||||||||||
1.470%, 09/22/2027 (SOFR + 0.765%) | ||||||||||||
(Callable 09/22/2026)(3) | 5,000,000 | 4,385,305 | ||||||||||
2.522%, 04/22/2031 (SOFR + 2.040%) | ||||||||||||
(Callable 04/22/2030)(3) | 1,500,000 | 1,277,578 | ||||||||||
1.953%, 02/04/2032 (SOFR + 1.065%) | ||||||||||||
(Callable 02/04/2031)(3) | 150,000 | 119,891 | ||||||||||
2.580%, 04/22/2032 (SOFR + 1.250%) | ||||||||||||
(Callable 04/22/2031)(3) | 5,000,000 | 4,207,020 | ||||||||||
Kemper Corp., | ||||||||||||
3.800%, 02/23/2032 | ||||||||||||
(Callable 11/23/2031) | 6,000,000 | 5,301,438 | ||||||||||
KeyBank NA, | ||||||||||||
3.400%, 05/20/2026 | 2,200,000 | 2,108,939 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 10,250,000 | 9,814,748 | ||||||||||
Liberty Mutual Group, Inc.: | ||||||||||||
4.250%, 06/15/2023(2) | 966,000 | 965,286 | ||||||||||
4.569%, 02/01/2029(2) | 1,559,000 | 1,532,898 | ||||||||||
Life Storage LP: | ||||||||||||
3.875%, 12/15/2027 | ||||||||||||
(Callable 09/15/2027) | 8,000,000 | 7,619,064 | ||||||||||
4.000%, 06/15/2029 | ||||||||||||
(Callable 03/15/2029) | 1,500,000 | 1,383,428 | ||||||||||
Lincoln National Corp., | ||||||||||||
4.000%, 09/01/2023 | 250,000 | 251,306 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
4.050%, 08/16/2023(1) | 4,930,000 | 4,942,027 | ||||||||||
2.907%, 11/07/2023 | ||||||||||||
(3 Month LIBOR USD + 0.810%) | ||||||||||||
(Callable 11/07/2022)(1)(3) | 275,000 | 274,045 | ||||||||||
1.627%, 05/11/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%) | ||||||||||||
(Callable 05/11/2026)(1)(3) | 8,850,000 | 7,865,048 | ||||||||||
3.750%, 03/18/2028 | ||||||||||||
(1 Year CMT Rate + 1.800%) | ||||||||||||
(Callable 03/18/2027)(1)(3) | 10,000,000 | 9,516,775 |
The accompanying notes are an integral part of these financial statements.
Page 34
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
M&T Bank Corp., | ||||||||||||
4.000%, 07/15/2024 | ||||||||||||
(Callable 04/16/2024) | $ | 5,000,000 | $ | 4,972,326 | ||||||||
Macquarie Group Ltd.: | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR USD + 1.023%) | ||||||||||||
(Callable 11/28/2022)(1)(2)(3) | 5,800,000 | 5,786,357 | ||||||||||
4.150%, 03/27/2024 | ||||||||||||
(3 Month LIBOR USD + 1.330%) | ||||||||||||
(Callable 03/27/2023)(1)(2)(3) | 4,000,000 | 4,001,174 | ||||||||||
2.691%, 06/23/2032 (SOFR + 1.440%) | ||||||||||||
(Callable 06/23/2031)(1)(2)(3) | 5,000,000 | 4,022,068 | ||||||||||
2.871%, 01/14/2033 (SOFR + 1.532%) | ||||||||||||
(Callable 01/14/2032)(1)(2)(3) | 4,350,000 | 3,548,374 | ||||||||||
4.442%, 06/21/2033 (SOFR + 2.405%) | ||||||||||||
(Callable 06/21/2032)(1)(2)(3) | 5,000,000 | 4,623,898 | ||||||||||
Marsh & McLennan Companies, Inc.: | ||||||||||||
3.875%, 03/15/2024 | ||||||||||||
(Callable 02/15/2024) | 1,550,000 | 1,553,370 | ||||||||||
2.250%, 11/15/2030 | ||||||||||||
(Callable 08/15/2030) | 550,000 | 464,086 | ||||||||||
Massachusetts Mutual Life Insurance Co., | ||||||||||||
7.625%, 11/15/2023(2) | 9,019,000 | 9,321,445 | ||||||||||
MBIA Insurance Corp., | ||||||||||||
12.304%, 01/15/2033 | ||||||||||||
(3 Month LIBOR USD + 11.260%) | ||||||||||||
(Callable 01/15/2023)(2)(3)(9) | 500,000 | 95,000 | ||||||||||
Metropolitan Life Global Funding I, | ||||||||||||
3.000%, 01/10/2023(2) | 1,300,000 | 1,299,240 | ||||||||||
Metropolitan Life Insurance Co., | ||||||||||||
7.800%, 11/01/2025(2) | 390,000 | 429,058 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
3.455%, 03/02/2023(1) | 2,000,000 | 2,002,768 | ||||||||||
2.801%, 07/18/2024(1) | 500,000 | 487,043 | ||||||||||
2.193%, 02/25/2025(1) | 5,000,000 | 4,745,358 | ||||||||||
1.538%, 07/20/2027 | ||||||||||||
(1 Year CMT Rate + 0.750%) | ||||||||||||
(Callable 07/20/2026)(1)(3) | 5,000,000 | 4,416,028 | ||||||||||
2.494%, 10/13/2032 | ||||||||||||
(1 Year CMT Rate + 0.970%) | ||||||||||||
(Callable 10/13/2031)(1)(3) | 6,000,000 | 4,937,994 | ||||||||||
Mizuho Bank Ltd., | ||||||||||||
3.500%, 03/21/2023(1)(2) | 500,000 | 500,515 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
2.601%, 09/11/2022(1) | 5,000,000 | 4,996,477 | ||||||||||
4.600%, 03/27/2024(1)(2) | 7,000,000 | 7,017,764 | ||||||||||
3.922%, 09/11/2024 | ||||||||||||
(3 Month LIBOR USD + 1.000%) | ||||||||||||
(Callable 09/11/2023)(1)(3) | 3,000,000 | 2,990,606 | ||||||||||
Morgan Stanley: | ||||||||||||
2.584%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%) | ||||||||||||
(Callable 10/24/2022)(3) | 7,000,000 | 7,000,141 | ||||||||||
3.737%, 04/24/2024 | ||||||||||||
(3 Month LIBOR USD + 0.847%) | ||||||||||||
(Callable 04/24/2023)(3) | 300,000 | 298,955 | ||||||||||
2.188%, 04/28/2026 (SOFR + 1.990%) | ||||||||||||
(Callable 04/28/2025)(3) | 10,000,000 | 9,361,528 | ||||||||||
3.125%, 07/27/2026 | 4,750,000 | 4,531,241 | ||||||||||
3.622%, 04/01/2031 (SOFR + 3.120%) | ||||||||||||
(Callable 04/01/2030)(3) | 525,000 | 482,236 | ||||||||||
2.511%, 10/20/2032 (SOFR + 1.200%) | ||||||||||||
(Callable 10/20/2031)(3) | 8,200,000 | 6,775,286 | ||||||||||
National Australia Bank Ltd.: | ||||||||||||
3.375%, 01/14/2026(1) | 500,000 | 490,019 | ||||||||||
2.332%, 08/21/2030(1)(2) | 7,850,000 | 6,310,227 | ||||||||||
Nationwide Building Society: | ||||||||||||
3.766%, 03/08/2024 | ||||||||||||
(3 Month LIBOR USD + 1.064%) | ||||||||||||
(Callable 03/08/2023)(1)(2)(3) | 5,000,000 | 4,986,928 | ||||||||||
4.000%, 09/14/2026(1)(2) | 20,675,000 | 19,912,616 | ||||||||||
Nationwide Mutual Insurance Co., | ||||||||||||
8.250%, 12/01/2031(2) | 2,195,000 | 2,609,196 | ||||||||||
Nomura Holdings, Inc.: | ||||||||||||
1.653%, 07/14/2026(1) | 13,725,000 | 12,018,074 | ||||||||||
2.710%, 01/22/2029(1) | 5,000,000 | 4,268,076 | ||||||||||
Pacific Life Global Funding II, | ||||||||||||
1.200%, 06/24/2025(2) | 550,000 | 505,119 | ||||||||||
Peachtree Corners Funding Trust, | ||||||||||||
3.976%, 02/15/2025(2) | 6,556,000 | 6,485,547 | ||||||||||
Pine Street Trust I, | ||||||||||||
4.572%, 02/15/2029 | ||||||||||||
(Callable 11/15/2028)(2) | 5,000,000 | 4,829,331 | ||||||||||
Principal Financial Group, Inc.: | ||||||||||||
3.125%, 05/15/2023 | 325,000 | 324,254 | ||||||||||
3.100%, 11/15/2026 | ||||||||||||
(Callable 08/15/2026) | 850,000 | 806,799 | ||||||||||
Principal Life Global Funding II, | ||||||||||||
3.000%, 04/18/2026(2) | 7,000,000 | 6,678,821 | ||||||||||
Protective Life Corp., | ||||||||||||
4.300%, 09/30/2028 | ||||||||||||
(Callable 06/30/2028)(1)(2) | 1,400,000 | 1,379,722 | ||||||||||
Prudential Insurance Co. of America, | ||||||||||||
8.300%, 07/01/2025(2) | 8,600,000 | 9,517,456 | ||||||||||
Realty Income Corp., | ||||||||||||
3.875%, 07/15/2024 | ||||||||||||
(Callable 04/15/2024) | 300,000 | 300,435 | ||||||||||
Reliance Standard Life Global Funding II, | ||||||||||||
2.750%, 01/21/2027(1)(2) | 11,775,000 | 10,931,150 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
3.875%, 09/12/2023(1) | 475,000 | 473,434 | ||||||||||
4.269%, 03/22/2025 | ||||||||||||
(3 Month LIBOR USD + 1.762%) | ||||||||||||
(Callable 03/22/2024)(1)(3) | 7,454,000 | 7,377,357 | ||||||||||
5.076%, 01/27/2030 | ||||||||||||
(3 Month LIBOR USD + 1.905%) | ||||||||||||
(Callable 01/27/2029)(1)(3) | 4,700,000 | 4,600,024 | ||||||||||
4.445%, 05/08/2030 | ||||||||||||
(3 Month LIBOR USD + 1.871%) | ||||||||||||
(Callable 05/08/2029)(1)(3) | 6,850,000 | 6,449,704 | ||||||||||
Sammons Financial Group, Inc., | ||||||||||||
4.750%, 04/08/2032 | ||||||||||||
(Callable 01/08/2032)(2) | 14,000,000 | 12,741,668 | ||||||||||
Santander UK Group Holdings PLC: | ||||||||||||
3.373%, 01/05/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%) | ||||||||||||
(Callable 01/05/2023)(1)(3) | 2,500,000 | 2,488,358 | ||||||||||
4.796%, 11/15/2024 | ||||||||||||
(3 Month LIBOR USD + 1.570%) | ||||||||||||
(Callable 11/15/2023)(1)(3) | 5,000,000 | 5,000,149 | ||||||||||
Santander UK PLC, | ||||||||||||
5.000%, 11/07/2023(1)(2) | 3,950,000 | 3,977,571 | ||||||||||
SMBC Aviation Capital Finance DAC: | ||||||||||||
3.000%, 07/15/2022(1)(2) | 4,000,000 | 3,999,435 | ||||||||||
3.550%, 04/15/2024 | ||||||||||||
(Callable 03/15/2024)(1)(2) | 6,550,000 | 6,373,160 | ||||||||||
1.900%, 10/15/2026 | ||||||||||||
(Callable 09/15/2026)(1)(2) | 2,000,000 | 1,698,833 |
The accompanying notes are an integral part of these financial statements.
Page 35
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Societe Generale SA: | ||||||||||||
5.000%, 01/17/2024(1)(2) | $ | 3,350,000 | $ | 3,363,802 | ||||||||
2.625%, 01/22/2025(1)(2) | 3,355,000 | 3,188,847 | ||||||||||
4.250%, 04/14/2025(1)(2) | 5,846,000 | 5,728,831 | ||||||||||
2.226%, 01/21/2026 | ||||||||||||
(1 Year CMT Rate + 1.050%) | ||||||||||||
(Callable 01/21/2025)(1)(2)(3) | 3,968,000 | 3,697,093 | ||||||||||
4.250%, 08/19/2026(1)(2) | 225,000 | 216,139 | ||||||||||
1.488%, 12/14/2026 | ||||||||||||
(1 Year CMT Rate + 1.100%) | ||||||||||||
(Callable 12/14/2025)(1)(2)(3) | 7,415,000 | 6,540,234 | ||||||||||
1.792%, 06/09/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%) | ||||||||||||
(Callable 06/09/2026)(1)(2)(3) | 10,000,000 | 8,722,503 | ||||||||||
Standard Chartered PLC: | ||||||||||||
2.819%, 01/30/2026 | ||||||||||||
(3 Month LIBOR USD + 1.209%) | ||||||||||||
(Callable 01/30/2025)(1)(2)(3) | 19,825,000 | 18,769,427 | ||||||||||
3.971%, 03/30/2026 | ||||||||||||
(1 Year CMT Rate + 1.650%) | ||||||||||||
(Callable 03/30/2025)(1)(2)(3) | 4,500,000 | 4,396,183 | ||||||||||
1.456%, 01/14/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%) | ||||||||||||
(Callable 01/14/2026)(1)(2)(3) | 4,500,000 | 3,967,202 | ||||||||||
2.608%, 01/12/2028 | ||||||||||||
(1 Year CMT Rate + 1.180%) | ||||||||||||
(Callable 01/12/2027)(1)(2)(3) | 5,000,000 | 4,465,763 | ||||||||||
State Street Corp., | ||||||||||||
2.901%, 03/30/2026 (SOFR + 2.600%) | ||||||||||||
(Callable 03/30/2025)(3) | 275,000 | 266,160 | ||||||||||
Stifel Financial Corp.: | ||||||||||||
4.250%, 07/18/2024 | 10,139,000 | 10,145,680 | ||||||||||
4.000%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 12,245,000 | 11,366,166 | ||||||||||
Sumitomo Mitsui Banking Corp., | ||||||||||||
3.200%, 07/18/2022(1) | 325,000 | 325,088 | ||||||||||
Sumitomo Mitsui Financial Group, Inc.: | ||||||||||||
1.474%, 07/08/2025(1) | 250,000 | 229,597 | ||||||||||
3.544%, 01/17/2028(1) | 2,094,000 | 1,988,123 | ||||||||||
Synchrony Financial: | ||||||||||||
4.250%, 08/15/2024 | ||||||||||||
(Callable 05/15/2024) | 5,275,000 | 5,242,245 | ||||||||||
4.500%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 775,000 | 754,013 | ||||||||||
3.700%, 08/04/2026 | ||||||||||||
(Callable 05/04/2026) | 3,000,000 | 2,777,673 | ||||||||||
Toronto-Dominion Bank: | ||||||||||||
2.650%, 06/12/2024(1) | 500,000 | 490,657 | ||||||||||
4.456%, 06/08/2032(1) | 13,000,000 | 12,854,848 | ||||||||||
Trinity Acquisition PLC, | ||||||||||||
4.400%, 03/15/2026 | ||||||||||||
(Callable 12/15/2025) | 1,125,000 | 1,114,605 | ||||||||||
Trustage Financial Group, Inc., | ||||||||||||
4.625%, 04/15/2032 | ||||||||||||
(Callable 01/15/2032)(2) | 15,000,000 | 13,742,833 | ||||||||||
UBS Group AG: | ||||||||||||
1.494%, 08/10/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%) | ||||||||||||
(Callable 08/10/2026)(1)(2)(3) | 5,000,000 | 4,375,414 | ||||||||||
4.751%, 05/12/2028 | ||||||||||||
(1 Year CMT Rate + 1.750%) | ||||||||||||
(Callable 05/12/2027)(1)(2)(3) | 1,500,000 | 1,484,446 | ||||||||||
UBS Group Funding Switzerland AG, | ||||||||||||
2.859%, 08/15/2023 | ||||||||||||
(3 Month LIBOR USD + 0.954%) | ||||||||||||
(Callable 08/15/2022)(1)(2)(3) | 300,000 | 299,895 | ||||||||||
Voya Financial, Inc., | ||||||||||||
3.650%, 06/15/2026 | 2,910,000 | 2,817,090 | ||||||||||
Wells Fargo & Co.: | ||||||||||||
2.469%, 10/31/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%) | ||||||||||||
(Callable 10/31/2022)(3) | 5,000,000 | 5,002,733 | ||||||||||
1.654%, 06/02/2024 (SOFR + 1.600%) | ||||||||||||
(Callable 06/02/2023)(3) | 5,000,000 | 4,883,320 | ||||||||||
2.406%, 10/30/2025 | ||||||||||||
(3 Month LIBOR USD + 1.087%) | ||||||||||||
(Callable 10/30/2024)(3) | 500,000 | 476,002 | ||||||||||
2.164%, 02/11/2026 | ||||||||||||
(3 Month LIBOR USD + 0.750%) | ||||||||||||
(Callable 02/11/2025)(3) | 5,000,000 | 4,699,324 | ||||||||||
2.188%, 04/30/2026 (SOFR + 2.000%) | ||||||||||||
(Callable 04/30/2025)(3) | 16,000,000 | 14,968,836 | ||||||||||
3.196%, 06/17/2027 | ||||||||||||
(3 Month LIBOR USD + 1.170%) | ||||||||||||
(Callable 06/17/2026)(3) | 600,000 | 568,013 | ||||||||||
3.526%, 03/24/2028 (SOFR + 1.510%) | ||||||||||||
(Callable 03/24/2027)(3) | 15,000,000 | 14,207,210 | ||||||||||
2.393%, 06/02/2028 (SOFR + 2.100%) | ||||||||||||
(Callable 06/02/2027)(3) | 10,864,000 | 9,729,026 | ||||||||||
Western & Southern | ||||||||||||
Financial Group, Inc., | ||||||||||||
5.750%, 07/15/2033(2) | 250,000 | 273,347 | ||||||||||
Westpac Banking Corp., | ||||||||||||
2.894%, 02/04/2030 | ||||||||||||
(5 Year CMT Rate + 1.350%) | ||||||||||||
(Callable 02/04/2025)(1)(3) | 2,300,000 | 2,179,152 | ||||||||||
Willis North America, Inc.: | ||||||||||||
3.600%, 05/15/2024 | ||||||||||||
(Callable 03/15/2024) | 8,150,000 | 8,027,619 | ||||||||||
4.650%, 06/15/2027 | ||||||||||||
(Callable 05/15/2027) | 8,000,000 | 7,869,141 | ||||||||||
4.500%, 09/15/2028 | ||||||||||||
(Callable 06/15/2028) | 8,800,000 | 8,446,822 | ||||||||||
Total Financials | ||||||||||||
(Cost $1,367,477,037) | 1,279,716,473 | 18.1 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $2,987,968,275) | 2,778,649,249 | 39.4 | % | |||||||||
Municipal Bonds | ||||||||||||
Alabama Economic Settlement Authority, | ||||||||||||
3.163%, 09/15/2025 | 2,685,000 | 2,667,518 | ||||||||||
City of Berwyn IL, | ||||||||||||
5.790%, 12/01/2022 (Insured by NATL) | 180,000 | 180,371 | ||||||||||
City of College Park GA, | ||||||||||||
5.965%, 01/01/2031 (Insured by NATL) | 2,555,000 | 2,764,190 | ||||||||||
County of Hamilton OH, | ||||||||||||
3.374%, 06/01/2034 (Insured by AGM) | 10,000,000 | 9,149,144 | ||||||||||
County of Miami-Dade FL, | ||||||||||||
2.536%, 10/01/2033 | ||||||||||||
(Callable 10/01/2030) | 2,800,000 | 2,331,661 | ||||||||||
Dallas/Fort Worth International Airport, | ||||||||||||
1.329%, 11/01/2025 | 525,000 | 487,824 | ||||||||||
Florida Development Finance Corp., | ||||||||||||
3.223%, 02/01/2032 | ||||||||||||
(Callable 08/01/2031) (Insured by AGM) | 5,250,000 | 4,639,287 |
The accompanying notes are an integral part of these financial statements.
Page 36
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
GBG LLC, | ||||||||||||
2.250%, 09/01/2030(2) | $ | 972,004 | $ | 853,467 | ||||||||
Great Lakes Water Authority, | ||||||||||||
2.315%, 07/01/2031 | 2,000,000 | 1,724,079 | ||||||||||
Indiana Finance Authority, | ||||||||||||
2.683%, 09/15/2023 | 200,000 | 197,292 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority: | ||||||||||||
1.921%, 07/01/2027 | 10,000,000 | 9,028,433 | ||||||||||
2.161%, 07/01/2028 | 10,000,000 | 8,930,363 | ||||||||||
New Hampshire Business | ||||||||||||
Finance Authority: | ||||||||||||
3.250%, 04/01/2028 | ||||||||||||
(Callable 01/01/2028) | 7,000,000 | 6,205,838 | ||||||||||
3.300%, 04/01/2032 | ||||||||||||
(Callable 01/01/2032) | 13,600,000 | 11,185,392 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority: | ||||||||||||
5.000%, 12/01/2027 | 1,600,000 | 1,746,329 | ||||||||||
5.000%, 12/01/2028 | 1,225,000 | 1,340,908 | ||||||||||
5.000%, 12/01/2028 | 1,205,000 | 1,320,471 | ||||||||||
New Jersey Turnpike Authority, | ||||||||||||
3.223%, 01/01/2036 | ||||||||||||
(Callable 07/01/2025)(2) | 5,000,000 | 4,520,719 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
3.000%, 08/01/2036 | ||||||||||||
(Callable 08/01/2031) (Insured by BAM) | 2,480,000 | 2,158,533 | ||||||||||
Niagara Area Development Corp.: | ||||||||||||
3.004%, 05/01/2025 | 1,000,000 | 974,093 | ||||||||||
3.204%, 05/01/2026 | 1,995,000 | 1,920,284 | ||||||||||
3.272%, 05/01/2027 | 2,060,000 | 1,959,817 | ||||||||||
3.372%, 05/01/2028 | 2,130,000 | 2,005,079 | ||||||||||
3.422%, 05/01/2029 | 2,200,000 | 2,046,247 | ||||||||||
North Carolina Housing Finance Agency, | ||||||||||||
3.000%, 01/01/2033 | ||||||||||||
(Callable 01/01/2025) | 385,000 | 384,659 | ||||||||||
North East Independent School District, | ||||||||||||
5.240%, 08/01/2027 | 2,100,000 | 2,237,148 | ||||||||||
San Diego Convention Center | ||||||||||||
Expansion Financing Authority: | ||||||||||||
1.987%, 04/15/2026 | 3,440,000 | 3,218,791 | ||||||||||
2.363%, 04/15/2028 | 1,325,000 | 1,209,927 | ||||||||||
South Dakota Housing | ||||||||||||
Development Authority, | ||||||||||||
2.700%, 11/01/2036 | ||||||||||||
(Callable 11/01/2025) | 465,000 | 458,502 | ||||||||||
Westvaco Corp., | ||||||||||||
7.670%, 01/15/2027(2) | 8,400,000 | 9,089,292 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $107,315,006) | 96,935,658 | 1.4 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust, | ||||||||||||
Series 1993-32, Class H, | ||||||||||||
6.000%, 03/25/2023 | 523 | 527 | ||||||||||
Federal Gold Loan Mortgage Corp. (FGLMC), | ||||||||||||
6.000%, 07/01/2028 | 1,479 | 1,585 | ||||||||||
Federal Home Loan Mortgage Corp. (FHLMC), | ||||||||||||
Series 1395, Class G, 6.000%, | ||||||||||||
10/15/2022 (Callable 07/15/2022) | 55 | 55 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $2,029) | 2,167 | 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 (Callable 07/25/2022)(4) | 1 | 1 | ||||||||||
Arroyo Mortgage Trust, | ||||||||||||
Series 2022-1, Class A1A, 2.495%, | ||||||||||||
12/25/2056 (Callable 01/25/2025)(2)(7) | 21,195,063 | 20,047,075 | ||||||||||
Banc of America Alternative Loan Trust, | ||||||||||||
Series 2006-2, Class 7A1, 6.000%, | ||||||||||||
10/25/2022 (Callable 07/25/2022)(6) | 19,080 | 15,142 | ||||||||||
Banc of America Funding Trust, | ||||||||||||
Series 2004-2, Class 1CB1, 5.750%, | ||||||||||||
09/20/2034 (Callable 01/20/2023) | 761,048 | 759,707 | ||||||||||
Bear Stearns ARM Trust, | ||||||||||||
Series 2004-5, Class 2A, 3.227%, | ||||||||||||
07/25/2034 (Callable 07/25/2022)(4)(6) | 402,772 | 379,942 | ||||||||||
CWABS Asset-Backed Certificates Trust, | ||||||||||||
Series 2006-9, Class 1AF3, 5.859%, | ||||||||||||
08/25/2036 (Callable 07/25/2022)(4) | 161,208 | 162,249 | ||||||||||
Delta Funding Home Equity Loan Trust, | ||||||||||||
Series 1999-2, Class A7F, 7.030%, | ||||||||||||
08/15/2030 (Callable 07/15/2022) | 6,069 | 5,837 | ||||||||||
FirstKey Homes Trust: | ||||||||||||
Series 2020-SFR2, Class A, | ||||||||||||
1.266%, 10/19/2037(2) | 322,702 | 297,288 | ||||||||||
Series 2021-SFR2, Class A, | ||||||||||||
1.376%, 09/17/2038(2) | 22,150,470 | 19,612,659 | ||||||||||
Series 2022-SFR1, Class A, | ||||||||||||
4.145%, 05/19/2039(2) | 21,250,000 | 20,886,060 | ||||||||||
Home Partners of America Trust: | ||||||||||||
Series 2019-1, Class A, 2.908%, | ||||||||||||
09/19/2039 (Callable 09/17/2024)(2) | 17,862,744 | 16,771,856 | ||||||||||
Series 2021-3, Class A, | ||||||||||||
2.200%, 01/17/2041(2) | 33,988,464 | 30,437,149 | ||||||||||
IMC Home Equity Loan Trust, | ||||||||||||
Series 1998-1, Class A6, | ||||||||||||
7.020%, 06/20/2029(7) | 71 | 70 | ||||||||||
J.P. Morgan Alternative Loan Trust, | ||||||||||||
Series 2006-A1, Class 2A1, 3.190%, | ||||||||||||
03/25/2036 (Callable 07/25/2023)(4) | 162,930 | 159,828 | ||||||||||
MASTR Alternative Loan Trust, | ||||||||||||
Series 2003-5, Class 4A1, 5.500%, | ||||||||||||
07/25/2033 (Callable 07/25/2022) | 175,802 | 171,190 | ||||||||||
MFA Trust, | ||||||||||||
Series 2022-NQM1, Class A1, 4.112%, | ||||||||||||
12/25/2066 (Callable 03/25/2025)(2)(4) | 33,324,529 | 32,253,512 | ||||||||||
Mill City Mortgage Loan Trust: | ||||||||||||
Series 2018-3, Class A1, 3.500%, | ||||||||||||
08/25/2058 (Callable 08/25/2030)(2)(4) | 205,114 | 200,643 | ||||||||||
Series 2019-1, Class A1, 3.250%, | ||||||||||||
10/25/2069 (Callable 03/25/2031)(2)(4) | 252,659 | 245,484 | ||||||||||
New Residential Mortgage Loan Trust, | ||||||||||||
Series 2017-2A, Class A3, 4.000%, | ||||||||||||
03/25/2057 (Callable 11/25/2027)(2)(4) | 1,552,413 | 1,511,373 | ||||||||||
RALI Series Trust, | ||||||||||||
Series 2004-QS6, Class A1, 5.000%, | ||||||||||||
12/25/2022 (Callable 07/25/2022) | 1,184 | 1,107 | ||||||||||
Soundview Home Loan Trust, | ||||||||||||
Series 2003-2, Class A2, 2.924%, | ||||||||||||
11/25/2033 (1 Month LIBOR USD + | ||||||||||||
1.300%) (Callable 07/25/2022)(3) | 498,776 | 490,757 |
The accompanying notes are an integral part of these financial statements.
Page 37
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Thornburg Mortgage Securities Trust, | ||||||||||||
Series 2003-5, Class 3A, 1.999%, | ||||||||||||
10/25/2043 (Callable 07/25/2022)(4) | $ | 1,280,038 | $ | 1,250,811 | ||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2017-1, Class A1, 2.750%, | ||||||||||||
10/25/2056 (Callable 05/25/2026)(2)(4) | 2,947,166 | 2,923,522 | ||||||||||
Series 2017-5, Class A1, 2.224%, | ||||||||||||
02/26/2057 (1 Month LIBOR USD + | ||||||||||||
0.600%) (Callable 02/25/2024)(2)(3) | 1,234,056 | 1,221,377 | ||||||||||
Series 2017-6, Class A1, 2.750%, | ||||||||||||
10/25/2057 (Callable 08/25/2026)(2)(4) | 47,519 | 46,431 | ||||||||||
Series 2019-1, Class A1, 3.656%, | ||||||||||||
03/25/2058 (Callable 12/25/2025)(2)(4) | 4,547,475 | 4,436,423 | ||||||||||
Series 2018-6, Class A1A, 3.750%, | ||||||||||||
03/25/2058 (Callable 01/25/2026)(2)(4) | 176,780 | 175,673 | ||||||||||
Series 2018-4, Class A1, 3.000%, | ||||||||||||
06/25/2058 (Callable 03/25/2026)(2)(4) | 171,976 | 164,746 | ||||||||||
Series 2019-4, Class A1, 2.900%, | ||||||||||||
10/25/2059 (Callable 08/25/2028)(2)(4) | 11,268,137 | 10,910,595 | ||||||||||
Series 2020-4, Class A1, 1.750%, | ||||||||||||
10/25/2060 (Callable 11/25/2026)(2) | 14,354,025 | 13,178,171 | ||||||||||
WaMu Mortgage | ||||||||||||
Pass-Through Certificates Trust: | ||||||||||||
Series 2004-AR3, Class A1, 3.081%, | ||||||||||||
06/25/2034 (Callable 07/25/2022)(4) | 904,400 | 856,305 | ||||||||||
Series 2004-CB2, Class 3A, 6.000%, | ||||||||||||
08/25/2034 (Callable 07/25/2022)(6) | 1,174,459 | 1,170,053 | ||||||||||
Wells Fargo Home Equity | ||||||||||||
Asset-Backed Securities Trust, | ||||||||||||
Series 2004-2, Class A33, 2.624%, | ||||||||||||
10/25/2034 (1 Month LIBOR USD + | ||||||||||||
1.000%) (Callable 07/25/2022)(3) | 1,051,076 | 1,014,400 | ||||||||||
Total Non-U.S. Government Agency Issues | ||||||||||||
(Cost $193,698,328) | 181,757,436 | 2.6 | % | |||||||||
Total Residential Mortgage-Backed Securities | ||||||||||||
(Cost $193,700,357) | 181,759,603 | 2.6 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Freddie Mac Multifamily Structured | ||||||||||||
Pass Through Certificates: | ||||||||||||
Series K723, Class A2, | ||||||||||||
2.454%, 08/25/2023 | 13,624,727 | 13,507,143 | ||||||||||
Series K038, Class A2, | ||||||||||||
3.389%, 03/25/2024 | 2,325,000 | 2,324,076 | ||||||||||
Series K726, Class A2, | ||||||||||||
2.905%, 04/25/2024 | 114,303 | 113,355 | ||||||||||
Series K041, Class A2, | ||||||||||||
3.171%, 10/25/2024 | 5,195,000 | 5,166,202 | ||||||||||
Series K043, Class A2, | ||||||||||||
3.062%, 12/25/2024 | 4,250,000 | 4,208,525 | ||||||||||
Series K048, Class A2, | ||||||||||||
3.284%, 06/25/2025(4) | 8,725,000 | 8,679,891 | ||||||||||
Series K734, Class A2, | ||||||||||||
3.208%, 02/25/2026 | 9,750,000 | 9,670,741 | ||||||||||
Series K062, Class A2, | ||||||||||||
3.413%, 12/25/2026 | 11,274,000 | 11,237,205 | ||||||||||
Series K063, Class A2, | ||||||||||||
3.430%, 01/25/2027(4) | 300,000 | 299,106 | ||||||||||
Series K064, Class A2, | ||||||||||||
3.224%, 03/25/2027 | 1,325,000 | 1,309,596 | ||||||||||
Series K065, Class A2, | ||||||||||||
3.243%, 04/25/2027 | 2,075,000 | 2,051,778 | ||||||||||
Series K066, Class A2, | ||||||||||||
3.117%, 06/25/2027 | 170,000 | 167,040 | ||||||||||
Series K068, Class A2, | ||||||||||||
3.244%, 08/25/2027 | 24,446,000 | 24,154,328 | ||||||||||
Series K069, Class A2, | ||||||||||||
3.187%, 09/25/2027(4) | 1,075,000 | 1,058,775 | ||||||||||
Series K071, Class A2, | ||||||||||||
3.286%, 11/25/2027 | 7,375,000 | 7,290,233 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $94,500,899) | 91,237,994 | 1.3 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
BANK: | ||||||||||||
Series 2017-BNK4, Class A4, 3.625%, | ||||||||||||
05/17/2050 (Callable 03/15/2027) | 575,000 | 560,041 | ||||||||||
Series 2017-BNK8, Class A4, 3.488%, | ||||||||||||
11/17/2050 (Callable 10/15/2027) | 575,000 | 554,714 | ||||||||||
Series 2017-BNK9, Class A4, 3.538%, | ||||||||||||
11/17/2054 (Callable 12/15/2027) | 9,275,000 | 8,986,460 | ||||||||||
Series 2017-BNK5, Class A5, 3.390%, | ||||||||||||
06/17/2060 (Callable 06/15/2027) | 2,665,000 | 2,565,228 | ||||||||||
Series 2017-BNK7, Class ASB, 3.265%, | ||||||||||||
09/17/2060 (Callable 04/15/2027) | 1,299,975 | 1,278,002 | ||||||||||
Series 2017-BNK7, Class A5, 3.435%, | ||||||||||||
09/17/2060 (Callable 09/15/2027) | 950,000 | 915,083 | ||||||||||
Series 2018-BN10, Class A5, 3.688%, | ||||||||||||
02/17/2061 (Callable 01/15/2028) | 895,000 | 869,272 | ||||||||||
Series 2022-BNK40, Class ASB, 3.507%, | ||||||||||||
03/17/2064 (Callable 12/15/2031)(4) | 16,205,000 | 15,424,016 | ||||||||||
Benchmark Mortgage Trust, | ||||||||||||
Series 2022-B33, Class ASB, 3.469%, | ||||||||||||
03/17/2055 (Callable 01/15/2032) | 6,407,000 | 6,094,948 | ||||||||||
CD Mortgage Trust: | ||||||||||||
Series 2017-CD6, Class ASB, 3.332%, | ||||||||||||
11/15/2050 (Callable 06/13/2027) | 10,723,000 | 10,502,017 | ||||||||||
Series 2018-CD7, Class A4, 4.279%, | ||||||||||||
08/17/2051 (Callable 07/15/2028) | 2,495,000 | 2,480,167 | ||||||||||
CFCRE Commercial Mortgage Trust, | ||||||||||||
Series 2016-C4, Class ASB, | ||||||||||||
3.091%, 05/10/2058 | 268,011 | 264,716 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2013-GC11, Class A4, 3.093%, | ||||||||||||
04/10/2046 (Callable 03/10/2023) | 11,975,000 | 11,905,478 | ||||||||||
Series 2015-GC27, Class A5, 3.137%, | ||||||||||||
02/10/2048 (Callable 12/10/2024) | 14,085,576 | 13,731,413 | ||||||||||
Series 2015-GC35, Class A4, 3.818%, | ||||||||||||
11/13/2048 (Callable 11/10/2025) | 15,860,000 | 15,657,755 | ||||||||||
Series 2017-P8, Class A4, 3.465%, | ||||||||||||
09/16/2050 (Callable 08/15/2027) | 350,000 | 337,239 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2014-CR19, Class A5, 3.796%, | ||||||||||||
08/12/2047 (Callable 08/10/2024) | 225,000 | 222,604 | ||||||||||
Series 2013-CR11, Class A4, 4.258%, | ||||||||||||
08/12/2050 (Callable 09/10/2023) | 13,025,000 | 13,053,098 | ||||||||||
Series 2017-COR2, Class A3, 3.510%, | ||||||||||||
09/12/2050 (Callable 07/10/2027) | 16,210,172 | 15,627,103 | ||||||||||
CSAIL Commercial Mortgage Trust, | ||||||||||||
Series 2021-C20, Class ASB, 2.436%, | ||||||||||||
03/17/2054 (Callable 07/15/2029) | 6,866,000 | 6,244,312 | ||||||||||
GS Mortgage Securities Corp. II, | ||||||||||||
Series 2018-GS10, Class A5, | ||||||||||||
4.155%, 07/12/2051(4) | 9,372,252 | 9,263,628 |
The accompanying notes are an integral part of these financial statements.
Page 38
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2013-GC13, Class A4, 3.871%, | ||||||||||||
07/12/2046 (Callable 04/10/2023)(4) | $ | 250,000 | $ | 248,678 | ||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-LC11, Class A5, 2.960%, | ||||||||||||
04/15/2046 (Callable 04/15/2023) | 1,075,000 | 1,064,037 | ||||||||||
Series 2013-LC11, Class A4, 2.694%, | ||||||||||||
04/17/2046 (Callable 03/15/2023) | 3,018,323 | 2,994,663 | ||||||||||
Series 2013-C10, Class ASB, 2.702%, | ||||||||||||
12/17/2047 (Callable 12/15/2022) | 30,137 | 30,102 | ||||||||||
JP Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust, | ||||||||||||
Series 2016-JP2, Class A4, 2.822%, | ||||||||||||
08/17/2049 (Callable 07/15/2026) | 6,545,000 | 6,215,315 | ||||||||||
JPMBB Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-C12, Class A5, 3.664%, | ||||||||||||
07/17/2045 (Callable 05/15/2023) | 3,373,000 | 3,357,939 | ||||||||||
Series 2013-C17, Class A3, 3.928%, | ||||||||||||
01/17/2047 (Callable 11/15/2023) | 85,875 | 84,444 | ||||||||||
Series 2014-C23, Class A5, 3.934%, | ||||||||||||
09/17/2047 (Callable 09/15/2024) | 600,000 | 596,417 | ||||||||||
Series 2014-C25, Class ASB, 3.407%, | ||||||||||||
11/18/2047 (Callable 08/15/2024) | 119,944 | 118,890 | ||||||||||
Series 2014-C26, Class A4, 3.494%, | ||||||||||||
01/17/2048 (Callable 12/15/2024) | 14,480,202 | 14,201,488 | ||||||||||
Series 2015-C30, Class A5, 3.822%, | ||||||||||||
07/15/2048 (Callable 07/15/2025) | 250,000 | 246,835 | ||||||||||
JPMCC Commercial | ||||||||||||
Mortgage Securities Trust, | ||||||||||||
Series 2017-C7, Class A5, 3.409%, | ||||||||||||
10/17/2050 (Callable 08/15/2027) | 5,300,000 | 5,078,393 | ||||||||||
Morgan Stanley Bank of America | ||||||||||||
Merrill Lynch Trust: | ||||||||||||
Series 2013-C7, Class A4, 2.918%, | ||||||||||||
02/16/2046 (Callable 01/15/2023) | 12,980,000 | 12,906,728 | ||||||||||
Series 2014-C16, Class A4, 3.600%, | ||||||||||||
06/17/2047 (Callable 02/15/2024) | 10,229,048 | 10,132,626 | ||||||||||
Series 2015-C27, Class A4, 3.753%, | ||||||||||||
12/17/2047 (Callable 10/15/2025) | 29,745,000 | 29,228,083 | ||||||||||
Series 2015-C25, Class ASB, 3.383%, | ||||||||||||
10/19/2048 (Callable 06/15/2025) | 126,634 | 125,307 | ||||||||||
Series 2016-C29, Class ASB, 3.140%, | ||||||||||||
05/17/2049 (Callable 11/15/2025) | 4,555,444 | 4,473,549 | ||||||||||
Series 2017-C34, Class A4, 3.536%, | ||||||||||||
11/18/2052 (Callable 09/15/2027) | 14,450,000 | 13,929,898 | ||||||||||
Morgan Stanley Capital I, Inc., | ||||||||||||
Series 2022-L8, Class ASB, 3.922%, | ||||||||||||
04/16/2055 (Callable 01/15/2032)(4) | 9,422,000 | 9,143,545 | ||||||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||||||
Series 2014-LC18, Class ASB, 3.244%, | ||||||||||||
12/17/2047 (Callable 10/15/2024) | 8,026,045 | 7,948,052 | ||||||||||
Series 2015-C26, Class ASB, 2.991%, | ||||||||||||
02/15/2048 (Callable 11/15/2024) | 53,376 | 52,630 | ||||||||||
Series 2015-P2, Class ASB, 3.656%, | ||||||||||||
12/17/2048 (Callable 08/15/2025) | 8,614,232 | 8,542,340 | ||||||||||
Series 2015-P2, Class A4, 3.809%, | ||||||||||||
12/17/2048 (Callable 11/15/2025) | 21,269,144 | 20,981,275 | ||||||||||
Series 2019-C50, Class ASB, 3.635%, | ||||||||||||
05/17/2052 (Callable 08/15/2028) | 4,100,000 | 3,990,070 | ||||||||||
Series 2019-C54, Class A4, 3.146%, | ||||||||||||
12/17/2052 (Callable 11/15/2029) | 14,625,000 | 13,448,308 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2013-C11, Class A5, 3.071%, | ||||||||||||
03/17/2045 (Callable 01/15/2023) | 243,257 | 242,301 | ||||||||||
Series 2014-C24, Class ASB, 3.324%, | ||||||||||||
11/18/2047 (Callable 07/15/2024) | 4,790,654 | 4,764,894 | ||||||||||
Series 2014-C24, Class A4, 3.343%, | ||||||||||||
11/18/2047 (Callable 09/15/2024) | 250,000 | 243,770 | ||||||||||
Series 2013-C12, Class ASB, 2.838%, | ||||||||||||
03/17/2048 (Callable 12/15/2022) | 1,216,101 | 1,212,073 | ||||||||||
Total Non-U.S. Government Agency Issues | ||||||||||||
(Cost $333,305,022) | 312,139,944 | 4.4 | % | |||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $427,805,921) | 403,377,938 | 5.7 | % | |||||||||
Asset Backed Securities | ||||||||||||
Bank of The West Auto Trust, | ||||||||||||
Series 2019-1, Class A3, 2.430%, | ||||||||||||
04/15/2024 (Callable 05/15/2023)(2) | 965,823 | 965,907 | ||||||||||
Ford Credit Auto Owner Trust, | ||||||||||||
Series 2018-1, Class A, 3.190%, | ||||||||||||
07/15/2031 (Callable 01/15/2025)(2) | 12,375,000 | 12,172,900 | ||||||||||
GMF Floorplan Owner Revolving Trust, | ||||||||||||
Series 2019-2, Class A, | ||||||||||||
2.900%, 04/15/2026(2) | 225,000 | 221,605 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & | ||||||||||||
Community Development Authority, | ||||||||||||
3.615%, 02/01/2029 | 27,875,000 | 27,866,983 | ||||||||||
MMAF Equipment Finance LLC, | ||||||||||||
Series 2020-A, Class A3, | ||||||||||||
0.970%, 04/09/2027(2) | 6,550,000 | 6,113,100 | ||||||||||
Navient Private Education Refi Loan Trust: | ||||||||||||
Series 2021-GA, Class A, 1.580%, | ||||||||||||
04/15/2070 (Callable 11/15/2028)(2) | 18,452,938 | 16,314,429 | ||||||||||
Series 2022-BA, Class A, 4.160%, | ||||||||||||
10/15/2070 (Callable 02/15/2029)(2) | 20,800,000 | 20,642,590 | ||||||||||
Nelnet Student Loan Trust: | ||||||||||||
Series 2021-A, Class APT1, 1.360%, | ||||||||||||
04/20/2062 (Callable 09/20/2029)(2) | 6,559,301 | 6,066,643 | ||||||||||
Series 2021-DA, Class AFX, 1.630%, | ||||||||||||
04/20/2062 (Callable 05/20/2031)(2) | 333,967 | 311,050 | ||||||||||
Oakwood Mortgage Investors, Inc., | ||||||||||||
Series 1999-B, Class A3, 6.450%, | ||||||||||||
12/15/2023 (Callable 07/15/2022) | 4,976 | 4,978 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2020-G, Class A, | ||||||||||||
0.970%, 02/17/2026(2) | 4,985,000 | 4,732,409 | ||||||||||
Series 2021-A, Class A, | ||||||||||||
0.710%, 04/15/2026(2) | 14,675,000 | 13,740,599 | ||||||||||
SBA Tower Trust, | ||||||||||||
1.840%, 10/15/2051 | ||||||||||||
(Callable 04/15/2026)(2) | 16,200,000 | 14,433,742 | ||||||||||
Synchrony Card Funding LLC, | ||||||||||||
Series 2022-A1, Class A, | ||||||||||||
3.370%, 04/15/2028 | 21,075,000 | 20,918,714 | ||||||||||
Texas Electric Market | ||||||||||||
Stabilization Funding N LLC, | ||||||||||||
4.265%, 08/01/2036(2) | 16,275,000 | 16,150,734 | ||||||||||
Towd Point Mortgage Trust, | ||||||||||||
Series 2020-MH1, Class A1, 2.250%, | ||||||||||||
02/25/2060 (Callable 08/25/2022)(2)(4) | 8,017,261 | 7,595,144 |
The accompanying notes are an integral part of these financial statements.
Page 39
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Toyota Auto Loan Extended Note Trust: | ||||||||||||
Series 2019-1A, Class A, 2.560%, | ||||||||||||
11/25/2031 (Callable 05/25/2024)(2) | $ | 26,242,000 | $ | 25,671,803 | ||||||||
Series 2020-1A, Class A, 1.350%, | ||||||||||||
05/25/2033 (Callable 05/25/2025)(2) | 225,000 | 209,274 | ||||||||||
Volkswagen Auto Loan Enhanced Trust, | ||||||||||||
Series 2020-1, Class A3, 0.980%, | ||||||||||||
11/20/2024 (Callable 10/20/2023) | 80,180 | 79,201 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $202,186,033) | 194,211,805 | 2.8 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $7,278,898,861) | 6,830,704,926 | 96.9 | % | |||||||||
Short-Term Investment | ||||||||||||
Shares | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(5) | 287,057,352 | 287,057,352 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $287,057,352) | 287,057,352 | 4.1 | % | |||||||||
Total Investments | ||||||||||||
(Cost $7,565,956,213) | 7,117,762,278 | 101.0 | % | |||||||||
Liabilities in Excess of Other Assets | (69,119,740 | ) | (1.0 | )% | ||||||||
TOTAL NET ASSETS | $ | 7,048,642,538 | 100.0 | % |
Notes to Schedule of Investments
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual Assurance Co. |
NATL | National Public Finance Guarantee Corp. |
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, 2022, the value of these securities totaled $1,336,858,257, which represented 18.97% 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, 2022. |
(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, 2022. |
(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, 2022. |
(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, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 3,158,298,975 | $ | — | $ | 3,158,298,975 | ||||||||
Other Government Related Security | — | 17,471,698 | — | 17,471,698 | ||||||||||||
Corporate Bonds | — | 2,778,649,249 | — | 2,778,649,249 | ||||||||||||
Municipal Bonds | — | 96,935,658 | — | 96,935,658 | ||||||||||||
Residential Mortgage-Backed Securities – U.S. Government Agency Issues | — | 2,167 | — | 2,167 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 181,757,436 | — | 181,757,436 | ||||||||||||
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues | — | 91,237,994 | — | 91,237,994 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 312,139,944 | — | 312,139,944 | ||||||||||||
Asset Backed Securities | — | 194,211,805 | — | 194,211,805 | ||||||||||||
Total Long-Term Investments | — | 6,830,704,926 | — | 6,830,704,926 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 287,057,352 | — | — | 287,057,352 | ||||||||||||
Total Short-Term Investment | 287,057,352 | — | — | 287,057,352 | ||||||||||||
Total Investments | $ | 287,057,352 | $ | 6,830,704,926 | $ | — | $ | 7,117,762,278 |
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 40
Baird Aggregate Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $35,113,244,946 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 3.44% | |||
Investor Class | 3.19% | |||
Average Effective Duration | 6.44 years | |||
Average Effective Maturity | 8.42 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 24% | (5) | ||
Number of Holdings | 1,553 | |||
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, 2022. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 41
Baird Aggregate Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -11.03% | -11.02% | 1.07% | 2.13% | 4.48% |
Investor Class Shares | -11.08% | -11.19% | 0.82% | 1.89% | 4.23% |
Bloomberg U.S. Aggregate Bond Index(2) | -10.35% | -10.29% | 0.88% | 1.54% | 4.03% |
(1) | For the period from September 29, 2000 (inception date) through June 30, 2022. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 42
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
0.375%, 07/15/2024 | $ | 517,250,000 | $ | 490,619,704 | ||||||||
0.250%, 05/31/2025 | 506,675,000 | 467,546,233 | ||||||||||
2.875%, 06/15/2025 | 75,000,000 | 74,777,325 | ||||||||||
2.250%, 11/15/2025 | 955,450,000 | 930,593,376 | ||||||||||
1.125%, 10/31/2026 | 785,975,000 | 724,478,595 | ||||||||||
2.000%, 11/15/2026 | 212,800,000 | 203,456,750 | ||||||||||
2.250%, 11/15/2027 | 526,475,000 | 504,737,342 | ||||||||||
1.125%, 08/31/2028 | 1,322,225,000 | 1,176,728,604 | ||||||||||
2.375%, 03/31/2029 | 160,000,000 | 153,487,520 | ||||||||||
1.250%, 08/15/2031 | 749,400,000 | 645,128,019 | ||||||||||
2.875%, 05/15/2032 | 253,675,000 | 250,821,156 | ||||||||||
1.375%, 11/15/2040 | 1,036,475,000 | 746,464,434 | ||||||||||
2.250%, 05/15/2041 | 49,800,000 | 41,555,765 | ||||||||||
2.875%, 05/15/2043 | 1,236,020,000 | 1,127,095,738 | ||||||||||
2.500%, 02/15/2045 | 1,570,375,000 | 1,331,874,297 | ||||||||||
1.250%, 05/15/2050 | 240,625,000 | 153,097,656 | ||||||||||
1.375%, 08/15/2050 | 230,475,000 | 151,708,369 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $10,320,939,089) | 9,174,170,883 | 26.1 | % | |||||||||
Other Government Related Securities | ||||||||||||
Comision Federal de Electricidad, | ||||||||||||
4.875%, 01/15/2024(1)(2) | 3,423,000 | 3,397,328 | ||||||||||
Freeport Indonesia PT, | ||||||||||||
5.315%, 04/14/2032 | ||||||||||||
(Callable 01/01/2032)(1)(2) | 15,000,000 | 13,597,500 | ||||||||||
NBN Co. Ltd.: | ||||||||||||
2.625%, 05/05/2031 | ||||||||||||
(Callable 02/05/2031)(1)(2) | 13,625,000 | 11,619,656 | ||||||||||
2.500%, 01/08/2032 | ||||||||||||
(Callable 10/08/2031)(1)(2) | 46,650,000 | 39,111,934 | ||||||||||
Petroleos Mexicanos: | ||||||||||||
5.950%, 01/28/2031 | ||||||||||||
(Callable 10/28/2030)(1) | 558,000 | 408,110 | ||||||||||
6.700%, 02/16/2032 | ||||||||||||
(Callable 11/16/2031)(1) | 1,020,000 | 777,750 | ||||||||||
6.350%, 02/12/2048(1) | 8,500,000 | 4,993,750 | ||||||||||
Total Other Government | ||||||||||||
Related Securities | ||||||||||||
(Cost $88,504,602) | 73,906,028 | 0.2 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
Abbott Laboratories, | ||||||||||||
4.900%, 11/30/2046 | ||||||||||||
(Callable 05/30/2046) | 4,700,000 | 4,925,147 | ||||||||||
AbbVie, Inc.: | ||||||||||||
3.250%, 10/01/2022 | ||||||||||||
(Callable 07/01/2022) | 17,863,000 | 17,863,000 | ||||||||||
3.850%, 06/15/2024 | ||||||||||||
(Callable 03/15/2024) | 12,067,000 | 12,056,814 | ||||||||||
3.800%, 03/15/2025 | ||||||||||||
(Callable 12/15/2024) | 16,425,000 | 16,293,516 | ||||||||||
2.950%, 11/21/2026 | ||||||||||||
(Callable 09/21/2026) | 9,625,000 | 9,120,136 | ||||||||||
4.550%, 03/15/2035 | ||||||||||||
(Callable 09/15/2034) | 26,098,000 | 25,385,458 | ||||||||||
4.500%, 05/14/2035 | ||||||||||||
(Callable 11/14/2034) | 17,395,000 | 16,882,905 | ||||||||||
4.300%, 05/14/2036 | ||||||||||||
(Callable 11/14/2035) | 6,000,000 | 5,635,855 | ||||||||||
4.050%, 11/21/2039 | ||||||||||||
(Callable 05/21/2039) | 12,700,000 | 11,324,982 | ||||||||||
Adventist Health System: | ||||||||||||
2.952%, 03/01/2029 | ||||||||||||
(Callable 12/01/2028) | 19,250,000 | 17,638,647 | ||||||||||
3.630%, 03/01/2049 | ||||||||||||
(Callable 09/01/2048) | 9,000,000 | 7,382,409 | ||||||||||
Agilent Technologies, Inc., | ||||||||||||
2.100%, 06/04/2030 | ||||||||||||
(Callable 03/04/2030) | 14,000,000 | 11,405,299 | ||||||||||
Air Products and Chemicals, Inc., | ||||||||||||
2.700%, 05/15/2040 | ||||||||||||
(Callable 11/15/2039) | 10,425,000 | 8,337,209 | ||||||||||
Alcon Finance Corp.: | ||||||||||||
2.750%, 09/23/2026 | ||||||||||||
(Callable 07/23/2026)(1)(2) | 14,770,000 | 13,805,886 | ||||||||||
3.800%, 09/23/2049 | ||||||||||||
(Callable 03/23/2049)(1)(2) | 7,000,000 | 5,559,159 | ||||||||||
Allegion PLC, | ||||||||||||
3.500%, 10/01/2029 | ||||||||||||
(Callable 07/01/2029) | 21,494,000 | 19,010,173 | ||||||||||
Allegion US Holding Co., Inc.: | ||||||||||||
3.200%, 10/01/2024 | ||||||||||||
(Callable 08/01/2024) | 29,750,000 | 29,022,620 | ||||||||||
3.550%, 10/01/2027 | ||||||||||||
(Callable 07/01/2027) | 11,975,000 | 11,010,362 | ||||||||||
5.411%, 07/01/2032 | ||||||||||||
(Callable 04/01/2032) | 12,675,000 | 12,589,236 | ||||||||||
Amgen, Inc.: | ||||||||||||
3.150%, 02/21/2040 | ||||||||||||
(Callable 08/21/2039) | 13,350,000 | 10,553,208 | ||||||||||
4.400%, 05/01/2045 | ||||||||||||
(Callable 11/01/2044) | 12,300,000 | 11,091,974 | ||||||||||
4.200%, 02/22/2052 | ||||||||||||
(Callable 08/22/2051) | 4,000,000 | 3,509,468 | ||||||||||
Anglo American Capital PLC: | ||||||||||||
4.875%, 05/14/2025(1)(2) | 3,376,000 | 3,398,784 | ||||||||||
4.750%, 04/10/2027(1)(2) | 10,000,000 | 9,879,190 | ||||||||||
4.000%, 09/11/2027(1)(2) | 2,570,000 | 2,443,255 | ||||||||||
2.625%, 09/10/2030 | ||||||||||||
(Callable 06/10/2030)(1)(2) | 35,000,000 | 28,802,453 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc.: | ||||||||||||
4.750%, 01/23/2029 | ||||||||||||
(Callable 10/23/2028)(1) | 4,075,000 | 4,145,757 | ||||||||||
4.375%, 04/15/2038 | ||||||||||||
(Callable 10/15/2037)(1) | 7,000,000 | 6,419,956 | ||||||||||
5.450%, 01/23/2039 | ||||||||||||
(Callable 07/23/2038)(1) | 20,000,000 | 20,333,949 | ||||||||||
4.900%, 02/01/2046 | ||||||||||||
(Callable 08/01/2045)(1) | 67,184,000 | 63,145,558 | ||||||||||
AP Moller – Maersk A/S: | ||||||||||||
3.875%, 09/28/2025 | ||||||||||||
(Callable 06/28/2025)(1)(2) | 8,900,000 | 8,879,684 | ||||||||||
4.500%, 06/20/2029 | ||||||||||||
(Callable 03/20/2029)(1)(2) | 8,000,000 | 7,784,395 | ||||||||||
Apple, Inc., | ||||||||||||
2.650%, 05/11/2050 | ||||||||||||
(Callable 11/11/2049) | 10,000,000 | 7,376,095 | ||||||||||
AptarGroup, Inc., | ||||||||||||
3.600%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031) | 7,500,000 | 6,652,368 | ||||||||||
ArcelorMittal: | ||||||||||||
4.550%, 03/11/2026(1) | 13,000,000 | 12,811,723 | ||||||||||
4.250%, 07/16/2029(1) | 25,000,000 | 23,733,627 | ||||||||||
7.000%, 10/15/2039(1) | 15,906,000 | 16,045,177 |
The accompanying notes are an integral part of these financial statements.
Page 43
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
AT&T, Inc.: | ||||||||||||
2.550%, 12/01/2033 | ||||||||||||
(Callable 09/01/2033) | $ | 22,965,000 | $ | 18,629,981 | ||||||||
4.900%, 08/15/2037 | ||||||||||||
(Callable 02/14/2037) | 20,000,000 | 19,920,019 | ||||||||||
3.550%, 09/15/2055 | ||||||||||||
(Callable 03/15/2055) | 60,110,000 | 45,036,816 | ||||||||||
3.800%, 12/01/2057 | ||||||||||||
(Callable 06/01/2057) | 19,423,000 | 15,000,825 | ||||||||||
3.650%, 09/15/2059 | ||||||||||||
(Callable 03/15/2059) | 49,359,000 | 36,967,319 | ||||||||||
BAE Systems PLC, | ||||||||||||
1.900%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030)(1)(2) | 18,500,000 | 14,881,332 | ||||||||||
Bayer US Finance II LLC: | ||||||||||||
5.500%, 08/15/2025(1)(2) | 14,400,000 | 14,452,652 | ||||||||||
4.250%, 12/15/2025 | ||||||||||||
(Callable 10/15/2025)(1)(2) | 14,440,000 | 14,251,364 | ||||||||||
Bayport Polymers LLC, | ||||||||||||
4.743%, 04/14/2027 | ||||||||||||
(Callable 03/14/2027)(2) | 61,325,000 | 59,554,588 | ||||||||||
Becle SAB de, | ||||||||||||
2.500%, 10/14/2031 | ||||||||||||
(Callable 07/14/2031)(1)(2) | 17,375,000 | 13,885,200 | ||||||||||
Becton Dickinson and Co.: | ||||||||||||
3.363%, 06/06/2024 | ||||||||||||
(Callable 04/06/2024) | 2,855,000 | 2,825,512 | ||||||||||
3.734%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 1,094,000 | 1,088,957 | ||||||||||
2.823%, 05/20/2030 | ||||||||||||
(Callable 02/20/2030) | 15,000,000 | 13,193,828 | ||||||||||
4.875%, 05/15/2044 | ||||||||||||
(Callable 11/15/2043) | 10,815,000 | 9,810,406 | ||||||||||
Bell Canada, Inc.: | ||||||||||||
4.464%, 04/01/2048 | ||||||||||||
(Callable 10/01/2047)(1) | 1,225,000 | 1,122,504 | ||||||||||
4.300%, 07/29/2049 | ||||||||||||
(Callable 01/29/2049)(1) | 4,123,000 | 3,691,139 | ||||||||||
Bimbo Bakeries USA, Inc., | ||||||||||||
4.000%, 05/17/2051 | ||||||||||||
(Callable 11/17/2050)(1)(2) | 18,930,000 | 15,334,814 | ||||||||||
Boardwalk Pipelines LP: | ||||||||||||
4.950%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 27,631,000 | 27,820,388 | ||||||||||
5.950%, 06/01/2026 | ||||||||||||
(Callable 03/01/2026) | 28,506,000 | 29,600,396 | ||||||||||
4.450%, 07/15/2027 | ||||||||||||
(Callable 04/15/2027) | 14,877,000 | 14,393,657 | ||||||||||
4.800%, 05/03/2029 | ||||||||||||
(Callable 02/03/2029) | 16,918,000 | 16,392,089 | ||||||||||
3.400%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030) | 5,825,000 | 4,966,559 | ||||||||||
3.600%, 09/01/2032 | ||||||||||||
(Callable 06/01/2032) | 25,550,000 | 21,616,744 | ||||||||||
Boeing Co.: | ||||||||||||
2.196%, 02/04/2026 | ||||||||||||
(Callable 02/04/2023) | 47,500,000 | 42,814,868 | ||||||||||
5.040%, 05/01/2027 | ||||||||||||
(Callable 03/01/2027) | 5,140,000 | 5,077,129 | ||||||||||
5.150%, 05/01/2030 | ||||||||||||
(Callable 02/01/2030) | 26,150,000 | 25,100,811 | ||||||||||
Bon Secours Mercy Health, Inc.: | ||||||||||||
3.464%, 06/01/2030 | ||||||||||||
(Callable 12/01/2029) | 8,000,000 | 7,501,288 | ||||||||||
3.205%, 06/01/2050 | ||||||||||||
(Callable 12/01/2049) | 10,800,000 | 8,051,352 | ||||||||||
BorgWarner, Inc., | ||||||||||||
5.000%, 10/01/2025(2) | 27,301,000 | 27,537,808 | ||||||||||
Boston Scientific Corp., | ||||||||||||
1.900%, 06/01/2025 | ||||||||||||
(Callable 05/01/2025) | 15,000,000 | 14,168,418 | ||||||||||
Bristol-Myers Squibb Co., | ||||||||||||
3.700%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051) | 10,000,000 | 8,636,739 | ||||||||||
British Telecommunications PLC, | ||||||||||||
9.625%, 12/15/2030(1) | 33,647,000 | 41,871,000 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.625%, 10/15/2024 | ||||||||||||
(Callable 09/15/2024) | 13,075,000 | 12,944,151 | ||||||||||
3.150%, 11/15/2025 | ||||||||||||
(Callable 10/15/2025) | 23,600,000 | 22,727,481 | ||||||||||
4.000%, 04/15/2029 | ||||||||||||
(Callable 02/15/2029)(2) | 6,000,000 | 5,559,572 | ||||||||||
4.750%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029) | 43,900,000 | 42,536,313 | ||||||||||
5.000%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 11,000,000 | 10,785,484 | ||||||||||
4.150%, 04/15/2032 | ||||||||||||
(Callable 01/15/2032)(2) | 33,000,000 | 29,792,539 | ||||||||||
3.137%, 11/15/2035 | ||||||||||||
(Callable 08/15/2035)(2) | 12,000,000 | 9,112,588 | ||||||||||
3.500%, 02/15/2041 | ||||||||||||
(Callable 08/15/2040)(2) | 21,000,000 | 15,836,514 | ||||||||||
Broadridge Financial Solutions, Inc., | ||||||||||||
2.900%, 12/01/2029 | ||||||||||||
(Callable 09/01/2029) | 11,300,000 | 9,892,053 | ||||||||||
Bunge Limited Finance Corp.: | ||||||||||||
3.000%, 09/25/2022 | ||||||||||||
(Callable 08/25/2022) | 15,000,000 | 14,996,901 | ||||||||||
1.630%, 08/17/2025 | ||||||||||||
(Callable 07/17/2025) | 10,000,000 | 9,212,103 | ||||||||||
3.250%, 08/15/2026 | ||||||||||||
(Callable 05/15/2026) | 11,550,000 | 10,961,970 | ||||||||||
Burlington Northern Santa Fe LLC, | ||||||||||||
4.150%, 04/01/2045 | ||||||||||||
(Callable 10/01/2044) | 3,000,000 | 2,725,676 | ||||||||||
Cameron LNG LLC, | ||||||||||||
3.302%, 01/15/2035 | ||||||||||||
(Callable 09/15/2034)(2) | 20,000,000 | 17,114,304 | ||||||||||
Campbell Soup Co., | ||||||||||||
3.950%, 03/15/2025 | ||||||||||||
(Callable 01/15/2025) | 21,325,000 | 21,271,107 | ||||||||||
Canadian Natural Resources Ltd., | ||||||||||||
6.500%, 02/15/2037(1) | 982,000 | 1,049,627 | ||||||||||
Carlisle Companies, Inc.: | ||||||||||||
3.500%, 12/01/2024 | ||||||||||||
(Callable 10/01/2024) | 5,000,000 | 4,942,560 | ||||||||||
2.750%, 03/01/2030 | ||||||||||||
(Callable 12/01/2029) | 16,000,000 | 13,444,115 | ||||||||||
Carrier Global Corp.: | ||||||||||||
2.242%, 02/15/2025 | ||||||||||||
(Callable 01/15/2025) | 1,130,000 | 1,073,761 | ||||||||||
2.493%, 02/15/2027 | ||||||||||||
(Callable 12/15/2026) | 25,975,000 | 23,630,730 | ||||||||||
2.722%, 02/15/2030 | ||||||||||||
(Callable 11/15/2029) | 6,861,000 | 5,924,008 | ||||||||||
2.700%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030) | 18,500,000 | 15,652,062 | ||||||||||
3.377%, 04/05/2040 | ||||||||||||
(Callable 10/05/2039) | 10,000,000 | 7,839,197 |
The accompanying notes are an integral part of these financial statements.
Page 44
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CCL Industries, Inc., | ||||||||||||
3.050%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030)(1)(2) | $ | 20,000,000 | $ | 17,371,334 | ||||||||
CDW LLC / CDW Finance Corp., | ||||||||||||
2.670%, 12/01/2026 | ||||||||||||
(Callable 11/01/2026) | 9,000,000 | 8,018,408 | ||||||||||
Celanese US Holdings LLC, | ||||||||||||
3.500%, 05/08/2024 | ||||||||||||
(Callable 04/08/2024) | 10,640,000 | 10,511,118 | ||||||||||
Cellnex Finance Co., | ||||||||||||
3.875%, 07/07/2041 | ||||||||||||
(Callable 04/07/2041)(1)(2) | 37,184,000 | 25,463,975 | ||||||||||
Celulosa Arauco y Constitucion SA, | ||||||||||||
3.875%, 11/02/2027 | ||||||||||||
(Callable 08/02/2027)(1) | 12,000,000 | 11,025,000 | ||||||||||
CF Industries, Inc., | ||||||||||||
5.150%, 03/15/2034 | 3,000,000 | 2,927,848 | ||||||||||
Charter Communications Operating LLC: | ||||||||||||
4.908%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 54,750,000 | 54,877,020 | ||||||||||
3.750%, 02/15/2028 | ||||||||||||
(Callable 11/15/2027) | 5,000,000 | 4,617,293 | ||||||||||
5.050%, 03/30/2029 | ||||||||||||
(Callable 12/30/2028) | 36,857,000 | 35,473,403 | ||||||||||
2.300%, 02/01/2032 | ||||||||||||
(Callable 11/01/2031) | 15,525,000 | 11,746,651 | ||||||||||
6.384%, 10/23/2035 | ||||||||||||
(Callable 04/23/2035) | 37,906,000 | 38,122,577 | ||||||||||
3.500%, 06/01/2041 | ||||||||||||
(Callable 12/01/2040) | 22,225,000 | 15,555,289 | ||||||||||
3.500%, 03/01/2042 | ||||||||||||
(Callable 09/01/2041) | 11,050,000 | 7,668,048 | ||||||||||
4.400%, 12/01/2061 | ||||||||||||
(Callable 06/01/2061) | 24,375,000 | 17,530,697 | ||||||||||
Cheniere Corpus Christi Holdings LLC: | ||||||||||||
7.000%, 06/30/2024 | ||||||||||||
(Callable 01/01/2024) | 4,000,000 | 4,144,804 | ||||||||||
5.875%, 03/31/2025 | ||||||||||||
(Callable 10/02/2024) | 5,646,000 | 5,780,765 | ||||||||||
5.125%, 06/30/2027 | ||||||||||||
(Callable 01/01/2027) | 30,119,000 | 30,229,985 | ||||||||||
3.700%, 11/15/2029 | ||||||||||||
(Callable 05/18/2029) | 13,723,000 | 12,552,455 | ||||||||||
2.742%, 12/31/2039 | ||||||||||||
(Callable 07/04/2039) | 15,000,000 | 11,837,573 | ||||||||||
Church & Dwight Co., Inc., | ||||||||||||
5.000%, 06/15/2052 | ||||||||||||
(Callable 12/15/2051) | 6,725,000 | 6,874,982 | ||||||||||
Cia Cervecerias Unidas SA, | ||||||||||||
3.350%, 01/19/2032 | ||||||||||||
(Callable 10/19/2031)(1)(2) | 25,000,000 | 21,260,000 | ||||||||||
Cigna Corp.: | ||||||||||||
3.000%, 07/15/2023 | ||||||||||||
(Callable 05/16/2023) | 5,512,000 | 5,470,632 | ||||||||||
3.500%, 06/15/2024 | ||||||||||||
(Callable 03/17/2024) | 9,000,000 | 8,943,452 | ||||||||||
4.125%, 11/15/2025 | ||||||||||||
(Callable 09/15/2025) | 3,190,000 | 3,193,497 | ||||||||||
4.500%, 02/25/2026 | ||||||||||||
(Callable 11/27/2025) | 9,810,000 | 9,907,926 | ||||||||||
2.400%, 03/15/2030 | ||||||||||||
(Callable 12/15/2029) | 15,000,000 | 12,917,154 | ||||||||||
4.800%, 08/15/2038 | ||||||||||||
(Callable 02/15/2038) | 5,000,000 | 4,863,385 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
1.950%, 07/02/2023(1) | 22,275,000 | 21,770,038 | ||||||||||
4.200%, 01/15/2024(1) | 2,450,000 | 2,451,636 | ||||||||||
1.875%, 01/15/2026 | ||||||||||||
(Callable 12/15/2025)(1) | 20,000,000 | 18,127,673 | ||||||||||
CNH Industrial NV, | ||||||||||||
3.850%, 11/15/2027 | ||||||||||||
(Callable 08/15/2027)(1) | 23,656,000 | 22,273,240 | ||||||||||
Columbia Pipeline Group, Inc.: | ||||||||||||
4.500%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025)(1) | 6,199,000 | 6,250,029 | ||||||||||
5.800%, 06/01/2045 | ||||||||||||
(Callable 12/01/2044)(1) | 10,776,000 | 11,061,889 | ||||||||||
Comcast Corp.: | ||||||||||||
3.300%, 04/01/2027 | ||||||||||||
(Callable 02/01/2027) | 9,125,000 | 8,840,898 | ||||||||||
3.200%, 07/15/2036 | ||||||||||||
(Callable 01/15/2036) | �� | 6,000,000 | 5,080,219 | |||||||||
3.969%, 11/01/2047 | ||||||||||||
(Callable 05/01/2047) | 8,622,000 | 7,455,615 | ||||||||||
2.987%, 11/01/2063 | ||||||||||||
(Callable 05/01/2063) | 14,646,000 | 9,989,640 | ||||||||||
CommonSpirit Health, | ||||||||||||
3.347%, 10/01/2029 | ||||||||||||
(Callable 04/01/2029) | 17,635,000 | 16,277,710 | ||||||||||
Conagra Brands, Inc.: | ||||||||||||
7.125%, 10/01/2026 | 6,441,000 | 7,062,876 | ||||||||||
7.000%, 10/01/2028 | 4,300,000 | 4,644,600 | ||||||||||
5.300%, 11/01/2038 | ||||||||||||
(Callable 05/01/2038) | 5,000,000 | 4,714,150 | ||||||||||
Corning, Inc., | ||||||||||||
4.375%, 11/15/2057 | ||||||||||||
(Callable 05/15/2057) | 9,000,000 | 7,363,157 | ||||||||||
Cox Communications, Inc.: | ||||||||||||
3.850%, 02/01/2025 | ||||||||||||
(Callable 11/01/2024)(2) | 4,725,000 | 4,668,335 | ||||||||||
3.350%, 09/15/2026 | ||||||||||||
(Callable 06/15/2026)(2) | 25,300,000 | 24,186,812 | ||||||||||
4.800%, 02/01/2035 | ||||||||||||
(Callable 08/01/2034)(2) | 14,000,000 | 13,284,694 | ||||||||||
3.600%, 06/15/2051 | ||||||||||||
(Callable 12/15/2050)(2) | 21,000,000 | 15,790,890 | ||||||||||
CSL Finance PLC: | ||||||||||||
4.050%, 04/27/2029 | ||||||||||||
(Callable 02/27/2029)(1)(2) | 7,500,000 | 7,362,900 | ||||||||||
4.750%, 04/27/2052 | ||||||||||||
(Callable 10/27/2051)(1)(2) | 5,000,000 | 4,776,901 | ||||||||||
CSX Corp., | ||||||||||||
4.650%, 03/01/2068 | ||||||||||||
(Callable 09/01/2067) | 9,000,000 | 8,128,306 | ||||||||||
CVS Health Corp.: | ||||||||||||
3.625%, 04/01/2027 | ||||||||||||
(Callable 02/01/2027) | 3,000,000 | 2,922,402 | ||||||||||
3.250%, 08/15/2029 | ||||||||||||
(Callable 05/15/2029) | 8,000,000 | 7,302,895 | ||||||||||
4.780%, 03/25/2038 | ||||||||||||
(Callable 09/25/2037) | 40,059,000 | 37,918,068 | ||||||||||
2.700%, 08/21/2040 | ||||||||||||
(Callable 02/21/2040) | 5,000,000 | 3,609,847 | ||||||||||
5.125%, 07/20/2045 | ||||||||||||
(Callable 01/20/2045) | 44,155,000 | 42,531,082 | ||||||||||
5.050%, 03/25/2048 | ||||||||||||
(Callable 09/25/2047) | 37,300,000 | 35,705,352 |
The accompanying notes are an integral part of these financial statements.
Page 45
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Danone SA, | ||||||||||||
2.589%, 11/02/2023 | ||||||||||||
(Callable 09/02/2023)(1)(2) | $ | 19,600,000 | $ | 19,367,302 | ||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | ||||||||||||
(Callable 04/15/2023) | 3,973,000 | 4,013,142 | ||||||||||
6.020%, 06/15/2026 | ||||||||||||
(Callable 03/15/2026) | 80,596,000 | 83,655,169 | ||||||||||
6.100%, 07/15/2027 | ||||||||||||
(Callable 05/15/2027) | 5,580,000 | 5,850,392 | ||||||||||
Dentsply Sirona, | ||||||||||||
3.250%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 27,000,000 | 22,789,035 | ||||||||||
Deutsche Telekom | ||||||||||||
International Finance BV, | ||||||||||||
8.750%, 06/15/2030(1) | 8,661,000 | 10,678,352 | ||||||||||
Dignity Health, | ||||||||||||
5.267%, 11/01/2064 | 2,921,000 | 2,843,796 | ||||||||||
Dollar General Corp., | ||||||||||||
3.500%, 04/03/2030 | ||||||||||||
(Callable 01/03/2030) | 7,000,000 | 6,441,358 | ||||||||||
DuPont de Nemours, Inc.: | ||||||||||||
4.493%, 11/15/2025 | ||||||||||||
(Callable 09/15/2025) | 10,000,000 | 10,068,080 | ||||||||||
5.319%, 11/15/2038 | ||||||||||||
(Callable 05/15/2038) | 29,000,000 | 28,706,296 | ||||||||||
DXC Technology Co.: | ||||||||||||
1.800%, 09/15/2026 | ||||||||||||
(Callable 08/15/2026) | 29,000,000 | 26,059,401 | ||||||||||
2.375%, 09/15/2028 | ||||||||||||
(Callable 07/15/2028) | 65,000,000 | 55,929,241 | ||||||||||
Eagle Materials, Inc., | ||||||||||||
2.500%, 07/01/2031 | ||||||||||||
(Callable 04/01/2031) | 8,700,000 | 6,871,216 | ||||||||||
Eastern Gas Transmission | ||||||||||||
and Storage, Inc.: | ||||||||||||
4.800%, 11/01/2043 | ||||||||||||
(Callable 05/01/2043)(2) | 4,017,000 | 3,756,354 | ||||||||||
4.600%, 12/15/2044 | ||||||||||||
(Callable 06/15/2044)(2) | 3,674,000 | 3,367,216 | ||||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | ||||||||||||
(Callable 02/04/2023) | 4,000,000 | 3,975,625 | ||||||||||
Element Fleet Management Corp., | ||||||||||||
3.850%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025)(1)(2) | 18,492,000 | 18,163,235 | ||||||||||
Enbridge Energy Partners LP: | ||||||||||||
7.500%, 04/15/2038(1) | 4,500,000 | 5,280,309 | ||||||||||
7.375%, 10/15/2045 | ||||||||||||
(Callable 04/15/2045)(1) | 20,000,000 | 23,823,511 | ||||||||||
Energy Transfer LP: | ||||||||||||
3.900%, 05/15/2024 | ||||||||||||
(Callable 02/15/2024) | 5,000,000 | 4,961,168 | ||||||||||
3.900%, 07/15/2026 | ||||||||||||
(Callable 04/15/2026) | 10,000,000 | 9,608,780 | ||||||||||
5.500%, 06/01/2027 | ||||||||||||
(Callable 03/01/2027) | 7,019,000 | 7,124,358 | ||||||||||
4.000%, 10/01/2027 | ||||||||||||
(Callable 07/01/2027) | 2,000,000 | 1,892,885 | ||||||||||
5.250%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029) | 22,666,000 | 22,449,689 | ||||||||||
3.750%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 2,775,000 | 2,500,882 | ||||||||||
4.900%, 03/15/2035 | ||||||||||||
(Callable 09/15/2034) | 4,550,000 | 4,080,782 | ||||||||||
6.625%, 10/15/2036 | 6,460,000 | 6,484,968 | ||||||||||
5.800%, 06/15/2038 | ||||||||||||
(Callable 12/15/2037) | 7,797,000 | 7,303,279 | ||||||||||
7.500%, 07/01/2038 | 8,947,000 | 9,583,415 | ||||||||||
6.050%, 06/01/2041 | ||||||||||||
(Callable 12/01/2040) | 1,611,000 | 1,546,964 | ||||||||||
6.500%, 02/01/2042 | ||||||||||||
(Callable 08/01/2041) | 7,603,000 | 7,577,645 | ||||||||||
5.950%, 10/01/2043 | ||||||||||||
(Callable 04/01/2043) | 3,550,000 | 3,307,645 | ||||||||||
6.125%, 12/15/2045 | ||||||||||||
(Callable 06/15/2045) | 5,797,000 | 5,529,046 | ||||||||||
5.400%, 10/01/2047 | ||||||||||||
(Callable 04/01/2047) | 7,425,000 | 6,514,502 | ||||||||||
6.000%, 06/15/2048 | ||||||||||||
(Callable 12/15/2047) | 10,000,000 | 9,394,086 | ||||||||||
6.250%, 04/15/2049 | ||||||||||||
(Callable 10/15/2048) | 3,850,000 | 3,731,866 | ||||||||||
Energy Transfer Partners LP, | ||||||||||||
4.050%, 03/15/2025 | ||||||||||||
(Callable 12/15/2024) | 21,190,000 | 20,870,792 | ||||||||||
Eni SpA, | ||||||||||||
4.250%, 05/09/2029 | ||||||||||||
(Callable 02/09/2029)(1)(2) | 18,250,000 | 17,819,944 | ||||||||||
Enterprise Products Operating LLC: | ||||||||||||
5.750%, 03/01/2035 | 4,930,000 | 4,957,882 | ||||||||||
3.200%, 02/15/2052 | ||||||||||||
(Callable 08/15/2051) | 30,725,000 | 22,063,632 | ||||||||||
EQT Midstream Partners LP: | ||||||||||||
4.000%, 08/01/2024 | ||||||||||||
(Callable 05/01/2024) | 1,123,000 | 1,042,470 | ||||||||||
4.125%, 12/01/2026 | ||||||||||||
(Callable 09/01/2026) | 10,000,000 | 8,637,500 | ||||||||||
Equinix, Inc.: | ||||||||||||
3.200%, 11/18/2029 | ||||||||||||
(Callable 08/18/2029) | 2,000,000 | 1,776,675 | ||||||||||
2.150%, 07/15/2030 | ||||||||||||
(Callable 04/15/2030) | 7,675,000 | 6,209,045 | ||||||||||
ERAC USA Finance LLC, | ||||||||||||
3.300%, 12/01/2026 | ||||||||||||
(Callable 09/01/2026)(2) | 20,225,000 | 19,137,995 | ||||||||||
Exxon Mobil Corp., | ||||||||||||
2.992%, 03/19/2025 | ||||||||||||
(Callable 02/19/2025) | 33,700,000 | 33,180,174 | ||||||||||
FedEx Corp., | ||||||||||||
4.950%, 10/17/2048 | ||||||||||||
(Callable 04/17/2048) | 15,000,000 | 14,281,655 | ||||||||||
Ferguson Finance PLC: | ||||||||||||
4.500%, 10/24/2028 | ||||||||||||
(Callable 07/24/2028)(2) | 34,125,000 | 33,142,506 | ||||||||||
3.250%, 06/02/2030 | ||||||||||||
(Callable 03/02/2030)(2) | 28,100,000 | 24,318,796 | ||||||||||
4.650%, 04/20/2032 | ||||||||||||
(Callable 01/20/2032)(2) | 28,125,000 | 26,518,908 | ||||||||||
Fidelity National | ||||||||||||
Information Services, Inc.: | ||||||||||||
3.100%, 03/01/2041 | ||||||||||||
(Callable 09/01/2040) | 7,100,000 | 5,180,885 | ||||||||||
4.500%, 08/15/2046 | ||||||||||||
(Callable 02/15/2046) | 23,740,000 | 20,924,234 |
The accompanying notes are an integral part of these financial statements.
Page 46
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Fiserv, Inc.: | ||||||||||||
3.500%, 10/01/2022 | ||||||||||||
(Callable 07/01/2022) | $ | 5,410,000 | $ | 5,410,000 | ||||||||
3.200%, 07/01/2026 | ||||||||||||
(Callable 05/01/2026) | 11,650,000 | 11,031,188 | ||||||||||
4.200%, 10/01/2028 | ||||||||||||
(Callable 07/01/2028) | 5,000,000 | 4,817,263 | ||||||||||
2.650%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 28,900,000 | 24,477,966 | ||||||||||
4.400%, 07/01/2049 | ||||||||||||
(Callable 01/01/2049) | 11,000,000 | 9,453,529 | ||||||||||
Flex Intermediate Holdco LLC, | ||||||||||||
3.363%, 06/30/2031 | ||||||||||||
(Callable 12/30/2030)(2) | 16,000,000 | 13,064,361 | ||||||||||
Flex Ltd.: | ||||||||||||
3.750%, 02/01/2026 | ||||||||||||
(Callable 01/01/2026) | 15,000,000 | 14,352,611 | ||||||||||
4.875%, 06/15/2029 | ||||||||||||
(Callable 03/15/2029) | 30,627,000 | 29,495,704 | ||||||||||
4.875%, 05/12/2030 | ||||||||||||
(Callable 02/12/2030) | 14,334,000 | 13,643,633 | ||||||||||
FLIR Systems, Inc., | ||||||||||||
2.500%, 08/01/2030 | ||||||||||||
(Callable 05/01/2030) | 7,000,000 | 5,800,351 | ||||||||||
Florida Gas Transmission Co. LLC, | ||||||||||||
2.550%, 07/01/2030 | ||||||||||||
(Callable 04/01/2030(2) | 18,500,000 | 15,678,594 | ||||||||||
Flowserve Corp., | ||||||||||||
2.800%, 01/15/2032 | ||||||||||||
(Callable 10/15/2031) | 9,625,000 | 7,580,831 | ||||||||||
FMC Corp.: | ||||||||||||
4.100%, 02/01/2024 | ||||||||||||
(Callable 11/01/2023) | 46,920,000 | 46,991,878 | ||||||||||
3.200%, 10/01/2026 | ||||||||||||
(Callable 08/01/2026) | 5,000,000 | 4,761,567 | ||||||||||
Fomento Economico | ||||||||||||
Mexicano SAB de CV: | ||||||||||||
2.875%, 05/10/2023(1) | 5,000,000 | 4,933,350 | ||||||||||
4.375%, 05/10/2043(1) | 1,874,000 | 1,672,409 | ||||||||||
3.500%, 01/16/2050 | ||||||||||||
(Callable 07/16/2049)(1) | 42,509,000 | 33,162,971 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
2.979%, 08/03/2022 | ||||||||||||
(Callable 07/03/2022) | 34,690,000 | 34,690,000 | ||||||||||
5.584%, 03/18/2024 | ||||||||||||
(Callable 02/18/2024) | 9,350,000 | 9,303,250 | ||||||||||
3.664%, 09/08/2024 | 5,565,000 | 5,261,958 | ||||||||||
Fortune Brands Home & Security, Inc., | ||||||||||||
3.250%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 15,000,000 | 12,979,914 | ||||||||||
Freeport-McMoRan, Inc.: | ||||||||||||
4.250%, 03/01/2030 | ||||||||||||
(Callable 03/01/2025) | 8,000,000 | 7,279,511 | ||||||||||
4.625%, 08/01/2030 | ||||||||||||
(Callable 08/01/2025) | 5,000,000 | 4,638,900 | ||||||||||
5.450%, 03/15/2043 | ||||||||||||
(Callable 09/15/2042) | 8,750,000 | 8,094,188 | ||||||||||
Fresenius Medical Care | ||||||||||||
US Finance II, Inc., | ||||||||||||
4.750%, 10/15/2024 | ||||||||||||
(Callable 07/17/2024)(1)(2) | 14,530,000 | 14,543,539 | ||||||||||
Fresenius Medical | ||||||||||||
Care US Finance III, Inc.: | ||||||||||||
1.875%, 12/01/2026 | ||||||||||||
(Callable 11/01/2026)(1)(2) | 4,200,000 | 3,617,184 | ||||||||||
3.750%, 06/15/2029 | ||||||||||||
(Callable 03/15/2029)(1)(2) | 24,200,000 | 21,849,515 | ||||||||||
2.375%, 02/16/2031 | ||||||||||||
(Callable 11/16/2030)(1)(2) | 25,000,000 | 19,763,921 | ||||||||||
3.000%, 12/01/2031 | ||||||||||||
(Callable 09/01/2031)(1)(2) | 10,000,000 | 8,140,412 | ||||||||||
GE Capital Funding LLC, | ||||||||||||
4.550%, 05/15/2032 | ||||||||||||
(Callable 02/15/2032) | 20,000,000 | 19,290,853 | ||||||||||
GE Capital International Funding | ||||||||||||
Co. Unlimited Co., | ||||||||||||
4.418%, 11/15/2035 | 36,023,000 | 33,645,309 | ||||||||||
General Motors Co., | ||||||||||||
6.125%, 10/01/2025 | ||||||||||||
(Callable 09/01/2025) | 21,479,000 | 22,203,669 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
1.700%, 08/18/2023 | 40,500,000 | 39,486,756 | ||||||||||
5.100%, 01/17/2024 | ||||||||||||
(Callable 12/17/2023) | 33,000,000 | 33,328,171 | ||||||||||
2.900%, 02/26/2025 | ||||||||||||
(Callable 01/26/2025) | 13,000,000 | 12,406,509 | ||||||||||
1.250%, 01/08/2026 | ||||||||||||
(Callable 12/08/2025) | 19,000,000 | 16,730,999 | ||||||||||
2.350%, 02/26/2027 | ||||||||||||
(Callable 01/26/2027) | 11,000,000 | 9,688,753 | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.375%, 12/01/2024 | ||||||||||||
(Callable 11/01/2024) | 59,575,000 | 58,442,501 | ||||||||||
Genpact Luxembourg SARL, | ||||||||||||
1.750%, 04/10/2026 | ||||||||||||
(Callable 03/10/2026) | 25,000,000 | 22,755,795 | ||||||||||
Gilead Sciences, Inc., | ||||||||||||
4.600%, 09/01/2035 | ||||||||||||
(Callable 03/01/2035) | 4,600,000 | 4,558,154 | ||||||||||
Glencore Finance (Canada) Ltd., | ||||||||||||
5.550%, 10/25/2042(1)(2) | 5,000,000 | 4,738,450 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 3,691,000 | 3,678,414 | ||||||||||
4.625%, 04/29/2024(1)(2) | 35,620,000 | 35,630,653 | ||||||||||
4.000%, 04/16/2025(1)(2) | 4,450,000 | 4,395,047 | ||||||||||
4.000%, 03/27/2027 | ||||||||||||
(Callable 12/27/2026)(1)(2) | 25,550,000 | 24,567,708 | ||||||||||
3.875%, 10/27/2027 | ||||||||||||
(Callable 07/27/2027)(1)(2) | 2,000,000 | 1,891,197 | ||||||||||
4.875%, 03/12/2029 | ||||||||||||
(Callable 12/12/2028)(1)(2) | 11,000,000 | 10,697,967 | ||||||||||
2.500%, 09/01/2030 | ||||||||||||
(Callable 06/01/2030)(1)(2) | 61,437,000 | 50,048,018 | ||||||||||
3.875%, 04/27/2051 | ||||||||||||
(Callable 10/27/2050)(1)(2) | 6,000,000 | 4,495,284 | ||||||||||
3.375%, 09/23/2051 | ||||||||||||
(Callable 03/23/2051)(1)(2) | 6,000,000 | 4,090,366 | ||||||||||
Global Payments, Inc.: | ||||||||||||
4.000%, 06/01/2023 | ||||||||||||
(Callable 05/01/2023) | 19,700,000 | 19,665,968 | ||||||||||
4.800%, 04/01/2026 | ||||||||||||
(Callable 01/01/2026) | 13,830,000 | 13,829,402 | ||||||||||
3.200%, 08/15/2029 | ||||||||||||
(Callable 05/15/2029) | 7,500,000 | 6,554,126 | ||||||||||
2.900%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 14,467,000 | 12,207,037 |
The accompanying notes are an integral part of these financial statements.
Page 47
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Grupo Bimbo SAB de CV: | ||||||||||||
3.875%, 06/27/2024(1)(2) | $ | 18,220,000 | $ | 18,000,631 | ||||||||
4.875%, 06/27/2044(1)(2) | 8,250,000 | 7,576,290 | ||||||||||
4.700%, 11/10/2047 | ||||||||||||
(Callable 05/10/2047)(1)(2) | 25,000,000 | 22,925,709 | ||||||||||
4.000%, 09/06/2049(1)(2) | 7,300,000 | 5,913,241 | ||||||||||
Gulfstream Natural Gas System LLC, | ||||||||||||
4.600%, 09/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 5,000,000 | 4,999,076 | ||||||||||
HCA, Inc.: | ||||||||||||
5.250%, 04/15/2025 | 30,686,000 | 30,733,737 | ||||||||||
4.500%, 02/15/2027 | ||||||||||||
(Callable 08/15/2026) | 15,000,000 | 14,421,040 | ||||||||||
4.125%, 06/15/2029 | ||||||||||||
(Callable 03/15/2029) | 15,000,000 | 13,676,781 | ||||||||||
3.625%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(2) | 16,000,000 | 13,497,638 | ||||||||||
4.625%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051)(2) | 20,000,000 | 16,001,237 | ||||||||||
Hewlett Packard Enterprise Co., | ||||||||||||
4.400%, 10/15/2022 | ||||||||||||
(Callable 08/15/2022) | 15,150,000 | 15,178,174 | ||||||||||
HP, Inc.: | ||||||||||||
2.200%, 06/17/2025 | ||||||||||||
(Callable 05/17/2025) | 15,000,000 | 14,175,234 | ||||||||||
3.000%, 06/17/2027 | ||||||||||||
(Callable 04/17/2027) | 35,000,000 | 32,358,905 | ||||||||||
Hubbell, Inc., | ||||||||||||
3.150%, 08/15/2027 | ||||||||||||
(Callable 05/15/2027) | 11,700,000 | 11,045,417 | ||||||||||
Huntington Ingalls Industries, Inc., | ||||||||||||
2.043%, 08/16/2028 | ||||||||||||
(Callable 06/16/2028) | 35,513,000 | 30,289,169 | ||||||||||
Husky Energy, Inc., | ||||||||||||
4.400%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029)(1) | 20,000,000 | 19,269,952 | ||||||||||
Hutchison Whampoa International Ltd., | ||||||||||||
3.625%, 10/31/2024(1)(2) | 7,850,000 | 7,855,495 | ||||||||||
Hyundai Capital America: | ||||||||||||
0.800%, 04/03/2023(1)(2) | 33,750,000 | 32,928,040 | ||||||||||
1.250%, 09/18/2023(1)(2) | 14,000,000 | 13,563,890 | ||||||||||
3.400%, 06/20/2024(1)(2) | 19,025,000 | 18,661,926 | ||||||||||
1.800%, 10/15/2025 | ||||||||||||
(Callable 09/15/2025)(1)(2) | 3,000,000 | 2,743,745 | ||||||||||
1.300%, 01/08/2026 | ||||||||||||
(Callable 12/08/2025)(1)(2) | 10,000,000 | 8,875,208 | ||||||||||
1.650%, 09/17/2026 | ||||||||||||
(Callable 08/17/2026)(1)(2) | 22,550,000 | 19,885,189 | ||||||||||
Infor, Inc., | ||||||||||||
1.750%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025(2) | 17,375,000 | 16,070,817 | ||||||||||
Ingersoll-Rand Luxembourg Finance SA, | ||||||||||||
4.500%, 03/21/2049 | ||||||||||||
(Callable 09/21/2048) | 10,000,000 | 8,917,948 | ||||||||||
Ingredion, Inc., | ||||||||||||
2.900%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 26,775,000 | 23,204,397 | ||||||||||
International Business Machines Corp., | ||||||||||||
4.150%, 05/15/2039 | 11,325,000 | 10,217,978 | ||||||||||
International Flavors & Fragrances, Inc., | ||||||||||||
1.832%, 10/15/2027 | ||||||||||||
(Callable 08/15/2027)(2) | 10,000,000 | 8,615,159 | ||||||||||
JAB Holdings BV: | ||||||||||||
2.200%, 11/23/2030 | ||||||||||||
(Callable 08/23/2030)(1)(2) | 18,925,000 | 14,919,113 | ||||||||||
4.500%, 04/08/2052 | ||||||||||||
(Callable 10/08/2051)(1)(2) | 20,750,000 | 16,010,358 | ||||||||||
JBS USA Lux SA / JBS USA Food Co. / | ||||||||||||
JBS USA Finance, Inc.: | ||||||||||||
3.000%, 02/02/2029 | ||||||||||||
(Callable 12/02/2028)(2) | 10,000,000 | 8,447,033 | ||||||||||
3.000%, 05/15/2032 | ||||||||||||
(Callable 02/15/2032)(2) | 18,525,000 | 14,226,474 | ||||||||||
JBS USA LUX SA / JBS USA Food Co. / | ||||||||||||
JBS USA Finance, Inc., | ||||||||||||
5.750%, 04/01/2033 | ||||||||||||
(Callable 01/01/2033)(2) | 13,475,000 | 12,832,108 | ||||||||||
JM Smucker Co.: | ||||||||||||
3.500%, 03/15/2025 | 5,000,000 | 4,941,178 | ||||||||||
2.375%, 03/15/2030 | ||||||||||||
(Callable 12/15/2029) | 9,125,000 | 7,740,144 | ||||||||||
Johnson Controls International PLC: | ||||||||||||
3.900%, 02/14/2026 | ||||||||||||
(Callable 11/14/2025) | 3,645,000 | 3,619,242 | ||||||||||
6.000%, 01/15/2036 | 892,000 | 973,060 | ||||||||||
4.500%, 02/15/2047 | ||||||||||||
(Callable 08/15/2046) | 4,400,000 | 3,849,322 | ||||||||||
4.950%, 07/02/2064 | ||||||||||||
(Callable 01/02/2064)(7) | 4,029,000 | 3,571,158 | ||||||||||
Kansas City Southern: | ||||||||||||
4.700%, 05/01/2048 | ||||||||||||
(Callable 11/01/2047)(1) | 10,075,000 | 9,495,890 | ||||||||||
3.500%, 05/01/2050 | ||||||||||||
(Callable 11/01/2049)(1) | 12,000,000 | 9,361,061 | ||||||||||
Kellogg Co., | ||||||||||||
2.100%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 20,000,000 | 16,639,801 | ||||||||||
Keurig Dr Pepper, Inc., | ||||||||||||
3.950%, 04/15/2029 | ||||||||||||
(Callable 02/15/2029) | 17,650,000 | 16,837,877 | ||||||||||
Keysight Technologies, Inc., | ||||||||||||
4.600%, 04/06/2027 | ||||||||||||
(Callable 01/06/2027) | 36,562,000 | 36,720,839 | ||||||||||
Kimberly-Clark de Mexico SAB de CV, | ||||||||||||
2.431%, 07/01/2031 | ||||||||||||
(Callable 04/01/2031)(1)(2) | 10,000,000 | 8,308,000 | ||||||||||
Kinder Morgan Energy Partners LP: | ||||||||||||
4.300%, 05/01/2024 | ||||||||||||
(Callable 02/01/2024) | 10,000,000 | 10,020,198 | ||||||||||
7.300%, 08/15/2033 | 8,103,000 | 9,018,806 | ||||||||||
5.800%, 03/15/2035 | 2,150,000 | 2,168,747 | ||||||||||
6.500%, 02/01/2037 | 6,400,000 | 6,800,002 | ||||||||||
6.950%, 01/15/2038 | 14,008,000 | 15,082,773 | ||||||||||
6.500%, 09/01/2039 | 5,359,000 | 5,522,343 | ||||||||||
7.500%, 11/15/2040 | 7,917,000 | 8,894,267 | ||||||||||
Kinder Morgan, Inc.: | ||||||||||||
5.625%, 11/15/2023 | ||||||||||||
(Callable 08/15/2023)(2) | 5,017,000 | 5,108,201 | ||||||||||
8.050%, 10/15/2030 | 3,670,000 | 4,205,626 | ||||||||||
7.800%, 08/01/2031 | 16,745,000 | 19,454,819 | ||||||||||
7.750%, 01/15/2032 | 44,035,000 | 51,378,686 | ||||||||||
Kinross Gold Corp., | ||||||||||||
6.875%, 09/01/2041 | ||||||||||||
(Callable 03/01/2041)(1) | 3,000,000 | 3,031,120 |
The accompanying notes are an integral part of these financial statements.
Page 48
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Kraft Heinz Foods Co.: | ||||||||||||
3.000%, 06/01/2026 | ||||||||||||
(Callable 03/01/2026) | $ | 9,249,000 | $ | 8,713,455 | ||||||||
5.000%, 07/15/2035 | ||||||||||||
(Callable 01/15/2035) | 10,613,000 | 10,273,762 | ||||||||||
7.125%, 08/01/2039(2) | 1,425,000 | 1,596,305 | ||||||||||
Kyndryl Holdings, Inc., | ||||||||||||
2.700%, 10/15/2028 | ||||||||||||
(Callable 08/15/2028)(2) | 35,000,000 | 27,874,169 | ||||||||||
L3Harris Technologies, Inc., | ||||||||||||
3.832%, 04/27/2025 | ||||||||||||
(Callable 01/27/2025) | 5,000,000 | 4,958,620 | ||||||||||
Lafarge SA, | ||||||||||||
7.125%, 07/15/2036(1) | 13,596,000 | 16,208,510 | ||||||||||
Leidos, Inc.: | ||||||||||||
3.625%, 05/15/2025 | ||||||||||||
(Callable 04/15/2025) | 12,925,000 | 12,651,901 | ||||||||||
4.375%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 47,279,000 | 43,731,669 | ||||||||||
2.300%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030) | 8,175,000 | 6,512,629 | ||||||||||
Lennox International, Inc., | ||||||||||||
3.000%, 11/15/2023 | ||||||||||||
(Callable 09/15/2023) | 5,930,000 | 5,866,837 | ||||||||||
Lundin Energy Finance BV, | ||||||||||||
2.000%, 07/15/2026 | ||||||||||||
(Callable 06/15/2026)(1)(2) | 16,875,000 | 15,072,176 | ||||||||||
LYB International Finance III LLC, | ||||||||||||
2.250%, 10/01/2030 | ||||||||||||
(Callable 07/01/2030) | 5,925,000 | 4,885,877 | ||||||||||
Magallanes, Inc.: | ||||||||||||
4.054%, 03/15/2029 | ||||||||||||
(Callable 01/15/2029)(2) | 5,000,000 | 4,579,883 | ||||||||||
4.279%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(2) | 5,000,000 | 4,468,712 | ||||||||||
5.141%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051)(2) | 5,000,000 | 4,196,750 | ||||||||||
Magellan Midstream Partners LP: | ||||||||||||
3.200%, 03/15/2025 | ||||||||||||
(Callable 12/15/2024) | 5,000,000 | 4,864,382 | ||||||||||
3.950%, 03/01/2050 | ||||||||||||
(Callable 09/01/2049) | 5,100,000 | 4,022,465 | ||||||||||
Marathon Petroleum Corp.: | ||||||||||||
3.625%, 09/15/2024 | ||||||||||||
(Callable 06/15/2024) | 1,600,000 | 1,582,958 | ||||||||||
4.750%, 09/15/2044 | ||||||||||||
(Callable 03/15/2044) | 1,500,000 | 1,321,469 | ||||||||||
Marshfield Clinic Health System, Inc., | ||||||||||||
2.703%, 02/15/2030 (Callable | ||||||||||||
08/15/2029) (Insured by AGM) | 23,125,000 | 19,964,281 | ||||||||||
Martin Marietta Materials, Inc.: | ||||||||||||
2.500%, 03/15/2030 | ||||||||||||
(Callable 12/15/2029) | 6,200,000 | 5,229,962 | ||||||||||
6.250%, 05/01/2037 | 893,000 | 953,216 | ||||||||||
McDonald’s Corp., | ||||||||||||
3.300%, 07/01/2025 | ||||||||||||
(Callable 06/01/2025) | 3,000,000 | 2,980,194 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
4.333%, 06/01/2023 | ||||||||||||
(Callable 05/01/2023) | 16,455,000 | 16,463,804 | ||||||||||
0.972%, 02/15/2024 | 10,000,000 | 9,494,653 | ||||||||||
Microsoft Corp.: | ||||||||||||
2.921%, 03/17/2052 | ||||||||||||
(Callable 09/17/2051) | 3,125,000 | 2,465,045 | ||||||||||
3.950%, 08/08/2056 | ||||||||||||
(Callable 02/08/2056) | 9,903,000 | 9,304,195 | ||||||||||
2.675%, 06/01/2060 | ||||||||||||
(Callable 12/01/2059) | 2,097,000 | 1,503,459 | ||||||||||
Midwest Connector Capital Co. LLC, | ||||||||||||
4.625%, 04/01/2029 | ||||||||||||
(Callable 01/01/2029)(2) | 11,300,000 | 10,656,816 | ||||||||||
Mohawk Industries, Inc., | ||||||||||||
3.625%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 10,000,000 | 8,923,065 | ||||||||||
Molex Electronic Technologies LLC, | ||||||||||||
3.900%, 04/15/2025 | ||||||||||||
(Callable 01/15/2025)(2) | 9,365,000 | 9,230,660 | ||||||||||
Molson Coors Beverage Co., | ||||||||||||
3.000%, 07/15/2026 | ||||||||||||
(Callable 04/15/2026) | 9,889,000 | 9,288,298 | ||||||||||
Mosaic Co.: | ||||||||||||
4.250%, 11/15/2023 | ||||||||||||
(Callable 08/15/2023) | 36,878,000 | 37,134,446 | ||||||||||
5.450%, 11/15/2033 | ||||||||||||
(Callable 05/15/2033) | 2,000,000 | 2,060,281 | ||||||||||
4.875%, 11/15/2041 | ||||||||||||
(Callable 05/15/2041) | 5,000,000 | 4,570,495 | ||||||||||
MPLX LP: | ||||||||||||
4.500%, 07/15/2023 | ||||||||||||
(Callable 04/15/2023) | 18,255,000 | 18,306,896 | ||||||||||
4.000%, 02/15/2025 | ||||||||||||
(Callable 11/15/2024) | 6,000,000 | 5,919,924 | ||||||||||
4.875%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025) | 18,665,000 | 18,753,769 | ||||||||||
1.750%, 03/01/2026 | ||||||||||||
(Callable 02/01/2026) | 17,125,000 | 15,418,319 | ||||||||||
4.125%, 03/01/2027 | ||||||||||||
(Callable 12/01/2026) | 11,700,000 | 11,311,781 | ||||||||||
2.650%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030) | 22,125,000 | 18,468,555 | ||||||||||
4.500%, 04/15/2038 | ||||||||||||
(Callable 10/15/2037) | 8,725,000 | 7,649,819 | ||||||||||
Mylan NV, | ||||||||||||
3.950%, 06/15/2026 | ||||||||||||
(Callable 03/15/2026) | 32,400,000 | 30,523,804 | ||||||||||
Mylan, Inc.: | ||||||||||||
3.125%, 01/15/2023(2) | 5,000,000 | 4,969,596 | ||||||||||
4.550%, 04/15/2028 | ||||||||||||
(Callable 01/15/2028) | 16,705,000 | 15,924,813 | ||||||||||
5.200%, 04/15/2048 | ||||||||||||
(Callable 10/15/2047) | 9,000,000 | 7,186,883 | ||||||||||
Netflix, Inc., | ||||||||||||
5.875%, 02/15/2025 | 5,000,000 | 5,075,000 | ||||||||||
Newell Brands, Inc., | ||||||||||||
4.100%, 04/01/2023 | ||||||||||||
(Callable 02/01/2023) | 15,000,000 | 14,868,750 | ||||||||||
Norfolk Southern Corp., | ||||||||||||
3.050%, 05/15/2050 | ||||||||||||
(Callable 11/15/2049) | 17,000,000 | 12,454,124 | ||||||||||
Nova Southeastern University, Inc., | ||||||||||||
4.809%, 04/01/2053 | 7,200,000 | 6,782,578 | ||||||||||
Nutrien Ltd., | ||||||||||||
4.200%, 04/01/2029 | ||||||||||||
(Callable 01/01/2029)(1) | 7,000,000 | 6,799,930 | ||||||||||
nVent Finance Sarl, | ||||||||||||
4.550%, 04/15/2028 | ||||||||||||
(Callable 01/15/2028) | 32,634,000 | 31,533,408 |
The accompanying notes are an integral part of these financial statements.
Page 49
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
NXP BV / NXP Funding LLC / | ||||||||||||
NXP USA, Inc., | ||||||||||||
2.650%, 02/15/2032 | ||||||||||||
(Callable 11/15/2031)(1) | $ | 10,000,000 | $ | 8,214,447 | ||||||||
Occidental Petroleum Corp.: | ||||||||||||
7.500%, 05/01/2031 | 7,170,000 | 7,707,750 | ||||||||||
7.875%, 09/15/2031 | 6,320,000 | 6,936,200 | ||||||||||
Ochsner LSU Health | ||||||||||||
System of North Louisiana, | ||||||||||||
2.510%, 05/15/2031 | ||||||||||||
(Callable 11/15/2030) | 19,620,000 | 15,874,926 | ||||||||||
ONEOK, Inc.: | ||||||||||||
7.500%, 09/01/2023 | ||||||||||||
(Callable 06/01/2023) | 27,959,000 | 28,960,149 | ||||||||||
2.750%, 09/01/2024 | ||||||||||||
(Callable 08/01/2024) | 1,200,000 | 1,160,335 | ||||||||||
Oracle Corp.: | ||||||||||||
2.800%, 04/01/2027 | ||||||||||||
(Callable 02/01/2027) | 26,225,000 | 23,917,394 | ||||||||||
3.850%, 07/15/2036 | ||||||||||||
(Callable 01/15/2036) | 7,500,000 | 6,026,453 | ||||||||||
4.500%, 07/08/2044 | ||||||||||||
(Callable 01/08/2044) | 3,000,000 | 2,448,676 | ||||||||||
4.000%, 11/15/2047 | ||||||||||||
(Callable 05/15/2047) | 10,250,000 | 7,600,766 | ||||||||||
3.950%, 03/25/2051 | ||||||||||||
(Callable 09/25/2050) | 3,300,000 | 2,423,839 | ||||||||||
Orange SA, | ||||||||||||
9.000%, 03/01/2031(1) | 29,044,000 | 37,491,810 | ||||||||||
Otis Worldwide Corp., | ||||||||||||
3.362%, 02/15/2050 | ||||||||||||
(Callable 08/15/2049) | 3,025,000 | 2,287,044 | ||||||||||
Pactiv LLC, | ||||||||||||
7.950%, 12/15/2025 | 286,000 | 253,067 | ||||||||||
PeaceHealth Obligated Group, | ||||||||||||
3.218%, 11/15/2050 | ||||||||||||
(Callable 05/15/2050) | 7,200,000 | 5,404,553 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
2.700%, 11/01/2024 | ||||||||||||
(Callable 10/01/2024)(2) | 5,275,000 | 5,063,646 | ||||||||||
4.000%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 31,150,000 | 30,663,717 | ||||||||||
PerkinElmer, Inc.: | ||||||||||||
3.300%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 24,200,000 | 21,451,396 | ||||||||||
3.625%, 03/15/2051 | ||||||||||||
(Callable 09/15/2050) | 12,000,000 | 9,074,547 | ||||||||||
Perrigo Finance Unlimited Co.: | ||||||||||||
4.375%, 03/15/2026 | ||||||||||||
(Callable 12/15/2025) | 4,875,000 | 4,607,631 | ||||||||||
3.150%, 06/15/2030 | ||||||||||||
(Callable 03/15/2030) | 10,000,000 | 8,927,837 | ||||||||||
Phillips 66 Co.: | ||||||||||||
3.605%, 02/15/2025 | ||||||||||||
(Callable 11/15/2024)(2) | 3,000,000 | 2,965,110 | ||||||||||
3.850%, 04/09/2025 | ||||||||||||
(Callable 03/09/2025) | 8,000,000 | 7,950,516 | ||||||||||
3.550%, 10/01/2026 | ||||||||||||
(Callable 07/01/2026)(2) | 7,000,000 | 6,798,169 | ||||||||||
3.150%, 12/15/2029 | ||||||||||||
(Callable 09/15/2029)(2) | 12,000,000 | 10,777,757 | ||||||||||
2.150%, 12/15/2030 | ||||||||||||
(Callable 09/15/2030) | 12,000,000 | 9,802,061 | ||||||||||
5.875%, 05/01/2042 | 6,000,000 | 6,519,949 | ||||||||||
4.875%, 11/15/2044 | ||||||||||||
(Callable 05/15/2044) | 26,130,000 | 25,342,350 | ||||||||||
Plains All American Pipeline LP / | ||||||||||||
PAA Finance Corp., | ||||||||||||
3.550%, 12/15/2029 | ||||||||||||
(Callable 09/15/2029) | 10,000,000 | 8,810,593 | ||||||||||
Premier Health Partners, | ||||||||||||
2.911%, 11/15/2026 | ||||||||||||
(Callable 05/15/2026) | 33,267,000 | 30,839,099 | ||||||||||
Quanta Services, Inc., | ||||||||||||
2.900%, 10/01/2030 | ||||||||||||
(Callable 07/01/2030) | 8,275,000 | 6,817,390 | ||||||||||
Raytheon Technologies Corp.: | ||||||||||||
3.500%, 03/15/2027 | ||||||||||||
(Callable 12/15/2026) | 9,578,000 | 9,358,731 | ||||||||||
2.250%, 07/01/2030 | ||||||||||||
(Callable 04/01/2030) | 24,375,000 | 21,013,234 | ||||||||||
4.350%, 04/15/2047 | ||||||||||||
(Callable 10/15/2046) | 9,175,000 | 8,490,054 | ||||||||||
3.125%, 07/01/2050 | ||||||||||||
(Callable 01/01/2050) | 6,000,000 | 4,589,439 | ||||||||||
Reliance Industries Ltd., | ||||||||||||
2.875%, 01/12/2032(1)(2) | 26,000,000 | 21,569,502 | ||||||||||
Reliance Steel & Aluminum Co.: | ||||||||||||
2.150%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030) | 10,000,000 | 8,102,250 | ||||||||||
6.850%, 11/15/2036 | 1,650,000 | 1,868,587 | ||||||||||
Rio Tinto Alcan, Inc., | ||||||||||||
5.750%, 06/01/2035(1) | 446,000 | 490,624 | ||||||||||
Roche Holdings, Inc., | ||||||||||||
2.607%, 12/13/2051 | ||||||||||||
(Callable 06/13/2051)(2) | 7,000,000 | 5,082,475 | ||||||||||
Rogers Communications, Inc.: | ||||||||||||
3.800%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(1)(2) | 13,000,000 | 11,887,330 | ||||||||||
4.500%, 03/15/2042 | ||||||||||||
(Callable 09/15/2041)(1)(2) | 8,750,000 | 7,772,949 | ||||||||||
5.450%, 10/01/2043 | ||||||||||||
(Callable 04/01/2043)(1) | 16,560,000 | 16,218,446 | ||||||||||
RPM International, Inc., | ||||||||||||
2.950%, 01/15/2032 | ||||||||||||
(Callable 10/15/2031) | 7,350,000 | 6,099,362 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.625%, 03/01/2025 | ||||||||||||
(Callable 12/01/2024) | 32,000,000 | 32,636,933 | ||||||||||
5.875%, 06/30/2026 | ||||||||||||
(Callable 12/31/2025) | 60,000,000 | 61,993,842 | ||||||||||
Samarco Mineracao SA, | ||||||||||||
5.750%, 10/24/2023(1)(2)(9) | 4,463,000 | 2,735,833 | ||||||||||
Seagate HDD Cayman, | ||||||||||||
4.750%, 06/01/2023 | 7,500,000 | 7,425,000 | ||||||||||
Shell International Finance BV: | ||||||||||||
3.250%, 05/11/2025(1) | 5,725,000 | 5,654,751 | ||||||||||
4.125%, 05/11/2035(1) | 10,000,000 | 9,521,876 | ||||||||||
Sherwin-Williams Co., | ||||||||||||
4.500%, 06/01/2047 | ||||||||||||
(Callable 12/01/2046) | 9,000,000 | 7,975,576 | ||||||||||
Shire Acquisitions | ||||||||||||
Investments Ireland DAC, | ||||||||||||
2.875%, 09/23/2023 | ||||||||||||
(Callable 07/23/2023)(1) | 10,427,000 | 10,310,309 | ||||||||||
SK Hynix, Inc., | ||||||||||||
1.500%, 01/19/2026(1)(2) | 21,852,000 | 19,639,922 | ||||||||||
SK Telecom Co. Ltd., | ||||||||||||
6.625%, 07/20/2027(1)(2) | 1,339,000 | 1,492,449 |
The accompanying notes are an integral part of these financial statements.
Page 50
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Smith & Nephew PLC, | ||||||||||||
2.032%, 10/14/2030 | ||||||||||||
(Callable 07/14/2030)(1) | $ | 14,575,000 | $ | 11,597,117 | ||||||||
Smithfield Foods, Inc.: | ||||||||||||
3.000%, 10/15/2030 | ||||||||||||
(Callable 07/15/2030)(1)(2) | 10,000,000 | 8,289,970 | ||||||||||
2.625%, 09/13/2031 | ||||||||||||
(Callable 06/13/2031)(1)(2) | 20,000,000 | 15,792,543 | ||||||||||
Sociedad Quimica y Minera de Chile SA, | ||||||||||||
3.625%, 04/03/2023(1)(2) | 10,000,000 | 9,975,000 | ||||||||||
Sodexo, Inc., | ||||||||||||
1.634%, 04/16/2026 | ||||||||||||
(Callable 03/16/2026)(1)(2) | 7,000,000 | 6,305,834 | ||||||||||
Solvay Finance America LLC, | ||||||||||||
4.450%, 12/03/2025 | ||||||||||||
(Callable 09/03/2025)(1)(2) | 61,307,000 | 61,054,961 | ||||||||||
Southern Copper Corp., | ||||||||||||
7.500%, 07/27/2035(1) | 5,000,000 | 5,915,050 | ||||||||||
Spectra Energy Partners LP, | ||||||||||||
4.500%, 03/15/2045 | ||||||||||||
(Callable 09/15/2044)(1) | 12,000,000 | 10,441,369 | ||||||||||
Steel Dynamics, Inc.: | ||||||||||||
2.400%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025) | 5,000,000 | 4,729,636 | ||||||||||
3.250%, 01/15/2031 | ||||||||||||
(Callable 10/15/2030) | 7,000,000 | 6,074,325 | ||||||||||
Stellantis Finance US, Inc., | ||||||||||||
1.711%, 01/29/2027 | ||||||||||||
(Callable 12/29/2026)(2) | 8,175,000 | 7,108,622 | ||||||||||
STERIS Irish FinCo Unlimited Co., | ||||||||||||
3.750%, 03/15/2051 | ||||||||||||
(Callable 09/15/2050) | 7,500,000 | 5,829,047 | ||||||||||
Suntory Holdings Ltd., | ||||||||||||
2.250%, 10/16/2024 | ||||||||||||
(Callable 09/16/2024)(1)(2) | 8,500,000 | 8,120,645 | ||||||||||
SYNNEX Corp., | ||||||||||||
1.750%, 08/09/2026 | ||||||||||||
(Callable 07/09/2026)(2) | 24,000,000 | 21,142,625 | ||||||||||
Sysco Corp.: | ||||||||||||
3.300%, 07/15/2026 | ||||||||||||
(Callable 04/15/2026) | 11,550,000 | 11,170,225 | ||||||||||
5.950%, 04/01/2030 | ||||||||||||
(Callable 01/01/2030) | 4,000,000 | 4,264,642 | ||||||||||
3.150%, 12/14/2051 | ||||||||||||
(Callable 06/14/2051) | 9,000,000 | 6,435,752 | ||||||||||
Takeda Pharmaceutical Co. Ltd., | ||||||||||||
3.175%, 07/09/2050 | ||||||||||||
(Callable 01/09/2050)(1) | 10,000,000 | 7,484,578 | ||||||||||
Targa Resources Corp., | ||||||||||||
5.200%, 07/01/2027 | ||||||||||||
(Callable 06/01/2027)(8) | 15,000,000 | 15,064,872 | ||||||||||
TC PipeLines LP: | ||||||||||||
4.375%, 03/13/2025 | ||||||||||||
(Callable 12/13/2024)(1) | 31,115,000 | 31,279,333 | ||||||||||
3.900%, 05/25/2027 | ||||||||||||
(Callable 02/25/2027)(1) | 30,327,000 | 29,741,235 | ||||||||||
Telecom Italia Capital SA, | ||||||||||||
7.200%, 07/18/2036(1) | 5,475,000 | 4,156,866 | ||||||||||
Telefonica Emisiones SA: | ||||||||||||
4.665%, 03/06/2038(1) | 4,000,000 | 3,530,381 | ||||||||||
5.213%, 03/08/2047(1) | 18,100,000 | 16,040,624 | ||||||||||
4.895%, 03/06/2048(1) | 29,050,000 | 24,768,407 | ||||||||||
5.520%, 03/01/2049 | ||||||||||||
(Callable 09/01/2048)(1) | 18,775,000 | 17,424,890 | ||||||||||
Teva Pharmaceutical Finance | ||||||||||||
Netherlands III BV: | ||||||||||||
2.800%, 07/21/2023(1) | 25,000,000 | 24,181,875 | ||||||||||
3.150%, 10/01/2026(1) | 15,000,000 | 12,300,000 | ||||||||||
Textron, Inc., | ||||||||||||
3.000%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 19,675,000 | 17,113,867 | ||||||||||
Time Warner Cable LLC: | ||||||||||||
6.550%, 05/01/2037 | 893,000 | 894,138 | ||||||||||
6.750%, 06/15/2039 | 2,767,000 | 2,750,988 | ||||||||||
Timken Co.: | ||||||||||||
3.875%, 09/01/2024 | ||||||||||||
(Callable 06/01/2024) | 11,255,000 | 11,163,077 | ||||||||||
4.500%, 12/15/2028 | ||||||||||||
(Callable 09/15/2028) | 6,550,000 | 6,392,468 | ||||||||||
T-Mobile USA, Inc.: | ||||||||||||
3.875%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 119,330,000 | 111,365,448 | ||||||||||
2.550%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030) | 20,000,000 | 16,828,887 | ||||||||||
3.500%, 04/15/2031 | ||||||||||||
(Callable 04/15/2026)(2) | 7,000,000 | 6,044,010 | ||||||||||
4.375%, 04/15/2040 | ||||||||||||
(Callable 10/15/2039) | 24,900,000 | 22,226,412 | ||||||||||
3.600%, 11/15/2060 | ||||||||||||
(Callable 05/15/2060)(2) | 19,500,000 | 14,209,505 | ||||||||||
TransCanada PipeLines Ltd.: | ||||||||||||
6.200%, 10/15/2037(1) | 8,400,000 | 9,128,344 | ||||||||||
7.625%, 01/15/2039(1) | 21,077,000 | 25,915,642 | ||||||||||
Transcontinental Gas Pipe Line Co. LLC: | ||||||||||||
7.250%, 12/01/2026 | 3,500,000 | 3,885,258 | ||||||||||
4.600%, 03/15/2048 | ||||||||||||
(Callable 09/15/2047) | 5,150,000 | 4,667,701 | ||||||||||
Triton Container International Ltd.: | ||||||||||||
2.050%, 04/15/2026 | ||||||||||||
(Callable 03/15/2026)(1)(2) | 20,000,000 | 17,684,551 | ||||||||||
3.250%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(1) | 10,000,000 | 8,140,339 | ||||||||||
TSMC Arizona Corp.: | ||||||||||||
3.125%, 10/25/2041 | ||||||||||||
(Callable 04/25/2041)(1) | 3,000,000 | 2,461,586 | ||||||||||
4.500%, 04/22/2052 | ||||||||||||
(Callable 10/22/2051)(1) | 23,225,000 | 22,715,859 | ||||||||||
TTX Co.: | ||||||||||||
3.600%, 01/15/2025(2) | 5,000,000 | 4,937,666 | ||||||||||
3.900%, 02/01/2045 | ||||||||||||
(Callable 08/01/2044)(2) | 13,250,000 | 11,363,714 | ||||||||||
4.600%, 02/01/2049 | ||||||||||||
(Callable 08/01/2048)(2) | 8,325,000 | 7,947,133 | ||||||||||
Tyson Foods, Inc., | ||||||||||||
5.100%, 09/23/2048 | ||||||||||||
(Callable 03/28/2048) | 10,000,000 | 10,010,836 | ||||||||||
Universal Health Services, Inc.: | ||||||||||||
1.650%, 09/01/2026 | ||||||||||||
(Callable 08/01/2026)(2) | 24,000,000 | 20,814,221 | ||||||||||
2.650%, 10/15/2030 | ||||||||||||
(Callable 07/15/2030)(2) | 10,000,000 | 7,997,447 | ||||||||||
UPMC, | ||||||||||||
3.600%, 04/03/2025 | 45,000,000 | 44,592,464 | ||||||||||
Vale Overseas Ltd.: | ||||||||||||
3.750%, 07/08/2030 | ||||||||||||
(Callable 04/08/2030)(1) | 26,721,000 | 23,421,224 | ||||||||||
8.250%, 01/17/2034(1) | 13,526,000 | 15,862,817 | ||||||||||
6.875%, 11/21/2036(1) | 43,171,000 | 46,344,068 | ||||||||||
6.875%, 11/10/2039(1) | 16,643,000 | 17,699,997 |
The accompanying notes are an integral part of these financial statements.
Page 51
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Valero Energy Corp.: | ||||||||||||
2.850%, 04/15/2025 | ||||||||||||
(Callable 03/15/2025) | $ | 3,670,000 | $ | 3,546,727 | ||||||||
2.150%, 09/15/2027 | ||||||||||||
(Callable 07/15/2027) | 14,150,000 | 12,594,351 | ||||||||||
4.000%, 04/01/2029 | ||||||||||||
(Callable 01/01/2029) | 15,475,000 | 14,639,214 | ||||||||||
6.625%, 06/15/2037 | 2,100,000 | 2,281,583 | ||||||||||
Var Energi ASA, | ||||||||||||
5.000%, 05/18/2027 | ||||||||||||
(Callable 04/18/2027)(1)(2) | 23,850,000 | 23,744,955 | ||||||||||
Verizon Communications, Inc.: | ||||||||||||
3.000%, 03/22/2027 | ||||||||||||
(Callable 01/22/2027) | 5,000,000 | 4,749,090 | ||||||||||
4.329%, 09/21/2028 | 3,077,000 | 3,060,243 | ||||||||||
2.550%, 03/21/2031 | ||||||||||||
(Callable 12/21/2030) | 6,600,000 | 5,643,050 | ||||||||||
4.500%, 08/10/2033 | 16,325,000 | 15,916,101 | ||||||||||
4.272%, 01/15/2036 | 17,148,000 | 16,145,166 | ||||||||||
5.250%, 03/16/2037 | 28,793,000 | 29,831,845 | ||||||||||
4.812%, 03/15/2039 | 36,839,000 | 36,156,332 | ||||||||||
2.650%, 11/20/2040 | ||||||||||||
(Callable 05/20/2040) | 10,000,000 | 7,335,664 | ||||||||||
3.400%, 03/22/2041 | ||||||||||||
(Callable 09/22/2040) | 3,850,000 | 3,134,042 | ||||||||||
4.862%, 08/21/2046 | 2,500,000 | 2,460,415 | ||||||||||
5.500%, 03/16/2047 | 5,650,000 | 6,082,416 | ||||||||||
3.700%, 03/22/2061 | ||||||||||||
(Callable 09/22/2060) | 26,725,000 | 20,990,404 | ||||||||||
Viatris, Inc.: | ||||||||||||
3.850%, 06/22/2040 | ||||||||||||
(Callable 12/22/2039) | 13,083,000 | 9,266,761 | ||||||||||
4.000%, 06/22/2050 | ||||||||||||
(Callable 12/22/2049) | 40,600,000 | 27,185,237 | ||||||||||
VICI Properties LP, | ||||||||||||
4.750%, 02/15/2028 | ||||||||||||
(Callable 01/15/2028) | 20,000,000 | 19,089,400 | ||||||||||
Viterra Finance BV: | ||||||||||||
2.000%, 04/21/2026 | ||||||||||||
(Callable 03/21/2026)(1)(2) | 23,641,000 | 20,912,276 | ||||||||||
4.900%, 04/21/2027 | ||||||||||||
(Callable 03/21/2027)(1)(2) | 45,000,000 | 43,737,971 | ||||||||||
3.200%, 04/21/2031 | ||||||||||||
(Callable 01/21/2031)(1)(2) | 67,225,000 | 54,400,454 | ||||||||||
5.250%, 04/21/2032 | ||||||||||||
(Callable 01/21/2032)(1)(2) | 10,000,000 | 9,293,602 | ||||||||||
VMware, Inc., | ||||||||||||
1.400%, 08/15/2026 | ||||||||||||
(Callable 07/15/2026) | 18,850,000 | 16,676,807 | ||||||||||
Vodafone Group PLC: | ||||||||||||
7.875%, 02/15/2030(1) | 3,100,000 | 3,660,113 | ||||||||||
5.000%, 05/30/2038(1) | 6,800,000 | 6,514,682 | ||||||||||
4.375%, 02/19/2043(1) | 15,554,000 | 13,516,688 | ||||||||||
5.250%, 05/30/2048(1) | 24,200,000 | 23,023,060 | ||||||||||
Volkswagen Group of | ||||||||||||
America Finance LLC: | ||||||||||||
4.250%, 11/13/2023(1)(2) | 17,350,000 | 17,348,064 | ||||||||||
2.850%, 09/26/2024(1)(2) | 14,000,000 | 13,636,586 | ||||||||||
3.350%, 05/13/2025(1)(2) | 10,000,000 | 9,665,103 | ||||||||||
1.250%, 11/24/2025 | ||||||||||||
(Callable 10/24/2025)(1)(2) | 30,000,000 | 26,843,191 | ||||||||||
Vontier Corp., | ||||||||||||
2.400%, 04/01/2028 | ||||||||||||
(Callable 02/01/2028) | 4,921,000 | 4,124,777 | ||||||||||
Vulcan Materials Co., | ||||||||||||
4.700%, 03/01/2048 | ||||||||||||
(Callable 09/01/2047) | 3,446,000 | 3,151,282 | ||||||||||
Wabtec Corp.: | ||||||||||||
4.375%, 08/15/2023 | ||||||||||||
(Callable 05/15/2023) | 2,678,000 | 2,683,142 | ||||||||||
4.400%, 03/15/2024 | ||||||||||||
(Callable 02/15/2024) | 24,825,000 | 24,867,420 | ||||||||||
3.450%, 11/15/2026 | ||||||||||||
(Callable 08/15/2026) | 28,315,000 | 25,799,202 | ||||||||||
4.950%, 09/15/2028 | ||||||||||||
(Callable 06/15/2028) | 4,739,000 | 4,576,471 | ||||||||||
Walgreens Boots Alliance, Inc.: | ||||||||||||
3.450%, 06/01/2026 | ||||||||||||
(Callable 03/01/2026) | 2,080,000 | 2,022,659 | ||||||||||
3.200%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 13,575,000 | 11,983,515 | ||||||||||
4.800%, 11/18/2044 | ||||||||||||
(Callable 05/18/2044) | 5,145,000 | 4,499,923 | ||||||||||
4.650%, 06/01/2046 | ||||||||||||
(Callable 12/01/2045) | 4,000,000 | 3,549,920 | ||||||||||
Weir Group PLC, | ||||||||||||
2.200%, 05/13/2026 | ||||||||||||
(Callable 04/13/2026)(1)(2) | 31,625,000 | 27,803,957 | ||||||||||
Western Digital Corp., | ||||||||||||
4.750%, 02/15/2026 | ||||||||||||
(Callable 11/15/2025) | 4,000,000 | 3,816,440 | ||||||||||
Western Gas Partners LP, | ||||||||||||
3.950%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025) | 8,000,000 | 7,550,000 | ||||||||||
Western Midstream Operating LP, | ||||||||||||
3.600%, 02/01/2025 | ||||||||||||
(Callable 01/01/2025) | 20,000,000 | 18,425,000 | ||||||||||
Westinghouse Air Brake | ||||||||||||
Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025) | 10,295,000 | 9,815,969 | ||||||||||
WestRock MWV LLC, | ||||||||||||
8.200%, 01/15/2030 | 7,963,000 | 9,485,991 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
3.700%, 01/15/2023 | ||||||||||||
(Callable 10/15/2022) | 1,690,000 | 1,692,707 | ||||||||||
4.300%, 03/04/2024 | ||||||||||||
(Callable 12/04/2023) | 7,310,000 | 7,341,627 | ||||||||||
4.550%, 06/24/2024 | ||||||||||||
(Callable 03/24/2024) | 7,000,000 | 7,055,456 | ||||||||||
3.900%, 01/15/2025 | ||||||||||||
(Callable 10/15/2024) | 3,160,000 | 3,121,724 | ||||||||||
8.750%, 03/15/2032 | 5,750,000 | 7,168,505 | ||||||||||
6.300%, 04/15/2040 | 8,142,000 | 8,615,370 | ||||||||||
4.850%, 03/01/2048 | ||||||||||||
(Callable 09/01/2047) | 7,000,000 | 6,331,606 | ||||||||||
Woodside Finance Ltd.: | ||||||||||||
3.650%, 03/05/2025 | ||||||||||||
(Callable 12/05/2024)(1)(2) | 12,300,000 | 12,084,965 | ||||||||||
4.500%, 03/04/2029 | ||||||||||||
(Callable 12/04/2028)(1)(2) | 42,480,000 | 40,870,041 | ||||||||||
Worthington Industries, Inc., | ||||||||||||
4.550%, 04/15/2026 | 9,155,000 | 8,858,385 | ||||||||||
WRKCo, Inc., | ||||||||||||
3.000%, 09/15/2024 | ||||||||||||
(Callable 07/15/2024) | 14,895,000 | 14,554,331 | ||||||||||
Yara International ASA, | ||||||||||||
3.800%, 06/06/2026 | ||||||||||||
(Callable 03/06/2026)(1)(2) | 23,500,000 | 22,475,849 |
The accompanying notes are an integral part of these financial statements.
Page 52
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Zimmer Biomet Holdings, Inc., | ||||||||||||
5.750%, 11/30/2039 | $ | 11,967,000 | $ | 12,211,287 | ||||||||
Zoetis, Inc., | ||||||||||||
4.700%, 02/01/2043 | ||||||||||||
(Callable 08/01/2042) | 3,568,000 | 3,414,772 | ||||||||||
Total Industrials | ||||||||||||
(Cost $8,380,203,380) | 7,466,941,809 | 21.3 | % | |||||||||
Utilities | ||||||||||||
Ameren Corp., | ||||||||||||
3.500%, 01/15/2031 | ||||||||||||
(Callable 10/15/2030) | 20,000,000 | 18,320,195 | ||||||||||
American Electric Power Co., Inc., | ||||||||||||
3.250%, 03/01/2050 | ||||||||||||
(Callable 09/01/2049) | 10,175,000 | 7,303,223 | ||||||||||
Ausgrid Finance Pty Ltd., | ||||||||||||
3.850%, 05/01/2023 | ||||||||||||
(Callable 02/01/2023)(1)(2) | 5,000,000 | 4,998,976 | ||||||||||
Avangrid, Inc., | ||||||||||||
3.200%, 04/15/2025 | ||||||||||||
(Callable 03/15/2025)(1) | 14,000,000 | 13,613,492 | ||||||||||
Berkshire Hathaway Energy Co.: | ||||||||||||
3.700%, 07/15/2030 | ||||||||||||
(Callable 04/15/2030) | 18,425,000 | 17,677,801 | ||||||||||
2.850%, 05/15/2051 | ||||||||||||
(Callable 11/15/2050) | 13,675,000 | 9,695,494 | ||||||||||
4.600%, 05/01/2053 | ||||||||||||
(Callable 11/01/2052)(2) | 21,825,000 | 20,921,445 | ||||||||||
Commonwealth Edison Co., | ||||||||||||
3.850%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051) | 6,050,000 | 5,329,006 | ||||||||||
Consumers Energy Co., | ||||||||||||
3.500%, 08/01/2051 | ||||||||||||
(Callable 02/01/2051) | 9,400,000 | 7,816,507 | ||||||||||
Dominion Energy, Inc.: | ||||||||||||
2.450%, 01/15/2023(2) | 15,000,000 | 14,908,408 | ||||||||||
3.375%, 04/01/2030 | ||||||||||||
(Callable 01/01/2030) | 10,000,000 | 9,141,383 | ||||||||||
Duke Energy Corp., | ||||||||||||
2.650%, 09/01/2026 | ||||||||||||
(Callable 06/01/2026) | 10,000,000 | 9,365,520 | ||||||||||
Duke Energy Progress LLC, | ||||||||||||
4.000%, 04/01/2052 | ||||||||||||
(Callable 10/01/2051) | 9,600,000 | 8,579,646 | ||||||||||
Duquesne Light Holdings, Inc.: | ||||||||||||
3.616%, 08/01/2027 | ||||||||||||
(Callable 05/01/2027)(2) | 5,000,000 | 4,643,689 | ||||||||||
2.775%, 01/07/2032 | ||||||||||||
(Callable 10/07/2031)(2) | 2,810,000 | 2,302,836 | ||||||||||
Edison International, | ||||||||||||
2.950%, 03/15/2023 | ||||||||||||
(Callable 01/15/2023) | 5,000,000 | 4,957,614 | ||||||||||
EDP Finance BV, | ||||||||||||
3.625%, 07/15/2024(1)(2) | 19,175,000 | 19,020,090 | ||||||||||
Enel Finance International NV: | ||||||||||||
3.500%, 04/06/2028(1)(2) | 8,000,000 | 7,394,108 | ||||||||||
6.800%, 09/15/2037(1)(2) | 8,440,000 | 9,320,640 | ||||||||||
4.750%, 05/25/2047(1)(2) | 66,700,000 | 56,807,936 | ||||||||||
Entergy Corp., | ||||||||||||
2.950%, 09/01/2026 | ||||||||||||
(Callable 06/01/2026) | 13,075,000 | 12,392,003 | ||||||||||
Essential Utilities, Inc., | ||||||||||||
2.704%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 14,100,000 | 12,263,014 | ||||||||||
Evergy, Inc., | ||||||||||||
2.450%, 09/15/2024 | ||||||||||||
(Callable 08/15/2024) | 6,675,000 | 6,418,122 | ||||||||||
Eversource Energy, | ||||||||||||
1.650%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030) | 9,925,000 | 7,904,188 | ||||||||||
Exelon Corp.: | ||||||||||||
4.050%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 8,900,000 | 8,540,308 | ||||||||||
4.950%, 06/15/2035 | ||||||||||||
(Callable 12/15/2034) | 3,500,000 | 3,411,184 | ||||||||||
4.100%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051)(2) | 5,000,000 | 4,310,367 | ||||||||||
Fells Point Funding Trust, | ||||||||||||
3.046%, 01/31/2027 | ||||||||||||
(Callable 12/31/2026)(2) | 28,100,000 | 25,911,788 | ||||||||||
FirstEnergy Corp.: | ||||||||||||
2.650%, 03/01/2030 | ||||||||||||
(Callable 12/01/2029) | 4,300,000 | 3,547,500 | ||||||||||
3.400%, 03/01/2050 | ||||||||||||
(Callable 09/01/2049) | 15,000,000 | 10,168,500 | ||||||||||
FirstEnergy Transmission LLC, | ||||||||||||
2.866%, 09/15/2028 | ||||||||||||
(Callable 07/15/2028)(2) | 10,000,000 | 8,453,495 | ||||||||||
Interstate Power and Light Co., | ||||||||||||
2.300%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 9,350,000 | 7,955,976 | ||||||||||
ITC Holdings Corp.: | ||||||||||||
3.350%, 11/15/2027 | ||||||||||||
(Callable 08/15/2027)(1) | 25,581,000 | 24,436,670 | ||||||||||
2.950%, 05/14/2030 | ||||||||||||
(Callable 02/14/2030)(1)(2) | 10,000,000 | 8,815,776 | ||||||||||
KeySpan Corp., | ||||||||||||
8.000%, 11/15/2030(1) | 6,500,000 | 7,593,329 | ||||||||||
Liberty Utilities Finance GP 1, | ||||||||||||
2.050%, 09/15/2030 | ||||||||||||
(Callable 06/15/2030)(1)(2) | 10,000,000 | 8,199,564 | ||||||||||
National Rural Utilities | ||||||||||||
Cooperative Finance Corp., | ||||||||||||
8.000%, 03/01/2032 | 4,659,000 | 5,801,320 | ||||||||||
NiSource, Inc.: | ||||||||||||
3.600%, 05/01/2030 | ||||||||||||
(Callable 02/01/2030) | 6,835,000 | 6,262,088 | ||||||||||
5.250%, 02/15/2043 | ||||||||||||
(Callable 08/15/2042) | 5,779,000 | 5,578,581 | ||||||||||
3.950%, 03/30/2048 | ||||||||||||
(Callable 09/30/2047) | 11,750,000 | 9,746,879 | ||||||||||
Oncor Electric Delivery Co. LLC, | ||||||||||||
2.750%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 9,500,000 | 8,646,681 | ||||||||||
Southern Co., | ||||||||||||
4.250%, 07/01/2036 | ||||||||||||
(Callable 01/01/2036) | 5,525,000 | 5,059,251 | ||||||||||
Southern Company Gas | ||||||||||||
Capital Corporation, | ||||||||||||
3.150%, 09/30/2051 | ||||||||||||
(Callable 03/30/2051) | 7,850,000 | 5,562,176 | ||||||||||
Xcel Energy, Inc., | ||||||||||||
3.400%, 06/01/2030 | ||||||||||||
(Callable 12/01/2029) | 15,000,000 | 13,782,861 | ||||||||||
Total Utilities | ||||||||||||
(Cost $541,835,884) | 472,879,630 | 1.3 | % |
The accompanying notes are an integral part of these financial statements.
Page 53
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Financials | ||||||||||||
ABN AMRO Bank NV: | ||||||||||||
7.750%, 05/15/2023(1)(2) | $ | 7,200,000 | $ | 7,392,690 | ||||||||
4.750%, 07/28/2025(1)(2) | 62,453,000 | 62,152,102 | ||||||||||
4.800%, 04/18/2026(1)(2) | 42,935,000 | 42,367,313 | ||||||||||
1.542%, 06/16/2027 | ||||||||||||
(1 Year CMT Rate + 0.800%) | ||||||||||||
(Callable 06/16/2026)(1)(2)(3) | 5,000,000 | 4,379,241 | ||||||||||
3.324%, 03/13/2037 | ||||||||||||
(5 Year CMT Rate + 1.900%) | ||||||||||||
(Callable 12/13/2031)(1)(2)(3) | 5,000,000 | 4,005,519 | ||||||||||
AerCap Holdings NV: | ||||||||||||
4.875%, 01/16/2024 | ||||||||||||
(Callable 12/16/2023)(1) | 20,000,000 | 19,895,462 | ||||||||||
2.875%, 08/14/2024 | ||||||||||||
(Callable 07/14/2024)(1) | 20,000,000 | 19,051,967 | ||||||||||
2.450%, 10/29/2026 | ||||||||||||
(Callable 09/29/2026)(1) | 9,350,000 | 8,141,632 | ||||||||||
3.000%, 10/29/2028 | ||||||||||||
(Callable 08/29/2028)(1) | 9,175,000 | 7,728,275 | ||||||||||
AIA Group Ltd., | ||||||||||||
3.200%, 03/11/2025 | ||||||||||||
(Callable 12/11/2024)(1)(2) | 6,000,000 | 5,911,835 | ||||||||||
Air Lease Corp.: | ||||||||||||
4.250%, 02/01/2024 | ||||||||||||
(Callable 01/01/2024) | 8,550,000 | 8,446,560 | ||||||||||
2.300%, 02/01/2025 | ||||||||||||
(Callable 01/01/2025) | 15,000,000 | 14,038,488 | ||||||||||
American International Group, Inc., | ||||||||||||
6.820%, 11/15/2037 | 1,410,000 | 1,601,609 | ||||||||||
Ameriprise Financial, Inc., | ||||||||||||
3.000%, 04/02/2025 | ||||||||||||
(Callable 03/02/2025) | 13,700,000 | 13,377,872 | ||||||||||
Anthem, Inc.: | ||||||||||||
2.375%, 01/15/2025 | ||||||||||||
(Callable 12/15/2024) | 6,000,000 | 5,776,317 | ||||||||||
4.375%, 12/01/2047 | ||||||||||||
(Callable 06/01/2047) | 8,650,000 | 7,961,207 | ||||||||||
ANZ New Zealand (Int’l) Ltd., | ||||||||||||
3.400%, 03/19/2024(1)(2) | 2,000,000 | 1,988,685 | ||||||||||
Aon Corp., | ||||||||||||
3.900%, 02/28/2052 | ||||||||||||
(Callable 08/28/2051) | 5,000,000 | 4,089,521 | ||||||||||
Aon PLC: | ||||||||||||
4.000%, 11/27/2023 | ||||||||||||
(Callable 08/27/2023) | 6,150,000 | 6,175,062 | ||||||||||
3.875%, 12/15/2025 | ||||||||||||
(Callable 09/15/2025) | 9,126,000 | 9,025,354 | ||||||||||
4.450%, 05/24/2043 | ||||||||||||
(Callable 02/24/2043) | 1,274,000 | 1,124,772 | ||||||||||
Arthur J. Gallagher & Co., | ||||||||||||
3.500%, 05/20/2051 | ||||||||||||
(Callable 11/20/2050) | 5,625,000 | 4,298,200 | ||||||||||
ASB Bank Ltd.: | ||||||||||||
3.750%, 06/14/2023(1)(2) | 10,000,000 | 9,996,312 | ||||||||||
5.284%, 06/17/2032 | ||||||||||||
(5 Year CMT Rate + 2.250%) | ||||||||||||
(Callable 06/17/2027)(1)(2)(3) | 4,000,000 | 3,956,367 | ||||||||||
Australia & New Zealand | ||||||||||||
Banking Group Ltd.: | ||||||||||||
4.500%, 03/19/2024(1)(2) | 44,423,000 | 44,474,751 | ||||||||||
2.950%, 07/22/2030 | ||||||||||||
(5 Year CMT Rate + 1.288%) | ||||||||||||
(Callable 07/22/2025)(1)(2)(3) | 5,000,000 | 4,712,450 | ||||||||||
2.570%, 11/25/2035 | ||||||||||||
(5 Year CMT Rate + 1.700%) | ||||||||||||
(Callable 11/25/2030)(1)(2)(3) | 15,000,000 | 11,895,870 | ||||||||||
Banco Bilbao Vizcaya Argentaria SA, | ||||||||||||
1.125%, 09/18/2025(1) | 25,000,000 | 22,615,397 | ||||||||||
Banco Santander SA: | ||||||||||||
2.746%, 05/28/2025(1) | 7,000,000 | 6,628,248 | ||||||||||
5.179%, 11/19/2025(1) | 25,983,000 | 25,970,744 | ||||||||||
1.722%, 09/14/2027 | ||||||||||||
(1 Year CMT Rate + 0.900%) | ||||||||||||
(Callable 09/14/2026)(1)(3) | 11,325,000 | 9,829,844 | ||||||||||
4.379%, 04/12/2028(1) | 13,400,000 | 12,959,273 | ||||||||||
3.490%, 05/28/2030(1) | 5,000,000 | 4,422,905 | ||||||||||
2.749%, 12/03/2030(1) | 19,250,000 | 15,289,066 | ||||||||||
3.225%, 11/22/2032 | ||||||||||||
(1 Year CMT Rate + 1.600%) | ||||||||||||
(Callable 11/22/2031)(1)(3) | 35,000,000 | 27,681,593 | ||||||||||
Bank of America Corp.: | ||||||||||||
4.125%, 01/22/2024 | 15,000,000 | 15,160,078 | ||||||||||
3.458%, 03/15/2025 | ||||||||||||
(3 Month LIBOR USD + 0.970%) | ||||||||||||
(Callable 03/15/2024)(3) | 28,881,000 | 28,464,329 | ||||||||||
3.093%, 10/01/2025 | ||||||||||||
(3 Month LIBOR USD + 1.090%) | ||||||||||||
(Callable 10/01/2024)(3) | 10,000,000 | 9,676,459 | ||||||||||
2.456%, 10/22/2025 | ||||||||||||
(3 Month LIBOR USD + 0.870%) | ||||||||||||
(Callable 10/22/2024)(3) | 17,775,000 | 16,930,758 | ||||||||||
3.559%, 04/23/2027 | ||||||||||||
(3 Month LIBOR USD + 1.060%) | ||||||||||||
(Callable 04/23/2026)(3) | 9,000,000 | 8,615,355 | ||||||||||
1.734%, 07/22/2027 (SOFR + 0.960%) | ||||||||||||
(Callable 07/22/2026)(3) | 35,000,000 | 31,111,361 | ||||||||||
4.376%, 04/27/2028 (SOFR + 1.580%) | ||||||||||||
(Callable 04/27/2027)(3) | 16,000,000 | 15,751,531 | ||||||||||
3.419%, 12/20/2028 | ||||||||||||
(3 Month LIBOR USD + 1.040%) | ||||||||||||
(Callable 12/20/2027)(3) | 37,683,000 | 35,092,598 | ||||||||||
2.087%, 06/14/2029 (SOFR + 1.060%) | ||||||||||||
(Callable 06/14/2028)(3) | 15,000,000 | 12,845,719 | ||||||||||
3.194%, 07/23/2030 | ||||||||||||
(3 Month LIBOR USD + 1.180%) | ||||||||||||
(Callable 07/23/2029)(3) | 5,000,000 | 4,482,271 | ||||||||||
2.496%, 02/13/2031 | ||||||||||||
(3 Month LIBOR USD + 0.990%) | ||||||||||||
(Callable 02/13/2030)(3) | 13,000,000 | 10,986,599 | ||||||||||
2.592%, 04/29/2031 (SOFR + 2.150%) | ||||||||||||
(Callable 04/29/2030)(3) | 60,000,000 | 50,888,583 | ||||||||||
7.750%, 05/14/2038 | 1,138,000 | 1,402,148 | ||||||||||
Bank of Ireland Group PLC, | ||||||||||||
2.029%, 09/30/2027 | ||||||||||||
(1 Year CMT Rate + 1.100%) | ||||||||||||
(Callable 09/30/2026)(1)(2)(3) | 20,000,000 | 17,382,800 | ||||||||||
Bank of Montreal, | ||||||||||||
1.500%, 01/10/2025(1) | 7,000,000 | 6,606,043 | ||||||||||
Bank of New Zealand, | ||||||||||||
2.000%, 02/21/2025(1)(2) | 16,000,000 | 15,236,517 | ||||||||||
Bank of Nova Scotia, | ||||||||||||
4.500%, 12/16/2025(1) | 8,500,000 | 8,490,340 | ||||||||||
Bank of Tokyo-Mitsubishi UFJ Ltd.: | ||||||||||||
4.100%, 09/09/2023(1)(2) | 2,911,000 | 2,931,260 | ||||||||||
3.750%, 03/10/2024(1)(2) | 2,800,000 | 2,788,074 |
The accompanying notes are an integral part of these financial statements.
Page 54
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Banque Federative du Credit Mutuel SA, | ||||||||||||
3.750%, 07/20/2023(1)(2) | $ | 34,100,000 | $ | 34,114,509 | ||||||||
Barclays PLC: | ||||||||||||
4.338%, 05/16/2024 | ||||||||||||
(3 Month LIBOR USD + 1.356%) | ||||||||||||
(Callable 05/16/2023)(1)(3) | 13,000,000 | 12,993,074 | ||||||||||
3.650%, 03/16/2025(1) | 8,100,000 | 7,920,958 | ||||||||||
3.932%, 05/07/2025 | ||||||||||||
(3 Month LIBOR USD + 1.610%) | ||||||||||||
(Callable 05/07/2024)(1)(3) | 34,300,000 | 33,741,319 | ||||||||||
2.852%, 05/07/2026 (SOFR + 2.714%) | ||||||||||||
(Callable 05/07/2025)(1)(3) | 10,000,000 | 9,442,958 | ||||||||||
4.337%, 01/10/2028 | ||||||||||||
(Callable 01/10/2027)(1) | 20,000,000 | 19,112,437 | ||||||||||
BBVA USA, | ||||||||||||
3.875%, 04/10/2025 | ||||||||||||
(Callable 03/10/2025) | 36,235,000 | 35,928,371 | ||||||||||
Belrose Funding Trust, | ||||||||||||
2.330%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030)(2) | 13,950,000 | 11,180,309 | ||||||||||
Berkshire Hathaway Finance Corp., | ||||||||||||
4.400%, 05/15/2042 | 3,500,000 | 3,295,124 | ||||||||||
BNP Paribas SA: | ||||||||||||
2.819%, 11/19/2025 | ||||||||||||
(3 Month LIBOR USD + 1.111%) | ||||||||||||
(Callable 11/19/2024)(1)(2)(3) | 17,100,000 | 16,335,228 | ||||||||||
4.375%, 05/12/2026(1)(2) | 45,131,000 | 44,159,128 | ||||||||||
2.219%, 06/09/2026 (SOFR + 2.074%) | ||||||||||||
(Callable 06/09/2025)(1)(2)(3) | 15,000,000 | 13,847,591 | ||||||||||
1.323%, 01/13/2027 (SOFR + 1.004%) | ||||||||||||
(Callable 01/13/2026)(1)(2)(3) | 28,350,000 | 25,045,910 | ||||||||||
4.625%, 03/13/2027(1)(2) | 4,500,000 | 4,404,254 | ||||||||||
1.904%, 09/30/2028 (SOFR + 1.609%) | ||||||||||||
(Callable 09/30/2027)(1)(2)(3) | 27,000,000 | 23,074,076 | ||||||||||
2.159%, 09/15/2029 (SOFR + 1.218%) | ||||||||||||
(Callable 09/15/2028)(1)(2)(3) | 10,200,000 | 8,531,722 | ||||||||||
2.871%, 04/19/2032 (SOFR + 1.387%) | ||||||||||||
(Callable 04/19/2031)(1)(2)(3) | 19,075,000 | 15,769,587 | ||||||||||
3.132%, 01/20/2033 (SOFR + 1.561%) | ||||||||||||
(Callable 01/20/2032)(1)(2)(3) | 10,000,000 | 8,371,673 | ||||||||||
2.588%, 08/12/2035 | ||||||||||||
(5 Year CMT Rate + 2.050%) | ||||||||||||
(Callable 08/12/2030)(1)(2)(3) | 14,000,000 | 11,019,607 | ||||||||||
BNZ International Funding Ltd., | ||||||||||||
2.650%, 11/03/2022(1)(2) | 20,350,000 | 20,340,264 | ||||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 22,955,000 | 23,290,378 | ||||||||||
5.150%, 07/21/2024(1)(2) | 31,285,000 | 31,276,760 | ||||||||||
2.375%, 01/14/2025(1)(2) | 12,000,000 | 11,391,260 | ||||||||||
4.500%, 03/15/2025(1)(2) | 55,492,000 | 54,560,363 | ||||||||||
1.652%, 10/06/2026 (SOFR + 1.520%) | ||||||||||||
(Callable 10/06/2025)(1)(2)(3) | 25,000,000 | 22,377,700 | ||||||||||
2.277%, 01/20/2032 (SOFR + 1.312%) | ||||||||||||
(Callable 01/20/2031)(1)(2)(3) | 12,850,000 | 10,165,571 | ||||||||||
3.116%, 10/19/2032 (SOFR + 1.730%) | ||||||||||||
(Callable 10/19/2031)(1)(2)(3) | 40,100,000 | 32,310,318 | ||||||||||
Brown & Brown, Inc.: | ||||||||||||
4.500%, 03/15/2029 | ||||||||||||
(Callable 12/15/2028) | 23,825,000 | 23,277,024 | ||||||||||
2.375%, 03/15/2031 | ||||||||||||
(Callable 12/15/2030) | 27,360,000 | 21,658,488 | ||||||||||
4.200%, 03/17/2032 | ||||||||||||
(Callable 12/17/2031) | 5,000,000 | 4,551,204 | ||||||||||
4.950%, 03/17/2052 | ||||||||||||
(Callable 09/17/2051) | 9,500,000 | 8,333,139 | ||||||||||
Canadian Imperial Bank of Commerce, | ||||||||||||
3.100%, 04/02/2024(1) | 37,700,000 | 37,298,113 | ||||||||||
Cantor Fitzgerald LP, | ||||||||||||
4.500%, 04/14/2027 | ||||||||||||
(Callable 01/14/2027)(2) | 17,450,000 | 16,770,199 | ||||||||||
Capital One Financial Corp.: | ||||||||||||
3.900%, 01/29/2024 | ||||||||||||
(Callable 12/29/2023) | 4,550,000 | 4,542,549 | ||||||||||
3.300%, 10/30/2024 | ||||||||||||
(Callable 09/30/2024) | 2,998,000 | 2,924,765 | ||||||||||
3.650%, 05/11/2027 | ||||||||||||
(Callable 04/11/2027) | 42,750,000 | 40,717,347 | ||||||||||
Capital One NA, | ||||||||||||
3.375%, 02/15/2023 | 45,962,000 | 45,923,921 | ||||||||||
Centene Corp.: | ||||||||||||
2.500%, 03/01/2031 | ||||||||||||
(Callable 12/01/2030) | 35,000,000 | 27,781,600 | ||||||||||
2.625%, 08/01/2031 | ||||||||||||
(Callable 05/01/2031) | 12,000,000 | 9,546,000 | ||||||||||
Charles Schwab Corp., | ||||||||||||
3.625%, 04/01/2025 | ||||||||||||
(Callable 01/01/2025) | 7,000,000 | 6,951,619 | ||||||||||
Citigroup, Inc.: | ||||||||||||
2.876%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.950%) | ||||||||||||
(Callable 07/24/2022)(3) | 20,350,000 | 20,341,086 | ||||||||||
3.010%, 09/01/2023 | ||||||||||||
(3 Month LIBOR USD + 1.430%) | ||||||||||||
(Callable 09/01/2022)(3) | 7,000,000 | 6,992,577 | ||||||||||
4.044%, 06/01/2024 | ||||||||||||
(3 Month LIBOR USD + 1.023%) | ||||||||||||
(Callable 06/01/2023)(3) | 22,600,000 | 22,539,008 | ||||||||||
3.750%, 06/16/2024 | 1,000,000 | 1,003,841 | ||||||||||
3.352%, 04/24/2025 | ||||||||||||
(3 Month LIBOR USD + 0.897%) | ||||||||||||
(Callable 04/24/2024)(3) | 5,650,000 | 5,533,889 | ||||||||||
3.700%, 01/12/2026 | 4,500,000 | 4,409,522 | ||||||||||
3.106%, 04/08/2026 (SOFR + 2.842%) | ||||||||||||
(Callable 04/08/2025)(3) | 20,000,000 | 19,199,107 | ||||||||||
3.887%, 01/10/2028 | ||||||||||||
(3 Month LIBOR USD + 1.563%) | ||||||||||||
(Callable 01/10/2027)(3) | 40,600,000 | 39,034,998 | ||||||||||
3.668%, 07/24/2028 | ||||||||||||
(3 Month LIBOR USD + 1.390%) | ||||||||||||
(Callable 07/24/2027)(3) | 3,142,000 | 2,966,230 | ||||||||||
3.520%, 10/27/2028 | ||||||||||||
(3 Month LIBOR USD + 1.151%) | ||||||||||||
(Callable 10/27/2027)(3) | 1,500,000 | 1,401,497 | ||||||||||
2.572%, 06/03/2031 (SOFR + 2.107%) | ||||||||||||
(Callable 06/03/2030)(3) | 25,000,000 | 21,014,718 | ||||||||||
2.561%, 05/01/2032 (SOFR + 1.167%) | ||||||||||||
(Callable 05/01/2031)(3) | 6,000,000 | 4,940,173 | ||||||||||
3.785%, 03/17/2033 (SOFR + 1.939%) | ||||||||||||
(Callable 03/17/2032)(3) | 18,000,000 | 16,217,875 | ||||||||||
Citizens Bank NA: | ||||||||||||
2.250%, 04/28/2025 | ||||||||||||
(Callable 03/28/2025) | 20,000,000 | 19,049,426 | ||||||||||
3.750%, 02/18/2026 | ||||||||||||
(Callable 11/18/2025) | 12,120,000 | 11,901,499 | ||||||||||
Citizens Financial Group, Inc.: | ||||||||||||
2.850%, 07/27/2026 | ||||||||||||
(Callable 04/27/2026) | 10,000,000 | 9,383,346 | ||||||||||
3.250%, 04/30/2030 | ||||||||||||
(Callable 01/30/2030) | 28,025,000 | 24,868,308 |
The accompanying notes are an integral part of these financial statements.
Page 55
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CNA Financial Corp.: | ||||||||||||
7.250%, 11/15/2023 | $ | 4,000,000 | $ | 4,182,648 | ||||||||
4.500%, 03/01/2026 | ||||||||||||
(Callable 12/01/2025) | 14,000,000 | 14,012,757 | ||||||||||
3.450%, 08/15/2027 | ||||||||||||
(Callable 05/15/2027) | 12,000,000 | 11,384,587 | ||||||||||
3.900%, 05/01/2029 | ||||||||||||
(Callable 02/01/2029) | 8,000,000 | 7,511,169 | ||||||||||
CNO Global Funding, | ||||||||||||
2.650%, 01/06/2029(2) | 10,000,000 | 8,711,368 | ||||||||||
Comerica Bank, | ||||||||||||
4.000%, 07/27/2025 | 10,000,000 | 9,873,906 | ||||||||||
Commonwealth Bank of Australia: | ||||||||||||
2.688%, 03/11/2031(1)(2) | 10,000,000 | 8,137,522 | ||||||||||
3.784%, 03/14/2032(1)(2) | 10,000,000 | 8,809,388 | ||||||||||
3.610%, 09/12/2034 | ||||||||||||
(5 Year CMT Rate + 2.050%) | ||||||||||||
(Callable 09/12/2029)(1)(2)(3) | 10,000,000 | 8,899,059 | ||||||||||
3.743%, 09/12/2039(1)(2) | 23,500,000 | 19,141,406 | ||||||||||
Cooperatieve Rabobank UA: | ||||||||||||
4.375%, 08/04/2025(1) | 20,397,000 | 20,225,796 | ||||||||||
3.750%, 07/21/2026(1) | 20,829,000 | 19,860,550 | ||||||||||
Credit Agricole SA: | ||||||||||||
3.750%, 04/24/2023(1)(2) | 5,000,000 | 4,995,500 | ||||||||||
3.250%, 10/04/2024(1)(2) | 8,575,000 | 8,359,998 | ||||||||||
4.375%, 03/17/2025(1)(2) | 4,204,000 | 4,132,784 | ||||||||||
1.247%, 01/26/2027 (SOFR + 0.892%) | ||||||||||||
(Callable 01/26/2026)(1)(2)(3) | 20,000,000 | 17,606,094 | ||||||||||
3.250%, 01/14/2030(1)(2) | 6,800,000 | 5,775,545 | ||||||||||
4.000%, 01/10/2033 | ||||||||||||
(5 Year Swap Rate USD + 1.644%) | ||||||||||||
(Callable 01/10/2028)(1)(2)(3) | 8,000,000 | 7,307,747 | ||||||||||
Credit Suisse AG, | ||||||||||||
3.625%, 09/09/2024(1) | 4,325,000 | 4,246,726 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
4.207%, 06/12/2024 | ||||||||||||
(3 Month LIBOR USD + 1.240%) | ||||||||||||
(Callable 06/12/2023)(1)(2)(3) | 8,325,000 | 8,248,425 | ||||||||||
2.593%, 09/11/2025 (SOFR + 1.560%) | ||||||||||||
(Callable 09/11/2024)(1)(2)(3) | 12,250,000 | 11,525,105 | ||||||||||
2.193%, 06/05/2026 (SOFR + 2.044%) | ||||||||||||
(Callable 06/05/2025)(1)(2)(3) | 15,000,000 | 13,595,182 | ||||||||||
1.305%, 02/02/2027 (SOFR + 0.980%) | ||||||||||||
(Callable 02/02/2026)(1)(2)(3) | 40,000,000 | 34,381,440 | ||||||||||
4.282%, 01/09/2028 | ||||||||||||
(Callable 01/09/2027)(1)(2) | 17,403,000 | 16,246,638 | ||||||||||
3.869%, 01/12/2029 | ||||||||||||
(3 Month LIBOR USD + 1.410%) | ||||||||||||
(Callable 01/12/2028)(1)(2)(3) | 11,000,000 | 9,884,784 | ||||||||||
4.194%, 04/01/2031 (SOFR + 3.730%) | ||||||||||||
(Callable 04/01/2030)(1)(2)(3) | 20,000,000 | 17,696,786 | ||||||||||
3.091%, 05/14/2032 (SOFR + 1.730%) | ||||||||||||
(Callable 05/14/2031)(1)(2)(3) | 10,000,000 | 7,957,925 | ||||||||||
Credit Suisse Group Funding Guernsey Ltd.: | ||||||||||||
3.800%, 06/09/2023(1) | 14,550,000 | 14,411,851 | ||||||||||
4.550%, 04/17/2026(1) | 7,000,000 | 6,841,541 | ||||||||||
Credit Suisse USA, Inc., | ||||||||||||
7.125%, 07/15/2032(1) | 5,063,000 | 5,675,257 | ||||||||||
Danske Bank A/S, | ||||||||||||
1.621%, 09/11/2026 | ||||||||||||
(1 Year CMT Rate + 1.350%) | ||||||||||||
(Callable 09/11/2025)(1)(2)(3) | 20,000,000 | 17,899,282 | ||||||||||
Deutsche Bank AG: | ||||||||||||
3.300%, 11/16/2022(1) | 22,175,000 | 22,168,534 | ||||||||||
3.950%, 02/27/2023(1) | 14,875,000 | 14,842,424 | ||||||||||
3.700%, 05/30/2024(1) | 10,000,000 | 9,821,635 | ||||||||||
2.222%, 09/18/2024 (SOFR + 2.159%) | ||||||||||||
(Callable 09/18/2023)(1)(3) | 52,000,000 | 50,133,500 | ||||||||||
2.129%, 11/24/2026 (SOFR + 1.870%) | ||||||||||||
(Callable 11/24/2025)(1)(3) | 22,755,000 | 20,203,520 | ||||||||||
2.311%, 11/16/2027 (SOFR + 1.219%) | ||||||||||||
(Callable 11/16/2026)(1)(3) | 10,000,000 | 8,629,822 | ||||||||||
3.035%, 05/28/2032 (SOFR + 1.718%) | ||||||||||||
(Callable 05/28/2031)(1)(3) | 14,000,000 | 11,076,962 | ||||||||||
3.742%, 01/07/2033 (SOFR + 2.257%) | ||||||||||||
(Callable 10/07/2031)(1)(3) | 27,125,000 | 19,744,429 | ||||||||||
Discover Bank: | ||||||||||||
3.350%, 02/06/2023 | ||||||||||||
(Callable 01/06/2023) | 8,600,000 | 8,600,314 | ||||||||||
4.200%, 08/08/2023 | 20,000,000 | 20,068,980 | ||||||||||
3.450%, 07/27/2026 | ||||||||||||
(Callable 04/27/2026) | 22,000,000 | 20,784,679 | ||||||||||
4.650%, 09/13/2028 | ||||||||||||
(Callable 06/13/2028) | 13,747,000 | 13,229,097 | ||||||||||
Discover Financial Services: | ||||||||||||
3.950%, 11/06/2024 | ||||||||||||
(Callable 08/06/2024) | 10,000,000 | 9,853,568 | ||||||||||
4.100%, 02/09/2027 | ||||||||||||
(Callable 11/09/2026) | 38,019,000 | 36,462,194 | ||||||||||
DNB Bank ASA: | ||||||||||||
1.127%, 09/16/2026 | ||||||||||||
(1 Year CMT Rate + 0.850%) | ||||||||||||
(Callable 09/16/2025)(1)(2)(3) | 2,000,000 | 1,801,039 | ||||||||||
1.535%, 05/25/2027 | ||||||||||||
(1 Year CMT Rate + 0.720%) | ||||||||||||
(Callable 05/25/2026)(1)(2)(3) | 15,000,000 | 13,382,639 | ||||||||||
Elevance Health, Inc., | ||||||||||||
5.100%, 01/15/2044 | 1,584,000 | 1,583,383 | ||||||||||
Extra Space Storage LP, | ||||||||||||
2.550%, 06/01/2031 | ||||||||||||
(Callable 03/01/2031) | 10,000,000 | 8,227,016 | ||||||||||
Federation des Caisses | ||||||||||||
Desjardins du Quebec, | ||||||||||||
2.050%, 02/10/2025(1)(2) | 12,100,000 | 11,424,689 | ||||||||||
FirstMerit Bank NA, | ||||||||||||
4.270%, 11/25/2026 | 4,600,000 | 4,535,873 | ||||||||||
Five Corners Funding Trust, | ||||||||||||
4.419%, 11/15/2023(2) | 11,330,000 | 11,392,333 | ||||||||||
Five Corners Funding Trust II, | ||||||||||||
2.850%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030)(2) | 30,000,000 | 26,098,171 | ||||||||||
FMR LLC, | ||||||||||||
4.950%, 02/01/2033(2) | 1,750,000 | 1,750,782 | ||||||||||
Globe Life, Inc., | ||||||||||||
4.550%, 09/15/2028 | ||||||||||||
(Callable 06/15/2028) | 5,000,000 | 4,928,719 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
2.905%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.990%) | ||||||||||||
(Callable 07/24/2022)(3) | 8,000,000 | 7,997,567 | ||||||||||
3.198%, 11/29/2023 | ||||||||||||
(3 Month LIBOR USD + 1.600%)(3) | 5,000,000 | 5,017,500 | ||||||||||
3.850%, 07/08/2024 | ||||||||||||
(Callable 04/08/2024) | 3,000,000 | 3,006,456 | ||||||||||
3.500%, 01/23/2025 | ||||||||||||
(Callable 10/23/2024) | 3,000,000 | 2,955,472 |
The accompanying notes are an integral part of these financial statements.
Page 56
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Goldman Sachs Group, Inc.: (cont.) | ||||||||||||
3.500%, 04/01/2025 | ||||||||||||
(Callable 03/01/2025) | $ | 5,000,000 | $ | 4,901,271 | ||||||||
3.750%, 05/22/2025 | ||||||||||||
(Callable 02/22/2025) | 5,000,000 | 4,940,053 | ||||||||||
3.272%, 09/29/2025 | ||||||||||||
(3 Month LIBOR USD + 1.201%) | ||||||||||||
(Callable 09/29/2024)(3) | 15,000,000 | 14,573,540 | ||||||||||
1.093%, 12/09/2026 (SOFR + 0.789%) | ||||||||||||
(Callable 12/09/2025)(3) | 10,000,000 | 8,906,594 | ||||||||||
2.988%, 10/28/2027 | ||||||||||||
(3 Month LIBOR USD + 1.750%) | ||||||||||||
(Callable 10/28/2026)(3) | 10,000,000 | 9,881,637 | ||||||||||
2.640%, 02/24/2028 (SOFR + 1.114%) | ||||||||||||
(Callable 02/24/2027)(3) | 89,350,000 | 81,091,994 | ||||||||||
3.691%, 06/05/2028 | ||||||||||||
(3 Month LIBOR USD + 1.510%) | ||||||||||||
(Callable 06/05/2027)(3) | 6,775,000 | 6,424,612 | ||||||||||
4.223%, 05/01/2029 | ||||||||||||
(3 Month LIBOR USD + 1.301%) | ||||||||||||
(Callable 05/01/2028)(3) | 10,000,000 | 9,611,926 | ||||||||||
3.800%, 03/15/2030 | ||||||||||||
(Callable 12/15/2029) | 30,000,000 | 27,818,095 | ||||||||||
1.992%, 01/27/2032 (SOFR + 1.090%) | ||||||||||||
(Callable 01/27/2031)(3) | 10,000,000 | 7,899,399 | ||||||||||
2.615%, 04/22/2032 (SOFR + 1.281%) | ||||||||||||
(Callable 04/22/2031)(3) | 9,625,000 | 7,991,014 | ||||||||||
6.345%, 02/15/2034 | 1,053,000 | 1,116,344 | ||||||||||
Guardian Life Insurance Co. of America: | ||||||||||||
4.875%, 06/19/2064(2) | 5,000,000 | 4,699,258 | ||||||||||
3.700%, 01/22/2070 | ||||||||||||
(Callable 07/22/2069)(2) | 15,062,000 | 10,956,049 | ||||||||||
4.850%, 01/24/2077(2) | 24,727,000 | 22,142,841 | ||||||||||
Hanover Insurance Group, Inc., | ||||||||||||
2.500%, 09/01/2030 | ||||||||||||
(Callable 06/01/2030) | 10,550,000 | 8,804,444 | ||||||||||
Hartford Financial Services Group, Inc., | ||||||||||||
3.600%, 08/19/2049 | ||||||||||||
(Callable 02/19/2049) | 7,000,000 | 5,556,329 | ||||||||||
Health Care Service Corp. | ||||||||||||
A Mutual Legal Reserve Co., | ||||||||||||
2.200%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030)(2) | 6,125,000 | 5,192,899 | ||||||||||
High Street Funding Trust II, | ||||||||||||
4.682%, 02/15/2048 | ||||||||||||
(Callable 11/15/2047)(2) | 2,000,000 | 1,891,367 | ||||||||||
HSBC Bank PLC, | ||||||||||||
7.650%, 05/01/2025(1) | 2,525,000 | 2,700,440 | ||||||||||
HSBC Bank USA NA, | ||||||||||||
7.000%, 01/15/2039(1) | 4,200,000 | 4,912,799 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.600%, 05/25/2023(1) | 2,275,000 | 2,282,720 | ||||||||||
3.950%, 05/18/2024 | ||||||||||||
(3 Month LIBOR USD + 0.987%) | ||||||||||||
(Callable 05/18/2023)(1)(3) | 6,000,000 | 5,972,589 | ||||||||||
3.803%, 03/11/2025 | ||||||||||||
(3 Month LIBOR USD + 1.211%) | ||||||||||||
(Callable 03/11/2024)(1)(3) | 26,550,000 | 26,178,244 | ||||||||||
1.645%, 04/18/2026 (SOFR + 1.538%) | ||||||||||||
(Callable 04/18/2025)(1)(3) | 15,000,000 | 13,741,353 | ||||||||||
4.292%, 09/12/2026 | ||||||||||||
(3 Month LIBOR USD + 1.348%) | ||||||||||||
(Callable 09/12/2025)(1)(3) | 7,450,000 | 7,278,575 | ||||||||||
4.375%, 11/23/2026(1) | 10,000,000 | 9,774,706 | ||||||||||
1.589%, 05/24/2027 (SOFR + 1.290%) | ||||||||||||
(Callable 05/24/2026)(1)(3) | 22,500,000 | 19,759,176 | ||||||||||
2.251%, 11/22/2027 (SOFR + 1.100%) | ||||||||||||
(Callable 11/22/2026)(1)(3) | 10,000,000 | 8,909,666 | ||||||||||
2.013%, 09/22/2028 (SOFR + 1.732%) | ||||||||||||
(Callable 09/22/2027)(1)(3) | 25,000,000 | 21,383,406 | ||||||||||
2.206%, 08/17/2029 (SOFR + 1.285%) | ||||||||||||
(Callable 08/17/2028)(1)(3) | 13,200,000 | 11,086,989 | ||||||||||
3.973%, 05/22/2030 | ||||||||||||
(3 Month LIBOR USD + 1.610%) | ||||||||||||
(Callable 05/22/2029)(1)(3) | 2,000,000 | 1,837,139 | ||||||||||
2.804%, 05/24/2032 (SOFR + 1.187%) | ||||||||||||
(Callable 05/24/2031)(1)(3) | 16,000,000 | 13,138,861 | ||||||||||
Invesco Finance PLC, | ||||||||||||
3.750%, 01/15/2026 | 4,900,000 | 4,839,975 | ||||||||||
Jackson National Life Global Funding, | ||||||||||||
3.250%, 01/30/2024(2) | 23,475,000 | 23,225,164 | ||||||||||
Jefferies Group LLC: | ||||||||||||
4.850%, 01/15/2027 | 4,600,000 | 4,601,577 | ||||||||||
4.150%, 01/23/2030 | 10,000,000 | 8,983,444 | ||||||||||
6.250%, 01/15/2036 | 1,390,000 | 1,397,611 | ||||||||||
John Hancock Life Insurance Co., | ||||||||||||
7.375%, 02/15/2024(1)(2) | 13,339,000 | 14,068,683 | ||||||||||
JPMorgan Chase & Co.: | ||||||||||||
2.414%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%) | ||||||||||||
(Callable 10/24/2022)(3) | 15,000,000 | 14,997,211 | ||||||||||
3.559%, 04/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.730%) | ||||||||||||
(Callable 04/23/2023)(3) | 15,000,000 | 14,953,888 | ||||||||||
3.125%, 01/23/2025 | ||||||||||||
(Callable 10/23/2024) | 14,000,000 | 13,794,738 | ||||||||||
2.301%, 10/15/2025 (SOFR + 1.160%) | ||||||||||||
(Callable 10/15/2024)(3) | 10,000,000 | 9,522,038 | ||||||||||
2.005%, 03/13/2026 (SOFR + 1.585%) | ||||||||||||
(Callable 03/13/2025)(3) | 50,000,000 | 46,822,143 | ||||||||||
2.083%, 04/22/2026 (SOFR + 1.850%) | ||||||||||||
(Callable 04/22/2025)(3) | 76,000,000 | 71,065,535 | ||||||||||
1.045%, 11/19/2026 (SOFR + 0.800%) | ||||||||||||
(Callable 11/19/2025)(3) | 25,000,000 | 22,223,730 | ||||||||||
1.578%, 04/22/2027 (SOFR + 0.885%) | ||||||||||||
(Callable 04/22/2026)(3) | 50,000,000 | 44,495,827 | ||||||||||
1.470%, 09/22/2027 (SOFR + 0.765%) | ||||||||||||
(Callable 09/22/2026)(3) | 11,875,000 | 10,415,099 | ||||||||||
2.522%, 04/22/2031 (SOFR + 2.040%) | ||||||||||||
(Callable 04/22/2030)(3) | 28,000,000 | 23,848,119 | ||||||||||
1.953%, 02/04/2032 (SOFR + 1.065%) | ||||||||||||
(Callable 02/04/2031)(3) | 22,000,000 | 17,584,021 | ||||||||||
2.580%, 04/22/2032 (SOFR + 1.250%) | ||||||||||||
(Callable 04/22/2031)(3) | 10,000,000 | 8,414,040 | ||||||||||
5.600%, 07/15/2041 | 4,106,000 | 4,286,472 | ||||||||||
Kemper Corp., | ||||||||||||
3.800%, 02/23/2032 | ||||||||||||
(Callable 11/23/2031) | 13,000,000 | 11,486,449 | ||||||||||
KeyBank NA, | ||||||||||||
3.400%, 05/20/2026 | 18,965,000 | 18,180,014 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 59,600,000 | 57,069,169 | ||||||||||
Lexington Realty Trust, | ||||||||||||
2.700%, 09/15/2030 | ||||||||||||
(Callable 06/15/2030) | 7,000,000 | 5,745,589 |
The accompanying notes are an integral part of these financial statements.
Page 57
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Liberty Mutual Group, Inc.: | ||||||||||||
4.250%, 06/15/2023(2) | $ | 591,000 | $ | 590,563 | ||||||||
4.569%, 02/01/2029(2) | 2,087,000 | 2,052,058 | ||||||||||
3.951%, 10/15/2050 | ||||||||||||
(Callable 04/15/2050)(2) | 2,231,000 | 1,694,374 | ||||||||||
5.500%, 06/15/2052 | ||||||||||||
(Callable 12/15/2051)(2) | 5,000,000 | 4,735,909 | ||||||||||
Liberty Mutual Insurance Co., | ||||||||||||
7.697%, 10/15/2097(2) | 465,000 | 559,264 | ||||||||||
Life Storage LP, | ||||||||||||
3.500%, 07/01/2026 | ||||||||||||
(Callable 04/01/2026) | 6,819,000 | 6,518,427 | ||||||||||
Lincoln National Corp., | ||||||||||||
3.050%, 01/15/2030 | ||||||||||||
(Callable 10/15/2029) | 24,650,000 | 21,745,436 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
2.907%, 11/07/2023 | ||||||||||||
(3 Month LIBOR USD + 0.810%) | ||||||||||||
(Callable 11/07/2022)(1)(3) | 18,669,000 | 18,604,188 | ||||||||||
3.870%, 07/09/2025 | ||||||||||||
(1 Year CMT Rate + 3.500%) | ||||||||||||
(Callable 07/09/2024)(1)(3) | 15,000,000 | 14,813,267 | ||||||||||
2.438%, 02/05/2026 | ||||||||||||
(1 Year CMT Rate + 1.000%) | ||||||||||||
(Callable 02/05/2025)(1)(3) | 15,725,000 | 14,879,782 | ||||||||||
1.627%, 05/11/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%) | ||||||||||||
(Callable 05/11/2026)(1)(3) | 10,000,000 | 8,887,060 | ||||||||||
3.574%, 11/07/2028 | ||||||||||||
(3 Month LIBOR USD + 1.205%) | ||||||||||||
(Callable 11/07/2027)(1)(3) | 10,000,000 | 9,356,695 | ||||||||||
M&T Bank Corp., | ||||||||||||
4.000%, 07/15/2024 | ||||||||||||
(Callable 04/16/2024) | 11,400,000 | 11,336,904 | ||||||||||
Macquarie Bank Ltd.: | ||||||||||||
4.875%, 06/10/2025(1)(2) | 23,717,000 | 23,669,384 | ||||||||||
3.624%, 06/03/2030(1)(2) | 12,550,000 | 10,944,657 | ||||||||||
Macquarie Group Ltd.: | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR USD + 1.023%) | ||||||||||||
(Callable 11/28/2022)(1)(2)(3) | 29,067,000 | 28,998,626 | ||||||||||
4.150%, 03/27/2024 | ||||||||||||
(3 Month LIBOR USD + 1.330%) | ||||||||||||
(Callable 03/27/2023)(1)(2)(3) | 24,000,000 | 24,007,045 | ||||||||||
1.340%, 01/12/2027 (SOFR + 1.069%) | ||||||||||||
(Callable 01/12/2026)(1)(2)(3) | 19,000,000 | 16,698,945 | ||||||||||
2.871%, 01/14/2033 (SOFR + 1.532%) | ||||||||||||
(Callable 01/14/2032)(1)(2)(3) | 25,000,000 | 20,392,954 | ||||||||||
4.442%, 06/21/2033 (SOFR + 2.405%) | ||||||||||||
(Callable 06/21/2032)(1)(2)(3) | 9,000,000 | 8,323,016 | ||||||||||
Manulife Financial Corp.: | ||||||||||||
4.150%, 03/04/2026(1) | 10,000,000 | 9,872,267 | ||||||||||
5.375%, 03/04/2046(1) | 5,150,000 | 5,481,999 | ||||||||||
Maple Grove Funding Trust I, | ||||||||||||
4.161%, 08/15/2051 | ||||||||||||
(Callable 02/15/2051)(2) | 15,000,000 | 11,669,547 | ||||||||||
Marsh & McLennan Companies, Inc.: | ||||||||||||
2.250%, 11/15/2030 | ||||||||||||
(Callable 08/15/2030) | 5,000,000 | 4,218,963 | ||||||||||
5.875%, 08/01/2033 | 8,429,000 | 9,194,586 | ||||||||||
4.350%, 01/30/2047 | ||||||||||||
(Callable 07/30/2046) | 3,450,000 | 3,119,796 | ||||||||||
Massachusetts Mutual Life Insurance Co.: | ||||||||||||
5.077%, 02/15/2069 | ||||||||||||
(3 Month LIBOR USD + 3.191%) | ||||||||||||
(Callable 02/15/2049)(2)(3) | 40,670,000 | 39,102,353 | ||||||||||
3.729%, 10/15/2070(2) | 16,676,000 | 12,157,802 | ||||||||||
4.900%, 04/01/2077(2) | 11,175,000 | 10,237,608 | ||||||||||
MBIA Insurance Corp., | ||||||||||||
12.304%, 01/15/2033 | ||||||||||||
(3 Month LIBOR USD + 11.260%) | ||||||||||||
(Callable 01/15/2023)(2)(3)(9) | 714,000 | 135,660 | ||||||||||
MetLife, Inc.: | ||||||||||||
6.500%, 12/15/2032 | 466,000 | 539,118 | ||||||||||
4.875%, 11/13/2043 | 3,375,000 | 3,326,486 | ||||||||||
Metropolitan Life Global Funding I, | ||||||||||||
2.950%, 04/09/2030(2) | 22,375,000 | 20,169,163 | ||||||||||
Metropolitan Life Insurance Co., | ||||||||||||
7.800%, 11/01/2025(2) | 6,300,000 | 6,930,932 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
3.455%, 03/02/2023(1) | 10,650,000 | 10,664,737 | ||||||||||
2.801%, 07/18/2024(1) | 10,000,000 | 9,740,864 | ||||||||||
2.193%, 02/25/2025(1) | 25,000,000 | 23,726,792 | ||||||||||
1.538%, 07/20/2027 | ||||||||||||
(1 Year CMT Rate + 0.750%) | ||||||||||||
(Callable 07/20/2026)(1)(3) | 10,000,000 | 8,832,055 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
2.601%, 09/11/2022(1) | 13,000,000 | 12,990,840 | ||||||||||
3.922%, 09/11/2024 | ||||||||||||
(3 Month LIBOR USD + 1.000%) | ||||||||||||
(Callable 09/11/2023)(1)(3) | 5,000,000 | 4,984,344 | ||||||||||
2.555%, 09/13/2025 (SOFR + 1.362%) | ||||||||||||
(Callable 09/13/2024)(1)(3) | 20,000,000 | 19,160,130 | ||||||||||
1.234%, 05/22/2027 | ||||||||||||
(1 Year CMT Rate + 0.670%) | ||||||||||||
(Callable 05/22/2026)(1)(3) | 8,000,000 | 6,988,310 | ||||||||||
1.979%, 09/08/2031 (SOFR + 1.532%) | ||||||||||||
(Callable 09/08/2030)(1)(3) | 10,000,000 | 7,914,353 | ||||||||||
Morgan Stanley: | ||||||||||||
2.584%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%) | ||||||||||||
(Callable 10/24/2022)(3) | 8,000,000 | 8,000,161 | ||||||||||
3.737%, 04/24/2024 | ||||||||||||
(3 Month LIBOR USD + 0.847%) | ||||||||||||
(Callable 04/24/2023)(3) | 6,455,000 | 6,432,526 | ||||||||||
3.875%, 04/29/2024 | 1,650,000 | 1,652,102 | ||||||||||
2.720%, 07/22/2025 (SOFR + 1.152%) | ||||||||||||
(Callable 07/22/2024)(3) | 19,000,000 | 18,304,104 | ||||||||||
3.591%, 07/22/2028 | ||||||||||||
(3 Month LIBOR USD + 1.340%) | ||||||||||||
(Callable 07/22/2027)(3) | 12,000,000 | 11,360,115 | ||||||||||
3.772%, 01/24/2029 | ||||||||||||
(3 Month LIBOR USD + 1.140%) | ||||||||||||
(Callable 01/24/2028)(3) | 1,000,000 | 948,845 | ||||||||||
3.622%, 04/01/2031 (SOFR + 3.120%) | ||||||||||||
(Callable 04/01/2030)(3) | 10,000,000 | 9,185,444 | ||||||||||
1.928%, 04/28/2032 (SOFR + 1.020%) | ||||||||||||
(Callable 04/28/2031)(3) | 25,000,000 | 19,824,210 | ||||||||||
National Australia Bank Ltd.: | ||||||||||||
2.332%, 08/21/2030(1)(2) | 83,282,000 | 66,946,287 | ||||||||||
2.990%, 05/21/2031(1)(2) | 18,911,000 | 15,802,424 | ||||||||||
3.933%, 08/02/2034 | ||||||||||||
(5 Year CMT Rate + 1.880%) | ||||||||||||
(Callable 08/02/2029)(1)(2)(3) | 10,000,000 | 9,065,474 | ||||||||||
3.347%, 01/12/2037 | ||||||||||||
(5 Year CMT Rate + 1.700%) | ||||||||||||
(Callable 01/12/2032)(1)(2)(3) | 10,000,000 | 8,391,303 |
The accompanying notes are an integral part of these financial statements.
Page 58
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
National Securities Clearing Corp., | ||||||||||||
1.500%, 04/23/2025 | ||||||||||||
(Callable 03/23/2025)(2) | $ | 12,124,000 | $ | 11,408,799 | ||||||||
Nationwide Building Society: | ||||||||||||
3.766%, 03/08/2024 | ||||||||||||
(3 Month LIBOR USD + 1.064%) | ||||||||||||
(Callable 03/08/2023)(1)(2)(3) | 20,000,000 | 19,947,713 | ||||||||||
4.000%, 09/14/2026(1)(2) | 73,507,000 | 70,796,451 | ||||||||||
4.302%, 03/08/2029 | ||||||||||||
(3 Month LIBOR USD + 1.452%) | ||||||||||||
(Callable 03/08/2028)(1)(2)(3) | 20,000,000 | 19,136,293 | ||||||||||
3.960%, 07/18/2030 | ||||||||||||
(3 Month LIBOR USD + 1.855%) | ||||||||||||
(Callable 07/18/2029)(1)(2)(3) | 10,125,000 | 9,389,611 | ||||||||||
Nationwide Financial Services, Inc., | ||||||||||||
3.900%, 11/30/2049 | ||||||||||||
(Callable 05/30/2049)(2) | 10,000,000 | 8,135,067 | ||||||||||
Nationwide Mutual Insurance Co.: | ||||||||||||
9.375%, 08/15/2039(2) | 14,000,000 | 19,157,857 | ||||||||||
4.350%, 04/30/2050 | ||||||||||||
(Callable 10/30/2049)(2) | 25,000,000 | 20,784,428 | ||||||||||
NatWest Group PLC: | ||||||||||||
1.642%, 06/14/2027 | ||||||||||||
(1 Year CMT Rate + 0.900%) | ||||||||||||
(Callable 06/14/2026)(1)(3) | 35,000,000 | 30,686,151 | ||||||||||
5.516%, 09/30/2028 | ||||||||||||
(1 Year CMT Rate + 2.270%) | ||||||||||||
(Callable 09/30/2027)(1)(3) | 10,000,000 | 10,071,231 | ||||||||||
New York Life Insurance Co.: | ||||||||||||
6.750%, 11/15/2039(2) | 12,026,000 | 14,084,981 | ||||||||||
3.750%, 05/15/2050 | ||||||||||||
(Callable 11/15/2049)(2) | 17,000,000 | 13,885,076 | ||||||||||
4.450%, 05/15/2069 | ||||||||||||
(Callable 11/15/2068)(2) | 10,000,000 | 8,563,720 | ||||||||||
Nomura Holdings, Inc.: | ||||||||||||
2.648%, 01/16/2025(1) | 20,000,000 | 19,078,936 | ||||||||||
5.099%, 07/03/2025(1)(8) | 10,000,000 | 10,043,438 | ||||||||||
1.851%, 07/16/2025(1) | 19,000,000 | 17,397,072 | ||||||||||
1.653%, 07/14/2026(1) | 32,975,000 | 28,874,024 | ||||||||||
2.172%, 07/14/2028(1) | 16,055,000 | 13,523,588 | ||||||||||
2.710%, 01/22/2029(1) | 10,000,000 | 8,536,152 | ||||||||||
Pacific Life Global Funding II, | ||||||||||||
1.200%, 06/24/2025(2) | 22,300,000 | 20,480,280 | ||||||||||
Peachtree Corners Funding Trust, | ||||||||||||
3.976%, 02/15/2025(2) | 12,295,000 | 12,162,875 | ||||||||||
Penn Mutual Life Insurance Co., | ||||||||||||
3.800%, 04/29/2061(2) | 15,000,000 | 10,803,722 | ||||||||||
Pine Street Trust I, | ||||||||||||
4.572%, 02/15/2029 | ||||||||||||
(Callable 11/15/2028)(2) | 7,825,000 | 7,557,903 | ||||||||||
Principal Financial Group, Inc., | ||||||||||||
4.300%, 11/15/2046 | ||||||||||||
(Callable 05/15/2046) | 2,325,000 | 2,143,932 | ||||||||||
Principal Life Global Funding II: | ||||||||||||
1.250%, 06/23/2025(2) | 16,000,000 | 14,694,225 | ||||||||||
3.000%, 04/18/2026(2) | 13,400,000 | 12,785,172 | ||||||||||
Protective Life Corp.: | ||||||||||||
4.300%, 09/30/2028 | ||||||||||||
(Callable 06/30/2028)(1)(2) | 10,000,000 | 9,855,160 | ||||||||||
8.450%, 10/15/2039(1) | 2,650,000 | 3,294,716 | ||||||||||
Prudential Financial, Inc.: | ||||||||||||
6.625%, 12/01/2037 | 5,000,000 | 5,880,793 | ||||||||||
3.935%, 12/07/2049 | ||||||||||||
(Callable 06/07/2049) | 11,426,000 | 9,835,149 | ||||||||||
Raymond James Financial, Inc., | ||||||||||||
4.650%, 04/01/2030 | ||||||||||||
(Callable 01/01/2030) | 9,700,000 | 9,594,949 | ||||||||||
Regions Financial Corp., | ||||||||||||
2.250%, 05/18/2025 | ||||||||||||
(Callable 04/18/2025) | 25,000,000 | 23,850,330 | ||||||||||
Reliance Standard Life Global Funding II, | ||||||||||||
2.500%, 10/30/2024(1)(2) | 22,800,000 | 21,890,700 | ||||||||||
Royal Bank of Canada, | ||||||||||||
4.650%, 01/27/2026(1) | 7,773,000 | 7,837,297 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
3.875%, 09/12/2023(1) | 10,000,000 | 9,967,035 | ||||||||||
4.269%, 03/22/2025 | ||||||||||||
(3 Month LIBOR USD + 1.762%) | ||||||||||||
(Callable 03/22/2024)(1)(3) | 27,351,000 | 27,069,774 | ||||||||||
3.073%, 05/22/2028 | ||||||||||||
(1 Year CMT Rate + 2.550%) | ||||||||||||
(Callable 05/22/2027)(1)(3) | 18,301,000 | 16,636,537 | ||||||||||
4.892%, 05/18/2029 | ||||||||||||
(3 Month LIBOR USD + 1.754%) | ||||||||||||
(Callable 05/18/2028)(1)(3) | 10,000,000 | 9,691,017 | ||||||||||
5.076%, 01/27/2030 | ||||||||||||
(3 Month LIBOR USD + 1.905%) | ||||||||||||
(Callable 01/27/2029)(1)(3) | 7,000,000 | 6,851,099 | ||||||||||
4.445%, 05/08/2030 | ||||||||||||
(3 Month LIBOR USD + 1.871%) | ||||||||||||
(Callable 05/08/2029)(1)(3) | 35,000,000 | 32,954,692 | ||||||||||
Sammons Financial Group, Inc.: | ||||||||||||
3.350%, 04/16/2031 | ||||||||||||
(Callable 01/16/2031)(2) | 14,350,000 | 11,860,836 | ||||||||||
4.750%, 04/08/2032 | ||||||||||||
(Callable 01/08/2032)(2) | 23,000,000 | 20,932,741 | ||||||||||
Santander Holdings USA, Inc., | ||||||||||||
3.500%, 06/07/2024 | ||||||||||||
(Callable 05/07/2024)(1) | 5,695,000 | 5,595,913 | ||||||||||
Santander UK Group Holdings PLC: | ||||||||||||
3.373%, 01/05/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%) | ||||||||||||
(Callable 01/05/2023)(1)(3) | 5,967,000 | 5,939,214 | ||||||||||
4.796%, 11/15/2024 | ||||||||||||
(3 Month LIBOR USD + 1.570%) | ||||||||||||
(Callable 11/15/2023)(1)(3) | 5,250,000 | 5,250,156 | ||||||||||
1.673%, 06/14/2027 (SOFR + 0.989%) | ||||||||||||
(Callable 06/14/2026)(1)(3) | 9,500,000 | 8,292,240 | ||||||||||
3.823%, 11/03/2028 | ||||||||||||
(3 Month LIBOR USD + 1.400%) | ||||||||||||
(Callable 11/03/2027)(1)(3) | 15,400,000 | 14,295,387 | ||||||||||
Santander UK PLC, | ||||||||||||
5.000%, 11/07/2023(1)(2) | 21,921,000 | 22,074,009 | ||||||||||
SMBC Aviation Capital Finance DAC: | ||||||||||||
3.000%, 07/15/2022(1)(2) | 8,000,000 | 7,998,869 | ||||||||||
1.900%, 10/15/2026 | ||||||||||||
(Callable 09/15/2026)(1)(2) | 6,725,000 | 5,712,326 | ||||||||||
Societe Generale SA: | ||||||||||||
4.250%, 09/14/2023(1)(2) | 8,000,000 | 8,009,909 | ||||||||||
5.000%, 01/17/2024(1)(2) | 20,000,000 | 20,082,398 | ||||||||||
3.875%, 03/28/2024(1)(2) | 15,300,000 | 15,145,442 | ||||||||||
2.625%, 10/16/2024(1)(2) | 23,000,000 | 22,116,922 | ||||||||||
2.625%, 01/22/2025(1)(2) | 41,125,000 | 39,088,330 | ||||||||||
2.226%, 01/21/2026 | ||||||||||||
(1 Year CMT Rate + 1.050%) | ||||||||||||
(Callable 01/21/2025)(1)(2)(3) | 21,032,000 | 19,596,083 | ||||||||||
4.250%, 08/19/2026(1)(2) | 2,000,000 | 1,921,234 |
The accompanying notes are an integral part of these financial statements.
Page 59
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Societe Generale SA: (cont.) | ||||||||||||
1.488%, 12/14/2026 | ||||||||||||
(1 Year CMT Rate + 1.100%) | ||||||||||||
(Callable 12/14/2025)(1)(2)(3) | $ | 28,800,000 | $ | 25,402,393 | ||||||||
2.889%, 06/09/2032 | ||||||||||||
(1 Year CMT Rate + 1.300%) | ||||||||||||
(Callable 06/09/2031)(1)(2)(3) | 6,775,000 | 5,409,883 | ||||||||||
3.337%, 01/21/2033 | ||||||||||||
(1 Year CMT Rate + 1.600%) | ||||||||||||
(Callable 01/21/2032)(1)(2)(3) | 10,000,000 | 8,181,591 | ||||||||||
6.221%, 06/15/2033 | ||||||||||||
(1 Year CMT Rate + 3.200%) | ||||||||||||
(Callable 06/15/2032)(1)(2)(3) | 9,150,000 | 8,733,289 | ||||||||||
3.625%, 03/01/2041(1)(2) | 12,000,000 | 8,186,996 | ||||||||||
Standard Chartered PLC: | ||||||||||||
3.885%, 03/15/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%) | ||||||||||||
(Callable 03/15/2023)(1)(2)(3) | 31,557,000 | 31,459,580 | ||||||||||
3.785%, 05/21/2025 | ||||||||||||
(3 Month LIBOR USD + 1.560%) | ||||||||||||
(Callable 05/21/2024)(1)(2)(3) | 36,294,000 | 35,604,490 | ||||||||||
2.819%, 01/30/2026 | ||||||||||||
(3 Month LIBOR USD + 1.209%) | ||||||||||||
(Callable 01/30/2025)(1)(2)(3) | 21,000,000 | 19,881,865 | ||||||||||
1.456%, 01/14/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%) | ||||||||||||
(Callable 01/14/2026)(1)(2)(3) | 20,658,000 | 18,212,099 | ||||||||||
2.608%, 01/12/2028 | ||||||||||||
(1 Year CMT Rate + 1.180%) | ||||||||||||
(Callable 01/12/2027)(1)(2)(3) | 24,000,000 | 21,435,664 | ||||||||||
4.644%, 04/01/2031 | ||||||||||||
(1 Year CMT Rate + 3.850%) | ||||||||||||
(Callable 04/01/2030)(1)(2)(3) | 14,700,000 | 14,009,918 | ||||||||||
5.700%, 03/26/2044(1)(2) | 6,000,000 | 5,593,113 | ||||||||||
Stifel Financial Corp.: | ||||||||||||
4.250%, 07/18/2024 | 17,850,000 | 17,861,761 | ||||||||||
4.000%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 44,140,000 | 40,972,032 | ||||||||||
Sumitomo Mitsui Banking Corp., | ||||||||||||
3.950%, 07/19/2023(1) | 1,850,000 | 1,857,668 | ||||||||||
Sumitomo Mitsui Financial Group, Inc.: | ||||||||||||
3.102%, 01/17/2023(1) | 12,000,000 | 11,995,226 | ||||||||||
2.696%, 07/16/2024(1) | 12,000,000 | 11,669,495 | ||||||||||
2.448%, 09/27/2024(1) | 2,015,000 | 1,940,570 | ||||||||||
2.348%, 01/15/2025(1) | 8,245,000 | 7,885,023 | ||||||||||
1.474%, 07/08/2025(1) | 8,740,000 | 8,026,736 | ||||||||||
2.130%, 07/08/2030(1) | 7,575,000 | 6,232,827 | ||||||||||
SunTrust Banks, Inc., | ||||||||||||
3.300%, 05/15/2026 | ||||||||||||
(Callable 04/15/2026) | 3,925,000 | 3,783,137 | ||||||||||
Synchrony Financial: | ||||||||||||
4.375%, 03/19/2024 | ||||||||||||
(Callable 02/19/2024) | 1,538,000 | 1,528,637 | ||||||||||
4.250%, 08/15/2024 | ||||||||||||
(Callable 05/15/2024) | 26,864,000 | 26,697,189 | ||||||||||
4.500%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 23,127,000 | 22,500,708 | ||||||||||
3.700%, 08/04/2026 | ||||||||||||
(Callable 05/04/2026) | 23,023,000 | 21,316,791 | ||||||||||
3.950%, 12/01/2027 | ||||||||||||
(Callable 09/01/2027) | 44,825,000 | 40,862,241 | ||||||||||
Toronto-Dominion Bank, | ||||||||||||
4.456%, 06/08/2032(1) | 19,000,000 | 18,787,854 | ||||||||||
Trinity Acquisition PLC: | ||||||||||||
4.400%, 03/15/2026 | ||||||||||||
(Callable 12/15/2025) | 27,305,000 | 27,052,707 | ||||||||||
6.125%, 08/15/2043 | 22,561,000 | 22,977,772 | ||||||||||
UBS Group AG: | ||||||||||||
1.364%, 01/30/2027 | ||||||||||||
(1 Year CMT Rate + 1.080%) | ||||||||||||
(Callable 01/30/2026)(1)(2)(3) | 10,950,000 | 9,705,594 | ||||||||||
1.494%, 08/10/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%) | ||||||||||||
(Callable 08/10/2026)(1)(2)(3) | 9,000,000 | 7,875,745 | ||||||||||
2.095%, 02/11/2032 | ||||||||||||
(1 Year CMT Rate + 1.000%) | ||||||||||||
(Callable 02/11/2031)(1)(2)(3) | 35,000,000 | 27,789,343 | ||||||||||
UBS Group Funding Switzerland AG: | ||||||||||||
2.859%, 08/15/2023 | ||||||||||||
(3 Month LIBOR USD + 0.954%) | ||||||||||||
(Callable 08/15/2022)(1)(2)(3) | 42,658,000 | 42,643,061 | ||||||||||
4.253%, 03/23/2028 | ||||||||||||
(Callable 03/23/2027)(1)(2) | 17,150,000 | 16,638,862 | ||||||||||
UnitedHealth Group, Inc.: | ||||||||||||
2.750%, 05/15/2040 | ||||||||||||
(Callable 11/15/2039) | 7,000,000 | 5,451,988 | ||||||||||
4.750%, 05/15/2052 | ||||||||||||
(Callable 11/15/2051) | 8,275,000 | 8,270,774 | ||||||||||
Wells Fargo & Co.: | ||||||||||||
2.469%, 10/31/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%) | ||||||||||||
(Callable 10/31/2022)(3) | 5,000,000 | 5,002,733 | ||||||||||
2.406%, 10/30/2025 (SOFR + 1.087%) | ||||||||||||
(Callable 10/30/2024)(3) | 19,000,000 | 18,088,067 | ||||||||||
2.164%, 02/11/2026 | ||||||||||||
(3 Month LIBOR USD + 0.750%) | ||||||||||||
(Callable 02/11/2025)(3) | 15,000,000 | 14,097,973 | ||||||||||
3.000%, 04/22/2026 | 3,000,000 | 2,854,699 | ||||||||||
3.908%, 04/25/2026 (SOFR + 1.320%) | ||||||||||||
(Callable 04/25/2025)(3) | 5,000,000 | 4,917,427 | ||||||||||
2.393%, 06/02/2028 (SOFR + 2.100%) | ||||||||||||
(Callable 06/02/2027)(3) | 64,086,000 | 57,390,866 | ||||||||||
3.068%, 04/30/2041 (SOFR + 2.530%) | ||||||||||||
(Callable 04/30/2040)(3) | 25,000,000 | 19,360,366 | ||||||||||
3.900%, 05/01/2045 | 5,000,000 | 4,203,214 | ||||||||||
5.013%, 04/04/2051 (SOFR + 4.502%) | ||||||||||||
(Callable 04/04/2050)(3) | 7,000,000 | 6,865,590 | ||||||||||
Wells Fargo Bank NA, | ||||||||||||
5.850%, 02/01/2037 | 10,000,000 | 10,659,667 | ||||||||||
Westpac Banking Corp.: | ||||||||||||
2.894%, 02/04/2030 | ||||||||||||
(5 Year CMT Rate + 1.350%) | ||||||||||||
(Callable 02/04/2025)(1)(3) | 11,425,000 | 10,824,703 | ||||||||||
4.322%, 11/23/2031 | ||||||||||||
(5 Year Mid Swap Rate USD + 2.236%) | ||||||||||||
(Callable 11/23/2026)(1)(3) | 8,350,000 | 8,029,139 | ||||||||||
4.110%, 07/24/2034 | ||||||||||||
(5 Year CMT Rate + 2.000%) | ||||||||||||
(Callable 07/24/2029)(1)(3) | 10,000,000 | 9,140,032 | ||||||||||
2.668%, 11/15/2035 | ||||||||||||
(5 Year CMT Rate + 1.750%) | ||||||||||||
(Callable 11/15/2030)(1)(3) | 13,600,000 | 10,824,557 | ||||||||||
4.421%, 07/24/2039(1) | 10,000,000 | 8,950,673 | ||||||||||
Willis North America, Inc.: | ||||||||||||
3.600%, 05/15/2024 | ||||||||||||
(Callable 03/15/2024) | 9,000,000 | 8,864,855 |
The accompanying notes are an integral part of these financial statements.
Page 60
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Willis North America, Inc.: (cont.) | ||||||||||||
4.650%, 06/15/2027 | ||||||||||||
(Callable 05/15/2027) | $ | 8,525,000 | $ | 8,385,553 | ||||||||
2.950%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 7,500,000 | 6,429,843 | ||||||||||
5.050%, 09/15/2048 | ||||||||||||
(Callable 03/15/2048) | 10,200,000 | 9,514,262 | ||||||||||
Total Financials | ||||||||||||
(Cost $6,246,618,233) | 5,719,884,820 | 16.3 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $15,168,657,497) | 13,659,706,259 | 38.9 | % | |||||||||
Municipal Bonds | ||||||||||||
Atlanta Independent School System, | ||||||||||||
5.557%, 03/01/2026 | 4,465,000 | 4,763,252 | ||||||||||
California Housing Finance Agency, | ||||||||||||
2.794%, 08/01/2036 | ||||||||||||
(Callable 08/01/2025) | 3,855,000 | 3,837,357 | ||||||||||
California Qualified School | ||||||||||||
Bond Joint Powers Authority, | ||||||||||||
7.155%, 03/01/2027 | 5,590,000 | 6,107,740 | ||||||||||
City of Berwyn IL, | ||||||||||||
5.790%, 12/01/2022 (Insured by NATL) | 370,000 | 370,763 | ||||||||||
City of Vernon CA, | ||||||||||||
4.500%, 08/01/2022 | 7,265,000 | 7,273,515 | ||||||||||
County of Cuyahoga OH, | ||||||||||||
9.125%, 10/01/2023 (Insured by AGC) | 500,000 | 511,126 | ||||||||||
County of Riverside CA, | ||||||||||||
2.617%, 02/15/2024 | 20,000,000 | 19,665,098 | ||||||||||
Dallas/Fort Worth International Airport: | ||||||||||||
2.246%, 11/01/2031 | ||||||||||||
(Callable 11/01/2030) | 2,500,000 | 2,103,141 | ||||||||||
2.416%, 11/01/2032 | ||||||||||||
(Callable 11/01/2030) | 5,000,000 | 4,182,703 | ||||||||||
2.516%, 11/01/2033 | ||||||||||||
(Callable 11/01/2030) | 1,220,000 | 1,009,571 | ||||||||||
Eaton Community City School District, | ||||||||||||
5.390%, 08/25/2027 | ||||||||||||
(Callable 08/01/2022) (Insured by | ||||||||||||
SD CRED PROG) | 2,305,000 | 2,305,879 | ||||||||||
Kentucky Housing Corp., | ||||||||||||
3.500%, 01/01/2040 | ||||||||||||
(Callable 07/01/2025) | 1,880,000 | 1,869,656 | ||||||||||
Kentucky Public Energy Authority, | ||||||||||||
2.448%, 12/01/2049 | ||||||||||||
(1 Month LIBOR USD + 1.300%) | ||||||||||||
(Callable 03/01/2025) (Mandatory | ||||||||||||
Tender Date 06/01/2025)(3) | 28,000,000 | 27,613,183 | ||||||||||
Louisiana Housing Corp., | ||||||||||||
2.100%, 12/01/2038 | ||||||||||||
(Callable 09/01/2024) | ||||||||||||
(Insured by GNMA) | 1,309,007 | 1,268,651 | ||||||||||
Maine State Housing Authority, | ||||||||||||
2.600%, 11/15/2046 | ||||||||||||
(Callable 11/15/2030) | 10,000,000 | 7,199,166 | ||||||||||
Maryland Community Development | ||||||||||||
Administration Housing Revenue, | ||||||||||||
3.160%, 09/01/2041 | ||||||||||||
(Callable 09/01/2025) | 5,525,000 | 5,493,703 | ||||||||||
Maryland Economic Development Corp., | ||||||||||||
3.997%, 04/01/2034 | ||||||||||||
(Callable 01/01/2034) | 18,670,000 | 16,433,024 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority, | ||||||||||||
3.850%, 05/25/2033 | 13,959,589 | 13,922,662 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
2.730%, 08/01/2046 (Callable | ||||||||||||
07/01/2025) (Insured by GNMA) | 2,284,689 | 2,214,094 | ||||||||||
3.200%, 06/01/2047 (Callable | ||||||||||||
07/01/2026) (Insured by GNMA) | 4,981,483 | 4,805,352 | ||||||||||
3.000%, 10/01/2047 (Callable | ||||||||||||
01/01/2027) (Insured by GNMA) | 6,281,639 | 6,067,661 | ||||||||||
New Hampshire Business | ||||||||||||
Finance Authority: | ||||||||||||
3.250%, 04/01/2028 | ||||||||||||
(Callable 01/01/2028) | 45,000,000 | 39,894,674 | ||||||||||
3.300%, 04/01/2032 | ||||||||||||
(Callable 01/01/2032) | 35,000,000 | 28,785,936 | ||||||||||
2.872%, 07/01/2035 | ||||||||||||
(Callable 01/01/2035) | 17,840,000 | 13,091,962 | ||||||||||
New Hampshire Housing | ||||||||||||
Finance Authority: | ||||||||||||
3.750%, 07/01/2034 | ||||||||||||
(Callable 07/01/2023) | 165,000 | 165,469 | ||||||||||
4.000%, 07/01/2036 | ||||||||||||
(Callable 07/01/2025) | 1,835,000 | 1,842,529 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority: | ||||||||||||
3.500%, 12/01/2039 | ||||||||||||
(Callable 12/01/2028) | 17,910,000 | 17,129,051 | ||||||||||
3.500%, 12/01/2039 | ||||||||||||
(Callable 12/01/2028) | 18,250,000 | 18,156,492 | ||||||||||
New Jersey Turnpike Authority, | ||||||||||||
3.223%, 01/01/2036 | ||||||||||||
(Callable 07/01/2025)(2) | 90,230,000 | 81,580,895 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
2.219%, 07/01/2035 | 15,000,000 | 12,268,884 | ||||||||||
North Carolina Housing Finance Agency, | ||||||||||||
2.812%, 07/01/2035 | ||||||||||||
(Callable 01/01/2024) | 805,000 | 798,687 | ||||||||||
State Public School Building Authority, | ||||||||||||
2.966%, 04/01/2027 (Insured by BAM) | 5,800,000 | 5,551,540 | ||||||||||
Texas Private Activity Bond | ||||||||||||
Surface Transportation Corp., | ||||||||||||
3.922%, 12/31/2049 | 8,800,000 | 7,737,916 | ||||||||||
Three Rivers Local School District, | ||||||||||||
5.209%, 09/15/2027 | ||||||||||||
(Callable 08/01/2022) | ||||||||||||
(Insured by SD CRED PROG) | 2,365,000 | 2,367,305 | ||||||||||
West Contra Costa | ||||||||||||
Unified School District, | ||||||||||||
6.250%, 08/01/2030 | 1,785,000 | 2,041,784 | ||||||||||
Western Michigan University Homer | ||||||||||||
Stryker MD School of Medicine, | ||||||||||||
4.750%, 11/15/2028 (Insured by AGM) | 12,560,000 | 13,098,923 | ||||||||||
Westlake City School District, | ||||||||||||
5.227%, 12/01/2026 | ||||||||||||
(Callable 08/01/2022) | 3,570,000 | 3,574,353 | ||||||||||
Westvaco Corp., | ||||||||||||
7.670%, 01/15/2027(2) | 8,000,000 | 8,656,469 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $434,951,676) | 395,760,166 | 1.1 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust: | ||||||||||||
Series 1993-58, Class H, | ||||||||||||
5.500%, 04/25/2023 | 4,432 | 4,452 | ||||||||||
Series 1998-66, Class C, | ||||||||||||
6.000%, 12/25/2028 | 6,012 | 6,162 |
The accompanying notes are an integral part of these financial statements.
Page 61
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federal Gold Loan | ||||||||||||
Mortgage Corp. (FGLMC): | ||||||||||||
6.500%, 06/01/2029 | $ | 50,769 | $ | 53,698 | ||||||||
3.000%, 03/01/2032 | 1,226,217 | 1,206,920 | ||||||||||
3.500%, 05/01/2032 | 7,917,919 | 7,925,447 | ||||||||||
3.500%, 07/01/2032 | 10,949,592 | 10,960,005 | ||||||||||
3.000%, 04/01/2033 | 1,068,888 | 1,050,733 | ||||||||||
5.000%, 08/01/2033 | 2,380,909 | 2,502,860 | ||||||||||
3.500%, 01/01/2034 | 7,745,447 | 7,752,810 | ||||||||||
5.000%, 09/01/2035 | 4,766,417 | 5,018,806 | ||||||||||
5.500%, 01/01/2036 | 80,389 | 86,334 | ||||||||||
5.000%, 03/01/2036 | 1,957,425 | 2,060,841 | ||||||||||
6.000%, 12/01/2036 | 71,884 | 78,863 | ||||||||||
3.500%, 03/01/2037 | 3,289,644 | 3,276,522 | ||||||||||
4.000%, 03/01/2037 | 1,828,407 | 1,861,050 | ||||||||||
3.500%, 02/01/2038 | 36,053,986 | 35,453,332 | ||||||||||
5.000%, 02/01/2038 | 1,120,927 | 1,179,792 | ||||||||||
5.500%, 05/01/2038 | 225,977 | 242,994 | ||||||||||
5.500%, 01/01/2039 | 5,176,846 | 5,551,169 | ||||||||||
4.500%, 11/01/2039 | 1,365,843 | 1,411,191 | ||||||||||
4.500%, 11/01/2039 | 1,665,998 | 1,721,287 | ||||||||||
4.500%, 12/01/2039 | 8,209,601 | 8,459,792 | ||||||||||
3.000%, 02/01/2040 | 11,048,907 | 10,538,916 | ||||||||||
5.000%, 03/01/2040 | 332,829 | 350,672 | ||||||||||
4.500%, 08/01/2040 | 268,250 | 277,139 | ||||||||||
2.000%, 09/01/2040 | 26,966,562 | 24,107,175 | ||||||||||
4.500%, 09/01/2040 | 1,101,061 | 1,136,023 | ||||||||||
4.000%, 01/01/2041 | 10,638,356 | 10,769,731 | ||||||||||
4.000%, 01/01/2041 | 5,432,583 | 5,499,470 | ||||||||||
4.500%, 03/01/2041 | 805,062 | 831,736 | ||||||||||
3.500%, 10/01/2041 | 3,349,920 | 3,299,275 | ||||||||||
2.000%, 11/01/2041 | 83,346,770 | 74,019,467 | ||||||||||
2.000%, 12/01/2041(8) | 18,598,046 | 16,625,431 | ||||||||||
2.500%, 02/01/2042 | 12,134,733 | 11,168,298 | ||||||||||
4.000%, 03/01/2042 | 3,124,421 | 3,162,989 | ||||||||||
3.500%, 06/01/2042 | 1,664,641 | 1,637,377 | ||||||||||
3.500%, 07/01/2042 | 4,275,407 | 4,205,377 | ||||||||||
3.000%, 08/01/2042 | 6,330,098 | 6,057,485 | ||||||||||
3.000%, 10/01/2042 | 2,591,803 | 2,480,173 | ||||||||||
3.000%, 11/01/2042 | 23,237,557 | 22,236,812 | ||||||||||
3.500%, 12/01/2042 | 5,129,562 | 5,045,565 | ||||||||||
3.000%, 01/01/2043 | 10,621,177 | 10,163,691 | ||||||||||
3.500%, 01/01/2043 | 8,951,033 | 8,804,344 | ||||||||||
3.000%, 02/01/2043 | 1,446,485 | 1,383,580 | ||||||||||
3.000%, 04/01/2043 | 8,748,729 | 8,368,269 | ||||||||||
3.000%, 04/01/2043 | 3,195,471 | 3,056,837 | ||||||||||
3.000%, 04/01/2043 | 3,677,404 | 3,516,715 | ||||||||||
4.000%, 04/01/2043 | 12,045,737 | 12,172,388 | ||||||||||
3.500%, 05/01/2043 | 6,018,002 | 5,923,910 | ||||||||||
3.000%, 06/01/2043 | 7,804,772 | 7,462,109 | ||||||||||
3.000%, 08/01/2043 | 2,460,655 | 2,352,111 | ||||||||||
3.500%, 11/01/2043 | 3,378,401 | 3,323,121 | ||||||||||
3.500%, 01/01/2044 | 4,712,023 | 4,634,855 | ||||||||||
3.500%, 02/01/2044 | 15,814,624 | 15,555,894 | ||||||||||
4.000%, 03/01/2044 | 1,875,704 | 1,890,780 | ||||||||||
3.500%, 05/01/2044 | 21,407,731 | 21,057,047 | ||||||||||
4.000%, 05/01/2044 | 8,844,103 | 8,953,177 | ||||||||||
4.000%, 07/01/2044 | 1,452,829 | 1,464,478 | ||||||||||
3.500%, 10/01/2044 | 24,348,583 | 23,950,076 | ||||||||||
4.000%, 10/01/2044 | 4,332,313 | 4,367,099 | ||||||||||
3.000%, 01/01/2045 | 8,573,092 | 8,164,930 | ||||||||||
3.500%, 01/01/2045 | 13,702,863 | 13,478,431 | ||||||||||
4.500%, 01/01/2045 | 13,650,420 | 14,070,106 | ||||||||||
3.000%, 10/01/2045 | 17,236,327 | 16,479,899 | ||||||||||
4.000%, 10/01/2045 | 2,134,000 | 2,150,838 | ||||||||||
4.000%, 11/01/2045 | 4,828,875 | 4,866,748 | ||||||||||
3.500%, 12/01/2045 | 3,559,962 | 3,484,065 | ||||||||||
3.000%, 01/01/2046 | 49,713,729 | 47,553,344 | ||||||||||
3.000%, 01/01/2046 | 63,382,688 | 60,569,586 | ||||||||||
3.500%, 01/01/2046 | 14,458,153 | 14,150,156 | ||||||||||
4.000%, 02/01/2046 | 6,351,136 | 6,402,044 | ||||||||||
4.000%, 02/01/2046 | 31,647,997 | 32,005,097 | ||||||||||
4.000%, 04/01/2046 | 4,463,655 | 4,499,377 | ||||||||||
3.500%, 05/01/2046 | 2,698,092 | 2,661,949 | ||||||||||
3.500%, 08/01/2046 | 15,829,854 | 15,572,847 | ||||||||||
3.000%, 09/01/2046 | 53,275,176 | 50,485,196 | ||||||||||
3.000%, 10/01/2046 | 57,292,555 | 54,528,281 | ||||||||||
3.000%, 10/01/2046 | 34,929,102 | 33,106,543 | ||||||||||
3.000%, 12/01/2046 | 30,192,494 | 28,558,014 | ||||||||||
4.000%, 01/01/2047 | 27,477,131 | 27,697,721 | ||||||||||
3.000%, 02/01/2047 | 19,229,262 | 18,163,202 | ||||||||||
4.500%, 04/01/2047 | 13,571,992 | 13,830,033 | ||||||||||
3.000%, 05/01/2047 | 31,785,034 | 30,139,113 | ||||||||||
4.500%, 06/01/2047 | 84,369,429 | 85,945,020 | ||||||||||
4.500%, 08/01/2047 | 22,296,096 | 22,685,309 | ||||||||||
4.000%, 09/01/2047 | 7,460,369 | 7,487,901 | ||||||||||
4.000%, 08/01/2048 | 12,098,955 | 12,121,220 | ||||||||||
3.000%, 02/01/2049(8) | 44,402,631 | 42,195,942 | ||||||||||
3.000%, 11/01/2049 | 51,475,815 | 48,413,040 | ||||||||||
4.000%, 05/01/2050 | 88,642,325 | 88,748,801 | ||||||||||
2.500%, 11/01/2050 | 25,123,643 | 22,768,197 | ||||||||||
2.500%, 02/01/2051 | 22,659,699 | 20,562,614 | ||||||||||
2.500%, 02/01/2051 | 64,164,571 | 58,108,174 | ||||||||||
2.500%, 02/01/2051 | 45,794,134 | 41,628,065 | ||||||||||
2.000%, 04/01/2051 | 83,638,310 | 73,303,584 | ||||||||||
3.000%, 04/01/2051 | 36,732,990 | 34,288,480 | ||||||||||
2.000%, 05/01/2051 | 34,069,991 | 29,796,628 | ||||||||||
2.500%, 05/01/2051 | 42,947,845 | 38,725,840 | ||||||||||
2.500%, 06/01/2051 | 18,494,687 | 16,671,449 | ||||||||||
2.500%, 07/01/2051 | 35,918,925 | 32,493,641 | ||||||||||
2.500%, 08/01/2051 | 19,741,819 | 17,928,681 | ||||||||||
2.000%, 09/01/2051 | 119,691,549 | 104,342,598 | ||||||||||
3.000%, 09/01/2051 | 18,370,083 | 17,314,886 | ||||||||||
3.000%, 10/01/2051 | 12,295,888 | 11,496,948 | ||||||||||
2.500%, 11/01/2051 | 10,616,393 | 9,598,870 | ||||||||||
2.500%, 11/01/2051 | 146,568,106 | 133,049,676 | ||||||||||
3.000%, 03/01/2052 | 134,215,556 | 126,210,794 | ||||||||||
Federal Home Loan | ||||||||||||
Mortgage Corp. (FHLMC), | ||||||||||||
4.500%, 07/01/2052(8) | 37,765,124 | 38,307,436 | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): | ||||||||||||
5.000%, 05/01/2028 | 72,161 | 73,722 | ||||||||||
4.500%, 08/01/2029 | 563,906 | 569,443 | ||||||||||
4.500%, 09/01/2029 | 621,427 | 627,526 | ||||||||||
3.500%, 01/01/2032 | 19,380,368 | 19,380,841 | ||||||||||
3.000%, 10/01/2032 | 997,211 | 972,690 | ||||||||||
3.000%, 12/01/2032 | 1,969,038 | 1,919,511 | ||||||||||
6.000%, 03/01/2033 | 20,500 | 22,088 | ||||||||||
3.500%, 10/01/2033 | 10,076,862 | 10,077,120 | ||||||||||
4.500%, 10/01/2033 | 7,367,073 | 7,573,564 | ||||||||||
5.000%, 10/01/2033 | 8,247,496 | 8,669,657 | ||||||||||
5.000%, 11/01/2033 | 23,675 | 24,887 | ||||||||||
4.000%, 01/01/2034 | 3,086,942 | 3,139,246 | ||||||||||
5.500%, 04/01/2034 | 2,834,929 | 3,037,478 |
The accompanying notes are an integral part of these financial statements.
Page 62
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): (cont.) | ||||||||||||
4.000%, 06/01/2034 | $ | 4,180,454 | $ | 4,250,966 | ||||||||
4.000%, 09/01/2034 | 4,707,926 | 4,787,302 | ||||||||||
5.500%, 09/01/2034 | 75,496 | 80,890 | ||||||||||
6.000%, 11/01/2034 | 21,201 | 23,188 | ||||||||||
3.500%, 01/01/2035 | 26,327,276 | 26,317,361 | ||||||||||
5.500%, 02/01/2035 | 252,845 | 270,997 | ||||||||||
3.000%, 06/01/2035 | 5,880,467 | 5,775,492 | ||||||||||
5.000%, 07/01/2035 | 2,130,219 | 2,239,753 | ||||||||||
5.000%, 10/01/2035 | 1,004,069 | 1,056,262 | ||||||||||
5.000%, 02/01/2036 | 1,452,381 | 1,528,639 | ||||||||||
3.000%, 11/01/2036 | 17,701,258 | 17,308,915 | ||||||||||
5.500%, 11/01/2036 | 95,307 | 102,326 | ||||||||||
2.500%, 12/01/2036 | 9,700,437 | 8,910,000 | ||||||||||
3.500%, 02/01/2037 | 6,688,391 | 6,688,544 | ||||||||||
5.500%, 04/01/2037 | 636,277 | 680,376 | ||||||||||
4.000%, 05/01/2037 | 16,605,021 | 16,884,762 | ||||||||||
4.000%, 02/01/2038 | 12,862,565 | 12,889,755 | ||||||||||
2.500%, 04/01/2038 | 25,821,111 | 23,722,330 | ||||||||||
3.000%, 05/01/2038 | 14,006,951 | 13,701,835 | ||||||||||
4.000%, 05/01/2038 | 10,719,498 | 11,019,695 | ||||||||||
4.000%, 04/01/2039 | 5,407,939 | 5,469,422 | ||||||||||
4.500%, 04/01/2039 | 13,454,556 | 14,053,091 | ||||||||||
4.000%, 06/01/2039 | 10,494,943 | 10,672,543 | ||||||||||
5.000%, 06/01/2039 | 5,038,728 | 5,298,142 | ||||||||||
5.000%, 06/01/2039 | 7,315,464 | 7,658,634 | ||||||||||
4.500%, 11/01/2039 | 78,011 | 80,300 | ||||||||||
4.000%, 08/01/2040 | 553,876 | 558,848 | ||||||||||
3.500%, 10/01/2040 | 11,971,197 | 11,705,400 | ||||||||||
4.000%, 10/01/2040 | 14,220,164 | 14,382,332 | ||||||||||
3.500%, 12/01/2040 | 3,284,545 | 3,231,986 | ||||||||||
4.000%, 12/01/2040 | 3,299,578 | 3,337,184 | ||||||||||
2.500%, 01/01/2041 | 27,580,003 | 25,384,438 | ||||||||||
3.500%, 02/01/2041 | 5,411,267 | 5,324,817 | ||||||||||
4.500%, 02/01/2041 | 27,210,169 | 28,118,390 | ||||||||||
4.500%, 05/01/2041 | 3,082,460 | 3,175,391 | ||||||||||
4.000%, 06/01/2041 | 5,866,091 | 5,932,827 | ||||||||||
4.500%, 07/01/2041 | 3,335,719 | 3,433,861 | ||||||||||
5.000%, 07/01/2041 | 5,671,790 | 5,963,978 | ||||||||||
3.500%, 09/01/2041 | 7,923,791 | 7,796,724 | ||||||||||
4.000%, 09/01/2041 | 794,633 | 801,753 | ||||||||||
4.000%, 10/01/2041 | 2,453,700 | 2,481,619 | ||||||||||
2.000%, 12/01/2041 | 139,687,379 | 124,871,402 | ||||||||||
4.000%, 12/01/2041 | 3,307,360 | 3,337,024 | ||||||||||
4.000%, 01/01/2042 | 4,309,539 | 4,358,579 | ||||||||||
4.500%, 01/01/2042 | 5,018,897 | 5,180,372 | ||||||||||
2.000%, 02/01/2042 | 47,028,417 | 41,765,515 | ||||||||||
2.000%, 02/01/2042 | 43,804,985 | 38,889,058 | ||||||||||
4.000%, 02/01/2042 | 18,799,772 | 18,968,352 | ||||||||||
2.500%, 03/01/2042 | 53,093,609 | 48,802,161 | ||||||||||
3.000%, 04/01/2042 | 29,141,460 | 27,844,320 | ||||||||||
3.000%, 05/01/2042 | 3,124,955 | 2,987,488 | ||||||||||
3.500%, 07/01/2042 | 48,198,887 | 47,364,549 | ||||||||||
3.500%, 08/01/2042 | 3,470,762 | 3,410,902 | ||||||||||
3.000%, 10/01/2042 | 12,030,847 | 11,501,570 | ||||||||||
3.000%, 03/01/2043 | 17,291,601 | 16,513,785 | ||||||||||
3.000%, 03/01/2043 | 3,412,672 | 3,261,808 | ||||||||||
3.000%, 05/01/2043 | 17,827,399 | 17,036,323 | ||||||||||
3.000%, 05/01/2043 | 8,185,389 | 7,821,818 | ||||||||||
3.500%, 05/01/2043 | 17,712,699 | 17,406,040 | ||||||||||
3.000%, 06/01/2043 | 3,570,287 | 3,410,996 | ||||||||||
3.000%, 07/01/2043 | 1,486,969 | 1,420,766 | ||||||||||
4.000%, 07/01/2043 | 12,848,143 | 12,993,412 | ||||||||||
3.000%, 08/01/2043 | 2,323,548 | 2,218,637 | ||||||||||
3.000%, 09/01/2043 | 46,018,090 | 43,986,630 | ||||||||||
3.500%, 09/01/2043 | 20,005,412 | 19,659,452 | ||||||||||
4.500%, 09/01/2043 | 4,841,937 | 4,973,135 | ||||||||||
3.000%, 10/01/2043 | 54,297,573 | 51,879,289 | ||||||||||
3.500%, 10/01/2043 | 24,369,650 | 23,948,529 | ||||||||||
3.000%, 11/01/2043 | 12,206,698 | 11,672,099 | ||||||||||
4.000%, 11/01/2043 | 4,730,518 | 4,765,605 | ||||||||||
4.000%, 12/01/2044 | 119,308,578 | 120,153,773 | ||||||||||
4.000%, 01/01/2045 | 3,049,411 | 3,070,918 | ||||||||||
4.000%, 02/01/2045 | 7,487,631 | 7,572,459 | ||||||||||
3.500%, 04/01/2045 | 12,784,168 | 12,537,327 | ||||||||||
4.000%, 09/01/2045 | 2,144,091 | 2,159,201 | ||||||||||
4.000%, 10/01/2045 | 2,847,732 | 2,867,798 | ||||||||||
4.000%, 11/01/2045 | 10,755,987 | 10,778,697 | ||||||||||
3.500%, 12/01/2045 | 14,305,275 | 13,954,727 | ||||||||||
4.500%, 02/01/2046 | 13,226,246 | 13,649,744 | ||||||||||
3.000%, 05/01/2046 | 7,400,443 | 7,020,786 | ||||||||||
3.500%, 05/01/2046 | 13,477,121 | 13,254,963 | ||||||||||
3.000%, 07/01/2046 | 5,438,594 | 5,155,254 | ||||||||||
4.500%, 08/01/2046 | 9,732,500 | 10,020,227 | ||||||||||
3.500%, 09/01/2046 | 5,005,379 | 4,894,297 | ||||||||||
2.500%, 10/01/2046 | 13,776,288 | 12,447,750 | ||||||||||
3.000%, 11/01/2046 | 22,711,854 | 21,661,943 | ||||||||||
3.000%, 11/01/2046 | 10,824,313 | 10,290,151 | ||||||||||
3.500%, 11/01/2046 | 24,589,350 | 24,054,253 | ||||||||||
3.000%, 12/01/2046 | 15,138,284 | 14,330,757 | ||||||||||
4.000%, 02/01/2047 | 2,667,200 | 2,685,838 | ||||||||||
3.500%, 05/01/2047 | 1,130,938 | 1,106,088 | ||||||||||
3.500%, 08/01/2047 | 5,666,438 | 5,532,778 | ||||||||||
4.000%, 08/01/2047 | 20,794,927 | 20,950,476 | ||||||||||
3.500%, 10/01/2047 | 5,340,685 | 5,213,465 | ||||||||||
4.000%, 10/01/2047 | 13,909,494 | 13,953,477 | ||||||||||
4.000%, 11/01/2047 | 10,894,398 | 10,936,590 | ||||||||||
4.500%, 11/01/2047 | 5,170,407 | 5,336,966 | ||||||||||
3.500%, 12/01/2047 | 82,139,766 | 80,147,808 | ||||||||||
4.000%, 12/01/2047 | 17,231,145 | 17,299,024 | ||||||||||
4.500%, 12/01/2047 | 2,847,266 | 2,876,427 | ||||||||||
3.500%, 01/01/2048 | 19,902,221 | 19,451,418 | ||||||||||
3.500%, 02/01/2048 | 27,005,322 | 26,408,399 | ||||||||||
3.500%, 03/01/2048 | 23,945,734 | 23,402,096 | ||||||||||
4.000%, 04/01/2048 | 37,341,368 | 37,371,159 | ||||||||||
4.000%, 07/01/2048 | 14,238,252 | 14,338,281 | ||||||||||
4.000%, 09/01/2048 | 3,765,221 | 3,768,506 | ||||||||||
4.500%, 09/01/2048(8) | 11,342,610 | 11,432,389 | ||||||||||
4.500%, 11/01/2048 | 14,539,871 | 14,752,475 | ||||||||||
5.000%, 11/01/2048 | 19,595,457 | 20,448,791 | ||||||||||
4.000%, 01/01/2049 | 3,615,229 | 3,622,817 | ||||||||||
4.500%, 01/01/2049 | 9,942,835 | 10,130,455 | ||||||||||
3.000%, 02/01/2049 | 13,402,060 | 12,629,893 | ||||||||||
4.500%, 02/01/2049(8) | 10,422,341 | 10,501,299 | ||||||||||
4.000%, 05/01/2049 | 8,130,844 | 8,137,969 | ||||||||||
3.000%, 05/01/2050 | 43,031,818 | 40,565,786 | ||||||||||
2.500%, 07/01/2050(8) | 38,749,412 | 35,158,899 | ||||||||||
2.500%, 07/01/2050 | 112,268,262 | 101,985,149 | ||||||||||
2.500%, 10/01/2050 | 43,507,694 | 39,436,324 | ||||||||||
2.500%, 11/01/2050 | 59,737,406 | 54,073,971 | ||||||||||
3.000%, 11/01/2050 | 6,906,840 | 6,493,815 | ||||||||||
2.500%, 12/01/2050 | 86,843,246 | 78,709,046 | ||||||||||
2.500%, 12/01/2050 | 57,790,104 | 52,116,309 | ||||||||||
2.500%, 01/01/2051 | 37,472,414 | 34,046,585 | ||||||||||
2.500%, 04/01/2051 | 20,573,828 | 18,651,640 |
The accompanying notes are an integral part of these financial statements.
Page 63
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): (cont.) | ||||||||||||
2.500%, 05/01/2051 | $ | 87,688,033 | $ | 79,916,860 | ||||||||
2.500%, 05/01/2051 | 75,785,414 | 69,413,720 | ||||||||||
2.500%, 05/01/2051 | 39,511,052 | 35,835,366 | ||||||||||
2.500%, 06/01/2051 | 28,828,518 | 26,228,680 | ||||||||||
2.000%, 07/01/2051 | 47,983,096 | 41,994,494 | ||||||||||
2.500%, 07/01/2051 | 24,658,187 | 22,216,871 | ||||||||||
2.500%, 07/01/2051 | 75,560,146 | 68,718,278 | ||||||||||
2.000%, 08/01/2051 | 17,413,767 | 15,240,147 | ||||||||||
2.000%, 09/01/2051 | 13,183,826 | 11,538,174 | ||||||||||
2.500%, 09/01/2051 | 134,067,570 | 121,158,192 | ||||||||||
2.500%, 10/01/2051 | 41,463,440 | 37,639,463 | ||||||||||
3.000%, 10/01/2051 | 69,145,638 | 64,517,019 | ||||||||||
2.000%, 11/01/2051 | 62,564,715 | 54,541,871 | ||||||||||
2.500%, 11/01/2051 | 36,994,166 | 33,720,088 | ||||||||||
2.500%, 11/01/2051 | 110,725,788 | 100,003,673 | ||||||||||
2.500%, 11/01/2051 | 32,015,061 | 28,946,702 | ||||||||||
3.000%, 11/01/2051 | 130,823,005 | 122,748,379 | ||||||||||
2.000%, 12/01/2051 | 27,154,237 | 23,735,428 | ||||||||||
2.000%, 12/01/2051 | 37,509,553 | 32,699,585 | ||||||||||
2.000%, 12/01/2051 | 113,559,474 | 98,997,680 | ||||||||||
2.000%, 12/01/2051 | 38,551,270 | 33,620,627 | ||||||||||
2.500%, 12/01/2051 | 50,868,154 | 45,831,570 | ||||||||||
2.500%, 12/01/2051 | 144,705,166 | 131,121,850 | ||||||||||
2.500%, 12/01/2051 | 112,795,998 | 101,873,260 | ||||||||||
2.500%, 12/01/2051 | 25,645,037 | 23,180,195 | ||||||||||
2.500%, 01/01/2052 | 48,158,743 | 43,587,603 | ||||||||||
3.000%, 02/01/2052 | 26,575,198 | 24,914,243 | ||||||||||
3.000%, 02/01/2052 | 32,583,166 | 30,546,771 | ||||||||||
3.500%, 02/01/2052 | 35,551,756 | 34,389,140 | ||||||||||
3.000%, 03/01/2052 | 73,083,762 | 68,466,378 | ||||||||||
3.500%, 04/01/2052 | 94,165,963 | 90,977,166 | ||||||||||
3.500%, 05/01/2052 | 51,147,027 | 50,641,246 | ||||||||||
4.500%, 07/01/2052(8) | 15,874,558 | 16,096,438 | ||||||||||
3.000%, 11/01/2059 | 55,775,339 | 52,290,488 | ||||||||||
Government National Mortgage | ||||||||||||
Association (GNMA): | ||||||||||||
6.000%, 11/20/2033 | 20,100 | 21,810 | ||||||||||
5.000%, 07/20/2040 | 717,867 | 760,268 | �� | |||||||||
3.500%, 10/20/2041 | 3,513,755 | 3,488,405 | ||||||||||
3.500%, 01/15/2042 | 6,096,851 | 6,091,318 | ||||||||||
4.000%, 06/20/2042 | 3,828,537 | 3,917,078 | ||||||||||
3.500%, 09/20/2042 | 1,466,551 | 1,456,030 | ||||||||||
3.500%, 01/20/2043 | 31,089,665 | 30,780,554 | ||||||||||
4.000%, 10/20/2043 | 5,114,770 | 5,156,036 | ||||||||||
4.000%, 09/20/2044 | 19,688,071 | 19,846,003 | ||||||||||
4.000%, 01/20/2045 | 4,317,862 | 4,352,705 | ||||||||||
3.500%, 03/20/2045 | 6,929,793 | 6,845,679 | ||||||||||
3.000%, 04/20/2045 | 8,074,509 | 7,744,952 | ||||||||||
3.500%, 04/20/2045 | 9,819,328 | 9,721,401 | ||||||||||
4.000%, 08/20/2045 | 3,505,263 | 3,538,698 | ||||||||||
4.500%, 01/20/2046 | 5,980,878 | 6,267,530 | ||||||||||
3.500%, 04/20/2046 | 30,914,274 | 30,478,992 | ||||||||||
4.000%, 04/20/2046 | 3,765,191 | 3,770,852 | ||||||||||
3.500%, 05/20/2046 | 19,473,839 | 19,198,491 | ||||||||||
4.000%, 05/20/2046 | 9,112,378 | 9,187,045 | ||||||||||
3.500%, 06/20/2046 | 32,275,298 | 31,793,294 | ||||||||||
3.000%, 11/20/2046 | 23,165,294 | 22,025,064 | ||||||||||
5.000%, 04/20/2047 | 903,658 | 940,180 | ||||||||||
3.000%, 06/20/2047 | 13,859,145 | 13,294,443 | ||||||||||
4.500%, 06/20/2047 | 13,413,232 | 13,800,032 | ||||||||||
4.500%, 07/20/2047 | 3,265,295 | 3,382,930 | ||||||||||
4.500%, 09/20/2047(6) | 4,316,549 | 4,474,912 | ||||||||||
4.000%, 01/20/2048 | 5,860,750 | 5,890,318 | ||||||||||
5.000%, 02/20/2049 | 34,711,295 | 35,740,732 | ||||||||||
3.500%, 02/20/2050 | 71,721,416 | 71,166,855 | ||||||||||
2.500%, 03/20/2051 | 56,707,829 | 51,527,237 | ||||||||||
2.500%, 04/20/2051 | 73,546,517 | 66,779,054 | ||||||||||
2.500%, 06/20/2051 | 37,744,657 | 34,269,753 | ||||||||||
4.000%, 04/20/2052 | 20,018,912 | 19,961,120 | ||||||||||
Seasoned Credit Risk Transfer Trust: | ||||||||||||
Series 2019-4, Class MA, 3.000%, | ||||||||||||
02/25/2059 (Callable 05/25/2037) | 37,428,986 | 36,441,123 | ||||||||||
Series 2020-2, Class MT, 2.000%, | ||||||||||||
11/25/2059 (Callable 02/25/2033) | 61,818,804 | 55,425,708 | ||||||||||
Series 2020-3, Class MT, 2.000%, | ||||||||||||
05/25/2060 (Callable 12/25/2036) | 40,621,370 | 36,421,859 | ||||||||||
Series 2021-3, Class MTU, 2.500%, | ||||||||||||
03/25/2061 (Callable 11/25/2033) | 74,190,940 | 67,719,049 | ||||||||||
Series 2022-1, Class MTU, 3.250%, | ||||||||||||
11/25/2061 (Callable 01/25/2039) | 58,420,766 | 55,918,137 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $7,397,760,501) | 6,878,455,148 | 19.6 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Alternative Loan Trust: | ||||||||||||
Series 2006-43CB, Class 2A1, 6.000%, | ||||||||||||
08/25/2022 (Callable 07/25/2022)(6) | 5,781 | 5,759 | ||||||||||
Series 2006-28CB, Class A17, 6.000%, | ||||||||||||
10/25/2036 (Callable 07/25/2022)(6) | 424,116 | 254,594 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2019-3, Class A1, 2.962%, | ||||||||||||
10/25/2048 (Callable 07/25/2022)(2)(4) | 12,610,220 | 12,202,517 | ||||||||||
Series 2020-1, Class A1A, 1.662%, | ||||||||||||
03/25/2055 (Callable 02/25/2023)(2) | 10,876,584 | 10,425,230 | ||||||||||
Asset Backed Securities Corp. | ||||||||||||
Home Equity Loan Trust: | ||||||||||||
Series 2006-HE3, Class A2, | ||||||||||||
1.954%, 03/25/2036 | ||||||||||||
1 Month LIBOR USD + 0.330%) | ||||||||||||
(Callable 07/25/2022)(3) | 2,404,545 | 2,392,920 | ||||||||||
Series 2006-HE6, Class A1, | ||||||||||||
1.914%, 11/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.145%) | ||||||||||||
(Callable 07/25/2022)(3) | 11,315,542 | 11,049,429 | ||||||||||
Banc of America Alternative Loan Trust: | ||||||||||||
Series 2007-1, Class 1A1, 3.921%, | ||||||||||||
10/25/2022 (Callable 07/25/2022)(4) | 72,127 | 63,644 | ||||||||||
Series 2005-11, Class 1CB4, 5.500%, | ||||||||||||
12/25/2035 (Callable 07/25/2022)(6) | 39,453 | 36,213 | ||||||||||
Series 2006-5, Class CB7, 6.000%, | ||||||||||||
06/25/2046 (Callable 07/25/2022)(6) | 166,098 | 150,143 | ||||||||||
Bayview Financial Trust, | ||||||||||||
Series 2007-B, Class 1A2, 7.331%, | ||||||||||||
08/28/2037 (Callable 07/28/2022)(7) | 988,110 | 854,882 | ||||||||||
Bear Stearns ALT-A Trust, | ||||||||||||
Series 2004-4, Class A1, | ||||||||||||
2.224%, 06/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.600%) | ||||||||||||
(Callable 07/25/2022)(3) | 174,951 | 175,196 | ||||||||||
Bear Stearns Asset Backed Securities I Trust, | ||||||||||||
Series 2004-AC2, Class 2A, 5.000%, | ||||||||||||
05/25/2034 (Callable 07/25/2022) | 110,816 | 98,269 | ||||||||||
Chase Mortgage Finance Trust, | ||||||||||||
Series 2006-A1, Class 2A3, 3.109%, | ||||||||||||
09/25/2036 (Callable 07/25/2022)(4)(6) | 541,617 | 482,354 |
The accompanying notes are an integral part of these financial statements.
Page 64
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CIM Trust, | ||||||||||||
Series 2022-R2, Class A1, 3.750%, | ||||||||||||
12/25/2061(2)(4) | $ | 36,079,057 | $ | 34,719,743 | ||||||||
Citigroup Mortgage Loan Trust, Inc., | ||||||||||||
Series 2005-9, Class 2A2, 5.500%, | ||||||||||||
11/25/2035 (Callable 07/25/2022)(6) | 6,653 | 5,134 | ||||||||||
Countrywide Asset-Backed Certificates: | ||||||||||||
Series 2004-S1, Class A3, 5.115%, | ||||||||||||
02/25/2035 (Callable 07/25/2022)(7) | 67,366 | 67,337 | ||||||||||
Series 2005-10, Class AF6, 4.915%, | ||||||||||||
12/25/2035 (Callable 07/25/2022)(4) | 9,516 | 9,388 | ||||||||||
Series 2006-10, Class 1AF3, 5.971%, | ||||||||||||
12/25/2035 (Callable 07/25/2022)(4)(6) | 131,306 | 130,893 | ||||||||||
Credit Suisse First Boston | ||||||||||||
Mortgage Securities Corp., | ||||||||||||
Series 2003-AR26, Class 8A1, 2.619%, | ||||||||||||
11/25/2033 (Callable 07/25/2022)(4) | 2,949,174 | 2,819,119 | ||||||||||
CWABS Asset-Backed Certificates Trust, | ||||||||||||
Series 2005-17, Class 1AF5, 5.564%, | ||||||||||||
03/25/2036 (Callable 07/25/2022)(4) | 65,700 | 62,358 | ||||||||||
Deutsche Mortgage Securities, | ||||||||||||
Inc. Mortgage Loan Trust, | ||||||||||||
Series 2004-4, Class 1A6, 6.000%, | ||||||||||||
04/25/2034 (Callable 07/25/2022)(7) | 149 | 148 | ||||||||||
First Horizon Alternative | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2006-FA8, Class 2A1, | ||||||||||||
5.750%, 07/25/2022(9) | 35,375 | 0 | ||||||||||
Series 2006-FA6, Class 3A1, 5.750%, | ||||||||||||
11/25/2022 (Callable 07/25/2022) | 3,142 | 2,414 | ||||||||||
FirstKey Homes Trust: | ||||||||||||
Series 2021-SFR1, Class A, | ||||||||||||
1.538%, 08/19/2038(2) | 162,843,903 | 145,910,172 | ||||||||||
Series 2021-SFR2, Class A, | ||||||||||||
1.376%, 09/17/2038(2) | 49,203,909 | 43,566,548 | ||||||||||
Series 2022-SFR1, Class A, 4.145%, | ||||||||||||
05/19/2039(2) | 111,400,000 | 109,492,097 | ||||||||||
Fremont Home Loan Trust, | ||||||||||||
Series 2006-A, Class 1A1, | ||||||||||||
1.914%, 05/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.290%) | ||||||||||||
(Callable 07/25/2022)(3) | 8,834,660 | 8,439,232 | ||||||||||
GE Capital Mortgage Services, Inc. Trust, | ||||||||||||
Series 1999-HE1, Class A7, 6.265%, | ||||||||||||
04/25/2029 (Callable 07/25/2022) | 28 | 27 | ||||||||||
Home Partners of America Trust, | ||||||||||||
Series 2021-2, Class A, | ||||||||||||
1.901%, 12/17/2026(2) | 114,836,035 | 102,540,873 | ||||||||||
IMC Home Equity Loan Trust, | ||||||||||||
Series 1997-5, Class A10, | ||||||||||||
6.880%, 11/20/2028 | 15 | 15 | ||||||||||
Impac CMB Trust: | ||||||||||||
Series 2004-4, Class 2A2, 5.749%, | ||||||||||||
09/25/2034 (Callable 07/25/2022)(7) | 49,208 | 50,314 | ||||||||||
Series 2004-5, Class 1A2, | ||||||||||||
2.324%, 10/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.700%) | ||||||||||||
(Callable 07/25/2022)(3) | 1,142,356 | 1,116,656 | ||||||||||
Series 2004-6, Class 1A1, | ||||||||||||
2.424%, 10/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.800%) | ||||||||||||
(Callable 07/25/2022)(3) | 911,164 | 880,458 | ||||||||||
Imperial Fund Mortgage Trust, | ||||||||||||
Series 2022-NQM3, Class A1, 4.380%, | ||||||||||||
05/25/2067 (Callable 04/25/2025)(2)(7) | 7,497,081 | 7,380,682 | ||||||||||
J.P. Morgan Alternative Loan Trust, | ||||||||||||
Series 2006-A1, Class 2A1, | ||||||||||||
3.190%, 03/25/2036 | ||||||||||||
(Callable 07/25/2023)(4) | 145,424 | 142,656 | ||||||||||
J.P. Morgan Mortgage Trust: | ||||||||||||
Series 2007-A1, Class 5A2, 2.417%, | ||||||||||||
07/25/2035 (Callable 09/25/2024)(4) | 902,852 | 884,601 | ||||||||||
Series 2007-A1, Class 5A5, 2.417%, | ||||||||||||
07/25/2035 (Callable 09/25/2024)(4) | 1,367,064 | 1,340,831 | ||||||||||
Series 2005-A4, Class 1A1, 2.904%, | ||||||||||||
07/25/2035 (Callable 07/25/2022)(4) | 149,407 | 149,960 | ||||||||||
Series 2006-A7, Class 2A2, 3.172%, | ||||||||||||
01/25/2037 (Callable 07/25/2022)(4) | 59,398 | 52,687 | ||||||||||
Series 2006-A7, Class 2A4R, 3.172%, | ||||||||||||
01/25/2037 (Callable 07/25/2022)(4) | 253,776 | 222,170 | ||||||||||
Series 2007-A2, Class 2A3, 2.976%, | ||||||||||||
04/25/2037 (Callable 07/25/2022)(4)(6) | 597,490 | 520,921 | ||||||||||
Merrill Lynch Mortgage Investors Trust, | ||||||||||||
Series 2004-F, Class A1A, 2.188%, | ||||||||||||
12/25/2029 (Callable 07/25/2022)(4) | 2,475,285 | 2,458,318 | ||||||||||
MetLife, Inc., | ||||||||||||
Series 2019-1A, Class A1A, 3.750%, | ||||||||||||
04/25/2058 (Callable 01/25/2029)(2)(4) | 6,933,332 | 6,859,546 | ||||||||||
Mill City Mortgage Loan Trust, | ||||||||||||
Series 2021-NMR1, Class A1, 1.125%, | ||||||||||||
11/25/2060 (Callable 04/25/2029)(2)(4) | 18,160,909 | 17,068,845 | ||||||||||
Morgan Stanley Mortgage Loan Trust, | ||||||||||||
Series 2004-7AR, Class 2A1, 2.701%, | ||||||||||||
09/25/2034 (Callable 02/25/2029)(4) | 1,075,723 | 1,072,992 | ||||||||||
New Residential Mortgage Loan Trust: | ||||||||||||
Series 2017-2A, Class A3, 4.000%, | ||||||||||||
03/25/2057 (Callable 11/25/2027)(2)(4) | 5,755,065 | 5,602,923 | ||||||||||
Series 2017-3A, Class A1, 4.000%, | ||||||||||||
04/25/2057 (Callable 12/25/2029)(2)(4) | 7,993,932 | 7,822,051 | ||||||||||
Series 2017-4A, Class A1, 4.000%, | ||||||||||||
05/25/2057 (Callable 02/25/2028)(2)(4) | 11,681,252 | 11,326,847 | ||||||||||
Series 2018-1A, Class A1A, 4.000%, | ||||||||||||
12/25/2057 (Callable 11/25/2030)(2)(4) | 6,458,579 | 6,280,817 | ||||||||||
Series 2020-1A, Class A1B, 3.500%, | ||||||||||||
10/25/2059 (Callable 03/25/2035)(2)(4) | 12,388,503 | 11,893,896 | ||||||||||
Series 2022-NQM2, Class A1, 3.079%, | ||||||||||||
03/25/2062 (Callable 02/25/2024)(2)(4) | 38,635,920 | 35,560,114 | ||||||||||
OBX Trust, | ||||||||||||
Series 2022-NQM2, Class A1, 2.938%, | ||||||||||||
01/25/2062 (Callable 02/25/2025)(2)(4) | 90,315,242 | 83,889,357 | ||||||||||
Progress Residential Trust, | ||||||||||||
Series 2021-SFR8, Class A, | ||||||||||||
1.510%, 10/19/2038(2) | 73,425,000 | 65,373,207 | ||||||||||
RALI Series Trust, | ||||||||||||
Series 2004-QS6, Class A1, 5.000%, | ||||||||||||
12/25/2022 (Callable 07/25/2022) | 6,156 | 5,755 | ||||||||||
Renaissance Home Equity Loan Trust, | ||||||||||||
Series 2007-1, Class AF3, 5.612%, | ||||||||||||
04/25/2037 (Callable 04/25/2027)(7) | 2,482,525 | 817,467 | ||||||||||
Starwood Mortgage Residential Trust: | ||||||||||||
Series 2021-4, Class A1, 1.162%, | ||||||||||||
08/25/2056 (Callable 06/25/2024)(2)(4) | 37,873,341 | 33,994,838 | ||||||||||
Series 2022-4, Class A1, 5.192%, | ||||||||||||
05/25/2067 (Callable 06/25/2025)(2)(7) | 62,250,000 | 62,100,413 | ||||||||||
Structured Adjustable Rate | ||||||||||||
Mortgage Loan Trust, | ||||||||||||
Series 2004-12, Class 3A1, 2.716%, | ||||||||||||
09/25/2034 (Callable 07/25/2022)(4) | 901,498 | 903,817 |
The accompanying notes are an integral part of these financial statements.
Page 65
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Structured Asset Securities Corp.: | ||||||||||||
Series 2005-7XS, Class 1A4B, | ||||||||||||
5.940%, 04/25/2035 | ||||||||||||
(Callable 07/25/2022)(7) | $ | 252 | $ | 253 | ||||||||
Series 2006-OPT1, Class A6, | ||||||||||||
1.774%, 04/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.150%) | ||||||||||||
(Callable 02/25/2026)(3) | 4,815,785 | 4,744,784 | ||||||||||
Thornburg Mortgage Securities Trust, | ||||||||||||
Series 2003-5, Class 3A, 1.999%, | ||||||||||||
10/25/2043 (Callable 07/25/2022)(4) | 4,960,814 | 4,847,547 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2016-5, Class A1, 2.500%, | ||||||||||||
10/25/2056 (Callable 06/25/2026)(2)(4) | 1,224,946 | 1,215,562 | ||||||||||
Series 2017-1, Class A1, 2.750%, | ||||||||||||
10/25/2056 (Callable 05/25/2026)(2)(4) | 5,873,494 | 5,826,374 | ||||||||||
Series 2017-6, Class A1, 2.750%, | ||||||||||||
10/25/2057 (Callable 08/25/2026)(2)(4) | 18,627,266 | 18,200,772 | ||||||||||
Series 2018-1, Class A1, 3.000%, | ||||||||||||
01/28/2058 (Callable 06/25/2025)(2)(4) | 1,853,788 | 1,819,288 | ||||||||||
Series 2019-1, Class A1, 3.656%, | ||||||||||||
03/25/2058 (Callable 12/25/2025)(2)(4) | 26,946,277 | 26,288,235 | ||||||||||
Series 2018-6, Class A1A, 3.750%, | ||||||||||||
03/25/2058 (Callable 01/25/2026)(2)(4) | 13,643,876 | 13,558,409 | ||||||||||
Series 2018-4, Class A1, 3.000%, | ||||||||||||
06/25/2058 (Callable 03/25/2026)(2)(4) | 14,445,974 | 13,838,648 | ||||||||||
Series 2019-4, Class A1, 2.900%, | ||||||||||||
10/25/2059 (Callable 08/25/2028)(2)(4) | 79,317,927 | 76,801,146 | ||||||||||
Series 2020-2, Class A1A, 1.636%, | ||||||||||||
04/25/2060 (Callable 07/25/2026)(2)(4) | 10,740,748 | 9,980,440 | ||||||||||
Series 2020-4, Class A1, 1.750%, | ||||||||||||
10/25/2060 (Callable 11/25/2026)(2) | 81,397,887 | 74,729,926 | ||||||||||
WaMu Mortgage | ||||||||||||
Pass-Through Certificates Trust: | ||||||||||||
Series 2004-CB2, Class 3A, 6.000%, | ||||||||||||
08/25/2034 (Callable 07/25/2022)(6) | 2,903,819 | 2,892,924 | ||||||||||
Series 2004-CB3, Class 2A, 6.500%, | ||||||||||||
10/25/2034 (Callable 07/25/2022) | 1,355,250 | 1,317,465 | ||||||||||
Series 2004-AR14, Class A1, 2.808%, | ||||||||||||
01/25/2035 (Callable 07/25/2022)(4) | 3,671,321 | 3,488,698 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $1,189,397,923) | 1,111,280,258 | 3.2 | % | |||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $8,587,158,424) | 7,989,735,406 | 22.8 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust, | ||||||||||||
Series 2014-M2, Class A2, | ||||||||||||
3.513%, 12/25/2023(4) | 4,536,709 | 4,544,660 | ||||||||||
Freddie Mac Multifamily Structured | ||||||||||||
Pass Through Certificates: | ||||||||||||
Series K048, Class A2, 3.284%, | ||||||||||||
06/25/2025(4) | 28,400,000 | 28,253,169 | ||||||||||
Series K734, Class A2, 3.208%, | ||||||||||||
02/25/2026 | 21,500,000 | 21,325,224 | ||||||||||
Series K736, Class A2, 2.282%, | ||||||||||||
07/25/2026 | 67,700,000 | 64,830,299 | ||||||||||
Series K057, Class A2, 2.570%, | ||||||||||||
07/25/2026 | 21,420,000 | 20,737,574 | ||||||||||
Series K058, Class A2, 2.653%, | ||||||||||||
08/25/2026 | 24,865,000 | 24,105,337 | ||||||||||
Series K063, Class A2, 3.430%, | ||||||||||||
01/25/2027(4) | 79,804,512 | 79,566,647 | ||||||||||
Series K064, Class A2, 3.224%, | ||||||||||||
03/25/2027 | 60,635,903 | 59,930,962 | ||||||||||
Series K065, Class A2, 3.243%, | ||||||||||||
04/25/2027 | 34,635,000 | 34,247,379 | ||||||||||
Series K066, Class A2, 3.117%, | ||||||||||||
06/25/2027 | 13,214,000 | 12,983,946 | ||||||||||
Series K067, Class A2, 3.194%, | ||||||||||||
07/25/2027 | 68,324,045 | 67,364,523 | ||||||||||
Series K068, Class A2, 3.244%, | ||||||||||||
08/25/2027 | 27,963,000 | 27,629,365 | ||||||||||
Series K069, Class A2, 3.187%, | ||||||||||||
09/25/2027(4) | 25,488,779 | 25,104,079 | ||||||||||
Series K071, Class A2, | ||||||||||||
3.286%, 11/25/2027 | 25,529,000 | 25,235,575 | ||||||||||
Series K072, Class A2, | ||||||||||||
3.444%, 12/25/2027 | 6,050,000 | 6,023,297 | ||||||||||
Series K073, Class A2, 3.350%, | ||||||||||||
01/25/2028 | 1,350,000 | 1,337,734 | ||||||||||
Series K074, Class A2, 3.600%, | ||||||||||||
01/25/2028 | 21,722,000 | 21,791,773 | ||||||||||
Series K076, Class A2, 3.900%, | ||||||||||||
04/25/2028 | 92,070,000 | 93,783,524 | ||||||||||
Series K077, Class A2, 3.850%, | ||||||||||||
05/25/2028(4) | 68,650,000 | 69,730,949 | ||||||||||
Series K078, Class A2, 3.854%, | ||||||||||||
06/25/2028 | 59,788,633 | 60,778,523 | ||||||||||
Series K080, Class A2, 3.926%, | ||||||||||||
07/25/2028(4) | 14,950,000 | 15,246,194 | ||||||||||
Series K082, Class A2, 3.920%, | ||||||||||||
09/25/2028(4) | 56,545,000 | 57,601,170 | ||||||||||
Series K083, Class A2, 4.050%, | ||||||||||||
09/25/2028(4) | 1,000,000 | 1,025,970 | ||||||||||
Series K156, Class A3, 3.700%, | ||||||||||||
06/25/2033(4) | 11,088,000 | 11,059,515 | ||||||||||
Series K-1510, Class A3, 3.794%, | ||||||||||||
01/25/2034 | 13,525,000 | 13,332,856 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $892,784,824) | 847,570,244 | 2.4 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
BANK: | ||||||||||||
Series 2017-BNK4, Class A4, 3.625%, | ||||||||||||
05/17/2050 (Callable 03/15/2027) | 44,535,000 | 43,376,395 | ||||||||||
Series 2017-BNK8, Class A4, 3.488%, | ||||||||||||
11/17/2050 (Callable 10/15/2027) | 67,663,000 | 65,275,788 | ||||||||||
Series 2019-BN21, Class A5, 2.851%, | ||||||||||||
10/18/2052 (Callable 09/15/2029) | 39,560,000 | 36,031,280 | ||||||||||
Series 2020-BN29, Class A4, 1.997%, | ||||||||||||
11/18/2053 (Callable 11/15/2030) | 66,985,000 | 56,127,743 | ||||||||||
Series 2017-BNK9, Class A4, 3.538%, | ||||||||||||
11/17/2054 (Callable 12/15/2027) | 98,103,000 | 95,051,074 | ||||||||||
Series 2017-BNK5, Class A5, 3.390%, | ||||||||||||
06/17/2060 (Callable 06/15/2027) | 22,501,000 | 21,658,608 | ||||||||||
Series 2017-BNK7, Class A5, 3.435%, | ||||||||||||
09/17/2060 (Callable 09/15/2027) | 350,000 | 337,136 | ||||||||||
Series 2018-BN10, Class A5, 3.688%, | ||||||||||||
02/17/2061 (Callable 01/15/2028) | 11,050,000 | 10,732,354 | ||||||||||
Series 2018-BN12, Class A4, 4.255%, | ||||||||||||
05/17/2061 (Callable 05/15/2028)(4) | 15,302,008 | 15,296,758 | ||||||||||
Series 2018-BN13, Class A5, 4.217%, | ||||||||||||
08/17/2061 (Callable 07/15/2028)(4) | 8,565,000 | 8,531,136 |
The accompanying notes are an integral part of these financial statements.
Page 66
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
BBCMS Mortgage Trust, | ||||||||||||
Series 2022-C15, Class ASB, | ||||||||||||
3.684%, 04/16/2055 | ||||||||||||
(Callable 10/15/2031)(4) | $ | 7,104,000 | $ | 6,862,075 | ||||||||
Benchmark Mortgage Trust: | ||||||||||||
Series 2018-B6, Class A4, 4.261%, | ||||||||||||
10/10/2051 (Callable 08/10/2028) | 17,420,000 | 17,363,810 | ||||||||||
Series 2018-B8, Class A5, 4.232%, | ||||||||||||
01/18/2052 (Callable 12/15/2028) | 24,235,000 | 24,111,562 | ||||||||||
Series 2020-B19, Class A5, 1.850%, | ||||||||||||
09/17/2053 (Callable 08/15/2030) | 56,766,000 | 47,511,876 | ||||||||||
Series 2020-B20, Class A5, 2.034%, | ||||||||||||
10/20/2053 (Callable 10/15/2030) | 31,916,000 | 26,917,054 | ||||||||||
Series 2020-B21, Class A5, 1.978%, | ||||||||||||
12/17/2053 (Callable 11/15/2030) | 32,760,000 | 27,416,300 | ||||||||||
Series 2021-B24, Class A5, 2.584%, | ||||||||||||
03/17/2054 (Callable 03/15/2031) | 40,000,000 | 34,999,348 | ||||||||||
Series 2021-B31, Class A5, 2.669%, | ||||||||||||
12/17/2054 (Callable 12/15/2031) | 74,100,000 | 64,738,614 | ||||||||||
Series 2019-B10, Class A4, 3.717%, | ||||||||||||
03/17/2062 | 31,738,170 | 30,591,619 | ||||||||||
Series 2019-B14, Class A5, 3.049%, | ||||||||||||
12/15/2062 (Callable 11/15/2029) | 28,769,000 | 26,453,616 | ||||||||||
CD Mortgage Trust: | ||||||||||||
Series 2016-CD1, Class A4, 2.724%, | ||||||||||||
08/12/2049 (Callable 08/10/2026) | 46,415,000 | 43,908,752 | ||||||||||
Series 2017-CD3, Class A4, 3.631%, | ||||||||||||
02/11/2050 (Callable 01/10/2027) | 7,200,000 | 7,009,242 | ||||||||||
Series 2018-CD7, Class A4, 4.279%, | ||||||||||||
08/17/2051 (Callable 07/15/2028) | 7,400,000 | 7,356,005 | ||||||||||
CFCRE Commercial Mortgage Trust, | ||||||||||||
Series 2016-C4, Class A4, 3.283%, | ||||||||||||
05/10/2058 | 29,732,980 | 28,700,812 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2013-GC11, Class A4, 3.093%, | ||||||||||||
04/10/2046 (Callable 03/10/2023) | 34,503,388 | 34,303,075 | ||||||||||
Series 2014-GC19, Class A3, 3.753%, | ||||||||||||
03/12/2047 (Callable 12/10/2023) | 6,045,642 | 5,980,132 | ||||||||||
Series 2014-GC25, Class A4, 3.635%, | ||||||||||||
10/10/2047 (Callable 09/10/2024) | 16,838,590 | 16,572,849 | ||||||||||
Series 2015-GC27, Class A5, 3.137%, | ||||||||||||
02/10/2048 (Callable 12/10/2024) | 59,202,541 | 57,713,970 | ||||||||||
Series 2015-GC35, Class A4, 3.818%, | ||||||||||||
11/13/2048 (Callable 11/10/2025) | 68,175,000 | 67,305,639 | ||||||||||
Series 2017-P7, Class A4, 3.712%, | ||||||||||||
04/15/2050 (Callable 03/14/2027) | 12,275,000 | 12,005,793 | ||||||||||
Series 2017-P8, Class A4, 3.465%, | ||||||||||||
09/16/2050 (Callable 08/15/2027) | 22,000,000 | 21,197,906 | ||||||||||
Series 2019-C7, Class A4, 3.102%, | ||||||||||||
12/16/2072 (Callable 12/15/2029) | 22,880,000 | 20,931,793 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2013-CR10, Class A3, 3.923%, | ||||||||||||
08/10/2046 (Callable 06/10/2023) | 6,682,679 | 6,646,404 | ||||||||||
Series 2014-CR15, Class ASB, 3.595%, | ||||||||||||
02/12/2047 (Callable 11/10/2023) | 4,356,671 | 4,352,288 | ||||||||||
Series 2014-CR19, Class A5, 3.796%, | ||||||||||||
08/12/2047 (Callable 08/10/2024) | 15,789,828 | 15,621,698 | ||||||||||
Series 2014-UBS5, Class A4, 3.838%, | ||||||||||||
09/12/2047 (Callable 09/10/2024) | 17,596,000 | 17,415,085 | ||||||||||
Series 2013-CR11, Class A3, 3.983%, | ||||||||||||
08/12/2050 (Callable 08/10/2023) | 10,258,902 | 10,246,104 | ||||||||||
CSAIL Commercial Mortgage Trust: | ||||||||||||
Series 2018-CX11, Class A5, 4.033%, | ||||||||||||
04/17/2051 (Callable 02/15/2028)(4) | 10,000,000 | 9,794,642 | ||||||||||
Series 2018-CX12, Class A4, 4.224%, | ||||||||||||
08/17/2051(4) | 6,003,000 | 5,929,411 | ||||||||||
Series 2019-C16, Class A3, 3.329%, | ||||||||||||
06/17/2052 | 15,365,000 | 14,303,203 | ||||||||||
DBGS Mortgage Trust, | ||||||||||||
Series 2018-C1, Class A4, 4.466%, | ||||||||||||
10/17/2051 | 19,875,000 | 20,005,672 | ||||||||||
DBJPM Mortgage Trust: | ||||||||||||
Series 2016-C3, Class ASB, 2.756%, | ||||||||||||
08/12/2049 (Callable 01/10/2026) | 8,951,819 | 8,741,971 | ||||||||||
Series 2017-C6, Class A5, 3.328%, | ||||||||||||
06/10/2050 (Callable 06/10/2027) | 20,800,000 | 19,907,322 | ||||||||||
Series 2020-C9, Class A5, 1.926%, | ||||||||||||
08/15/2053 (Callable 03/15/2030) | 22,555,000 | 19,016,811 | ||||||||||
GS Mortgage Securities Trust: | ||||||||||||
Series 2013-GC14, Class A5, 4.243%, | ||||||||||||
08/10/2046 (Callable 08/10/2023) | 25,500,000 | 25,426,978 | ||||||||||
Series 2015-GS1, Class A3, 3.734%, | ||||||||||||
11/10/2048 (Callable 11/10/2025) | 16,488,248 | 16,217,609 | ||||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-LC11, Class A5, 2.960%, | ||||||||||||
04/15/2046 (Callable 04/15/2023) | 18,102,913 | 17,918,301 | ||||||||||
Series 2013-C10, Class ASB, 2.702%, | ||||||||||||
12/17/2047 (Callable 12/15/2022) | 1,567,133 | 1,565,331 | ||||||||||
JPMBB Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-C12, Class A5, 3.664%, | ||||||||||||
07/17/2045 (Callable 05/15/2023) | 6,835,000 | 6,804,480 | ||||||||||
Series 2013-C15, Class A4, 4.096%, | ||||||||||||
11/17/2045 (Callable 09/15/2023) | 1,136,707 | 1,133,472 | ||||||||||
Series 2013-C14, Class A4, 4.133%, | ||||||||||||
08/17/2046 (Callable 07/15/2023)(4) | 21,875,092 | 21,832,136 | ||||||||||
Series 2013-C17, Class A3, 3.928%, | ||||||||||||
01/17/2047 (Callable 11/15/2023) | 3,160,205 | 3,107,523 | ||||||||||
Series 2013-C17, Class A4, 4.199%, | ||||||||||||
01/17/2047 (Callable 12/15/2023) | 17,276,000 | 17,256,115 | ||||||||||
Series 2014-C24, Class ASB, 3.368%, | ||||||||||||
11/18/2047 (Callable 07/15/2024) | 4,523,318 | 4,491,350 | ||||||||||
Series 2014-C25, Class ASB, 3.407%, | ||||||||||||
11/18/2047 (Callable 08/15/2024) | 4,321,813 | 4,283,858 | ||||||||||
Series 2015-C30, Class A5, 3.822%, | ||||||||||||
07/15/2048 (Callable 07/15/2025) | 22,658,000 | 22,371,111 | ||||||||||
Series 2015-C28, Class A4, 3.227%, | ||||||||||||
10/19/2048 (Callable 03/15/2025) | 16,688,500 | 16,231,245 | ||||||||||
JPMCC Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2017-JP7, Class A5, 3.454%, | ||||||||||||
09/16/2050 (Callable 07/15/2027) | 9,000,000 | 8,651,005 | ||||||||||
Series 2017-C7, Class A5, 3.409%, | ||||||||||||
10/17/2050 (Callable 08/15/2027) | 6,035,000 | 5,782,661 | ||||||||||
JPMDB Commercial | ||||||||||||
Mortgage Securities Trust, | ||||||||||||
Series 2017-C5, Class A5, 3.694%, | ||||||||||||
03/17/2050 (Callable 01/15/2027) | 24,380,000 | 23,770,183 | ||||||||||
Morgan Stanley Bank of | ||||||||||||
America Merrill Lynch Trust: | ||||||||||||
Series 2013-C10, Class A3, 4.094%, | ||||||||||||
07/17/2046 (Callable 04/15/2023)(4) | 5,596,090 | 5,577,840 | ||||||||||
Series 2013-C12, Class A3, 3.973%, | ||||||||||||
10/17/2046 (Callable 07/15/2023) | 16,211,562 | 16,106,801 | ||||||||||
Series 2014-C16, Class A5, 3.892%, | ||||||||||||
06/17/2047 (Callable 05/15/2024) | 25,000,000 | 24,846,320 | ||||||||||
Series 2016-C29, Class ASB, 3.140%, | ||||||||||||
05/17/2049 (Callable 11/15/2025) | 10,034,017 | 9,853,632 |
The accompanying notes are an integral part of these financial statements.
Page 67
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Morgan Stanley Bank of | ||||||||||||
America Merrill Lynch Trust: (cont.) | ||||||||||||
Series 2016-C30, Class A5, 2.860%, | ||||||||||||
09/17/2049 (Callable 08/15/2026) | $ | 18,082,000 | $ | 17,118,454 | ||||||||
Series 2017-C34, Class A4, 3.536%, | ||||||||||||
11/18/2052 (Callable 09/15/2027) | 41,287,079 | 39,801,025 | ||||||||||
Morgan Stanley Capital I Trust: | ||||||||||||
Series 2018-H3, Class A5, 4.177%, | ||||||||||||
07/15/2051 (Callable 06/15/2028) | 22,101,510 | 21,833,549 | ||||||||||
Series 2018-H4, Class A4, 4.310%, | ||||||||||||
12/15/2051 (Callable 12/15/2028) | 4,750,000 | 4,691,346 | ||||||||||
UBS Commercial Mortgage Trust, | ||||||||||||
Series 2019-C18, Class A4, 3.035%, | ||||||||||||
12/17/2052 (Callable 12/15/2029) | 5,475,000 | 4,959,513 | ||||||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||||||
Series 2015-C27, Class ASB, 3.278%, | ||||||||||||
02/18/2048 (Callable 12/15/2024) | 9,575,609 | 9,466,699 | ||||||||||
Series 2015-SG1, Class ASB, 3.556%, | ||||||||||||
09/17/2048 (Callable 12/15/2024) | 12,621,615 | 12,595,051 | ||||||||||
Series 2015-SG1, Class A4, 3.789%, | ||||||||||||
09/17/2048 (Callable 08/15/2025) | 19,699,325 | 19,178,214 | ||||||||||
Series 2015-P2, Class A3, 3.541%, | ||||||||||||
12/15/2048 (Callable 10/15/2025) | 33,105,263 | 32,378,676 | ||||||||||
Series 2017-C42, Class A4, 3.589%, | ||||||||||||
12/16/2050 (Callable 12/15/2027) | 7,315,000 | 7,059,601 | ||||||||||
Series 2019-C50, Class ASB, 3.635%, | ||||||||||||
05/17/2052 (Callable 08/15/2028) | 20,000,000 | 19,463,758 | ||||||||||
Series 2019-C54, Class A4, 3.146%, | ||||||||||||
12/17/2052 (Callable 11/15/2029) | 30,610,609 | 28,147,753 | ||||||||||
Series 2022-C62, Class A4, 4.000%, | ||||||||||||
04/16/2055 (Callable 03/15/2032)(4) | 42,914,000 | 41,072,646 | ||||||||||
Series 2017-RC1, Class A4, 3.631%, | ||||||||||||
01/15/2060 (Callable 02/15/2027) | 14,225,000 | 13,826,141 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2013-C13, Class ASB, 2.654%, | ||||||||||||
05/17/2045 (Callable 02/15/2023) | 995,385 | 991,561 | ||||||||||
Series 2013-C18, Class A4, 3.896%, | ||||||||||||
12/17/2046 (Callable 12/15/2023) | 10,991,456 | 10,890,997 | ||||||||||
Series 2014-C21, Class A5, 3.678%, | ||||||||||||
08/16/2047 (Callable 07/15/2024) | 34,719,000 | 34,295,025 | ||||||||||
Series 2014-C24, Class A4, 3.343%, | ||||||||||||
11/18/2047 (Callable 09/15/2024) | 36,730,000 | 35,814,736 | ||||||||||
Series 2014-C23, Class ASB, | ||||||||||||
3.636%, 10/17/2057 | 3,127,411 | 3,106,955 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $1,919,470,876) | 1,744,270,376 | 5.0 | % | |||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $2,812,255,700) | 2,591,840,620 | 7.4 | % | |||||||||
Asset Backed Securities | ||||||||||||
Citibank Credit Card Issuance Trust, | ||||||||||||
Series 2007-A3, Class A3, 6.150%, | ||||||||||||
06/15/2039 | 8,691,000 | 9,822,461 | ||||||||||
Donlen Fleet Lease Funding 2 LLC, | ||||||||||||
Series 2021-2, Class A2, | ||||||||||||
0.560%, 12/11/2034(2) | 28,309,542 | 27,475,395 | ||||||||||
Ford Credit Auto Owner Trust: | ||||||||||||
Series 2019-1, Class A, 3.520%, | ||||||||||||
07/15/2030 (Callable 01/15/2024)(2) | 25,192,000 | 25,093,205 | ||||||||||
Series 2018-1, Class A, 3.190%, | ||||||||||||
07/15/2031 (Callable 01/15/2025)(2) | 51,650,000 | 50,806,488 | ||||||||||
Series 2020-1, Class A, 2.040%, | ||||||||||||
08/15/2031 (Callable 02/15/2025)(2) | 15,086,000 | 14,419,939 | ||||||||||
Ford Credit Floorplan | ||||||||||||
Master Owner Trust, | ||||||||||||
Series 2020-2, Class A, 1.060%, | ||||||||||||
09/15/2027 | 11,938,000 | 10,951,942 | ||||||||||
Hyundai Auto Lease Securitization Trust, | ||||||||||||
Series 2022-B, Class A3, 3.350%, | ||||||||||||
06/16/2025 (Callable 10/15/2024)(2) | 47,100,000 | 46,958,700 | ||||||||||
Navient Private Education Refi Loan Trust: | ||||||||||||
Series 2021-GA, Class A, 1.580%, | ||||||||||||
04/15/2070 (Callable 11/15/2028)(2) | 18,109,521 | 16,010,811 | ||||||||||
Series 2022-BA, Class A, 4.160%, | ||||||||||||
10/15/2070 (Callable 02/15/2029)(2) | 32,875,000 | 32,626,208 | ||||||||||
Nelnet Student Loan Trust, | ||||||||||||
Series 2021-A, Class APT1, 1.360%, | ||||||||||||
04/20/2062 (Callable 09/20/2029)(2) | 43,174,046 | 39,931,317 | ||||||||||
Oakwood Mortgage Investors, Inc., | ||||||||||||
Series 1999-B, Class A3, 6.450%, | ||||||||||||
12/15/2023 (Callable 07/15/2022) | 2,221 | 2,222 | ||||||||||
PFS Financing Corp., | ||||||||||||
Series 2020-F, Class A, | ||||||||||||
0.930%, 08/15/2024(2) | 16,750,000 | 16,716,760 | ||||||||||
SBA Tower Trust, | ||||||||||||
1.840%, 10/15/2051 | ||||||||||||
(Callable 04/15/2026)(2) | 94,050,000 | 83,795,888 | ||||||||||
Towd Point Asset Trust, | ||||||||||||
Series 2021-SL1, Class A1, | ||||||||||||
1.050%, 11/21/2061(2) | 15,373,850 | 14,287,298 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2020-MH1, Class A1A, 2.184%, | ||||||||||||
02/25/2060 (Callable 08/25/2022)(2)(4) | 33,538,873 | 31,737,618 | ||||||||||
Series 2020-MH1, Class A1, 2.250%, | ||||||||||||
02/25/2060 (Callable 08/25/2022)(2)(4) | 21,379,362 | 20,253,717 | ||||||||||
Toyota Auto Loan Extended Note Trust: | ||||||||||||
Series 2019-1A, Class A, 2.560%, | ||||||||||||
11/25/2031 (Callable 05/25/2024)(2) | 68,654,950 | 67,163,188 | ||||||||||
Series 2020-1A, Class A, 1.350%, | ||||||||||||
05/25/2033 (Callable 05/25/2025)(2) | 104,383,000 | 97,087,380 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $638,006,447) | 605,140,537 | 1.7 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $38,050,473,435) | 34,490,259,899 | 98.2 | % |
The accompanying notes are an integral part of these financial statements.
Page 68
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(5) | 739,372,333 | $ | 739,372,333 | |||||||||
Total Short-Term Investment | ||||||||||||
(Cost $739,372,333) | 739,372,333 | 2.1 | % | |||||||||
Total Investments | ||||||||||||
(Cost $38,789,845,768) | 35,229,632,232 | 100.3 | % | |||||||||
Liabilities in Excess of Other Assets | (116,387,286 | ) | (0.3 | )% | ||||||||
TOTAL NET ASSETS | $ | 35,113,244,946 | 100.0 | % |
Notes to Schedule of Investments
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal
BAM – Build America Mutual Assurance Co.
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
NATL – National Public Finance Guarantee Corp.
SD CRED PROG – State Credit Enhancement Program
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, 2022, the value of these securities totaled $6,206,198,321, which represented 17.67% 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, 2022. |
(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, 2022. |
(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, 2022. |
(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, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 9,174,170,883 | $ | — | $ | 9,174,170,883 | ||||||||
Other Government Related Securities | — | 73,906,028 | — | 73,906,028 | ||||||||||||
Corporate Bonds | — | 13,659,706,259 | — | 13,659,706,259 | ||||||||||||
Municipal Bonds | — | 395,760,166 | — | 395,760,166 | ||||||||||||
Residential Mortgage-Backed Securities – U.S. Government Agency Issues | — | 6,878,455,148 | — | 6,878,455,148 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 1,111,280,258 | — | 1,111,280,258 | ||||||||||||
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues | — | 847,570,244 | — | 847,570,244 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 1,744,270,376 | — | 1,744,270,376 | ||||||||||||
Asset Backed Securities | — | 605,140,537 | — | 605,140,537 | ||||||||||||
Total Long-Term Investments | — | 34,490,259,899 | — | 34,490,259,899 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 739,372,333 | — | — | 739,372,333 | ||||||||||||
Total Short-Term Investment | 739,372,333 | — | — | 739,372,333 | ||||||||||||
Total Investments | $ | 739,372,333 | $ | 34,490,259,899 | $ | — | $ | 35,229,632,232 |
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 69
Baird Core Plus Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $23,395,843,332 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 3.75% | |||
Investor Class | 3.50% | |||
Average Effective Duration | 6.22 years | |||
Average Effective Maturity | 8.28 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 14% | (6) | ||
Number of Holdings | 1,441 | |||
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, 2022. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 70
Baird Core Plus Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -11.04% | -11.03% | 1.29% | 2.33% | 4.92% |
Investor Class Shares | -11.24% | -11.27% | 1.02% | 2.07% | 4.65% |
Bloomberg U.S. Universal Bond Index(2) | -10.93% | -10.89% | 0.94% | 1.83% | 4.26% |
(1) | For the period from September 29, 2000 (inception date) through June 30, 2022. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 71
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
1.125%, 10/31/2026 | $ | 91,825,000 | $ | 84,640,411 | ||||||||
2.000%, 11/15/2026 | 559,100,000 | 534,552,016 | ||||||||||
2.250%, 11/15/2027 | 406,100,000 | 389,332,513 | ||||||||||
1.125%, 08/31/2028 | 602,575,000 | 536,268,213 | ||||||||||
2.375%, 03/31/2029 | 60,000,000 | 57,557,820 | ||||||||||
1.250%, 08/15/2031 | 274,250,000 | 236,090,685 | ||||||||||
2.875%, 05/15/2032 | 54,825,000 | 54,208,219 | ||||||||||
1.375%, 11/15/2040 | 476,375,000 | 343,083,041 | ||||||||||
2.250%, 05/15/2041 | 63,000,000 | 52,570,546 | ||||||||||
2.875%, 05/15/2043 | 874,450,000 | 797,389,094 | ||||||||||
2.500%, 02/15/2045 | 960,100,000 | 814,284,812 | ||||||||||
1.250%, 05/15/2050 | 84,075,000 | 53,492,719 | ||||||||||
1.375%, 08/15/2050 | 83,550,000 | 54,996,135 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $4,675,040,780) | 4,008,466,224 | 17.1 | % | |||||||||
Other Government Related Securities | ||||||||||||
Comision Federal de Electricidad, | ||||||||||||
5.750%, 02/14/2042(1)(2) | 5,200,000 | 4,290,000 | ||||||||||
Electricite de France SA, | ||||||||||||
4.750%, 10/13/2035 | ||||||||||||
(Callable 04/13/2035)(1)(2) | 10,000,000 | 9,278,741 | ||||||||||
Korea Development Bank, | ||||||||||||
3.000%, 09/14/2022(1) | 4,400,000 | 4,417,518 | ||||||||||
Petroleos Mexicanos: | ||||||||||||
5.950%, 01/28/2031 | ||||||||||||
(Callable 10/28/2030)(1) | 1,005,000 | 735,037 | ||||||||||
6.700%, 02/16/2032 | ||||||||||||
(Callable 11/16/2031)(1) | 31,343,000 | 23,899,038 | ||||||||||
Total Other Government | ||||||||||||
Related Securities | ||||||||||||
(Cost $50,254,629) | 42,620,334 | 0.2 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
180 Medical, Inc., | ||||||||||||
3.875%, 10/15/2029 | ||||||||||||
(Callable 10/07/2024)(1)(2) | 500,000 | 432,500 | ||||||||||
AbbVie, Inc.: | ||||||||||||
3.800%, 03/15/2025 | ||||||||||||
(Callable 12/15/2024) | 29,200,000 | 28,966,251 | ||||||||||
3.600%, 05/14/2025 | ||||||||||||
(Callable 02/14/2025) | 2,500,000 | 2,459,345 | ||||||||||
4.300%, 05/14/2036 | ||||||||||||
(Callable 11/14/2035) | 3,825,000 | 3,592,857 | ||||||||||
4.050%, 11/21/2039 | ||||||||||||
(Callable 05/21/2039) | 11,250,000 | 10,031,972 | ||||||||||
4.250%, 11/21/2049 | ||||||||||||
(Callable 05/21/2049) | 20,000,000 | 17,754,634 | ||||||||||
ADT Security Corp., | ||||||||||||
4.125%, 08/01/2029 | ||||||||||||
(Callable 08/01/2028)(2) | 2,250,000 | 1,826,021 | ||||||||||
Advanced Drainage Systems, Inc., | ||||||||||||
6.375%, 06/15/2030 | ||||||||||||
(Callable 07/15/2025)(2) | 1,500,000 | 1,464,855 | ||||||||||
Adventist Health System: | ||||||||||||
2.952%, 03/01/2029 | ||||||||||||
(Callable 12/01/2028) | 7,250,000 | 6,643,127 | ||||||||||
3.630%, 03/01/2049 | ||||||||||||
(Callable 09/01/2048) | 8,900,000 | 7,300,382 | ||||||||||
Air Products and Chemicals, Inc., | ||||||||||||
2.800%, 05/15/2050 | ||||||||||||
(Callable 11/15/2049) | 5,000,000 | 3,774,020 | ||||||||||
Aker BP ASA, | ||||||||||||
2.875%, 01/15/2026 | ||||||||||||
(Callable 12/15/2025)(1)(2) | 25,000,000 | 23,633,167 | ||||||||||
Albertsons Companies, Inc.: | ||||||||||||
3.250%, 03/15/2026 | ||||||||||||
(Callable 09/15/2022)(2) | 5,000,000 | 4,354,754 | ||||||||||
3.500%, 03/15/2029 | ||||||||||||
(Callable 09/15/2023)(2) | 1,500,000 | 1,213,971 | ||||||||||
Alcon Finance Corp.: | ||||||||||||
3.000%, 09/23/2029 | ||||||||||||
(Callable 06/23/2029)(1)(2) | 6,110,000 | 5,422,825 | ||||||||||
2.600%, 05/27/2030 | ||||||||||||
(Callable 02/27/2030)(1)(2) | 6,475,000 | 5,505,549 | ||||||||||
Alimentation Couche-Tard, Inc., | ||||||||||||
2.950%, 01/25/2030 | ||||||||||||
(Callable 10/25/2029)(1)(2) | 6,500,000 | 5,599,833 | ||||||||||
Allegion PLC, | ||||||||||||
3.500%, 10/01/2029 | ||||||||||||
(Callable 07/01/2029) | 10,000,000 | 8,844,409 | ||||||||||
Alpek SAB de CV: | ||||||||||||
4.250%, 09/18/2029 | ||||||||||||
(Callable 06/18/2029)(1)(2) | 6,000,000 | 5,394,420 | ||||||||||
3.250%, 02/25/2031 | ||||||||||||
(Callable 11/25/2030)(1)(2) | 10,000,000 | 8,017,600 | ||||||||||
America Movil SAB de CV, | ||||||||||||
2.875%, 05/07/2030 | ||||||||||||
(Callable 02/07/2030)(1) | 28,000,000 | 25,058,110 | ||||||||||
Amgen, Inc.: | ||||||||||||
3.150%, 02/21/2040 | ||||||||||||
(Callable 08/21/2039) | 5,000,000 | 3,952,513 | ||||||||||
4.400%, 05/01/2045 | ||||||||||||
(Callable 11/01/2044) | 8,000,000 | 7,214,292 | ||||||||||
Anglo American Capital PLC: | ||||||||||||
4.125%, 09/27/2022(1)(2) | 5,385,000 | 5,385,909 | ||||||||||
2.625%, 09/10/2030 | ||||||||||||
(Callable 06/10/2030)(1)(2) | 16,025,000 | 13,187,409 | ||||||||||
3.950%, 09/10/2050 | ||||||||||||
(Callable 03/10/2050)(1)(2) | 10,000,000 | 7,663,868 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc.: | ||||||||||||
4.750%, 01/23/2029 | ||||||||||||
(Callable 10/23/2028)(1) | 5,000,000 | 5,086,818 | ||||||||||
5.450%, 01/23/2039 | ||||||||||||
(Callable 07/23/2038)(1) | 9,975,000 | 10,141,557 | ||||||||||
4.900%, 02/01/2046 | ||||||||||||
(Callable 08/01/2045)(1) | 70,275,000 | 66,050,757 | ||||||||||
Antofagasta PLC, | ||||||||||||
2.375%, 10/14/2030 | ||||||||||||
(Callable 07/14/2030)(1)(2) | 6,000,000 | 4,642,500 | ||||||||||
AP Moller – Maersk A/S: | ||||||||||||
3.875%, 09/28/2025 | ||||||||||||
(Callable 06/28/2025)(1)(2) | 18,140,000 | 18,098,592 | ||||||||||
4.500%, 06/20/2029 | ||||||||||||
(Callable 03/20/2029)(1)(2) | 20,575,000 | 20,020,490 | ||||||||||
AptarGroup, Inc., | ||||||||||||
3.600%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031) | 7,500,000 | 6,652,368 | ||||||||||
Aramark Services, Inc., | ||||||||||||
5.000%, 02/01/2028 | ||||||||||||
(Callable 02/01/2023)(2) | 1,000,000 | 906,210 | ||||||||||
ArcelorMittal: | ||||||||||||
6.125%, 06/01/2025(1) | 6,078,000 | 6,254,942 | ||||||||||
4.550%, 03/11/2026(1) | 30,930,000 | 30,482,045 | ||||||||||
4.250%, 07/16/2029(1) | 15,000,000 | 14,240,176 | ||||||||||
7.000%, 10/15/2039(1) | 11,096,000 | 11,193,090 |
The accompanying notes are an integral part of these financial statements.
Page 72
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Arcosa, Inc., | ||||||||||||
4.375%, 04/15/2029 | ||||||||||||
(Callable 04/15/2024)(2) | $ | 3,000,000 | $ | 2,545,663 | ||||||||
Ardagh Metal Packaging S.A., | ||||||||||||
3.250%, 09/01/2028 | ||||||||||||
(Callable 05/15/2024)(1)(2) | 500,000 | 426,784 | ||||||||||
Arrow Electronics, Inc., | ||||||||||||
3.250%, 09/08/2024 | ||||||||||||
(Callable 07/08/2024) | 15,000,000 | 14,664,271 | ||||||||||
Ashtead Capital, Inc.: | ||||||||||||
4.000%, 05/01/2028 | ||||||||||||
(Callable 05/01/2023)(1)(2) | 9,000,000 | 8,122,910 | ||||||||||
2.450%, 08/12/2031 | ||||||||||||
(Callable 05/12/2031)(1)(2) | 23,840,000 | 18,529,134 | ||||||||||
AT&T, Inc.: | ||||||||||||
4.300%, 02/15/2030 | ||||||||||||
(Callable 11/15/2029) | 10,980,000 | 10,715,391 | ||||||||||
2.550%, 12/01/2033 | ||||||||||||
(Callable 09/01/2033) | 14,329,000 | 11,624,167 | ||||||||||
4.650%, 06/01/2044 | ||||||||||||
(Callable 12/01/2043) | 9,700,000 | 8,806,429 | ||||||||||
3.550%, 09/15/2055 | ||||||||||||
(Callable 03/15/2055) | 40,029,000 | 29,991,328 | ||||||||||
3.800%, 12/01/2057 | ||||||||||||
(Callable 06/01/2057) | 25,315,000 | 19,551,350 | ||||||||||
3.650%, 09/15/2059 | ||||||||||||
(Callable 03/15/2059) | 31,734,000 | 23,767,113 | ||||||||||
Avery Dennison Corp., | ||||||||||||
2.650%, 04/30/2030 | ||||||||||||
(Callable 02/01/2030) | 10,175,000 | 8,501,544 | ||||||||||
Ball Corp.: | ||||||||||||
5.250%, 07/01/2025 | 21,675,000 | 21,689,956 | ||||||||||
4.875%, 03/15/2026 | ||||||||||||
(Callable 12/15/2025) | 23,125,000 | 22,749,219 | ||||||||||
2.875%, 08/15/2030 | ||||||||||||
(Callable 05/15/2030) | 5,000,000 | 4,024,532 | ||||||||||
3.125%, 09/15/2031 | ||||||||||||
(Callable 06/15/2031) | 25,000,000 | 20,166,000 | ||||||||||
Bayer US Finance II LLC: | ||||||||||||
4.250%, 12/15/2025 | ||||||||||||
(Callable 10/15/2025)(1)(2) | 25,000,000 | 24,673,413 | ||||||||||
4.625%, 06/25/2038 | ||||||||||||
(Callable 12/25/2037)(1)(2) | 12,000,000 | 10,848,768 | ||||||||||
4.400%, 07/15/2044 | ||||||||||||
(Callable 01/15/2044)(1)(2) | 5,125,000 | 4,111,721 | ||||||||||
Beam Suntory, Inc., | ||||||||||||
3.250%, 06/15/2023 | ||||||||||||
(Callable 03/17/2023)(1) | 10,960,000 | 10,955,576 | ||||||||||
Becton Dickinson and Co.: | ||||||||||||
3.363%, 06/06/2024 | ||||||||||||
(Callable 04/06/2024) | 4,531,000 | 4,484,201 | ||||||||||
3.734%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 2,528,000 | 2,516,347 | ||||||||||
4.875%, 05/15/2044 | ||||||||||||
(Callable 11/15/2043) | 5,455,000 | 4,948,291 | ||||||||||
Berry Global, Inc., | ||||||||||||
4.875%, 07/15/2026 | ||||||||||||
(Callable 08/01/2022)(2) | 28,000,000 | 26,722,080 | ||||||||||
Bimbo Bakeries USA, Inc., | ||||||||||||
4.000%, 05/17/2051 | ||||||||||||
(Callable 11/17/2050)(1)(2) | 5,000,000 | 4,050,400 | ||||||||||
Boardwalk Pipelines LP: | ||||||||||||
4.950%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 17,475,000 | 17,594,776 | ||||||||||
5.950%, 06/01/2026 | ||||||||||||
(Callable 03/01/2026) | 26,406,000 | 27,419,773 | ||||||||||
4.800%, 05/03/2029 | ||||||||||||
(Callable 02/03/2029) | 28,916,000 | 28,017,121 | ||||||||||
3.600%, 09/01/2032 | ||||||||||||
(Callable 06/01/2032) | 15,000,000 | 12,690,848 | ||||||||||
Boeing Co.: | ||||||||||||
2.196%, 02/04/2026 | ||||||||||||
(Callable 02/04/2023) | 25,550,000 | 23,029,892 | ||||||||||
5.150%, 05/01/2030 | ||||||||||||
(Callable 02/01/2030) | 26,000,000 | 24,956,829 | ||||||||||
Bon Secours Mercy Health, Inc., | ||||||||||||
3.464%, 06/01/2030 | ||||||||||||
(Callable 12/01/2029) | 16,330,000 | 15,312,004 | ||||||||||
Booz Allen Hamilton, Inc.: | ||||||||||||
3.875%, 09/01/2028 | ||||||||||||
(Callable 09/01/2023)(2) | 1,000,000 | 885,000 | ||||||||||
4.000%, 07/01/2029 | ||||||||||||
(Callable 07/01/2024)(2) | 500,000 | 435,965 | ||||||||||
Boral Finance Pty Ltd., | ||||||||||||
3.750%, 05/01/2028 | ||||||||||||
(Callable 02/01/2028)(1)(2) | 5,550,000 | 5,216,353 | ||||||||||
BorgWarner, Inc., | ||||||||||||
5.000%, 10/01/2025(2) | 8,285,000 | 8,356,864 | ||||||||||
Bristol-Myers Squibb Co., | ||||||||||||
3.700%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051) | 6,425,000 | 5,549,105 | ||||||||||
British Telecommunications PLC, | ||||||||||||
9.625%, 12/15/2030(1) | 19,000,000 | 23,643,980 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.625%, 10/15/2024 | ||||||||||||
(Callable 09/15/2024) | 26,800,000 | 26,531,796 | ||||||||||
3.150%, 11/15/2025 | ||||||||||||
(Callable 10/15/2025) | 7,150,000 | 6,885,656 | ||||||||||
4.000%, 04/15/2029 | ||||||||||||
(Callable 02/15/2029)(2) | 4,000,000 | 3,706,382 | ||||||||||
5.000%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 11,000,000 | 10,785,484 | ||||||||||
4.150%, 11/15/2030 | ||||||||||||
(Callable 08/15/2030) | 10,000,000 | 9,162,135 | ||||||||||
2.450%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030)(2) | 7,250,000 | 5,824,929 | ||||||||||
4.150%, 04/15/2032 | ||||||||||||
(Callable 01/15/2032)(2) | 22,000,000 | 19,861,692 | ||||||||||
3.137%, 11/15/2035 | ||||||||||||
(Callable 08/15/2035)(2) | 13,250,000 | 10,061,816 | ||||||||||
3.500%, 02/15/2041 | ||||||||||||
(Callable 08/15/2040)(2) | 16,000,000 | 12,065,915 | ||||||||||
Bunge Limited Finance Corp.: | ||||||||||||
3.250%, 08/15/2026 | ||||||||||||
(Callable 05/15/2026) | 13,188,000 | 12,516,577 | ||||||||||
3.750%, 09/25/2027 | ||||||||||||
(Callable 06/25/2027) | 23,800,000 | 22,898,687 | ||||||||||
Burlington Northern Santa Fe LLC, | ||||||||||||
4.150%, 04/01/2045 | ||||||||||||
(Callable 10/01/2044) | 3,100,000 | 2,816,532 | ||||||||||
Cameron LNG LLC, | ||||||||||||
3.701%, 01/15/2039 | ||||||||||||
(Callable 07/15/2038)(2) | 15,000,000 | 12,650,376 | ||||||||||
Canpack SA / Canpack US LLC, | ||||||||||||
3.875%, 11/15/2029 | ||||||||||||
(Callable 11/15/2024)(1)(2) | 15,000,000 | 11,702,698 |
The accompanying notes are an integral part of these financial statements.
Page 73
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Carlisle Companies, Inc.: | ||||||||||||
3.750%, 12/01/2027 | ||||||||||||
(Callable 09/01/2027) | $ | 4,600,000 | $ | 4,378,924 | ||||||||
2.750%, 03/01/2030 | ||||||||||||
(Callable 12/01/2029) | 21,832,000 | 18,344,495 | ||||||||||
Carrier Global Corp.: | ||||||||||||
2.493%, 02/15/2027 | ||||||||||||
(Callable 12/15/2026) | 12,845,000 | 11,685,726 | ||||||||||
2.700%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030) | 14,700,000 | 12,437,044 | ||||||||||
3.577%, 04/05/2050 | ||||||||||||
(Callable 10/05/2049) | 3,050,000 | 2,308,303 | ||||||||||
CCL Industries, Inc., | ||||||||||||
3.050%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030)(1)(2) | 19,725,000 | 17,132,479 | ||||||||||
CDW LLC / CDW Finance Corp., | ||||||||||||
3.569%, 12/01/2031 | ||||||||||||
(Callable 09/01/2031) | 15,000,000 | 12,392,475 | ||||||||||
Cellnex Finance Co., | ||||||||||||
3.875%, 07/07/2041 | ||||||||||||
(Callable 04/07/2041)(1)(2) | 21,000,000 | 14,381,010 | ||||||||||
CF Industries, Inc., | ||||||||||||
5.375%, 03/15/2044 | 10,922,000 | 10,180,606 | ||||||||||
Charles River Laboratories | ||||||||||||
International, Inc., | ||||||||||||
4.000%, 03/15/2031 | ||||||||||||
(Callable 03/15/2026)(2) | 3,000,000 | 2,557,344 | ||||||||||
Charter Communications Operating LLC: | ||||||||||||
4.908%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 63,550,000 | 63,697,436 | ||||||||||
3.750%, 02/15/2028 | ||||||||||||
(Callable 11/15/2027) | 5,000,000 | 4,617,294 | ||||||||||
4.400%, 04/01/2033 | ||||||||||||
(Callable 01/01/2033) | 5,000,000 | 4,464,189 | ||||||||||
6.384%, 10/23/2035 | ||||||||||||
(Callable 04/23/2035) | 32,905,000 | 33,093,004 | ||||||||||
5.375%, 04/01/2038 | ||||||||||||
(Callable 10/01/2037) | 6,000,000 | 5,332,958 | ||||||||||
3.700%, 04/01/2051 | ||||||||||||
(Callable 10/01/2050) | 6,700,000 | 4,533,857 | ||||||||||
3.850%, 04/01/2061 | ||||||||||||
(Callable 10/01/2060) | 12,075,000 | 7,940,950 | ||||||||||
4.400%, 12/01/2061 | ||||||||||||
(Callable 06/01/2061) | 10,000,000 | 7,192,081 | ||||||||||
Cheniere Corpus Christi Holdings LLC: | ||||||||||||
7.000%, 06/30/2024 | ||||||||||||
(Callable 01/01/2024) | 4,269,000 | 4,423,542 | ||||||||||
5.875%, 03/31/2025 | ||||||||||||
(Callable 10/02/2024) | 5,005,000 | 5,124,465 | ||||||||||
5.125%, 06/30/2027 | ||||||||||||
(Callable 01/01/2027) | 11,397,000 | 11,438,997 | ||||||||||
Cia Cervecerias Unidas SA, | ||||||||||||
3.350%, 01/19/2032 | ||||||||||||
(Callable 10/19/2031)(1)(2) | 20,000,000 | 17,008,000 | ||||||||||
Cigna Corp.: | ||||||||||||
4.500%, 02/25/2026 | ||||||||||||
(Callable 11/27/2025) | 5,725,000 | 5,782,148 | ||||||||||
2.400%, 03/15/2030 | ||||||||||||
(Callable 12/15/2029) | 9,850,000 | 8,482,265 | ||||||||||
4.800%, 08/15/2038 | ||||||||||||
(Callable 02/15/2038) | 7,600,000 | 7,392,345 | ||||||||||
Clean Harbors, Inc., | ||||||||||||
5.125%, 07/15/2029 | ||||||||||||
(Callable 07/15/2024)(2) | 100,000 | 90,750 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
4.200%, 01/15/2024(1) | 15,000,000 | 15,010,017 | ||||||||||
1.875%, 01/15/2026 | ||||||||||||
(Callable 12/15/2025)(1) | 14,250,000 | 12,915,967 | ||||||||||
CNH Industrial NV: | ||||||||||||
4.500%, 08/15/2023(1) | �� | 16,168,000 | 16,303,535 | |||||||||
3.850%, 11/15/2027 | ||||||||||||
(Callable 08/15/2027)(1) | 26,114,000 | 24,587,562 | ||||||||||
Columbia Pipeline Group, Inc.: | ||||||||||||
4.500%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025)(1) | 14,135,000 | 14,251,357 | ||||||||||
5.800%, 06/01/2045 | ||||||||||||
(Callable 12/01/2044)(1) | 4,733,000 | 4,858,567 | ||||||||||
Comcast Corp.: | ||||||||||||
4.250%, 01/15/2033 | 6,500,000 | 6,385,937 | ||||||||||
4.400%, 08/15/2035 | ||||||||||||
(Callable 02/15/2035) | 13,575,000 | 13,154,619 | ||||||||||
3.200%, 07/15/2036 | ||||||||||||
(Callable 01/15/2036) | 15,000,000 | 12,700,549 | ||||||||||
2.937%, 11/01/2056 | ||||||||||||
(Callable 05/01/2056) | 2,622,000 | 1,822,013 | ||||||||||
2.987%, 11/01/2063 | ||||||||||||
(Callable 05/01/2063) | 10,984,000 | 7,491,889 | ||||||||||
CommonSpirit Health: | ||||||||||||
2.760%, 10/01/2024 | ||||||||||||
(Callable 07/01/2024) | 7,500,000 | 7,302,537 | ||||||||||
2.782%, 10/01/2030 | ||||||||||||
(Callable 04/01/2030) | 20,400,000 | 17,630,181 | ||||||||||
Conagra Brands, Inc., | ||||||||||||
5.300%, 11/01/2038 | ||||||||||||
(Callable 05/01/2038) | 6,625,000 | 6,246,248 | ||||||||||
ConocoPhillips Canada Funding Co. I, | ||||||||||||
5.950%, 10/15/2036 | 845,000 | 919,658 | ||||||||||
Constellation Brands, Inc., | ||||||||||||
4.750%, 12/01/2025 | 1,000,000 | 1,015,387 | ||||||||||
Corning, Inc., | ||||||||||||
4.375%, 11/15/2057 | ||||||||||||
(Callable 05/15/2057) | 10,000,000 | 8,181,286 | ||||||||||
Cox Communications, Inc.: | ||||||||||||
3.850%, 02/01/2025 | ||||||||||||
(Callable 11/01/2024)(2) | 2,875,000 | 2,840,521 | ||||||||||
4.800%, 02/01/2035 | ||||||||||||
(Callable 08/01/2034)(2) | 4,450,000 | 4,222,635 | ||||||||||
4.700%, 12/15/2042(2) | 1,670,000 | 1,502,039 | ||||||||||
3.600%, 06/15/2051 | ||||||||||||
(Callable 12/15/2050)(2) | 22,900,000 | 17,219,590 | ||||||||||
CSX Corp.: | ||||||||||||
6.220%, 04/30/2040 | 475,000 | 532,086 | ||||||||||
4.650%, 03/01/2068 | ||||||||||||
(Callable 09/01/2067) | 9,000,000 | 8,128,306 | ||||||||||
CVS Health Corp.: | ||||||||||||
3.875%, 07/20/2025 | ||||||||||||
(Callable 04/20/2025) | 2,302,000 | 2,287,512 | ||||||||||
3.250%, 08/15/2029 | ||||||||||||
(Callable 05/15/2029) | 11,800,000 | 10,771,771 | ||||||||||
4.780%, 03/25/2038 | ||||||||||||
(Callable 09/25/2037) | 35,075,000 | 33,200,435 | ||||||||||
5.050%, 03/25/2048 | ||||||||||||
(Callable 09/25/2047) | 32,600,000 | 31,206,286 | ||||||||||
CVS Pass-Through Trust, | ||||||||||||
7.507%, 01/10/2032(2) | 3,310,299 | 3,609,897 | ||||||||||
Darling Ingredients, Inc., | ||||||||||||
6.000%, 06/15/2030 | ||||||||||||
(Callable 06/15/2025)(2) | 1,000,000 | 996,650 |
The accompanying notes are an integral part of these financial statements.
Page 74
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
DCP Midstream LLC: | ||||||||||||
5.375%, 07/15/2025 | ||||||||||||
(Callable 04/15/2025) | $ | 3,000,000 | $ | 2,917,500 | ||||||||
5.625%, 07/15/2027 | ||||||||||||
(Callable 04/15/2027) | 17,000,000 | 16,218,000 | ||||||||||
5.125%, 05/15/2029 | ||||||||||||
(Callable 02/15/2029) | 8,000,000 | 7,200,000 | ||||||||||
3.250%, 02/15/2032 | ||||||||||||
(Callable 08/15/2031) | 10,000,000 | 7,843,800 | ||||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | ||||||||||||
(Callable 04/15/2023) | 11,140,000 | 11,252,556 | ||||||||||
5.850%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025) | 5,000,000 | 5,156,532 | ||||||||||
6.020%, 06/15/2026 | ||||||||||||
(Callable 03/15/2026) | 37,004,000 | 38,408,555 | ||||||||||
4.900%, 10/01/2026 | ||||||||||||
(Callable 08/01/2026) | 8,395,000 | 8,398,017 | ||||||||||
3.450%, 12/15/2051 | ||||||||||||
(Callable 06/15/2051)(2) | 20,000,000 | 13,531,602 | ||||||||||
Dentsply Sirona, | ||||||||||||
3.250%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 46,120,000 | 38,927,047 | ||||||||||
Deutsche Telekom | ||||||||||||
International Finance BV, | ||||||||||||
8.750%, 06/15/2030(1) | 28,015,000 | 34,540,357 | ||||||||||
Dignity Health, | ||||||||||||
5.267%, 11/01/2064 | 7,625,000 | 7,423,467 | ||||||||||
DISH DBS Corp., | ||||||||||||
5.000%, 03/15/2023 | 2,500,000 | 2,379,425 | ||||||||||
Dominion Gas Holdings LLC, | ||||||||||||
3.600%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | 4,067,000 | 4,027,774 | ||||||||||
DuPont de Nemours, Inc.: | ||||||||||||
4.493%, 11/15/2025 | ||||||||||||
(Callable 09/15/2025) | 9,275,000 | 9,338,144 | ||||||||||
5.319%, 11/15/2038 | ||||||||||||
(Callable 05/15/2038) | 17,350,000 | 17,174,284 | ||||||||||
DXC Technology Co.: | ||||||||||||
1.800%, 09/15/2026 | ||||||||||||
(Callable 08/15/2026) | 21,000,000 | 18,870,600 | ||||||||||
2.375%, 09/15/2028 | ||||||||||||
(Callable 07/15/2028) | 60,000,000 | 51,626,992 | ||||||||||
Eagle Materials, Inc., | ||||||||||||
2.500%, 07/01/2031 | ||||||||||||
(Callable 04/01/2031) | 15,000,000 | 11,846,925 | ||||||||||
Eastern Gas Transmission | ||||||||||||
and Storage, Inc., | ||||||||||||
3.600%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024)(2) | 2,033,000 | 2,013,392 | ||||||||||
Eaton Corp., | ||||||||||||
4.000%, 11/02/2032 | 3,660,000 | 3,534,799 | ||||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | ||||||||||||
(Callable 02/04/2023) | 4,000,000 | 3,975,625 | ||||||||||
Element Fleet Management Corp., | ||||||||||||
3.850%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025)(1)(2) | 23,000,000 | 22,591,089 | ||||||||||
Enbridge Energy Partners LP: | ||||||||||||
7.500%, 04/15/2038(1) | 4,500,000 | 5,280,309 | ||||||||||
7.375%, 10/15/2045 | ||||||||||||
(Callable 04/15/2045)(1) | 23,298,000 | 27,752,008 | ||||||||||
Energy Transfer LP: | ||||||||||||
3.450%, 01/15/2023 | ||||||||||||
(Callable 10/15/2022) | 2,000,000 | 1,993,938 | ||||||||||
4.250%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 10,000,000 | 9,994,836 | ||||||||||
5.875%, 01/15/2024 | ||||||||||||
(Callable 10/15/2023) | 15,000,000 | 15,294,360 | ||||||||||
4.400%, 03/15/2027 | ||||||||||||
(Callable 12/15/2026) | 15,000,000 | 14,526,191 | ||||||||||
5.500%, 06/01/2027 | ||||||||||||
(Callable 03/01/2027) | 4,653,000 | 4,722,843 | ||||||||||
4.950%, 05/15/2028 | ||||||||||||
(Callable 02/15/2028) | 1,620,000 | 1,583,500 | ||||||||||
4.950%, 06/15/2028 | ||||||||||||
(Callable 03/15/2028) | 4,693,000 | 4,624,415 | ||||||||||
5.250%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029) | 18,925,000 | 18,744,390 | ||||||||||
4.150%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 16,585,000 | 15,182,250 | ||||||||||
6.625%, 10/15/2036 | 3,575,000 | 3,588,817 | ||||||||||
6.500%, 02/01/2042 | ||||||||||||
(Callable 08/01/2041) | 18,727,000 | 18,664,549 | ||||||||||
6.100%, 02/15/2042 | 1,000,000 | 929,956 | ||||||||||
5.950%, 10/01/2043 | ||||||||||||
(Callable 04/01/2043) | 2,702,000 | 2,517,537 | ||||||||||
6.000%, 06/15/2048 | ||||||||||||
(Callable 12/15/2047) | 5,000,000 | 4,697,043 | ||||||||||
Energy Transfer Partners LP: | ||||||||||||
4.200%, 04/15/2027 | ||||||||||||
(Callable 01/15/2027) | 8,650,000 | 8,303,570 | ||||||||||
5.150%, 03/15/2045 | ||||||||||||
(Callable 09/15/2044) | 5,000,000 | 4,275,211 | ||||||||||
Eni SpA, | ||||||||||||
4.250%, 05/09/2029 | ||||||||||||
(Callable 02/09/2029)(1)(2) | 18,250,000 | 17,819,944 | ||||||||||
EnLink Midstream Partners LP, | ||||||||||||
4.400%, 04/01/2024 | ||||||||||||
(Callable 01/01/2024) | 23,605,000 | 23,041,903 | ||||||||||
Enterprise Products Operating LLC, | ||||||||||||
3.950%, 01/31/2060 | ||||||||||||
(Callable 07/31/2059) | 14,475,000 | 11,457,743 | ||||||||||
EQT Corp.: | ||||||||||||
6.625%, 02/01/2025 | ||||||||||||
(Callable 01/01/2025) | 10,000,000 | 10,287,300 | ||||||||||
5.000%, 01/15/2029 | ||||||||||||
(Callable 07/15/2028) | 1,000,000 | 968,080 | ||||||||||
3.625%, 05/15/2031 | ||||||||||||
(Callable 05/15/2030)(2) | 100,000 | 86,406 | ||||||||||
EQT Midstream Partners LP, | ||||||||||||
4.125%, 12/01/2026 | ||||||||||||
(Callable 09/01/2026) | 14,750,000 | 12,740,312 | ||||||||||
Equinix, Inc.: | ||||||||||||
2.625%, 11/18/2024 | ||||||||||||
(Callable 10/18/2024) | 8,000,000 | 7,673,772 | ||||||||||
3.200%, 11/18/2029 | ||||||||||||
(Callable 08/18/2029) | 15,000,000 | 13,325,067 | ||||||||||
Exxon Mobil Corp., | ||||||||||||
2.992%, 03/19/2025 | ||||||||||||
(Callable 02/19/2025) | 35,000,000 | 34,460,121 | ||||||||||
FedEx Corp.: | ||||||||||||
3.900%, 02/01/2035 | 7,000,000 | 6,235,194 | ||||||||||
4.950%, 10/17/2048 | ||||||||||||
(Callable 04/17/2048) | 13,500,000 | 12,853,490 | ||||||||||
Ferguson Finance PLC, | ||||||||||||
4.500%, 10/24/2028 | ||||||||||||
(Callable 07/24/2028)(2) | 37,052,000 | 35,985,235 |
The accompanying notes are an integral part of these financial statements.
Page 75
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Fiserv, Inc.: | ||||||||||||
3.850%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025) | $ | 11,720,000 | $ | 11,601,238 | ||||||||
3.200%, 07/01/2026 | ||||||||||||
(Callable 05/01/2026) | 6,400,000 | 6,060,052 | ||||||||||
3.500%, 07/01/2029 | ||||||||||||
(Callable 04/01/2029) | 8,810,000 | 8,036,370 | ||||||||||
4.400%, 07/01/2049 | ||||||||||||
(Callable 01/01/2049) | 12,500,000 | 10,742,646 | ||||||||||
Flex Intermediate Holdco LLC, | ||||||||||||
3.363%, 06/30/2031 | ||||||||||||
(Callable 12/30/2030)(2) | 30,000,000 | 24,495,677 | ||||||||||
Flex Ltd.: | ||||||||||||
3.750%, 02/01/2026 | ||||||||||||
(Callable 01/01/2026) | 28,300,000 | 27,078,592 | ||||||||||
4.875%, 05/12/2030 | ||||||||||||
(Callable 02/12/2030) | 17,550,000 | 16,704,741 | ||||||||||
Florida Gas Transmission Co. LLC, | ||||||||||||
3.875%, 07/15/2022(2) | 3,000,000 | 3,000,954 | ||||||||||
Flowserve Corp.: | ||||||||||||
3.500%, 10/01/2030 | ||||||||||||
(Callable 07/01/2030) | 7,075,000 | 6,076,190 | ||||||||||
2.800%, 01/15/2032 | ||||||||||||
(Callable 10/15/2031) | 5,000,000 | 3,938,094 | ||||||||||
FMG Resources Pty Ltd.: | ||||||||||||
5.125%, 05/15/2024 | ||||||||||||
(Callable 02/15/2024)(1)(2) | 2,045,000 | 1,989,867 | ||||||||||
4.375%, 04/01/2031 | ||||||||||||
(Callable 01/01/2031)(1)(2) | 1,000,000 | 816,140 | ||||||||||
6.125%, 04/15/2032 | ||||||||||||
(Callable 01/15/2032)(1)(2) | 10,000,000 | 9,000,000 | ||||||||||
Fomento Economico | ||||||||||||
Mexicano SAB de CV: | ||||||||||||
2.875%, 05/10/2023(1) | 11,700,000 | 11,544,039 | ||||||||||
4.375%, 05/10/2043(1) | 2,000,000 | 1,784,855 | ||||||||||
3.500%, 01/16/2050 | ||||||||||||
(Callable 07/16/2049)(1) | 11,625,000 | 9,069,127 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
2.979%, 08/03/2022 | ||||||||||||
(Callable 07/03/2022) | 20,000,000 | 20,000,000 | ||||||||||
4.250%, 09/20/2022 | 4,459,000 | 4,449,235 | ||||||||||
5.584%, 03/18/2024 | ||||||||||||
(Callable 02/18/2024) | 29,367,000 | 29,220,165 | ||||||||||
3.664%, 09/08/2024 | 34,000,000 | 32,148,530 | ||||||||||
4.063%, 11/01/2024 | ||||||||||||
(Callable 10/01/2024) | 7,000,000 | 6,640,849 | ||||||||||
2.300%, 02/10/2025 | ||||||||||||
(Callable 01/10/2025) | 30,000,000 | 26,937,000 | ||||||||||
3.375%, 11/13/2025 | ||||||||||||
(Callable 10/13/2025) | 30,000,000 | 27,014,100 | ||||||||||
2.700%, 08/10/2026 | ||||||||||||
(Callable 07/10/2026) | 15,000,000 | 12,782,250 | ||||||||||
Fortune Brands Home & Security, Inc., | ||||||||||||
3.250%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 14,000,000 | 12,114,586 | ||||||||||
Freeport-McMoRan, Inc.: | ||||||||||||
3.875%, 03/15/2023 | ||||||||||||
(Callable 12/15/2022) | 38,916,000 | 38,747,828 | ||||||||||
5.000%, 09/01/2027 | ||||||||||||
(Callable 09/01/2022) | 12,000,000 | 11,906,400 | ||||||||||
4.125%, 03/01/2028 | ||||||||||||
(Callable 03/01/2023) | 11,550,000 | 10,721,519 | ||||||||||
4.375%, 08/01/2028 | ||||||||||||
(Callable 08/01/2023) | 6,545,000 | 6,112,814 | ||||||||||
5.250%, 09/01/2029 | ||||||||||||
(Callable 09/01/2024) | 14,415,000 | 13,766,325 | ||||||||||
4.250%, 03/01/2030 | ||||||||||||
(Callable 03/01/2025) | 29,799,000 | 27,115,269 | ||||||||||
4.625%, 08/01/2030 | ||||||||||||
(Callable 08/01/2025) | 3,000,000 | 2,783,340 | ||||||||||
Fresenius Medical Care | ||||||||||||
US Finance II, Inc., | ||||||||||||
4.750%, 10/15/2024 | ||||||||||||
(Callable 07/17/2024)(1)(2) | 8,075,000 | 8,082,524 | ||||||||||
Fresenius Medical Care | ||||||||||||
US Finance III, Inc.: | ||||||||||||
3.750%, 06/15/2029 | ||||||||||||
(Callable 03/15/2029)(1)(2) | 34,130,000 | 30,815,039 | ||||||||||
2.375%, 02/16/2031 | ||||||||||||
(Callable 11/16/2030)(1)(2) | 32,300,000 | 25,534,986 | ||||||||||
3.000%, 12/01/2031 | ||||||||||||
(Callable 09/01/2031)(1)(2) | 13,625,000 | 11,091,311 | ||||||||||
Fresenius US Finance II, Inc., | ||||||||||||
4.500%, 01/15/2023 | ||||||||||||
(Callable 10/17/2022)(1)(2) | 33,385,000 | 33,416,108 | ||||||||||
GE Capital International Funding | ||||||||||||
Co. Unlimited Co., | ||||||||||||
4.418%, 11/15/2035 | 43,701,000 | 40,816,525 | ||||||||||
General Motors Co., | ||||||||||||
6.125%, 10/01/2025 | ||||||||||||
(Callable 09/01/2025) | 22,112,000 | 22,858,025 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
4.150%, 06/19/2023 | ||||||||||||
(Callable 05/19/2023) | 3,375,000 | 3,377,068 | ||||||||||
5.100%, 01/17/2024 | ||||||||||||
(Callable 12/17/2023) | 18,750,000 | 18,936,461 | ||||||||||
2.900%, 02/26/2025 | ||||||||||||
(Callable 01/26/2025) | 17,725,000 | 16,915,798 | ||||||||||
1.250%, 01/08/2026 | ||||||||||||
(Callable 12/08/2025) | 18,125,000 | 15,960,493 | ||||||||||
2.350%, 02/26/2027 | ||||||||||||
(Callable 01/26/2027) | 10,900,000 | 9,600,673 | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.375%, 12/01/2024 | ||||||||||||
(Callable 11/01/2024) | 36,370,000 | 35,678,619 | ||||||||||
Genpact Luxembourg SARL, | ||||||||||||
1.750%, 04/10/2026 | ||||||||||||
(Callable 03/10/2026) | 29,775,000 | 27,102,151 | ||||||||||
Glencore Finance (Canada) Ltd.: | ||||||||||||
4.250%, 10/25/2022(1)(2) | 7,000,000 | 6,995,030 | ||||||||||
6.000%, 11/15/2041(1)(2) | 9,400,000 | 9,130,228 | ||||||||||
5.550%, 10/25/2042(1)(2) | 3,543,000 | 3,357,666 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 16,940,000 | 16,882,235 | ||||||||||
4.625%, 04/29/2024(1)(2) | 29,230,000 | 29,238,742 | ||||||||||
4.000%, 03/27/2027 | ||||||||||||
(Callable 12/27/2026)(1)(2) | 17,000,000 | 16,346,420 | ||||||||||
4.875%, 03/12/2029 | ||||||||||||
(Callable 12/12/2028)(1)(2) | 18,000,000 | 17,505,764 | ||||||||||
2.500%, 09/01/2030 | ||||||||||||
(Callable 06/01/2030)(1)(2) | 5,615,000 | 4,574,111 | ||||||||||
3.875%, 04/27/2051 | ||||||||||||
(Callable 10/27/2050)(1)(2) | 7,500,000 | 5,619,105 | ||||||||||
3.375%, 09/23/2051 | ||||||||||||
(Callable 03/23/2051)(1)(2) | 4,000,000 | 2,726,910 | ||||||||||
Global Payments, Inc.: | ||||||||||||
4.000%, 06/01/2023 | ||||||||||||
(Callable 05/01/2023) | 10,775,000 | 10,756,386 |
The accompanying notes are an integral part of these financial statements.
Page 76
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Global Payments, Inc.: (cont.) | ||||||||||||
4.800%, 04/01/2026 | ||||||||||||
(Callable 01/01/2026) | $ | 10,035,000 | $ | 10,034,566 | ||||||||
2.900%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 5,000,000 | 4,218,925 | ||||||||||
Grand Canyon University, | ||||||||||||
4.125%, 10/01/2024 | 30,000,000 | 28,605,000 | ||||||||||
Graphic Packaging International LLC: | ||||||||||||
3.500%, 03/15/2028(2) | 5,000,000 | 4,300,063 | ||||||||||
3.500%, 03/01/2029 | ||||||||||||
(Callable 09/01/2028)(2) | 5,000,000 | 4,198,480 | ||||||||||
Gray Oak Pipeline LLC, | ||||||||||||
2.600%, 10/15/2025 | ||||||||||||
(Callable 09/15/2025)(2) | 15,000,000 | 14,005,325 | ||||||||||
Grupo Bimbo SAB de CV: | ||||||||||||
3.875%, 06/27/2024(1)(2) | 21,501,000 | 21,242,128 | ||||||||||
4.875%, 06/27/2044(1)(2) | 9,575,000 | 8,793,088 | ||||||||||
4.700%, 11/10/2047 | ||||||||||||
(Callable 05/10/2047)(1)(2) | 25,671,000 | 23,541,035 | ||||||||||
4.000%, 09/06/2049(1)(2) | 19,500,000 | 15,795,644 | ||||||||||
Gulfstream Natural Gas System LLC, | ||||||||||||
4.600%, 09/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 10,000,000 | 9,998,153 | ||||||||||
GYP Holdings III Corp., | ||||||||||||
4.625%, 05/01/2029 | ||||||||||||
(Callable 05/01/2024)(2) | 2,500,000 | 1,949,325 | ||||||||||
HB Fuller Co., | ||||||||||||
4.000%, 02/15/2027 | ||||||||||||
(Callable 11/15/2026) | 6,725,000 | 6,052,500 | ||||||||||
HCA, Inc.: | ||||||||||||
5.000%, 03/15/2024 | 10,366,000 | 10,412,696 | ||||||||||
5.375%, 02/01/2025 | 25,300,000 | 25,167,428 | ||||||||||
5.250%, 04/15/2025 | 19,200,000 | 19,229,869 | ||||||||||
5.375%, 09/01/2026 | ||||||||||||
(Callable 03/01/2026) | 1,000,000 | 991,585 | ||||||||||
4.500%, 02/15/2027 | ||||||||||||
(Callable 08/15/2026) | 16,500,000 | 15,863,144 | ||||||||||
5.875%, 02/01/2029 | ||||||||||||
(Callable 08/01/2028) | 8,500,000 | 8,506,502 | ||||||||||
3.500%, 09/01/2030 | ||||||||||||
(Callable 03/01/2030) | 5,000,000 | 4,253,550 | ||||||||||
4.375%, 03/15/2042 | ||||||||||||
(Callable 09/15/2041)(2) | 3,900,000 | 3,138,806 | ||||||||||
4.625%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051)(2) | 12,475,000 | 9,980,772 | ||||||||||
Hewlett Packard Enterprise Co., | ||||||||||||
4.450%, 10/02/2023 | ||||||||||||
(Callable 09/02/2023) | 12,575,000 | 12,700,785 | ||||||||||
Hexcel Corp.: | ||||||||||||
4.950%, 08/15/2025 | ||||||||||||
(Callable 05/15/2025) | 8,303,000 | 8,110,009 | ||||||||||
4.200%, 02/15/2027 | ||||||||||||
(Callable 11/15/2026) | 19,000,000 | 17,821,428 | ||||||||||
Holly Energy Partners LP / | ||||||||||||
Holly Energy Finance Corp., | ||||||||||||
6.375%, 04/15/2027 | ||||||||||||
(Callable 04/15/2024)(2) | 5,000,000 | 4,706,300 | ||||||||||
Hologic, Inc., | ||||||||||||
3.250%, 02/15/2029 | ||||||||||||
(Callable 09/28/2023)(2) | 21,238,000 | 18,152,119 | ||||||||||
HP, Inc.: | ||||||||||||
2.200%, 06/17/2025 | ||||||||||||
(Callable 05/17/2025) | 10,000,000 | 9,450,156 | ||||||||||
3.000%, 06/17/2027 | ||||||||||||
(Callable 04/17/2027) | 25,000,000 | 23,113,503 | ||||||||||
Huntington Ingalls Industries, Inc.: | ||||||||||||
3.844%, 05/01/2025 | ||||||||||||
(Callable 04/01/2025) | 10,000,000 | 9,846,105 | ||||||||||
2.043%, 08/16/2028 | ||||||||||||
(Callable 06/16/2028) | 12,000,000 | 10,234,845 | ||||||||||
Huntsman International LLC, | ||||||||||||
2.950%, 06/15/2031 | ||||||||||||
(Callable 03/15/2031) | 4,900,000 | 4,068,363 | ||||||||||
Husky Energy, Inc., | ||||||||||||
4.400%, 04/15/2029 | ||||||||||||
(Callable 01/15/2029)(1) | 15,000,000 | 14,452,464 | ||||||||||
Hutchison Whampoa International Ltd., | ||||||||||||
3.250%, 11/08/2022(1)(2) | 4,625,000 | 4,629,162 | ||||||||||
Hyundai Capital America: | ||||||||||||
2.850%, 11/01/2022(1)(2) | 5,225,000 | 5,211,711 | ||||||||||
2.375%, 02/10/2023(1)(2) | 20,000,000 | 19,743,334 | ||||||||||
1.250%, 09/18/2023(1)(2) | 14,125,000 | 13,684,996 | ||||||||||
3.400%, 06/20/2024(1)(2) | 16,850,000 | 16,528,434 | ||||||||||
1.300%, 01/08/2026 | ||||||||||||
(Callable 12/08/2025)(1)(2) | 10,000,000 | 8,875,208 | ||||||||||
1.650%, 09/17/2026 | ||||||||||||
(Callable 08/17/2026)(1)(2) | 30,000,000 | 26,454,797 | ||||||||||
Infor, Inc., | ||||||||||||
1.750%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 8,375,000 | 7,746,365 | ||||||||||
Ingersoll-Rand Global Holding Co. Ltd., | ||||||||||||
5.750%, 06/15/2043 | 4,126,000 | 4,272,536 | ||||||||||
Ingersoll-Rand Luxembourg Finance SA, | ||||||||||||
4.650%, 11/01/2044 | ||||||||||||
(Callable 05/01/2044) | 1,300,000 | 1,171,524 | ||||||||||
Ingredion, Inc., | ||||||||||||
2.900%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 28,000,000 | 24,266,036 | ||||||||||
International Business Machines Corp., | ||||||||||||
4.150%, 05/15/2039 | 13,000,000 | 11,729,246 | ||||||||||
International Flavors & Fragrances, Inc.: | ||||||||||||
5.000%, 09/26/2048 | ||||||||||||
(Callable 03/26/2048) | 10,000,000 | 9,315,778 | ||||||||||
3.468%, 12/01/2050 | ||||||||||||
(Callable 06/01/2050)(2) | 8,000,000 | 5,828,494 | ||||||||||
Iron Mountain, Inc.: | ||||||||||||
5.250%, 03/15/2028 | ||||||||||||
(Callable 12/27/2022)(2) | 20,303,000 | 18,225,800 | ||||||||||
5.000%, 07/15/2028 | ||||||||||||
(Callable 07/15/2023)(2) | 4,000,000 | 3,542,747 | ||||||||||
4.500%, 02/15/2031 | ||||||||||||
(Callable 02/15/2026)(2) | 10,000,000 | 8,171,450 | ||||||||||
JAB Holdings BV: | ||||||||||||
3.750%, 05/28/2051 | ||||||||||||
(Callable 11/28/2050)(1)(2) | 8,600,000 | 5,960,382 | ||||||||||
4.500%, 04/08/2052 | ||||||||||||
(Callable 10/08/2051)(1)(2) | 13,000,000 | 10,030,586 | ||||||||||
JBS Finance Luxembourg Sarl: | ||||||||||||
2.500%, 01/15/2027 | ||||||||||||
(Callable 12/15/2026)(2) | 15,000,000 | 13,047,917 | ||||||||||
3.625%, 01/15/2032 | ||||||||||||
(Callable 01/15/2027)(2) | 7,000,000 | 5,652,500 | ||||||||||
JBS USA Lux SA / JBS USA Food Co. / | ||||||||||||
JBS USA Finance, Inc.: | ||||||||||||
3.750%, 12/01/2031 | ||||||||||||
(Callable 12/01/2026)(2) | 13,000,000 | 10,665,041 | ||||||||||
4.375%, 02/02/2052 | ||||||||||||
(Callable 08/02/2051)(2) | 7,825,000 | 5,533,997 |
The accompanying notes are an integral part of these financial statements.
Page 77
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
JM Smucker Co., | ||||||||||||
3.550%, 03/15/2050 | ||||||||||||
(Callable 09/15/2049) | $ | 3,350,000 | $ | 2,522,191 | ||||||||
Kansas City Southern: | ||||||||||||
4.700%, 05/01/2048 | ||||||||||||
(Callable 11/01/2047)(1) | 12,000,000 | 11,310,241 | ||||||||||
3.500%, 05/01/2050 | ||||||||||||
(Callable 11/01/2049)(1) | 13,000,000 | 10,141,150 | ||||||||||
KB Home, | ||||||||||||
7.250%, 07/15/2030 | ||||||||||||
(Callable 07/15/2025) | 5,000,000 | 4,737,682 | ||||||||||
Kennametal, Inc., | ||||||||||||
4.625%, 06/15/2028 | ||||||||||||
(Callable 03/15/2028) | 7,900,000 | 7,754,161 | ||||||||||
Kerry Group Financial | ||||||||||||
Services Unlimited Co., | ||||||||||||
3.200%, 04/09/2023 | ||||||||||||
(Callable 01/09/2023)(1)(2) | 18,500,000 | 18,384,366 | ||||||||||
Keurig Dr Pepper, Inc., | ||||||||||||
4.417%, 05/25/2025 | ||||||||||||
(Callable 03/25/2025) | 1,671,000 | 1,684,077 | ||||||||||
Keysight Technologies, Inc.: | ||||||||||||
4.550%, 10/30/2024 | ||||||||||||
(Callable 07/30/2024) | 7,283,000 | 7,375,689 | ||||||||||
4.600%, 04/06/2027 | ||||||||||||
(Callable 01/06/2027) | 50,189,000 | 50,407,039 | ||||||||||
Kinder Morgan Energy Partners LP: | ||||||||||||
7.300%, 08/15/2033 | 1,675,000 | 1,864,309 | ||||||||||
6.500%, 02/01/2037 | 6,785,000 | 7,209,065 | ||||||||||
6.950%, 01/15/2038 | 14,755,000 | 15,887,087 | ||||||||||
7.500%, 11/15/2040 | 27,248,000 | 30,611,468 | ||||||||||
Kinder Morgan, Inc.: | ||||||||||||
8.050%, 10/15/2030 | 15,384,000 | 17,629,250 | ||||||||||
7.800%, 08/01/2031 | 16,174,000 | 18,791,415 | ||||||||||
Kinross Gold Corp., | ||||||||||||
6.875%, 09/01/2041 | ||||||||||||
(Callable 03/01/2041)(1) | 5,500,000 | 5,557,053 | ||||||||||
Kraft Heinz Foods Co.: | ||||||||||||
6.750%, 03/15/2032 | 10,000,000 | 11,164,116 | ||||||||||
5.000%, 07/15/2035 | ||||||||||||
(Callable 01/15/2035) | 5,311,000 | 5,141,237 | ||||||||||
5.000%, 06/04/2042 | 5,000,000 | 4,567,979 | ||||||||||
Kyndryl Holdings, Inc.: | ||||||||||||
2.050%, 10/15/2026 | ||||||||||||
(Callable 09/15/2026)(2) | 18,100,000 | 15,236,061 | ||||||||||
2.700%, 10/15/2028 | ||||||||||||
(Callable 08/15/2028)(2) | 7,939,000 | 6,322,658 | ||||||||||
Lafarge SA, | ||||||||||||
7.125%, 07/15/2036(1) | 1,500,000 | 1,788,229 | ||||||||||
LafargeHolcim Finance US LLC, | ||||||||||||
3.500%, 09/22/2026 | ||||||||||||
(Callable 06/22/2026)(1)(2) | 12,565,000 | 12,305,148 | ||||||||||
Lear Corp.: | ||||||||||||
3.800%, 09/15/2027 | ||||||||||||
(Callable 06/15/2027) | 3,167,000 | 2,991,777 | ||||||||||
3.500%, 05/30/2030 | ||||||||||||
(Callable 02/28/2030) | 15,000,000 | 13,085,465 | ||||||||||
Leidos Holdings, Inc., | ||||||||||||
5.950%, 12/01/2040 | ||||||||||||
(Callable 06/04/2040) | 2,000,000 | 2,007,555 | ||||||||||
Leidos, Inc.: | ||||||||||||
4.375%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 46,222,000 | 42,753,976 | ||||||||||
2.300%, 02/15/2031 | ||||||||||||
(Callable 11/15/2030) | 7,500,000 | 5,974,889 | ||||||||||
Lennox International, Inc., | ||||||||||||
3.000%, 11/15/2023 | ||||||||||||
(Callable 09/15/2023) | 10,000,000 | 9,893,486 | ||||||||||
Louisiana-Pacific Corp., | ||||||||||||
3.625%, 03/15/2029 | ||||||||||||
(Callable 03/15/2024)(2) | 25,000,000 | 19,697,281 | ||||||||||
Lundin Energy Finance BV: | ||||||||||||
2.000%, 07/15/2026 | ||||||||||||
(Callable 06/15/2026)(1)(2) | 10,000,000 | 8,931,660 | ||||||||||
3.100%, 07/15/2031 | ||||||||||||
(Callable 04/15/2031)(1)(2) | 20,958,000 | 17,338,155 | ||||||||||
Magallanes, Inc., | ||||||||||||
4.279%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(2) | 9,550,000 | 8,535,241 | ||||||||||
Magellan Midstream Partners LP: | ||||||||||||
5.000%, 03/01/2026 | ||||||||||||
(Callable 12/01/2025) | 10,000,000 | 10,223,350 | ||||||||||
4.200%, 03/15/2045 | ||||||||||||
(Callable 09/15/2044) | 8,770,000 | 6,780,853 | ||||||||||
Magna International, Inc., | ||||||||||||
2.450%, 06/15/2030 | ||||||||||||
(Callable 03/15/2030)(1) | 10,000,000 | 8,513,610 | ||||||||||
Marathon Petroleum Corp.: | ||||||||||||
3.625%, 09/15/2024 | ||||||||||||
(Callable 06/15/2024) | 2,500,000 | 2,473,372 | ||||||||||
4.700%, 05/01/2025 | ||||||||||||
(Callable 04/01/2025) | 15,000,000 | 15,175,627 | ||||||||||
5.125%, 12/15/2026 | ||||||||||||
(Callable 09/15/2026) | 3,000,000 | 3,070,053 | ||||||||||
4.750%, 09/15/2044 | ||||||||||||
(Callable 03/15/2044) | 3,985,000 | 3,510,703 | ||||||||||
Martin Marietta Materials, Inc.: | ||||||||||||
2.500%, 03/15/2030 | ||||||||||||
(Callable 12/15/2029) | 5,000,000 | 4,217,711 | ||||||||||
6.250%, 05/01/2037 | 450,000 | 480,344 | ||||||||||
Masco Corp., | ||||||||||||
6.500%, 08/15/2032 | 15,834,000 | 17,036,774 | ||||||||||
MasTec, Inc., | ||||||||||||
4.500%, 08/15/2028 | ||||||||||||
(Callable 08/15/2023)(2) | 12,948,000 | 11,649,120 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
4.333%, 06/01/2023 | ||||||||||||
(Callable 05/01/2023) | 32,298,000 | 32,315,281 | ||||||||||
2.670%, 09/01/2023 | 16,000,000 | 15,733,421 | ||||||||||
4.250%, 09/01/2025 | ||||||||||||
(Callable 09/01/2022) | 4,000,000 | 3,894,040 | ||||||||||
Microsoft Corp., | ||||||||||||
4.200%, 11/03/2035 | ||||||||||||
(Callable 05/03/2035) | 5,650,000 | 5,799,429 | ||||||||||
Midwest Connector Capital Co. LLC: | ||||||||||||
3.900%, 04/01/2024 | ||||||||||||
(Callable 03/01/2024)(2) | 13,695,000 | 13,439,309 | ||||||||||
4.625%, 04/01/2029 | ||||||||||||
(Callable 01/01/2029)(2) | 12,000,000 | 11,316,972 | ||||||||||
Minera Mexico SA de CV, | ||||||||||||
4.500%, 01/26/2050 | ||||||||||||
(Callable 07/26/2049)(1)(2) | 8,000,000 | 6,200,000 | ||||||||||
Mohawk Industries, Inc., | ||||||||||||
3.625%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 5,000,000 | 4,461,532 | ||||||||||
Molex Electronic Technologies LLC, | ||||||||||||
3.900%, 04/15/2025 | ||||||||||||
(Callable 01/15/2025)(2) | 8,250,000 | 8,131,655 |
The accompanying notes are an integral part of these financial statements.
Page 78
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Molson Coors Beverage Co., | ||||||||||||
3.000%, 07/15/2026 | ||||||||||||
(Callable 04/15/2026) | $ | 23,888,000 | $ | 22,436,936 | ||||||||
Mosaic Co., | ||||||||||||
5.450%, 11/15/2033 | ||||||||||||
(Callable 05/15/2033) | 11,101,000 | 11,435,589 | ||||||||||
MPLX LP: | ||||||||||||
3.500%, 12/01/2022 | ||||||||||||
(Callable 11/01/2022) | 8,600,000 | 8,595,739 | ||||||||||
4.000%, 02/15/2025 | ||||||||||||
(Callable 11/15/2024) | 13,125,000 | 12,949,834 | ||||||||||
4.875%, 06/01/2025 | ||||||||||||
(Callable 03/01/2025) | 19,150,000 | 19,241,076 | ||||||||||
1.750%, 03/01/2026 | ||||||||||||
(Callable 02/01/2026) | 20,000,000 | 18,006,796 | ||||||||||
4.250%, 12/01/2027 | ||||||||||||
(Callable 09/01/2027) | 6,519,000 | 6,290,677 | ||||||||||
5.500%, 02/15/2049 | ||||||||||||
(Callable 08/15/2048) | 8,825,000 | 8,185,404 | ||||||||||
4.900%, 04/15/2058 | ||||||||||||
(Callable 10/15/2057) | 5,000,000 | 4,126,046 | ||||||||||
MSCI, Inc.: | ||||||||||||
4.000%, 11/15/2029 | ||||||||||||
(Callable 11/15/2024)(2) | 7,562,000 | 6,702,427 | ||||||||||
3.625%, 11/01/2031 | ||||||||||||
(Callable 11/01/2026)(2) | 10,000,000 | 8,231,480 | ||||||||||
Mueller Water Products, Inc., | ||||||||||||
4.000%, 06/15/2029 | ||||||||||||
(Callable 06/15/2024)(2) | 500,000 | 436,170 | ||||||||||
Mylan NV, | ||||||||||||
3.950%, 06/15/2026 | ||||||||||||
(Callable 03/15/2026) | 5,000,000 | 4,710,464 | ||||||||||
Mylan, Inc.: | ||||||||||||
3.125%, 01/15/2023(2) | 16,800,000 | 16,697,842 | ||||||||||
4.200%, 11/29/2023 | ||||||||||||
(Callable 08/29/2023) | 4,525,000 | 4,509,833 | ||||||||||
4.550%, 04/15/2028 | ||||||||||||
(Callable 01/15/2028) | 5,000,000 | 4,766,481 | ||||||||||
NCL Corp. Ltd., | ||||||||||||
3.625%, 12/15/2024 | ||||||||||||
(Callable 07/11/2022)(2) | 20,000,000 | 16,635,083 | ||||||||||
Netflix, Inc., | ||||||||||||
5.875%, 02/15/2025 | 4,270,000 | 4,334,050 | ||||||||||
Newell Brands, Inc.: | ||||||||||||
4.100%, 04/01/2023 | ||||||||||||
(Callable 02/01/2023) | 40,709,000 | 40,352,796 | ||||||||||
4.875%, 06/01/2025 | ||||||||||||
(Callable 05/01/2025) | 1,500,000 | 1,477,560 | ||||||||||
4.450%, 04/01/2026 | ||||||||||||
(Callable 01/01/2026) | 15,000,000 | 14,287,688 | ||||||||||
NGPL PipeCo LLC, | ||||||||||||
4.875%, 08/15/2027 | ||||||||||||
(Callable 02/15/2027)(2) | 20,000,000 | 19,786,789 | ||||||||||
Nissan Motor Co. Ltd., | ||||||||||||
4.345%, 09/17/2027 | ||||||||||||
(Callable 07/17/2027)(1)(2) | 10,000,000 | 9,177,512 | ||||||||||
Norfolk Southern Corp., | ||||||||||||
3.050%, 05/15/2050 | ||||||||||||
(Callable 11/15/2049) | 18,000,000 | 13,186,719 | ||||||||||
North Mississippi Health Services, Inc., | ||||||||||||
3.183%, 10/01/2051 | ||||||||||||
(Callable 04/01/2051) | 11,800,000 | 8,640,629 | ||||||||||
Nova Southeastern University, Inc., | ||||||||||||
4.809%, 04/01/2053 | 4,800,000 | 4,521,718 | ||||||||||
Nutrien Ltd.: | ||||||||||||
4.000%, 12/15/2026 | ||||||||||||
(Callable 09/15/2026)(1) | 10,000,000 | 9,910,474 | ||||||||||
4.125%, 03/15/2035 | ||||||||||||
(Callable 09/15/2034)(1) | 6,550,000 | 6,044,157 | ||||||||||
nVent Finance Sarl, | ||||||||||||
4.550%, 04/15/2028 | ||||||||||||
(Callable 01/15/2028) | 32,435,000 | 31,341,120 | ||||||||||
NXP BV / NXP Funding LLC / | ||||||||||||
NXP USA, Inc.: | ||||||||||||
4.300%, 06/18/2029 | ||||||||||||
(Callable 03/18/2029)(1) | 9,625,000 | 9,182,484 | ||||||||||
2.650%, 02/15/2032 | ||||||||||||
(Callable 11/15/2031)(1) | 15,000,000 | 12,321,670 | ||||||||||
Occidental Petroleum Corp.: | ||||||||||||
2.900%, 08/15/2024 | ||||||||||||
(Callable 07/15/2024) | 10,000,000 | 9,654,445 | ||||||||||
8.500%, 07/15/2027 | ||||||||||||
(Callable 01/15/2027) | 15,000,000 | 16,506,300 | ||||||||||
7.150%, 05/15/2028 | 7,000,000 | 7,280,000 | ||||||||||
7.875%, 09/15/2031 | 12,790,000 | 14,037,025 | ||||||||||
6.450%, 09/15/2036 | 7,125,000 | 7,303,125 | ||||||||||
Ochsner LSU Health | ||||||||||||
System of North Louisiana, | ||||||||||||
2.510%, 05/15/2031 | ||||||||||||
(Callable 11/15/2030) | 10,825,000 | 8,758,720 | ||||||||||
ONEOK Partners LP, | ||||||||||||
3.375%, 10/01/2022 | ||||||||||||
(Callable 07/12/2022) | 4,007,000 | 4,007,161 | ||||||||||
ONEOK, Inc., | ||||||||||||
2.750%, 09/01/2024 | ||||||||||||
(Callable 08/01/2024) | 8,300,000 | 8,025,649 | ||||||||||
Oracle Corp.: | ||||||||||||
2.800%, 04/01/2027 | ||||||||||||
(Callable 02/01/2027) | 46,000,000 | 41,952,340 | ||||||||||
3.900%, 05/15/2035 | ||||||||||||
(Callable 11/15/2034) | 7,425,000 | 6,123,644 | ||||||||||
3.850%, 07/15/2036 | ||||||||||||
(Callable 01/15/2036) | 7,500,000 | 6,026,453 | ||||||||||
4.000%, 11/15/2047 | ||||||||||||
(Callable 05/15/2047) | 2,565,000 | 1,902,045 | ||||||||||
3.950%, 03/25/2051 | ||||||||||||
(Callable 09/25/2050) | 5,000,000 | 3,672,484 | ||||||||||
Orange SA, | ||||||||||||
9.000%, 03/01/2031(1) | 33,426,000 | 43,148,369 | ||||||||||
Oshkosh Corp., | ||||||||||||
3.100%, 03/01/2030 | ||||||||||||
(Callable 12/01/2029) | 5,000,000 | 4,281,723 | ||||||||||
Owens Corning: | ||||||||||||
4.200%, 12/01/2024 | ||||||||||||
(Callable 09/01/2024) | 10,000,000 | 9,989,384 | ||||||||||
3.400%, 08/15/2026 | ||||||||||||
(Callable 05/15/2026) | 5,000,000 | 4,777,455 | ||||||||||
7.000%, 12/01/2036 | 13,205,000 | 14,754,723 | ||||||||||
Pactiv LLC, | ||||||||||||
7.950%, 12/15/2025 | 1,338,000 | 1,183,929 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
4.000%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025)(2) | 20,000,000 | 19,687,780 | ||||||||||
1.200%, 11/15/2025 | ||||||||||||
(Callable 10/15/2025)(2) | 22,800,000 | 20,355,840 | ||||||||||
PerkinElmer, Inc.: | ||||||||||||
3.300%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 25,000,000 | 22,160,533 | ||||||||||
3.625%, 03/15/2051 | ||||||||||||
(Callable 09/15/2050) | 11,775,000 | 8,904,399 |
The accompanying notes are an integral part of these financial statements.
Page 79
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Perrigo Finance Unlimited Co.: | ||||||||||||
3.900%, 12/15/2024 | ||||||||||||
(Callable 09/15/2024) | $ | 42,000,000 | $ | 39,322,500 | ||||||||
3.150%, 06/15/2030 | ||||||||||||
(Callable 03/15/2030) | 25,250,000 | 22,542,788 | ||||||||||
Phillips 66 Co.: | ||||||||||||
3.150%, 12/15/2029 | ||||||||||||
(Callable 09/15/2029)(2) | 12,550,000 | 11,271,738 | ||||||||||
2.150%, 12/15/2030 | ||||||||||||
(Callable 09/15/2030) | 6,000,000 | 4,901,030 | ||||||||||
4.650%, 11/15/2034 | ||||||||||||
(Callable 05/15/2034) | 13,000,000 | 12,617,055 | ||||||||||
5.875%, 05/01/2042 | 5,000,000 | 5,433,291 | ||||||||||
4.875%, 11/15/2044 | ||||||||||||
(Callable 05/15/2044) | 10,000,000 | 9,698,565 | ||||||||||
4.680%, 02/15/2045 | ||||||||||||
(Callable 08/15/2044)(2) | 2,000,000 | 1,847,972 | ||||||||||
Plains All American Pipeline LP / | ||||||||||||
PAA Finance Corp., | ||||||||||||
3.550%, 12/15/2029 | ||||||||||||
(Callable 09/15/2029) | 10,000,000 | 8,810,593 | ||||||||||
POSCO, | ||||||||||||
4.000%, 08/01/2023(1)(2) | 13,000,000 | 13,067,730 | ||||||||||
Premier Health Partners, | ||||||||||||
2.911%, 11/15/2026 | ||||||||||||
(Callable 05/15/2026) | 10,000,000 | 9,270,177 | ||||||||||
Quanta Services, Inc., | ||||||||||||
2.900%, 10/01/2030 | ||||||||||||
(Callable 07/01/2030) | 10,000,000 | 8,238,537 | ||||||||||
Raytheon Technologies Corp.: | ||||||||||||
4.800%, 12/15/2043 | ||||||||||||
(Callable 06/15/2043) | 7,925,000 | 7,693,755 | ||||||||||
3.125%, 07/01/2050 | ||||||||||||
(Callable 01/01/2050) | 6,000,000 | 4,589,439 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp., | ||||||||||||
4.500%, 11/01/2023 | ||||||||||||
(Callable 08/01/2023) | 11,850,000 | 11,909,224 | ||||||||||
Reliance Industries Ltd., | ||||||||||||
2.875%, 01/12/2032(1)(2) | 20,400,000 | 16,923,763 | ||||||||||
Reliance Steel & Aluminum Co., | ||||||||||||
1.300%, 08/15/2025 | ||||||||||||
(Callable 07/15/2025) | 6,100,000 | 5,555,001 | ||||||||||
Rogers Communications, Inc.: | ||||||||||||
3.800%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(1)(2) | 13,000,000 | 11,887,330 | ||||||||||
4.350%, 05/01/2049 | ||||||||||||
(Callable 11/01/2048)(1) | 10,000,000 | 8,486,578 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.875%, 06/30/2026 | ||||||||||||
(Callable 12/31/2025) | 55,015,000 | 56,843,187 | ||||||||||
5.000%, 03/15/2027 | ||||||||||||
(Callable 09/15/2026) | 20,300,000 | 20,349,120 | ||||||||||
4.500%, 05/15/2030 | ||||||||||||
(Callable 11/15/2029) | 10,500,000 | 10,062,336 | ||||||||||
Samarco Mineracao SA: | ||||||||||||
5.750%, 10/24/2023(1)(2)(9) | 5,475,000 | 3,356,192 | ||||||||||
5.375%, 09/26/2024(1)(2)(9) | 5,125,000 | 3,097,941 | ||||||||||
Santos Finance Ltd., | ||||||||||||
3.649%, 04/29/2031 | ||||||||||||
(Callable 01/29/2031)(1)(2) | 15,000,000 | 12,722,934 | ||||||||||
Schlumberger Holdings Corp., | ||||||||||||
3.900%, 05/17/2028 | ||||||||||||
(Callable 02/17/2028)(2) | 11,096,000 | 10,484,185 | ||||||||||
Seagate HDD Cayman, | ||||||||||||
4.875%, 03/01/2024 | ||||||||||||
(Callable 01/01/2024) | 24,400,000 | 24,079,101 | ||||||||||
Sealed Air Corp., | ||||||||||||
5.000%, 04/15/2029 | ||||||||||||
(Callable 04/15/2025)(2) | 5,000,000 | 4,675,000 | ||||||||||
Sherwin-Williams Co., | ||||||||||||
4.500%, 06/01/2047 | ||||||||||||
(Callable 12/01/2046) | 5,550,000 | 4,918,272 | ||||||||||
Shire Acquisitions | ||||||||||||
Investments Ireland DAC, | ||||||||||||
2.875%, 09/23/2023 | ||||||||||||
(Callable 07/23/2023)(1) | 12,538,000 | 12,397,684 | ||||||||||
Silgan Holdings, Inc., | ||||||||||||
4.125%, 02/01/2028 | ||||||||||||
(Callable 10/01/2022) | 4,000,000 | 3,586,920 | ||||||||||
SK Hynix, Inc., | ||||||||||||
1.500%, 01/19/2026(1)(2) | 13,000,000 | 11,684,010 | ||||||||||
SK Telecom Co. Ltd., | ||||||||||||
6.625%, 07/20/2027(1)(2) | 960,000 | 1,070,016 | ||||||||||
Smith & Nephew PLC, | ||||||||||||
2.032%, 10/14/2030 | ||||||||||||
(Callable 07/14/2030)(1) | 10,000,000 | 7,956,855 | ||||||||||
Smithfield Foods, Inc.: | ||||||||||||
5.200%, 04/01/2029 | ||||||||||||
(Callable 01/01/2029)(1)(2) | 16,566,000 | 16,271,803 | ||||||||||
2.625%, 09/13/2031 | ||||||||||||
(Callable 06/13/2031)(1)(2) | 18,500,000 | 14,608,102 | ||||||||||
Sociedad Quimica y Minera de Chile SA, | ||||||||||||
3.625%, 04/03/2023(1)(2) | 8,093,000 | 8,072,767 | ||||||||||
Sodexo, Inc., | ||||||||||||
1.634%, 04/16/2026 | ||||||||||||
(Callable 03/16/2026)(1)(2) | 6,725,000 | 6,058,105 | ||||||||||
Solvay Finance America LLC, | ||||||||||||
4.450%, 12/03/2025 | ||||||||||||
(Callable 09/03/2025)(1)(2) | 40,018,000 | 39,853,482 | ||||||||||
Southern Copper Corp., | ||||||||||||
7.500%, 07/27/2035(1) | 19,786,000 | 23,407,036 | ||||||||||
Spectra Energy Partners LP, | ||||||||||||
3.500%, 03/15/2025 | ||||||||||||
(Callable 12/15/2024)(1) | 15,150,000 | 14,833,123 | ||||||||||
Standard Industries, Inc.: | ||||||||||||
4.750%, 01/15/2028 | ||||||||||||
(Callable 01/15/2023)(2) | 24,408,000 | 20,868,840 | ||||||||||
4.375%, 07/15/2030 | ||||||||||||
(Callable 07/15/2025)(2) | 7,000,000 | 5,521,250 | ||||||||||
3.375%, 01/15/2031 | ||||||||||||
(Callable 07/15/2025)(2) | 5,000,000 | 3,688,090 | ||||||||||
Stanley Black & Decker, Inc., | ||||||||||||
4.850%, 11/15/2048 | ||||||||||||
(Callable 05/15/2048) | 4,175,000 | 4,113,657 | ||||||||||
Steel Dynamics, Inc., | ||||||||||||
2.800%, 12/15/2024 | ||||||||||||
(Callable 11/15/2024) | 7,000,000 | 6,831,801 | ||||||||||
Stericycle, Inc., | ||||||||||||
3.875%, 01/15/2029 | ||||||||||||
(Callable 11/15/2023)(2) | 1,000,000 | 817,500 | ||||||||||
STERIS Irish FinCo Unlimited Co., | ||||||||||||
3.750%, 03/15/2051 | ||||||||||||
(Callable 09/15/2050) | 7,500,000 | 5,829,046 | ||||||||||
SYNNEX Corp., | ||||||||||||
2.375%, 08/09/2028 | ||||||||||||
(Callable 06/09/2028)(2) | 25,000,000 | 21,076,855 |
The accompanying notes are an integral part of these financial statements.
Page 80
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Sysco Corp.: | ||||||||||||
5.950%, 04/01/2030 | ||||||||||||
(Callable 01/01/2030) | $ | 22,570,000 | $ | 24,063,240 | ||||||||
3.150%, 12/14/2051 | ||||||||||||
(Callable 06/14/2051) | 9,250,000 | 6,614,523 | ||||||||||
Takeda Pharmaceutical Co. Ltd., | ||||||||||||
3.175%, 07/09/2050 | ||||||||||||
(Callable 01/09/2050)(1) | 11,825,000 | 8,850,513 | ||||||||||
Targa Resources Partners LP: | ||||||||||||
6.500%, 07/15/2027 | ||||||||||||
(Callable 08/01/2022) | 1,000,000 | 1,024,360 | ||||||||||
5.000%, 01/15/2028 | ||||||||||||
(Callable 01/15/2023) | 28,000,000 | 26,656,560 | ||||||||||
4.875%, 02/01/2031 | ||||||||||||
(Callable 02/01/2026) | 10,500,000 | 9,571,826 | ||||||||||
4.000%, 01/15/2032 | ||||||||||||
(Callable 07/15/2026) | 14,000,000 | 11,980,640 | ||||||||||
TC PipeLines LP: | ||||||||||||
4.375%, 03/13/2025 | ||||||||||||
(Callable 12/13/2024)(1) | 26,205,000 | 26,343,401 | ||||||||||
3.900%, 05/25/2027 | ||||||||||||
(Callable 02/25/2027)(1) | 23,285,000 | 22,835,251 | ||||||||||
Teck Resources Ltd., | ||||||||||||
3.900%, 07/15/2030 | ||||||||||||
(Callable 04/15/2030)(1) | 10,000,000 | 9,197,818 | ||||||||||
Telecom Italia Capital SA: | ||||||||||||
5.303%, 05/30/2024(1)(2) | 21,500,000 | 20,658,275 | ||||||||||
7.200%, 07/18/2036(1) | 3,175,000 | 2,410,603 | ||||||||||
Telefonica Emisiones SA: | ||||||||||||
4.103%, 03/08/2027(1) | 8,125,000 | 7,954,648 | ||||||||||
7.045%, 06/20/2036(1) | 4,925,000 | 5,496,733 | ||||||||||
5.213%, 03/08/2047(1) | 24,108,000 | 21,365,048 | ||||||||||
4.895%, 03/06/2048(1) | 9,475,000 | 8,078,508 | ||||||||||
5.520%, 03/01/2049 | ||||||||||||
(Callable 09/01/2048)(1) | 12,000,000 | 11,137,080 | ||||||||||
Tenet Healthcare Corp.: | ||||||||||||
6.750%, 06/15/2023 | 1,000,000 | 1,029,291 | ||||||||||
4.375%, 01/15/2030 | ||||||||||||
(Callable 12/01/2024)(2) | 3,000,000 | 2,538,090 | ||||||||||
6.125%, 06/15/2030 | ||||||||||||
(Callable 06/15/2025)(2) | 1,000,000 | 922,580 | ||||||||||
Teva Pharmaceutical Finance | ||||||||||||
Netherlands III BV: | ||||||||||||
2.800%, 07/21/2023(1) | 24,275,000 | 23,480,601 | ||||||||||
3.150%, 10/01/2026(1) | 51,000,000 | 41,820,000 | ||||||||||
4.750%, 05/09/2027 | ||||||||||||
(Callable 02/09/2027)(1) | 9,000,000 | 7,687,063 | ||||||||||
Textron, Inc., | ||||||||||||
3.000%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 15,000,000 | 13,047,420 | ||||||||||
Timken Co.: | ||||||||||||
3.875%, 09/01/2024 | ||||||||||||
(Callable 06/01/2024) | 18,500,000 | 18,348,904 | ||||||||||
4.500%, 12/15/2028 | ||||||||||||
(Callable 09/15/2028) | 6,025,000 | 5,880,095 | ||||||||||
T-Mobile USA, Inc.: | ||||||||||||
4.750%, 02/01/2028 | ||||||||||||
(Callable 02/01/2023) | 17,250,000 | 16,718,873 | ||||||||||
3.375%, 04/15/2029 | ||||||||||||
(Callable 04/15/2024)(2) | 5,000,000 | 4,375,000 | ||||||||||
3.875%, 04/15/2030 | ||||||||||||
(Callable 01/15/2030) | 53,473,000 | 49,904,002 | ||||||||||
3.500%, 04/15/2031 | ||||||||||||
(Callable 04/15/2026) | 60,000,000 | 51,805,800 | ||||||||||
4.375%, 04/15/2040 | ||||||||||||
(Callable 10/15/2039) | 10,000,000 | 8,926,270 | ||||||||||
3.600%, 11/15/2060 | ||||||||||||
(Callable 05/15/2060)(2) | 15,000,000 | 10,930,388 | ||||||||||
Toll Road Investors Partnership II LP: | ||||||||||||
0.000%, 02/15/2025 | ||||||||||||
(Insured by NATL)(1)(2) | 10,000,000 | 8,631,043 | ||||||||||
0.000%, 02/15/2027 | ||||||||||||
(Insured by NATL)(1)(2) | 32,855,000 | 24,900,771 | ||||||||||
0.000%, 02/15/2030 | ||||||||||||
(Insured by NATL)(1)(2) | 2,000,000 | 1,276,241 | ||||||||||
0.000%, 02/15/2030 | ||||||||||||
(Insured by NATL)(1)(2) | 2,938,000 | 2,076,577 | ||||||||||
0.000%, 02/15/2031 | ||||||||||||
(Insured by AGM)(1)(2) | 5,396,000 | 3,630,175 | ||||||||||
0.000%, 02/15/2036 | ||||||||||||
(Insured by AGM)(1)(2) | 12,500,000 | 6,424,160 | ||||||||||
TopBuild Corp.: | ||||||||||||
3.625%, 03/15/2029 | ||||||||||||
(Callable 03/15/2024)(2) | 2,500,000 | 1,968,154 | ||||||||||
4.125%, 02/15/2032 | ||||||||||||
(Callable 10/15/2026)(2) | 1,000,000 | 769,841 | ||||||||||
TransCanada PipeLines Ltd., | ||||||||||||
4.750%, 05/15/2038 | ||||||||||||
(Callable 11/15/2037)(1) | 10,000,000 | 9,452,773 | ||||||||||
Transcontinental Gas Pipe Line Co. LLC, | ||||||||||||
4.450%, 08/01/2042 | ||||||||||||
(Callable 02/01/2042) | 2,600,000 | 2,298,754 | ||||||||||
TreeHouse Foods, Inc., | ||||||||||||
4.000%, 09/01/2028 | ||||||||||||
(Callable 09/01/2023) | 1,500,000 | 1,222,110 | ||||||||||
Triton Container International Ltd.: | ||||||||||||
2.050%, 04/15/2026 | ||||||||||||
(Callable 03/15/2026)(1)(2) | 7,425,000 | 6,565,390 | ||||||||||
3.150%, 06/15/2031 | ||||||||||||
(Callable 03/15/2031)(1)(2) | 30,475,000 | 24,631,914 | ||||||||||
3.250%, 03/15/2032 | ||||||||||||
(Callable 12/15/2031)(1) | 10,000,000 | 8,140,339 | ||||||||||
TTX Co., | ||||||||||||
4.650%, 06/15/2044(2) | 7,710,000 | 7,076,636 | ||||||||||
Tyco Electronics Group SA, | ||||||||||||
7.125%, 10/01/2037(1) | 500,000 | 620,813 | ||||||||||
Tyson Foods, Inc., | ||||||||||||
5.100%, 09/23/2048 | ||||||||||||
(Callable 03/28/2048) | 4,650,000 | 4,655,039 | ||||||||||
United Rentals North America, Inc.: | ||||||||||||
3.875%, 11/15/2027 | ||||||||||||
(Callable 11/15/2022) | 5,000,000 | 4,650,000 | ||||||||||
4.875%, 01/15/2028 | ||||||||||||
(Callable 01/15/2023) | 5,000,000 | 4,727,400 | ||||||||||
5.250%, 01/15/2030 | ||||||||||||
(Callable 01/15/2025) | 5,000,000 | 4,637,500 | ||||||||||
4.000%, 07/15/2030 | ||||||||||||
(Callable 07/15/2025) | 10,000,000 | 8,548,800 | ||||||||||
3.875%, 02/15/2031 | ||||||||||||
(Callable 08/15/2025) | 3,000,000 | 2,530,762 | ||||||||||
3.750%, 01/15/2032 | ||||||||||||
(Callable 07/15/2026) | 1,000,000 | 821,046 | ||||||||||
Universal Health Services, Inc.: | ||||||||||||
1.650%, 09/01/2026 | ||||||||||||
(Callable 08/01/2026)(2) | 16,000,000 | 13,876,147 | ||||||||||
2.650%, 10/15/2030 | ||||||||||||
(Callable 07/15/2030)(2) | 24,322,000 | 19,451,390 |
The accompanying notes are an integral part of these financial statements.
Page 81
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
UPMC, | ||||||||||||
3.600%, 04/03/2025 | $ | 47,575,000 | $ | 47,144,144 | ||||||||
Utah Acquisition Sub, Inc., | ||||||||||||
5.250%, 06/15/2046 | ||||||||||||
(Callable 12/15/2045) | 4,000,000 | 3,226,353 | ||||||||||
Vale Canada Ltd., | ||||||||||||
7.200%, 09/15/2032(1) | 1,600,000 | 1,720,785 | ||||||||||
Vale Overseas Ltd.: | ||||||||||||
3.750%, 07/08/2030 | ||||||||||||
(Callable 04/08/2030)(1) | 25,339,000 | 22,209,887 | ||||||||||
8.250%, 01/17/2034(1) | 5,201,000 | 6,099,550 | ||||||||||
6.875%, 11/21/2036(1) | 27,519,000 | 29,541,646 | ||||||||||
6.875%, 11/10/2039(1) | 18,121,000 | 19,271,865 | ||||||||||
Valero Energy Corp., | ||||||||||||
6.625%, 06/15/2037 | 5,000,000 | 5,432,341 | ||||||||||
Valero Energy Partners LP, | ||||||||||||
4.500%, 03/15/2028 | ||||||||||||
(Callable 12/15/2027) | 20,000,000 | 19,711,448 | ||||||||||
Verisk Analytics, Inc., | ||||||||||||
4.000%, 06/15/2025 | ||||||||||||
(Callable 03/15/2025) | 10,000,000 | 9,919,526 | ||||||||||
Verizon Communications, Inc.: | ||||||||||||
3.000%, 03/22/2027 | ||||||||||||
(Callable 01/22/2027) | 5,000,000 | 4,749,089 | ||||||||||
4.500%, 08/10/2033 | 15,710,000 | 15,316,505 | ||||||||||
4.400%, 11/01/2034 | ||||||||||||
(Callable 05/01/2034) | 790,000 | 756,984 | ||||||||||
4.272%, 01/15/2036 | 10,793,000 | 10,161,814 | ||||||||||
5.250%, 03/16/2037 | 18,225,000 | 18,882,554 | ||||||||||
4.812%, 03/15/2039 | 38,575,000 | 37,860,162 | ||||||||||
4.862%, 08/21/2046 | 2,500,000 | 2,460,415 | ||||||||||
5.500%, 03/16/2047 | 2,500,000 | 2,691,334 | ||||||||||
3.700%, 03/22/2061 | ||||||||||||
(Callable 09/22/2060) | 11,200,000 | 8,796,727 | ||||||||||
Viatris, Inc.: | ||||||||||||
3.850%, 06/22/2040 | ||||||||||||
(Callable 12/22/2039) | 10,000,000 | 7,083,056 | ||||||||||
4.000%, 06/22/2050 | ||||||||||||
(Callable 12/22/2049) | 22,000,000 | 14,730,916 | ||||||||||
Viterra Finance BV: | ||||||||||||
2.000%, 04/21/2026 | ||||||||||||
(Callable 03/21/2026)(1)(2) | 15,000,000 | 13,268,649 | ||||||||||
4.900%, 04/21/2027 | ||||||||||||
(Callable 03/21/2027)(1)(2) | 7,725,000 | 7,508,352 | ||||||||||
3.200%, 04/21/2031 | ||||||||||||
(Callable 01/21/2031)(1)(2) | 55,139,000 | 44,620,106 | ||||||||||
5.250%, 04/21/2032 | ||||||||||||
(Callable 01/21/2032)(1)(2) | 15,000,000 | 13,940,403 | ||||||||||
VMware, Inc., | ||||||||||||
1.800%, 08/15/2028 | ||||||||||||
(Callable 06/15/2028) | 15,000,000 | 12,456,890 | ||||||||||
Vodafone Group PLC: | ||||||||||||
7.875%, 02/15/2030(1) | 16,293,000 | 19,236,844 | ||||||||||
6.150%, 02/27/2037(1) | 13,920,000 | 15,022,243 | ||||||||||
4.375%, 02/19/2043(1) | 5,054,000 | 4,392,011 | ||||||||||
Volkswagen Group of | ||||||||||||
America Finance LLC: | ||||||||||||
4.250%, 11/13/2023(1)(2) | 18,000,000 | 17,997,992 | ||||||||||
2.850%, 09/26/2024(1)(2) | 5,000,000 | 4,870,209 | ||||||||||
3.350%, 05/13/2025(1)(2) | 15,000,000 | 14,497,655 | ||||||||||
1.250%, 11/24/2025 | ||||||||||||
(Callable 10/24/2025)(1)(2) | 8,300,000 | 7,426,616 | ||||||||||
Vontier Corp., | ||||||||||||
2.400%, 04/01/2028 | ||||||||||||
(Callable 02/01/2028) | 15,725,000 | 13,180,680 | ||||||||||
Vulcan Materials Co.: | ||||||||||||
4.500%, 04/01/2025 | ||||||||||||
(Callable 01/01/2025) | 3,000,000 | 3,052,803 | ||||||||||
3.500%, 06/01/2030 | ||||||||||||
(Callable 03/01/2030) | 11,050,000 | 10,018,346 | ||||||||||
4.700%, 03/01/2048 | ||||||||||||
(Callable 09/01/2047) | 500,000 | 457,237 | ||||||||||
Wabtec Corp.: | ||||||||||||
4.375%, 08/15/2023 | ||||||||||||
(Callable 05/15/2023) | 9,750,000 | 9,768,721 | ||||||||||
4.400%, 03/15/2024 | ||||||||||||
(Callable 02/15/2024) | 13,109,000 | 13,131,400 | ||||||||||
3.450%, 11/15/2026 | ||||||||||||
(Callable 08/15/2026) | 36,775,000 | 33,507,528 | ||||||||||
4.950%, 09/15/2028 | ||||||||||||
(Callable 06/15/2028) | 10,205,000 | 9,855,010 | ||||||||||
Walgreens Boots Alliance, Inc., | ||||||||||||
3.450%, 06/01/2026 | ||||||||||||
(Callable 03/01/2026) | 5,957,000 | 5,792,780 | ||||||||||
Walt Disney Co.: | ||||||||||||
5.400%, 10/01/2043 | 5,000,000 | 5,292,814 | ||||||||||
4.750%, 09/15/2044 | ||||||||||||
(Callable 03/15/2044) | 1,950,000 | 1,902,800 | ||||||||||
Weir Group PLC, | ||||||||||||
2.200%, 05/13/2026 | ||||||||||||
(Callable 04/13/2026)(1)(2) | 28,748,000 | 25,274,566 | ||||||||||
Western Digital Corp., | ||||||||||||
4.750%, 02/15/2026 | ||||||||||||
(Callable 11/15/2025) | 57,075,000 | 54,455,828 | ||||||||||
Western Midstream Operating LP, | ||||||||||||
5.750%, 02/01/2050 | ||||||||||||
(Callable 08/01/2049) | 10,000,000 | 8,030,587 | ||||||||||
Westinghouse Air Brake | ||||||||||||
Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | ||||||||||||
(Callable 05/15/2025) | 14,736,000 | 14,050,328 | ||||||||||
WestRock MWV LLC, | ||||||||||||
8.200%, 01/15/2030 | 5,012,000 | 5,970,587 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
3.700%, 01/15/2023 | ||||||||||||
(Callable 10/15/2022) | 44,375,000 | 44,446,072 | ||||||||||
7.500%, 01/15/2031 | 120,000 | 137,844 | ||||||||||
7.750%, 06/15/2031 | 3,500,000 | 4,098,824 | ||||||||||
8.750%, 03/15/2032 | 11,275,000 | 14,056,504 | ||||||||||
6.300%, 04/15/2040 | 1,590,000 | 1,682,441 | ||||||||||
5.750%, 06/24/2044 | ||||||||||||
(Callable 12/24/2043) | 2,500,000 | 2,493,310 | ||||||||||
Wipro IT Services LLC, | ||||||||||||
1.500%, 06/23/2026 | ||||||||||||
(Callable 05/23/2026)(1)(2) | 17,800,000 | 15,979,238 | ||||||||||
Woodside Finance Ltd.: | ||||||||||||
3.650%, 03/05/2025 | ||||||||||||
(Callable 12/05/2024)(1)(2) | 15,575,000 | 15,302,710 | ||||||||||
4.500%, 03/04/2029 | ||||||||||||
(Callable 12/04/2028)(1)(2) | 30,000,000 | 28,863,023 | ||||||||||
Worthington Industries, Inc., | ||||||||||||
4.550%, 04/15/2026 | 9,154,000 | 8,857,417 | ||||||||||
WRKCo, Inc., | ||||||||||||
3.000%, 09/15/2024 | ||||||||||||
(Callable 07/15/2024) | 6,000,000 | 5,862,772 | ||||||||||
Wynn Las Vegas LLC / | ||||||||||||
Wynn Las Vegas Capital Corp., | ||||||||||||
4.250%, 05/30/2023 | ||||||||||||
(Callable 02/28/2023)(2) | 4,000,000 | 3,840,000 |
The accompanying notes are an integral part of these financial statements.
Page 82
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Xerox Corp., | ||||||||||||
4.625%, 03/15/2023 | ||||||||||||
(Callable 02/15/2023) | $ | 35,175,000 | $ | 34,977,779 | ||||||||
Xerox Holdings Corp., | ||||||||||||
5.000%, 08/15/2025 | ||||||||||||
(Callable 07/15/2025)(2) | 1,000,000 | 930,180 | ||||||||||
Yara International ASA, | ||||||||||||
3.800%, 06/06/2026 | ||||||||||||
(Callable 03/06/2026)(1)(2) | 20,250,000 | 19,367,487 | ||||||||||
Zimmer Biomet Holdings, Inc., | ||||||||||||
5.750%, 11/30/2039 | 11,375,000 | 11,607,202 | ||||||||||
Zoetis, Inc., | ||||||||||||
4.500%, 11/13/2025 | ||||||||||||
(Callable 08/13/2025) | 5,653,000 | 5,725,774 | ||||||||||
Total Industrials | ||||||||||||
(Cost $7,964,174,337) | 7,212,140,478 | 30.8 | % | |||||||||
Utilities | ||||||||||||
American Transmission Systems, Inc., | ||||||||||||
2.650%, 01/15/2032 | ||||||||||||
(Callable 10/15/2031)(2) | 4,850,000 | 4,107,706 | ||||||||||
Appalachian Power Co., | ||||||||||||
6.700%, 08/15/2037 | 1,400,000 | 1,577,967 | ||||||||||
Avangrid, Inc., | ||||||||||||
3.200%, 04/15/2025 | ||||||||||||
(Callable 03/15/2025)(1) | 14,000,000 | 13,613,492 | ||||||||||
Berkshire Hathaway Energy Co.: | ||||||||||||
3.500%, 02/01/2025 | ||||||||||||
(Callable 11/01/2024) | 7,000,000 | 7,003,151 | ||||||||||
2.850%, 05/15/2051 | ||||||||||||
(Callable 11/15/2050) | 10,000,000 | 7,089,941 | ||||||||||
Consolidated Edison Co. | ||||||||||||
of New York, Inc., | ||||||||||||
4.625%, 12/01/2054 | ||||||||||||
(Callable 06/01/2054) | 7,600,000 | 7,053,158 | ||||||||||
Consumers Energy Co., | ||||||||||||
3.500%, 08/01/2051 | ||||||||||||
(Callable 02/01/2051) | 9,425,000 | 7,837,295 | ||||||||||
Dominion Resources, Inc., | ||||||||||||
5.950%, 06/15/2035 | 1,880,000 | 1,999,223 | ||||||||||
DTE Electric Company, | ||||||||||||
2.625%, 03/01/2031 | ||||||||||||
(Callable 12/01/2030) | 15,200,000 | 13,488,292 | ||||||||||
Duquesne Light Holdings, Inc., | ||||||||||||
2.532%, 10/01/2030 | ||||||||||||
(Callable 07/01/2030)(2) | 8,775,000 | 7,209,750 | ||||||||||
Edison International, | ||||||||||||
2.950%, 03/15/2023 | ||||||||||||
(Callable 01/15/2023) | 5,000,000 | 4,957,614 | ||||||||||
EDP Finance BV, | ||||||||||||
3.625%, 07/15/2024(1)(2) | 51,299,000 | 50,884,569 | ||||||||||
Enel Finance International NV: | ||||||||||||
3.500%, 04/06/2028(1)(2) | 7,000,000 | 6,469,845 | ||||||||||
6.000%, 10/07/2039(1)(2) | 4,286,000 | 4,261,384 | ||||||||||
4.750%, 05/25/2047(1)(2) | 54,084,000 | 46,062,974 | ||||||||||
Engie Energia Chile SA, | ||||||||||||
3.400%, 01/28/2030 | ||||||||||||
(Callable 10/28/2029)(1)(2) | 3,000,000 | 2,546,250 | ||||||||||
Exelon Corp.: | ||||||||||||
3.950%, 06/15/2025 | ||||||||||||
(Callable 03/15/2025) | 15,775,000 | 15,720,690 | ||||||||||
7.600%, 04/01/2032 | 1,650,000 | 1,948,177 | ||||||||||
5.100%, 06/15/2045 | ||||||||||||
(Callable 12/15/2044) | 5,875,000 | 5,773,098 | ||||||||||
4.100%, 03/15/2052 | ||||||||||||
(Callable 09/15/2051)(2) | 5,000,000 | 4,310,367 | ||||||||||
Exelon Generation Co. LLC, | ||||||||||||
5.600%, 06/15/2042 | ||||||||||||
(Callable 12/15/2041) | 6,100,000 | 5,871,618 | ||||||||||
Fells Point Funding Trust, | ||||||||||||
3.046%, 01/31/2027 | ||||||||||||
(Callable 12/31/2026)(2) | 10,300,000 | 9,497,915 | ||||||||||
FirstEnergy Corp.: | ||||||||||||
2.650%, 03/01/2030 | ||||||||||||
(Callable 12/01/2029) | 4,300,000 | 3,547,500 | ||||||||||
3.400%, 03/01/2050 | ||||||||||||
(Callable 09/01/2049) | 11,325,000 | 7,677,217 | ||||||||||
FirstEnergy Transmission LLC, | ||||||||||||
2.866%, 09/15/2028 | ||||||||||||
(Callable 07/15/2028)(2) | 15,000,000 | 12,680,242 | ||||||||||
Fortis, Inc., | ||||||||||||
3.055%, 10/04/2026 | ||||||||||||
(Callable 07/04/2026)(1) | 8,762,000 | 8,244,068 | ||||||||||
Infraestructura Energetica | ||||||||||||
Nova SAB de CV, | ||||||||||||
3.750%, 01/14/2028(2) | 5,000,000 | 4,556,250 | ||||||||||
KeySpan Corp., | ||||||||||||
8.000%, 11/15/2030(1) | 8,375,000 | 9,783,712 | ||||||||||
Liberty Utilities Finance GP 1, | ||||||||||||
2.050%, 09/15/2030 | ||||||||||||
(Callable 06/15/2030)(1)(2) | 10,600,000 | 8,691,538 | ||||||||||
NiSource, Inc.: | ||||||||||||
3.600%, 05/01/2030 | ||||||||||||
(Callable 02/01/2030) | 20,800,000 | 19,056,536 | ||||||||||
3.950%, 03/30/2048 | ||||||||||||
(Callable 09/30/2047) | 11,775,000 | 9,767,617 | ||||||||||
Oncor Electric Delivery Co. LLC, | ||||||||||||
2.750%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 9,500,000 | 8,646,681 | ||||||||||
Total Utilities | ||||||||||||
(Cost $363,432,536) | 321,935,837 | 1.4 | % | |||||||||
Financials | ||||||||||||
ABN AMRO Bank NV: | ||||||||||||
7.750%, 05/15/2023(1)(2) | 8,000,000 | 8,214,100 | ||||||||||
4.750%, 07/28/2025(1)(2) | 37,818,000 | 37,635,793 | ||||||||||
4.800%, 04/18/2026(1)(2) | 47,025,000 | 46,403,236 | ||||||||||
1.542%, 06/16/2027 | ||||||||||||
(1 Year CMT Rate + 0.800%) | ||||||||||||
(Callable 06/16/2026)(1)(2)(3) | 12,250,000 | 10,729,142 | ||||||||||
3.324%, 03/13/2037 | ||||||||||||
(5 Year CMT Rate + 1.900%) | ||||||||||||
(Callable 12/13/2031)(1)(2)(3) | 31,325,000 | 25,094,575 | ||||||||||
AerCap Holdings NV: | ||||||||||||
2.875%, 08/14/2024 | ||||||||||||
(Callable 07/14/2024)(1) | 39,395,000 | 37,527,612 | ||||||||||
6.500%, 07/15/2025 | ||||||||||||
(Callable 06/15/2025)(1) | 15,000,000 | 15,347,665 | ||||||||||
2.450%, 10/29/2026 | ||||||||||||
(Callable 09/29/2026)(1) | 8,000,000 | 6,966,102 | ||||||||||
3.000%, 10/29/2028 | ||||||||||||
(Callable 08/29/2028)(1) | 7,500,000 | 6,317,391 | ||||||||||
AIG SunAmerica Global Financing X, | ||||||||||||
6.900%, 03/15/2032(2) | 2,000,000 | 2,311,422 | ||||||||||
Air Lease Corp.: | ||||||||||||
4.250%, 02/01/2024 | ||||||||||||
(Callable 01/01/2024) | 8,175,000 | 8,076,097 | ||||||||||
2.300%, 02/01/2025 | ||||||||||||
(Callable 01/01/2025) | 14,150,000 | 13,242,974 |
The accompanying notes are an integral part of these financial statements.
Page 83
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ally Financial, Inc.: | ||||||||||||
1.450%, 10/02/2023 | ||||||||||||
(Callable 09/02/2023) | $ | 15,000,000 | $ | 14,499,295 | ||||||||
5.125%, 09/30/2024 | 13,000,000 | 13,126,132 | ||||||||||
5.800%, 05/01/2025 | ||||||||||||
(Callable 04/01/2025) | 10,000,000 | 10,213,183 | ||||||||||
American International Group, Inc., | ||||||||||||
6.820%, 11/15/2037 | 4,173,000 | 4,740,082 | ||||||||||
Aon PLC, | ||||||||||||
3.875%, 12/15/2025 | ||||||||||||
(Callable 09/15/2025) | 14,490,000 | 14,330,197 | ||||||||||
Assurant, Inc.: | ||||||||||||
4.900%, 03/27/2028 | ||||||||||||
(Callable 12/27/2027) | 4,250,000 | 4,240,472 | ||||||||||
3.700%, 02/22/2030 | ||||||||||||
(Callable 11/22/2029) | 7,000,000 | 6,219,737 | ||||||||||
Australia & New Zealand | ||||||||||||
Banking Group Ltd.: | ||||||||||||
4.500%, 03/19/2024(1)(2) | 32,000,000 | 32,037,279 | ||||||||||
2.950%, 07/22/2030 | ||||||||||||
(5 Year CMT Rate + 1.288%) | ||||||||||||
(Callable 07/22/2025)(1)(2)(3) | 14,803,000 | 13,951,680 | ||||||||||
2.570%, 11/25/2035 | ||||||||||||
(5 Year CMT Rate + 1.700%) | ||||||||||||
(Callable 11/25/2030)(1)(2)(3) | 13,000,000 | 10,309,753 | ||||||||||
Avolon Holdings Funding Ltd.: | ||||||||||||
5.250%, 05/15/2024 | ||||||||||||
(Callable 04/15/2024)(1)(2) | 5,000,000 | 4,912,333 | ||||||||||
2.875%, 02/15/2025 | ||||||||||||
(Callable 01/15/2025)(1)(2) | 10,000,000 | 9,198,156 | ||||||||||
Banco Santander Chile, | ||||||||||||
2.700%, 01/10/2025 | ||||||||||||
(Callable 12/10/2024)(1)(2) | 8,000,000 | 7,652,800 | ||||||||||
Banco Santander SA: | ||||||||||||
5.179%, 11/19/2025(1) | 11,150,000 | 11,144,741 | ||||||||||
1.722%, 09/14/2027 | ||||||||||||
(1 Year CMT Rate + 0.900%) | ||||||||||||
(Callable 09/14/2026)(1)(3) | 10,000,000 | 8,679,774 | ||||||||||
2.749%, 12/03/2030(1) | 5,000,000 | 3,971,186 | ||||||||||
3.225%, 11/22/2032 | ||||||||||||
(1 Year CMT Rate + 1.600%) | ||||||||||||
(Callable 11/22/2031)(1)(3) | 35,000,000 | 27,681,593 | ||||||||||
Bank of America Corp.: | ||||||||||||
3.004%, 12/20/2023 | ||||||||||||
(3 Month LIBOR USD + 0.790%) | ||||||||||||
(Callable 12/20/2022)(3) | 8,352,000 | 8,324,621 | ||||||||||
3.864%, 07/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.940%) | ||||||||||||
(Callable 07/23/2023)(3) | 12,575,000 | 12,519,777 | ||||||||||
3.458%, 03/15/2025 | ||||||||||||
(3 Month LIBOR USD + 0.970%) | ||||||||||||
(Callable 03/15/2024)(3) | 9,650,000 | 9,510,778 | ||||||||||
3.093%, 10/01/2025 | ||||||||||||
(3 Month LIBOR USD + 1.090%) | ||||||||||||
(Callable 10/01/2024)(3) | 22,000,000 | 21,288,209 | ||||||||||
2.456%, 10/22/2025 | ||||||||||||
(3 Month LIBOR USD + 0.870%) | ||||||||||||
(Callable 10/22/2024)(3) | 8,000,000 | 7,620,032 | ||||||||||
3.366%, 01/23/2026 | ||||||||||||
(3 Month LIBOR USD + 0.810%) | ||||||||||||
(Callable 01/23/2025)(3) | 22,700,000 | 21,984,761 | ||||||||||
1.734%, 07/22/2027 (SOFR + 0.960%) | ||||||||||||
(Callable 07/22/2026)(3) | 6,000,000 | 5,333,376 | ||||||||||
3.419%, 12/20/2028 | ||||||||||||
(3 Month LIBOR USD + 1.040%) | ||||||||||||
(Callable 12/20/2027)(3) | 19,539,000 | 18,195,851 | ||||||||||
2.087%, 06/14/2029 (SOFR + 1.060%) | ||||||||||||
(Callable 06/14/2028)(3) | 12,000,000 | 10,276,575 | ||||||||||
2.496%, 02/13/2031 | ||||||||||||
(3 Month LIBOR USD + 0.990%) | ||||||||||||
(Callable 02/13/2030)(3) | 7,000,000 | 5,915,861 | ||||||||||
2.592%, 04/29/2031 (SOFR + 2.150%) | ||||||||||||
(Callable 04/29/2030)(3) | 35,000,000 | 29,685,007 | ||||||||||
7.750%, 05/14/2038 | 725,000 | 893,284 | ||||||||||
Bank of Ireland Group PLC, | ||||||||||||
2.029%, 09/30/2027 | ||||||||||||
(1 Year CMT Rate + 1.100%) | ||||||||||||
(Callable 09/30/2026)(1)(2)(3) | 5,425,000 | 4,715,084 | ||||||||||
Bank of Montreal: | ||||||||||||
1.500%, 01/10/2025(1) | 7,000,000 | 6,606,043 | ||||||||||
3.803%, 12/15/2032 | ||||||||||||
(5 Year Swap Rate USD + 1.432%) | ||||||||||||
(Callable 12/15/2027)(1)(3) | 5,000,000 | 4,634,426 | ||||||||||
Bank of New Zealand, | ||||||||||||
2.000%, 02/21/2025(1)(2) | 15,475,000 | 14,736,569 | ||||||||||
Barclays PLC: | ||||||||||||
4.338%, 05/16/2024 | ||||||||||||
(3 Month LIBOR USD + 1.356%) | ||||||||||||
(Callable 05/16/2023)(1)(3) | 5,000,000 | 4,997,336 | ||||||||||
3.650%, 03/16/2025(1) | 17,350,000 | 16,966,496 | ||||||||||
2.852%, 05/07/2026 (SOFR + 2.714%) | ||||||||||||
(Callable 05/07/2025)(1)(3) | 10,000,000 | 9,442,958 | ||||||||||
4.337%, 01/10/2028 | ||||||||||||
(Callable 01/10/2027)(1) | 10,000,000 | 9,556,219 | ||||||||||
BBVA USA, | ||||||||||||
3.875%, 04/10/2025 | ||||||||||||
(Callable 03/10/2025) | 45,470,000 | 45,085,222 | ||||||||||
BGC Partners, Inc., | ||||||||||||
4.375%, 12/15/2025 | ||||||||||||
(Callable 09/15/2025) | 13,000,000 | 12,671,568 | ||||||||||
BNP Paribas SA: | ||||||||||||
4.375%, 09/28/2025(1)(2) | 14,700,000 | 14,472,421 | ||||||||||
2.819%, 11/19/2025 | ||||||||||||
(3 Month LIBOR USD + 1.111%) | ||||||||||||
(Callable 11/19/2024)(1)(2)(3) | 42,500,000 | 40,599,251 | ||||||||||
4.375%, 05/12/2026(1)(2) | 16,910,000 | 16,545,852 | ||||||||||
2.219%, 06/09/2026 (SOFR + 2.074%) | ||||||||||||
(Callable 06/09/2025)(1)(2)(3) | 10,000,000 | 9,231,727 | ||||||||||
1.323%, 01/13/2027 (SOFR + 1.004%) | ||||||||||||
(Callable 01/13/2026)(1)(2)(3) | 8,000,000 | 7,067,629 | ||||||||||
1.904%, 09/30/2028 (SOFR + 1.609%) | ||||||||||||
(Callable 09/30/2027)(1)(2)(3) | 16,000,000 | 13,673,526 | ||||||||||
3.052%, 01/13/2031 (SOFR + 1.507%) | ||||||||||||
(Callable 01/13/2030)(1)(2)(3) | 10,500,000 | 9,058,687 | ||||||||||
2.871%, 04/19/2032 (SOFR + 1.387%) | ||||||||||||
(Callable 04/19/2031)(1)(2)(3) | 25,000,000 | 20,667,874 | ||||||||||
2.588%, 08/12/2035 | ||||||||||||
(5 Year CMT Rate + 2.050%) | ||||||||||||
(Callable 08/12/2030)(1)(2)(3) | 5,000,000 | 3,935,574 | ||||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 33,770,000 | 34,263,388 | ||||||||||
4.625%, 07/11/2024(1)(2) | 3,185,000 | 3,166,323 | ||||||||||
5.150%, 07/21/2024(1)(2) | 30,902,000 | 30,893,861 | ||||||||||
4.500%, 03/15/2025(1)(2) | 40,275,000 | 39,598,836 | ||||||||||
1.652%, 10/06/2026 (SOFR + 1.520%) | ||||||||||||
(Callable 10/06/2025)(1)(2)(3) | 15,000,000 | 13,426,620 | ||||||||||
3.116%, 10/19/2032 (SOFR + 1.730%) | ||||||||||||
(Callable 10/19/2031)(1)(2)(3) | 22,000,000 | 17,726,359 |
The accompanying notes are an integral part of these financial statements.
Page 84
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Brown & Brown, Inc., | ||||||||||||
4.500%, 03/15/2029 | ||||||||||||
(Callable 12/15/2028) | $ | 11,840,000 | $ | 11,567,680 | ||||||||
Canadian Imperial Bank of Commerce, | ||||||||||||
2.250%, 01/28/2025(1) | 8,000,000 | 7,668,704 | ||||||||||
Cantor Fitzgerald LP, | ||||||||||||
4.875%, 05/01/2024 | ||||||||||||
(Callable 04/01/2024)(2) | 7,525,000 | 7,557,591 | ||||||||||
Capital One Financial Corp.: | ||||||||||||
3.750%, 07/28/2026 | ||||||||||||
(Callable 06/28/2026) | 5,000,000 | 4,777,757 | ||||||||||
3.800%, 01/31/2028 | ||||||||||||
(Callable 12/31/2027) | 6,960,000 | 6,546,421 | ||||||||||
3.273%, 03/01/2030 (SOFR + 1.790%) | ||||||||||||
(Callable 03/01/2029)(3) | 3,250,000 | 2,876,105 | ||||||||||
Capital One NA, | ||||||||||||
3.375%, 02/15/2023 | 13,836,000 | 13,824,537 | ||||||||||
Centene Corp.: | ||||||||||||
3.000%, 10/15/2030 | ||||||||||||
(Callable 07/15/2030) | 10,000,000 | 8,287,500 | ||||||||||
2.500%, 03/01/2031 | ||||||||||||
(Callable 12/01/2030) | 64,850,000 | 51,475,336 | ||||||||||
CIT Bank NA, | ||||||||||||
2.969%, 09/27/2025 (SOFR + 1.715%) | ||||||||||||
(Callable 09/27/2024)(3) | 21,219,000 | 20,439,798 | ||||||||||
Citigroup, Inc.: | ||||||||||||
2.876%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.950%) | ||||||||||||
(Callable 07/24/2022)(3) | 12,450,000 | 12,444,547 | ||||||||||
3.352%, 04/24/2025 | ||||||||||||
(3 Month LIBOR USD + 0.897%) | ||||||||||||
(Callable 04/24/2024)(3) | 11,000,000 | 10,773,943 | ||||||||||
3.700%, 01/12/2026 | 4,700,000 | 4,605,500 | ||||||||||
3.106%, 04/08/2026 (SOFR + 2.842%) | ||||||||||||
(Callable 04/08/2025)(3) | 15,000,000 | 14,399,330 | ||||||||||
3.887%, 01/10/2028 | ||||||||||||
(3 Month LIBOR USD + 1.563%) | ||||||||||||
(Callable 01/10/2027)(3) | 21,200,000 | 20,382,807 | ||||||||||
2.572%, 06/03/2031 (SOFR + 2.107%) | ||||||||||||
(Callable 06/03/2030)(3) | 50,000,000 | 42,029,437 | ||||||||||
2.561%, 05/01/2032 (SOFR + 1.167%) | ||||||||||||
(Callable 05/01/2031)(3) | 5,000,000 | 4,116,811 | ||||||||||
Citizens Financial Group, Inc.: | ||||||||||||
2.850%, 07/27/2026 | ||||||||||||
(Callable 04/27/2026) | 23,400,000 | 21,957,030 | ||||||||||
3.250%, 04/30/2030 | ||||||||||||
(Callable 01/30/2030) | 40,000,000 | 35,494,463 | ||||||||||
CNA Financial Corp.: | ||||||||||||
7.250%, 11/15/2023 | 12,400,000 | 12,966,211 | ||||||||||
4.500%, 03/01/2026 | ||||||||||||
(Callable 12/01/2025) | 21,125,000 | 21,144,249 | ||||||||||
CNO Financial Group, Inc., | ||||||||||||
5.250%, 05/30/2025 | ||||||||||||
(Callable 02/28/2025) | 18,640,000 | 18,927,525 | ||||||||||
CNO Global Funding, | ||||||||||||
2.650%, 01/06/2029(2) | 7,625,000 | 6,642,418 | ||||||||||
Comerica Bank, | ||||||||||||
4.000%, 07/27/2025 | 21,425,000 | 21,154,844 | ||||||||||
Commonwealth Bank of Australia: | ||||||||||||
2.688%, 03/11/2031(1)(2) | 15,000,000 | 12,206,283 | ||||||||||
3.784%, 03/14/2032(1)(2) | 7,250,000 | 6,386,807 | ||||||||||
3.610%, 09/12/2034 | ||||||||||||
(5 Year CMT Rate + 2.050%) | ||||||||||||
(Callable 09/12/2029)(1)(2)(3) | 35,000,000 | 31,146,706 | ||||||||||
Compeer Financial, | ||||||||||||
3.375%, 06/01/2036 (SOFR + 1.965%) | ||||||||||||
(Callable 06/01/2031)(2)(3) | 5,500,000 | 4,861,103 | ||||||||||
Cooperatieve Rabobank UA: | ||||||||||||
4.375%, 08/04/2025(1) | 11,975,000 | 11,874,487 | ||||||||||
3.750%, 07/21/2026(1) | 36,000,000 | 34,326,171 | ||||||||||
Credit Agricole SA: | ||||||||||||
3.750%, 04/24/2023(1)(2) | 8,375,000 | �� | 8,367,462 | |||||||||
4.375%, 03/17/2025(1)(2) | 37,093,000 | 36,464,644 | ||||||||||
1.907%, 06/16/2026 | ||||||||||||
(SOFRINDX + 1.676%) | ||||||||||||
(Callable 06/16/2025)(1)(2)(3) | 7,000,000 | 6,437,480 | ||||||||||
3.250%, 01/14/2030(1)(2) | 5,000,000 | 4,246,724 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
2.593%, 09/11/2025 (SOFR + 1.560%) | ||||||||||||
(Callable 09/11/2024)(1)(2)(3) | 13,700,000 | 12,889,302 | ||||||||||
2.193%, 06/05/2026 (SOFR + 2.044%) | ||||||||||||
(Callable 06/05/2025)(1)(2)(3) | 10,000,000 | 9,063,455 | ||||||||||
1.305%, 02/02/2027 (SOFR + 0.980%) | ||||||||||||
(Callable 02/02/2026)(1)(2)(3) | 19,400,000 | 16,674,998 | ||||||||||
4.282%, 01/09/2028 | ||||||||||||
(Callable 01/09/2027)(1)(2) | 24,750,000 | 23,105,458 | ||||||||||
3.869%, 01/12/2029 | ||||||||||||
(3 Month LIBOR USD + 1.410%) | ||||||||||||
(Callable 01/12/2028)(1)(2)(3) | 10,850,000 | 9,749,991 | ||||||||||
4.194%, 04/01/2031 (SOFR + 3.730%) | ||||||||||||
(Callable 04/01/2030)(1)(2)(3) | 20,000,000 | 17,696,786 | ||||||||||
Credit Suisse Group | ||||||||||||
Funding Guernsey Ltd.: | ||||||||||||
3.800%, 06/09/2023(1) | 21,400,000 | 21,196,812 | ||||||||||
3.750%, 03/26/2025(1) | 15,000,000 | 14,529,581 | ||||||||||
Danske Bank A/S, | ||||||||||||
1.621%, 09/11/2026 | ||||||||||||
(1 Year CMT Rate + 1.350%) | ||||||||||||
(Callable 09/11/2025)(1)(2)(3) | 33,945,000 | 30,379,556 | ||||||||||
Deutsche Bank AG: | ||||||||||||
3.300%, 11/16/2022(1) | 17,625,000 | 17,619,860 | ||||||||||
2.311%, 11/16/2027 (SOFR + 1.219%) | ||||||||||||
(Callable 11/16/2026)(1)(3) | 6,000,000 | 5,177,893 | ||||||||||
5.882%, 07/08/2031 (SOFR + 5.438%) | ||||||||||||
(Callable 04/08/2030)(1)(3) | 42,175,000 | 38,311,235 | ||||||||||
3.547%, 09/18/2031 (SOFR + 3.043%) | ||||||||||||
(Callable 09/18/2030)(1)(3) | 10,000,000 | 8,370,935 | ||||||||||
3.729%, 01/14/2032 (SOFR + 2.757%) | ||||||||||||
(Callable 10/14/2030)(1)(3) | 10,000,000 | 7,517,884 | ||||||||||
3.742%, 01/07/2033 (SOFR + 2.257%) | ||||||||||||
(Callable 10/07/2031)(1)(3) | 25,000,000 | 18,197,631 | ||||||||||
Digital Realty Trust LP: | ||||||||||||
4.450%, 07/15/2028 | ||||||||||||
(Callable 04/15/2028) | 7,000,000 | 6,793,784 | ||||||||||
3.600%, 07/01/2029 | ||||||||||||
(Callable 04/01/2029) | 41,950,000 | 37,912,355 | ||||||||||
Discover Bank: | ||||||||||||
4.682%, 08/09/2028 | ||||||||||||
(5 Year Swap Rate USD + 1.730%) | ||||||||||||
(Callable 08/09/2023)(3) | 6,500,000 | 6,318,976 | ||||||||||
4.650%, 09/13/2028 | ||||||||||||
(Callable 06/13/2028) | 23,225,000 | 22,350,024 | ||||||||||
Discover Financial Services, | ||||||||||||
3.950%, 11/06/2024 | ||||||||||||
(Callable 08/06/2024) | 25,000,000 | 24,633,919 | ||||||||||
DNB Bank ASA: | ||||||||||||
1.127%, 09/16/2026 | ||||||||||||
(1 Year CMT Rate + 0.850%) | ||||||||||||
(Callable 09/16/2025)(1)(2)(3) | 10,000,000 | 9,005,196 |
The accompanying notes are an integral part of these financial statements.
Page 85
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
DNB Bank ASA: (cont.) | ||||||||||||
1.535%, 05/25/2027 | ||||||||||||
(1 Year CMT Rate + 0.720%) | ||||||||||||
(Callable 05/25/2026)(1)(2)(3) | $ | 5,800,000 | $ | 5,174,621 | ||||||||
Extra Space Storage LP, | ||||||||||||
2.550%, 06/01/2031 | ||||||||||||
(Callable 03/01/2031) | 11,000,000 | 9,049,717 | ||||||||||
First Horizon National Corp., | ||||||||||||
4.000%, 05/26/2025 | ||||||||||||
(Callable 04/26/2025) | 30,000,000 | 29,499,829 | ||||||||||
First Republic Bank, | ||||||||||||
4.625%, 02/13/2047 | ||||||||||||
(Callable 08/13/2046) | 1,850,000 | 1,686,015 | ||||||||||
Five Corners Funding Trust II, | ||||||||||||
2.850%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030)(2) | 10,000,000 | 8,699,390 | ||||||||||
FMR LLC: | ||||||||||||
4.950%, 02/01/2033(2) | 4,235,000 | 4,236,893 | ||||||||||
6.500%, 12/14/2040(2) | 1,820,000 | 2,033,744 | ||||||||||
Globe Life, Inc., | ||||||||||||
4.550%, 09/15/2028 | ||||||||||||
(Callable 06/15/2028) | 9,350,000 | 9,216,705 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
3.500%, 01/23/2025 | ||||||||||||
(Callable 10/23/2024) | 9,400,000 | 9,260,479 | ||||||||||
3.500%, 04/01/2025 | ||||||||||||
(Callable 03/01/2025) | 10,000,000 | 9,802,541 | ||||||||||
3.814%, 04/23/2029 | ||||||||||||
(3 Month LIBOR USD + 1.158%) | ||||||||||||
(Callable 04/23/2028)(3) | 17,875,000 | 16,852,760 | ||||||||||
4.223%, 05/01/2029 | ||||||||||||
(3 Month LIBOR USD + 1.301%) | ||||||||||||
(Callable 05/01/2028)(3) | 15,050,000 | 14,465,949 | ||||||||||
1.992%, 01/27/2032 (SOFR + 1.090%) | ||||||||||||
(Callable 01/27/2031)(3) | 30,000,000 | 23,698,198 | ||||||||||
2.615%, 04/22/2032 (SOFR + 1.281%) | ||||||||||||
(Callable 04/22/2031)(3) | 10,000,000 | 8,302,352 | ||||||||||
6.345%, 02/15/2034 | 125,000 | 132,520 | ||||||||||
6.750%, 10/01/2037 | 300,000 | 332,227 | ||||||||||
Guardian Life Insurance Co. of America: | ||||||||||||
4.875%, 06/19/2064(2) | 11,215,000 | 10,540,435 | ||||||||||
3.700%, 01/22/2070 | ||||||||||||
(Callable 07/22/2069)(2) | 14,000,000 | 10,183,553 | ||||||||||
4.850%, 01/24/2077(2) | 16,363,000 | 14,652,943 | ||||||||||
Hartford Financial Services Group, Inc.: | ||||||||||||
6.100%, 10/01/2041 | 2,925,000 | 3,177,285 | ||||||||||
3.600%, 08/19/2049 | ||||||||||||
(Callable 02/19/2049) | 15,725,000 | 12,481,897 | ||||||||||
High Street Funding Trust I, | ||||||||||||
4.111%, 02/15/2028 | ||||||||||||
(Callable 11/15/2027)(2) | 9,000,000 | 8,819,812 | ||||||||||
High Street Funding Trust II, | ||||||||||||
4.682%, 02/15/2048 | ||||||||||||
(Callable 11/15/2047)(2) | 7,000,000 | 6,619,783 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.950%, 05/18/2024 | ||||||||||||
(3 Month LIBOR USD + 0.987%) | ||||||||||||
(Callable 05/18/2023)(1)(3) | 9,000,000 | 8,958,883 | ||||||||||
3.803%, 03/11/2025 | ||||||||||||
(3 Month LIBOR USD + 1.211%) | ||||||||||||
(Callable 03/11/2024)(1)(3) | 5,200,000 | 5,127,189 | ||||||||||
1.645%, 04/18/2026 (SOFR + 1.538%) | ||||||||||||
(Callable 04/18/2025)(1)(3) | 8,125,000 | 7,443,233 | ||||||||||
2.251%, 11/22/2027 (SOFR + 1.100%) | ||||||||||||
(Callable 11/22/2026)(1)(3) | 10,000,000 | 8,909,666 | ||||||||||
2.013%, 09/22/2028 (SOFR + 1.732%) | ||||||||||||
(Callable 09/22/2027)(1)(3) | 25,000,000 | 21,383,406 | ||||||||||
4.583%, 06/19/2029 | ||||||||||||
(3 Month LIBOR USD + 1.535%) | ||||||||||||
(Callable 06/19/2028)(1)(3) | 17,125,000 | 16,507,159 | ||||||||||
2.206%, 08/17/2029 (SOFR + 1.285%) | ||||||||||||
(Callable 08/17/2028)(1)(3) | 10,000,000 | 8,399,234 | ||||||||||
3.973%, 05/22/2030 | ||||||||||||
(3 Month LIBOR USD + 1.610%) | ||||||||||||
(Callable 05/22/2029)(1)(3) | 4,775,000 | 4,386,170 | ||||||||||
2.804%, 05/24/2032 (SOFR + 1.187%) | ||||||||||||
(Callable 05/24/2031)(1)(3) | 14,550,000 | 11,948,151 | ||||||||||
Humana, Inc., | ||||||||||||
8.150%, 06/15/2038 | 8,983,000 | 11,589,295 | ||||||||||
Huntington Bancshares, Inc., | ||||||||||||
2.625%, 08/06/2024 | ||||||||||||
(Callable 07/06/2024) | 1,500,000 | 1,456,584 | ||||||||||
Jackson Financial, Inc., | ||||||||||||
3.125%, 11/23/2031 | ||||||||||||
(Callable 08/23/2031)(2) | 15,000,000 | 11,945,755 | ||||||||||
Jefferies Group LLC: | ||||||||||||
4.850%, 01/15/2027 | 15,750,000 | 15,755,400 | ||||||||||
6.450%, 06/08/2027 | 1,300,000 | 1,389,927 | ||||||||||
4.150%, 01/23/2030 | 30,200,000 | 27,130,000 | ||||||||||
John Hancock Life Insurance Co., | ||||||||||||
7.375%, 02/15/2024(1)(2) | 17,615,000 | 18,578,593 | ||||||||||
JPMorgan Chase & Co.: | ||||||||||||
3.559%, 04/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.730%) | ||||||||||||
(Callable 04/23/2023)(3) | 15,575,000 | 15,527,121 | ||||||||||
3.125%, 01/23/2025 | ||||||||||||
(Callable 10/23/2024) | 21,850,000 | 21,529,644 | ||||||||||
2.301%, 10/15/2025 (SOFR + 1.160%) | ||||||||||||
(Callable 10/15/2024)(3) | 19,859,000 | 18,909,815 | ||||||||||
2.005%, 03/13/2026 (SOFR + 1.585%) | ||||||||||||
(Callable 03/13/2025)(3) | 17,000,000 | 15,919,529 | �� | |||||||||
2.083%, 04/22/2026 (SOFR + 1.850%) | ||||||||||||
(Callable 04/22/2025)(3) | 71,000,000 | 66,390,171 | ||||||||||
1.045%, 11/19/2026 (SOFR + 0.800%) | ||||||||||||
(Callable 11/19/2025)(3) | 18,500,000 | 16,445,560 | ||||||||||
1.470%, 09/22/2027 (SOFR + 0.765%) | ||||||||||||
(Callable 09/22/2026)(3) | 10,000,000 | 8,770,609 | ||||||||||
2.522%, 04/22/2031 (SOFR + 2.040%) | ||||||||||||
(Callable 04/22/2030)(3) | 30,500,000 | 25,977,415 | ||||||||||
1.953%, 02/04/2032 (SOFR + 1.065%) | ||||||||||||
(Callable 02/04/2031)(3) | 5,000,000 | 3,996,368 | ||||||||||
2.580%, 04/22/2032 (SOFR + 1.250%) | ||||||||||||
(Callable 04/22/2031)(3) | 15,000,000 | 12,621,061 | ||||||||||
Kemper Corp., | ||||||||||||
3.800%, 02/23/2032 | ||||||||||||
(Callable 11/23/2031) | 11,000,000 | 9,719,303 | ||||||||||
KeyBank NA, | ||||||||||||
3.400%, 05/20/2026 | 21,575,000 | 20,681,983 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 77,403,000 | 74,116,189 | ||||||||||
Liberty Mutual Group, Inc.: | ||||||||||||
6.500%, 03/15/2035(2) | 750,000 | 834,500 | ||||||||||
3.951%, 10/15/2050 | ||||||||||||
(Callable 04/15/2050)(2) | 900,000 | 683,522 | ||||||||||
Liberty Mutual Insurance Co., | ||||||||||||
7.697%, 10/15/2097(2) | 375,000 | 451,020 |
The accompanying notes are an integral part of these financial statements.
Page 86
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Life Storage LP: | ||||||||||||
3.875%, 12/15/2027 | ||||||||||||
(Callable 09/15/2027) | $ | 2,575,000 | $ | 2,452,386 | ||||||||
2.200%, 10/15/2030 | ||||||||||||
(Callable 07/15/2030) | 6,950,000 | 5,570,311 | ||||||||||
Lincoln National Corp.: | ||||||||||||
3.400%, 01/15/2031 | ||||||||||||
(Callable 10/15/2030) | 15,000,000 | 13,407,780 | ||||||||||
6.300%, 10/09/2037 | 2,190,000 | 2,380,367 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
4.050%, 08/16/2023(1) | 6,575,000 | 6,591,040 | ||||||||||
2.907%, 11/07/2023 | ||||||||||||
(3 Month LIBOR USD + 0.810%) | ||||||||||||
(Callable 11/07/2022)(1)(3) | 21,520,000 | 21,445,290 | ||||||||||
3.870%, 07/09/2025 | ||||||||||||
(1 Year CMT Rate + 3.500%) | ||||||||||||
(Callable 07/09/2024)(1)(3) | 15,000,000 | 14,813,267 | ||||||||||
3.750%, 01/11/2027(1) | 7,800,000 | 7,530,109 | ||||||||||
4.375%, 03/22/2028(1) | 15,000,000 | 14,574,840 | ||||||||||
3.574%, 11/07/2028 | ||||||||||||
(3 Month LIBOR USD + 1.205%) | ||||||||||||
(Callable 11/07/2027)(1)(3) | 21,550,000 | 20,163,677 | ||||||||||
LPL Holdings, Inc., | ||||||||||||
4.000%, 03/15/2029 | ||||||||||||
(Callable 03/15/2024)(2) | 20,076,000 | 17,176,207 | ||||||||||
M&T Bank Corp., | ||||||||||||
4.000%, 07/15/2024 | ||||||||||||
(Callable 04/16/2024) | 4,400,000 | 4,375,647 | ||||||||||
Macquarie Bank Ltd.: | ||||||||||||
4.875%, 06/10/2025(1)(2) | 7,800,000 | 7,784,340 | ||||||||||
3.624%, 06/03/2030(1)(2) | 28,805,000 | 25,120,387 | ||||||||||
Macquarie Group Ltd.: | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR USD + 1.023%) | ||||||||||||
(Callable 11/28/2022)(1)(2)(3) | 35,850,000 | 35,765,671 | ||||||||||
4.150%, 03/27/2024 | ||||||||||||
(3 Month LIBOR USD + 1.330%) | ||||||||||||
(Callable 03/27/2023)(1)(2)(3) | 21,000,000 | 21,006,165 | ||||||||||
2.691%, 06/23/2032 (SOFR + 1.440%) | ||||||||||||
(Callable 06/23/2031)(1)(2)(3) | 10,000,000 | 8,044,136 | ||||||||||
Manulife Financial Corp.: | ||||||||||||
4.150%, 03/04/2026(1) | 15,000,000 | 14,808,400 | ||||||||||
2.484%, 05/19/2027 | ||||||||||||
(Callable 03/19/2027)(1) | 15,225,000 | 13,896,395 | ||||||||||
Maple Grove Funding Trust I, | ||||||||||||
4.161%, 08/15/2051 | ||||||||||||
(Callable 02/15/2051)(2) | 10,000,000 | 7,779,698 | ||||||||||
Marsh & McLennan Companies, Inc., | ||||||||||||
3.750%, 03/14/2026 | ||||||||||||
(Callable 12/14/2025) | 9,225,000 | 9,129,396 | ||||||||||
Massachusetts Mutual Life Insurance Co.: | ||||||||||||
7.625%, 11/15/2023(2) | 2,382,000 | 2,461,879 | ||||||||||
5.077%, 02/15/2069 | ||||||||||||
(3 Month LIBOR USD + 3.191%) | ||||||||||||
(Callable 02/15/2049)(2)(3) | 26,000,000 | 24,997,816 | ||||||||||
3.729%, 10/15/2070(2) | 19,253,000 | 14,036,589 | ||||||||||
4.900%, 04/01/2077(2) | 13,000,000 | 11,909,521 | ||||||||||
MBIA Insurance Corp., | ||||||||||||
12.304%, 01/15/2033 | ||||||||||||
(3 Month LIBOR USD + 11.260%) | ||||||||||||
(Callable 01/15/2023)(2)(3)(9) | 700,000 | 133,000 | ||||||||||
MetLife, Inc., | ||||||||||||
4.875%, 11/13/2043 | 3,375,000 | 3,326,486 | ||||||||||
Metropolitan Life Global Funding I, | ||||||||||||
2.950%, 04/09/2030(2) | 9,025,000 | 8,135,271 | ||||||||||
Metropolitan Life Insurance Co., | ||||||||||||
7.800%, 11/01/2025(2) | 3,725,000 | 4,098,051 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
2.801%, 07/18/2024(1) | 5,956,000 | 5,801,659 | ||||||||||
2.193%, 02/25/2025(1) | 11,500,000 | 10,914,324 | ||||||||||
1.538%, 07/20/2027 | ||||||||||||
(1 Year CMT Rate + 0.750%) | ||||||||||||
(Callable 07/20/2026)(1)(3) | 24,400,000 | 21,550,215 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
2.555%, 09/13/2025 (SOFR + 1.362%) | ||||||||||||
(Callable 09/13/2024)(1)(3) | 20,000,000 | 19,160,130 | ||||||||||
1.234%, 05/22/2027 | ||||||||||||
(1 Year CMT Rate + 0.670%) | ||||||||||||
(Callable 05/22/2026)(1)(3) | 10,000,000 | 8,735,387 | ||||||||||
3.170%, 09/11/2027(1) | 22,000,000 | 20,522,549 | ||||||||||
4.018%, 03/05/2028(1) | 2,650,000 | 2,538,186 | ||||||||||
1.979%, 09/08/2031 (SOFR + 1.532%) | ||||||||||||
(Callable 09/08/2030)(1)(3) | 7,250,000 | 5,737,906 | ||||||||||
Morgan Stanley: | ||||||||||||
3.737%, 04/24/2024 | ||||||||||||
(3 Month LIBOR USD + 0.847%) | ||||||||||||
(Callable 04/24/2023)(3) | 25,000,000 | 24,912,959 | ||||||||||
2.720%, 07/22/2025 (SOFR + 1.152%) | ||||||||||||
(Callable 07/22/2024)(3) | 5,000,000 | 4,816,870 | ||||||||||
4.000%, 07/23/2025 | 2,500,000 | 2,497,892 | ||||||||||
2.188%, 04/28/2026 (SOFR + 1.990%) | ||||||||||||
(Callable 04/28/2025)(3) | 40,000,000 | 37,446,114 | ||||||||||
3.125%, 07/27/2026 | 13,175,000 | 12,568,230 | ||||||||||
3.591%, 07/22/2028 | ||||||||||||
(3 Month LIBOR USD + 1.340%) | ||||||||||||
(Callable 07/22/2027)(3) | 22,350,000 | 21,158,214 | ||||||||||
National Australia Bank Ltd.: | ||||||||||||
2.332%, 08/21/2030(1)(2) | 60,200,000 | 48,391,807 | ||||||||||
2.990%, 05/21/2031(1)(2) | 24,495,000 | 20,468,530 | ||||||||||
3.933%, 08/02/2034 | ||||||||||||
(5 Year CMT Rate + 1.880%) | ||||||||||||
(Callable 08/02/2029)(1)(2)(3) | 5,000,000 | 4,532,737 | ||||||||||
3.347%, 01/12/2037 | ||||||||||||
(5 Year CMT Rate + 1.700%) | ||||||||||||
(Callable 01/12/2032)(1)(2)(3) | 14,000,000 | 11,747,824 | ||||||||||
Nationwide Building Society: | ||||||||||||
3.766%, 03/08/2024 | ||||||||||||
(3 Month LIBOR USD + 1.064%) | ||||||||||||
(Callable 03/08/2023)(1)(2)(3) | 14,500,000 | 14,462,092 | ||||||||||
3.900%, 07/21/2025(1)(2) | 8,100,000 | 8,019,660 | ||||||||||
4.000%, 09/14/2026(1)(2) | 63,394,000 | 61,056,364 | ||||||||||
4.302%, 03/08/2029 | ||||||||||||
(3 Month LIBOR USD + 1.452%) | ||||||||||||
(Callable 03/08/2028)(1)(2)(3) | 3,525,000 | 3,372,772 | ||||||||||
3.960%, 07/18/2030 | ||||||||||||
(3 Month LIBOR USD + 1.855%) | ||||||||||||
(Callable 07/18/2029)(1)(2)(3) | 10,125,000 | 9,389,611 | ||||||||||
Nationwide Financial Services, Inc., | ||||||||||||
3.900%, 11/30/2049 | ||||||||||||
(Callable 05/30/2049)(2) | 17,500,000 | 14,236,368 | ||||||||||
Nationwide Mutual Insurance Co.: | ||||||||||||
7.875%, 04/01/2033(2) | 5,600,000 | 6,562,140 | ||||||||||
9.375%, 08/15/2039(2) | 22,409,000 | 30,664,887 | ||||||||||
NatWest Group PLC, | ||||||||||||
1.642%, 06/14/2027 | ||||||||||||
(1 Year CMT Rate + 0.900%) | ||||||||||||
(Callable 06/14/2026)(1)(3) | 11,725,000 | 10,279,861 |
The accompanying notes are an integral part of these financial statements.
Page 87
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (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 | $ | 3,401,276 | ||||||||
New York Life Insurance Co.: | ||||||||||||
6.750%, 11/15/2039(2) | 25,105,000 | 29,403,246 | ||||||||||
4.450%, 05/15/2069 | ||||||||||||
(Callable 11/15/2068)(2) | 10,000,000 | 8,563,720 | ||||||||||
Nomura Holdings, Inc.: | ||||||||||||
2.648%, 01/16/2025(1) | 10,000,000 | 9,539,468 | ||||||||||
1.851%, 07/16/2025(1) | 15,000,000 | 13,734,530 | ||||||||||
2.172%, 07/14/2028(1) | 30,000,000 | 25,269,862 | ||||||||||
2.710%, 01/22/2029(1) | 9,600,000 | 8,194,706 | ||||||||||
Old Republic International Corp., | ||||||||||||
3.850%, 06/11/2051 | ||||||||||||
(Callable 12/11/2050) | 12,550,000 | 9,472,329 | ||||||||||
Peachtree Corners Funding Trust, | ||||||||||||
3.976%, 02/15/2025(2) | 16,000,000 | 15,828,060 | ||||||||||
Pine Street Trust I, | ||||||||||||
4.572%, 02/15/2029 | ||||||||||||
(Callable 11/15/2028)(2) | 5,000,000 | 4,829,331 | ||||||||||
Protective Life Corp., | ||||||||||||
4.300%, 09/30/2028 | ||||||||||||
(Callable 06/30/2028)(1)(2) | 4,105,000 | 4,045,543 | ||||||||||
Prudential Financial, Inc., | ||||||||||||
3.878%, 03/27/2028 | ||||||||||||
(Callable 12/27/2027) | 4,656,000 | 4,545,722 | ||||||||||
Prudential Insurance Co. of America, | ||||||||||||
8.300%, 07/01/2025(2) | 21,011,000 | 23,252,473 | ||||||||||
Raymond James Financial, Inc., | ||||||||||||
4.950%, 07/15/2046 | 15,000,000 | 14,617,899 | ||||||||||
Realty Income Corp., | ||||||||||||
3.875%, 04/15/2025 | ||||||||||||
(Callable 02/15/2025) | 10,000,000 | 9,925,891 | ||||||||||
Regions Bank, | ||||||||||||
6.450%, 06/26/2037 | 3,864,000 | 4,294,958 | ||||||||||
Regions Financial Corp., | ||||||||||||
2.250%, 05/18/2025 | ||||||||||||
(Callable 04/18/2025) | 16,650,000 | 15,884,319 | ||||||||||
Reliance Standard Life Global Funding II, | ||||||||||||
2.500%, 10/30/2024(1)(2) | 20,000,000 | 19,202,368 | ||||||||||
Rexford Industrial Realty LP, | ||||||||||||
2.125%, 12/01/2030 | ||||||||||||
(Callable 09/01/2030) | 13,000,000 | 10,423,280 | ||||||||||
Rocket Mortgage LLC / | ||||||||||||
Rocket Mortgage Co-Issuer, Inc., | ||||||||||||
2.875%, 10/15/2026 | ||||||||||||
(Callable 10/15/2023)(2) | 10,000,000 | 8,264,100 | ||||||||||
Royal Bank of Canada, | ||||||||||||
4.650%, 01/27/2026(1) | 29,930,000 | 30,177,575 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
4.519%, 06/25/2024 | ||||||||||||
(3 Month LIBOR USD + 1.550%) | ||||||||||||
(Callable 06/25/2023)(1)(3) | 17,475,000 | 17,430,104 | ||||||||||
4.269%, 03/22/2025 | ||||||||||||
(3 Month LIBOR USD + 1.762%) | ||||||||||||
(Callable 03/22/2024)(1)(3) | 8,300,000 | 8,214,658 | ||||||||||
4.892%, 05/18/2029 | ||||||||||||
(3 Month LIBOR USD + 1.754%) | ||||||||||||
(Callable 05/18/2028)(1)(3) | 5,150,000 | 4,990,874 | ||||||||||
4.445%, 05/08/2030 | ||||||||||||
(3 Month LIBOR USD + 1.871%) | ||||||||||||
(Callable 05/08/2029)(1)(3) | 11,000,000 | 10,357,189 | ||||||||||
Sammons Financial Group, Inc., | ||||||||||||
3.350%, 04/16/2031 | ||||||||||||
(Callable 01/16/2031)(2) | 25,000,000 | 20,663,478 | ||||||||||
Santander Holdings USA, Inc.: | ||||||||||||
3.400%, 01/18/2023 | ||||||||||||
(Callable 12/18/2022)(1) | 5,750,000 | 5,741,507 | ||||||||||
3.450%, 06/02/2025 | ||||||||||||
(Callable 05/02/2025)(1) | 10,000,000 | 9,616,104 | ||||||||||
Santander UK Group Holdings PLC, | ||||||||||||
1.673%, 06/14/2027 (SOFR + 0.989%) | ||||||||||||
(Callable 06/14/2026)(1)(3) | 20,000,000 | 17,457,347 | ||||||||||
Santander UK PLC, | ||||||||||||
5.000%, 11/07/2023(1)(2) | 36,375,000 | 36,628,898 | ||||||||||
SMBC Aviation Capital Finance DAC, | ||||||||||||
3.550%, 04/15/2024 | ||||||||||||
(Callable 03/15/2024)(1)(2) | 15,000,000 | 14,595,023 | ||||||||||
Societe Generale SA: | ||||||||||||
5.000%, 01/17/2024(1)(2) | 18,000,000 | 18,074,158 | ||||||||||
3.875%, 03/28/2024(1)(2) | 10,000,000 | 9,898,982 | ||||||||||
2.625%, 10/16/2024(1)(2) | 14,575,000 | 14,015,397 | ||||||||||
2.625%, 01/22/2025(1)(2) | 24,600,000 | 23,381,712 | ||||||||||
4.250%, 04/14/2025(1)(2) | 30,420,000 | 29,810,306 | ||||||||||
4.250%, 08/19/2026(1)(2) | 18,572,000 | 17,840,575 | ||||||||||
2.889%, 06/09/2032 | ||||||||||||
(1 Year CMT Rate + 1.300%) | ||||||||||||
(Callable 06/09/2031)(1)(2)(3) | 7,000,000 | 5,589,547 | ||||||||||
3.625%, 03/01/2041(1)(2) | 9,200,000 | 6,276,697 | ||||||||||
Standard Chartered PLC: | ||||||||||||
3.885%, 03/15/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%) | ||||||||||||
(Callable 03/15/2023)(1)(2)(3) | 17,600,000 | 17,545,667 | ||||||||||
3.785%, 05/21/2025 | ||||||||||||
(3 Month LIBOR USD + 1.560%) | ||||||||||||
(Callable 05/21/2024)(1)(2)(3) | 25,225,000 | 24,745,778 | ||||||||||
2.819%, 01/30/2026 | ||||||||||||
(3 Month LIBOR USD + 1.209%) | ||||||||||||
(Callable 01/30/2025)(1)(2)(3) | 14,075,000 | 13,325,583 | ||||||||||
1.456%, 01/14/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%) | ||||||||||||
(Callable 01/14/2026)(1)(2)(3) | 15,000,000 | 13,224,005 | ||||||||||
2.608%, 01/12/2028 | ||||||||||||
(1 Year CMT Rate + 1.180%) | ||||||||||||
(Callable 01/12/2027)(1)(2)(3) | 18,000,000 | 16,076,748 | ||||||||||
4.644%, 04/01/2031 | ||||||||||||
(1 Year CMT Rate + 3.850%) | ||||||||||||
(Callable 04/01/2030)(1)(2)(3) | 7,000,000 | 6,671,390 | ||||||||||
5.700%, 03/26/2044(1)(2) | 14,000,000 | 13,050,596 | ||||||||||
State Street Corp., | ||||||||||||
2.901%, 03/30/2026 (SOFR + 2.600%) | ||||||||||||
(Callable 03/30/2025)(3) | 12,975,000 | 12,557,904 | ||||||||||
Stifel Financial Corp.: | ||||||||||||
4.250%, 07/18/2024 | 19,615,000 | 19,627,924 | ||||||||||
4.000%, 05/15/2030 | ||||||||||||
(Callable 02/15/2030) | 6,325,000 | 5,871,049 | ||||||||||
Sumitomo Mitsui Financial Group, Inc.: | ||||||||||||
2.696%, 07/16/2024(1) | 10,400,000 | 10,113,562 | ||||||||||
2.448%, 09/27/2024(1) | 20,000,000 | 19,261,240 | ||||||||||
Synchrony Financial: | ||||||||||||
4.250%, 08/15/2024 | ||||||||||||
(Callable 05/15/2024) | 33,325,000 | 33,118,070 | ||||||||||
4.500%, 07/23/2025 | ||||||||||||
(Callable 04/23/2025) | 12,795,000 | 12,448,504 | ||||||||||
3.950%, 12/01/2027 | ||||||||||||
(Callable 09/01/2027) | 43,000,000 | 39,198,580 | ||||||||||
Synovus Financial Corp., | ||||||||||||
3.125%, 11/01/2022 | ||||||||||||
(Callable 10/01/2022) | 19,588,000 | 19,560,562 |
The accompanying notes are an integral part of these financial statements.
Page 88
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Trinity Acquisition PLC: | ||||||||||||
4.400%, 03/15/2026 | ||||||||||||
(Callable 12/15/2025) | $ | 15,776,000 | $ | 15,630,233 | ||||||||
6.125%, 08/15/2043 | 23,630,000 | 24,066,520 | ||||||||||
UBS Group AG: | ||||||||||||
1.494%, 08/10/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%) | ||||||||||||
(Callable 08/10/2026)(1)(2)(3) | 10,000,000 | 8,750,827 | ||||||||||
2.095%, 02/11/2032 | ||||||||||||
(1 Year CMT Rate + 1.000%) | ||||||||||||
(Callable 02/11/2031)(1)(2)(3) | 12,550,000 | 9,964,465 | ||||||||||
UBS Group Funding Switzerland AG: | ||||||||||||
2.859%, 08/15/2023 | ||||||||||||
(3 Month LIBOR USD + 0.954%) | ||||||||||||
(Callable 08/15/2022)(1)(2)(3) | 31,700,000 | 31,688,898 | ||||||||||
4.125%, 09/24/2025(1)(2) | 6,500,000 | 6,448,242 | ||||||||||
UnitedHealth Group, Inc., | ||||||||||||
4.625%, 07/15/2035 | 12,175,000 | 12,355,367 | ||||||||||
Wells Fargo & Co.: | ||||||||||||
1.654%, 06/02/2024 (SOFR + 1.600%) | ||||||||||||
(Callable 06/02/2023)(3) | 12,375,000 | 12,086,217 | ||||||||||
3.000%, 02/19/2025 | 5,225,000 | 5,105,954 | ||||||||||
2.406%, 10/30/2025 (SOFR + 1.087%) | ||||||||||||
(Callable 10/30/2024)(3) | 2,500,000 | 2,380,009 | ||||||||||
2.164%, 02/11/2026 | ||||||||||||
(3 Month LIBOR USD + 0.750%) | ||||||||||||
(Callable 02/11/2025)(3) | 15,000,000 | 14,097,973 | ||||||||||
3.000%, 04/22/2026 | 4,000,000 | 3,806,265 | ||||||||||
3.068%, 04/30/2041 (SOFR + 2.530%) | ||||||||||||
(Callable 04/30/2040)(3) | 35,000,000 | 27,104,512 | ||||||||||
5.013%, 04/04/2051 (SOFR + 4.502%) | ||||||||||||
(Callable 04/04/2050)(3) | 8,000,000 | 7,846,389 | ||||||||||
Westpac Banking Corp.: | ||||||||||||
2.894%, 02/04/2030 | ||||||||||||
(5 Year CMT Rate + 1.350%) | ||||||||||||
(Callable 02/04/2025)(1)(3) | 18,059,000 | 17,110,136 | ||||||||||
4.322%, 11/23/2031 | ||||||||||||
(5 Year Mid Swap Rate USD + 2.236%) | ||||||||||||
(Callable 11/23/2026)(1)(3) | 10,000,000 | 9,615,736 | ||||||||||
4.110%, 07/24/2034 | ||||||||||||
(5 Year CMT Rate + 2.000%) | ||||||||||||
(Callable 07/24/2029)(1)(3) | 10,000,000 | 9,140,032 | ||||||||||
2.668%, 11/15/2035 | ||||||||||||
(5 Year CMT Rate + 1.750%) | ||||||||||||
(Callable 11/15/2030)(1)(3) | 10,000,000 | 7,959,233 | ||||||||||
Willis North America, Inc.: | ||||||||||||
2.950%, 09/15/2029 | ||||||||||||
(Callable 06/15/2029) | 10,600,000 | 9,087,511 | ||||||||||
5.050%, 09/15/2048 | ||||||||||||
(Callable 03/15/2048) | 15,000,000 | 13,991,561 | ||||||||||
Total Financials | ||||||||||||
(Cost $4,819,710,472) | 4,430,884,492 | 18.9 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $13,147,317,345) | 11,964,960,807 | 51.1 | % | |||||||||
Municipal Bonds | ||||||||||||
Arizona Industrial Development Authority: | ||||||||||||
4.950%, 04/01/2026 | ||||||||||||
(Callable 04/01/2024) (Mandatory | ||||||||||||
Tender Date 04/01/2025)(2)(4) | 41,325,000 | 40,638,898 | ||||||||||
4.950%, 04/01/2026 | ||||||||||||
(Callable 04/01/2024) (Mandatory | ||||||||||||
Tender Date 04/01/2025)(4) | 15,830,000 | 15,535,780 | ||||||||||
Brazos Higher Education Authority, Inc.: | ||||||||||||
1.931%, 04/01/2024 | 1,000,000 | 968,003 | ||||||||||
1.981%, 04/01/2025 | 1,000,000 | 947,967 | ||||||||||
2.076%, 04/01/2026 | 1,000,000 | 931,218 | ||||||||||
2.176%, 04/01/2027 | 1,300,000 | 1,188,833 | ||||||||||
2.310%, 04/01/2028 | 1,000,000 | 900,746 | ||||||||||
2.410%, 04/01/2029 | 2,360,000 | 2,096,362 | ||||||||||
2.510%, 04/01/2030 | 1,175,000 | 1,025,919 | ||||||||||
2.760%, 04/01/2040 | ||||||||||||
(Callable 04/01/2030) | 390,000 | 390,370 | ||||||||||
California Housing Finance Agency, | ||||||||||||
2.794%, 08/01/2036 | ||||||||||||
(Callable 08/01/2025) | 5,305,000 | 5,280,721 | ||||||||||
California Qualified School | ||||||||||||
Bond Joint Powers Authority, | ||||||||||||
7.155%, 03/01/2027 | 1,415,000 | 1,546,056 | ||||||||||
City of Vernon CA, | ||||||||||||
4.500%, 08/01/2022 | 7,500,000 | 7,508,790 | ||||||||||
Colton Joint Unified School District, | ||||||||||||
6.008%, 08/01/2026 | 1,250,000 | 1,357,053 | ||||||||||
County of Hamilton OH, | ||||||||||||
3.756%, 06/01/2042 (Insured by AGM) | 25,725,000 | 22,172,336 | ||||||||||
County of Riverside CA, | ||||||||||||
2.667%, 02/15/2025 | 15,000,000 | 14,554,142 | ||||||||||
Great Lakes Water Authority, | ||||||||||||
2.615%, 07/01/2036 (Insured by AGM) | 20,000,000 | 16,157,872 | ||||||||||
Illinois International Port District, | ||||||||||||
5.000%, 01/01/2035 | ||||||||||||
(Callable 01/01/2026)(2) | 3,475,000 | 3,086,740 | ||||||||||
Iowa Student Loan Liquidity Corp., | ||||||||||||
2.989%, 12/01/2039 | ||||||||||||
(Callable 12/01/2029) | 1,035,000 | 842,350 | ||||||||||
Maryland Economic Development Corp., | ||||||||||||
3.997%, 04/01/2034 | ||||||||||||
(Callable 01/01/2034) | 40,745,000 | 35,863,073 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority: | ||||||||||||
2.455%, 07/01/2030 | 8,375,000 | 7,244,250 | ||||||||||
2.555%, 07/01/2031 | 5,000,000 | 4,263,843 | ||||||||||
3.775%, 07/01/2035 | ||||||||||||
(Callable 07/01/2029) | 6,195,000 | 5,699,247 | ||||||||||
Michigan Finance Authority, | ||||||||||||
4.600%, 10/01/2022 | 4,630,000 | 4,639,712 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
2.680%, 10/01/2046 | ||||||||||||
(Callable 01/01/2026) | ||||||||||||
(Insured by GNMA) | 11,455,789 | 11,093,602 | ||||||||||
2.650%, 11/01/2046 | ||||||||||||
(Callable 01/01/2026) | ||||||||||||
(Insured by GNMA) | 11,027,267 | 10,673,887 | ||||||||||
New Hampshire Business | ||||||||||||
Finance Authority: | ||||||||||||
3.250%, 04/01/2028 | ||||||||||||
(Callable 01/01/2028) | 33,000,000 | 29,256,094 | ||||||||||
3.300%, 04/01/2032 | ||||||||||||
(Callable 01/01/2032) | 20,000,000 | 16,449,106 | ||||||||||
2.872%, 07/01/2035 | ||||||||||||
(Callable 01/01/2035) | 17,910,000 | 13,143,332 | ||||||||||
New Hampshire Housing | ||||||||||||
Finance Authority, | ||||||||||||
3.750%, 07/01/2034 | ||||||||||||
(Callable 07/01/2023) | 515,000 | 516,466 | ||||||||||
New Jersey Turnpike Authority, | ||||||||||||
3.223%, 01/01/2036 | ||||||||||||
(Callable 07/01/2025)(2) | 40,000,000 | 36,165,752 |
The accompanying notes are an integral part of these financial statements.
Page 89
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
2.870%, 07/01/2032 | ||||||||||||
(Callable 01/01/2024) | $ | 1,260,000 | $ | 1,244,379 | ||||||||
2.812%, 07/01/2035 | ||||||||||||
(Callable 01/01/2024) | 1,420,000 | 1,408,864 | ||||||||||
North East Independent School District, | ||||||||||||
5.240%, 08/01/2027 | 3,000,000 | 3,195,925 | ||||||||||
Public Finance Authority, | ||||||||||||
0.000%, 12/15/2027 | ||||||||||||
(Callable 08/01/2022) | 12,770,000 | 9,341,338 | ||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp., | ||||||||||||
2.913%, 10/01/2039 | ||||||||||||
(Callable 10/01/2023) | 390,000 | 389,093 | ||||||||||
Rhode Island Student Loan Authority: | ||||||||||||
2.100%, 12/01/2022 | 1,125,000 | 1,122,781 | ||||||||||
2.200%, 12/01/2023 | 1,400,000 | 1,370,273 | ||||||||||
2.400%, 12/01/2024 | 1,165,000 | 1,123,557 | ||||||||||
2.530%, 12/01/2025 | 2,310,000 | 2,198,694 | ||||||||||
2.730%, 12/01/2026 | 1,490,000 | 1,406,004 | ||||||||||
2.875%, 12/01/2027 | 1,800,000 | 1,681,574 | ||||||||||
5.000%, 12/01/2028 | 1,265,000 | 1,407,041 | ||||||||||
5.000%, 12/01/2029 | 1,295,000 | 1,449,919 | ||||||||||
3.625%, 12/01/2037 | ||||||||||||
(Callable 12/01/2030) | 4,800,000 | 4,587,783 | ||||||||||
Suburban Hospital Healthcare System, Inc., | ||||||||||||
7.865%, 02/15/2027 | ||||||||||||
(Insured by AMBAC) | 7,660,000 | 8,410,094 | ||||||||||
Three Rivers Local School District, | ||||||||||||
5.209%, 09/15/2027 | ||||||||||||
(Callable 08/01/2022) | ||||||||||||
(Insured by SD CRED PROG) | 1,350,000 | 1,351,316 | ||||||||||
Western Michigan University Homer | ||||||||||||
Stryker MD School of Medicine, | ||||||||||||
4.750%, 11/15/2028 (Insured by AGM) | 12,550,000 | 13,088,494 | ||||||||||
Westlake City School District, | ||||||||||||
5.227%, 12/01/2026 | ||||||||||||
(Callable 08/01/2022) | 1,160,000 | 1,161,415 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $406,304,235) | 368,077,064 | 1.6 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust: | ||||||||||||
Series 1993-32, Class H, | ||||||||||||
6.000%, 03/25/2023 | 605 | 609 | ||||||||||
Series 1993-58, Class H, | ||||||||||||
5.500%, 04/25/2023 | 2,805 | 2,818 | ||||||||||
Federal Gold Loan | ||||||||||||
Mortgage Corp. (FGLMC): | ||||||||||||
6.500%, 12/01/2028 | 6,003 | 6,350 | ||||||||||
6.500%, 06/01/2029 | 2,511 | 2,656 | ||||||||||
3.500%, 05/01/2032 | 10,194,165 | 10,203,856 | ||||||||||
3.000%, 07/01/2032 | 4,829,522 | 4,753,493 | ||||||||||
3.000%, 10/01/2032 | 3,625,539 | 3,568,458 | ||||||||||
3.000%, 11/01/2032 | 5,700,743 | 5,603,950 | ||||||||||
3.000%, 12/01/2032 | 5,545,949 | 5,451,773 | ||||||||||
3.000%, 01/01/2033 | 2,691,596 | 2,645,889 | ||||||||||
3.000%, 04/01/2033 | 3,006,879 | 2,955,803 | ||||||||||
3.500%, 01/01/2034 | 9,855,990 | 9,865,359 | ||||||||||
3.000%, 05/01/2035 | 7,210,534 | 7,068,627 | ||||||||||
3.000%, 10/01/2035 | 6,233,339 | 6,088,799 | ||||||||||
5.000%, 03/01/2036 | 2,161,655 | 2,275,860 | ||||||||||
5.500%, 04/01/2037 | 51,375 | 55,242 | ||||||||||
5.500%, 04/01/2038 | 28,881 | 31,039 | ||||||||||
5.500%, 05/01/2038 | 46,982 | 50,520 | ||||||||||
5.500%, 01/01/2039 | 8,323,642 | 8,925,500 | ||||||||||
4.500%, 11/01/2039 | 792,568 | 818,883 | ||||||||||
4.500%, 11/01/2039 | 241,818 | 249,844 | ||||||||||
4.500%, 08/01/2040 | 805,547 | 832,232 | ||||||||||
4.500%, 08/01/2040 | 1,052,529 | 1,087,404 | ||||||||||
4.000%, 10/01/2040 | 8,950,658 | 9,060,167 | ||||||||||
4.000%, 01/01/2041 | 5,400,698 | 5,467,392 | ||||||||||
2.000%, 11/01/2041 | 41,927,525 | 37,235,433 | ||||||||||
2.000%, 12/01/2041 | 115,982,516 | 103,680,750 | ||||||||||
2.500%, 02/01/2042 | 18,242,557 | 16,857,543 | ||||||||||
2.500%, 03/01/2042 | 24,416,140 | 22,471,594 | ||||||||||
3.500%, 06/01/2042 | 2,166,098 | 2,130,621 | ||||||||||
3.500%, 07/01/2042 | 8,115,755 | 7,982,821 | ||||||||||
3.500%, 07/01/2042 | 12,067,659 | 11,869,999 | ||||||||||
3.000%, 08/01/2042 | 7,549,694 | 7,224,557 | ||||||||||
3.500%, 09/01/2042 | 4,745,227 | 4,667,500 | ||||||||||
3.000%, 11/01/2042 | 26,591,013 | 25,445,848 | ||||||||||
3.500%, 12/01/2042 | 8,114,933 | 7,982,052 | ||||||||||
3.000%, 01/01/2043 | 13,849,498 | 13,252,958 | ||||||||||
3.000%, 02/01/2043 | 2,701,007 | 2,583,546 | ||||||||||
3.500%, 02/01/2043 | 9,619,205 | 9,463,738 | ||||||||||
3.000%, 03/01/2043 | 8,881,003 | 8,494,798 | ||||||||||
3.000%, 04/01/2043 | 5,693,601 | 5,444,813 | ||||||||||
3.000%, 04/01/2043 | 6,785,730 | 6,491,334 | ||||||||||
3.000%, 06/01/2043 | 4,712,995 | 4,506,075 | ||||||||||
3.000%, 08/01/2043 | 10,901,420 | 10,420,538 | ||||||||||
4.500%, 12/01/2043 | 4,603,840 | 4,754,866 | ||||||||||
3.500%, 05/01/2044 | 20,050,091 | 19,721,646 | ||||||||||
3.500%, 08/01/2044 | 13,118,792 | 12,903,998 | ||||||||||
4.000%, 09/01/2044 | 3,837,216 | 3,867,987 | ||||||||||
4.000%, 10/01/2044 | 7,182,485 | 7,240,157 | ||||||||||
3.500%, 01/01/2045 | 10,940,716 | 10,761,523 | ||||||||||
4.000%, 02/01/2045 | 4,408,602 | 4,443,939 | ||||||||||
3.500%, 07/01/2045 | 9,204,677 | 9,045,485 | ||||||||||
3.000%, 10/01/2045 | 14,331,990 | 13,703,021 | ||||||||||
4.000%, 10/01/2045 | 6,018,529 | 6,029,388 | ||||||||||
3.500%, 12/01/2045 | 3,559,962 | 3,484,065 | ||||||||||
4.000%, 12/01/2045 | 2,577,190 | 2,597,847 | ||||||||||
3.000%, 01/01/2046 | 51,764,734 | 49,515,220 | ||||||||||
3.500%, 01/01/2046 | 19,908,199 | 19,484,102 | ||||||||||
4.000%, 02/01/2046 | 3,269,856 | 3,296,065 | ||||||||||
4.000%, 02/01/2046 | 9,478,661 | 9,585,613 | ||||||||||
3.500%, 03/01/2046 | 2,983,527 | 2,921,095 | ||||||||||
4.000%, 05/01/2046 | 279,527 | 281,711 | ||||||||||
4.000%, 08/01/2046 | 5,045,318 | 5,085,504 | ||||||||||
3.000%, 10/01/2046 | 33,058,744 | 31,333,778 | ||||||||||
3.000%, 10/01/2046 | 47,645,557 | 45,346,735 | ||||||||||
4.500%, 11/01/2046 | 29,981,816 | 30,961,412 | ||||||||||
4.000%, 01/01/2047 | 19,845,174 | 20,004,494 | ||||||||||
3.000%, 02/01/2047 | 19,810,102 | 18,763,996 | ||||||||||
3.000%, 05/01/2047 | 36,787,438 | 34,882,479 | ||||||||||
3.500%, 08/01/2047 | 9,809,765 | 9,617,488 | ||||||||||
3.500%, 03/01/2048 | 3,253,261 | 3,182,884 | ||||||||||
4.000%, 06/01/2048 | 32,437,426 | 32,616,749 | ||||||||||
4.000%, 08/01/2048 | 9,899,145 | 9,917,362 | ||||||||||
3.000%, 02/01/2049(8) | 33,826,529 | 32,145,443 | ||||||||||
4.000%, 05/01/2050 | 58,952,012 | 59,022,824 | ||||||||||
2.500%, 02/01/2051 | 65,689,683 | 59,734,671 | ||||||||||
2.000%, 05/01/2051 | 78,136,566 | 68,335,978 | ||||||||||
2.500%, 05/01/2051 | 27,169,461 | 24,631,116 |
The accompanying notes are an integral part of these financial statements.
Page 90
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federal Gold Loan | ||||||||||||
Mortgage Corp. (FGLMC): (cont.) | ||||||||||||
2.000%, 08/01/2051 | $ | 16,903,976 | $ | 14,794,079 | ||||||||
2.000%, 09/01/2051 | 91,170,156 | 79,478,718 | ||||||||||
2.500%, 11/01/2051 | 109,331,495 | 99,247,513 | ||||||||||
3.000%, 03/01/2052 | 91,398,022 | 85,946,945 | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): | ||||||||||||
5.000%, 05/01/2028 | 14,605 | 14,921 | ||||||||||
6.500%, 09/01/2028 | 4,365 | 4,581 | ||||||||||
6.500%, 02/01/2029 | 9,945 | 10,466 | ||||||||||
4.500%, 07/01/2030 | 1,618,666 | 1,638,611 | ||||||||||
4.000%, 11/01/2031 | 7,661,333 | 7,790,590 | ||||||||||
3.500%, 01/01/2032 | 17,657,334 | 17,657,765 | ||||||||||
5.500%, 01/01/2032 | 4,043 | 4,287 | ||||||||||
3.000%, 11/01/2032 | 3,596,466 | 3,537,161 | ||||||||||
3.000%, 04/01/2033 | 6,289,809 | 6,177,336 | ||||||||||
3.000%, 05/01/2033 | 6,240,211 | 6,114,730 | ||||||||||
5.000%, 09/01/2033 | 4,985,066 | 5,240,671 | ||||||||||
4.500%, 10/01/2033 | 10,241,761 | 10,528,826 | ||||||||||
4.000%, 01/01/2034 | 5,357,221 | 5,447,993 | ||||||||||
5.500%, 04/01/2034 | 330,788 | 344,180 | ||||||||||
4.000%, 09/01/2034 | 7,609,942 | 7,738,245 | ||||||||||
5.500%, 09/01/2034 | 15,036 | 16,110 | ||||||||||
5.000%, 02/01/2035 | 7,496,968 | 7,882,050 | ||||||||||
5.000%, 02/01/2035 | 5,428,825 | 5,706,552 | ||||||||||
5.500%, 02/01/2035 | 13,049 | 13,986 | ||||||||||
5.000%, 04/01/2035 | 554,088 | 582,620 | ||||||||||
5.000%, 07/01/2035 | 1,665,831 | 1,751,487 | ||||||||||
5.000%, 02/01/2036 | 985,364 | 1,037,101 | ||||||||||
5.000%, 03/01/2036 | 449,184 | 472,592 | ||||||||||
4.000%, 04/01/2036 | 3,339,607 | 3,395,992 | ||||||||||
5.500%, 04/01/2036 | 1,492,005 | 1,599,610 | ||||||||||
4.000%, 10/01/2036 | 5,425,093 | 5,539,469 | ||||||||||
4.000%, 05/01/2037 | 21,947,119 | 22,316,857 | ||||||||||
3.500%, 08/01/2037 | 12,819,668 | 12,757,134 | ||||||||||
2.500%, 04/01/2038 | 25,991,772 | 23,879,121 | ||||||||||
6.000%, 05/01/2038 | 2,441,170 | 2,675,825 | ||||||||||
4.500%, 04/01/2039 | 8,184,776 | 8,548,881 | ||||||||||
4.000%, 06/01/2039 | 4,873,990 | 4,929,306 | ||||||||||
5.000%, 06/01/2039 | 7,218,173 | 7,556,779 | ||||||||||
4.500%, 01/01/2040 | 1,604,020 | 1,650,290 | ||||||||||
4.500%, 01/01/2040 | 3,657,701 | 3,775,193 | ||||||||||
5.000%, 06/01/2040 | 4,984,672 | 5,232,427 | ||||||||||
4.000%, 08/01/2040 | 367,001 | 370,295 | ||||||||||
4.500%, 08/01/2040 | 1,662,375 | 1,715,452 | ||||||||||
4.500%, 08/01/2040 | 4,682,958 | 4,832,411 | ||||||||||
4.000%, 10/01/2040 | 625,366 | 630,973 | ||||||||||
4.000%, 11/01/2040 | 7,217,556 | 7,299,797 | ||||||||||
4.000%, 12/01/2040 | 2,079,233 | 2,102,983 | ||||||||||
3.500%, 01/01/2041 | 768,568 | 755,784 | ||||||||||
4.000%, 01/01/2041 | 1,465,022 | 1,478,169 | ||||||||||
3.500%, 02/01/2041 | 838,174 | 824,783 | ||||||||||
4.000%, 02/01/2041 | 144,568 | 146,211 | ||||||||||
4.500%, 02/01/2041 | 24,842,108 | 25,671,287 | ||||||||||
4.000%, 03/01/2041 | 2,775,838 | 2,807,475 | ||||||||||
4.500%, 07/01/2041 | 2,127,092 | 2,189,674 | ||||||||||
3.500%, 09/01/2041 | 11,811,014 | 11,621,611 | ||||||||||
4.000%, 09/01/2041 | 1,038,510 | 1,047,815 | ||||||||||
1.500%, 11/01/2041 | 27,942,697 | 23,943,114 | ||||||||||
3.500%, 12/01/2041 | 1,064,868 | 1,046,762 | ||||||||||
4.000%, 12/01/2041 | 4,958,965 | 5,003,443 | ||||||||||
2.000%, 01/01/2042 | 97,019,605 | 86,248,083 | ||||||||||
4.000%, 01/01/2042 | 9,728,450 | 9,839,156 | ||||||||||
4.500%, 01/01/2042 | 4,581,780 | 4,729,191 | ||||||||||
4.000%, 02/01/2042 | 10,006,401 | 10,096,129 | ||||||||||
1.500%, 03/01/2042 | 9,886,892 | 8,468,973 | ||||||||||
3.000%, 04/01/2042 | 29,673,845 | 28,353,008 | ||||||||||
3.000%, 05/01/2042 | 1,334,470 | 1,275,767 | ||||||||||
3.500%, 05/01/2042 | 6,915,356 | 6,796,218 | ||||||||||
3.500%, 06/01/2042 | 2,539,571 | 2,495,619 | ||||||||||
3.500%, 07/01/2042 | 56,253,372 | 55,279,608 | ||||||||||
3.500%, 08/01/2042 | 4,373,260 | 4,297,834 | ||||||||||
3.500%, 09/01/2042 | 6,981,806 | 6,860,925 | ||||||||||
3.000%, 10/01/2042 | 11,129,256 | 10,639,643 | ||||||||||
3.000%, 03/01/2043 | 2,888,911 | 2,758,951 | ||||||||||
3.000%, 04/01/2043 | 1,060,954 | 1,013,804 | ||||||||||
3.000%, 05/01/2043 | 4,215,681 | 4,028,952 | ||||||||||
3.000%, 05/01/2043 | 10,662,978 | 10,189,360 | ||||||||||
3.500%, 05/01/2043 | 9,215,256 | 9,055,743 | ||||||||||
3.000%, 06/01/2043 | 11,889,828 | 11,359,356 | ||||||||||
3.500%, 06/01/2043 | 5,276,156 | 5,216,695 | ||||||||||
3.000%, 07/01/2043 | 9,543,467 | 9,115,562 | ||||||||||
4.000%, 07/01/2043 | 12,970,410 | 13,117,062 | ||||||||||
3.000%, 08/01/2043 | 3,485,322 | 3,327,957 | ||||||||||
3.500%, 08/01/2043 | 4,726,423 | 4,628,266 | ||||||||||
3.500%, 09/01/2043 | 14,243,374 | 13,997,059 | ||||||||||
4.500%, 09/01/2043 | 6,339,484 | 6,511,259 | ||||||||||
4.000%, 01/01/2045 | 5,202,854 | 5,239,548 | ||||||||||
4.000%, 02/01/2045 | 9,986,516 | 10,056,990 | ||||||||||
4.000%, 02/01/2045 | 2,746,582 | 2,777,699 | ||||||||||
4.000%, 02/01/2045 | 1,299,162 | 1,308,268 | ||||||||||
4.000%, 02/01/2045 | 4,962,159 | 5,018,315 | ||||||||||
4.000%, 03/01/2045 | 4,248,876 | 4,278,882 | ||||||||||
3.500%, 12/01/2045 | 5,202,291 | 5,074,810 | ||||||||||
4.000%, 12/01/2045 | 10,612,871 | 10,801,569 | ||||||||||
4.000%, 12/01/2045 | 18,551,672 | 18,681,894 | ||||||||||
4.500%, 02/01/2046 | 12,155,809 | 12,545,032 | ||||||||||
4.500%, 08/01/2046 | 10,694,629 | 11,010,799 | ||||||||||
3.000%, 10/01/2046 | 14,420,259 | 13,664,748 | ||||||||||
3.500%, 11/01/2046 | 5,774,250 | 5,648,594 | ||||||||||
4.000%, 03/01/2047 | 13,217,150 | 13,307,716 | ||||||||||
4.000%, 11/01/2047 | 4,057,236 | 4,072,948 | ||||||||||
4.000%, 12/01/2047 | 20,597,269 | 20,678,408 | ||||||||||
3.000%, 01/01/2048 | 15,372,472 | 14,545,091 | ||||||||||
3.500%, 05/01/2048 | 36,555,840 | 35,748,998 | ||||||||||
5.000%, 11/01/2048 | 14,595,812 | 15,231,424 | ||||||||||
4.000%, 09/01/2049 | 2,792,178 | 2,786,928 | ||||||||||
3.000%, 05/01/2050 | 99,271,424 | 93,582,457 | ||||||||||
2.500%, 06/01/2050 | 13,816,032 | 12,523,828 | ||||||||||
2.500%, 09/01/2050 | 62,702,849 | 57,073,061 | ||||||||||
2.500%, 12/01/2050 | 73,747,971 | 66,840,343 | ||||||||||
2.500%, 12/01/2050 | 23,382,201 | 21,166,277 | ||||||||||
3.000%, 12/01/2050 | 45,954,932 | 43,219,675 | ||||||||||
2.500%, 01/01/2051 | 46,379,973 | 42,139,790 | ||||||||||
2.000%, 08/01/2051 | 11,056,195 | 9,676,121 | ||||||||||
2.500%, 08/01/2051 | 44,408,952 | 40,322,123 | ||||||||||
2.500%, 09/01/2051 | 97,263,069 | 87,897,599 | ||||||||||
3.000%, 10/01/2051 | 37,881,168 | 35,628,907 | ||||||||||
2.000%, 11/01/2051 | 24,646,229 | 21,493,454 | ||||||||||
2.500%, 11/01/2051 | 52,391,644 | 47,370,370 | ||||||||||
2.500%, 11/01/2051 | 36,858,348 | 33,297,854 | ||||||||||
3.000%, 11/01/2051 | 71,432,432 | 67,185,241 | ||||||||||
2.000%, 12/01/2051 | 21,104,903 | 18,457,494 | ||||||||||
2.500%, 12/01/2051 | 88,783,062 | 80,185,646 | ||||||||||
2.500%, 12/01/2051(8) | 86,715,619 | 78,575,857 | ||||||||||
2.500%, 12/01/2051 | 130,651,632 | 117,720,793 | ||||||||||
2.500%, 12/01/2051 | 69,626,043 | 62,934,018 | ||||||||||
2.500%, 01/01/2052 | 120,535,058 | 108,578,260 |
The accompanying notes are an integral part of these financial statements.
Page 91
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Government National | ||||||||||||
Mortgage Association (GNMA): | ||||||||||||
6.000%, 12/20/2028 | $ | 7,737 | $ | 8,316 | ||||||||
6.500%, 01/20/2029 | 4,130 | 4,349 | ||||||||||
6.000%, 11/20/2033 | 6,005 | 6,516 | ||||||||||
5.000%, 07/20/2040 | 246,843 | 261,423 | ||||||||||
4.000%, 01/20/2041 | 3,786,689 | 3,835,448 | ||||||||||
4.000%, 08/20/2041 | 2,236,462 | 2,273,722 | ||||||||||
3.500%, 10/20/2041 | 4,371,403 | 4,339,865 | ||||||||||
4.000%, 12/20/2041 | 3,041,147 | 3,091,906 | ||||||||||
4.000%, 02/20/2042 | 5,738,294 | 5,870,668 | ||||||||||
4.000%, 06/20/2042 | 4,991,967 | 5,107,415 | ||||||||||
3.500%, 09/20/2042 | 3,284,014 | 3,260,455 | ||||||||||
4.000%, 09/20/2044 | 15,681,355 | 15,807,146 | ||||||||||
3.000%, 04/20/2045 | 4,722,668 | 4,529,915 | ||||||||||
3.500%, 04/20/2045 | 6,510,400 | 6,445,473 | ||||||||||
4.000%, 05/20/2045 | 6,368,695 | 6,420,092 | ||||||||||
3.500%, 06/20/2045 | 6,586,094 | 6,515,730 | ||||||||||
3.500%, 10/20/2045 | 21,551,688 | 21,288,907 | ||||||||||
3.500%, 01/20/2046 | 16,418,516 | 16,240,364 | ||||||||||
4.500%, 01/20/2046 | 6,318,511 | 6,621,345 | ||||||||||
4.000%, 04/20/2046 | 7,632,357 | 7,643,832 | ||||||||||
3.500%, 05/20/2046 | 28,345,870 | 27,945,079 | ||||||||||
4.000%, 05/20/2046 | 2,796,484 | 2,819,399 | ||||||||||
4.500%, 06/20/2047 | 7,573,413 | 7,791,809 | ||||||||||
4.500%, 07/20/2047 | 5,140,280 | 5,325,463 | ||||||||||
4.500%, 09/20/2047(6) | 26,102,275 | 27,059,905 | ||||||||||
3.500%, 02/20/2048 | 23,268,900 | 22,993,555 | ||||||||||
5.000%, 02/20/2049 | 30,730,056 | 31,641,421 | ||||||||||
2.500%, 07/20/2051 | 46,284,125 | 42,267,531 | ||||||||||
Seasoned Credit Risk Transfer Trust: | ||||||||||||
Series 2019-4, Class MA, 3.000%, | ||||||||||||
02/25/2059 (Callable 05/25/2037) | 35,757,673 | 34,813,921 | ||||||||||
Series 2020-3, Class MT, 2.000%, | ||||||||||||
05/25/2060 (Callable 12/25/2036) | 29,601,457 | 26,541,205 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $3,903,238,811) | 3,667,844,905 | 15.7 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
ABFC Trust, | ||||||||||||
Series 2006-OPT1, Class A3C2, | ||||||||||||
1.924%, 09/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.300%) | ||||||||||||
(Callable 07/25/2022)(3) | 2,943,813 | 2,909,224 | ||||||||||
Alternative Loan Trust: | ||||||||||||
Series 2006-43CB, Class 2A1, 6.000%, | ||||||||||||
08/25/2022 (Callable 07/25/2022)(6) | 8,437 | 8,405 | ||||||||||
Series 2005-3CB, Class 2A1, 5.000%, | ||||||||||||
12/25/2022 (Callable 07/25/2022)(6) | 68,734 | 64,308 | ||||||||||
Series 2005-11CB, Class 2A6, 5.500%, | ||||||||||||
06/25/2025 (Callable 07/25/2022)(6) | 3,403,553 | 2,950,189 | ||||||||||
Series 2004-18CB, Class 1A1, 6.000%, | ||||||||||||
09/25/2034 (Callable 07/25/2022) | 1,646,165 | 1,610,645 | ||||||||||
Series 2005-6CB, Class 1A4, 5.500%, | ||||||||||||
04/25/2035 (Callable 07/25/2022)(6) | 8,053,247 | 7,266,049 | ||||||||||
Series 2005-29CB, Class A1, 5.500%, | ||||||||||||
07/25/2035 (Callable 07/25/2022) | 1,296,510 | 892,003 | ||||||||||
Series 2005-49CB, Class A5, 5.500%, | ||||||||||||
11/25/2035 (Callable 07/25/2022)(6) | 1,419,501 | 1,045,256 | ||||||||||
Series 2005-73CB, Class 1A7, 5.500%, | ||||||||||||
01/25/2036 (Callable 07/25/2022) | 211,847 | 199,332 | ||||||||||
Series 2005-85CB, Class 2A2, 5.500%, | ||||||||||||
02/25/2036 (Callable 07/25/2022)(6) | 1,907,639 | 1,624,235 | ||||||||||
Series 2006-28CB, Class A17, 6.000%, | ||||||||||||
10/25/2036 (Callable 07/25/2022)(6) | 361,656 | 217,100 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.962%, 10/25/2048 | ||||||||||||
(Callable 07/25/2022)(2)(4) | 13,050,001 | 12,628,080 | ||||||||||
Series 2022-1, Class A1B, | ||||||||||||
3.269%, 12/25/2056 | ||||||||||||
(Callable 01/25/2025)(2)(7) | 11,500,000 | 10,386,654 | ||||||||||
Asset Backed Securities Corp. | ||||||||||||
Home Equity Loan Trust, | ||||||||||||
Series 2006-HE2, Class A1, | ||||||||||||
2.004%, 03/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.380%) | ||||||||||||
(Callable 07/25/2022)(3) | 5,435,955 | 5,323,545 | ||||||||||
Banc of America Alternative Loan Trust: | ||||||||||||
Series 2007-1, Class 1A1, 3.921%, | ||||||||||||
10/25/2022 (Callable 07/25/2022)(4) | 75,152 | 66,313 | ||||||||||
Series 2004-6, Class 4A1, 5.000%, | ||||||||||||
12/25/2022 (Callable 07/25/2022) | 228,733 | 201,240 | ||||||||||
Series 2003-8, Class 1CB1, 5.500%, | ||||||||||||
10/25/2033 (Callable 07/25/2022) | 1,002,978 | 970,467 | ||||||||||
Series 2006-5, Class CB7, 6.000%, | ||||||||||||
06/25/2046 (Callable 07/25/2022)(6) | 114,757 | 103,733 | ||||||||||
Banc of America Funding Trust: | ||||||||||||
Series 2005-C, Class A1, | ||||||||||||
1.852%, 05/20/2035 | ||||||||||||
(1 Month LIBOR USD + 0.240%) | ||||||||||||
(Callable 08/20/2030)(3) | 1,745,613 | 1,726,872 | ||||||||||
Series 2007-C, Class 1A3, 3.013%, | ||||||||||||
05/20/2036 (Callable 07/20/2022)(4)(6) | 975,669 | 944,677 | ||||||||||
Series 2006-G, Class 1A1, | ||||||||||||
1.992%, 07/20/2036 | ||||||||||||
(1 Month LIBOR USD + 0.380%) | ||||||||||||
(Callable 07/20/2022)(3)(6) | 15,369,674 | 14,866,389 | ||||||||||
Bayview Financial Trust, | ||||||||||||
Series 2007-B, Class 1A2, 7.331%, | ||||||||||||
08/28/2037 (Callable 07/28/2022)(7) | 66,423 | 57,467 | ||||||||||
Bear Stearns ARM Trust, | ||||||||||||
Series 2005-9, Class A1, | ||||||||||||
2.380%, 10/25/2035 | ||||||||||||
(1 Year CMT Rate + 2.300%) | ||||||||||||
(Callable 07/25/2022)(3) | 274,491 | 271,953 | ||||||||||
Bear Stearns Asset | ||||||||||||
Backed Securities I Trust, | ||||||||||||
Series 2005-HE4, Class M2, | ||||||||||||
2.584%, 04/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.960%) | ||||||||||||
(Callable 07/25/2022)(3) | 196,217 | 195,876 | ||||||||||
BRAVO Residential Funding Trust, | ||||||||||||
Series 2020-RPL2, Class A1, 2.000%, | ||||||||||||
05/25/2059 (Callable 09/25/2039)(2)(4) | 32,737,772 | 30,057,754 | ||||||||||
Chase Mortgage Finance Trust: | ||||||||||||
Series 2005-A2, Class 1A5, 2.968%, | ||||||||||||
01/25/2036 (Callable 07/25/2022)(4)(6) | 431,388 | 389,220 | ||||||||||
Series 2006-A1, Class 2A3, 3.109%, | ||||||||||||
09/25/2036 (Callable 07/25/2022)(4)(6) | 313,541 | 279,234 | ||||||||||
Series 2007-A1, Class 3A1, 2.963%, | ||||||||||||
02/25/2037 (Callable 05/25/2025)(4) | 1,524,750 | 1,477,184 | ||||||||||
Series 2007-A1, Class 2A3, 3.515%, | ||||||||||||
02/25/2037 (Callable 10/25/2024)(4) | 501,616 | 480,873 | ||||||||||
CHL Mortgage Pass-Through Trust, | ||||||||||||
Series 2005-6, Class 2A1, 5.500%, | ||||||||||||
04/25/2035 (Callable 07/25/2022) | 254,077 | 211,193 |
The accompanying notes are an integral part of these financial statements.
Page 92
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CIM Trust, | ||||||||||||
Series 2022-R1, Class A1, | ||||||||||||
3.000%, 01/25/2061 | ||||||||||||
(Callable 02/25/2027)(2)(4) | $ | 22,876,262 | $ | 21,688,247 | ||||||||
Citicorp Mortgage Securities Trust: | ||||||||||||
Series 2006-3, Class 1A4, 6.000%, | ||||||||||||
06/25/2036 (Callable 07/25/2022) | 2,323,496 | 2,144,603 | ||||||||||
Series 2007-2, Class 1A3, 6.000%, | ||||||||||||
02/25/2037 (Callable 07/25/2022)(6) | 775,132 | 684,024 | ||||||||||
Citicorp Residential Mortgage Trust, | ||||||||||||
Series 2007-1, Class A6, 6.202%, | ||||||||||||
03/25/2037 (Callable 07/25/2022)(7) | 692 | 691 | ||||||||||
Citigroup Mortgage Loan Trust, | ||||||||||||
Series 2018-RP2, Class A1, | ||||||||||||
3.500%, 02/25/2058 | ||||||||||||
(Callable 12/25/2031)(2)(4) | 13,679,841 | 13,444,408 | ||||||||||
Citigroup Mortgage Loan Trust, Inc.: | ||||||||||||
Series 2006-AR1, Class 1A1, | ||||||||||||
3.150%, 10/25/2035 | ||||||||||||
(1 Year CMT Rate + 2.400%) | ||||||||||||
(Callable 07/25/2022)(3) | 3,692,152 | 3,641,217 | ||||||||||
Series 2005-9, Class 22A2, 6.000%, | ||||||||||||
10/25/2035 (Callable 07/25/2022)(6) | 1,368,079 | 1,346,188 | ||||||||||
Series 2005-9, Class 2A2, 5.500%, | ||||||||||||
11/25/2035 (Callable 07/25/2022)(6) | 21,081 | 16,268 | ||||||||||
Countrywide Asset-Backed Certificates: | ||||||||||||
Series 2005-10, Class AF6, 4.915%, | ||||||||||||
12/25/2035 (Callable 07/25/2022)(4) | 15,567 | 15,358 | ||||||||||
Series 2006-10, Class 1AF3, 5.971%, | ||||||||||||
12/25/2035 (Callable 07/25/2022)(4)(6) | 127,497 | 127,096 | ||||||||||
Credit Suisse First Boston | ||||||||||||
Mortgage Securities Corp., | ||||||||||||
Series 2005-7, Class 3A1, 5.000%, | ||||||||||||
12/25/2022 (Callable 07/25/2022) | 11,866 | 11,223 | ||||||||||
Credit-Based Asset Servicing | ||||||||||||
& Securitization LLC, | ||||||||||||
Series 2007-CB4, Class A1A, | ||||||||||||
1.714%, 04/25/2037 | ||||||||||||
(1 Month LIBOR USD + 0.090%) | ||||||||||||
(Callable 06/25/2024)(3) | 1,203,967 | 1,173,521 | ||||||||||
CWABS Asset-Backed Certificates Trust, | ||||||||||||
Series 2006-9, Class 1AF3, 5.859%, | ||||||||||||
08/25/2036 (Callable 07/25/2022)(4) | 71,959 | 72,424 | ||||||||||
Deutsche Alt-A Securities, Inc. | ||||||||||||
Mortgage Loan Trust: | ||||||||||||
Series 2005-1, Class 1A1, | ||||||||||||
2.124%, 02/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.500%) | ||||||||||||
(Callable 07/25/2022)(3) | 3,011,511 | 2,883,570 | ||||||||||
Series 2005-2, Class 1A7, 5.209%, | ||||||||||||
04/25/2035 (Callable 07/25/2022)(4) | 5,127,609 | 4,845,660 | ||||||||||
First Franklin Mortgage Loan Trust, | ||||||||||||
Series 2006-FF6, Class A4, | ||||||||||||
2.124%, 04/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.500%) | ||||||||||||
(Callable 07/25/2022)(3) | 10,285,614 | 10,049,560 | ||||||||||
First Horizon Alternative | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2006-FA8, Class 2A1, | ||||||||||||
5.750%, 07/25/2022(9) | 24,998 | 0 | ||||||||||
Series 2006-FA6, Class 3A1, 5.750%, | ||||||||||||
11/25/2022 (Callable 07/25/2022) | 2,713 | 2,085 | ||||||||||
Series 2004-AA1, Class A1, 2.778%, | ||||||||||||
06/25/2034 (Callable 07/25/2022)(4) | 2,323,521 | 2,242,357 | ||||||||||
Series 2005-AA2, Class 2A1, | ||||||||||||
2.729%, 04/25/2035 | ||||||||||||
(Callable 07/25/2022)(4) | 1,062,051 | 1,064,345 | ||||||||||
FirstKey Homes Trust: | ||||||||||||
Series 2021-SFR1, Class A, | ||||||||||||
1.538%, 08/19/2038(2) | 98,490,279 | 88,248,521 | ||||||||||
Series 2021-SFR2, Class A, | ||||||||||||
1.376%, 09/17/2038(2) | 38,825,542 | 34,377,246 | ||||||||||
GE Capital Mortgage Services, Inc. Trust, | ||||||||||||
Series 1999-HE1, Class A7, 6.265%, | ||||||||||||
04/25/2029 (Callable 07/25/2022) | 17 | 16 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2018-RPL1, Class A1A, 3.750%, | ||||||||||||
10/25/2057 (Callable 10/25/2031)(2) | 28,292,716 | 27,857,512 | ||||||||||
GSAA Home Equity Trust, | ||||||||||||
Series 2005-14, Class 1A1, | ||||||||||||
2.124%, 12/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.500%) | ||||||||||||
(Callable 07/25/2022)(3) | 5,942,698 | 5,892,806 | ||||||||||
GSAMP Trust, | ||||||||||||
Series 2006-HE7, Class A2D, | ||||||||||||
2.084%, 10/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.460%) | ||||||||||||
(Callable 07/25/2022)(3) | 276,621 | 273,904 | ||||||||||
GSR Mortgage Loan Trust: | ||||||||||||
Series 2004-15F, Class 5A1, | ||||||||||||
5.500%, 11/25/2022 | 20,807 | 19,687 | ||||||||||
Series 2005-3F, Class 2A4, 6.000%, | ||||||||||||
03/25/2035 (Callable 11/25/2024) | 1,293,783 | 1,176,948 | ||||||||||
Series 2005-AR2, Class 2A1, 2.654%, | ||||||||||||
04/25/2035 (Callable 07/25/2022)(4) | 1,430,801 | 1,329,980 | ||||||||||
Home Equity Asset Trust, | ||||||||||||
Series 2004-7, Class A1, | ||||||||||||
2.344%, 01/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.720%) | ||||||||||||
(Callable 07/25/2022)(3) | 10,084,238 | 9,638,680 | ||||||||||
Home Partners of America Trust, | ||||||||||||
Series 2021-2, Class A, | ||||||||||||
1.901%, 12/17/2026(2) | 81,853,777 | 73,089,931 | ||||||||||
J.P. Morgan Alternative Loan Trust: | ||||||||||||
Series 2006-A1, Class 2A1, 3.190%, | ||||||||||||
03/25/2036 (Callable 07/25/2023)(4) | 44,806 | 43,953 | ||||||||||
Series 2007-S1, Class A1, | ||||||||||||
2.184%, 06/25/2037 | ||||||||||||
(1 Month LIBOR USD + 0.560%) | ||||||||||||
(Callable 07/25/2022)(3) | 2,631,826 | 2,653,875 | ||||||||||
J.P. Morgan Mortgage Trust: | ||||||||||||
Series 2005-A8, Class 2A3, 2.680%, | ||||||||||||
11/25/2035 (Callable 07/25/2022)(4) | 2,622,298 | 2,373,512 | ||||||||||
Series 2006-A2, Class 3A3, 2.614%, | ||||||||||||
04/25/2036 (Callable 07/25/2022)(4) | 709,643 | 623,927 | ||||||||||
Series 2006-A2, Class 2A1, 2.843%, | ||||||||||||
04/25/2036 (Callable 07/25/2022)(4) | 607,662 | 569,716 | ||||||||||
Series 2006-A7, Class 2A2, 3.172%, | ||||||||||||
01/25/2037 (Callable 07/25/2022)(4) | 1,014,193 | 899,611 | ||||||||||
Series 2006-A7, Class 2A4R, 3.172%, | ||||||||||||
01/25/2037 (Callable 07/25/2022)(4) | 1,037,323 | 908,131 | ||||||||||
Series 2007-A2, Class 2A3, 2.976%, | ||||||||||||
04/25/2037 (Callable 07/25/2022)(4)(6) | 1,870,515 | 1,630,806 | ||||||||||
Series 2007-A4, Class 2A3, 3.361%, | ||||||||||||
06/25/2037 (Callable 07/25/2022)(4)(6) | 2,333,789 | 1,936,619 | ||||||||||
MASTR Alternative Loan Trust: | ||||||||||||
Series 2004-2, Class 2A1, 6.000%, | ||||||||||||
02/25/2034 (Callable 07/25/2022) | 1,196,475 | 1,162,906 |
The accompanying notes are an integral part of these financial statements.
Page 93
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
MASTR Alternative Loan Trust: | ||||||||||||
Series 2004-8, Class 2A1, 6.000%, | ||||||||||||
09/25/2034 (Callable 07/25/2022) | $ | 818,008 | $ | 790,713 | ||||||||
Series 2005-6, Class 1A5, 5.500%, | ||||||||||||
12/25/2035 (Callable 07/25/2022)(6) | 1,376,220 | 1,077,826 | ||||||||||
Merrill Lynch Mortgage Investors Trust: | ||||||||||||
Series 2004-F, Class A1B, | ||||||||||||
2.244%, 12/25/2029 | ||||||||||||
(1 Month LIBOR USD + 0.620%) | ||||||||||||
(Callable 07/25/2022)(3) | 3,193,081 | 3,078,725 | ||||||||||
Series 2005-A5, Class A3, 3.466%, | ||||||||||||
06/25/2035 (Callable 07/25/2022)(4) | 909,098 | 874,332 | ||||||||||
Mill City Mortgage Loan Trust: | ||||||||||||
Series 2018-2, Class A1, 3.500%, | ||||||||||||
05/25/2058 (Callable 05/25/2027)(2)(4) | 8,568,548 | 8,496,363 | ||||||||||
Series 2018-3, Class A1, 3.500%, | ||||||||||||
08/25/2058 (Callable 08/25/2030)(2)(4) | 7,839,068 | 7,668,222 | ||||||||||
Series 2019-1, Class A1, 3.250%, | ||||||||||||
10/25/2069 (Callable 03/25/2031)(2)(4) | 18,937,384 | 18,399,579 | ||||||||||
MortgageIT Trust: | ||||||||||||
Series 2005-4, Class A1, | ||||||||||||
2.184%, 10/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.560%) | ||||||||||||
(Callable 07/25/2022)(3) | 1,329,724 | 1,264,009 | ||||||||||
Series 2005-5, Class A1, | ||||||||||||
2.144%, 12/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.520%) | ||||||||||||
(Callable 07/25/2022)(3) | 1,425,429 | 1,366,394 | ||||||||||
New Residential Mortgage Loan Trust: | ||||||||||||
Series 2016-1A, Class A1, 3.750%, | ||||||||||||
03/25/2056 (Callable 11/25/2028)(2)(4) | 6,399,791 | 6,194,669 | ||||||||||
Series 2017-1A, Class A1, 4.000%, | ||||||||||||
02/25/2057 (Callable 07/25/2029)(2)(4) | 12,981,922 | 12,812,408 | ||||||||||
Series 2017-3A, Class A1, 4.000%, | ||||||||||||
04/25/2057 (Callable 12/25/2029)(2)(4) | 10,625,492 | 10,397,029 | ||||||||||
Series 2017-6A, Class A1, 4.000%, | ||||||||||||
08/25/2057 (Callable 01/25/2031)(2)(4) | 13,676,328 | 13,381,919 | ||||||||||
Series 2018-1A, Class A1A, 4.000%, | ||||||||||||
12/25/2057 (Callable 11/25/2030)(2)(4) | 7,207,653 | 7,009,274 | ||||||||||
Series 2019-RPL2, Class A1, 3.250%, | ||||||||||||
02/25/2059 (Callable 06/25/2030)(2)(4) | 16,119,494 | 15,709,548 | ||||||||||
Series 2022-NQM2, Class A1, 3.079%, | ||||||||||||
03/25/2062 (Callable 02/25/2024)(2)(4) | 28,976,940 | 26,670,086 | ||||||||||
OBX Trust: | ||||||||||||
Series 2022-NQM3, Class A1, 3.378%, | ||||||||||||
01/25/2062 (Callable 03/25/2025)(2)(4) | 37,661,914 | 36,225,413 | ||||||||||
Series 2022-NQM5, Class A1, 4.310%, | ||||||||||||
05/25/2062 (Callable 05/25/2025)(2)(7) | 72,954,162 | 71,946,643 | ||||||||||
RALI Series Trust: | ||||||||||||
Series 2004-QS13, Class CB, 5.000%, | ||||||||||||
12/25/2022 (Callable 07/25/2022) | 3,495 | 3,568 | ||||||||||
Series 2005-QS5, Class A1, | ||||||||||||
2.024%, 04/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.400%) | ||||||||||||
(Callable 07/25/2022)(3)(6) | 1,177,966 | 934,942 | ||||||||||
Series 2005-QS11, Class A2, | ||||||||||||
2.124%, 07/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.500%) | ||||||||||||
(Callable 07/25/2022)(3) | 2,441,456 | 1,817,832 | ||||||||||
Series 2005-QA7, Class A22, 3.564%, | ||||||||||||
07/25/2035 (Callable 07/25/2022)(4)(6) | 1,017,143 | 943,544 | ||||||||||
Renaissance Home Equity Loan Trust: | ||||||||||||
Series 2005-1, Class AF6, 4.970%, | ||||||||||||
05/25/2035 (Callable 07/25/2022)(7) | 3,963 | 3,887 | ||||||||||
Series 2005-2, Class AF6, 4.781%, | ||||||||||||
08/25/2035 (Callable 11/25/2022)(7) | 327,595 | 315,585 | ||||||||||
Series 2006-2, Class AF3, 5.797%, | ||||||||||||
08/25/2036 (Callable 09/25/2025)(7) | 14,782,419 | 6,612,103 | ||||||||||
Series 2006-3, Class AF2, 5.580%, | ||||||||||||
11/25/2036 (Callable 10/25/2027)(7) | 9,851,232 | 4,028,274 | ||||||||||
Series 2007-1, Class AF3, 5.612%, | ||||||||||||
04/25/2037 (Callable 04/25/2027)(7) | 278,136 | 91,587 | ||||||||||
Series 2007-2, Class AF2, 5.675%, | ||||||||||||
06/25/2037 (Callable 12/25/2028)(7) | 1,435,659 | 461,484 | ||||||||||
Starwood Mortgage Residential Trust, | ||||||||||||
Series 2020-3, Class A1, 1.486%, | ||||||||||||
04/25/2065 (Callable 05/25/2023)(2)(4) | 4,624,512 | 4,501,657 | ||||||||||
Structured Asset Securities Corp.: | ||||||||||||
Series 2003-31A, Class 2A7, 2.634%, | ||||||||||||
10/25/2033 (Callable 07/25/2022)(4) | 708,835 | 696,926 | ||||||||||
Series 2005-7XS, Class 1A4B, 5.940%, | ||||||||||||
04/25/2035 (Callable 07/25/2022)(7) | 443 | 444 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2016-4, Class A1, 2.250%, | ||||||||||||
07/25/2056 (Callable 04/25/2026)(2)(4) | 366,912 | 366,099 | ||||||||||
Series 2017-1, Class A1, 2.750%, | ||||||||||||
10/25/2056 (Callable 05/25/2026)(2)(4) | 628,566 | 623,523 | ||||||||||
Series 2017-6, Class A1, 2.750%, | ||||||||||||
10/25/2057 (Callable 08/25/2026)(2)(4) | 12,078,030 | 11,801,489 | ||||||||||
Series 2019-1, Class A1, 3.656%, | ||||||||||||
03/25/2058 (Callable 12/25/2025)(2)(4) | 6,764,783 | 6,599,584 | ||||||||||
Series 2018-6, Class A1A, 3.750%, | ||||||||||||
03/25/2058 (Callable 01/25/2026)(2)(4) | 8,451,441 | 8,398,500 | ||||||||||
Series 2018-4, Class A1, 3.000%, | ||||||||||||
06/25/2058 (Callable 03/25/2026)(2)(4) | 24,225,669 | 23,207,193 | ||||||||||
Series 2019-4, Class A1, 2.900%, | ||||||||||||
10/25/2059 (Callable 08/25/2028)(2)(4) | 48,720,486 | 47,174,571 | ||||||||||
Series 2020-2, Class A1A, 1.636%, | ||||||||||||
04/25/2060 (Callable 07/25/2026)(2)(4) | 30,353,928 | 28,205,255 | ||||||||||
Series 2020-4, Class A1, 1.750%, | ||||||||||||
10/25/2060 (Callable 11/25/2026)(2) | 78,482,580 | 72,053,436 | ||||||||||
WaMu Mortgage Pass-Through | ||||||||||||
Certificates Trust: | ||||||||||||
Series 2004-CB3, Class 1A, 6.000%, | ||||||||||||
10/25/2034 (Callable 07/25/2022) | 663,160 | 655,607 | ||||||||||
Series 2004-CB3, Class 2A, 6.500%, | ||||||||||||
10/25/2034 (Callable 07/25/2022) | 1,562,368 | 1,518,809 | ||||||||||
Series 2005-3, Class 1CB3, | ||||||||||||
2.074%, 05/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.450%) | ||||||||||||
(Callable 07/25/2022)(3)(6) | 3,322,850 | 2,827,030 | ||||||||||
Series 2005-6, Class 2A4, 5.500%, | ||||||||||||
08/25/2035 (Callable 07/25/2022)(6) | 2,854,404 | 2,521,790 | ||||||||||
Series 2007-HY3, Class 4A1, 3.108%, | ||||||||||||
08/25/2036 (Callable 07/25/2022)(4) | 6,060,234 | 5,663,669 | ||||||||||
Series 2006-AR10, Class 1A1, 2.856%, | ||||||||||||
09/25/2036 (Callable 07/25/2022)(4)(6) | 535,458 | 489,368 | ||||||||||
Wells Fargo Mortgage | ||||||||||||
Backed Securities Trust: | ||||||||||||
Series 2006-AR14, Class 2A3, 2.609%, | ||||||||||||
10/25/2036 (Callable 07/25/2022)(4)(6) | 919,003 | 866,765 | ||||||||||
Series 2007-7, Class A49, 6.000%, | ||||||||||||
06/25/2037 (Callable 07/25/2022)(6) | 1,262,230 | 1,117,664 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $967,408,497) | 897,451,939 | 3.8 | % | |||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $4,870,647,308) | 4,565,296,844 | 19.5 | % |
The accompanying notes are an integral part of these financial statements.
Page 94
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust, | ||||||||||||
Series 2017-M4, Class A2, | ||||||||||||
2.658%, 12/25/2026(4) | $ | 22,265,791 | $ | 21,551,186 | ||||||||
Freddie Mac Multifamily | ||||||||||||
Structured Pass Through Certificates: | ||||||||||||
Series K061, Class A2, | ||||||||||||
3.3347%, 11/25/2026(4) | 57,540,000 | 57,502,329 | ||||||||||
Series K063, Class A2, | ||||||||||||
3.3430%, 01/25/2027(4) | 16,715,490 | 16,665,668 | ||||||||||
Series K064, Class A2, | ||||||||||||
3.3224%, 03/25/2027 | 9,810,250 | 9,696,198 | ||||||||||
Series K065, Class A2, | ||||||||||||
3.3243%, 04/25/2027 | 49,145,000 | 48,594,989 | ||||||||||
Series K066, Class A2, | ||||||||||||
3.3117%, 06/25/2027 | 16,491,658 | 16,204,540 | ||||||||||
Series K067, Class A2, | ||||||||||||
3.3194%, 07/25/2027 | 9,015,000 | 8,888,396 | ||||||||||
Series K068, Class A2, | ||||||||||||
3.3244%, 08/25/2027 | 3,705,000 | 3,660,795 | ||||||||||
Series K072, Class A2, | ||||||||||||
3.3444%, 12/25/2027 | 12,000,000 | 11,947,034 | ||||||||||
Series K074, Class A2, | ||||||||||||
3.3600%, 01/25/2028 | 40,495,000 | 40,625,074 | ||||||||||
Series K077, Class A2, | ||||||||||||
3.3850%, 05/25/2028(4) | 46,199,000 | 46,926,440 | ||||||||||
Series K079, Class A2, | ||||||||||||
3.3926%, 06/25/2028 | 63,251,000 | 64,659,030 | ||||||||||
Series K080, Class A2, | ||||||||||||
3.3926%, 07/25/2028(4) | 34,095,000 | 34,770,500 | ||||||||||
Series K153, Class A3, | ||||||||||||
3.3117%, 10/25/2031(4) | 15,655,000 | 14,992,211 | ||||||||||
Series K158, Class A3, | ||||||||||||
3.3900%, 10/25/2033(4) | 18,777,000 | 18,758,561 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $431,079,033) | 415,442,951 | 1.8 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
BANK: | ||||||||||||
Series 2017-BNK4, Class A4, 3.625%, | ||||||||||||
05/17/2050 (Callable 03/15/2027) | 30,037,000 | 29,255,569 | ||||||||||
Series 2017-BNK8, Class A4, 3.488%, | ||||||||||||
11/17/2050 (Callable 10/15/2027) | 69,721,751 | 67,261,905 | ||||||||||
Series 2017-BNK9, Class A4, 3.538%, | ||||||||||||
11/17/2054 (Callable 12/15/2027) | 32,737,000 | 31,718,572 | ||||||||||
Series 2017-BNK5, Class A5, 3.390%, | ||||||||||||
06/17/2060 (Callable 06/15/2027) | 2,070,000 | 1,992,503 | ||||||||||
Series 2018-BN10, Class A5, 3.688%, | ||||||||||||
02/17/2061 (Callable 01/15/2028) | 6,400,000 | 6,216,024 | ||||||||||
Series 2021-BN33, Class A5, | ||||||||||||
2.556%, 05/16/2064 | 53,919,000 | 46,986,780 | ||||||||||
BBCMS Mortgage Trust, | ||||||||||||
Series 2018-C2, Class A5, 4.314%, | ||||||||||||
12/15/2051 (Callable 12/15/2028) | 14,445,000 | 14,444,509 | ||||||||||
Benchmark Mortgage Trust: | ||||||||||||
Series 2020-B19, Class A5, 1.850%, | ||||||||||||
09/17/2053 (Callable 08/15/2030) | 40,850,000 | 34,190,539 | ||||||||||
Series 2020-B21, Class A5, 1.978%, | ||||||||||||
12/17/2053 (Callable 11/15/2030) | 46,400,000 | 38,831,390 | ||||||||||
Series 2021-B24, Class A5, 2.584%, | ||||||||||||
03/17/2054 (Callable 03/15/2031) | 29,000,000 | 25,374,527 | ||||||||||
BMO Mortgage Trust, | ||||||||||||
Series 2022-C1, Class A5, | ||||||||||||
3.374%, 02/18/2055(4) | 31,900,000 | 29,208,718 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2014-GC19, Class A3, 3.753%, | ||||||||||||
03/12/2047 (Callable 12/10/2023) | 2,556,297 | 2,528,597 | ||||||||||
Series 2015-GC27, Class A5, 3.137%, | ||||||||||||
02/10/2048 (Callable 12/10/2024) | 50,189,111 | 48,927,171 | ||||||||||
Series 2015-GC29, Class A4, 3.192%, | ||||||||||||
04/10/2048 (Callable 04/10/2025) | 25,065,000 | 24,298,091 | ||||||||||
Series 2016-C2, Class A4, 2.832%, | ||||||||||||
08/12/2049 (Callable 08/10/2026) | 33,387,000 | 31,499,162 | ||||||||||
Series 2017-P8, Class A4, 3.465%, | ||||||||||||
09/16/2050 (Callable 08/15/2027) | 29,775,000 | 28,689,439 | ||||||||||
Series 2019-GC43, Class A4, 3.038%, | ||||||||||||
11/13/2052 (Callable 10/10/2029) | 7,350,000 | 6,768,711 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2013-CR6, Class A4, 3.101%, | ||||||||||||
03/10/2046 (Callable 02/10/2023) | 14,680,000 | 14,608,470 | ||||||||||
Series 2013-CR10, Class A4, 4.210%, | ||||||||||||
08/10/2046 (Callable 08/10/2023)(4) | 11,500,000 | 11,486,210 | ||||||||||
Series 2014-CR18, Class A4, 3.550%, | ||||||||||||
07/17/2047 (Callable 05/15/2024) | 4,732,527 | 4,676,451 | ||||||||||
Series 2014-CR19, Class A5, 3.796%, | ||||||||||||
08/12/2047 (Callable 08/10/2024) | 33,800,000 | 33,440,098 | ||||||||||
Series 2014-CR20, Class ASB, 3.305%, | ||||||||||||
11/13/2047 (Callable 07/10/2024) | 13,950,650 | 13,878,414 | ||||||||||
Series 2015-LC19, Class A4, 3.183%, | ||||||||||||
02/10/2048 (Callable 01/10/2025) | 27,105,399 | 26,397,300 | ||||||||||
Series 2015-DC1, Class A5, 3.350%, | ||||||||||||
02/12/2048 (Callable 01/10/2025) | 23,390,000 | 22,863,414 | ||||||||||
DBJPM Mortgage Trust, | ||||||||||||
Series 2020-C9, Class A5, 1.926%, | ||||||||||||
08/15/2053 (Callable 03/15/2030) | 31,100,000 | 26,221,362 | ||||||||||
GS Mortgage Securities Trust: | ||||||||||||
Series 2013-GC13, Class A4, 3.871%, | ||||||||||||
07/12/2046 (Callable 04/10/2023)(4) | 14,700,000 | 14,622,271 | ||||||||||
Series 2014-GC20, Class AAB, 3.655%, | ||||||||||||
04/12/2047 (Callable 12/10/2023) | 7,415,597 | 7,389,874 | ||||||||||
Series 2014-GC20, Class A5, 3.998%, | ||||||||||||
04/12/2047 (Callable 03/10/2024) | 9,959,000 | 9,892,495 | ||||||||||
Series 2019-GC42, Class A4, 3.001%, | ||||||||||||
09/12/2052 (Callable 09/10/2029) | 16,285,000 | 15,014,957 | ||||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-LC11, Class A5, 2.960%, | ||||||||||||
04/15/2046 (Callable 04/15/2023) | 31,025,000 | 30,708,610 | ||||||||||
Series 2013-LC11, Class A4, 2.694%, | ||||||||||||
04/17/2046 (Callable 03/15/2023) | 4,538,663 | 4,503,085 | ||||||||||
Series 2012-LC9, Class ASB, 2.437%, | ||||||||||||
12/17/2047 (Callable 09/15/2022) | 350,307 | 349,949 | ||||||||||
Series 2013-C10, Class ASB, 2.702%, | ||||||||||||
12/17/2047 (Callable 12/15/2022) | 3,089,060 | 3,085,507 | ||||||||||
JPMBB Commercial Mortgage | ||||||||||||
Securities Trust: | ||||||||||||
Series 2013-C15, Class A4, 4.096%, | ||||||||||||
11/17/2045 (Callable 09/15/2023) | 5,336,651 | 5,321,466 | ||||||||||
Series 2013-C17, Class A3, 3.928%, | ||||||||||||
01/17/2047 (Callable 11/15/2023) | 8,140,962 | 8,005,250 | ||||||||||
Series 2014-C24, Class ASB, 3.368%, | ||||||||||||
11/18/2047 (Callable 07/15/2024) | 5,620,222 | 5,580,502 | ||||||||||
Series 2014-C25, Class A5, 3.672%, | ||||||||||||
11/18/2047 (Callable 10/15/2024) | 45,697,000 | 45,116,049 | ||||||||||
Series 2015-C30, Class A5, 3.822%, | ||||||||||||
07/15/2048 (Callable 07/15/2025) | 42,110,000 | 41,576,816 | ||||||||||
Series 2016-C4, Class A3, 3.141%, | ||||||||||||
12/17/2049 (Callable 10/15/2026) | 29,133,000 | 27,694,031 |
The accompanying notes are an integral part of these financial statements.
Page 95
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
JPMCC Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2017-JP5, Class A5, 3.723%, | ||||||||||||
03/17/2050 (Callable 01/15/2027) | $ | 17,310,000 | $ | 16,896,968 | ||||||||
Series 2017-JP7, Class A5, 3.454%, | ||||||||||||
09/16/2050 (Callable 07/15/2027) | 27,356,184 | 26,295,388 | ||||||||||
Morgan Stanley Bank of | ||||||||||||
America Merrill Lynch Trust: | ||||||||||||
Series 2013-C10, Class A3, 4.094%, | ||||||||||||
07/17/2046 (Callable 04/15/2023)(4) | 36,341,667 | 36,223,149 | ||||||||||
Series 2013-C12, Class A3, 3.973%, | ||||||||||||
10/17/2046 (Callable 07/15/2023) | 13,728,391 | 13,639,676 | ||||||||||
Series 2014-C16, Class A5, 3.892%, | ||||||||||||
06/17/2047 (Callable 05/15/2024) | 35,020,000 | 34,804,725 | ||||||||||
Series 2015-C25, Class ASB, 3.383%, | ||||||||||||
10/19/2048 (Callable 06/15/2025) | 16,348,168 | 16,176,883 | ||||||||||
Series 2016-C30, Class A5, 2.860%, | ||||||||||||
09/17/2049 (Callable 08/15/2026) | 9,062,000 | 8,579,108 | ||||||||||
Series 2016-C32, Class A4, 3.720%, | ||||||||||||
12/17/2049 (Callable 12/15/2026) | 14,175,000 | 13,842,078 | ||||||||||
Morgan Stanley Capital I, Inc., | ||||||||||||
Series 2022-L8, Class A5, 3.922%, | ||||||||||||
04/16/2055 (Callable 03/15/2032)(4) | 56,678,000 | 54,292,468 | ||||||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||||||
Series 2015-C26, Class ASB, 2.991%, | ||||||||||||
02/15/2048 (Callable 11/15/2024) | 8,032,626 | 7,920,361 | ||||||||||
Series 2016-C35, Class ASB, 2.788%, | ||||||||||||
07/17/2048 (Callable 10/15/2025) | 8,943,610 | 8,731,400 | ||||||||||
Series 2016-BNK1, Class A3, 2.652%, | ||||||||||||
08/17/2049 (Callable 07/15/2026) | 7,952,000 | 7,486,044 | ||||||||||
Series 2017-C40, Class A4, 3.581%, | ||||||||||||
10/17/2050 (Callable 09/15/2027) | 48,894,000 | 47,242,136 | ||||||||||
Series 2017-C42, Class A4, 3.589%, | ||||||||||||
12/16/2050 (Callable 12/15/2027) | 52,370,521 | 50,542,030 | ||||||||||
Series 2017-RC1, Class A4, 3.631%, | ||||||||||||
01/15/2060 (Callable 02/15/2027) | 11,875,000 | 11,542,033 | ||||||||||
Series 2018-C47, Class A4, 4.442%, | ||||||||||||
09/16/2061 (Callable 09/15/2028) | 10,850,000 | 10,896,029 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2013-C11, Class A5, 3.071%, | ||||||||||||
03/17/2045 (Callable 01/15/2023) | 13,937,671 | 13,882,916 | ||||||||||
Series 2013-C14, Class A4, 3.073%, | ||||||||||||
06/15/2046 (Callable 05/15/2023) | 30,401,602 | 30,261,402 | ||||||||||
Series 2013-C18, Class A4, 3.896%, | ||||||||||||
12/17/2046 (Callable 12/15/2023) | 18,787,721 | 18,616,006 | ||||||||||
Series 2014-C21, Class ASB, 3.393%, | ||||||||||||
08/16/2047 (Callable 01/15/2024) | 4,609,265 | 4,601,387 | ||||||||||
Series 2014-C24, Class A5, 3.607%, | ||||||||||||
11/18/2047 (Callable 10/15/2024) | 54,091,000 | 53,171,399 | ||||||||||
Series 2014-C23, Class ASB, | ||||||||||||
3.636%, 10/17/2057 | 4,745,350 | 4,714,310 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $1,441,305,691) | 1,330,982,684 | 5.7 | % | |||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $1,872,384,724) | 1,746,425,635 | 7.5 | % | |||||||||
Asset Backed Securities | ||||||||||||
Affirm Asset Securitization Trust, | ||||||||||||
Series 2021-B, Class A, | ||||||||||||
1.030%, 08/17/2026 | ||||||||||||
(Callable 08/15/2023)(2) | 15,650,000 | 14,833,361 | ||||||||||
Citibank Credit Card Issuance Trust, | ||||||||||||
Series 2007-A3, Class A3, | ||||||||||||
6.150%, 06/15/2039 | 6,100,000 | 6,894,144 | ||||||||||
Ford Credit Auto Owner Trust: | ||||||||||||
Series 2019-1, Class A, 3.520%, | ||||||||||||
07/15/2030 (Callable 01/15/2024)(2) | 18,675,000 | 18,601,763 | ||||||||||
Series 2018-1, Class A, 3.190%, | ||||||||||||
07/15/2031 (Callable 01/15/2025)(2) | 28,641,000 | 28,173,255 | ||||||||||
Nelnet Student Loan Trust, | ||||||||||||
Series 2021-A, Class APT1, 1.360%, | ||||||||||||
04/20/2062 (Callable 09/20/2029)(2) | 32,796,504 | 30,333,214 | ||||||||||
Oakwood Mortgage Investors, Inc., | ||||||||||||
Series 1999-B, Class A3, 6.450%, | ||||||||||||
12/15/2023 (Callable 07/15/2022) | 1,422 | 1,422 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2020-E, Class A, | ||||||||||||
1.000%, 10/15/2025(2) | 25,251,000 | 24,285,871 | ||||||||||
Series 2021-A, Class A, | ||||||||||||
0.710%, 04/15/2026(2) | 29,800,000 | 27,902,545 | ||||||||||
Series 2021-B, Class A, | ||||||||||||
0.770%, 08/17/2026(2) | 44,400,000 | 41,162,650 | ||||||||||
SBA Tower Trust, | ||||||||||||
1.840%, 10/15/2051 | ||||||||||||
(Callable 04/15/2026)(2) | 45,100,000 | 40,182,824 | ||||||||||
Texas Electric Market | ||||||||||||
Stabilization Funding N LLC, | ||||||||||||
4.966%, 02/01/2044(2) | 24,000,000 | 24,122,624 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2020-MH1, Class A1A, | ||||||||||||
2.184%, 02/25/2060 | ||||||||||||
(Callable 08/25/2022)(2)(4) | 34,220,341 | 32,382,486 | ||||||||||
Series 2020-MH1, Class A1, | ||||||||||||
2.250%, 02/25/2060 | ||||||||||||
(Callable 08/25/2022)(2)(4) | 24,853,508 | 23,544,946 | ||||||||||
Toyota Auto Loan Extended Note Trust: | ||||||||||||
Series 2019-1A, Class A, 2.560%, | ||||||||||||
11/25/2031 (Callable 05/25/2024)(2) | 62,085,050 | 60,736,041 | ||||||||||
Series 2020-1A, Class A, 1.350%, | ||||||||||||
05/25/2033 (Callable 05/25/2025)(2) | 65,158,000 | 60,603,925 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $458,031,100) | 433,761,071 | 1.9 | % | |||||||||
Shares | ||||||||||||
Common Stock | ||||||||||||
Industrials | ||||||||||||
Weatherford International PLC | 46,003 | 973,883 | ||||||||||
Total Common Stock | ||||||||||||
(Cost $3,790,590) | 973,883 | 0.0 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $25,483,770,711) | 23,130,581,862 | 98.9 | % |
The accompanying notes are an integral part of these financial statements.
Page 96
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government | ||||||||||||
Obligations Fund, Class U, 1.31%(5) | 310,371,924 | $ | 310,371,924 | |||||||||
Total Short-Term Investment | ||||||||||||
(Cost $310,371,924) | 310,371,924 | 1.3 | % | |||||||||
Total Investments | ||||||||||||
(Cost $25,794,142,635) | 23,440,953,786 | 100.2 | % | |||||||||
Liabilities in Excess of Other Assets | (45,110,454 | ) | (0.2 | )% | ||||||||
TOTAL NET ASSETS | $ | 23,395,843,332 | 100.0 | % |
Notes to Schedule of Investments
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
NATL – National Public Finance Guarantee Corp.
SD CRED PROG – State Credit Enhancement Program
CMT – Constant Maturity Treasury
LIBOR – London Inter-bank Offered Rate
SOFR – Secured Overnight Financing Rate
SOFRINDX – Secured Overnight Financing Rate Index
(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, 2022, the value of these securities totaled $5,255,943,421, which represented 22.47% 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, 2022. |
(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, 2022. |
(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, 2022. |
(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, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 4,008,466,224 | $ | — | $ | 4,008,466,224 | ||||||||
Other Government Related Securities | — | 42,620,334 | — | 42,620,334 | ||||||||||||
Corporate Bonds | — | 11,964,960,807 | — | 11,964,960,807 | ||||||||||||
Municipal Bonds | — | 368,077,064 | — | 368,077,064 | ||||||||||||
Residential Mortgage-Backed Securities – U.S. Government Agency Issues | — | 3,667,844,905 | — | 3,667,844,905 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 897,451,939 | — | 897,451,939 | ||||||||||||
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues | — | 415,442,951 | — | 415,442,951 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 1,330,982,684 | — | 1,330,982,684 | ||||||||||||
Asset Backed Securities | — | 433,761,071 | — | 433,761,071 | ||||||||||||
Common Stock | 973,883 | — | — | 973,883 | ||||||||||||
Total Long-Term Investments | 973,883 | 23,129,607,979 | — | 23,130,581,862 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 310,371,924 | — | — | 310,371,924 | ||||||||||||
Total Short-Term Investment | 310,371,924 | — | — | 310,371,924 | ||||||||||||
Total Investments | $ | 311,345,807 | $ | 23,129,607,979 | $ | — | $ | 23,440,953,786 |
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 97
Baird Short-Term Municipal Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $2,189,755,503 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 2.08% | |||
Investor Class | 1.83% | |||
Average Effective Duration | 2.34 years | |||
Average Effective Maturity | 2.64 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 33% | (7) | ||
Number of Holdings | 2,103 | |||
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, 2022. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 98
Baird Short-Term Municipal Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -4.05% | -4.01% | 0.37% | 1.24% | 1.45% |
Investor Class Shares | -4.26% | -4.26% | 0.09% | 0.97% | 1.18% |
Bloomberg Short 1-5 Year Municipal Bond Index(2) | -3.25% | -3.22% | 0.34% | 1.01% | 1.07% |
(1) | For the period from August 31, 2015 (inception date) through June 30, 2022. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 99
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
Alabama Community College System: | ||||||||||||
4.000%, 11/01/2024 (Insured by BAM) | $ | 185,000 | $ | 191,814 | ||||||||
4.000%, 11/01/2025 (Insured by BAM) | 225,000 | 235,429 | ||||||||||
4.000%, 11/01/2026 (Insured by BAM) | 250,000 | 263,226 | ||||||||||
4.000%, 11/01/2027 (Insured by BAM) | 375,000 | 396,441 | ||||||||||
Alabama Economic Settlement Authority, | ||||||||||||
4.000%, 09/15/2033 | ||||||||||||
(Callable 09/15/2026) | 10,000,000 | 10,037,853 | ||||||||||
Alabama Incentives Financing Authority, | ||||||||||||
5.000%, 09/01/2023 | 650,000 | 673,413 | ||||||||||
Alabama Special Care Facilities | ||||||||||||
Financing Authority, | ||||||||||||
1.850%, 11/15/2046 | ||||||||||||
(Mandatory Tender Date 11/01/2022)(1) | 395,000 | 395,125 | ||||||||||
Birmingham Airport Authority: | ||||||||||||
5.000%, 07/01/2024 (Insured by BAM) | 190,000 | 199,976 | ||||||||||
5.000%, 07/01/2025 (Insured by BAM) | 500,000 | 536,544 | ||||||||||
5.000%, 07/01/2026 (Insured by BAM) | 450,000 | 491,413 | ||||||||||
Birmingham-Jefferson Civic Center Authority: | ||||||||||||
5.000%, 05/01/2024 | 430,000 | 452,225 | ||||||||||
5.000%, 05/01/2026 | 500,000 | 547,763 | ||||||||||
Black Belt Energy Gas District, | ||||||||||||
2.048%, 12/01/2048 | ||||||||||||
(1 Month LIBOR USD + 0.900%) | ||||||||||||
(Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 1,730,000 | 1,716,106 | ||||||||||
Chilton County Health Care Authority, | ||||||||||||
5.000%, 11/01/2024 | 825,000 | 873,921 | ||||||||||
City of Opelika AL, | ||||||||||||
3.000%, 10/01/2022 | 445,000 | 446,805 | ||||||||||
City of Phenix AL: | ||||||||||||
3.000%, 08/15/2022 (Insured by BAM) | 500,000 | 500,816 | ||||||||||
3.000%, 08/15/2023 (Insured by BAM) | 100,000 | 101,070 | ||||||||||
2.000%, 04/01/2027 | 1,775,000 | 1,712,877 | ||||||||||
Columbia Industrial Development Board, | ||||||||||||
0.430%, 12/01/2037 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 4,000,000 | 4,000,000 | ||||||||||
County of Jefferson AL, | ||||||||||||
0.000%, 10/01/2025 (Callable 10/01/2023) | ||||||||||||
(Insured by AGM) | 750,000 | 682,106 | ||||||||||
County of Morgan AL: | ||||||||||||
4.000%, 04/01/2023 | 210,000 | 213,643 | ||||||||||
4.000%, 04/01/2024 | 220,000 | 227,491 | ||||||||||
Douglas Water Authority, | ||||||||||||
3.000%, 07/01/2024 (Insured by AGM) | 270,000 | 273,676 | ||||||||||
Greenville Public Improvement | ||||||||||||
Cooperative District: | ||||||||||||
4.000%, 03/01/2023 (Insured by BAM) | 100,000 | 101,520 | ||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 140,000 | 146,825 | ||||||||||
Lauderdale County Agriculture | ||||||||||||
Center Authority: | ||||||||||||
2.000%, 07/01/2022 | 450,000 | 450,000 | ||||||||||
5.000%, 07/01/2024 | 495,000 | 515,879 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 490,000 | 508,984 | ||||||||||
5.000%, 07/01/2026 | ||||||||||||
(Pre-refunded to 07/01/2024) | 545,000 | 575,907 | ||||||||||
5.000%, 07/01/2027 | ||||||||||||
(Pre-refunded to 07/01/2024) | 570,000 | 602,325 | ||||||||||
5.000%, 07/01/2028 | ||||||||||||
(Pre-refunded to 07/01/2024) | 600,000 | 634,026 | ||||||||||
Macon County Board of Education, | ||||||||||||
3.250%, 02/01/2026 (Callable 02/01/2023) | 375,000 | 375,584 | ||||||||||
Mobile County Board | ||||||||||||
of School Commissioners, | ||||||||||||
5.000%, 03/01/2023 | 875,000 | 893,572 | ||||||||||
Pickens County Water Authority: | ||||||||||||
3.000%, 01/01/2023 (Insured by BAM) | 155,000 | 155,712 | ||||||||||
3.000%, 01/01/2024 (Insured by BAM) | 100,000 | 101,330 | ||||||||||
3.000%, 01/01/2025 (Insured by BAM) | 160,000 | 162,452 | ||||||||||
Selma Industrial Development Board, | ||||||||||||
2.000%, 11/01/2033 (Mandatory | ||||||||||||
Tender Date 10/01/2024)(1) | 750,000 | 731,704 | ||||||||||
Southeast Alabama Gas Supply District, | ||||||||||||
2.048%, 04/01/2049 | ||||||||||||
(1 Month LIBOR USD + 0.900%) | ||||||||||||
(Callable 01/01/2024) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(2) | 750,000 | 741,162 | ||||||||||
Southeast Energy Authority | ||||||||||||
A Cooperative District, | ||||||||||||
5.000%, 05/01/2053 (Callable 05/01/2028) | ||||||||||||
(Mandatory Tender Date 08/01/2028)(1) | 1,250,000 | 1,322,314 | ||||||||||
Tallassee Board of Education: | ||||||||||||
4.000%, 08/01/2027 (Insured by AGM) | 360,000 | 381,887 | ||||||||||
4.000%, 08/01/2028 (Insured by AGM) | 405,000 | 430,635 | ||||||||||
Town of Berry AL, | ||||||||||||
3.250%, 09/01/2028 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 825,000 | 838,744 | ||||||||||
Vestavia Hills Board of Education, | ||||||||||||
5.000%, 02/01/2028 (Callable 02/01/2026) | 1,250,000 | 1,358,360 | ||||||||||
Total Alabama | ||||||||||||
(Cost $37,718,034) | 36,198,655 | 1.7 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp.: | ||||||||||||
3.750%, 12/01/2042 (Callable 06/01/2028) | 6,710,000 | 6,746,069 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | 1,790,000 | 1,816,342 | ||||||||||
Alaska Industrial Development | ||||||||||||
& Export Authority: | ||||||||||||
5.000%, 10/01/2022 | 550,000 | 554,521 | ||||||||||
5.000%, 10/01/2023 | 600,000 | 621,603 | ||||||||||
Alaska Municipal Bond Bank Authority, | ||||||||||||
5.000%, 12/01/2030 (Callable 06/01/2026) | 1,450,000 | 1,566,685 | ||||||||||
Borough of Matanuska-Susitna AK, | ||||||||||||
5.250%, 09/01/2027 (Callable 09/01/2025) | 5,615,000 | 6,061,511 | ||||||||||
University of Alaska: | ||||||||||||
5.000%, 10/01/2024 | 800,000 | 844,004 | ||||||||||
4.000%, 10/01/2025 | 330,000 | 343,767 | ||||||||||
4.000%, 10/01/2026 (Callable 10/01/2023) | 1,400,000 | 1,425,110 | ||||||||||
5.000%, 10/01/2026 | 865,000 | 941,689 | ||||||||||
Total Alaska | ||||||||||||
(Cost $21,706,818) | 20,921,301 | 1.0 | % | |||||||||
Arizona | ||||||||||||
Arizona Health Facilities Authority: | ||||||||||||
5.000%, 12/01/2025 (Callable 12/01/2024) | 1,500,000 | 1,578,196 | ||||||||||
2.630%, 02/01/2048 (SIFMA | ||||||||||||
Municipal Swap Index + 1.850%) | ||||||||||||
(Callable 08/05/2022) | ||||||||||||
(Mandatory Tender Date 02/01/2023)(2) | 200,000 | 200,102 | ||||||||||
Arizona Industrial Development Authority: | ||||||||||||
3.000%, 07/01/2022(3) | 25,000 | 25,000 | ||||||||||
5.000%, 02/01/2023 | 1,000,000 | 1,018,182 | ||||||||||
4.000%, 08/01/2023(3) | 520,000 | 521,179 | ||||||||||
5.000%, 05/01/2025 | 405,000 | 375,731 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 165,000 | 171,232 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2026) | 170,000 | 175,769 | ||||||||||
4.625%, 08/01/2028(3) | 375,000 | 380,440 |
The accompanying notes are an integral part of these financial statements.
Page 100
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
�� | Principal | % of | ||||||||||
Amount | Value | Net Assets | ||||||||||
Arizona Industrial | ||||||||||||
Development Authority: (cont.) | ||||||||||||
5.000%, 07/01/2029 | ||||||||||||
(Callable 07/01/2026) | $ | 160,000 | $ | 164,850 | ||||||||
5.000%, 07/01/2030 (Callable 07/01/2026) | 190,000 | 195,137 | ||||||||||
5.000%, 07/01/2031 (Callable 07/01/2026) | 195,000 | 199,628 | ||||||||||
Arizona Sports & Tourism Authority, | ||||||||||||
5.000%, 07/01/2036 (Callable 07/01/2022) | 2,640,000 | 2,640,000 | ||||||||||
Arizona State University, | ||||||||||||
5.000%, 07/01/2032 | ||||||||||||
(Pre-refunded to 07/01/2022) | 885,000 | 885,000 | ||||||||||
BluePath TE Trust, | ||||||||||||
2.750%, 09/01/2026 | ||||||||||||
(Callable 08/01/2022)(3) | 2,509,446 | 2,442,723 | ||||||||||
Chandler Industrial Development Authority, | ||||||||||||
2.400%, 12/01/2035 (Mandatory | ||||||||||||
Tender Date 08/14/2023)(1) | 265,000 | 265,722 | ||||||||||
City of Tucson AZ, | ||||||||||||
5.000%, 07/01/2026 (Insured by AGM) | 500,000 | 544,430 | ||||||||||
Glendale Industrial Development Authority: | ||||||||||||
4.000%, 05/15/2025 (Callable 05/15/2024) | 340,000 | 336,366 | ||||||||||
4.000%, 05/15/2026 (Callable 05/15/2024) | 320,000 | 314,373 | ||||||||||
Industrial Development | ||||||||||||
Authority of the County of Pima: | ||||||||||||
4.000%, 07/01/2022 | 105,000 | 105,000 | ||||||||||
4.000%, 07/01/2023 | 265,000 | 267,483 | ||||||||||
4.000%, 09/01/2029 (Callable 03/01/2023) | 3,700,000 | 3,731,375 | ||||||||||
Maricopa County AZ, | ||||||||||||
5.000%, 04/01/2025 | ||||||||||||
(Pre-refunded to 04/01/2024) | 295,000 | 306,972 | ||||||||||
Maricopa County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 07/01/2024 | ||||||||||||
(Insured by SD CRED PROG) | 135,000 | 137,811 | ||||||||||
5.000%, 01/01/2048 (Mandatory | ||||||||||||
Tender Date 10/18/2024)(1) | 1,050,000 | 1,109,987 | ||||||||||
Maricopa County Unified | ||||||||||||
School District No. 4: | ||||||||||||
5.000%, 07/01/2024 | 1,000,000 | 1,057,313 | ||||||||||
5.000%, 07/01/2025 | 1,000,000 | 1,079,690 | ||||||||||
Maricopa County Unified | ||||||||||||
School District No. 89, | ||||||||||||
5.000%, 07/01/2027 (Callable 07/01/2024) | 450,000 | 473,717 | ||||||||||
Salt Verde Financial Corp., | ||||||||||||
5.250%, 12/01/2026 | 2,500,000 | 2,698,191 | ||||||||||
Santa Cruz County Jail District, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2027) | ||||||||||||
(Insured by AGM) | 150,000 | 164,629 | ||||||||||
University of Arizona, | ||||||||||||
5.000%, 06/01/2032 (Callable 06/01/2026) | 1,020,000 | 1,101,297 | ||||||||||
Total Arizona | ||||||||||||
(Cost $25,318,515) | 24,667,525 | 1.1 | % | |||||||||
Arkansas | ||||||||||||
Arkansas Development Finance Authority: | ||||||||||||
4.000%, 07/01/2023 | 110,000 | 110,816 | ||||||||||
4.000%, 07/01/2024 | 100,000 | 100,848 | ||||||||||
4.000%, 07/01/2025 | 140,000 | 141,023 | ||||||||||
4.000%, 07/01/2026 | 190,000 | 190,986 | ||||||||||
4.000%, 07/01/2027 | 225,000 | 225,537 | ||||||||||
4.000%, 07/01/2028 | 230,000 | 227,231 | ||||||||||
Arkansas Technical University: | ||||||||||||
3.000%, 05/01/2024 | 165,000 | 167,216 | ||||||||||
3.000%, 05/01/2025 | 220,000 | 222,836 | ||||||||||
4.000%, 06/01/2026 (Callable 06/01/2023) | 200,000 | 202,685 | ||||||||||
Batesville Public Facilities Board: | ||||||||||||
5.000%, 06/01/2024 | 1,000,000 | 1,035,639 | ||||||||||
5.000%, 06/01/2025 | 1,385,000 | 1,454,867 | ||||||||||
5.000%, 06/01/2026 | 850,000 | 902,861 | ||||||||||
Benton Washington Regional | �� | |||||||||||
Public Water Authority: | ||||||||||||
5.000%, 10/01/2025 (Insured by BAM) | 465,000 | 502,647 | ||||||||||
5.000%, 10/01/2026 (Insured by BAM) | 1,000,000 | 1,096,632 | ||||||||||
City of Bentonville AR, | ||||||||||||
1.050%, 11/01/2046 (Callable 11/01/2028) | 2,795,000 | 2,689,964 | ||||||||||
City of Brookland AR, | ||||||||||||
1.500%, 09/01/2046 (Callable 09/01/2026) | 1,000,000 | 899,659 | ||||||||||
City of Conway AR, | ||||||||||||
4.000%, 12/01/2023 (Callable 08/01/2022) | 35,000 | 35,051 | ||||||||||
City of Elkins AR: | ||||||||||||
1.500%, 09/01/2046 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 500,000 | 449,951 | ||||||||||
1.500%, 09/01/2046 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 550,000 | 498,321 | ||||||||||
City of Fayetteville AR: | ||||||||||||
1.750%, 11/01/2032 (Callable 11/01/2026) | 935,000 | 929,982 | ||||||||||
3.050%, 01/01/2047 (Callable 01/01/2027) | 465,000 | 459,721 | ||||||||||
City of Forrest City AR, | ||||||||||||
1.550%, 11/01/2044 (Callable 11/01/2029) | 945,000 | 836,611 | ||||||||||
City of Heber Springs AR: | ||||||||||||
3.000%, 11/01/2022 (Insured by BAM) | 50,000 | 50,227 | ||||||||||
3.000%, 11/01/2023 (Insured by BAM) | 40,000 | 40,500 | ||||||||||
3.000%, 11/01/2023 (Insured by BAM) | 185,000 | 187,313 | ||||||||||
3.000%, 11/01/2024 (Insured by BAM) | 115,000 | 116,443 | ||||||||||
3.000%, 11/01/2025 (Insured by BAM) | 125,000 | 126,573 | ||||||||||
3.000%, 11/01/2026 (Insured by BAM) | 105,000 | 106,067 | ||||||||||
City of Hot Springs AR: | ||||||||||||
3.000%, 10/01/2023 (Insured by BAM) | 510,000 | 515,703 | ||||||||||
3.000%, 10/01/2024 (Insured by BAM) | 1,110,000 | 1,120,921 | ||||||||||
4.000%, 12/01/2027 (Callable 12/01/2023) | ||||||||||||
(Insured by BAM) | 255,000 | 260,579 | ||||||||||
City of Little Rock AR, | ||||||||||||
5.000%, 12/01/2022 (Insured by BAM) | 150,000 | 152,109 | ||||||||||
City of Lonoke AR, | ||||||||||||
5.000%, 06/01/2023 | 160,000 | 164,504 | ||||||||||
City of Magnolia AR, | ||||||||||||
2.600%, 08/01/2036 (Callable 08/01/2024) | ||||||||||||
(Insured by BAM) | 5,000 | 5,005 | ||||||||||
City of Marion AR, | ||||||||||||
2.900%, 09/01/2047 (Callable 09/01/2027) | 60,000 | 59,720 | ||||||||||
City of Maumelle AR, | ||||||||||||
2.875%, 08/01/2038 (Callable 08/01/2025) | 305,000 | 302,119 | ||||||||||
City of Mountain Home AR: | ||||||||||||
3.000%, 09/01/2025 | 500,000 | 505,166 | ||||||||||
3.000%, 09/01/2026 | 865,000 | 873,002 | ||||||||||
3.000%, 09/01/2027 | 940,000 | 945,701 | ||||||||||
3.000%, 09/01/2028 | 665,000 | 662,841 | ||||||||||
City of Mountain View AR, | ||||||||||||
1.375%, 11/01/2050 (Callable 11/01/2027) | ||||||||||||
(Insured by BAM) | 580,000 | 555,496 | ||||||||||
City of North Little Rock AR: | ||||||||||||
5.000%, 11/01/2024 | 305,000 | 323,228 | ||||||||||
5.000%, 11/01/2025 | 510,000 | 551,989 | ||||||||||
5.000%, 11/01/2026 | 535,000 | 590,971 | ||||||||||
City of Pine Bluff AR, | ||||||||||||
3.000%, 02/01/2047 (Callable 08/01/2027) | ||||||||||||
(Insured by BAM) | 405,000 | 384,526 | ||||||||||
City of Rogers AR, | ||||||||||||
3.250%, 11/01/2043 (Callable 11/01/2026) | 725,000 | 717,576 |
The accompanying notes are an integral part of these financial statements.
Page 101
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Russellville AR, | ||||||||||||
4.000%, 07/01/2040 (Pre-refunded | ||||||||||||
to 07/01/2023) (Insured by AGM) | $ | 165,000 | $ | 168,409 | ||||||||
City of Springdale AR: | ||||||||||||
5.000%, 11/01/2025 | ||||||||||||
(Pre-refunded to 11/01/2022) | 150,000 | 151,724 | ||||||||||
3.000%, 04/01/2043 (Callable 04/01/2024) | ||||||||||||
(Insured by BAM) | 115,000 | 113,671 | ||||||||||
Conway Health Facilities Board: | ||||||||||||
5.000%, 08/01/2023 | 500,000 | 514,170 | ||||||||||
5.000%, 08/01/2024 | 410,000 | 429,501 | ||||||||||
County of Cross AR, | ||||||||||||
2.250%, 10/01/2030 (Callable 10/01/2024) | 945,000 | 867,412 | ||||||||||
County of Pulaski AR, | ||||||||||||
5.000%, 03/01/2031 (Callable 09/01/2026) | 760,000 | 816,413 | ||||||||||
Dumas Arkansas School District No. 6: | ||||||||||||
1.450%, 02/01/2023 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 245,000 | 244,649 | ||||||||||
1.500%, 02/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 245,000 | 243,562 | ||||||||||
Jacksonville North Pulaski | ||||||||||||
County School District, | ||||||||||||
4.000%, 06/01/2029 (Callable 06/01/2027) | ||||||||||||
(Insured by ST AID) | 1,240,000 | 1,307,158 | ||||||||||
Lonoke White Public Water Authority, | ||||||||||||
3.000%, 12/01/2022 (Insured by BAM) | 100,000 | 100,581 | ||||||||||
National Park College District, | ||||||||||||
3.000%, 05/01/2023 | 65,000 | 65,534 | ||||||||||
Northwest Arkansas Conservation Authority, | ||||||||||||
4.000%, 03/01/2024 (Callable 09/01/2022) | ||||||||||||
(Insured by BAM) | 375,000 | 376,242 | ||||||||||
Southern Arkansas University: | ||||||||||||
4.000%, 03/01/2023 (Insured by AGM) | 465,000 | 471,395 | ||||||||||
4.000%, 03/01/2023 (Insured by AGM) | 235,000 | 238,587 | ||||||||||
4.000%, 03/01/2024 (Insured by AGM) | 245,000 | 252,772 | ||||||||||
4.000%, 03/01/2024 (Insured by AGM) | 175,000 | 180,551 | ||||||||||
University of Central Arkansas, | ||||||||||||
5.000%, 11/01/2024 (Insured by BAM) | 1,425,000 | 1,508,504 | ||||||||||
Van Buren School District No. 42, | ||||||||||||
2.000%, 04/01/2024 (Insured by ST AID) | 130,000 | 129,389 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $32,078,839) | 30,879,587 | 1.4 | % | |||||||||
California | ||||||||||||
Allan Hancock Joint | ||||||||||||
Community College District, | ||||||||||||
0.000%, 08/01/2036 | ||||||||||||
(Pre-refunded to 08/01/2022) | 225,000 | 104,037 | ||||||||||
American Valley Community Services District, | ||||||||||||
1.500%, 11/01/2023 | ||||||||||||
(Callable 11/01/2022)(3) | 13,068,000 | 12,920,805 | ||||||||||
Anaheim City School District, | ||||||||||||
0.000%, 08/01/2028 (Insured by AGM) | 580,000 | 476,401 | ||||||||||
Anaheim Public Financing Authority: | ||||||||||||
0.000%, 09/01/2023 (Insured by AGM) | 5,655,000 | 5,502,280 | ||||||||||
5.000%, 09/01/2025 | 2,345,000 | 2,480,957 | ||||||||||
5.000%, 09/01/2026 | 990,000 | 1,056,345 | ||||||||||
Bay Area Toll Authority: | ||||||||||||
1.680%, 04/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 0.900%) | ||||||||||||
(Callable 11/01/2022) | ||||||||||||
(Mandatory Tender Date 05/01/2023)(2) | 455,000 | 455,538 | ||||||||||
1.880%, 04/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 1.100%) | ||||||||||||
(Callable 10/01/2023) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(2) | 3,500,000 | 3,521,408 | ||||||||||
Beaumont Unified School District, | ||||||||||||
7.200%, 08/01/2041 | ||||||||||||
(Pre-refunded to 08/01/2026) | ||||||||||||
(Insured by AGM)(6) | 160,000 | 190,273 | ||||||||||
Burbank Unified School District: | ||||||||||||
0.000%, 08/01/2024 (Insured by NATL) | 6,550,000 | 6,206,597 | ||||||||||
0.000%, 07/01/2027 (Insured by NATL) | 2,000,000 | 1,715,727 | ||||||||||
California Health Facilities | ||||||||||||
Financing Authority, | ||||||||||||
3.000%, 03/01/2041 (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 03/01/2024)(1) | 3,875,000 | 3,886,593 | ||||||||||
California Infrastructure & | ||||||||||||
Economic Development Bank: | ||||||||||||
1.480%, 12/01/2050 | ||||||||||||
(SIFMA Municipal Swap Index + 0.700%) | ||||||||||||
(Callable 06/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(2) | 5,550,000 | 5,472,491 | ||||||||||
1.750%, 08/01/2055 (Callable 02/01/2026) | ||||||||||||
(Mandatory Tender Date 08/01/2026)(1) | 1,050,000 | 981,009 | ||||||||||
California Municipal Finance Authority: | ||||||||||||
5.000%, 08/01/2022 | 400,000 | 400,264 | ||||||||||
5.000%, 08/01/2022 | 640,000 | 640,751 | ||||||||||
5.000%, 08/01/2023 | 670,000 | 681,318 | ||||||||||
5.000%, 08/01/2027 | 1,100,000 | 1,113,710 | ||||||||||
4.000%, 10/01/2031 (Callable 10/01/2026) | 2,280,000 | 2,294,136 | ||||||||||
4.000%, 10/01/2032 (Callable 10/01/2026) | 1,500,000 | 1,504,956 | ||||||||||
California Public Finance Authority: | ||||||||||||
4.000%, 10/15/2022 | 245,000 | 246,441 | ||||||||||
2.125%, 11/15/2027 | ||||||||||||
(Callable 05/15/2023)(3) | 3,445,000 | 3,200,789 | ||||||||||
2.375%, 11/15/2028 | ||||||||||||
(Callable 05/15/2023)(3) | 4,250,000 | 3,901,452 | ||||||||||
3.125%, 05/15/2029 | ||||||||||||
(Callable 11/15/2023)(3) | 1,000,000 | 914,569 | ||||||||||
California State Public Works Board: | ||||||||||||
5.000%, 08/01/2024 | 2,885,000 | 3,029,410 | ||||||||||
5.000%, 11/01/2038 (Callable 11/01/2023) | 2,500,000 | 2,582,833 | ||||||||||
California Statewide Communities | ||||||||||||
Development Authority, | ||||||||||||
3.000%, 07/01/2026 (Callable 08/01/2022) | ||||||||||||
(Insured by CA MTG) | 625,000 | 625,651 | ||||||||||
Campbell Union School District, | ||||||||||||
5.800%, 08/01/2035 | ||||||||||||
(Callable 08/01/2026)(6) | 775,000 | 861,333 | ||||||||||
Centinela Valley Union High School District, | ||||||||||||
0.000%, 08/01/2037 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 370,000 | 154,516 | ||||||||||
Central School District, | ||||||||||||
0.000%, 08/01/2051 (Callable 08/01/2022) | 400,000 | 68,404 | ||||||||||
City & County of San Francisco CA, | ||||||||||||
1.300%, 07/01/2023 (Mandatory | ||||||||||||
Tender Date 01/01/2023)(1) | 810,000 | 807,489 | ||||||||||
City of Redding CA, | ||||||||||||
1.724%, 07/01/2022 (ETM) | ||||||||||||
(Insured by NATL)(1)(5) | 15,000 | 15,000 | ||||||||||
City of Reedley CA, | ||||||||||||
0.780%, 08/01/2026 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 3,560,000 | 3,560,000 | ||||||||||
City of Vernon CA: | ||||||||||||
5.000%, 08/01/2025 | 500,000 | 527,952 | ||||||||||
5.000%, 08/01/2026 | 600,000 | 641,747 | ||||||||||
Corona-Norco Unified School District, | ||||||||||||
5.250%, 08/01/2024(6) | 30,000 | 31,928 |
The accompanying notes are an integral part of these financial statements.
Page 102
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Department of Veterans Affairs Veteran’s | ||||||||||||
Farm & Home Purchase Program, | ||||||||||||
4.000%, 12/01/2049 | ||||||||||||
(Callable 06/01/2028) | $ | 1,820,000 | $ | 1,846,112 | ||||||||
Emery Unified School District, | ||||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Pre-refunded to 08/01/2023) | 545,000 | 205,025 | ||||||||||
Fresno Unified School District: | ||||||||||||
0.000%, 08/01/2032 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 100,000 | 55,841 | ||||||||||
0.000%, 08/01/2033 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 645,000 | 336,026 | ||||||||||
0.000%, 08/01/2034 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 400,000 | 194,569 | ||||||||||
0.000%, 08/01/2035 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 150,000 | 68,059 | ||||||||||
0.000%, 08/01/2036 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 1,065,000 | 450,868 | ||||||||||
0.000%, 08/01/2039 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 650,000 | 222,839 | ||||||||||
0.000%, 08/01/2040 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 805,000 | 257,154 | ||||||||||
0.000%, 08/01/2041 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 1,000,000 | 296,968 | ||||||||||
0.000%, 08/01/2044 (Callable 08/01/2023) | 1,140,000 | 269,087 | ||||||||||
Healdsburg Unified School District, | ||||||||||||
0.000%, 08/01/2032 (Callable 08/01/2022) | 90,000 | 54,233 | ||||||||||
Indio Finance Authority, | ||||||||||||
3.550%, 09/02/2029 | ||||||||||||
(Callable 03/02/2024)(3) | 6,056,000 | 5,990,674 | ||||||||||
Kern Community College District, | ||||||||||||
0.000%, 08/01/2023 | 2,000,000 | 1,940,300 | ||||||||||
La Mirada Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
0.000%, 08/15/2027 (Insured by NATL) | 500,000 | 426,944 | ||||||||||
Modesto Irrigation District, | ||||||||||||
1.639%, 09/01/2027 (3 Month LIBOR | ||||||||||||
USD + 0.580%) (Callable 08/01/2022) | ||||||||||||
(Insured by NATL)(2) | 4,250,000 | 4,250,172 | ||||||||||
Moreno Valley Unified School District, | ||||||||||||
0.000%, 08/01/2025 (Insured by NATL) | 3,025,000 | 2,768,232 | ||||||||||
Morongo Unified School District, | ||||||||||||
0.000%, 08/01/2039 | ||||||||||||
(Pre-refunded to 08/15/2022) | 170,000 | 60,870 | ||||||||||
Newman-Crows Landing | ||||||||||||
Unified School District, | ||||||||||||
0.000%, 08/01/2025 | 1,000,000 | 911,800 | ||||||||||
Oakland California University School District, | ||||||||||||
5.000%, 08/01/2029 (Callable 08/01/2026) | 395,000 | 428,461 | ||||||||||
Ontario Public Financing Authority: | ||||||||||||
5.000%, 11/01/2024 (Insured by AGM) | 100,000 | 106,397 | ||||||||||
5.000%, 11/01/2025 (Insured by AGM) | 250,000 | 270,666 | ||||||||||
5.000%, 11/01/2027 (Insured by AGM) | 175,000 | 195,150 | ||||||||||
Oro Grande Elementary School District, | ||||||||||||
4.000%, 09/15/2022 | 1,975,000 | 1,980,535 | ||||||||||
Piedmont Unified School District: | ||||||||||||
0.000%, 08/01/2029 (Callable 08/01/2023) | 200,000 | 139,712 | ||||||||||
0.000%, 08/01/2036 (Callable 08/01/2023) | 1,040,000 | 463,617 | ||||||||||
0.000%, 08/01/2037 (Callable 08/01/2023) | 400,000 | 166,912 | ||||||||||
0.000%, 08/01/2038 (Callable 08/01/2023) | 250,000 | 97,713 | ||||||||||
0.000%, 08/01/2039 (Callable 08/01/2023) | 420,000 | 153,673 | ||||||||||
Redwood City Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
0.000%, 07/15/2022 (Insured by AMBAC) | 2,780,000 | 2,778,704 | ||||||||||
Ripon Unified School District: | ||||||||||||
0.000%, 08/01/2025 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 60,000 | 53,743 | ||||||||||
0.000%, 08/01/2026 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 35,000 | 29,761 | ||||||||||
0.000%, 08/01/2035 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 585,000 | 298,983 | ||||||||||
Rosemead School District: | ||||||||||||
0.000%, 08/01/2032 (Callable 08/01/2023) | ||||||||||||
(Insured by AGM) | 495,000 | 282,261 | ||||||||||
0.000%, 08/01/2033 (Callable 08/01/2023) | ||||||||||||
(Insured by AGM) | 700,000 | 371,457 | ||||||||||
0.000%, 08/01/2035 (Callable 08/01/2023) | ||||||||||||
(Insured by AGM) | 735,000 | 336,213 | ||||||||||
Roseville Natural Gas Financing Authority, | ||||||||||||
5.000%, 02/15/2023 | 330,000 | 334,754 | ||||||||||
Sacramento City Unified School District: | ||||||||||||
5.000%, 07/01/2022 | 100,000 | 100,000 | ||||||||||
5.000%, 07/01/2025 (Callable 07/21/2022) | 170,000 | 170,251 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 725,000 | 761,474 | ||||||||||
0.000%, 07/01/2026 (Insured by AGM) | 300,000 | 267,048 | ||||||||||
San Joaquin Hills | ||||||||||||
Transportation Corridor Agency, | ||||||||||||
0.000%, 01/15/2025 (Insured by NATL) | 270,000 | 249,631 | ||||||||||
San Mateo Union High School District, | ||||||||||||
5.000%, 12/15/2043 (Pre-refunded | ||||||||||||
to 12/15/2024) (Insured by AMBAC)(6) | 480,000 | 512,394 | ||||||||||
San Ysidro School District, | ||||||||||||
0.000%, 08/01/2024 (Insured by NATL) | 1,625,000 | 1,529,767 | ||||||||||
State of California: | ||||||||||||
3.000%, 03/01/2029 (Callable 03/01/2025) | 1,500,000 | 1,507,036 | ||||||||||
1.210%, 12/01/2029 | ||||||||||||
(SIFMA Municipal Swap Index + 0.430%) | ||||||||||||
(Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 2,500,000 | 2,499,974 | ||||||||||
Sutter Union High School District, | ||||||||||||
0.000%, 06/01/2050 | ||||||||||||
(Pre-refunded to 08/01/2025) | 300,000 | 45,881 | ||||||||||
Tulare Union High School District, | ||||||||||||
0.000%, 08/01/2026 (Insured by NATL) | 2,245,000 | 1,978,698 | ||||||||||
Tuolumne Utilities District, | ||||||||||||
1.250%, 08/15/2024 (Callable 08/15/2023) | 8,000,000 | 7,788,297 | ||||||||||
Twin Rivers Unified School District: | ||||||||||||
0.000%, 08/01/2035 (Pre-refunded | ||||||||||||
to 02/01/2024) (Insured by BAM) | 275,000 | 130,412 | ||||||||||
0.000%, 08/01/2036 (Pre-refunded | ||||||||||||
to 02/01/2024) (Insured by BAM) | 135,000 | 59,806 | ||||||||||
University of California, | ||||||||||||
5.000%, 05/15/2025 | 1,000,000 | 1,081,193 | ||||||||||
Vallejo City Unified School District, | ||||||||||||
5.900%, 08/01/2025 (Insured by NATL) | 500,000 | 520,035 | ||||||||||
Victor Valley Union High School District, | ||||||||||||
0.000%, 08/01/2044 | ||||||||||||
(Pre-refunded to 08/01/2023) | 1,000,000 | 298,689 | ||||||||||
Western Placer Unified School District: | ||||||||||||
2.000%, 06/01/2025 (Callable 06/01/2023) | 3,625,000 | 3,487,889 | ||||||||||
2.000%, 06/01/2025 (Callable 06/01/2023) | 3,300,000 | 3,192,187 | ||||||||||
Westminster School District: | ||||||||||||
0.000%, 08/01/2025 (Insured by AGC) | 1,000,000 | 919,843 | ||||||||||
0.000%, 08/01/2036 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 315,000 | 135,283 | ||||||||||
0.000%, 08/01/2038 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 620,000 | 231,857 |
The accompanying notes are an integral part of these financial statements.
Page 103
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Westminster School District: (cont.) | ||||||||||||
0.000%, 08/01/2048 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | $ | 2,660,000 | $ | 466,291 | ||||||||
0.000%, 08/01/2053 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 480,000 | 57,113 | ||||||||||
Total California | ||||||||||||
(Cost $133,571,413) | 129,860,644 | 5.9 | % | |||||||||
Colorado | ||||||||||||
Adams & Arapahoe Joint School District, | �� | |||||||||||
5.000%, 12/01/2025 (Insured by ST AID) | 1,380,000 | 1,504,918 | ||||||||||
Arapahoe County School District No. 5, | ||||||||||||
5.000%, 12/15/2030 (Callable 12/15/2025) | ||||||||||||
(Insured by ST AID) | 590,000 | 641,250 | ||||||||||
Bromley Park Metropolitan District No. 2: | ||||||||||||
5.000%, 12/01/2024 (Insured by BAM) | 300,000 | 317,754 | ||||||||||
5.000%, 12/01/2025 (Insured by BAM) | 315,000 | 339,217 | ||||||||||
City & County of Denver CO, | ||||||||||||
5.000%, 11/15/2031 (Mandatory | ||||||||||||
Tender Date 11/15/2022)(1) | 3,275,000 | 3,312,390 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority: | ||||||||||||
5.000%, 12/01/2022 | 200,000 | 202,566 | ||||||||||
4.000%, 04/01/2023 | 35,000 | 35,529 | ||||||||||
5.000%, 10/01/2023 | 1,360,000 | 1,403,543 | ||||||||||
5.250%, 03/01/2025 (Insured by NATL) | 1,950,000 | 2,059,714 | ||||||||||
4.000%, 07/01/2025 | 140,000 | 145,074 | ||||||||||
4.000%, 12/15/2025 | 575,000 | 580,163 | ||||||||||
5.000%, 06/15/2027 (Callable 06/15/2026) | 635,000 | 685,746 | ||||||||||
Colorado Health Facilities Authority: | ||||||||||||
5.000%, 10/01/2023 | 300,000 | 311,290 | ||||||||||
5.000%, 12/01/2023 | ||||||||||||
(Pre-refunded to 12/01/2022) | 1,000,000 | 1,014,141 | ||||||||||
5.000%, 05/15/2025 | ||||||||||||
(Pre-refunded to 05/15/2023) | 320,000 | 328,717 | ||||||||||
5.000%, 10/01/2025 | 350,000 | 374,494 | ||||||||||
5.000%, 10/01/2026 | 425,000 | 457,212 | ||||||||||
5.000%, 12/01/2027 | ||||||||||||
(Pre-refunded to 12/01/2022) | 300,000 | 304,242 | ||||||||||
3.500%, 05/15/2030 (Callable 05/15/2023) | 3,500,000 | 3,187,618 | ||||||||||
5.000%, 12/01/2030 (Callable 06/01/2025) | 1,030,000 | 1,055,259 | ||||||||||
5.000%, 11/15/2036 (Mandatory | ||||||||||||
Tender Date 11/15/2023)(1) | 195,000 | 202,681 | ||||||||||
2.800%, 05/15/2042 (Callable 11/15/2022) | ||||||||||||
(Mandatory Tender Date 05/15/2023)(1) | 2,100,000 | 2,107,669 | ||||||||||
5.625%, 06/01/2043 | ||||||||||||
(Pre-refunded to 06/01/2023) | 1,080,000 | 1,117,627 | ||||||||||
5.000%, 06/01/2047 | ||||||||||||
(Pre-refunded to 06/01/2027) | 1,750,000 | 1,950,755 | ||||||||||
5.000%, 11/15/2048 (Mandatory | ||||||||||||
Tender Date 11/20/2025)(1) | 195,000 | 210,866 | ||||||||||
5.000%, 08/01/2049 (Callable 02/01/2026) | ||||||||||||
(Mandatory Tender Date 08/01/2026)(1) | 3,030,000 | 3,201,864 | ||||||||||
Colorado Housing & Finance Authority: | ||||||||||||
4.000%, 05/01/2048 (Callable 11/01/2026) | ||||||||||||
(Insured by GNMA) | 260,000 | 263,755 | ||||||||||
4.250%, 11/01/2049 (Callable 11/01/2028) | ||||||||||||
(Insured by GNMA) | 735,000 | 751,044 | ||||||||||
1.650%, 10/01/2057 (Mandatory | ||||||||||||
Tender Date 04/01/2023) | ||||||||||||
(Insured by FHA)(1) | 2,415,000 | 2,403,960 | ||||||||||
County of Moffat CO, | ||||||||||||
2.000%, 03/01/2036 (Mandatory | ||||||||||||
Tender Date 10/03/2022)(1) | 555,000 | 554,280 | ||||||||||
Crystal Valley Metropolitan District No. 2, | ||||||||||||
5.000%, 12/01/2027 (Insured by AGM) | 275,000 | 307,689 | ||||||||||
Denver City & County Housing Authority: | ||||||||||||
0.650%, 02/01/2025 (Insured by HUD) | 245,000 | 233,345 | ||||||||||
0.700%, 08/01/2025 (Insured by HUD) | 245,000 | 230,728 | ||||||||||
0.750%, 02/01/2026 (Insured by HUD) | 245,000 | 228,095 | ||||||||||
Denver Health & Hospital Authority, | ||||||||||||
4.000%, 12/01/2027 (Callable 12/01/2023) | 255,000 | 256,392 | ||||||||||
E-470 Public Highway Authority: | ||||||||||||
0.000%, 09/01/2022 (Insured by NATL) | 30,000 | 29,916 | ||||||||||
1.381%, 09/01/2039 (SOFR + 0.350%) | ||||||||||||
(Callable 06/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2024)(2) | 7,525,000 | 7,420,903 | ||||||||||
Fort Collins Housing Authority, | ||||||||||||
1.250%, 07/01/2024 (Callable 01/01/2024) | 3,600,000 | 3,520,435 | ||||||||||
Garfield Pitkin & Eagle Counties | ||||||||||||
School District No. Re-1, | ||||||||||||
5.000%, 12/15/2028 | ||||||||||||
(Pre-refunded to 12/15/2025) | ||||||||||||
(Insured by ST AID) | 665,000 | 721,717 | ||||||||||
Gunnison County Crested | ||||||||||||
Butte Fire Protection District: | ||||||||||||
4.000%, 12/01/2022 | 765,000 | 772,052 | ||||||||||
4.000%, 12/01/2023 | 625,000 | 641,249 | ||||||||||
4.000%, 12/01/2024 | 650,000 | 674,921 | ||||||||||
4.000%, 12/01/2025 | 675,000 | 708,417 | ||||||||||
High Plains Metropolitan District: | ||||||||||||
4.000%, 12/01/2022 (Insured by NATL) | 420,000 | 423,820 | ||||||||||
4.000%, 12/01/2024 (Insured by NATL) | 225,000 | 233,359 | ||||||||||
Lincoln Park Metropolitan District, | ||||||||||||
4.000%, 12/01/2023 (Insured by AGM) | 150,000 | 154,089 | ||||||||||
Pueblo Urban Renewal Authority, | ||||||||||||
0.000%, 12/01/2025(3) | 850,000 | 705,427 | ||||||||||
Regional Transportation District, | ||||||||||||
4.125%, 06/01/2034 (Callable 06/01/2023) | 1,155,000 | 1,163,449 | ||||||||||
Sand Creek Metropolitan District, | ||||||||||||
4.000%, 12/01/2022 (Insured by AGM) | 285,000 | 287,767 | ||||||||||
Southlands Metropolitan District No. 1: | ||||||||||||
3.000%, 12/01/2022 | 49,000 | 48,821 | ||||||||||
3.000%, 12/01/2022 | 50,000 | 49,817 | ||||||||||
Tallyns Reach Metropolitan District No. 3, | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 30,000 | 31,189 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2025 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 125,000 | 135,479 | ||||||||||
5.000%, 12/15/2026 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 135,000 | 146,958 | ||||||||||
5.000%, 12/15/2027 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 160,000 | 173,938 | ||||||||||
Vista Ridge Metropolitan District, | ||||||||||||
4.500%, 12/01/2024 (Insured by BAM) | 200,000 | 210,233 | ||||||||||
Total Colorado | ||||||||||||
(Cost $51,619,595) | 50,535,543 | 2.3 | % | |||||||||
Connecticut | ||||||||||||
City of Bridgeport CT: | ||||||||||||
5.000%, 02/15/2023 | 1,100,000 | 1,122,472 | ||||||||||
5.000%, 02/01/2024 (Insured by BAM) | 475,000 | 497,060 | ||||||||||
5.000%, 02/15/2024 | 850,000 | 889,691 | ||||||||||
5.000%, 08/01/2024 | 175,000 | 184,995 | ||||||||||
5.000%, 02/15/2025 | 1,450,000 | 1,548,287 | ||||||||||
5.000%, 08/01/2025 | 200,000 | 215,505 | ||||||||||
5.000%, 02/15/2026 | 1,000,000 | 1,085,506 | ||||||||||
5.000%, 02/15/2027 | 2,480,000 | 2,725,964 | ||||||||||
5.000%, 08/01/2027 | 300,000 | 331,917 |
The accompanying notes are an integral part of these financial statements.
Page 104
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of New Haven CT, | ||||||||||||
5.000%, 08/15/2022 (ETM) | ||||||||||||
(Insured by AGM) | $ | 520,000 | $ | 522,167 | ||||||||
City of West Haven CT: | ||||||||||||
4.000%, 09/15/2023 | 290,000 | 296,887 | ||||||||||
4.000%, 09/15/2025 | 505,000 | 528,867 | ||||||||||
4.000%, 09/15/2026 | 505,000 | 532,401 | ||||||||||
4.000%, 09/15/2027 | 245,000 | 259,399 | ||||||||||
Connecticut Housing Finance Authority: | ||||||||||||
4.000%, 11/15/2044 (Callable 11/15/2023) | 35,000 | 35,351 | ||||||||||
4.000%, 11/15/2045 (Callable 11/15/2027) | 120,000 | 121,729 | ||||||||||
4.000%, 05/15/2049 (Callable 11/15/2028) | 1,175,000 | 1,191,966 | ||||||||||
3.500%, 11/15/2051 (Callable 05/15/2031) | 3,500,000 | 3,463,865 | ||||||||||
1.625%, 11/15/2059 (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 11/15/2022) | ||||||||||||
(Insured by HUD)(1) | 985,000 | 984,844 | ||||||||||
Connecticut State Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 07/01/2022 | 1,300,000 | 1,300,000 | ||||||||||
5.000%, 07/01/2023 | 855,000 | 875,486 | ||||||||||
5.000%, 07/01/2023 | 170,000 | 174,073 | ||||||||||
5.000%, 07/01/2024 | 965,000 | 1,001,526 | ||||||||||
5.000%, 07/01/2025 | 460,000 | 485,990 | ||||||||||
2.750%, 01/01/2026 | ||||||||||||
(Callable 08/01/2022)(3) | 450,000 | 433,128 | ||||||||||
5.000%, 11/01/2026 | ||||||||||||
(Pre-refunded to 11/01/2022) | 445,000 | 450,186 | ||||||||||
5.000%, 07/01/2027 | 210,000 | 226,932 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2024) | 685,000 | 710,188 | ||||||||||
5.000%, 07/01/2028 | 300,000 | 325,310 | ||||||||||
Connecticut State Higher Education | ||||||||||||
Supplement Loan Authority: | ||||||||||||
5.000%, 11/15/2022 (ETM) | 500,000 | 506,440 | ||||||||||
5.000%, 11/15/2023 (ETM) | 400,000 | 416,763 | ||||||||||
5.000%, 11/15/2023 (ETM) | 850,000 | 885,623 | ||||||||||
5.000%, 11/15/2024 (ETM) | 450,000 | 479,688 | ||||||||||
5.000%, 11/15/2024 (ETM) | 225,000 | 239,844 | ||||||||||
Southeastern Connecticut Water Authority, | ||||||||||||
4.000%, 09/01/2022 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 85,000 | 85,172 | ||||||||||
State of Connecticut: | ||||||||||||
1.730%, 03/01/2024 (SIFMA | ||||||||||||
Municipal Swap Index + 0.950%)(2) | 270,000 | 272,932 | ||||||||||
4.000%, 06/15/2025 | 1,000,000 | 1,047,436 | ||||||||||
5.000%, 09/15/2026 | 1,000,000 | 1,106,299 | ||||||||||
5.000%, 10/01/2026 | 1,040,000 | 1,151,519 | ||||||||||
5.000%, 06/15/2027 | 500,000 | 559,931 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2023) | 1,005,000 | 1,038,890 | ||||||||||
5.000%, 08/01/2028 (Callable 08/01/2025) | 1,515,000 | 1,623,202 | ||||||||||
Town of Hamden CT: | ||||||||||||
5.000%, 08/01/2022 (Insured by BAM) | 285,000 | 285,762 | ||||||||||
5.000%, 08/01/2023 (Insured by BAM) | 150,000 | 154,817 | ||||||||||
Town of Plainfield CT, | ||||||||||||
3.375%, 07/15/2026 (Callable 07/15/2024) | 275,000 | 280,376 | ||||||||||
Town of Plymouth CT, | ||||||||||||
3.000%, 10/15/2027 (Callable 10/15/2024) | ||||||||||||
(Insured by BAM) | 300,000 | 303,567 | ||||||||||
Town of Stratford CT: | ||||||||||||
5.000%, 05/15/2026 (Insured by BAM) | 265,000 | 288,981 | ||||||||||
5.000%, 05/15/2028 (Insured by BAM) | 400,000 | 444,015 | ||||||||||
University of Connecticut: | ||||||||||||
5.000%, 05/01/2024 | 1,600,000 | 1,682,698 | ||||||||||
5.000%, 05/01/2025 | 2,000,000 | 2,149,707 | ||||||||||
5.000%, 11/15/2026 (Callable 11/15/2022) | 760,000 | 767,928 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $39,113,129) | 38,293,282 | 1.7 | % | |||||||||
Delaware | ||||||||||||
City of Wilmington DE, | ||||||||||||
5.000%, 11/01/2029 | ||||||||||||
(Callable 11/01/2025) | 780,000 | 845,518 | ||||||||||
Delaware Municipal Electric Corp.: | ||||||||||||
5.000%, 10/01/2024 (Insured by BAM) | 230,000 | 244,724 | ||||||||||
5.000%, 10/01/2025 (Insured by BAM) | 140,000 | 152,156 | ||||||||||
Delaware State Economic | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2024) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,048,457 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2022) | 1,000,000 | 1,005,015 | ||||||||||
Delaware State Housing Authority, | ||||||||||||
2.600%, 07/01/2043 (Callable 06/01/2023) | ||||||||||||
(Insured by GNMA) | 103,038 | 97,530 | ||||||||||
Delaware Transportation Authority, | ||||||||||||
2.500%, 07/01/2029 (Callable 07/01/2026) | 1,000,000 | 982,498 | ||||||||||
Total Delaware | ||||||||||||
(Cost $4,537,782) | 4,375,898 | 0.2 | % | |||||||||
District of Columbia | ||||||||||||
District of Columbia: | ||||||||||||
5.000%, 07/01/2025 | 500,000 | 526,055 | ||||||||||
5.000%, 12/01/2026 (Callable 12/01/2022) | 310,000 | 313,888 | ||||||||||
4.000%, 12/01/2028 (Callable 12/01/2022) | 415,000 | 417,827 | ||||||||||
3.000%, 06/01/2030 | 1,205,000 | 1,101,039 | ||||||||||
District of Columbia Housing Finance Agency: | ||||||||||||
3.500%, 06/15/2023 | 100,000 | 100,775 | ||||||||||
0.350%, 04/01/2025 (Mandatory Tender | ||||||||||||
Date 04/01/2024) (Insured by FNMA)(1) | 1,800,000 | 1,714,874 | ||||||||||
1.750%, 09/01/2025 (Mandatory Tender | ||||||||||||
Date 09/01/2023) (Insured by FHA)(1) | 2,260,000 | 2,241,210 | ||||||||||
1.450%, 02/01/2039 | ||||||||||||
(Mandatory Tender Date 08/01/2022)(1) | 180,000 | 179,961 | ||||||||||
District of Columbia Water | ||||||||||||
& Sewer Authority, | ||||||||||||
3.000%, 10/01/2057 (Callable 07/01/2027) | ||||||||||||
(Mandatory Tender Date 10/01/2027)(1) | 12,100,000 | 11,932,425 | ||||||||||
Metropolitan Washington Airports Authority, | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2026) | 500,000 | 545,090 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $19,709,572) | 19,073,144 | 0.9 | % | |||||||||
Florida | ||||||||||||
Capital Trust Agency, Inc.: | ||||||||||||
4.000%, 12/15/2024 | 215,000 | 216,169 | ||||||||||
4.000%, 11/01/2025 | ||||||||||||
(Pre-refunded to 11/01/2022) | 195,000 | 196,572 | ||||||||||
4.250%, 12/01/2042 | ||||||||||||
(Pre-refunded to 12/01/2022) | 65,000 | 68,934 | ||||||||||
City of Auburndale FL, | ||||||||||||
5.250%, 12/01/2023 (Insured by AGC) | 1,010,000 | 1,056,520 | ||||||||||
City of Gainesville FL, | ||||||||||||
0.370%, 10/01/2042 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 10,000,000 | 10,000,000 | ||||||||||
City of Jacksonville FL: | ||||||||||||
5.000%, 11/01/2022 | 100,000 | 101,143 | ||||||||||
5.000%, 10/01/2025 | 500,000 | 539,994 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2026) | 1,175,000 | 1,295,997 | ||||||||||
0.780%, 08/01/2036 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 2,100,000 | 2,100,000 | ||||||||||
0.780%, 08/01/2036 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 3,000,000 | 3,000,000 | ||||||||||
City of Lakeland FL, | ||||||||||||
5.000%, 11/15/2028 (Callable 11/15/2026) | 640,000 | 684,840 |
The accompanying notes are an integral part of these financial statements.
Page 105
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Melbourne FL, | ||||||||||||
0.000%, 10/01/2023 (Insured by NATL) | $ | 100,000 | $ | 97,410 | ||||||||
City of Orlando FL, | ||||||||||||
5.000%, 11/01/2025 (Insured by AGM) | 1,000,000 | 1,090,023 | ||||||||||
City of Port St. Lucie FL, | ||||||||||||
5.250%, 09/01/2022 (Insured by NATL) | 100,000 | 100,604 | ||||||||||
City of Tallahassee FL: | ||||||||||||
5.000%, 12/01/2022 | 475,000 | 481,249 | ||||||||||
5.000%, 12/01/2024 | 200,000 | 210,780 | ||||||||||
5.000%, 12/01/2025 | 500,000 | 533,893 | ||||||||||
5.000%, 12/01/2026 (Callable 12/01/2025) | 955,000 | 1,013,477 | ||||||||||
5.000%, 12/01/2027 (Callable 12/01/2025) | 400,000 | 421,771 | ||||||||||
County of Brevard FL, | ||||||||||||
5.000%, 07/01/2031 (Callable 07/01/2027) | 550,000 | 597,287 | ||||||||||
County of Broward FL: | ||||||||||||
5.000%, 09/01/2025 (Callable 09/01/2023) | 1,540,000 | 1,596,372 | ||||||||||
5.000%, 09/01/2026 (Callable 09/01/2023) | 1,045,000 | 1,083,375 | ||||||||||
5.000%, 09/01/2027 (Callable 09/01/2023) | 1,525,000 | 1,581,180 | ||||||||||
4.000%, 10/01/2042 (Callable 10/01/2022) | 300,000 | 291,136 | ||||||||||
County of Miami-Dade FL: | ||||||||||||
0.000%, 10/01/2023 (ETM) | ||||||||||||
(Insured by NATL) | 200,000 | 195,250 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2025) | 500,000 | 532,973 | ||||||||||
0.000%, 10/01/2028 (ETM) | ||||||||||||
(Insured by NATL) | 50,000 | 42,059 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2025) | 1,295,000 | 1,377,760 | ||||||||||
4.500%, 03/01/2033 (Callable 03/01/2023) | 200,000 | 201,995 | ||||||||||
Florida Department of | ||||||||||||
Environmental Protection, | ||||||||||||
5.000%, 07/01/2025 | 525,000 | 568,104 | ||||||||||
Florida Development Finance Corp.: | ||||||||||||
5.000%, 04/01/2023 | 275,000 | 281,493 | ||||||||||
4.000%, 06/15/2024 | 860,000 | 875,761 | ||||||||||
2.625%, 12/15/2024(3) | 285,000 | 278,380 | ||||||||||
5.000%, 04/01/2025 | 200,000 | 211,376 | ||||||||||
5.000%, 06/15/2025 | 220,000 | 230,449 | ||||||||||
5.250%, 02/01/2026 | ||||||||||||
(Pre-refunded to 08/01/2023) | 100,000 | 103,660 | ||||||||||
1.750%, 06/01/2026 | ||||||||||||
(Callable 03/01/2023)(3) | 2,045,000 | 1,875,242 | ||||||||||
5.000%, 06/15/2026 | 370,000 | 390,361 | ||||||||||
5.000%, 06/15/2026 | 270,000 | 284,756 | ||||||||||
2.375%, 06/01/2027 | ||||||||||||
(Callable 06/01/2023)(3) | 830,000 | 753,116 | ||||||||||
5.000%, 06/15/2027 | 390,000 | 414,277 | ||||||||||
5.000%, 06/15/2027 | 285,000 | 302,608 | ||||||||||
5.000%, 06/15/2028 (Callable 06/15/2027) | 355,000 | 374,790 | ||||||||||
3.000%, 07/01/2031(3) | 1,225,000 | 1,064,718 | ||||||||||
6.000%, 02/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2023) | 170,000 | 177,533 | ||||||||||
Florida Gulf Coast University Financing Corp.: | ||||||||||||
5.000%, 02/01/2023 | 240,000 | 244,560 | ||||||||||
5.000%, 02/01/2024 | 250,000 | 260,857 | ||||||||||
5.000%, 02/01/2027 | 270,000 | 293,219 | ||||||||||
Florida Higher Educational | ||||||||||||
Facilities Financial Authority: | ||||||||||||
5.000%, 04/01/2028 (Callable 04/01/2026) | 485,000 | 515,089 | ||||||||||
5.000%, 11/01/2032 (Callable 11/01/2026) | 965,000 | 1,019,057 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
4.350%, 01/01/2046 (Callable 07/01/2022) | ||||||||||||
(Insured by FHLMC) | 5,000 | 5,000 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2025) | ||||||||||||
(Insured by GNMA) | 60,000 | 60,777 | ||||||||||
4.000%, 07/01/2049 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 1,140,000 | 1,155,601 | ||||||||||
Florida Municipal Loan Council: | ||||||||||||
4.000%, 12/01/2022 (Insured by AGM) | 155,000 | 156,524 | ||||||||||
0.000%, 04/01/2023 (Insured by NATL) | 265,000 | 259,827 | ||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 160,000 | 166,590 | ||||||||||
5.000%, 12/01/2024 (Insured by AGM) | 85,000 | 90,441 | ||||||||||
Florida State Turnpike Authority, | ||||||||||||
3.000%, 07/01/2026 (Callable 07/01/2022) | 1,000,000 | 1,000,000 | ||||||||||
Herons Glen Recreation District, | ||||||||||||
2.500%, 05/01/2027 (Insured by BAM) | 250,000 | 242,775 | ||||||||||
Highlands County Health Facilities Authority, | ||||||||||||
0.780%, 11/15/2035 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 6,000,000 | 6,000,000 | ||||||||||
Hillsborough County Industrial | ||||||||||||
Development Authority, | ||||||||||||
3.500%, 10/01/2028 (Callable 10/01/2023) | 405,000 | 405,371 | ||||||||||
Hillsborough County School Board, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2026) | 370,000 | 403,171 | ||||||||||
Hollywood Beach Community | ||||||||||||
Development District I, | ||||||||||||
5.000%, 10/01/2027 | 545,000 | 585,886 | ||||||||||
Hollywood Community | ||||||||||||
Redevelopment Agency: | ||||||||||||
5.000%, 03/01/2023 | 665,000 | 678,454 | ||||||||||
5.000%, 03/01/2024 | 820,000 | 856,826 | ||||||||||
Jacksonville Electric Authority: | ||||||||||||
5.000%, 10/01/2023 | 150,000 | 155,833 | ||||||||||
5.000%, 10/01/2023 | 210,000 | 218,166 | ||||||||||
Lee County School Board, | ||||||||||||
5.000%, 08/01/2023 | 190,000 | 196,658 | ||||||||||
Lee Memorial Health System, | ||||||||||||
1.050%, 04/01/2049 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 5,375,000 | 5,375,000 | ||||||||||
Miami Beach Health Facilities Authority, | ||||||||||||
4.000%, 11/15/2025 | ||||||||||||
(Pre-refunded to 11/15/2022) | 735,000 | 741,911 | ||||||||||
Miami-Dade County Educational | ||||||||||||
Facilities Authority, | ||||||||||||
5.000%, 04/01/2023 | 150,000 | 153,519 | ||||||||||
Orange County Convention Center: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2025) | 75,000 | 80,237 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2025) | 2,005,000 | 2,136,142 | ||||||||||
Orange County Health Facilities Authority: | ||||||||||||
4.000%, 08/01/2024 | 25,000 | 25,678 | ||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 2,000,000 | 2,077,416 | ||||||||||
Orange County Housing Finance Authority: | ||||||||||||
4.000%, 09/01/2040 (Callable 09/01/2024) | ||||||||||||
(Insured by GNMA) | 120,000 | 121,169 | ||||||||||
4.250%, 09/01/2049 (Callable 09/01/2027) | ||||||||||||
(Insured by GNMA) | 175,000 | 178,699 | ||||||||||
Osceola County Expressway Authority, | ||||||||||||
0.000%, 10/01/2024 (ETM) | 275,000 | 260,823 | ||||||||||
Palm Beach County Health | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 11/15/2022 | 220,000 | 221,675 | ||||||||||
5.000%, 12/01/2031 | ||||||||||||
(Pre-refunded to 12/01/2024) | 1,250,000 | 1,335,168 | ||||||||||
Pinellas County Housing Authority, | ||||||||||||
1.000%, 11/01/2027 (Insured by FNMA) | 2,840,000 | 2,624,287 | ||||||||||
Pinellas County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2029 | 525,000 | 540,479 | ||||||||||
Reedy Creek Improvement District, | ||||||||||||
5.000%, 10/01/2024 (Callable 10/01/2023) | 145,000 | 150,529 |
The accompanying notes are an integral part of these financial statements.
Page 106
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Sarasota County Public Hospital District, | ||||||||||||
5.250%, 07/01/2024 (Insured by NATL) | $ | 130,000 | $ | 135,583 | ||||||||
School Board of Miami-Dade County, | ||||||||||||
5.000%, 05/01/2031 | ||||||||||||
(Mandatory Tender Date 05/01/2024)(1) | 955,000 | 1,002,781 | ||||||||||
Seminole County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 06/15/2024(3) | 130,000 | 129,373 | ||||||||||
4.000%, 06/15/2025(3) | 100,000 | 98,959 | ||||||||||
4.000%, 06/15/2026(3) | 155,000 | 152,114 | ||||||||||
4.000%, 06/15/2027(3) | 240,000 | 233,794 | ||||||||||
St. Johns River Power Park, | ||||||||||||
5.000%, 10/01/2024 (Callable 08/01/2022) | 105,000 | 105,671 | ||||||||||
St. Lucie County School Board, | ||||||||||||
5.000%, 07/01/2027 (Callable 07/01/2023) | 1,150,000 | 1,183,945 | ||||||||||
Sumter County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2026 (Callable 07/01/2024) | 2,000,000 | 2,084,209 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.980%, 04/01/2053 (Callable 04/01/2028) | ||||||||||||
(Optional Put Date 07/07/2022)(1)(3) | 6,000,000 | 6,000,000 | ||||||||||
UCF Convocation Corp.: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2025) | 655,000 | 709,521 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2025) | 935,000 | 1,009,789 | ||||||||||
University of North Florida Financing Corp., | ||||||||||||
5.000%, 11/01/2023 (Insured by AGM) | 485,000 | 501,391 | ||||||||||
University of West Florida, | ||||||||||||
5.000%, 06/01/2026 | 1,000,000 | 1,091,310 | ||||||||||
Volusia County Educational Facility Authority: | ||||||||||||
5.000%, 10/15/2029 (Callable 04/15/2025) | 1,035,000 | 1,080,923 | ||||||||||
5.000%, 10/15/2033 (Callable 04/15/2025) | 550,000 | 570,676 | ||||||||||
Volusia County School Board, | ||||||||||||
5.000%, 08/01/2031 (Callable 08/01/2024) | 1,715,000 | 1,806,876 | ||||||||||
Total Florida | ||||||||||||
(Cost $90,019,828) | 87,785,716 | 4.0 | % | |||||||||
Georgia | ||||||||||||
Athens Housing Authority: | ||||||||||||
5.000%, 06/15/2027 | 1,570,000 | 1,750,429 | ||||||||||
5.000%, 06/15/2028 (Callable 06/15/2027) | 1,755,000 | 1,944,607 | ||||||||||
Atlanta Development Authority, | ||||||||||||
5.000%, 07/01/2024 | 140,000 | 147,603 | ||||||||||
Atlanta Urban Residential Finance Authority: | ||||||||||||
1.350%, 01/01/2025 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 01/01/2023) | ||||||||||||
(Insured by HUD)(1)(3) | 2,000,000 | 1,993,223 | ||||||||||
2.000%, 09/01/2025 | ||||||||||||
(Mandatory Tender Date 09/01/2024)(1) | 8,053,000 | 7,949,416 | ||||||||||
Barnesville-Lamar County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 06/01/2028 | 350,000 | 392,692 | ||||||||||
Burke County Development Authority: | ||||||||||||
2.250%, 10/01/2032 | ||||||||||||
(Mandatory Tender Date 05/25/2023)(1) | 170,000 | 169,179 | ||||||||||
1.500%, 01/01/2040 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 6,695,000 | 6,416,395 | ||||||||||
0.700%, 11/01/2048 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 2,700,000 | 2,700,000 | ||||||||||
1.700%, 12/01/2049 | ||||||||||||
(Mandatory Tender Date 08/22/2024)(1) | 1,680,000 | 1,627,004 | ||||||||||
0.700%, 11/01/2052 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 3,200,000 | 3,200,000 | ||||||||||
City of Atlanta GA: | ||||||||||||
5.000%, 01/01/2023 | ||||||||||||
(Callable 08/01/2022) | 450,000 | 451,136 | ||||||||||
5.000%, 01/01/2024 (Callable 08/01/2022) | 515,000 | 516,255 | ||||||||||
4.000%, 07/01/2026 (Callable 07/01/2023) | 100,000 | 101,320 | ||||||||||
Clayton County Development Authority: | ||||||||||||
5.000%, 07/01/2024 | 200,000 | 210,861 | ||||||||||
5.000%, 07/01/2025 | 210,000 | 225,788 | ||||||||||
5.000%, 07/01/2027 | 305,000 | 338,789 | ||||||||||
Cobb-Marietta Coliseum & | ||||||||||||
Exhibit Hall Authority, | ||||||||||||
5.500%, 10/01/2026 (Insured by NATL) | 755,000 | 804,375 | ||||||||||
Development Authority for Fulton County: | ||||||||||||
5.000%, 10/01/2025 | 975,000 | 1,048,570 | ||||||||||
5.000%, 10/01/2026 | 1,490,000 | 1,628,966 | ||||||||||
5.000%, 10/01/2027 | 1,015,000 | 1,125,544 | ||||||||||
Development Authority of Appling County: | ||||||||||||
0.700%, 09/01/2029 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 1,000,000 | 1,000,000 | ||||||||||
1.500%, 01/01/2038 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 900,000 | 862,548 | ||||||||||
0.270%, 09/01/2041 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 11,215,000 | 11,215,000 | ||||||||||
Development Authority of Bulloch County: | ||||||||||||
5.000%, 07/01/2023 | 260,000 | 268,323 | ||||||||||
5.000%, 07/01/2024 | 200,000 | 210,861 | ||||||||||
5.000%, 07/01/2025 | 315,000 | 338,683 | ||||||||||
5.000%, 07/01/2026 | 330,000 | 360,632 | ||||||||||
Development Authority of Cobb County: | ||||||||||||
5.000%, 07/15/2024 (ETM) | 445,000 | 471,173 | ||||||||||
5.000%, 07/15/2024 | 1,455,000 | 1,533,872 | ||||||||||
Development Authority of Monroe County: | ||||||||||||
2.250%, 07/01/2025 (Callable 06/13/2024) | 1,390,000 | 1,344,966 | ||||||||||
0.700%, 04/01/2032 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 1,400,000 | 1,400,000 | ||||||||||
0.700%, 11/01/2048 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 2,400,000 | 2,400,000 | ||||||||||
Fayette County Hospital Authority, | ||||||||||||
5.000%, 07/01/2054 (Callable 01/01/2024) | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 1,755,000 | 1,822,181 | ||||||||||
Forsyth County Hospital Authority, | ||||||||||||
6.375%, 10/01/2028 (ETM) | 610,000 | 693,397 | ||||||||||
George L Smith II Congress Center Authority, | ||||||||||||
3.625%, 01/01/2031(3) | 5,120,000 | 4,517,063 | ||||||||||
Georgia Higher Education Facilities Authority, | ||||||||||||
5.000%, 06/15/2027 | 1,815,000 | 2,014,667 | ||||||||||
Housing Authority of Clayton County, | ||||||||||||
1.400%, 04/01/2025 (Callable 01/01/2023) | ||||||||||||
(Mandatory Tender Date 04/01/2023)(1)(3) | 1,900,000 | 1,886,480 | ||||||||||
Macon-Bibb County Housing Authority: | ||||||||||||
1.625%, 10/01/2024 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2022) | ||||||||||||
(Insured by HUD)(1) | 3,500,000 | 3,473,857 | ||||||||||
1.400%, 11/01/2024 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 11/01/2022) | ||||||||||||
(Insured by HUD)(1) | 1,250,000 | 1,247,877 | ||||||||||
Main Street Natural Gas, Inc.: | ||||||||||||
5.000%, 05/15/2026 | 610,000 | 642,874 | ||||||||||
5.000%, 09/01/2026 (Callable 06/01/2026) | 500,000 | 522,617 | ||||||||||
1.898%, 04/01/2048 | ||||||||||||
(1 Month LIBOR USD + 0.750%) | ||||||||||||
(Callable 06/01/2023) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 4,965,000 | 4,929,190 |
The accompanying notes are an integral part of these financial statements.
Page 107
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Main Street Natural Gas, Inc.: (cont.) | ||||||||||||
4.000%, 08/01/2048 (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(1) | $ | 500,000 | $ | 510,088 | ||||||||
4.000%, 08/01/2049 (Callable 09/01/2024) | ||||||||||||
(Mandatory Tender Date 12/02/2024)(1) | 385,000 | 395,827 | ||||||||||
4.000%, 03/01/2050 (Callable 06/01/2026) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(1) | 8,330,000 | 8,356,538 | ||||||||||
4.000%, 07/01/2052 (Callable 06/01/2027) | ||||||||||||
(Mandatory Tender Date 09/01/2027)(1) | 6,700,000 | 6,869,476 | ||||||||||
4.000%, 08/01/2052 (Callable 05/01/2027) | ||||||||||||
(Mandatory Tender Date 11/01/2027)(1)(3) | 14,750,000 | 14,506,817 | ||||||||||
Monroe County Public Facilities Authority: | ||||||||||||
5.000%, 06/01/2024 | 180,000 | 189,632 | ||||||||||
5.000%, 06/01/2025 | 200,000 | 214,984 | ||||||||||
Municipal Electric Authority of Georgia, | ||||||||||||
5.000%, 01/01/2028 (Callable 07/01/2026) | 1,500,000 | 1,613,261 | ||||||||||
Pelham School District: | ||||||||||||
5.000%, 09/01/2022 (Insured by ST AID) | 125,000 | 125,687 | ||||||||||
5.000%, 09/01/2023 (Insured by ST AID) | 290,000 | 299,972 | ||||||||||
5.000%, 09/01/2024 (Insured by ST AID) | 210,000 | 221,956 | ||||||||||
Private Colleges & Universities Authority: | ||||||||||||
5.000%, 06/01/2024 | 325,000 | 339,533 | ||||||||||
1.200%, 10/01/2039 | ||||||||||||
(SIFMA Municipal Swap Index + 0.420%) | ||||||||||||
(Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 08/16/2022)(2) | 2,200,000 | 2,200,129 | ||||||||||
Total Georgia | ||||||||||||
(Cost $118,034,532) | 113,742,313 | 5.2 | % | |||||||||
Idaho | ||||||||||||
Boise-Kuna Irrigation District, | ||||||||||||
5.000%, 06/01/2025 (Callable 12/01/2024) | 555,000 | 589,719 | ||||||||||
Idaho Housing & Finance Association: | ||||||||||||
5.000%, 08/15/2024 | 400,000 | 423,728 | ||||||||||
5.000%, 08/15/2025 | 400,000 | 432,330 | ||||||||||
Total Idaho | ||||||||||||
(Cost $1,458,452) | 1,445,777 | 0.1 | % | |||||||||
Illinois | ||||||||||||
Adams & Hancock Counties Community | ||||||||||||
Unit School District No. 4, | ||||||||||||
4.000%, 12/01/2026 (Callable 12/01/2025) | ||||||||||||
(Insured by BAM) | 275,000 | 288,189 | ||||||||||
Channahon Park District: | ||||||||||||
4.000%, 12/15/2025 (Insured by BAM) | 365,000 | 382,556 | ||||||||||
4.000%, 12/15/2026 (Insured by BAM) | 380,000 | 401,873 | ||||||||||
4.000%, 12/15/2027 (Insured by BAM) | 395,000 | 420,125 | ||||||||||
Chicago Board of Education: | ||||||||||||
0.000%, 12/01/2022 (Insured by NATL) | 7,485,000 | 7,409,127 | ||||||||||
0.000%, 12/01/2022 (Insured by BHAC) | 125,000 | 124,022 | ||||||||||
5.000%, 12/01/2022 (Insured by AGM) | 145,000 | 146,890 | ||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 500,000 | 518,825 | ||||||||||
5.250%, 12/01/2023 (Insured by AGC) | 675,000 | 693,239 | ||||||||||
Chicago Park District: | ||||||||||||
5.000%, 01/01/2024 (ETM) | 1,150,000 | 1,202,643 | ||||||||||
5.000%, 01/01/2024 | 155,000 | 160,980 | ||||||||||
City of Chicago IL: | ||||||||||||
5.000%, 01/01/2024 (Callable 08/01/2022) | 705,000 | 706,697 | ||||||||||
5.000%, 11/01/2026 | 2,900,000 | 3,100,029 | ||||||||||
0.000%, 01/01/2027 (Insured by NATL) | 5,335,000 | 4,612,647 | ||||||||||
5.000%, 01/01/2027 (Callable 01/01/2025) | 1,085,000 | 1,143,673 | ||||||||||
5.000%, 11/01/2028 | 1,000,000 | 1,057,218 | ||||||||||
City of Country Club Hills IL: | ||||||||||||
3.000%, 01/01/2025 (Insured by BAM) | 190,000 | 191,901 | ||||||||||
3.000%, 01/01/2026 (Insured by BAM) | 285,000 | 287,329 | ||||||||||
3.000%, 01/01/2027 (Insured by BAM) | 175,000 | 176,177 | ||||||||||
3.000%, 01/01/2028 (Insured by BAM) | 185,000 | 185,159 | ||||||||||
City of Evanston IL, | ||||||||||||
3.000%, 12/01/2028 | 6,235,000 | 6,318,406 | ||||||||||
City of Galesburg IL: | ||||||||||||
5.000%, 10/01/2025 | 125,000 | 132,710 | ||||||||||
5.000%, 10/01/2026 | 145,000 | 155,275 | ||||||||||
5.000%, 10/01/2027 | 175,000 | 188,738 | ||||||||||
5.000%, 10/01/2028 | 175,000 | 188,963 | ||||||||||
City of Oregon IL, | ||||||||||||
4.000%, 12/01/2024 | ||||||||||||
(Pre-refunded to 12/01/2022) | 105,000 | 106,054 | ||||||||||
City of Princeton IL: | ||||||||||||
4.000%, 11/01/2022 (Insured by AGM) | 100,000 | 100,738 | ||||||||||
4.000%, 01/01/2023 (Insured by AGM) | 50,000 | 50,499 | ||||||||||
4.000%, 01/01/2025 (Insured by AGM) | 120,000 | 124,872 | ||||||||||
City of Rock Island IL, | ||||||||||||
3.000%, 12/01/2022 | 435,000 | 437,437 | ||||||||||
City of Rockford IL, | ||||||||||||
5.000%, 12/15/2023 (Insured by BAM) | 110,000 | 114,635 | ||||||||||
City of Springfield IL: | ||||||||||||
5.000%, 12/01/2023 | 155,000 | 161,384 | ||||||||||
5.000%, 03/01/2024 | 180,000 | 188,084 | ||||||||||
City of Waukegan IL, | ||||||||||||
3.000%, 12/30/2022 | 365,000 | 367,219 | ||||||||||
Cook County Community Unit | ||||||||||||
School District No. 401, | ||||||||||||
4.000%, 12/01/2026 | 3,030,000 | 3,194,978 | ||||||||||
Cook County High School District No. 209, | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2024) | ||||||||||||
(Insured by AGM) | 575,000 | 593,986 | ||||||||||
Cook County School District No. 130, | ||||||||||||
5.000%, 12/01/2025 (Insured by AGM) | 1,320,000 | 1,425,956 | ||||||||||
Cook County School District No. 154, | ||||||||||||
3.500%, 12/01/2024 (Insured by BAM) | 114,000 | 116,020 | ||||||||||
Cook County School District No. 159: | ||||||||||||
0.000%, 12/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 1,225,000 | 1,217,029 | ||||||||||
0.000%, 12/01/2022 (Insured by AGM) | 20,000 | 19,828 | ||||||||||
Cook County School District No. 99: | ||||||||||||
4.000%, 12/01/2024 | 760,000 | 787,847 | ||||||||||
4.000%, 12/01/2026 (Insured by BAM) | 1,150,000 | 1,209,499 | ||||||||||
4.000%, 12/01/2027 (Insured by BAM) | 1,195,000 | 1,262,375 | ||||||||||
Cook County Township | ||||||||||||
High School District No. 201, | ||||||||||||
0.000%, 12/01/2025 (Insured by AGM) | 165,000 | 148,317 | ||||||||||
Cook County Township | ||||||||||||
High School District No. 220, | ||||||||||||
5.000%, 12/01/2027 (Insured by BAM) | 1,000,000 | 1,114,599 | ||||||||||
County of Cook IL: | ||||||||||||
5.000%, 11/15/2028 (Callable 11/15/2026) | 3,000,000 | 3,255,256 | ||||||||||
5.000%, 11/15/2032 (Callable 11/15/2027) | 1,000,000 | 1,098,313 | ||||||||||
County of Washington IL, | ||||||||||||
4.000%, 12/15/2024 (Insured by AGM) | 250,000 | 260,007 | ||||||||||
DuPage County Community | ||||||||||||
Unit School District No. 202, | ||||||||||||
5.000%, 12/30/2026 | 500,000 | 555,038 | ||||||||||
Exceptional Children Have Opportunities: | ||||||||||||
5.000%, 12/01/2024 | 380,000 | 402,671 | ||||||||||
5.000%, 12/01/2025 | 505,000 | 544,166 | ||||||||||
5.000%, 12/01/2025 | 245,000 | 264,001 | ||||||||||
5.000%, 12/01/2026 | 530,000 | 581,665 | ||||||||||
5.000%, 12/01/2026 | 255,000 | 279,858 | ||||||||||
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 | 90,922 |
The accompanying notes are an integral part of these financial statements.
Page 108
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Hampshire Special Service Area No. 13: | ||||||||||||
3.000%, 03/01/2023 (Insured by BAM) | $ | 210,000 | $ | 211,034 | ||||||||
3.000%, 03/01/2026 (Insured by BAM) | 90,000 | 89,769 | ||||||||||
Hoffman Estates Park District, | ||||||||||||
5.000%, 12/01/2025 | 2,120,000 | 2,229,390 | ||||||||||
Illinois Development Finance Authority, | ||||||||||||
0.000%, 07/15/2025 (ETM) | 2,885,000 | 2,675,212 | ||||||||||
Illinois Finance Authority: | ||||||||||||
5.000%, 09/01/2022 | 200,000 | 200,925 | ||||||||||
5.000%, 05/15/2023 | 120,000 | 123,346 | ||||||||||
5.000%, 08/01/2023 | 1,455,000 | 1,486,887 | ||||||||||
5.000%, 09/01/2023 | 400,000 | 411,153 | ||||||||||
5.000%, 05/15/2024 | 350,000 | 367,468 | ||||||||||
5.000%, 11/01/2024 | 385,000 | 400,730 | ||||||||||
5.000%, 08/15/2027 (Callable 08/15/2025) | 1,000,000 | 1,054,250 | ||||||||||
5.000%, 11/15/2028 (Callable 05/15/2025) | 3,200,000 | 3,352,372 | ||||||||||
5.000%, 09/01/2029 (Callable 09/01/2026) | 1,575,000 | 1,671,698 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026) | 500,000 | 530,432 | ||||||||||
4.000%, 11/01/2030 | 2,995,000 | 3,087,811 | ||||||||||
4.000%, 12/01/2032 (Callable 06/01/2026) | 1,000,000 | 993,022 | ||||||||||
2.264%, 11/01/2034 (SOFR + 1.200%) | ||||||||||||
(Callable 03/01/2025) (Mandatory | ||||||||||||
Tender Date 09/01/2025)(2) | 2,000,000 | 1,984,116 | ||||||||||
4.000%, 07/01/2038 | ||||||||||||
(Pre-refunded to 07/01/2026) | 4,980,000 | 5,264,179 | ||||||||||
1.480%, 05/01/2042 | ||||||||||||
(SIFMA Municipal Swap Index + 0.700%) | ||||||||||||
(Callable 05/01/2025) (Mandatory | ||||||||||||
Tender Date 05/01/2026)(2) | 2,540,000 | 2,453,357 | ||||||||||
1.660%, 01/01/2046 | ||||||||||||
(SIFMA Municipal Swap Index + 0.750%) | ||||||||||||
(Callable 07/01/2022) (Mandatory | ||||||||||||
Tender Date 07/01/2023)(2) | 835,000 | 835,000 | ||||||||||
5.000%, 05/15/2050 (Callable 05/15/2026) | ||||||||||||
(Mandatory Tender Date 11/15/2026)(1) | 4,015,000 | 4,326,143 | ||||||||||
Illinois Housing Development Authority: | ||||||||||||
2.600%, 10/01/2025 (Insured by GNMA) | 475,000 | 474,403 | ||||||||||
2.750%, 04/01/2026 (Insured by GNMA) | 605,000 | 605,545 | ||||||||||
2.450%, 06/01/2043 (Callable 01/01/2023) | ||||||||||||
(Insured by GNMA) | 199,483 | 162,406 | ||||||||||
4.500%, 10/01/2048 (Callable 04/01/2028) | ||||||||||||
(Insured by GNMA) | 380,000 | 390,473 | ||||||||||
4.250%, 10/01/2049 (Callable 04/01/2028) | ||||||||||||
(Insured by GNMA) | 1,360,000 | 1,388,650 | ||||||||||
1.780%, 05/15/2050 | ||||||||||||
(SIFMA Municipal Swap Index + 1.000%) | ||||||||||||
(Callable 11/15/2024) (Mandatory | ||||||||||||
Tender Date 05/15/2025)(2) | 200,000 | 201,072 | ||||||||||
Illinois Sports Facilities Authority, | ||||||||||||
5.000%, 06/15/2028 (Insured by BAM) | 1,000,000 | 1,097,645 | ||||||||||
Joliet Park District, | ||||||||||||
4.000%, 02/01/2023 (Insured by BAM) | 150,000 | 151,905 | ||||||||||
Joliet Regional Port District, | ||||||||||||
4.000%, 06/30/2025 (Callable 06/30/2024) | ||||||||||||
(Insured by AGM) | 40,000 | 41,329 | ||||||||||
Kane & DeKalb Counties Community | ||||||||||||
Unit School District No. 302, | ||||||||||||
5.000%, 02/01/2026 | 500,000 | 541,691 | ||||||||||
Kane County School District No. 131, | ||||||||||||
3.500%, 06/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 5,000 | 5,008 | ||||||||||
Kankakee, Iroquois, Ford, Etc. Counties | ||||||||||||
Community Unit School District No. 2, | ||||||||||||
4.000%, 12/01/2023 (Insured by AGM) | 445,000 | 457,194 | ||||||||||
Kankakee, Will, Grundy, Etc. Counties | ||||||||||||
Community College District No. 520, | ||||||||||||
3.500%, 12/01/2026 | 3,340,000 | 3,391,958 | ||||||||||
Kendall County Forest Preserve District, | ||||||||||||
4.000%, 01/01/2025 (Insured by BAM) | 215,000 | 223,729 | ||||||||||
Kendall Kane & Will Counties Community | ||||||||||||
Unit School District No. 308: | ||||||||||||
5.000%, 02/01/2025 (Insured by BAM) | 2,640,000 | 2,815,425 | ||||||||||
5.000%, 02/01/2026 (Insured by BAM) | 2,775,000 | 3,011,329 | ||||||||||
Lake County Community | ||||||||||||
Unit School District No. 116, | ||||||||||||
5.000%, 01/15/2025 (Callable 01/15/2023) | 340,000 | 346,189 | ||||||||||
Lake County Elementary | ||||||||||||
School District No. 6: | ||||||||||||
0.000%, 12/01/2022 (Insured by AMBAC) | 115,000 | 113,775 | ||||||||||
0.000%, 12/01/2024 (Insured by AMBAC) | 70,000 | 64,394 | ||||||||||
Lake County School District No. 38: | ||||||||||||
0.000%, 02/01/2023 (Insured by AMBAC) | 1,135,000 | 1,119,433 | ||||||||||
0.000%, 02/01/2025 (Insured by AMBAC) | 210,000 | 193,714 | ||||||||||
Logan, Sangamon, Etc. Counties Community | ||||||||||||
Unit School District No. 23, | ||||||||||||
5.000%, 12/01/2022 (Insured by AGM) | 520,000 | 527,204 | ||||||||||
Macon & De Witt Counties Community | ||||||||||||
Unit School District No. 1, | ||||||||||||
2.250%, 12/01/2022 (Callable 08/01/2022) | 60,000 | 60,029 | ||||||||||
Macon County School District No. 61: | ||||||||||||
4.000%, 12/01/2025 (Insured by AGM) | 345,000 | 361,928 | ||||||||||
4.000%, 12/01/2026 (Insured by AGM) | 460,000 | 486,937 | ||||||||||
4.000%, 12/01/2027 (Insured by AGM) | 850,000 | 901,862 | ||||||||||
Madison-Macoupin, Etc. Counties | ||||||||||||
Community College District No. 536, | ||||||||||||
4.000%, 05/01/2025 (Insured by AGM) | 400,000 | 415,925 | ||||||||||
McHenry & Kane Counties Community | ||||||||||||
Consolidated School District No. 158, | ||||||||||||
0.000%, 01/01/2024 | 1,600,000 | 1,544,665 | ||||||||||
McHenry County Community | ||||||||||||
Unit School District No. 200, | ||||||||||||
5.250%, 01/15/2027 (Callable 01/15/2024) | 160,000 | 168,056 | ||||||||||
Menard Cass & Sangamon Counties | ||||||||||||
Community Unit School District No. 202, | ||||||||||||
4.000%, 12/01/2022 (Insured by AGM) | 300,000 | 302,827 | ||||||||||
Metropolitan Pier & Exposition Authority: | ||||||||||||
5.500%, 12/15/2023 (Insured by NATL) | 100,000 | 102,972 | ||||||||||
0.000%, 06/15/2024 (Insured by NATL) | 35,000 | 33,005 | ||||||||||
3.000%, 06/15/2024 (Callable 12/15/2023) | 1,000,000 | 993,868 | ||||||||||
3.000%, 06/15/2025 (Callable 12/15/2024) | 1,000,000 | 985,314 | ||||||||||
0.000%, 12/15/2025 (Insured by NATL) | 65,000 | 57,993 | ||||||||||
Metropolitan Water Reclamation | ||||||||||||
District of Greater Chicago, | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2026) | 535,000 | 591,846 | ||||||||||
Newport Township Fire Protection District, | ||||||||||||
4.000%, 01/01/2023 (Insured by BAM) | 135,000 | 136,307 | �� | |||||||||
Northern Illinois University: | ||||||||||||
5.000%, 04/01/2025 (Insured by BAM) | 425,000 | 450,791 | ||||||||||
5.000%, 10/01/2027 (Insured by BAM) | 350,000 | 383,820 | ||||||||||
5.000%, 10/01/2029 (Insured by BAM) | 315,000 | 351,162 | ||||||||||
5.000%, 10/01/2030 (Insured by BAM) | 325,000 | 364,727 | ||||||||||
Park Ridge Park District: | ||||||||||||
4.000%, 12/01/2027 | 425,000 | 452,247 | ||||||||||
2.500%, 12/01/2028 | 4,110,000 | 4,069,998 | ||||||||||
Pike & Adams Counties Community | ||||||||||||
Unit School District No. 4, | ||||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 345,000 | 358,638 | ||||||||||
Plano Special Service Areas No. 3 & 4, | ||||||||||||
4.000%, 03/01/2030 (Callable 03/01/2025) | 235,000 | 241,410 |
The accompanying notes are an integral part of these financial statements.
Page 109
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Regional Transportation Authority, | ||||||||||||
5.750%, 06/01/2023 (Insured by AGM) | $ | 40,000 | $ | 41,431 | ||||||||
Sales Tax Securitization Corp., | ||||||||||||
5.000%, 01/01/2024 | 200,000 | 209,095 | ||||||||||
Shelby Christian Macon Counties | ||||||||||||
Community School District No. 21: | ||||||||||||
4.000%, 12/01/2025 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 400,000 | 411,355 | ||||||||||
4.000%, 12/01/2026 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 435,000 | 447,042 | ||||||||||
South Sangamon Water Commission, | ||||||||||||
4.000%, 01/01/2027 (Insured by AGM) | 400,000 | 417,067 | ||||||||||
Southwestern Illinois Development Authority, | ||||||||||||
7.125%, 11/01/2030 | ||||||||||||
(Pre-refunded to 11/01/2023) | 195,000 | 208,193 | ||||||||||
Springfield Metropolitan | ||||||||||||
Exposition & Auditorium Authority, | ||||||||||||
3.000%, 12/01/2025 (Insured by BAM) | 250,000 | 252,161 | ||||||||||
St. Charles Public Library District, | ||||||||||||
4.000%, 11/01/2028 (Callable 11/01/2024) | 455,000 | 474,595 | ||||||||||
St. Clair County Community | ||||||||||||
Consolidated School District No. 90, | ||||||||||||
0.000%, 12/01/2022 | 190,000 | 188,430 | ||||||||||
St. Clair County School District No. 119, | ||||||||||||
5.000%, 04/01/2023 (Insured by AGM) | 300,000 | 307,173 | ||||||||||
St. Clair County Township | ||||||||||||
High School District No. 203, | ||||||||||||
4.000%, 12/01/2022 | 400,000 | 403,932 | ||||||||||
State of Illinois: | ||||||||||||
5.000%, 06/15/2023 | 270,000 | 276,159 | ||||||||||
5.000%, 06/15/2023 | 670,000 | 685,284 | ||||||||||
5.000%, 06/15/2026 | 6,560,000 | 7,002,163 | ||||||||||
6.000%, 06/15/2026 (Insured by BAM) | 200,000 | 224,663 | ||||||||||
Town of Cicero IL, | ||||||||||||
4.000%, 01/01/2026 (Insured by BAM) | 590,000 | 608,737 | ||||||||||
United City of Yorkville IL, | ||||||||||||
4.050%, 12/01/2027 (Callable 12/01/2023) | 120,000 | 122,808 | ||||||||||
University of Illinois: | ||||||||||||
5.000%, 04/01/2026 | 1,905,000 | 2,066,036 | ||||||||||
5.000%, 04/01/2027 | 2,000,000 | 2,199,790 | ||||||||||
Upper Illinois River Valley | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 12/01/2022 | 680,000 | 688,306 | ||||||||||
5.000%, 12/01/2023 | 400,000 | 412,305 | ||||||||||
Village of Calumet Park IL, | ||||||||||||
5.250%, 12/01/2029 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 500,000 | 528,482 | ||||||||||
Village of Crestwood IL: | ||||||||||||
4.000%, 12/15/2023 (Insured by BAM) | 540,000 | 555,105 | ||||||||||
4.500%, 12/15/2025 (Callable 12/15/2022) | ||||||||||||
(Insured by BAM) | 60,000 | 60,584 | ||||||||||
Village of Glendale Heights IL, | ||||||||||||
4.000%, 12/15/2030 (Callable 12/15/2027) | 750,000 | 779,904 | ||||||||||
Village of Kenilworth IL: | ||||||||||||
4.000%, 12/01/2022 | 415,000 | 418,995 | ||||||||||
4.000%, 12/01/2024 | 375,000 | 391,707 | ||||||||||
4.000%, 12/01/2025 | 390,000 | 412,450 | ||||||||||
4.000%, 12/01/2026 | 405,000 | 432,614 | ||||||||||
4.000%, 12/01/2027 | 220,000 | 236,743 | ||||||||||
Village of Lansing IL: | ||||||||||||
5.000%, 03/01/2023 (Insured by AGM) | 275,000 | 280,019 | ||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 230,000 | 238,993 | ||||||||||
Village of Lyons IL, | ||||||||||||
5.000%, 12/01/2025 (Callable 12/01/2022) | ||||||||||||
(Insured by BAM) | 25,000 | 25,357 | ||||||||||
Village of Matteson IL, | ||||||||||||
4.000%, 12/01/2026 (Insured by BAM) | 400,000 | 420,080 | ||||||||||
Village of Orland Hills IL: | ||||||||||||
4.000%, 12/01/2022 (Insured by BAM) | 145,000 | 146,136 | ||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 130,000 | 132,943 | ||||||||||
Village of Rantoul IL, | ||||||||||||
4.300%, 01/01/2025 (Callable 01/01/2023) | 125,000 | 126,384 | ||||||||||
Village of Richton Park IL, | ||||||||||||
4.000%, 12/01/2022 (Insured by BAM) | 80,000 | 80,552 | ||||||||||
Village of River Grove IL, | ||||||||||||
4.000%, 12/15/2028 (Insured by BAM) | 430,000 | 453,482 | ||||||||||
Village of Romeoville IL, | ||||||||||||
5.000%, 10/01/2024 | 500,000 | 521,385 | ||||||||||
Village of Sauk Village IL, | ||||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 1,260,000 | 1,306,766 | ||||||||||
Village of Stone Park IL: | ||||||||||||
4.000%, 02/01/2023 (Insured by BAM) | 130,000 | 131,584 | ||||||||||
4.000%, 02/01/2024 (Insured by BAM) | 135,000 | 138,703 | ||||||||||
4.000%, 02/01/2025 (Insured by BAM) | 140,000 | 145,471 | ||||||||||
4.000%, 02/01/2026 (Insured by BAM) | 220,000 | 230,878 | ||||||||||
4.750%, 02/01/2028 (Callable 02/01/2023) | ||||||||||||
(Insured by BAM) | 50,000 | 50,591 | ||||||||||
Village of Sugar Grove IL, | ||||||||||||
3.000%, 12/15/2025 (Callable 08/01/2022) | 225,000 | 225,120 | ||||||||||
Western Illinois University, | ||||||||||||
5.000%, 10/01/2024 (Insured by AGM) | 2,000,000 | 2,089,427 | ||||||||||
Will County Community Consolidated | ||||||||||||
School District No. 70-C, | ||||||||||||
4.000%, 12/01/2022 (Insured by AGM) | 270,000 | 272,654 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2023 | ||||||||||||
(ETM) (Insured by AGM) | 365,000 | 362,097 | ||||||||||
0.000%, 01/01/2023 (Insured by AGM) | 325,000 | 321,713 | ||||||||||
0.000%, 01/01/2024 | ||||||||||||
(ETM) (Insured by AGM) | 510,000 | 494,469 | ||||||||||
0.000%, 01/01/2024 (Insured by AGM) | 275,000 | 264,787 | ||||||||||
5.000%, 01/01/2028 (Callable 01/01/2023) | 2,000,000 | 2,015,970 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2023) | 35,000 | 35,260 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2023) | 4,450,000 | 4,476,434 | ||||||||||
Will County Community | ||||||||||||
Unit School District No. 365, | ||||||||||||
0.000%, 11/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 45,000 | 44,800 | ||||||||||
Will County Elementary | ||||||||||||
School District No. 122, | ||||||||||||
0.000%, 11/01/2023 | ||||||||||||
(ETM) (Insured by AGM) | 195,000 | 189,997 | ||||||||||
Will County School District No. 86, | ||||||||||||
3.000%, 03/01/2025 (Callable 03/01/2024) | 600,000 | 605,948 | ||||||||||
Will County Township | ||||||||||||
High School District No. 204, | ||||||||||||
5.000%, 01/01/2023 | 195,000 | 198,110 | ||||||||||
Winnebago & Boone Counties | ||||||||||||
School District No. 205, | ||||||||||||
4.000%, 02/01/2028 (Callable 02/01/2023) | 965,000 | 978,696 | ||||||||||
Woodford, Lasalle, Livingston, Etc. Counties | ||||||||||||
Community Unit School District No. 6: | ||||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 185,000 | 191,339 | ||||||||||
4.000%, 12/01/2025 (Insured by BAM) | 200,000 | 209,546 | ||||||||||
4.000%, 12/01/2026 (Insured by BAM) | 175,000 | 184,949 | ||||||||||
Total Illinois | ||||||||||||
(Cost $160,025,710) | 154,209,685 | 7.0 | % |
The accompanying notes are an integral part of these financial statements.
Page 110
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Indiana | ||||||||||||
Aurora School Building Corp., | ||||||||||||
5.000%, 01/15/2025 (Insured by ST AID) | $ | 1,300,000 | $ | 1,368,694 | ||||||||
Cass County Indiana Building Corp., | ||||||||||||
5.000%, 01/15/2028 (Insured by ST AID) | 400,000 | 440,382 | ||||||||||
City of Elkhart IN: | ||||||||||||
4.000%, 04/01/2025 (Insured by BAM) | 300,000 | 312,516 | ||||||||||
4.000%, 04/01/2026 (Insured by BAM) | 315,000 | 330,938 | ||||||||||
4.000%, 10/01/2026 (Insured by BAM) | 320,000 | 337,363 | ||||||||||
4.000%, 04/01/2027 (Insured by BAM) | 325,000 | 343,561 | ||||||||||
4.000%, 10/01/2027 (Insured by BAM) | 335,000 | 354,744 | ||||||||||
3.000%, 04/01/2028 (Insured by BAM) | 340,000 | 339,400 | ||||||||||
3.000%, 10/01/2028 (Insured by BAM) | 345,000 | 343,093 | ||||||||||
City of Hobart IN, | ||||||||||||
3.000%, 07/01/2025 (Insured by ST AID) | 395,000 | 396,238 | ||||||||||
City of Kendallville IN, | ||||||||||||
3.500%, 11/01/2024 (Mandatory | ||||||||||||
Tender Date 11/01/2023)(1) | 1,935,000 | 1,953,272 | ||||||||||
City of Mishawaka IN, | ||||||||||||
5.000%, 03/01/2025 (Insured by AGM) | 100,000 | 107,090 | ||||||||||
City of Muncie IN: | ||||||||||||
4.000%, 07/15/2022 (Insured by AGM) | 110,000 | 110,060 | ||||||||||
4.000%, 01/15/2024 (Insured by AGM) | 170,000 | 174,518 | ||||||||||
City of Valparaiso IN, | ||||||||||||
4.000%, 08/01/2026 (Callable 08/01/2023) | 375,000 | 381,809 | ||||||||||
Clarksville Redevelopment Authority, | ||||||||||||
4.000%, 08/01/2022 | 100,000 | 100,187 | ||||||||||
County of St. Joseph IN: | ||||||||||||
5.000%, 04/01/2024 | 1,000,000 | 1,042,479 | ||||||||||
5.000%, 04/01/2025 | 1,405,000 | 1,488,350 | ||||||||||
Fairfield School Building Corp., | ||||||||||||
3.000%, 07/15/2028 (Insured by ST AID) | 2,085,000 | 2,110,366 | ||||||||||
Fishers Redevelopment Authority: | ||||||||||||
4.000%, 01/15/2023 | 270,000 | 273,387 | ||||||||||
4.000%, 07/15/2023 | 275,000 | 281,065 | ||||||||||
Hammond Multi-School Building Corp.: | ||||||||||||
4.000%, 07/15/2023 (Insured by ST AID) | 120,000 | 122,622 | ||||||||||
4.000%, 01/15/2024 (Insured by ST AID) | 370,000 | 380,510 | ||||||||||
4.000%, 07/15/2024 (Insured by ST AID) | 380,000 | 393,032 | ||||||||||
5.000%, 07/15/2024 (Insured by ST AID) | 1,160,000 | 1,222,644 | ||||||||||
4.000%, 01/15/2025 (Insured by ST AID) | 150,000 | 156,049 | ||||||||||
5.000%, 01/15/2025 (Insured by ST AID) | 525,000 | 559,249 | ||||||||||
4.000%, 07/15/2025 (Insured by ST AID) | 125,000 | 130,756 | ||||||||||
Indiana Bond Bank, | ||||||||||||
1.670%, 10/15/2022 | ||||||||||||
(3 Month LIBOR USD + 0.970%)(2) | 1,140,000 | 1,137,221 | ||||||||||
Indiana Finance Authority: | ||||||||||||
5.000%, 09/15/2022 | 60,000 | 60,362 | ||||||||||
5.000%, 10/01/2022 | 175,000 | 176,200 | ||||||||||
5.000%, 02/01/2023 | 25,000 | 25,490 | ||||||||||
5.000%, 09/15/2023 | 75,000 | 77,238 | ||||||||||
5.000%, 09/01/2024 | 390,000 | 402,180 | ||||||||||
5.000%, 09/15/2024 | 815,000 | 851,763 | ||||||||||
5.000%, 09/15/2024 | 155,000 | 161,521 | ||||||||||
5.000%, 09/01/2025 | 445,000 | 461,374 | ||||||||||
5.000%, 09/15/2025 | 325,000 | 342,293 | ||||||||||
3.000%, 10/01/2025 (Callable 10/01/2023) | 95,000 | 93,269 | ||||||||||
5.000%, 07/01/2026 | 730,000 | 784,834 | ||||||||||
5.000%, 09/01/2026 | 1,520,000 | 1,581,245 | ||||||||||
5.000%, 09/15/2026 (Callable 09/15/2024) | 700,000 | 728,358 | ||||||||||
3.000%, 10/01/2026 (Callable 10/01/2023) | 95,000 | 92,083 | ||||||||||
5.000%, 10/01/2028 | 260,000 | 277,595 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2026) | 1,225,000 | 1,337,194 | ||||||||||
5.000%, 02/01/2033 (Callable 02/01/2028) | 775,000 | 863,155 | ||||||||||
2.250%, 12/01/2058 (Callable 01/01/2025) | ||||||||||||
(Mandatory Tender Date 07/01/2025)(1) | 2,985,000 | 2,959,440 | ||||||||||
Indiana Housing & Community | ||||||||||||
Development Authority, | ||||||||||||
3.500%, 01/01/2049 (Callable 01/01/2029) | ||||||||||||
(Insured by GNMA) | 1,090,000 | 1,091,388 | ||||||||||
Indiana State University: | ||||||||||||
5.000%, 04/01/2023 | 935,000 | 958,055 | ||||||||||
5.000%, 04/01/2024 | 975,000 | 1,022,719 | ||||||||||
5.000%, 04/01/2025 | 1,035,000 | 1,107,435 | ||||||||||
5.000%, 04/01/2026 | 1,085,000 | 1,180,759 | ||||||||||
Indianapolis Board of School Commissioners: | ||||||||||||
5.000%, 07/15/2024 (Insured by ST AID) | 500,000 | 527,716 | ||||||||||
5.000%, 07/15/2025 (Insured by ST AID) | 750,000 | 806,081 | ||||||||||
5.000%, 01/15/2026 (Insured by ST AID) | 1,000,000 | 1,082,918 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank: | ||||||||||||
5.000%, 06/01/2026 | 1,350,000 | 1,464,887 | ||||||||||
5.000%, 02/01/2030 (Callable 12/29/2023) | 1,025,000 | 1,071,927 | ||||||||||
Jasper Hospital Authority, | ||||||||||||
4.125%, 11/01/2025 | ||||||||||||
(Pre-refunded to 11/01/2023) | 2,025,000 | 2,083,899 | ||||||||||
Kankakee Valley Middle | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 07/15/2022 (Insured by ST AID) | 215,000 | 215,229 | ||||||||||
Lake Central Multi-District | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 07/15/2026 (Pre-refunded | ||||||||||||
to 01/15/2023) (Insured by ST AID) | 585,000 | 595,628 | ||||||||||
Logansport Renovation | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 01/15/2026 (Insured by ST AID) | 750,000 | 814,038 | ||||||||||
Marion High School Building Corp.: | ||||||||||||
4.000%, 07/15/2022 (Insured by ST AID) | 135,000 | 135,099 | ||||||||||
4.000%, 01/15/2023 (Insured by ST AID) | 215,000 | 217,674 | ||||||||||
4.000%, 01/15/2025 (Insured by ST AID) | 200,000 | 208,316 | ||||||||||
Michigan City School Building Corp., | ||||||||||||
5.000%, 07/15/2023 (Insured by ST AID) | 350,000 | 358,513 | ||||||||||
Mishawaka School City | ||||||||||||
Multi-School Building Corp., | ||||||||||||
5.000%, 01/15/2024 (Insured by ST AID) | 615,000 | 632,489 | ||||||||||
Munster School Building Corp.: | ||||||||||||
5.000%, 07/15/2022 (Insured by ST AID) | 215,000 | 215,227 | ||||||||||
5.000%, 01/15/2023 (Insured by ST AID) | 215,000 | 218,971 | ||||||||||
4.000%, 07/15/2023 (Insured by ST AID) | 160,000 | 163,743 | ||||||||||
5.000%, 01/15/2024 (Insured by ST AID) | 225,000 | 235,277 | ||||||||||
Plainfield Redevelopment Authority: | ||||||||||||
4.000%, 02/01/2026 (Insured by ST AID) | 605,000 | 629,238 | ||||||||||
4.000%, 08/01/2026 (Insured by ST AID) | 630,000 | 657,293 | ||||||||||
4.000%, 02/01/2027 (Insured by ST AID) | 645,000 | 674,772 | ||||||||||
4.000%, 08/01/2027 (Insured by ST AID) | 665,000 | 697,382 | ||||||||||
4.000%, 08/01/2034 (Callable 08/01/2023) | ||||||||||||
(Insured by ST AID) | 470,000 | 474,662 | ||||||||||
Purdue University, | ||||||||||||
5.000%, 07/01/2031 (Callable 07/01/2026) | 935,000 | 1,021,419 | ||||||||||
Salem Middle School Building Corp., | ||||||||||||
4.000%, 01/15/2024 (Insured by ST AID) | 195,000 | 200,361 | ||||||||||
Shelbyville Central Renovation | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 07/15/2022 (Insured by ST AID) | 260,000 | 260,266 | ||||||||||
Town of Rossville IN, | ||||||||||||
3.500%, 07/01/2023 | 115,000 | 116,068 | ||||||||||
Vinton-Tecumseh School Building Corp.: | ||||||||||||
4.000%, 07/15/2022 (Insured by ST AID) | 385,000 | 385,282 | ||||||||||
5.000%, 01/15/2023 (Insured by ST AID) | 145,000 | 147,562 |
The accompanying notes are an integral part of these financial statements.
Page 111
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wabash City Schools Building Corp.: | ||||||||||||
4.000%, 07/15/2024 (Insured by ST AID) | $ | 110,000 | $ | 113,440 | ||||||||
4.000%, 01/15/2025 (Insured by ST AID) | 140,000 | 145,157 | ||||||||||
4.000%, 07/15/2025 (Insured by ST AID) | 240,000 | 250,052 | ||||||||||
Washington Indiana Elementary | ||||||||||||
School Building Corp., | ||||||||||||
3.000%, 01/15/2024 (Insured by ST AID) | 445,000 | 447,401 | ||||||||||
West Washington School Corp., | ||||||||||||
2.000%, 07/15/2022 (Insured by ST AID) | 195,000 | 195,028 | ||||||||||
Westfield High School Building Corp., | ||||||||||||
5.000%, 01/15/2024 (Insured by ST AID) | 200,000 | 208,273 | ||||||||||
Total Indiana | ||||||||||||
(Cost $52,535,394) | 50,998,833 | 2.3 | % | |||||||||
Iowa | ||||||||||||
Bondurant-Farrar Community School District, | ||||||||||||
3.000%, 06/01/2023 (Insured by AGM) | 110,000 | 111,250 | ||||||||||
City of Coralville IA: | ||||||||||||
4.000%, 06/01/2024 | 300,000 | 300,927 | ||||||||||
4.000%, 06/01/2025 (Callable 06/01/2024) | 455,000 | 455,086 | ||||||||||
City of New Hampton IA, | ||||||||||||
3.000%, 06/01/2023 (Insured by BAM) | 135,000 | 136,291 | ||||||||||
City of Waverly IA, | ||||||||||||
2.500%, 12/31/2022 (Callable 07/18/2022) | 4,063,000 | 4,053,201 | ||||||||||
Iowa Finance Authority: | ||||||||||||
4.000%, 05/15/2025 | 1,975,000 | 1,965,951 | ||||||||||
3.500%, 07/01/2046 (Callable 01/01/2026) | ||||||||||||
(Insured by GNMA) | 95,000 | 95,405 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 570,000 | 578,570 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 850,000 | 862,324 | ||||||||||
3.000%, 07/01/2051 (Callable 01/01/2031) | ||||||||||||
(Insured by GNMA) | 995,000 | 963,536 | ||||||||||
1.610%, 05/15/2056 (SOFR + 0.550%) | ||||||||||||
(Callable 05/15/2025) (Mandatory Tender | ||||||||||||
Date 05/15/2026)(2) | 6,000,000 | 5,682,469 | ||||||||||
Iowa Higher Education Loan Authority: | ||||||||||||
4.000%, 10/01/2023 | 325,000 | 331,663 | ||||||||||
3.000%, 04/01/2024 | 500,000 | 505,354 | ||||||||||
4.000%, 10/01/2024 | 340,000 | 347,533 | ||||||||||
3.000%, 04/01/2025 | 775,000 | 779,962 | ||||||||||
3.000%, 04/01/2026 | 800,000 | 802,031 | ||||||||||
4.000%, 10/01/2026 | 155,000 | 159,019 | ||||||||||
3.000%, 04/01/2027 | 820,000 | 820,362 | ||||||||||
4.000%, 10/01/2027 | 185,000 | 189,541 | ||||||||||
3.000%, 04/01/2028 | 845,000 | 829,350 | ||||||||||
4.000%, 10/01/2028 | 260,000 | 265,149 | ||||||||||
Lake Panorama Improvement Zone: | ||||||||||||
3.000%, 06/01/2023 | 405,000 | 408,107 | ||||||||||
3.000%, 06/01/2024 | 420,000 | 423,809 | ||||||||||
3.000%, 06/01/2025 | 430,000 | 432,239 | ||||||||||
PEFA, Inc., | ||||||||||||
5.000%, 09/01/2049 (Callable 06/01/2026) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(1) | 1,900,000 | 1,994,812 | ||||||||||
Total Iowa | ||||||||||||
(Cost $24,623,494) | 23,493,941 | 1.1 | % | |||||||||
Kansas | ||||||||||||
City of Derby KS, | ||||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 1,050,000 | 993,685 | ||||||||||
City of Manhattan KS, | ||||||||||||
4.000%, 06/01/2027 (Callable 06/01/2025) | 1,300,000 | 1,281,346 | ||||||||||
Kansas Development Finance Authority: | ||||||||||||
5.000%, 05/01/2025 | 2,340,000 | 2,516,488 | ||||||||||
5.000%, 05/01/2026 | 1,225,000 | 1,343,430 | ||||||||||
5.000%, 05/01/2027 | 2,575,000 | 2,873,894 | ||||||||||
Kansas Power Pool, | ||||||||||||
5.000%, 12/01/2023 | 545,000 | 567,216 | ||||||||||
Public Building Commission | ||||||||||||
of Johnson County, | ||||||||||||
5.000%, 09/01/2023 | 50,000 | 51,830 | ||||||||||
Reno County Unified | ||||||||||||
School District No. 313, | ||||||||||||
4.000%, 09/01/2030 | ||||||||||||
(Pre-refunded to 09/01/2022) | 200,000 | 200,838 | ||||||||||
Wyandotte County-Kansas City | ||||||||||||
Unified Government, | ||||||||||||
5.000%, 09/01/2031 (Callable 09/01/2024) | 1,100,000 | 1,149,136 | ||||||||||
Total Kansas | ||||||||||||
(Cost $11,506,221) | 10,977,863 | 0.5 | % | |||||||||
Kentucky | ||||||||||||
Calloway County Public Library District, | ||||||||||||
2.500%, 06/01/2029 | 865,000 | 863,359 | ||||||||||
City of Henderson KY, | ||||||||||||
3.500%, 11/01/2028 | 3,280,000 | 3,334,782 | ||||||||||
County of Carroll KY, | ||||||||||||
1.550%, 09/01/2042 (Mandatory | ||||||||||||
Tender Date 09/01/2026)(1) | 750,000 | 662,563 | ||||||||||
County of Kenton KY: | ||||||||||||
5.000%, 04/01/2024 | 375,000 | 393,880 | ||||||||||
5.000%, 04/01/2026 | 725,000 | 793,874 | ||||||||||
Danville Independent School | ||||||||||||
District Finance Corp., | ||||||||||||
2.000%, 03/01/2023 (Insured by ST AID) | 75,000 | 75,118 | ||||||||||
Frankfort Independent School | ||||||||||||
District Finance Corp., | ||||||||||||
2.050%, 08/01/2024 (Insured by ST AID) | 915,000 | 903,913 | ||||||||||
Harlan County School District Finance Corp., | ||||||||||||
3.000%, 08/01/2025 (Callable 02/01/2025) | ||||||||||||
(Insured by ST AID) | 1,150,000 | 1,162,713 | ||||||||||
Kentucky Association of Counties: | ||||||||||||
4.000%, 02/01/2023 | 625,000 | 633,295 | ||||||||||
4.000%, 02/01/2024 | 650,000 | 669,768 | ||||||||||
4.000%, 02/01/2025 | 345,000 | 358,833 | ||||||||||
4.000%, 02/01/2026 | 355,000 | 373,049 | ||||||||||
Kentucky Association of | ||||||||||||
Counties Finance Corp., | ||||||||||||
4.000%, 02/01/2028 | 240,000 | 255,140 | ||||||||||
Kentucky Bond Corp., | ||||||||||||
3.000%, 02/01/2025 | 765,000 | 776,021 | ||||||||||
Kentucky Bond Development Corp.: | ||||||||||||
2.000%, 03/01/2023 | 160,000 | 160,210 | ||||||||||
3.000%, 03/01/2024 | 160,000 | 162,014 | ||||||||||
4.000%, 03/01/2025 | 165,000 | 170,567 | ||||||||||
5.000%, 03/01/2026 | 150,000 | 161,158 | ||||||||||
5.000%, 03/01/2027 | 345,000 | 375,848 | ||||||||||
5.000%, 03/01/2028 | 190,000 | 208,566 | ||||||||||
Kentucky Economic Development | ||||||||||||
Finance Authority: | ||||||||||||
0.000%, 12/01/2022 | ||||||||||||
(ETM) (Insured by AGC) | 75,000 | 74,527 | ||||||||||
0.000%, 10/01/2024 (Insured by NATL) | 1,145,000 | 1,072,617 | ||||||||||
0.000%, 12/01/2024 | ||||||||||||
(ETM) (Insured by AGC) | 60,000 | 56,855 | ||||||||||
5.000%, 07/01/2025 | 1,500,000 | 1,584,615 | ||||||||||
0.000%, 10/01/2025 (Insured by NATL) | 335,000 | 302,783 |
The accompanying notes are an integral part of these financial statements.
Page 112
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Kentucky Economic Development | ||||||||||||
Finance Authority: (cont.) | ||||||||||||
5.000%, 06/01/2026 | $ | 240,000 | $ | 258,024 | ||||||||
0.000%, 10/01/2026 (Insured by NATL) | 100,000 | 87,053 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 1,000,000 | 1,046,462 | ||||||||||
Kentucky Housing Corp., | ||||||||||||
5.850%, 04/01/2048 (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 04/01/2023)(1) | 1,194,556 | 1,195,756 | ||||||||||
Kentucky Public Energy Authority: | ||||||||||||
4.000%, 01/01/2049 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(1) | 5,045,000 | 5,105,524 | ||||||||||
2.268%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.120%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 4,410,000 | 4,327,047 | ||||||||||
2.448%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.300%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 2,100,000 | 2,070,989 | ||||||||||
4.000%, 12/01/2050 (Callable 03/01/2026) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(1) | 2,580,000 | 2,611,106 | ||||||||||
Kentucky State Property | ||||||||||||
& Building Commission: | ||||||||||||
5.000%, 05/01/2028 | 300,000 | 333,755 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | ||||||||||||
(Insured by AGM) | 250,000 | 275,548 | ||||||||||
Kentucky State University: | ||||||||||||
5.000%, 11/01/2024 (Insured by BAM) | 200,000 | 211,906 | ||||||||||
5.000%, 11/01/2026 (Insured by BAM) | 250,000 | 274,646 | ||||||||||
5.000%, 11/01/2027 (Insured by BAM) | 140,000 | 156,047 | ||||||||||
5.000%, 11/01/2028 (Insured by BAM) | 290,000 | 326,743 | ||||||||||
5.000%, 11/01/2030 (Insured by BAM) | 175,000 | 201,031 | ||||||||||
Kentucky Turnpike Authority, | ||||||||||||
4.000%, 07/01/2026 | 1,000,000 | 1,053,173 | ||||||||||
Louisville & Jefferson County | ||||||||||||
Metropolitan Government: | ||||||||||||
4.000%, 08/01/2027 (Callable 08/01/2026) | 215,000 | 228,450 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2023) | 500,000 | 515,574 | ||||||||||
Magoffin County Justice Center Corp., | ||||||||||||
3.000%, 05/01/2023 | 345,000 | 347,779 | ||||||||||
Murray State University: | ||||||||||||
5.000%, 09/01/2022 (Insured by ST AID) | 410,000 | 412,331 | ||||||||||
5.000%, 09/01/2023 (Insured by ST AID) | 435,000 | 451,025 | ||||||||||
3.000%, 03/01/2028 (Callable 03/01/2025) | ||||||||||||
(Insured by ST AID) | 400,000 | 400,334 | ||||||||||
Northern Kentucky University, | ||||||||||||
3.500%, 09/01/2028 (Insured by ST AID) | 3,785,000 | 3,882,480 | ||||||||||
Perry County School District Finance Corp., | ||||||||||||
2.000%, 12/01/2029 (Insured by ST AID) | 2,905,000 | 2,748,140 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $46,111,012) | 44,106,991 | 2.0 | % | |||||||||
Louisiana | ||||||||||||
Calcasieu Parish Fire Protection District No. 1, | ||||||||||||
4.000%, 03/01/2024 (Insured by BAM) | 155,000 | 159,661 | ||||||||||
Calcasieu Parish School District No. 23: | ||||||||||||
5.000%, 09/01/2022 (Insured by BAM) | 85,000 | 85,462 | ||||||||||
5.000%, 09/01/2023 (Insured by BAM) | 175,000 | 181,058 | ||||||||||
5.000%, 09/01/2024 (Insured by BAM) | 250,000 | 264,179 | ||||||||||
Calcasieu Parish School District No. 30, | ||||||||||||
4.000%, 02/15/2023 (Insured by AGM) | 125,000 | 126,582 | ||||||||||
Calcasieu Parish School District No. 34, | ||||||||||||
2.000%, 11/01/2022 | 425,000 | 425,571 | ||||||||||
City of Ruston LA, | ||||||||||||
5.000%, 06/01/2031 (Callable 06/01/2026) | ||||||||||||
(Insured by AGM) | 1,020,000 | 1,110,756 | ||||||||||
City of Shreveport LA: | ||||||||||||
5.000%, 08/01/2023 (Insured by BAM) | 175,000 | 180,356 | ||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 435,000 | 452,945 | ||||||||||
5.000%, 09/01/2024 | 1,000,000 | 1,052,610 | ||||||||||
5.000%, 09/01/2027 (Callable 09/01/2024) | 1,420,000 | 1,495,012 | ||||||||||
3.125%, 10/01/2030 | 2,215,000 | 2,126,706 | ||||||||||
East Ouachita Parish School District, | ||||||||||||
2.500%, 03/01/2024 | 200,000 | 201,291 | ||||||||||
Greater Ouachita Water Co., | ||||||||||||
5.000%, 09/01/2022 (Insured by BAM) | 300,000 | 301,649 | ||||||||||
Jefferson Sales Tax District: | ||||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 550,000 | 572,654 | ||||||||||
5.000%, 12/01/2024 (Insured by AGM) | 685,000 | 728,680 | ||||||||||
Louisiana Housing Corp., | ||||||||||||
3.500%, 07/01/2025 (Mandatory Tender | ||||||||||||
Date 07/01/2024) (Insured by HUD)(1) | 5,000,000 | 5,051,330 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & | ||||||||||||
Community Development Authority: | ||||||||||||
5.000%, 08/01/2024 (Callable 08/01/2023) | 185,000 | 190,246 | ||||||||||
3.020%, 04/01/2031 | ||||||||||||
(Callable 04/01/2025)(3) | 5,428,000 | 5,293,411 | ||||||||||
5.750%, 09/01/2035 | ||||||||||||
(Pre-refunded to 09/01/2023) | 75,000 | 78,359 | ||||||||||
Louisiana Public Facilities Authority: | ||||||||||||
5.000%, 10/01/2023 | 705,000 | 729,679 | ||||||||||
5.500%, 05/15/2027 | ||||||||||||
(Pre-refunded to 05/15/2026) | 2,015,000 | 2,203,326 | ||||||||||
Louisiana Stadium & Exposition District, | ||||||||||||
4.000%, 07/03/2023 (Callable 04/01/2023) | 2,325,000 | 2,355,040 | ||||||||||
Louisiana State University & | ||||||||||||
Agricultural & Mechanical College, | ||||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | ||||||||||||
(Insured by BAM) | 340,000 | 365,162 | ||||||||||
Morehouse Parish Hospital | ||||||||||||
Service District No. 1, | ||||||||||||
4.000%, 10/01/2027 | 635,000 | 624,339 | ||||||||||
New Orleans Aviation Board, | ||||||||||||
5.000%, 10/01/2025 (Insured by AGM) | 200,000 | 216,063 | ||||||||||
St. Landry Parish Road District No. 1, | ||||||||||||
3.250%, 03/01/2025 (Callable 03/01/2024) | ||||||||||||
(Insured by BAM) | 210,000 | 212,246 | ||||||||||
St. Tammany Parish | ||||||||||||
Recreation District No. 14, | ||||||||||||
2.250%, 04/01/2023 | 225,000 | 226,108 | ||||||||||
St. Tammany Parish Wide | ||||||||||||
School District No. 12: | ||||||||||||
5.000%, 03/01/2025 | 500,000 | 535,983 | ||||||||||
5.000%, 03/01/2026 | 415,000 | 453,876 | ||||||||||
5.000%, 03/01/2027 | 605,000 | 673,583 | ||||||||||
State of Louisiana, | ||||||||||||
5.000%, 06/15/2034 | ||||||||||||
(Pre-refunded to 06/15/2024) | 85,000 | 89,924 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $29,652,863) | 28,763,847 | 1.3 | % | |||||||||
Maine | ||||||||||||
Maine Health & Higher | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 07/01/2027 (Insured by AGM) | 2,365,000 | 2,608,374 | ||||||||||
Maine State Housing Authority: | ||||||||||||
2.700%, 11/15/2029 (Callable 11/15/2025) | 190,000 | 181,633 | ||||||||||
3.500%, 11/15/2045 (Callable 05/15/2025) | 15,000 | 15,106 | ||||||||||
4.000%, 11/15/2045 (Callable 11/15/2025) | 130,000 | 131,650 |
The accompanying notes are an integral part of these financial statements.
Page 113
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Maine State Housing Authority: (cont.) | ||||||||||||
4.000%, 11/15/2046 | ||||||||||||
(Callable 05/15/2026) | $ | 955,000 | $ | 967,395 | ||||||||
3.500%, 11/15/2047 (Callable 11/15/2026) | 655,000 | 657,519 | ||||||||||
4.000%, 11/15/2049 (Callable 05/15/2028) | 1,065,000 | 1,079,985 | ||||||||||
4.000%, 11/15/2050 (Callable 05/15/2029) | 1,575,000 | 1,598,485 | ||||||||||
5.000%, 11/15/2052 | ||||||||||||
(Callable 11/15/2031)(7) | 3,800,000 | 4,025,086 | ||||||||||
Total Maine | ||||||||||||
(Cost $11,681,125) | 11,265,233 | 0.5 | % | |||||||||
Maryland | ||||||||||||
City of Baltimore MD: | ||||||||||||
5.000%, 07/01/2024 | ||||||||||||
(ETM) (Insured by FGIC) | 80,000 | 82,608 | ||||||||||
5.000%, 10/15/2025 | 1,465,000 | 1,593,465 | ||||||||||
5.000%, 07/01/2030 (Callable 01/01/2027) | 1,185,000 | 1,289,773 | ||||||||||
County of Baltimore MD, | ||||||||||||
3.000%, 09/01/2025 (Callable 09/01/2022) | 950,000 | 951,149 | ||||||||||
County of Howard MD, | ||||||||||||
5.000%, 08/15/2026 | 4,805,000 | 5,331,361 | ||||||||||
Maryland Community | ||||||||||||
Development Administration: | ||||||||||||
3.750%, 03/01/2050 (Callable 03/01/2029) | 2,775,000 | 2,795,544 | ||||||||||
5.000%, 09/01/2052 (Callable 03/01/2031) | 3,000,000 | 3,176,992 | ||||||||||
Maryland Health & Higher | ||||||||||||
Educational Facilities Authority: | ||||||||||||
4.000%, 01/01/2023 | 580,000 | 584,284 | ||||||||||
5.000%, 07/01/2023 | 850,000 | 875,175 | ||||||||||
5.000%, 07/01/2024 | 1,775,000 | 1,856,538 | ||||||||||
5.000%, 01/01/2026 | 495,000 | 523,290 | ||||||||||
5.000%, 01/01/2027 | 430,000 | 457,359 | ||||||||||
5.000%, 07/01/2027 | ||||||||||||
(ETM) (Insured by AMBAC) | 2,255,000 | 2,413,924 | ||||||||||
5.000%, 07/01/2045 (Callable 01/01/2027) | ||||||||||||
(Mandatory Tender Date 07/01/2027)(1) | 3,200,000 | 3,486,916 | ||||||||||
Maryland Stadium Authority: | ||||||||||||
5.000%, 06/01/2024 | 750,000 | 788,693 | ||||||||||
5.000%, 06/01/2025 | 500,000 | 536,731 | ||||||||||
5.000%, 06/01/2027 | 1,515,000 | 1,676,989 | ||||||||||
Montgomery County Housing | ||||||||||||
Opportunities Commission, | ||||||||||||
4.000%, 07/01/2048 (Callable 07/01/2026) | 245,000 | 248,292 | ||||||||||
State of Maryland, | ||||||||||||
5.000%, 08/01/2028 | 6,200,000 | 7,099,351 | ||||||||||
Washington Suburban Sanitary Commission, | ||||||||||||
0.790%, 06/01/2023 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022) | ||||||||||||
(County Guaranteed)(1) | 1,600,000 | 1,600,000 | ||||||||||
Total Maryland | ||||||||||||
(Cost $38,029,811) | 37,368,434 | 1.7 | % | |||||||||
Massachusetts | ||||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
3.500%, 10/01/2022(3) | 540,000 | 540,755 | ||||||||||
5.000%, 10/01/2022 (Insured by AGM) | 200,000 | 201,692 | ||||||||||
5.000%, 12/01/2023 | 190,000 | 197,961 | ||||||||||
5.000%, 12/01/2024 | 500,000 | 531,037 | ||||||||||
5.000%, 07/01/2025 | 300,000 | 307,781 | ||||||||||
5.000%, 07/01/2029 (Callable 08/01/2022) | 635,000 | 636,420 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2023) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(1) | 1,075,000 | 1,112,632 | ||||||||||
1.380%, 07/01/2049 | ||||||||||||
(SIFMA Municipal Swap Index + 0.600%) | ||||||||||||
(Callable 07/01/2022) (Mandatory Tender | ||||||||||||
Date 01/29/2026)(2)(3) | 3,300,000 | 3,276,244 | ||||||||||
Massachusetts Housing Finance Agency: | ||||||||||||
0.800%, 12/01/2025 | ||||||||||||
(Callable 06/01/2024) | 2,300,000 | 2,124,300 | ||||||||||
4.000%, 12/01/2044 (Callable 06/01/2025) | 115,000 | 116,610 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | ||||||||||||
(Insured by GNMA) | 595,000 | 603,880 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | ||||||||||||
(Insured by GNMA) | 360,000 | 365,066 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2028) | 720,000 | 730,413 | ||||||||||
Massachusetts Transportation Trust, | ||||||||||||
5.000%, 01/01/2039 (Mandatory | ||||||||||||
Tender Date 01/01/2023)(1) | 3,865,000 | 3,922,833 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $14,943,675) | 14,667,624 | 0.7 | % | |||||||||
Michigan | ||||||||||||
Bad Axe Public Schools, | ||||||||||||
4.000%, 05/01/2027 (Callable 05/01/2024) | ||||||||||||
(Insured by Q-SBLF) | 630,000 | 647,924 | ||||||||||
City of Allen Park Brownfield | ||||||||||||
Redevelopment Authority: | ||||||||||||
4.000%, 05/01/2023 (Insured by BAM) | 620,000 | 630,941 | ||||||||||
4.000%, 05/01/2024 (Insured by BAM) | 320,000 | 330,268 | ||||||||||
City of Allen Park MI: | ||||||||||||
4.000%, 09/01/2022 (Insured by BAM) | 250,000 | 250,917 | ||||||||||
4.000%, 05/01/2023 (Insured by BAM) | 115,000 | 116,906 | ||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 300,000 | 306,871 | ||||||||||
City of Auburn Hills MI, | ||||||||||||
3.000%, 06/01/2029 | 785,000 | 788,893 | ||||||||||
City of Kalamazoo MI, | ||||||||||||
5.000%, 10/01/2023 | 50,000 | 51,938 | ||||||||||
Comstock Public Schools, | ||||||||||||
5.000%, 11/01/2023 (Insured by AGM) | 240,000 | 249,645 | ||||||||||
County of Ionia MI: | ||||||||||||
4.000%, 08/01/2024 | 210,000 | 217,502 | ||||||||||
4.000%, 08/01/2029 | 125,000 | 133,695 | ||||||||||
Detroit Wayne County Stadium Authority, | ||||||||||||
5.000%, 10/01/2026 (Callable 10/01/2022) | ||||||||||||
(Insured by AGM) | 90,000 | 90,624 | ||||||||||
Eastern Michigan University, | ||||||||||||
5.000%, 03/01/2031 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 515,000 | 560,775 | ||||||||||
Ferris State University: | ||||||||||||
5.000%, 10/01/2024 | 950,000 | 1,006,096 | ||||||||||
5.000%, 10/01/2029 | 1,500,000 | 1,694,943 | ||||||||||
Fruitport Community Schools, | ||||||||||||
4.000%, 05/01/2023 (Insured by Q-SBLF) | 135,000 | 137,505 | ||||||||||
Holly Area School District, | ||||||||||||
4.000%, 05/01/2025 (Insured by Q-SBLF) | 450,000 | 470,441 | ||||||||||
Ingham County Brownfield | ||||||||||||
Redevelopment Authority, | ||||||||||||
4.125%, 08/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 215,000 | 215,420 | ||||||||||
Michigan Finance Authority: | ||||||||||||
5.000%, 11/01/2022 (ETM) | 100,000 | 101,149 | ||||||||||
5.000%, 09/01/2023 | 185,000 | 191,556 | ||||||||||
5.000%, 09/01/2024 | 200,000 | 209,576 | ||||||||||
4.000%, 10/01/2024 | 1,350,000 | 1,367,317 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | ||||||||||||
(Insured by AGM) | 1,620,000 | 1,702,146 | ||||||||||
5.000%, 09/01/2025 | 200,000 | 212,339 | ||||||||||
4.000%, 05/01/2026 | 60,000 | 63,222 | ||||||||||
5.000%, 09/01/2026 | 200,000 | 214,771 | ||||||||||
5.500%, 12/01/2026 (Callable 06/01/2025) | 635,000 | 689,524 |
The accompanying notes are an integral part of these financial statements.
Page 114
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Michigan Finance Authority: (cont.) | ||||||||||||
5.000%, 09/01/2027 | $ | 280,000 | $ | 304,037 | ||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 500,000 | 528,690 | ||||||||||
4.500%, 10/01/2029 (Callable 10/01/2024) | 3,000,000 | 3,023,375 | ||||||||||
5.000%, 07/01/2033 (Callable 07/01/2024) | ||||||||||||
(Insured by AGM) | 2,000,000 | 2,074,525 | ||||||||||
4.000%, 11/15/2044 (Mandatory Tender | ||||||||||||
Date 08/15/2024)(1) | 2,945,000 | 3,043,149 | ||||||||||
Michigan State Hospital Finance Authority, | ||||||||||||
4.000%, 11/15/2047 (Mandatory Tender | ||||||||||||
Date 07/01/2024)(1) | 365,000 | 375,956 | ||||||||||
Michigan State Housing | ||||||||||||
Development Authority: | ||||||||||||
3.500%, 06/01/2024(7) | 3,440,000 | 3,472,817 | ||||||||||
4.000%, 06/01/2046 (Callable 12/01/2024) | 570,000 | 576,050 | ||||||||||
3.500%, 06/01/2047 (Callable 06/01/2026) | 2,485,000 | 2,494,656 | ||||||||||
3.500%, 12/01/2050 (Callable 06/01/2029) | 1,790,000 | 1,787,534 | ||||||||||
3.000%, 06/01/2052 (Callable 12/01/2030) | 985,000 | 961,021 | ||||||||||
Novi Community School District, | ||||||||||||
4.000%, 05/01/2025 | 1,000,000 | 1,040,690 | ||||||||||
Pinckney Community Schools, | ||||||||||||
4.000%, 05/01/2028 (Callable 05/01/2026) | ||||||||||||
(Insured by Q-SBLF) | 1,000,000 | 1,052,831 | ||||||||||
Redford Union School District No. 1: | ||||||||||||
5.000%, 11/01/2025 (Insured by Q-SBLF) | 680,000 | 736,892 | ||||||||||
5.000%, 11/01/2026 (Insured by Q-SBLF) | 800,000 | 880,931 | ||||||||||
Roseville Community Schools, | ||||||||||||
5.000%, 05/01/2028 (Pre-refunded | ||||||||||||
to 05/01/2025) (Insured by Q-SBLF) | 1,885,000 | 2,029,318 | ||||||||||
Saginaw City School District: | ||||||||||||
4.000%, 05/01/2024 (Insured by Q-SBLF) | 845,000 | 870,735 | ||||||||||
4.000%, 05/01/2026 (Insured by Q-SBLF) | 890,000 | 943,801 | ||||||||||
Saginaw Valley State University, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2026) | 855,000 | 936,747 | ||||||||||
South Lake Schools, | ||||||||||||
4.000%, 11/01/2023 (Insured by Q-SBLF) | 500,000 | 513,069 | ||||||||||
Southeastern Oakland County | ||||||||||||
Resource Recovery Authority, | ||||||||||||
4.000%, 07/01/2024 | 580,000 | 592,304 | ||||||||||
Tri-County Area School District, | ||||||||||||
4.000%, 05/01/2023 (Insured by AGM) | 705,000 | 717,790 | ||||||||||
Wayne State University, | ||||||||||||
5.000%, 11/15/2031 (Callable 11/15/2024) | 1,860,000 | 1,957,378 | ||||||||||
Western Michigan University: | ||||||||||||
5.000%, 11/15/2023 (Insured by AGM) | 120,000 | 125,040 | ||||||||||
5.000%, 11/15/2024 (Insured by AGM) | 125,000 | 133,021 | ||||||||||
5.000%, 11/15/2025 (Insured by AGM) | 150,000 | 162,770 | ||||||||||
5.000%, 11/15/2025 (Insured by AGM) | 675,000 | 732,464 | ||||||||||
5.000%, 11/15/2026 (Insured by AGM) | 150,000 | 165,675 | ||||||||||
5.000%, 11/15/2026 (Insured by AGM) | 425,000 | 469,413 | ||||||||||
5.000%, 11/15/2027 (Insured by AGM) | 130,000 | 145,720 | ||||||||||
5.000%, 11/15/2027 (Insured by AGM) | 300,000 | 336,277 | ||||||||||
5.000%, 11/15/2028 (Insured by AGM) | 100,000 | 113,342 | ||||||||||
5.000%, 11/15/2028 (Insured by AGM) | 250,000 | 283,355 | ||||||||||
5.000%, 11/15/2029 (Insured by AGM) | 100,000 | 114,465 | ||||||||||
5.000%, 11/15/2029 (Insured by AGM) | 280,000 | 320,502 | ||||||||||
Total Michigan | ||||||||||||
(Cost $48,289,958) | 46,669,244 | 2.1 | % | |||||||||
Minnesota | ||||||||||||
Alexandria Independent | ||||||||||||
School District No. 206: | ||||||||||||
3.000%, 02/01/2024 | 455,000 | 460,772 | ||||||||||
3.000%, 02/01/2027 | 500,000 | 504,836 | ||||||||||
3.000%, 02/01/2029 | 470,000 | 467,710 | ||||||||||
Brainerd Independent School District No. 181, | ||||||||||||
4.000%, 02/01/2027 | ||||||||||||
(Insured by SD CRED PROG) | 685,000 | 736,367 | ||||||||||
Chaska Independent School District No. 112, | ||||||||||||
2.500%, 02/01/2029 | 2,340,000 | 2,265,924 | ||||||||||
City of Minneapolis MN/St. Paul Housing | ||||||||||||
& Redevelopment Authority, | ||||||||||||
2.371%, 08/01/2028 | ||||||||||||
(Insured by NATL)(1)(5) | 50,000 | 50,000 | ||||||||||
City of St. Paul MN, | ||||||||||||
5.000%, 11/01/2028 (Callable 11/01/2024) | 1,035,000 | 1,099,757 | ||||||||||
County of Chippewa MN, | ||||||||||||
4.000%, 03/01/2024 | 1,340,000 | 1,367,100 | ||||||||||
Duluth Economic Development Authority: | ||||||||||||
5.000%, 06/15/2023 | 280,000 | 287,245 | ||||||||||
5.000%, 06/15/2024 | 250,000 | 259,700 | ||||||||||
5.000%, 06/15/2025 | 275,000 | 289,325 | ||||||||||
5.000%, 06/15/2026 | 350,000 | 372,180 | ||||||||||
Duluth Independent School District No. 709: | ||||||||||||
5.000%, 02/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | 815,000 | 830,249 | ||||||||||
0.000%, 02/01/2029 (Callable 02/01/2028) | ||||||||||||
(Insured by SD CRED PROG) | 1,850,000 | 1,441,674 | ||||||||||
Fergus Falls Independent | ||||||||||||
School District No. 544, | ||||||||||||
2.500%, 02/01/2024 | 105,000 | 105,299 | ||||||||||
Golden Valley Housing & | ||||||||||||
Redevelopment Authority, | ||||||||||||
4.000%, 02/01/2030 (Callable 02/01/2024) | 1,070,000 | 1,093,712 | ||||||||||
Housing & Redevelopment | ||||||||||||
Authority of the City of St. Paul: | ||||||||||||
5.000%, 11/15/2025 | 465,000 | 498,509 | ||||||||||
5.000%, 12/01/2025 | 285,000 | 298,510 | ||||||||||
5.000%, 12/01/2027 | 1,065,000 | 1,126,883 | ||||||||||
Housing & Redevelopment | ||||||||||||
Authority of the City of St. Paul MN, | ||||||||||||
2.000%, 09/01/2026 (Callable 09/01/2024) | 350,000 | 319,405 | ||||||||||
Maple River Independent | ||||||||||||
School District No. 2135: | ||||||||||||
5.000%, 02/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | 515,000 | 525,053 | ||||||||||
5.000%, 02/01/2024 | ||||||||||||
(Insured by SD CRED PROG) | 915,000 | 958,222 | ||||||||||
5.000%, 02/01/2025 | ||||||||||||
(Insured by SD CRED PROG) | 395,000 | 422,781 | ||||||||||
5.000%, 02/01/2026 | ||||||||||||
(Insured by SD CRED PROG) | 1,000,000 | 1,091,967 | ||||||||||
Minneapolis-Saint Paul | ||||||||||||
Metropolitan Airports Commission, | ||||||||||||
5.000%, 01/01/2025 | 310,000 | 329,268 | ||||||||||
Minnesota Higher Education | ||||||||||||
Facilities Authority: | ||||||||||||
3.000%, 12/01/2023 | 150,000 | 150,693 | ||||||||||
5.000%, 03/01/2024 | 165,000 | 171,807 | ||||||||||
4.000%, 12/01/2024 | 100,000 | 102,254 | ||||||||||
5.000%, 03/01/2027 (Callable 03/01/2026) | 250,000 | 266,728 | ||||||||||
5.000%, 10/01/2027 | 750,000 | 823,234 | ||||||||||
5.000%, 10/01/2028 (Callable 10/01/2027) | 1,445,000 | 1,575,916 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2027) | 770,000 | 834,804 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
3.900%, 07/01/2030 (Callable 08/01/2022) | ||||||||||||
(Insured by GNMA) | 30,000 | 30,005 | ||||||||||
4.000%, 01/01/2038 (Callable 01/01/2024) | 380,000 | 384,451 |
The accompanying notes are an integral part of these financial statements.
Page 115
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Minnesota Housing Finance Agency: (cont.) | ||||||||||||
2.625%, 01/01/2040 (Callable 07/01/2029) | ||||||||||||
(Insured by GNMA) | $ | 4,720,000 | $ | 4,479,952 | ||||||||
1.330%, 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 | 370,443 | ||||||||||
1.210%, 01/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 0.430%) | ||||||||||||
(Callable 01/01/2023) (Mandatory Tender | ||||||||||||
Date 07/03/2023) (Insured by GNMA)(2) | 6,490,000 | 6,482,599 | ||||||||||
3.500%, 07/01/2046 (Callable 07/01/2025) | ||||||||||||
(Insured by GNMA) | 2,165,000 | 2,173,395 | ||||||||||
4.000%, 01/01/2047 (Callable 01/01/2026) | ||||||||||||
(Insured by GNMA) | 125,000 | 126,809 | ||||||||||
4.000%, 07/01/2047 (Callable 01/01/2027) | ||||||||||||
(Insured by GNMA) | 275,000 | 278,635 | ||||||||||
3.000%, 01/01/2051 (Callable 01/01/2030) | ||||||||||||
(Insured by GNMA) | 6,010,000 | 5,909,212 | ||||||||||
3.000%, 07/01/2052 (Callable 01/01/2031) | 5,000,000 | 4,867,972 | ||||||||||
3.000%, 07/01/2052 (Callable 07/01/2031) | ||||||||||||
(Insured by GNMA) | 4,950,000 | 4,810,179 | ||||||||||
Moorhead Independent | ||||||||||||
School District No. 152: | ||||||||||||
4.000%, 02/01/2023 | 235,000 | 237,998 | ||||||||||
4.000%, 02/01/2024 | 245,000 | 251,836 | ||||||||||
4.000%, 02/01/2025 | 255,000 | 265,095 | ||||||||||
Northern Municipal Power Agency, | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2023) | 230,000 | 233,759 | ||||||||||
Shakopee Independent | ||||||||||||
School District No. 720: | ||||||||||||
5.000%, 02/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | 675,000 | 688,410 | ||||||||||
0.000%, 02/01/2027 | ||||||||||||
(Insured by SD CRED PROG) | 6,660,000 | 5,826,961 | ||||||||||
St. Paul Port Authority, | ||||||||||||
0.900%, 02/01/2034 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 1,400,000 | 1,400,000 | ||||||||||
State of Minnesota, | ||||||||||||
5.000%, 06/01/2025 (Callable 06/01/2023) | 150,000 | 154,429 | ||||||||||
Zumbro Education District: | ||||||||||||
4.000%, 02/01/2023 | 340,000 | 343,830 | ||||||||||
4.000%, 02/01/2025 | 330,000 | 338,080 | ||||||||||
4.000%, 02/01/2027 | 395,000 | 406,401 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $64,741,664) | 61,188,335 | 2.8 | % | |||||||||
Mississippi | ||||||||||||
Brookhaven School District, | ||||||||||||
3.000%, 08/01/2023 (Insured by AGM) | 200,000 | 202,627 | ||||||||||
City of Oxford MS, | ||||||||||||
3.000%, 09/01/2024 | 250,000 | 239,613 | ||||||||||
City of Ridgeland MS: | ||||||||||||
3.000%, 10/01/2022 | 1,420,000 | 1,421,324 | ||||||||||
3.000%, 10/01/2023 | 1,335,000 | 1,339,336 | ||||||||||
3.000%, 10/01/2024 | 1,505,000 | 1,489,267 | ||||||||||
City of Yazoo MS: | ||||||||||||
3.000%, 03/01/2025 (Insured by AGM) | 125,000 | 126,934 | ||||||||||
3.000%, 03/01/2026 (Insured by AGM) | 130,000 | 132,191 | ||||||||||
County of Warren MS, | ||||||||||||
2.900%, 09/01/2032 | ||||||||||||
(Mandatory Tender Date 09/01/2023)(1) | 800,000 | 803,395 | ||||||||||
Mississippi Business Finance Corp., | ||||||||||||
3.200%, 09/01/2028 (Callable 03/13/2024) | 2,460,000 | 2,433,596 | ||||||||||
Mississippi Development Bank: | ||||||||||||
4.000%, 07/01/2022 | 170,000 | 170,000 | ||||||||||
5.000%, 10/01/2022(3) | 400,000 | 402,308 | ||||||||||
5.000%, 07/01/2023 | 150,000 | 154,742 | ||||||||||
5.000%, 10/01/2023(3) | 400,000 | 409,593 | ||||||||||
5.000%, 03/01/2024 (Insured by AGM) | 50,000 | 52,362 | ||||||||||
5.000%, 10/01/2024(3) | 460,000 | 476,739 | ||||||||||
5.000%, 11/01/2024 | 335,000 | 352,300 | ||||||||||
5.000%, 07/01/2025 | 120,000 | 128,771 | ||||||||||
5.000%, 11/01/2025 (Insured by BAM) | 240,000 | 260,080 | ||||||||||
5.000%, 07/01/2027 | 150,000 | 166,099 | ||||||||||
5.000%, 07/01/2028 | 170,000 | 189,798 | ||||||||||
Mississippi Home Corp.: | ||||||||||||
5.000%, 06/01/2028 (Insured by GNMA) | 1,250,000 | 1,398,857 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2028) | ||||||||||||
(Insured by GNMA) | 365,000 | 370,206 | ||||||||||
3.500%, 12/01/2049 (Callable 12/01/2028) | ||||||||||||
(Insured by GNMA) | 795,000 | 795,609 | ||||||||||
Natchez-Adams School District, | ||||||||||||
5.000%, 02/01/2027 | 380,000 | 417,624 | ||||||||||
State of Mississippi: | ||||||||||||
5.000%, 10/15/2022 | 700,000 | 706,635 | ||||||||||
5.000%, 10/15/2023 | 585,000 | 606,094 | ||||||||||
5.000%, 10/15/2024 | 320,000 | 338,663 | ||||||||||
5.000%, 10/15/2025 | 405,000 | 435,854 | ||||||||||
5.000%, 10/15/2028 (Callable 10/15/2025) | 1,255,000 | 1,337,395 | ||||||||||
5.000%, 12/01/2030 | ||||||||||||
(Pre-refunded to 12/01/2026) | 100,000 | 111,466 | ||||||||||
West Rankin Utility Authority, | ||||||||||||
4.000%, 01/01/2027 (Callable 01/01/2025) | ||||||||||||
(Insured by AGM) | 380,000 | 395,282 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $18,364,391) | 17,864,760 | 0.8 | % | |||||||||
Missouri | ||||||||||||
Arnold Retail Corridor Transportation | ||||||||||||
Development District, | ||||||||||||
3.000%, 11/01/2028 (Callable 11/01/2024) | 570,000 | 525,222 | ||||||||||
City of Berkeley MO, | ||||||||||||
3.000%, 05/01/2024 (Insured by BAM) | 205,000 | 207,569 | ||||||||||
City of St. Louis MO: | ||||||||||||
5.000%, 07/01/2023 (Insured by AGM) | 415,000 | 428,078 | ||||||||||
5.000%, 12/15/2025 (Insured by AGM) | 1,085,000 | 1,177,748 | ||||||||||
5.000%, 12/15/2026 (Callable 12/15/2025) | ||||||||||||
(Insured by AGM) | 1,025,000 | 1,115,099 | ||||||||||
Grain Valley School District No. R-V, | ||||||||||||
5.000%, 03/01/2030 (Callable 03/01/2025) | ||||||||||||
(Insured by ST AID) | 500,000 | 534,246 | ||||||||||
Hanley Road Corridor Transportation | ||||||||||||
Development District: | ||||||||||||
1.625%, 10/01/2033 (Callable 10/01/2029) | 675,000 | 665,298 | ||||||||||
2.000%, 10/01/2039 (Callable 10/01/2029) | 750,000 | 719,746 | ||||||||||
Health & Educational Facilities | ||||||||||||
Authority of the State of Missouri: | ||||||||||||
0.000%, 09/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 55,000 | 54,864 | ||||||||||
3.000%, 08/01/2023 | 140,000 | 139,282 | ||||||||||
5.000%, 09/01/2023 | 285,000 | 292,453 | ||||||||||
5.000%, 06/01/2024 | 235,000 | 247,349 | ||||||||||
5.000%, 09/01/2024 | 295,000 | 304,737 | ||||||||||
4.000%, 08/01/2025 | 150,000 | 150,686 | ||||||||||
5.000%, 02/01/2029 (Callable 02/01/2026) | 215,000 | 221,003 | ||||||||||
5.000%, 02/01/2030 (Callable 02/01/2026) | 405,000 | 414,821 |
The accompanying notes are an integral part of these financial statements.
Page 116
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Metropolitan Park and Recreation District, | ||||||||||||
5.000%, 12/30/2025 | ||||||||||||
(Pre-refunded to 12/30/2023) | $ | 1,000,000 | $ | 1,046,086 | ||||||||
Metropolitan St. Louis Sewer District, | ||||||||||||
5.000%, 05/01/2037 (Callable 05/01/2025) | 1,420,000 | 1,526,696 | ||||||||||
Missouri Housing Development Commission: | ||||||||||||
3.400%, 11/01/2030 (Callable 11/01/2024) | ||||||||||||
(Insured by GNMA) | 80,000 | 79,804 | ||||||||||
3.250%, 11/01/2052 (Callable 11/01/2030) | ||||||||||||
(Insured by GNMA) | 1,930,000 | 1,899,551 | ||||||||||
4.750%, 11/01/2052 (Callable 05/01/2032) | ||||||||||||
(Insured by GNMA) | 4,275,000 | 4,479,697 | ||||||||||
Missouri Southern State University: | ||||||||||||
5.000%, 10/01/2026 (Insured by AGM) | 105,000 | 114,309 | ||||||||||
5.000%, 10/01/2027 (Insured by AGM) | 100,000 | 110,224 | ||||||||||
Move Rolla Transportation | ||||||||||||
Development District, | ||||||||||||
3.750%, 06/01/2029 (Callable 06/01/2026) | 130,000 | 125,946 | ||||||||||
Neosho R-V School District: | ||||||||||||
4.000%, 03/01/2023 (Insured by ST AID) | 170,000 | 172,775 | ||||||||||
4.000%, 03/01/2024 (Insured by ST AID) | 275,000 | 283,632 | ||||||||||
4.000%, 03/01/2025 (Insured by ST AID) | 220,000 | 229,667 | ||||||||||
4.000%, 03/01/2026 (Insured by ST AID) | 510,000 | 537,431 | ||||||||||
Northwest Missouri State University: | ||||||||||||
5.000%, 06/01/2024 (Insured by BAM) | 500,000 | 525,029 | ||||||||||
5.000%, 06/01/2025 (Insured by BAM) | 570,000 | 606,913 | ||||||||||
5.000%, 06/01/2026 (Insured by BAM) | 500,000 | 539,084 | ||||||||||
St. Joseph Industrial Development Authority, | ||||||||||||
3.350%, 01/01/2024 | 125,000 | 121,623 | ||||||||||
St. Louis Land Clearance for | ||||||||||||
Redevelopment Authority, | ||||||||||||
4.250%, 06/01/2026 | 1,660,000 | 1,699,714 | ||||||||||
State of Missouri Health & | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 06/01/2036 (Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 06/01/2023)(1) | 195,000 | 197,270 | ||||||||||
Total Missouri | ||||||||||||
(Cost $22,182,645) | 21,493,652 | 1.0 | % | |||||||||
Montana | ||||||||||||
City of Forsyth MT, | ||||||||||||
3.900%, 03/01/2031 | ||||||||||||
(Callable 03/01/2023)(1) | 11,000,000 | 11,049,544 | ||||||||||
City of Red Lodge MT: | ||||||||||||
2.000%, 07/01/2022 (Insured by BAM) | 195,000 | 195,000 | ||||||||||
2.000%, 07/01/2023 (Insured by BAM) | 270,000 | 270,577 | ||||||||||
Montana Board of Housing: | ||||||||||||
4.000%, 12/01/2043 (Callable 12/01/2027) | 640,000 | 649,296 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2027) | ||||||||||||
(Insured by FHA) | 745,000 | 755,759 | ||||||||||
Montana Facility Finance Authority: | ||||||||||||
5.000%, 01/01/2023 | 100,000 | 101,694 | ||||||||||
4.000%, 07/01/2025 | 155,000 | 158,378 | ||||||||||
5.000%, 07/01/2025 | 110,000 | 118,600 | ||||||||||
4.000%, 07/01/2026 | 330,000 | 337,100 | ||||||||||
Total Montana | ||||||||||||
(Cost $13,825,794) | 13,635,948 | 0.6 | % | |||||||||
Nebraska | ||||||||||||
Central Plains Energy Project, | ||||||||||||
5.000%, 09/01/2032 (Callable 09/01/2022) | 350,000 | 351,968 | ||||||||||
City of Gretna NE: | ||||||||||||
4.000%, 12/15/2025 (Callable 12/15/2024) | 1,000,000 | 1,033,682 | ||||||||||
5.000%, 12/15/2025 (Callable 12/15/2024) | 2,500,000 | 2,647,944 | ||||||||||
County of Douglas NE, | ||||||||||||
1.310%, 07/01/2035 | ||||||||||||
(SIFMA Municipal Swap Index + 0.530%) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(2) | 1,250,000 | 1,252,020 | ||||||||||
Papio-Missouri River | ||||||||||||
Natural Resources District, | ||||||||||||
3.000%, 12/01/2029 | ||||||||||||
(Callable 10/12/2026) | 330,000 | 326,833 | ||||||||||
Public Power Generation Agency: | ||||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 385,000 | 408,450 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2025) | 625,000 | 662,136 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $6,814,255) | 6,683,033 | 0.3 | % | |||||||||
Nevada | ||||||||||||
City of Yerington NV, | ||||||||||||
1.625%, 11/01/2023 (Callable 11/01/2022) | 7,000,000 | 6,938,360 | ||||||||||
Clark County School District, | ||||||||||||
5.000%, 06/15/2023 | 585,000 | 602,754 | ||||||||||
County of Clark NV, | ||||||||||||
5.000%, 07/01/2025 | 490,000 | 529,048 | ||||||||||
Las Vegas Redevelopment Agency, | ||||||||||||
3.000%, 06/15/2032 (Callable 06/15/2026) | 790,000 | 716,135 | ||||||||||
Nevada Housing Division: | ||||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | ||||||||||||
(Insured by GNMA) | 1,030,000 | 1,044,997 | ||||||||||
3.000%, 04/01/2051 (Callable 10/01/2030) | ||||||||||||
(Insured by GNMA) | 1,355,000 | 1,323,184 | ||||||||||
Total Nevada | ||||||||||||
(Cost $11,465,843) | 11,154,478 | 0.5 | % | |||||||||
New Hampshire | ||||||||||||
Hollis School District, | ||||||||||||
2.769%, 06/28/2027 | ||||||||||||
(Callable 07/21/2022)(3) | 1,495,447 | 1,422,770 | ||||||||||
New Hampshire Business Finance Authority: | ||||||||||||
4.000%, 01/01/2028 (Callable 01/01/2026) | 285,000 | 281,406 | ||||||||||
4.000%, 01/01/2029 (Callable 01/01/2026) | 300,000 | 292,792 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $2,187,568) | 1,996,968 | 0.1 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education: | ||||||||||||
3.400%, 08/15/2022(3) | 2,087,000 | 2,091,349 | ||||||||||
3.400%, 08/15/2023(3) | 2,171,000 | 2,203,968 | ||||||||||
3.400%, 08/15/2024(3) | 793,000 | 809,854 | ||||||||||
Borough of Wood-Ridge NJ, | ||||||||||||
1.000%, 09/01/2026 | 1,000,000 | 911,476 | ||||||||||
City of Atlantic City NJ, | ||||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 300,000 | 313,523 | ||||||||||
City of Bayonne NJ, | ||||||||||||
5.000%, 07/15/2022 (Insured by AGM) | 475,000 | 475,485 | ||||||||||
City of New Brunswick NJ, | ||||||||||||
4.000%, 02/15/2029 (Callable 02/15/2026) | ||||||||||||
(Insured by BAM) | 1,295,000 | 1,355,955 | ||||||||||
City of Newark NJ: | ||||||||||||
5.000%, 10/01/2022 (Insured by ST AID) | 700,000 | 705,413 | ||||||||||
5.000%, 10/01/2025 (Insured by AGM) | 370,000 | 397,441 | ||||||||||
City of Trenton NJ: | ||||||||||||
4.000%, 07/15/2022 (Insured by AGM) | 500,000 | 500,362 | ||||||||||
4.000%, 07/15/2023 (Insured by AGM) | 200,000 | 204,308 | ||||||||||
City of Union City NJ: | ||||||||||||
5.000%, 11/01/2022 (Insured by ST AID) | 1,505,000 | 1,520,717 | ||||||||||
5.000%, 11/01/2023 (Insured by ST AID) | 435,000 | 450,857 | ||||||||||
Montvale School District, | ||||||||||||
2.000%, 08/15/2024 | 1,010,000 | 998,896 | ||||||||||
New Jersey Economic Development Authority: | ||||||||||||
0.000%, 07/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 25,000 | 25,000 |
The accompanying notes are an integral part of these financial statements.
Page 117
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
New Jersey Economic | ||||||||||||
Development Authority: (cont.) | ||||||||||||
5.000%, 07/15/2022 | $ | 250,000 | $ | 250,181 | ||||||||
4.000%, 01/01/2023 | 50,000 | 50,129 | ||||||||||
5.000%, 06/15/2024 | 390,000 | 407,617 | ||||||||||
0.000%, 07/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 455,000 | 434,816 | ||||||||||
5.250%, 07/01/2025 (Insured by NATL) | 380,000 | 405,059 | ||||||||||
2.030%, 09/01/2025 (SIFMA Municipal | ||||||||||||
Swap Index + 1.250%) (Callable | ||||||||||||
03/01/2025) (Insured by ST AID)(2) | 20,000 | 20,225 | ||||||||||
5.000%, 03/01/2026 (Callable 03/01/2023) | 1,310,000 | 1,333,019 | ||||||||||
5.000%, 06/15/2026 (Callable 06/15/2024) | 400,000 | 413,245 | ||||||||||
5.000%, 06/15/2027 (Callable 06/15/2024) | 1,090,000 | 1,123,695 | ||||||||||
3.125%, 07/01/2029 (Callable 07/01/2027) | 935,000 | 886,065 | ||||||||||
5.000%, 03/01/2030 | ||||||||||||
(Pre-refunded to 03/01/2023) | 810,000 | 828,267 | ||||||||||
5.000%, 03/01/2031 | ||||||||||||
(Pre-refunded to 09/01/2022) | 65,000 | 65,380 | ||||||||||
New Jersey Educational Facilities Authority, | ||||||||||||
5.000%, 07/01/2022 (ETM) | 150,000 | 150,000 | ||||||||||
New Jersey Health Care Facilities | ||||||||||||
Financing Authority: | ||||||||||||
0.830%, 07/01/2038 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 7,450,000 | 7,450,000 | ||||||||||
5.000%, 07/01/2043 (Callable 04/01/2024) | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 2,250,000 | 2,365,888 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority, | ||||||||||||
2.375%, 12/01/2029 (Callable 06/01/2028) | 340,000 | 335,042 | ||||||||||
New Jersey Housing & | ||||||||||||
Mortgage Finance Agency: | ||||||||||||
3.125%, 02/01/2025 (Callable 02/01/2024) | ||||||||||||
(Mandatory Tender Date 08/01/2024) | ||||||||||||
(Insured by HUD)(1) | 1,000,000 | 1,002,262 | ||||||||||
4.500%, 10/01/2048 (Callable 10/01/2027) | 585,000 | 601,771 | ||||||||||
4.750%, 10/01/2050 (Callable 04/01/2028) | 1,315,000 | 1,360,911 | ||||||||||
New Jersey Transportation | ||||||||||||
Trust Fund Authority: | ||||||||||||
5.000%, 12/15/2023 | 275,000 | 285,987 | ||||||||||
5.250%, 12/15/2023 | 360,000 | 375,656 | ||||||||||
5.000%, 06/15/2024 | 860,000 | 902,862 | ||||||||||
0.000%, 12/15/2024 (Insured by AGC) | 520,000 | 487,520 | ||||||||||
0.000%, 12/15/2026 (Insured by AMBAC) | 110,000 | 95,091 | ||||||||||
0.000%, 12/15/2026 (Insured by BHAC) | 480,000 | 425,987 | ||||||||||
5.000%, 12/15/2026 | 1,390,000 | 1,492,209 | ||||||||||
Newark Housing Authority, | ||||||||||||
5.000%, 12/01/2028 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM) | 1,500,000 | 1,623,154 | ||||||||||
North Hudson Sewerage Authority, | ||||||||||||
0.000%, 08/01/2025 | ||||||||||||
(ETM) (Insured by NATL) | 25,000 | 23,080 | ||||||||||
Nutley School District, | ||||||||||||
4.000%, 07/15/2028 (Callable 07/15/2025) | ||||||||||||
(Insured by AGM) | 1,465,000 | 1,528,118 | ||||||||||
Passaic Valley Sewerage Commission, | ||||||||||||
3.000%, 12/01/2029 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 5,555,000 | 5,530,765 | ||||||||||
Salem County Improvement Authority: | ||||||||||||
4.000%, 08/15/2022 (Insured by AGM) | 265,000 | 265,707 | ||||||||||
4.000%, 08/15/2024 (Insured by AGM) | 350,000 | 360,861 | ||||||||||
4.000%, 08/15/2026 (Insured by AGM) | 475,000 | 496,076 | ||||||||||
South Jersey Transportation Authority, | ||||||||||||
5.000%, 11/01/2029 | ||||||||||||
(Pre-refunded to 11/01/2022) | 125,000 | 126,436 | ||||||||||
State of New Jersey: | ||||||||||||
5.000%, 06/01/2024 | 3,000,000 | 3,151,898 | ||||||||||
5.000%, 06/01/2026 | 3,785,000 | 4,111,502 | ||||||||||
4.000%, 06/01/2030 | ||||||||||||
(Pre-refunded to 06/01/2023) | 150,000 | 153,019 | ||||||||||
Township of Little Falls NJ, | ||||||||||||
0.050%, 08/01/2025 | 650,000 | 581,717 | ||||||||||
Township of Maple Shade NJ, | ||||||||||||
4.000%, 02/15/2028 (Callable 02/15/2026) | 100,000 | 105,089 | ||||||||||
Washington Township | ||||||||||||
Municipal Utilities Authority, | ||||||||||||
0.000%, 12/15/2023 (Insured by NATL) | 25,000 | 24,107 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $56,083,890) | 54,595,017 | 2.5 | % | |||||||||
New Mexico | ||||||||||||
Lea County Public School District No. 8: | ||||||||||||
4.000%, 09/15/2027 (Callable 09/15/2026) | ||||||||||||
(Insured by ST AID) | 515,000 | 543,743 | ||||||||||
4.000%, 09/15/2028 (Callable 09/15/2026) | ||||||||||||
(Insured by ST AID) | 500,000 | 524,831 | ||||||||||
New Mexico Hospital | ||||||||||||
Equipment Loan Council, | ||||||||||||
4.750%, 07/01/2022 | 85,000 | 85,000 | ||||||||||
New Mexico Mortgage Finance Authority: | ||||||||||||
3.500%, 03/01/2045 (Callable 03/01/2026) | 60,000 | 60,124 | ||||||||||
3.750%, 03/01/2048 (Callable 03/01/2027) | ||||||||||||
(Insured by GNMA) | 215,000 | 216,692 | ||||||||||
4.250%, 07/01/2049 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 75,000 | 76,566 | ||||||||||
3.750%, 01/01/2050 (Callable 01/01/2029) | ||||||||||||
(Insured by GNMA) | 1,560,000 | 1,571,862 | ||||||||||
4.250%, 01/01/2050 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 2,145,000 | 2,190,122 | ||||||||||
3.500%, 01/01/2051 (Callable 07/01/2029) | ||||||||||||
(Insured by GNMA) | 4,260,000 | 4,259,132 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $10,134,755) | 9,528,072 | 0.4 | % | |||||||||
New York | ||||||||||||
Albany Capital Resource Corp., | ||||||||||||
5.000%, 05/01/2027 (Callable 05/01/2026) | 1,000,000 | 1,053,180 | ||||||||||
Albany County Capital Resource Corp., | ||||||||||||
2.600%, 07/01/2025 | 840,000 | 776,091 | ||||||||||
City of Amsterdam NY, | ||||||||||||
3.750%, 06/22/2023 | 2,204,474 | 2,217,150 | ||||||||||
City of Long Beach NY: | ||||||||||||
2.000%, 02/17/2023 | 5,658,500 | 5,625,955 | ||||||||||
2.000%, 02/17/2023 | 900,000 | 894,658 | ||||||||||
City of New York NY: | ||||||||||||
5.000%, 08/01/2038 (Callable 08/01/2023) | 6,150,000 | 6,274,732 | ||||||||||
1.030%, 04/01/2042 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 5,000,000 | 5,000,000 | ||||||||||
1.090%, 04/01/2042 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 9,440,000 | 9,440,000 | ||||||||||
1.060%, 10/01/2046 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 8,000,000 | 8,000,000 | ||||||||||
City of Plattsburgh NY, | ||||||||||||
5.000%, 06/15/2026 (Insured by AGM) | 495,000 | 538,020 | ||||||||||
City of Poughkeepsie NY: | ||||||||||||
4.000%, 04/15/2024 | 280,000 | 286,025 | ||||||||||
4.000%, 04/15/2026 | 450,000 | 465,362 | ||||||||||
County of Nassau NY, | ||||||||||||
5.000%, 04/01/2026 | ||||||||||||
(Pre-refunded to 04/01/2024) | 12,360,000 | 13,014,922 |
The accompanying notes are an integral part of these financial statements.
Page 118
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
County of Rockland NY, | ||||||||||||
5.000%, 03/01/2023 (Insured by AGM) | $ | 415,000 | $ | 424,414 | ||||||||
County of Suffolk NY: | ||||||||||||
5.000%, 05/01/2023 | 2,845,000 | 2,918,775 | ||||||||||
5.000%, 05/01/2027 (Callable 05/01/2024) | 500,000 | 524,008 | ||||||||||
Genesee Valley Central School District: | ||||||||||||
5.000%, 06/15/2027 (Insured by AGM) | 1,390,000 | 1,542,913 | ||||||||||
5.000%, 06/15/2028 (Insured by AGM) | 1,460,000 | 1,640,385 | ||||||||||
Geneva Development Corp.: | ||||||||||||
5.000%, 09/01/2023 | ||||||||||||
(Pre-refunded to 09/01/2022) | 450,000 | 452,601 | ||||||||||
5.000%, 09/01/2023 (ETM) | 30,000 | 31,109 | ||||||||||
5.000%, 09/01/2024 | ||||||||||||
(Pre-refunded to 09/01/2023) | 50,000 | 51,848 | ||||||||||
Hempstead Town Local Development Corp., | ||||||||||||
5.000%, 07/01/2025 (Callable 07/01/2023) | 815,000 | 833,015 | ||||||||||
Huntington Local Development Corp.: | ||||||||||||
3.000%, 07/01/2025 | 1,130,000 | 1,078,523 | ||||||||||
4.000%, 07/01/2027 | 5,050,000 | 4,818,687 | ||||||||||
Long Island Power Authority: | ||||||||||||
1.949%, 05/01/2033 | ||||||||||||
(1 Month LIBOR USD + 0.750%) | ||||||||||||
(Callable 10/01/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2023)(2) | 5,610,000 | 5,608,646 | ||||||||||
1.650%, 09/01/2049 (Callable 03/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2024)(1) | 2,550,000 | 2,503,870 | ||||||||||
Metropolitan Transportation Authority: | ||||||||||||
1.698%, 11/01/2030 | ||||||||||||
(1 Month LIBOR USD + 0.550%) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(2) | 2,520,000 | 2,511,223 | ||||||||||
5.000%, 11/15/2048 (Mandatory | ||||||||||||
Tender Date 11/15/2022)(1) | 1,050,000 | 1,061,100 | ||||||||||
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 | 225,948 | ||||||||||
3.000%, 02/15/2048 (Callable 05/15/2024) | 8,000,000 | 7,814,838 | ||||||||||
3.500%, 02/15/2048 (Callable 05/15/2024) | 5,100,000 | 4,998,661 | ||||||||||
2.750%, 05/01/2050 (Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 12/29/2023)(1) | 300,000 | 300,370 | ||||||||||
2.100%, 11/01/2058 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 07/03/2023)(1) | 240,000 | 239,569 | ||||||||||
0.700%, 11/01/2060 (Callable 05/01/2023) | ||||||||||||
(Mandatory Tender Date 05/01/2025) | ||||||||||||
(Insured by FHA)(1) | 2,590,000 | 2,419,461 | ||||||||||
New York City Water & Sewer System: | ||||||||||||
1.060%, 06/15/2033 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 12,000,000 | 12,000,000 | ||||||||||
0.300%, 06/15/2050 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 7,500,000 | 7,500,000 | ||||||||||
New York State Dormitory Authority: | ||||||||||||
5.000%, 02/15/2028 (Callable 02/15/2024) | 1,180,000 | 1,233,758 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 505,000 | 532,194 | ||||||||||
5.000%, 03/15/2029 | 3,455,000 | 3,790,350 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | ||||||||||||
(Insured by AGM) | 820,000 | 904,440 | ||||||||||
5.000%, 05/01/2048 (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 05/01/2024)(1) | 2,000,000 | 2,067,062 | ||||||||||
New York State Housing Finance Agency: | ||||||||||||
0.700%, 11/01/2024 (Callable 11/01/2022) | ||||||||||||
(Insured by SONYMA) | 2,500,000 | 2,400,202 | ||||||||||
1.600%, 11/01/2024 (Callable 07/21/2022) | 10,815,000 | 10,501,455 | ||||||||||
0.750%, 05/01/2025 (Callable 07/21/2022) | ||||||||||||
(Insured by SONYMA) | 3,775,000 | 3,569,658 | ||||||||||
0.750%, 11/01/2025 (Callable 07/21/2022) | ||||||||||||
(Insured by SONYMA) | 7,525,000 | 7,035,279 | ||||||||||
0.650%, 11/01/2056 (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 11/01/2025) | ||||||||||||
(Insured by SONYMA)(1) | 2,500,000 | 2,310,617 | ||||||||||
New York State Thruway Authority, | ||||||||||||
5.000%, 04/01/2026 (Callable 08/01/2022) | 2,000,000 | 2,005,107 | ||||||||||
New York Transportation Development Corp., | ||||||||||||
5.000%, 12/01/2027 | 900,000 | 966,562 | ||||||||||
Oneida County Local Development Corp., | ||||||||||||
5.000%, 12/01/2029 | ||||||||||||
(Callable 12/01/2023) (Insured by AGM) | 715,000 | 735,474 | ||||||||||
St. Lawrence County Industrial | ||||||||||||
Development Agency: | ||||||||||||
5.000%, 07/01/2025 (Callable 01/01/2023) | 235,000 | 237,929 | ||||||||||
5.000%, 07/01/2026 | 315,000 | 341,747 | ||||||||||
5.000%, 07/01/2027 (Callable 01/01/2023) | 315,000 | 318,791 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 200,000 | 216,051 | ||||||||||
State of New York Mortgage Agency: | ||||||||||||
3.500%, 10/01/2043 (Callable 04/01/2023) | 100,000 | 100,560 | ||||||||||
4.000%, 10/01/2046 (Callable 04/01/2025) | 170,000 | 172,133 | ||||||||||
3.500%, 10/01/2052 (Callable 04/01/2031) | ||||||||||||
(Insured by SONYMA) | 1,270,000 | 1,261,161 | ||||||||||
Town of Oyster Bay NY, | ||||||||||||
4.000%, 02/15/2026 (Insured by BAM) | 95,000 | 99,561 | ||||||||||
Triborough Bridge & Tunnel Authority, | ||||||||||||
1.411%, 01/01/2032 (SOFR + 0.380%) | ||||||||||||
(Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 2,795,000 | 2,733,079 | ||||||||||
Utility Debt Securitization Authority, | ||||||||||||
5.000%, 12/15/2025 (Callable 12/15/2023) | 210,000 | 219,155 | ||||||||||
Westchester County | ||||||||||||
Local Development Corp., | ||||||||||||
3.200%, 07/01/2028(3) | 3,000,000 | 2,717,625 | ||||||||||
Total New York | ||||||||||||
(Cost $164,176,748) | 161,556,009 | 7.4 | % | |||||||||
North Carolina | ||||||||||||
Durham Housing Authority, | ||||||||||||
5.000%, 12/01/2035 | ||||||||||||
(Pre-refunded to 12/01/2022) | 245,000 | 248,414 | ||||||||||
Inlivian, | ||||||||||||
2.375%, 04/01/2025 | ||||||||||||
(Mandatory Tender Date 04/01/2024)(1) | 8,332,000 | 8,311,910 | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
4.000%, 07/01/2048 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 245,000 | 248,583 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 1,895,000 | 1,922,271 | ||||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 2,825,000 | 2,866,876 | ||||||||||
North Carolina Medical Care Commission: | ||||||||||||
4.000%, 10/01/2027 | 600,000 | 599,971 | ||||||||||
4.000%, 06/01/2030 (Callable 06/01/2026) | 250,000 | 257,946 | ||||||||||
2.200%, 12/01/2048 (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 12/01/2022)(1) | 1,845,000 | 1,846,101 | ||||||||||
State of North Carolina, | ||||||||||||
5.000%, 05/01/2024 (Callable 05/01/2023) | 1,250,000 | 1,283,585 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $18,027,107) | 17,585,657 | 0.8 | % | |||||||||
North Dakota | ||||||||||||
Cass County Joint Water Resource District, | ||||||||||||
0.480%, 05/01/2024 (Callable 11/01/2022) | 3,200,000 | 3,053,752 | ||||||||||
City of Horace ND: | ||||||||||||
3.000%, 05/01/2023 | 190,000 | 191,577 | ||||||||||
0.650%, 08/01/2023 (Callable 08/01/2022) | 2,960,000 | 2,893,897 |
The accompanying notes are an integral part of these financial statements.
Page 119
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Horace ND: (cont.) | ||||||||||||
3.000%, 05/01/2025 | $ | 250,000 | $ | 252,858 | ||||||||
3.000%, 05/01/2025 | 205,000 | 207,343 | ||||||||||
3.000%, 05/01/2026 | 345,000 | 348,224 | ||||||||||
3.000%, 05/01/2026 | 100,000 | 100,935 | ||||||||||
3.000%, 05/01/2027 (Callable 05/01/2026) | 265,000 | 266,198 | ||||||||||
3.000%, 05/01/2028 (Callable 05/01/2027) | 305,000 | 304,089 | ||||||||||
City of Mandan ND, | ||||||||||||
2.750%, 09/01/2041 (Callable 08/01/2022) | 130,000 | 110,506 | ||||||||||
City of Watford City ND, | ||||||||||||
3.000%, 12/01/2023 (Insured by AGM) | 1,825,000 | 1,835,945 | ||||||||||
City of West Fargo ND, | ||||||||||||
4.000%, 05/01/2024 | 900,000 | 931,496 | ||||||||||
City of Williston ND, | ||||||||||||
4.250%, 07/15/2025 (Callable 07/15/2022) | 775,000 | 775,643 | ||||||||||
County of Burleigh ND: | ||||||||||||
4.000%, 11/01/2029 (Pre-refunded | ||||||||||||
to 11/01/2022) (Insured by AGM) | 400,000 | 403,355 | ||||||||||
4.500%, 07/01/2032 | ||||||||||||
(Pre-refunded to 07/01/2022) | 360,000 | 360,000 | ||||||||||
County of McKenzie ND: | ||||||||||||
5.000%, 08/01/2022 | 1,000,000 | 1,002,147 | ||||||||||
5.000%, 08/01/2023 | 2,300,000 | 2,356,546 | ||||||||||
County of Ward ND, | ||||||||||||
4.000%, 04/01/2024 (Callable 04/01/2023) | ||||||||||||
(Insured by AGM) | 400,000 | 406,047 | ||||||||||
Jamestown Park District, | ||||||||||||
2.900%, 07/01/2035 (Callable 07/18/2022) | 470,000 | 463,552 | ||||||||||
North Dakota Housing Finance Agency: | ||||||||||||
4.000%, 07/01/2048 (Callable 01/01/2027) | 430,000 | 435,950 | ||||||||||
4.000%, 01/01/2051 (Callable 07/01/2029) | 2,335,000 | 2,370,088 | ||||||||||
3.000%, 07/01/2052 (Callable 01/01/2031) | 8,000,000 | 7,755,002 | ||||||||||
Williston Parks & Recreation District: | ||||||||||||
4.500%, 03/01/2025 (Callable 07/18/2022) | 300,000 | 292,877 | ||||||||||
4.625%, 03/01/2026 (Callable 07/18/2022) | 2,620,000 | 2,537,218 | ||||||||||
Williston Public School District No. 1, | ||||||||||||
3.000%, 08/01/2026 (Callable 08/01/2024) | ||||||||||||
(Insured by SD CRED PROG) | 1,015,000 | 1,020,331 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $31,879,992) | 30,675,576 | 1.4 | % | |||||||||
Ohio | ||||||||||||
Akron Bath Copley Joint | ||||||||||||
Township Hospital District, | ||||||||||||
5.000%, 11/15/2028 | 535,000 | 584,776 | ||||||||||
Alliance City School District, | ||||||||||||
2.500%, 12/01/2022 | ||||||||||||
(Insured by SD CRED PROG) | 200,000 | 200,848 | ||||||||||
City of Akron OH: | ||||||||||||
4.000%, 12/01/2025 | 2,000,000 | 2,109,069 | ||||||||||
4.000%, 12/01/2026 | 3,350,000 | 3,569,732 | ||||||||||
City of Cleveland OH, | ||||||||||||
5.000%, 10/01/2031 (Callable 04/01/2028) | 1,070,000 | 1,186,833 | ||||||||||
City of Huron OH, | ||||||||||||
3.125%, 12/01/2024 | 325,000 | 326,119 | ||||||||||
City of Lorain OH: | ||||||||||||
3.000%, 12/01/2022 (Insured by BAM) | 185,000 | 186,112 | ||||||||||
3.000%, 12/01/2023 (Insured by BAM) | 185,000 | 187,777 | ||||||||||
3.000%, 12/01/2024 (Insured by BAM) | 130,000 | 132,481 | ||||||||||
3.000%, 12/01/2025 (Insured by BAM) | 135,000 | 138,056 | ||||||||||
3.000%, 12/01/2026 (Insured by BAM) | 135,000 | 138,019 | ||||||||||
City of Middleburg Heights OH: | ||||||||||||
4.000%, 08/01/2025 | 165,000 | 171,240 | ||||||||||
5.000%, 08/01/2026 | 270,000 | 291,465 | ||||||||||
5.000%, 08/01/2027 | 280,000 | 304,804 | ||||||||||
City of St. Clairsville OH, | ||||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 340,000 | 349,795 | ||||||||||
City of Tiffin OH, | ||||||||||||
2.500%, 12/01/2024 (Callable 12/01/2023) | 250,000 | 250,476 | ||||||||||
City of Toledo OH, | ||||||||||||
5.000%, 12/01/2022 | 150,000 | 152,017 | ||||||||||
City of Waterville OH, | ||||||||||||
1.000%, 12/01/2026 | 2,070,000 | 1,947,780 | ||||||||||
Cleveland-Cuyahoga County Port Authority, | ||||||||||||
5.000%, 08/01/2026 (Callable 08/01/2024) | 550,000 | 575,375 | ||||||||||
Columbus City Schools, | ||||||||||||
5.000%, 12/01/2030 (Callable 06/01/2026) | 780,000 | 844,271 | ||||||||||
County of Franklin OH, | ||||||||||||
5.000%, 05/15/2030 | ||||||||||||
(Pre-refunded to 05/15/2023) | 270,000 | 277,708 | ||||||||||
County of Gallia OH, | ||||||||||||
8.000%, 07/01/2042 | ||||||||||||
(Pre-refunded to 07/01/2022) | 540,000 | 540,000 | ||||||||||
County of Holmes OH, | ||||||||||||
3.000%, 12/01/2022 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 65,000 | 65,414 | ||||||||||
County of Montgomery OH: | ||||||||||||
5.000%, 11/15/2024 | 1,460,000 | 1,536,779 | ||||||||||
5.000%, 11/15/2025 | 2,500,000 | 2,672,681 | ||||||||||
5.000%, 11/15/2027 | 2,015,000 | 2,203,693 | ||||||||||
Cuyahoga Metropolitan Housing Authority: | ||||||||||||
3.000%, 12/01/2022 | 245,000 | 246,174 | ||||||||||
4.000%, 12/01/2023 | 310,000 | 317,408 | ||||||||||
4.000%, 12/01/2024 | 335,000 | 346,253 | ||||||||||
4.000%, 12/01/2025 | 335,000 | 348,245 | ||||||||||
Euclid City School District: | ||||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 130,000 | 133,562 | ||||||||||
4.000%, 12/01/2025 (Insured by BAM) | 65,000 | 68,218 | ||||||||||
4.000%, 12/01/2026 (Insured by BAM) | 100,000 | 105,701 | ||||||||||
Great Oaks Career Campuses | ||||||||||||
Board of Education, | ||||||||||||
4.000%, 12/01/2022 | 400,000 | 404,226 | ||||||||||
Greater Cleveland Regional Transit Authority, | ||||||||||||
5.000%, 12/01/2023 | 145,000 | 151,281 | ||||||||||
Groveport-Madison Local School District, | ||||||||||||
4.000%, 12/01/2024 (Callable 12/01/2022) | ||||||||||||
(Insured by BAM) | 50,000 | 50,395 | ||||||||||
Miami University: | ||||||||||||
4.000%, 09/01/2027 (Callable 09/01/2022) | 160,000 | 160,657 | ||||||||||
5.000%, 09/01/2027 | 575,000 | 641,440 | ||||||||||
Northeast Ohio Medical University, | ||||||||||||
5.000%, 12/01/2025 | 125,000 | 132,224 | ||||||||||
Norton City School District, | ||||||||||||
4.000%, 11/01/2026 (Callable 11/01/2023) | ||||||||||||
(Insured by SD CRED PROG) | 430,000 | 439,374 | ||||||||||
Ohio Air Quality Development Authority: | ||||||||||||
1.500%, 02/01/2026 | ||||||||||||
(Mandatory Tender Date 11/04/2025)(1) | 1,600,000 | 1,462,945 | ||||||||||
4.000%, 09/01/2030 | ||||||||||||
(Mandatory Tender Date 06/01/2027)(1) | 2,750,000 | 2,778,001 | ||||||||||
Ohio Higher Educational | ||||||||||||
Facility Commission: | ||||||||||||
5.000%, 11/01/2023 | 580,000 | 602,301 | ||||||||||
5.000%, 05/01/2024 | 705,000 | 737,562 | ||||||||||
5.000%, 05/01/2024 | 415,000 | 434,167 | ||||||||||
5.000%, 03/01/2025 | 620,000 | 638,507 | ||||||||||
5.000%, 05/01/2025 | 595,000 | 631,647 | ||||||||||
5.000%, 05/01/2025 | 455,000 | 483,024 | ||||||||||
5.000%, 05/01/2026 (Callable 05/01/2025) | 750,000 | 792,978 |
The accompanying notes are an integral part of these financial statements.
Page 120
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
3.350%, 07/01/2025 (Mandatory Tender | ||||||||||||
Date 07/01/2024) (Insured by HUD)(1) | $ | 2,500,000 | $ | 2,515,586 | ||||||||
4.000%, 11/01/2025 | 7,000,000 | 7,155,756 | ||||||||||
4.000%, 03/01/2047 | ||||||||||||
(Callable 09/01/2025) (Insured by GNMA) | 60,000 | 60,799 | ||||||||||
4.500%, 03/01/2050 (Callable 09/01/2028) | 2,265,000 | 2,327,162 | ||||||||||
3.750%, 09/01/2050 | ||||||||||||
(Callable 03/01/2029) (Insured by GNMA) | 6,245,000 | 6,283,510 | ||||||||||
Ohio Turnpike & Infrastructure Commission, | ||||||||||||
5.500%, 02/15/2024 (Insured by BHAC) | 815,000 | 847,227 | ||||||||||
Port of Greater Cincinnati | ||||||||||||
Development Authority: | ||||||||||||
3.000%, 05/01/2023 (Callable 08/01/2022) | 7,205,000 | 7,207,666 | ||||||||||
3.125%, 11/15/2023 | 185,000 | 186,153 | ||||||||||
5.000%, 04/01/2026 | 175,000 | 190,707 | ||||||||||
5.000%, 04/01/2027 | 250,000 | 275,910 | ||||||||||
4.000%, 11/15/2028 | 770,000 | 797,366 | ||||||||||
State of Ohio: | ||||||||||||
5.000%, 04/01/2029 (Callable 04/01/2023) | 25,000 | 25,592 | ||||||||||
1.000%, 01/15/2033 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 3,000,000 | 3,000,000 | ||||||||||
5.000%, 05/01/2034 (Callable 05/01/2025) | 575,000 | 610,898 | ||||||||||
1.000%, 01/15/2045 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/05/2022)(1) | 8,135,000 | 8,135,000 | ||||||||||
Toledo-Lucas County Port Authority, | ||||||||||||
2.000%, 11/15/2031 | 1,055,000 | 967,342 | ||||||||||
Troy City School District, | ||||||||||||
2.050%, 12/01/2023 (Callable 12/01/2022) | 90,000 | 90,038 | ||||||||||
University of Akron, | ||||||||||||
5.000%, 01/01/2034 (Callable 07/01/2026) | ||||||||||||
(Insured by BAM) | 2,195,000 | 2,366,733 | ||||||||||
Village of Cuyahoga Heights OH: | ||||||||||||
4.000%, 12/01/2023 (Insured by AGM) | 95,000 | 97,270 | ||||||||||
4.000%, 12/01/2024 (Insured by AGM) | 100,000 | 103,430 | ||||||||||
Wadsworth City School District, | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2026) | 325,000 | 341,124 | ||||||||||
Total Ohio | ||||||||||||
(Cost $78,687,028) | 76,634,879 | 3.5 | % | |||||||||
Oklahoma | ||||||||||||
Canadian County Educational | ||||||||||||
Facilities Authority, | ||||||||||||
5.000%, 09/01/2027 (Callable 09/01/2026) | 1,000,000 | 1,102,994 | ||||||||||
Catoosa Industrial Authority, | ||||||||||||
4.000%, 10/01/2028 (Callable 10/01/2026) | 140,000 | 135,319 | ||||||||||
City of Midwest City OK, | ||||||||||||
3.000%, 06/01/2023 | 485,000 | 490,423 | ||||||||||
City of Oklahoma City OK, | ||||||||||||
2.000%, 03/01/2027 | 600,000 | 577,724 | ||||||||||
Custer County Economic | ||||||||||||
Development Authority, | ||||||||||||
4.000%, 12/01/2023 | 450,000 | 460,754 | ||||||||||
Garfield County Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 09/01/2026 | 1,800,000 | 1,963,026 | ||||||||||
5.000%, 09/01/2027 (Callable 09/01/2026) | 3,780,000 | 4,113,036 | ||||||||||
Grady County School Finance Authority: | ||||||||||||
5.000%, 12/01/2024 | 565,000 | 594,913 | ||||||||||
5.000%, 12/01/2025 | 945,000 | 1,010,008 | ||||||||||
5.000%, 12/01/2026 | 1,015,000 | 1,098,995 | ||||||||||
5.000%, 12/01/2027 (Callable 12/01/2026) | 1,065,000 | 1,156,801 | ||||||||||
Kingfisher County Educational | ||||||||||||
Facilities Authority, | ||||||||||||
3.000%, 03/01/2023 | 385,000 | 388,303 | ||||||||||
Oklahoma County Finance Authority, | ||||||||||||
5.000%, 09/01/2024 | 350,000 | 370,003 | ||||||||||
Oklahoma County Independent | ||||||||||||
School District No. 12, | ||||||||||||
0.050%, 03/01/2024 | 1,465,000 | 1,396,017 | ||||||||||
Oklahoma Development Finance Authority: | ||||||||||||
4.000%, 08/01/2022 | 535,000 | 535,487 | ||||||||||
5.000%, 08/01/2023 | 485,000 | 493,824 | ||||||||||
2.600%, 03/01/2024 | 675,000 | 661,786 | ||||||||||
5.000%, 08/01/2024 | 585,000 | 600,188 | ||||||||||
5.000%, 08/15/2028 (Callable 08/15/2025) | 950,000 | 999,061 | ||||||||||
Oklahoma Housing Finance Agency, | ||||||||||||
5.000%, 03/01/2052 | ||||||||||||
(Callable 03/01/2031) (Insured by GNMA) | 1,900,000 | 2,012,650 | ||||||||||
Oklahoma Municipal Power Authority: | ||||||||||||
1.170%, 01/01/2023 (SIFMA | ||||||||||||
Municipal Swap Index + 0.390%)(2) | 75,000 | 75,066 | ||||||||||
5.000%, 01/01/2032 (Callable 01/01/2026) | 415,000 | 440,830 | ||||||||||
Oklahoma Water Resources Board, | ||||||||||||
5.000%, 04/01/2023 | 750,000 | 768,830 | ||||||||||
Purcell Public Works Authority: | ||||||||||||
5.000%, 03/01/2024 | 250,000 | 260,978 | ||||||||||
5.000%, 03/01/2025 | 200,000 | 212,900 | ||||||||||
5.000%, 03/01/2026 | 435,000 | 471,295 | ||||||||||
5.000%, 03/01/2027 | 880,000 | 968,748 | ||||||||||
5.000%, 03/01/2030 (Callable 03/01/2028) | 500,000 | 558,083 | ||||||||||
Sallisaw Municipal Authority: | ||||||||||||
4.000%, 06/01/2023 | 735,000 | 742,561 | ||||||||||
4.000%, 06/01/2024 | 655,000 | 665,096 | ||||||||||
4.000%, 06/01/2025 | 680,000 | 690,466 | ||||||||||
4.000%, 06/01/2026 | 710,000 | 720,002 | ||||||||||
4.000%, 06/01/2028 (Callable 06/01/2026) | 765,000 | 767,235 | ||||||||||
Texas County Development Authority, | ||||||||||||
4.000%, 12/01/2023 | 675,000 | 690,375 | ||||||||||
Tulsa County Industrial Authority, | ||||||||||||
5.000%, 09/01/2024 | 400,000 | 423,729 | ||||||||||
Tulsa Industrial Authority, | ||||||||||||
5.000%, 10/01/2023 | 790,000 | 802,853 | ||||||||||
University of Oklahoma, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2026) | 3,515,000 | 3,835,696 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $34,268,129) | 33,256,055 | 1.5 | % | |||||||||
Oregon | ||||||||||||
City of Portland OR, | ||||||||||||
4.500%, 05/01/2029 (Callable 05/01/2026) | 3,875,000 | 4,158,619 | ||||||||||
Columbia County School District No. 502: | ||||||||||||
5.000%, 06/15/2027 | ||||||||||||
(Insured by SCH BD GTY)(6) | 540,000 | 602,058 | ||||||||||
5.000%, 06/15/2028 | ||||||||||||
(Insured by SCH BD GTY)(6) | 740,000 | 834,892 | ||||||||||
5.000%, 06/15/2029 | ||||||||||||
(Insured by SCH BD GTY)(6) | 835,000 | 953,383 | ||||||||||
County of Crook OR, | ||||||||||||
0.000%, 06/01/2028(6) | 455,000 | 407,954 | ||||||||||
County of Yamhill OR: | ||||||||||||
4.000%, 10/01/2022 | 500,000 | 502,489 | ||||||||||
4.000%, 10/01/2023 | 425,000 | 433,189 | ||||||||||
4.000%, 10/01/2024 | 425,000 | 433,490 | ||||||||||
Oregon State Business | ||||||||||||
Development Commission, | ||||||||||||
2.400%, 12/01/2040 | ||||||||||||
(Mandatory Tender Date 08/14/2023)(1) | 100,000 | 100,272 | ||||||||||
Oregon State Facilities Authority, | ||||||||||||
5.000%, 10/01/2027 (Callable 10/01/2026) | 700,000 | 747,465 |
The accompanying notes are an integral part of these financial statements.
Page 121
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
State of Oregon: | ||||||||||||
4.000%, 12/01/2048 | ||||||||||||
(Callable 12/01/2026) | $ | 535,000 | $ | 542,518 | ||||||||
3.000%, 12/01/2051 (Callable 07/21/2022) | 3,865,000 | 3,726,639 | ||||||||||
State of Oregon Housing & | ||||||||||||
Community Services Department: | ||||||||||||
3.875%, 01/01/2033 (Callable 07/01/2024) | 235,000 | 232,917 | ||||||||||
3.500%, 07/01/2036 (Callable 01/01/2025) | 45,000 | 45,330 | ||||||||||
4.500%, 01/01/2049 (Callable 07/01/2027) | 850,000 | 868,685 | ||||||||||
4.500%, 07/01/2049 (Callable 07/01/2027) | 235,000 | 240,437 | ||||||||||
Yamhill County Hospital Authority: | ||||||||||||
1.750%, 11/15/2026 (Callable 07/21/2022) | 1,000,000 | 926,315 | ||||||||||
2.125%, 11/15/2027 (Callable 11/15/2022) | 2,250,000 | 2,018,849 | ||||||||||
Total Oregon | ||||||||||||
(Cost $19,100,382) | 17,775,501 | 0.8 | % | |||||||||
Pennsylvania | ||||||||||||
Abington Heights School | ||||||||||||
District Lackawanna County, | ||||||||||||
2.000%, 03/15/2023 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 195,000 | 195,039 | ||||||||||
Albert Gallatin Area School District, | ||||||||||||
4.000%, 09/01/2027 (Insured by AGM) | 2,130,000 | 2,282,961 | ||||||||||
Aliquippa Municipal Water Authority, | ||||||||||||
2.000%, 11/15/2023 (Callable 11/15/2022) | ||||||||||||
(Insured by BAM) | 250,000 | 249,968 | ||||||||||
Avon Grove School District, | ||||||||||||
5.000%, 11/15/2030 (Callable 11/15/2026) | ||||||||||||
(Insured by ST AID) | 635,000 | 700,805 | ||||||||||
Blacklick Valley School District: | ||||||||||||
5.000%, 11/15/2022 (Insured by AGM) | 175,000 | 177,248 | ||||||||||
5.000%, 11/15/2023 (Insured by AGM) | 190,000 | 198,007 | ||||||||||
5.000%, 11/15/2024 (Insured by AGM) | 200,000 | 213,311 | ||||||||||
Borough of Economy PA: | ||||||||||||
2.000%, 12/15/2023 (Insured by BAM) | 205,000 | 204,899 | ||||||||||
2.000%, 12/15/2024 (Insured by BAM) | 215,000 | 213,002 | ||||||||||
Borough of Lewistown PA: | ||||||||||||
4.000%, 09/01/2022 (Insured by AGM) | 265,000 | 266,072 | ||||||||||
4.000%, 09/01/2023 (Insured by AGM) | 315,000 | 322,397 | ||||||||||
4.000%, 09/01/2024 (Insured by AGM) | 100,000 | 103,731 | ||||||||||
Bucks County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2025 | 350,000 | 366,608 | ||||||||||
Caernarvon Township Authority: | ||||||||||||
4.000%, 09/01/2023 (Insured by AGM) | 100,000 | 102,406 | ||||||||||
4.000%, 09/01/2024 (Insured by AGM) | 140,000 | 145,674 | ||||||||||
4.000%, 09/01/2025 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 100,000 | 103,708 | ||||||||||
4.000%, 09/01/2026 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 150,000 | 155,325 | ||||||||||
4.000%, 09/01/2027 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 130,000 | 134,367 | ||||||||||
4.000%, 09/01/2028 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 165,000 | 170,073 | ||||||||||
4.000%, 09/01/2029 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 170,000 | 174,910 | ||||||||||
4.000%, 09/01/2030 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 175,000 | 179,738 | ||||||||||
Carmichaels Area School District: | ||||||||||||
4.000%, 09/01/2022 (Insured by BAM) | 100,000 | 100,403 | ||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 155,000 | 158,640 | ||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 220,000 | 228,207 | ||||||||||
Centennial School District Bucks County, | ||||||||||||
5.000%, 12/15/2022 (Insured by ST AID) | 50,000 | 50,799 | ||||||||||
Chester County Health and Education | ||||||||||||
Facilities Authority, | ||||||||||||
7.000%, 11/01/2041 | ||||||||||||
(Pre-refunded to 11/01/2023) | 365,000 | 388,853 | ||||||||||
City of Altoona PA, | ||||||||||||
4.000%, 08/01/2027 (Insured by AGM) | 110,000 | 116,846 | ||||||||||
City of Bradford PA, | ||||||||||||
2.500%, 11/01/2025 (Insured by AGM) | 395,000 | 390,897 | ||||||||||
City of Erie Higher | ||||||||||||
Education Building Authority: | ||||||||||||
5.000%, 05/01/2025 | 160,000 | 167,897 | ||||||||||
5.000%, 05/01/2027 | 225,000 | 240,427 | ||||||||||
City of Oil City PA: | ||||||||||||
4.000%, 12/01/2025 (Insured by AGM) | 180,000 | 189,012 | ||||||||||
4.000%, 12/01/2026 (Insured by AGM) | 175,000 | 185,323 | ||||||||||
4.000%, 12/01/2027 (Insured by AGM) | 200,000 | 212,720 | ||||||||||
4.000%, 12/01/2028 (Insured by AGM) | 200,000 | 213,371 | ||||||||||
City of Pittston PA: | ||||||||||||
1.000%, 11/15/2022 (Insured by BAM) | 100,000 | 99,767 | ||||||||||
4.000%, 11/15/2023 (Insured by BAM) | 175,000 | 178,892 | ||||||||||
4.000%, 11/15/2024 (Insured by BAM) | 265,000 | 272,853 | ||||||||||
4.000%, 11/15/2025 (Insured by BAM) | 275,000 | 285,060 | ||||||||||
4.000%, 11/15/2026 (Callable 11/15/2025) | ||||||||||||
(Insured by BAM) | 240,000 | 247,941 | ||||||||||
4.000%, 11/15/2027 (Callable 11/15/2025) | ||||||||||||
(Insured by BAM) | 125,000 | 129,084 | ||||||||||
City of Wilkes-Barre PA, | ||||||||||||
4.000%, 11/15/2025 (Insured by BAM) | 200,000 | 207,251 | ||||||||||
City of York PA, | ||||||||||||
5.000%, 11/15/2025 | 1,505,000 | 1,564,301 | ||||||||||
Coatesville School District: | ||||||||||||
5.000%, 06/30/2023 | ||||||||||||
(Insured by ST AID)(7) | 1,250,000 | 1,263,400 | ||||||||||
5.000%, 08/01/2023 (Insured by AGM) | 150,000 | 154,947 | ||||||||||
Commonwealth Financing Authority, | ||||||||||||
5.000%, 06/01/2023 | 225,000 | 231,561 | ||||||||||
County of Allegheny PA, | ||||||||||||
1.412%, 11/01/2026 | ||||||||||||
(3 Month LIBOR USD + 0.550%) | ||||||||||||
(Callable 08/01/2022) (Insured by AGM)(2) | 795,000 | 794,708 | ||||||||||
County of McKean PA: | ||||||||||||
4.000%, 11/01/2022 (Insured by BAM) | 120,000 | 120,928 | ||||||||||
4.000%, 11/01/2023 (Insured by BAM) | 395,000 | 405,063 | ||||||||||
Crawford Central School District, | ||||||||||||
4.000%, 02/15/2025 (Insured by BAM) | 2,455,000 | 2,567,827 | ||||||||||
Cumberland County Municipal Authority: | ||||||||||||
5.000%, 01/01/2029 | ||||||||||||
(Pre-refunded to 01/01/2025) | 190,000 | 203,093 | ||||||||||
5.000%, 01/01/2029 | ||||||||||||
(Pre-refunded to 01/01/2025) | 445,000 | 475,666 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 490,000 | 503,837 | ||||||||||
Delaware Valley Regional Finance Authority: | ||||||||||||
1.310%, 09/01/2048 | ||||||||||||
(SIFMA Municipal Swap Index + 0.530%) | ||||||||||||
(Callable 09/01/2022) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 5,250,000 | 5,244,429 | ||||||||||
1.908%, 09/01/2048 | ||||||||||||
(1 Month LIBOR USD + 0.760%) | ||||||||||||
(Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 09/01/2024)(2) | 2,000,000 | 2,001,348 | ||||||||||
2.028%, 09/01/2048 | ||||||||||||
(1 Month LIBOR USD + 0.880%) | ||||||||||||
(Callable 09/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2025)(2) | 2,000,000 | 1,994,116 |
The accompanying notes are an integral part of these financial statements.
Page 122
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
East Hempfield Township Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2029 | ||||||||||||
(Pre-refunded to 07/01/2024) | $ | 1,730,000 | $ | 1,828,109 | ||||||||
Elizabeth Forward School District, | ||||||||||||
0.000%, 09/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 250,000 | 249,439 | ||||||||||
Erie City Water Authority, | ||||||||||||
4.000%, 12/01/2025 (Pre-refunded | ||||||||||||
to 12/01/2022) (Insured by AGM) | 385,000 | 388,942 | ||||||||||
Greater Hazleton Joint Sewer Authority: | ||||||||||||
4.000%, 05/15/2023 (Insured by BAM) | 460,000 | 468,913 | ||||||||||
4.000%, 05/15/2024 (Insured by BAM) | 325,000 | 336,295 | ||||||||||
4.000%, 05/15/2025 (Insured by BAM) | 255,000 | 267,323 | ||||||||||
Hazleton Area School District, | ||||||||||||
4.000%, 03/01/2025 (Insured by BAM) | 430,000 | 446,036 | ||||||||||
Indiana County Municipal Services Authority: | ||||||||||||
5.000%, 10/01/2022 (Insured by BAM) | 50,000 | 50,405 | ||||||||||
5.000%, 10/01/2023 (Insured by BAM) | 255,000 | 263,907 | ||||||||||
5.000%, 10/01/2024 (Insured by BAM) | 270,000 | 282,369 | ||||||||||
5.000%, 10/01/2025 (Insured by BAM) | 285,000 | 301,841 | ||||||||||
5.000%, 10/01/2026 (Insured by BAM) | 300,000 | 321,122 | ||||||||||
5.000%, 10/01/2027 (Insured by BAM) | 310,000 | 334,324 | ||||||||||
5.000%, 10/01/2028 (Insured by BAM) | 325,000 | 351,488 | ||||||||||
Lancaster City Parking Authority, | ||||||||||||
3.000%, 12/01/2027 (Insured by BAM) | 645,000 | 648,534 | ||||||||||
Lancaster Higher Education Authority, | ||||||||||||
5.000%, 10/01/2022 (Insured by BAM) | 35,000 | 35,293 | ||||||||||
Latrobe Industrial Development Authority: | ||||||||||||
5.000%, 03/01/2027 | 395,000 | 412,623 | ||||||||||
5.000%, 03/01/2028 | 215,000 | 224,424 | ||||||||||
5.000%, 03/01/2029 | 150,000 | 156,207 | ||||||||||
5.000%, 03/01/2030 | 125,000 | 129,360 | ||||||||||
Lehigh County Industrial | ||||||||||||
Development Authority, | ||||||||||||
1.800%, 09/01/2029 | ||||||||||||
(Mandatory Tender Date 09/01/2022)(1) | 5,090,000 | 5,086,144 | ||||||||||
Lycoming County Authority: | ||||||||||||
2.000%, 11/01/2035 | ||||||||||||
(Mandatory Tender Date 11/01/2022)(1) | 1,000,000 | 999,992 | ||||||||||
4.000%, 11/01/2043 | ||||||||||||
(Mandatory Tender Date 05/01/2024)(1) | 1,260,000 | 1,281,855 | ||||||||||
Montgomery County Higher | ||||||||||||
Education & Health Authority, | ||||||||||||
1.125%, 05/01/2036 | ||||||||||||
(Mandatory Tender Date 05/01/2023)(6) | 1,270,000 | 1,256,117 | ||||||||||
Montgomery County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 12/01/2022 | 90,000 | 90,687 | ||||||||||
4.000%, 12/01/2023 | 125,000 | 127,603 | ||||||||||
4.000%, 12/01/2024 | 200,000 | 206,198 | ||||||||||
4.000%, 12/01/2025 | 240,000 | 249,331 | ||||||||||
North Penn Water Authority, | ||||||||||||
1.340%, 11/01/2024 (SIFMA Municipal | ||||||||||||
Swap Index + 0.560%) | ||||||||||||
(Callable 11/01/2023)(2) | 845,000 | 845,231 | ||||||||||
North Pocono School District, | ||||||||||||
4.000%, 03/15/2024 (Insured by BAM) | 230,000 | 237,804 | ||||||||||
Northampton County General | ||||||||||||
Purpose Authority, | ||||||||||||
2.239%, 08/15/2048 | ||||||||||||
(1 Month LIBOR USD + 1.040%) | ||||||||||||
(Callable 02/15/2023) | ||||||||||||
(Mandatory Tender Date 08/15/2024)(2) | 75,000 | 75,315 | ||||||||||
Octorara Area School District, | ||||||||||||
4.000%, 04/01/2025 (Insured by AGM) | 355,000 | 370,986 | ||||||||||
Old Forge School District, | ||||||||||||
4.000%, 05/01/2024 (Insured by AGM) | 480,000 | 494,967 | ||||||||||
Palmyra Area School District: | ||||||||||||
5.000%, 06/01/2029 (Callable 06/01/2025) | ||||||||||||
(Insured by ST AID) | 1,045,000 | 1,120,551 | ||||||||||
5.000%, 06/01/2030 (Callable 06/01/2025) | ||||||||||||
(Insured by ST AID) | 400,000 | 428,803 | ||||||||||
Panther Valley School District: | ||||||||||||
4.000%, 10/15/2023 (Insured by BAM) | 375,000 | 384,300 | ||||||||||
4.000%, 10/15/2024 (Insured by BAM) | 410,000 | 426,029 | ||||||||||
4.000%, 10/15/2025 (Insured by BAM) | 315,000 | 331,164 | ||||||||||
Pennsylvania Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 05/01/2025 | 575,000 | 609,450 | ||||||||||
5.000%, 05/01/2026 | 595,000 | 638,533 | ||||||||||
Pennsylvania Housing Finance Agency: | ||||||||||||
5.000%, 04/01/2025 | 750,000 | 802,489 | ||||||||||
5.000%, 10/01/2025 | 375,000 | 405,117 | ||||||||||
5.000%, 04/01/2026 | 250,000 | 272,064 | ||||||||||
5.000%, 10/01/2026 | 325,000 | 356,680 | ||||||||||
5.000%, 04/01/2027 | 695,000 | 767,355 | ||||||||||
5.000%, 10/01/2027 | 175,000 | 194,511 | ||||||||||
4.000%, 10/01/2046 (Callable 04/01/2026) | 100,000 | 101,318 | ||||||||||
3.000%, 10/01/2049 (Callable 10/01/2029) | 5,000,000 | 4,934,537 | ||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | 4,925,000 | 4,990,487 | ||||||||||
3.000%, 10/01/2052 (Callable 10/01/2031) | 1,200,000 | 1,143,521 | ||||||||||
4.250%, 10/01/2052 (Callable 04/01/2032) | 1,140,000 | 1,168,878 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
5.000%, 12/01/2022 | 50,000 | 50,703 | ||||||||||
0.000%, 12/01/2023 | 85,000 | 82,298 | ||||||||||
1.480%, 12/01/2023 | ||||||||||||
(SIFMA Municipal Swap Index + 0.700%) | ||||||||||||
(Callable 12/01/2022)(2) | 2,150,000 | 2,151,215 | ||||||||||
5.000%, 06/01/2024 | 2,000,000 | 2,097,439 | ||||||||||
5.000%, 12/01/2028(6) | 450,000 | 491,177 | ||||||||||
Perkasie Regional Authority, | ||||||||||||
4.000%, 02/01/2023 (Insured by BAM) | 460,000 | 465,683 | ||||||||||
Philadelphia Authority for | ||||||||||||
Industrial Development, | ||||||||||||
5.000%, 10/01/2026 | 725,000 | 791,097 | ||||||||||
Pittsburgh School District, | ||||||||||||
5.000%, 09/01/2027 (Insured by ST AID) | 420,000 | 473,502 | ||||||||||
Pittsburgh Water & Sewer Authority, | ||||||||||||
1.430%, 09/01/2040 | ||||||||||||
(SIFMA Municipal Swap Index + 0.650%) | ||||||||||||
(Callable 06/01/2023) (Mandatory Tender | ||||||||||||
Date 12/01/2023) (Insured by AGM)(2) | 11,025,000 | 11,030,509 | ||||||||||
Pottsville Area School District: | ||||||||||||
1.000%, 05/15/2023 (Insured by BAM) | 125,000 | 123,577 | ||||||||||
4.000%, 05/15/2024 (Insured by BAM) | 200,000 | 206,172 | ||||||||||
4.000%, 05/15/2025 (Insured by BAM) | 180,000 | 187,143 | ||||||||||
4.000%, 05/15/2026 (Insured by BAM) | 185,000 | 193,449 | ||||||||||
Public Parking Authority Of Pittsburgh, | ||||||||||||
5.000%, 12/01/2026 (Callable 06/01/2025) | 470,000 | 505,488 | ||||||||||
Reading School District: | ||||||||||||
4.000%, 04/01/2023 (Insured by BAM) | 160,000 | 162,597 | ||||||||||
4.000%, 04/01/2023 (Insured by BAM) | 565,000 | 574,172 | ||||||||||
5.000%, 04/01/2023 (Insured by BAM) | 750,000 | 767,652 | ||||||||||
4.000%, 04/01/2024 (Insured by BAM) | 615,000 | 633,060 | ||||||||||
5.000%, 04/01/2024 (Insured by BAM) | 2,250,000 | 2,356,179 | ||||||||||
0.000%, 01/15/2026 (Insured by NATL) | 470,000 | 418,629 |
The accompanying notes are an integral part of these financial statements.
Page 123
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Riverside School District: | ||||||||||||
2.000%, 10/15/2022 (Insured by BAM) | $ | 415,000 | $ | 415,571 | ||||||||
4.000%, 10/15/2024 (Insured by BAM) | 950,000 | 987,040 | ||||||||||
Sayre Area School District, | ||||||||||||
3.000%, 05/15/2024 (Insured by BAM) | 25,000 | 25,360 | ||||||||||
Sayre Health Care Facilities Authority, | ||||||||||||
1.839%, 12/01/2024 (3 Month LIBOR | ||||||||||||
USD + 0.780%) (Callable 08/01/2022)(2) | 180,000 | 180,465 | ||||||||||
School District of Philadelphia: | ||||||||||||
5.000%, 06/01/2024 (Insured by AGM) | 560,000 | 589,943 | ||||||||||
5.000%, 09/01/2025 (Insured by ST AID) | 135,000 | 145,400 | ||||||||||
5.000%, 09/01/2025 (Insured by ST AID) | 500,000 | 538,518 | ||||||||||
5.000%, 09/01/2026 (Insured by ST AID) | 1,000,000 | 1,094,279 | ||||||||||
School District of Reading, | ||||||||||||
5.000%, 03/01/2024 (Insured by AGM) | 100,000 | 104,541 | ||||||||||
School District of the City of Erie: | ||||||||||||
5.000%, 04/01/2023 (Insured by AGM) | 265,000 | 271,138 | ||||||||||
5.000%, 04/01/2024 (Insured by AGM) | 230,000 | 240,653 | ||||||||||
5.000%, 04/01/2024 (Insured by AGM) | 250,000 | 261,579 | ||||||||||
Scranton School District, | ||||||||||||
2.015%, 04/01/2031 | ||||||||||||
(1 Month LIBOR USD + 0.850%) | ||||||||||||
(Callable 12/01/2022) (Mandatory Tender | ||||||||||||
Date 06/01/2023) (Insured by ST AID)(2) | 4,570,000 | 4,577,959 | ||||||||||
Scranton-Lackawanna Health | ||||||||||||
and Welfare Authority: | ||||||||||||
5.000%, 11/01/2023 | 35,000 | 36,416 | ||||||||||
5.000%, 11/01/2025 | 40,000 | 42,830 | ||||||||||
Sports & Exhibition Authority | ||||||||||||
of Pittsburgh and Allegheny County: | ||||||||||||
4.000%, 02/01/2023 (Insured by AGM) | 520,000 | 526,633 | ||||||||||
4.000%, 02/01/2024 (Insured by AGM) | 55,000 | 56,595 | ||||||||||
4.000%, 02/01/2025 (Insured by AGM) | 3,360,000 | 3,491,349 | ||||||||||
4.000%, 02/01/2026 (Insured by AGM) | 4,530,000 | 4,753,253 | ||||||||||
State Public School Building Authority: | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM) | 1,090,000 | 1,200,547 | ||||||||||
0.000%, 05/15/2028 (Insured by NATL) | 2,075,000 | 1,694,951 | ||||||||||
Steel Valley School District: | ||||||||||||
4.000%, 11/01/2022 (Insured by BAM) | 190,000 | 191,532 | ||||||||||
4.000%, 11/01/2024 (Insured by BAM) | 260,000 | 270,296 | ||||||||||
4.000%, 11/01/2024 (Insured by BAM) | 50,000 | 51,980 | ||||||||||
4.000%, 11/01/2025 (Insured by BAM) | 270,000 | 281,900 | ||||||||||
4.000%, 11/01/2025 (Insured by BAM) | 50,000 | 52,204 | ||||||||||
4.000%, 11/01/2026 (Insured by BAM) | 280,000 | 293,762 | ||||||||||
Township of Hampton PA, | ||||||||||||
5.900%, 02/01/2023 (Insured by FGIC) | 125,000 | 127,831 | ||||||||||
Township of North Fayette PA, | ||||||||||||
4.000%, 04/15/2025 (Callable 04/15/2024) | 210,000 | 216,731 | ||||||||||
University of Pittsburgh-of the Commonwealth | ||||||||||||
System of Higher Education, | ||||||||||||
1.140%, 02/15/2024 | ||||||||||||
(SIFMA Municipal Swap Index + 0.360%) | ||||||||||||
(Callable 08/15/2023)(2) | 2,500,000 | 2,506,947 | ||||||||||
Westmoreland County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 07/01/2023 | 375,000 | 379,978 | ||||||||||
4.000%, 07/01/2024 | 450,000 | 458,934 | ||||||||||
4.000%, 07/01/2025 | 550,000 | 563,724 | ||||||||||
4.000%, 07/01/2026 | 625,000 | 642,442 | ||||||||||
Westmoreland County Municipal Authority, | ||||||||||||
0.000%, 08/15/2023 | ||||||||||||
(ETM) (Insured by FGIC) | 220,000 | 215,077 | ||||||||||
Wilkes-Barre Finance Authority, | ||||||||||||
5.000%, 11/01/2024 | 40,000 | 42,205 | ||||||||||
York City School District, | ||||||||||||
4.000%, 05/01/2025 (Insured by BAM) | 3,070,000 | 3,201,605 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $123,185,859) | 120,638,596 | 5.5 | % | |||||||||
Puerto Rico | ||||||||||||
Commonwealth of Puerto Rico: | ||||||||||||
5.250%, 07/01/2023 | 6,000,000 | 6,108,723 | ||||||||||
0.000%, 07/01/2024 | 846,000 | 774,265 | ||||||||||
5.375%, 07/01/2025 | 1,606,000 | 1,667,484 | ||||||||||
Puerto Rico Highway & | ||||||||||||
Transportation Authority, | ||||||||||||
4.600%, 07/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 25,000 | 25,000 | ||||||||||
Puerto Rico Public Finance Corp.: | ||||||||||||
5.125%, 06/01/2024 (Insured by AMBAC) | 710,000 | 736,918 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 545,000 | 619,203 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 3,510,000 | 3,973,338 | ||||||||||
Total Puerto Rico | ||||||||||||
(Cost $13,905,040) | 13,904,931 | 0.6 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp.: | ||||||||||||
0.450%, 10/01/2040 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2023) | ||||||||||||
(Insured by HUD)(1) | 2,700,000 | 2,626,155 | ||||||||||
3.500%, 10/01/2046 (Callable 04/01/2025) | 5,000 | 5,031 | ||||||||||
3.750%, 10/01/2049 (Callable 04/01/2029) | ||||||||||||
(Insured by GNMA) | 1,720,000 | 1,733,166 | ||||||||||
State of Rhode Island, | ||||||||||||
5.000%, 11/01/2031 (Callable 11/01/2028) | 1,585,000 | 1,788,304 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $6,490,718) | 6,152,656 | 0.3 | % | |||||||||
South Carolina | ||||||||||||
Barnwell Facilities Corp.: | ||||||||||||
5.000%, 09/01/2023 (Insured by BAM) | 285,000 | 294,933 | ||||||||||
5.000%, 09/01/2024 (Insured by BAM) | 280,000 | 296,306 | ||||||||||
City of Myrtle Beach SC, | ||||||||||||
5.000%, 10/01/2027 (Callable 10/01/2026) | 1,000,000 | 1,089,300 | ||||||||||
City of Walhalla SC, | ||||||||||||
5.000%, 06/01/2023 (Insured by BAM) | 320,000 | 329,155 | ||||||||||
Greenwood Fifty School Facilities, Inc., | ||||||||||||
5.000%, 12/01/2027 (Callable 06/01/2026) | ||||||||||||
(Insured by BAM) | 1,125,000 | 1,223,482 | ||||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
2.008%, 10/01/2048 | ||||||||||||
(1 Month LIBOR USD + 0.860%) | ||||||||||||
(Callable 11/01/2023) (Mandatory | ||||||||||||
Tender Date 02/01/2024)(2) | 1,500,000 | 1,485,918 | ||||||||||
Piedmont Municipal Power Agency: | ||||||||||||
5.375%, 01/01/2025 | ||||||||||||
(ETM) (Insured by NATL) | 220,000 | 235,715 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 1,000,000 | 1,049,988 | ||||||||||
5.000%, 01/01/2030 (Callable 01/01/2027) | 4,190,000 | 4,541,035 | ||||||||||
5.000%, 01/01/2032 (Callable 01/01/2027) | 2,000,000 | 2,146,603 | ||||||||||
Scago Educational Facilities Corp. | ||||||||||||
for Pickens School District, | ||||||||||||
4.000%, 12/01/2031 (Callable 06/01/2025) | 500,000 | 506,451 |
The accompanying notes are an integral part of these financial statements.
Page 124
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority, | ||||||||||||
5.250%, 08/01/2030 | ||||||||||||
(Pre-refunded to 08/01/2023) | $ | 110,000 | $ | 114,086 | ||||||||
South Carolina State Housing | ||||||||||||
Finance & Development Authority: | ||||||||||||
4.000%, 07/01/2036 | ||||||||||||
(Callable 07/01/2025) (Insured by GNMA) | 100,000 | 101,431 | ||||||||||
4.000%, 07/01/2047 | ||||||||||||
(Callable 01/01/2027) (Insured by FHA) | 385,000 | 390,327 | ||||||||||
4.500%, 07/01/2048 (Callable 07/01/2027) | 345,000 | 353,499 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 1,965,000 | 1,994,561 | ||||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 1,815,000 | 1,840,593 | ||||||||||
3.000%, 01/01/2052 (Callable 07/01/2030) | 13,930,000 | 13,572,758 | ||||||||||
Spartanburg Housing Authority, | ||||||||||||
2.000%, 03/01/2026 | ||||||||||||
(Mandatory Tender Date 03/01/2025)(1) | 2,671,000 | 2,617,696 | ||||||||||
Spartanburg Regional Health Services District, | ||||||||||||
5.000%, 04/15/2023 (Insured by AGM) | 350,000 | 358,615 | ||||||||||
University of South Carolina, | ||||||||||||
5.000%, 05/01/2027 | 785,000 | 869,707 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $37,098,939) | 35,412,159 | 1.6 | % | |||||||||
South Dakota | ||||||||||||
Aberdeen School District No. 6-1, | ||||||||||||
2.200%, 01/01/2023 (Callable 08/01/2022) | 255,000 | 255,108 | ||||||||||
City of Rapid City SD, | ||||||||||||
5.000%, 12/01/2025 | 310,000 | 324,750 | ||||||||||
South Dakota Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
3.000%, 09/01/2025 | 100,000 | 99,976 | ||||||||||
3.000%, 09/01/2027 | 105,000 | 103,072 | ||||||||||
3.000%, 09/01/2028 | 200,000 | 192,947 | ||||||||||
South Dakota Housing | ||||||||||||
Development Authority: | ||||||||||||
3.000%, 11/01/2051 (Callable 05/01/2030) | ||||||||||||
(Insured by GNMA) | 1,585,000 | 1,553,291 | ||||||||||
5.000%, 05/01/2053 (Callable 11/01/2031) | 3,000,000 | 3,177,493 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $5,942,198) | 5,706,637 | 0.3 | % | |||||||||
Tennessee | ||||||||||||
City of Jackson TN: | ||||||||||||
5.000%, 04/01/2024 (ETM) | 10,000 | 10,493 | ||||||||||
5.000%, 04/01/2024 | 240,000 | 251,746 | ||||||||||
5.000%, 04/01/2027 | ||||||||||||
(Pre-refunded to 04/01/2025) | 20,000 | 21,438 | ||||||||||
5.000%, 04/01/2027 (Callable 04/01/2025) | 645,000 | 674,371 | ||||||||||
City of Manchester TN, | ||||||||||||
2.000%, 08/01/2028 | 2,135,000 | 2,061,485 | ||||||||||
City of Morristown TN, | ||||||||||||
2.000%, 03/01/2029 | 2,015,000 | 1,927,429 | ||||||||||
City of Sevierville TN, | ||||||||||||
5.000%, 06/01/2027(7) | 2,845,000 | 3,184,983 | ||||||||||
Hollow Rock-Bruceton Special School District, | ||||||||||||
3.000%, 04/01/2023 | 346,000 | 349,039 | ||||||||||
Knox County Health Educational | ||||||||||||
& Housing Facility Board: | ||||||||||||
5.000%, 11/15/2022 | 400,000 | 404,918 | ||||||||||
5.000%, 04/01/2024 | 190,000 | 198,005 | ||||||||||
Tennessee Energy Acquisition Corp.: | ||||||||||||
5.625%, 09/01/2026 | 6,705,000 | 7,275,205 | ||||||||||
4.000%, 11/01/2049 (Callable 08/01/2025) | ||||||||||||
(Mandatory Tender Date 11/01/2025)(1) | 1,745,000 | 1,771,942 | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
3.050%, 07/01/2029 | ||||||||||||
(Callable 07/01/2024) | 100,000 | 99,293 | ||||||||||
3.600%, 01/01/2031 (Callable 01/01/2023) | 1,070,000 | 1,070,195 | ||||||||||
3.850%, 07/01/2032 (Callable 01/01/2025) | 735,000 | 728,151 | ||||||||||
4.000%, 07/01/2039 (Callable 01/01/2024) | 365,000 | 369,613 | ||||||||||
4.000%, 01/01/2043 (Callable 07/01/2027) | 500,000 | 506,969 | ||||||||||
4.000%, 01/01/2046 (Callable 01/01/2025) | 10,000 | 10,132 | ||||||||||
3.750%, 01/01/2050 (Callable 01/01/2029) | 2,085,000 | 2,100,199 | ||||||||||
3.000%, 01/01/2051 (Callable 01/01/2030) | 945,000 | 929,234 | ||||||||||
5.000%, 01/01/2053 (Callable 07/01/2031) | 1,750,000 | 1,853,501 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $26,893,979) | 25,798,341 | 1.2 | % | |||||||||
Texas | ||||||||||||
Abilene Convention Center | ||||||||||||
Hotel Development Corp.: | ||||||||||||
2.500%, 10/01/2031 | 1,000,000 | 892,314 | ||||||||||
3.750%, 10/01/2031(3) | 1,120,000 | 1,015,892 | ||||||||||
Alvin Independent School District, | ||||||||||||
1.250%, 02/15/2033 (Mandatory Tender | ||||||||||||
Date 08/15/2022) (PSF Guaranteed)(1) | 325,000 | 324,972 | ||||||||||
Arlington Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2022 (PSF Guaranteed) | 350,000 | 351,367 | ||||||||||
5.000%, 08/15/2023 (PSF Guaranteed) | 325,000 | 336,348 | ||||||||||
3.000%, 08/15/2024 (PSF Guaranteed) | 150,000 | 152,036 | ||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 505,000 | 535,279 | ||||||||||
5.000%, 08/15/2024 | ||||||||||||
(ETM) (PSF Guaranteed) | 535,000 | 566,456 | ||||||||||
4.000%, 08/15/2025 (PSF Guaranteed) | 330,000 | 344,796 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 75,000 | 80,968 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 550,000 | 594,455 | ||||||||||
5.000%, 12/01/2025 (PSF Guaranteed) | 555,000 | 602,386 | ||||||||||
4.000%, 02/15/2026 (PSF Guaranteed) | 280,000 | 293,445 | ||||||||||
4.000%, 08/15/2026 (PSF Guaranteed) | 200,000 | 210,463 | ||||||||||
4.000%, 08/15/2026 (PSF Guaranteed) | 345,000 | 363,048 | ||||||||||
5.000%, 08/15/2026 (PSF Guaranteed) | 450,000 | 494,088 | ||||||||||
4.000%, 02/15/2027 (PSF Guaranteed) | 350,000 | 369,012 | ||||||||||
4.000%, 08/15/2027 (PSF Guaranteed) | 360,000 | 380,705 | ||||||||||
5.000%, 08/15/2027 (PSF Guaranteed) | 500,000 | 557,467 | ||||||||||
4.000%, 02/15/2028 (PSF Guaranteed) | 315,000 | 332,711 | ||||||||||
4.000%, 08/15/2028 (PSF Guaranteed) | 385,000 | 406,994 | ||||||||||
4.000%, 08/15/2028 (PSF Guaranteed) | 370,000 | 391,138 | ||||||||||
4.000%, 02/15/2029 (PSF Guaranteed) | 285,000 | 301,362 | ||||||||||
Arlington Housing Finance Corp., | ||||||||||||
3.500%, 11/01/2043 (Callable 05/01/2025) | ||||||||||||
(Mandatory Tender Date 11/01/2025)(1) | 6,500,000 | 6,603,794 | ||||||||||
Arlington Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 1,110,000 | 1,257,748 | ||||||||||
Bandera Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 460,000 | 482,679 | ||||||||||
Beaumont Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 170,000 | 182,194 | ||||||||||
Boerne School District, | ||||||||||||
5.000%, 02/01/2028 (PSF Guaranteed) | 1,550,000 | 1,752,935 | ||||||||||
Brazoria County Municipal | ||||||||||||
Utility District No. 17, | ||||||||||||
4.000%, 09/01/2024 (Callable 09/01/2023) | ||||||||||||
(Insured by AGM) | 175,000 | 179,265 | ||||||||||
Brazoria County Municipal | ||||||||||||
Utility District No. 19: | ||||||||||||
4.000%, 09/01/2024 (Insured by AGM) | 280,000 | 290,446 | ||||||||||
4.000%, 09/01/2026 (Insured by AGM) | 100,000 | 106,080 | ||||||||||
Brazosport Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 2,500,000 | 2,829,964 |
The accompanying notes are an integral part of these financial statements.
Page 125
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Bryan Independent School District, | ||||||||||||
4.000%, 02/15/2029 (PSF Guaranteed) | $ | 1,435,000 | $ | 1,545,008 | ||||||||
Bryson Independent School District, | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2027) | ||||||||||||
(PSF Guaranteed) | 785,000 | 830,536 | ||||||||||
Burkburnett Independent School District, | ||||||||||||
5.000%, 02/15/2031 (Callable 02/15/2025) | ||||||||||||
(PSF Guaranteed) | 1,480,000 | 1,581,486 | ||||||||||
Caney Creek Municipal Utility District: | ||||||||||||
5.000%, 03/01/2023 | 365,000 | 372,457 | ||||||||||
5.000%, 03/01/2025 | 405,000 | 430,477 | ||||||||||
Central Texas Regional Mobility Authority, | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2026) | 7,495,000 | 7,991,231 | ||||||||||
Central Texas Turnpike System: | ||||||||||||
5.000%, 08/15/2023 | 205,000 | 212,481 | ||||||||||
0.000%, 08/15/2024 | ||||||||||||
(ETM) (Insured by AMBAC) | 700,000 | 669,020 | ||||||||||
5.000%, 08/15/2027 (Callable 08/15/2024) | 545,000 | 564,917 | ||||||||||
Cibolo Canyons Special | ||||||||||||
Improvement District, | ||||||||||||
5.000%, 08/15/2022 (Insured by AGM) | 365,000 | 366,463 | ||||||||||
Cimarron Municipal Utility District, | ||||||||||||
4.000%, 03/01/2025 (Insured by AGM) | 70,000 | 72,635 | ||||||||||
Cinco Municipal Utility District, | ||||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 690,000 | 708,908 | ||||||||||
City of Austin TX, | ||||||||||||
5.000%, 11/15/2032 (Callable 11/15/2026) | 560,000 | 598,815 | ||||||||||
City of Brownsville TX, | ||||||||||||
5.000%, 09/01/2031 (Callable 09/01/2025) | 830,000 | 880,509 | ||||||||||
City of Dallas TX: | ||||||||||||
5.000%, 02/15/2027 (Callable 02/15/2024) | 630,000 | 655,948 | ||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | 1,000,000 | 1,040,175 | ||||||||||
City of Del Rio TX, | ||||||||||||
5.000%, 06/01/2027 | 520,000 | 575,600 | ||||||||||
City of Denton TX: | ||||||||||||
5.000%, 12/01/2028 (Callable 12/01/2026) | 1,000,000 | 1,095,076 | ||||||||||
5.000%, 12/01/2033 (Callable 12/01/2026) | 900,000 | 967,631 | ||||||||||
5.000%, 12/01/2034 (Callable 12/01/2026) | 195,000 | 209,221 | ||||||||||
City of Elgin TX: | ||||||||||||
4.000%, 07/15/2023 (Insured by AGM) | 155,000 | 158,275 | ||||||||||
4.000%, 07/15/2023 (Insured by BAM) | 50,000 | 51,056 | ||||||||||
City of Frisco TX: | ||||||||||||
4.000%, 02/15/2027 | 580,000 | 620,334 | ||||||||||
4.000%, 02/15/2028 | 500,000 | 538,313 | ||||||||||
City of Hearne TX: | ||||||||||||
3.000%, 08/01/2022 (Insured by BAM) | 225,000 | 225,259 | ||||||||||
3.000%, 08/01/2023 (Insured by BAM) | 230,000 | 232,653 | ||||||||||
3.000%, 08/01/2024 (Insured by BAM) | 240,000 | 243,594 | ||||||||||
City of Houston TX: | ||||||||||||
5.500%, 12/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 925,000 | 971,668 | ||||||||||
0.000%, 12/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 500,000 | 459,363 | ||||||||||
5.000%, 09/01/2029 (Callable 09/01/2024) | 1,500,000 | 1,555,841 | ||||||||||
City of Pearland TX, | ||||||||||||
5.000%, 03/01/2030 (Callable 03/01/2026) | 2,180,000 | 2,367,900 | ||||||||||
City of Temple TX, | ||||||||||||
5.000%, 08/01/2028 (Insured by BAM) | 150,000 | 167,536 | ||||||||||
City of Waxahachie TX, | ||||||||||||
4.000%, 08/01/2028 (Callable 08/01/2026) | 845,000 | 888,852 | ||||||||||
City of Wilmer TX: | ||||||||||||
5.000%, 09/01/2026 (Insured by BAM) | 410,000 | 448,654 | ||||||||||
5.000%, 09/01/2027 (Insured by BAM) | 380,000 | 420,812 | ||||||||||
Clear Creek Independent School District: | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 115,000 | 120,726 | ||||||||||
1.350%, 02/15/2032 (Mandatory Tender | ||||||||||||
Date 08/15/2022) (PSF Guaranteed)(1) | 2,475,000 | 2,474,204 | ||||||||||
Clifton Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2027 (PSF Guaranteed) | 1,960,000 | 2,167,460 | ||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 700,000 | 727,240 | ||||||||||
Collin County Water Control & | ||||||||||||
Improvement District No. 3: | ||||||||||||
2.000%, 09/15/2022 (Insured by BAM) | 315,000 | 315,379 | ||||||||||
2.000%, 09/15/2023 (Insured by BAM) | 335,000 | 335,562 | ||||||||||
2.000%, 09/15/2024 (Insured by BAM) | 350,000 | 347,099 | ||||||||||
Comal County Water Control & | ||||||||||||
Improvement District No. 6: | ||||||||||||
4.000%, 03/01/2025 (Insured by BAM) | 510,000 | 530,268 | ||||||||||
4.000%, 03/01/2026 (Insured by BAM) | 535,000 | 561,097 | ||||||||||
4.000%, 03/01/2027 (Insured by BAM) | 555,000 | 585,840 | ||||||||||
4.000%, 03/01/2028 (Insured by BAM) | 580,000 | 613,287 | ||||||||||
Cotulla Independent School District: | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | 100,000 | 102,055 | ||||||||||
5.000%, 02/15/2028(7) | 1,250,000 | 1,405,655 | ||||||||||
County of Archer TX, | ||||||||||||
4.000%, 02/15/2024 | 350,000 | 361,389 | ||||||||||
County of Bexar TX, | ||||||||||||
5.000%, 06/15/2029 (Callable 06/15/2026) | 855,000 | 935,684 | ||||||||||
County of El Paso TX, | ||||||||||||
5.000%, 02/15/2032 (Callable 08/15/2027) | 885,000 | 975,352 | ||||||||||
County of Fort Bend TX, | ||||||||||||
2.000%, 03/01/2027 (Insured by BAM) | 745,000 | 709,610 | ||||||||||
County of McLennan TX, | ||||||||||||
5.000%, 06/01/2025 (Insured by AGM) | 240,000 | 253,818 | ||||||||||
County of Montgomery TX, | ||||||||||||
2.000%, 09/01/2027 (Callable 09/01/2025) | ||||||||||||
(Insured by BAM) | 435,000 | 412,402 | ||||||||||
County of Wise TX: | ||||||||||||
5.000%, 08/15/2025 | 500,000 | 528,866 | ||||||||||
5.000%, 08/15/2026 | 850,000 | 909,149 | ||||||||||
Crane County Water District, | ||||||||||||
5.000%, 02/15/2026 (Callable 02/15/2025) | 915,000 | 976,574 | ||||||||||
Cypress-Fairbanks | ||||||||||||
Independent School District, | ||||||||||||
1.250%, 02/15/2040 (Mandatory Tender | ||||||||||||
Date 08/15/2022) (PSF Guaranteed)(1) | 605,000 | 604,948 | ||||||||||
Dallas Convention Center Hotel | ||||||||||||
Development Corp., | ||||||||||||
0.000%, 01/01/2025 | 4,450,000 | 4,113,752 | ||||||||||
Dallas County Utility & Reclamation District, | ||||||||||||
5.000%, 02/15/2026 | 290,000 | 314,379 | ||||||||||
Dallas Independent School District, | ||||||||||||
4.000%, 02/15/2029 (PSF Guaranteed) | 60,000 | 64,562 | ||||||||||
Decatur Hospital Authority, | ||||||||||||
5.750%, 09/01/2029 (ETM) | 1,265,000 | 1,418,985 | ||||||||||
Decatur Independent School District, | ||||||||||||
0.000%, 08/15/2027 (PSF Guaranteed) | 925,000 | 807,143 | ||||||||||
Denton County Fresh Water | ||||||||||||
Supply District No. 6, | ||||||||||||
4.000%, 02/15/2023 (Insured by BAM) | 275,000 | 278,886 | ||||||||||
Denton Independent School District: | ||||||||||||
2.000%, 08/01/2044 (Pre-refunded | ||||||||||||
to 08/01/2024) (PSF Guaranteed)(1) | 1,450,000 | 1,437,007 | ||||||||||
2.000%, 08/01/2044 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 1,475,000 | 1,457,079 | ||||||||||
El Paso Downtown Development Corp., | ||||||||||||
5.000%, 08/15/2027 (Callable 08/15/2026) | 1,000,000 | 1,086,690 |
The accompanying notes are an integral part of these financial statements.
Page 126
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Everman Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | $ | 225,000 | $ | 240,724 | ||||||||
Fort Bend County Levee | ||||||||||||
Improvement District No. 6, | ||||||||||||
3.500%, 09/01/2028 (Callable 09/01/2024) | ||||||||||||
(Insured by BAM) | 340,000 | 344,052 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 116, | ||||||||||||
4.000%, 09/01/2025 | ||||||||||||
(Callable 09/01/2024) (Insured by BAM) | 325,000 | 336,426 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 118: | ||||||||||||
2.000%, 09/01/2023 (Insured by AGM) | 330,000 | 328,068 | ||||||||||
2.000%, 09/01/2024 (Insured by AGM) | 350,000 | 347,100 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 134B, | ||||||||||||
4.625%, 09/01/2024 (Insured by AGM) | 320,000 | 336,262 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 134E, | ||||||||||||
4.500%, 09/01/2022 (Insured by BAM) | 330,000 | 331,595 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 139: | ||||||||||||
4.000%, 09/01/2022 (Insured by BAM) | 180,000 | 180,720 | ||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 190,000 | 194,462 | ||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 200,000 | 207,418 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 30, | ||||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 500,000 | 517,583 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 58: | ||||||||||||
2.000%, 04/01/2024 (Insured by BAM) | 380,000 | 377,439 | ||||||||||
3.000%, 04/01/2024 (Insured by BAM) | 605,000 | 612,512 | ||||||||||
3.500%, 04/01/2024 (Insured by AGM) | 125,000 | 127,913 | ||||||||||
3.000%, 04/01/2026 (Insured by BAM) | 860,000 | 870,487 | ||||||||||
3.000%, 04/01/2026 (Insured by BAM) | 635,000 | 642,743 | ||||||||||
3.000%, 04/01/2027 (Insured by BAM) | 410,000 | 414,319 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 81, | ||||||||||||
3.000%, 09/01/2023 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 440,000 | 440,379 | ||||||||||
Fort Bend Independent School District: | ||||||||||||
5.000%, 08/15/2027 (PSF Guaranteed) | 300,000 | 337,386 | ||||||||||
5.000%, 08/15/2028 (PSF Guaranteed) | 250,000 | 284,444 | ||||||||||
0.875%, 08/01/2050 (Mandatory Tender | ||||||||||||
Date 08/01/2025) (PSF Guaranteed)(1) | 3,605,000 | 3,432,973 | ||||||||||
Fort Bend-Waller Counties Municipal | ||||||||||||
Utility District No. 2, | ||||||||||||
4.250%, 04/01/2029 (Callable 04/01/2026) | ||||||||||||
(Insured by AGM) | 675,000 | 711,571 | ||||||||||
Friendswood Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 160,000 | 171,815 | ||||||||||
Frisco Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 2,710,000 | 3,055,565 | ||||||||||
Garland Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 1,640,000 | 1,852,786 | ||||||||||
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 | 714,575 | ||||||||||
0.900%, 05/15/2050 (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 05/15/2025)(1) | 4,500,000 | 4,424,382 | ||||||||||
Harris County Health Facilities | ||||||||||||
Development Corp.: | ||||||||||||
5.750%, 07/01/2027 (ETM) | 940,000 | 1,040,116 | ||||||||||
5.750%, 07/01/2027 | ||||||||||||
(ETM) (Insured by AMBAC) | 4,055,000 | 4,485,555 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 120, | ||||||||||||
3.250%, 08/01/2025 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 350,000 | 350,209 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 153, | ||||||||||||
4.000%, 09/01/2023 (Callable 09/01/2022) | ||||||||||||
(Insured by BAM) | 100,000 | 100,318 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 165, | ||||||||||||
4.000%, 03/01/2025 (Insured by NATL) | 1,000,000 | 1,042,889 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 276, | ||||||||||||
3.000%, 09/01/2024 (Insured by BAM) | 445,000 | 451,817 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 284: | ||||||||||||
4.000%, 09/01/2023 (Insured by AGM) | 370,000 | 378,689 | ||||||||||
4.000%, 09/01/2024 (Insured by AGM) | 235,000 | 243,717 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 371, | ||||||||||||
4.000%, 09/01/2025 (Insured by AGM) | 330,000 | 346,487 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 374, | ||||||||||||
3.000%, 09/01/2024 (Insured by BAM) | 225,000 | 227,731 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 449: | ||||||||||||
3.000%, 09/01/2024 (Insured by AGM) | 460,000 | 466,843 | ||||||||||
3.000%, 09/01/2025 (Insured by AGM) | 470,000 | 478,223 | ||||||||||
3.000%, 09/01/2026 (Insured by AGM) | 485,000 | 492,635 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 63, | ||||||||||||
3.000%, 09/01/2025 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 100,000 | 101,257 | ||||||||||
Harris County Water Control & | ||||||||||||
Improvement District No. 1, | ||||||||||||
4.000%, 02/15/2027 (Insured by AGM) | 360,000 | 379,875 | ||||||||||
Hitchcock Independent School District, | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | 100,000 | 102,074 | ||||||||||
Housing Options, Inc., | ||||||||||||
3.900%, 02/01/2026 (Mandatory Tender | ||||||||||||
Date 02/01/2025) (Insured by HUD)(1) | 8,000,000 | 8,160,287 | ||||||||||
Houston Independent School District, | ||||||||||||
3.500%, 06/01/2039 (Mandatory Tender | ||||||||||||
Date 06/01/2025) (PSF Guaranteed)(1) | 1,500,000 | 1,527,483 | ||||||||||
Hunt Memorial Hospital District: | ||||||||||||
5.000%, 02/15/2024 | 200,000 | 207,431 | ||||||||||
5.000%, 02/15/2027 | 1,500,000 | 1,623,713 | ||||||||||
5.000%, 02/15/2028 | 1,000,000 | 1,091,947 | ||||||||||
Ingleside Independent School District, | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 120,000 | 127,374 | ||||||||||
Irving Hospital Authority, | ||||||||||||
5.000%, 10/15/2023 | 150,000 | 155,737 | ||||||||||
Katy Development Authority: | ||||||||||||
4.000%, 06/01/2025 (Insured by BAM) | 500,000 | 519,203 | ||||||||||
4.000%, 06/01/2026 (Insured by BAM) | 600,000 | 627,598 | ||||||||||
4.000%, 06/01/2027 (Insured by BAM) | 415,000 | 434,756 | ||||||||||
3.000%, 06/01/2028 (Callable 06/01/2027) | ||||||||||||
(Insured by BAM) | 375,000 | 373,986 | ||||||||||
3.000%, 06/01/2029 (Callable 06/01/2027) | ||||||||||||
(Insured by BAM) | 450,000 | 445,316 | ||||||||||
Kaufman County Municipal | ||||||||||||
Utility District No. 10, | ||||||||||||
4.500%, 03/01/2029 (Callable 03/01/2026) | ||||||||||||
(Insured by BAM) | 645,000 | 685,413 |
The accompanying notes are an integral part of these financial statements.
Page 127
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
La Vernia Independent School District, | ||||||||||||
4.000%, 08/15/2025 (PSF Guaranteed) | $ | 260,000 | $ | 273,252 | ||||||||
Leander Independent School District: | ||||||||||||
0.000%, 08/15/2033 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 50,000 | 31,089 | ||||||||||
0.000%, 08/15/2034 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 485,000 | 284,187 | ||||||||||
0.000%, 08/15/2036 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 15,000 | 8,136 | ||||||||||
0.000%, 08/15/2036 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 100,000 | 51,856 | ||||||||||
0.000%, 08/15/2038 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 200,000 | 98,208 | ||||||||||
0.000%, 08/15/2039 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 50,000 | 21,809 | ||||||||||
0.000%, 08/15/2040 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 175,000 | 77,638 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 1,325,000 | 559,339 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 8,465,000 | 3,551,130 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 435,000 | 169,514 | ||||||||||
0.000%, 08/15/2042 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 50,000 | 19,976 | ||||||||||
0.000%, 08/15/2042 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 455,000 | 181,779 | ||||||||||
0.000%, 08/15/2043 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 40,000 | 15,200 | ||||||||||
0.000%, 08/15/2045 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 1,010,000 | 312,326 | ||||||||||
0.000%, 08/15/2046 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 1,390,000 | 403,897 | ||||||||||
0.000%, 08/15/2047 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 175,000 | 47,745 | ||||||||||
Lewisville Independent School District, | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 20,000 | 21,203 | ||||||||||
Lower Colorado River Authority, | ||||||||||||
4.750%, 01/01/2028 | ||||||||||||
(ETM) (Insured by AGM) | 235,000 | 252,179 | ||||||||||
Manor Independent School District: | ||||||||||||
5.000%, 08/01/2026 (PSF Guaranteed) | 100,000 | 110,090 | ||||||||||
5.000%, 08/01/2027(7) | 1,015,000 | 1,136,414 | ||||||||||
Matagorda County Navigation District No. 1, | ||||||||||||
4.000%, 06/01/2030 (Callable 06/03/2023) | 5,000,000 | 5,005,695 | ||||||||||
Melissa Independent School District, | ||||||||||||
5.000%, 08/01/2027 | ||||||||||||
(Callable 08/01/2026) (PSF Guaranteed) | 985,000 | 1,078,369 | ||||||||||
Midlothian Independent School District, | ||||||||||||
2.000%, 08/01/2051 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 1,700,000 | 1,677,992 | ||||||||||
Montgomery County Health | ||||||||||||
Facilities Development Corp., | ||||||||||||
0.000%, 07/15/2023 (ETM) | 595,000 | 584,017 | ||||||||||
Montgomery County Municipal | ||||||||||||
Utility District No. 112: | ||||||||||||
3.000%, 10/01/2022 (Insured by BAM) | 200,000 | 200,768 | ||||||||||
3.000%, 10/01/2024 (Insured by BAM) | 215,000 | 218,364 | ||||||||||
Montgomery County Municipal | ||||||||||||
Utility District No. 119: | ||||||||||||
1.000%, 04/01/2024 | 500,000 | 482,138 | ||||||||||
1.000%, 04/01/2025 | 400,000 | 372,970 | ||||||||||
Montgomery County Municipal | ||||||||||||
Utility District No. 95, | ||||||||||||
3.000%, 09/01/2023 (Insured by AGM) | 115,000 | 116,222 | ||||||||||
Montgomery Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 175,000 | 183,428 | ||||||||||
New Caney Independent School District: | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 100,000 | 107,173 | ||||||||||
1.250%, 02/15/2050 (Mandatory Tender | ||||||||||||
Date 08/15/2024) (PSF Guaranteed)(1) | 4,400,000 | 4,308,758 | ||||||||||
New Hope Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
4.000%, 06/15/2024 | 50,000 | 51,413 | ||||||||||
5.000%, 11/01/2025 (Callable 11/01/2024) | 1,050,000 | 1,094,921 | ||||||||||
Newark Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2023 (PSF Guaranteed) | 260,000 | 269,078 | ||||||||||
5.000%, 08/15/2028 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 705,000 | 737,133 | ||||||||||
North Central Texas Health | ||||||||||||
Facility Development Corp., | ||||||||||||
5.750%, 06/01/2026 | ||||||||||||
(ETM) (Insured by NATL) | 345,000 | 373,069 | ||||||||||
North East Independent School District, | ||||||||||||
2.200%, 08/01/2049 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 3,975,000 | 3,964,117 | ||||||||||
North Lamar Independent School District: | ||||||||||||
5.000%, 02/15/2026 (PSF Guaranteed) | 450,000 | 492,553 | ||||||||||
5.000%, 02/15/2027 (PSF Guaranteed) | 315,000 | 351,161 | ||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 210,000 | 237,129 | ||||||||||
5.000%, 02/15/2029 (PSF Guaranteed) | 500,000 | 571,968 | ||||||||||
North Mission Glen Municipal Utility District, | ||||||||||||
3.000%, 09/01/2024 (Insured by AGM) | 185,000 | 187,834 | ||||||||||
North Texas Tollway Authority, | ||||||||||||
5.000%, 01/01/2030 (Callable 01/01/2025) | 3,000,000 | 3,144,212 | ||||||||||
Northeast Travis County Utility District, | ||||||||||||
0.000%, 09/01/2024 (Insured by BAM) | 470,000 | 438,827 | ||||||||||
Northgate Crossing Road Utility District, | ||||||||||||
0.000%, 12/01/2022 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 100,000 | 98,623 | ||||||||||
Northside Independent School District: | ||||||||||||
5.000%, 08/15/2022 (PSF Guaranteed) | 110,000 | 110,466 | ||||||||||
1.600%, 08/01/2049 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 3,705,000 | 3,650,888 | ||||||||||
Northwest Harris County | ||||||||||||
Municipal Utility District No. 19: | ||||||||||||
2.000%, 10/01/2022 (Insured by AGM) | 105,000 | 105,131 | ||||||||||
2.000%, 10/01/2023 (Insured by AGM) | 105,000 | 105,038 | ||||||||||
3.000%, 10/01/2024 (Insured by AGM) | 110,000 | 111,721 | ||||||||||
3.000%, 10/01/2025 (Insured by AGM) | 275,000 | 280,531 | ||||||||||
3.000%, 10/01/2027 (Callable 10/01/2026) | ||||||||||||
(Insured by AGM) | 225,000 | 228,471 | ||||||||||
Odessa Junior College District, | ||||||||||||
4.000%, 07/01/2029 (Pre-refunded | ||||||||||||
to 07/01/2022) (Insured by AGM) | 215,000 | 215,000 | ||||||||||
Orange County Water Control & | ||||||||||||
Improvement District No. 1, | ||||||||||||
4.000%, 02/15/2027 (Insured by AGM) | 630,000 | 666,745 | ||||||||||
Palestine Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 135,000 | 141,348 | ||||||||||
Paloma Lake Municipal Utility District No. 1, | ||||||||||||
2.000%, 09/01/2022 (Insured by NATL) | 150,000 | 150,129 | ||||||||||
Paseo del Este Municipal | ||||||||||||
Utility District No. 10: | ||||||||||||
4.000%, 08/15/2022 (Insured by AGM) | 160,000 | 160,466 | ||||||||||
4.000%, 08/15/2023 (Insured by AGM) | 130,000 | 133,044 | ||||||||||
4.000%, 08/15/2024 (Insured by AGM) | 180,000 | 186,602 | ||||||||||
Plano Independent School District, | ||||||||||||
5.000%, 02/15/2028 | ||||||||||||
(Callable 02/15/2026) (PSF Guaranteed) | 2,000,000 | 2,178,235 |
The accompanying notes are an integral part of these financial statements.
Page 128
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Port of Port Arthur Navigation District: | ||||||||||||
0.700%, 04/01/2040 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | $ | 1,100,000 | $ | 1,100,000 | ||||||||
0.700%, 04/01/2040 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 2,200,000 | 2,200,000 | ||||||||||
Prosper Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 110,000 | 115,387 | ||||||||||
Remington Municipal Utility District No. 1, | ||||||||||||
3.000%, 09/01/2022 (Insured by AGM) | 100,000 | 100,250 | ||||||||||
Rockwall Independent School District: | ||||||||||||
0.000%, 02/15/2023 (PSF Guaranteed) | 1,000,000 | 989,564 | ||||||||||
0.000%, 02/15/2024 (PSF Guaranteed) | 1,270,000 | 1,228,404 | ||||||||||
San Benito Consolidated | ||||||||||||
Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 100,000 | 104,735 | ||||||||||
Sedona Lakes Municipal Utility District No. 1, | ||||||||||||
3.000%, 09/01/2024 (Insured by BAM) | 105,000 | 106,609 | ||||||||||
Sherman Independent School District, | ||||||||||||
5.000%, 02/15/2026 (Pre-refunded | ||||||||||||
to 02/15/2024) (PSF Guaranteed) | 1,000,000 | 1,049,850 | ||||||||||
Sienna Municipal Utility District No. 4: | ||||||||||||
2.000%, 09/01/2027 (Callable 09/01/2025) | ||||||||||||
(Insured by AGM) | 500,000 | 464,909 | ||||||||||
2.000%, 09/01/2028 (Callable 09/01/2025) | ||||||||||||
(Insured by AGM) | 315,000 | 287,139 | ||||||||||
South Shore Harbor Municipal | ||||||||||||
Utility District No. 7, | ||||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 370,000 | 378,861 | ||||||||||
Southwest Houston Redevelopment Authority, | ||||||||||||
5.000%, 09/01/2025 (Insured by AGM) | 250,000 | 266,747 | ||||||||||
Southwest Texas Junior College District, | ||||||||||||
4.000%, 10/01/2023 (Insured by BAM) | 100,000 | 102,421 | ||||||||||
Spring Creek Utility District of | ||||||||||||
Montgomery County: | ||||||||||||
2.500%, 10/01/2023 (Insured by AGM) | 150,000 | 150,986 | ||||||||||
3.000%, 10/01/2023 (Insured by AGM) | 145,000 | 146,835 | ||||||||||
State of Texas: | ||||||||||||
4.000%, 08/01/2027 (Callable 08/01/2025) | 2,250,000 | 2,352,663 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2025) | 1,240,000 | 1,343,620 | ||||||||||
4.000%, 08/01/2028 (Callable 08/01/2025) | 2,500,000 | 2,603,654 | ||||||||||
3.200%, 10/01/2028 (Callable 10/01/2025) | 3,000,000 | 3,046,004 | ||||||||||
Sugar Land Development Corp., | ||||||||||||
4.000%, 02/15/2025 (Insured by AGM) | 235,000 | 244,160 | ||||||||||
Tarrant County Cultural | ||||||||||||
Education Facilities Finance Corp.: | ||||||||||||
5.000%, 11/15/2023 | 310,000 | 320,093 | ||||||||||
5.000%, 11/15/2024 | 275,000 | 289,075 | ||||||||||
5.000%, 10/01/2025 | ||||||||||||
(Pre-refunded to 10/01/2023) | 2,110,000 | 2,188,610 | ||||||||||
2.250%, 11/15/2025 | 225,000 | 220,556 | ||||||||||
5.000%, 10/01/2027 | ||||||||||||
(Pre-refunded to 10/01/2023) | 300,000 | 311,177 | ||||||||||
Taylor Independent School District, | ||||||||||||
3.000%, 02/15/2023 (PSF Guaranteed) | 815,000 | 822,531 | ||||||||||
Texas Department of Housing | ||||||||||||
& Community Affairs: | ||||||||||||
4.750%, 03/01/2049 (Callable 09/01/2027) | ||||||||||||
(Insured by GNMA) | 595,000 | 614,073 | ||||||||||
5.500%, 09/01/2052 (Callable 03/01/2032) | ||||||||||||
(Insured by GNMA) | 3,000,000 | 3,255,800 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. I: | ||||||||||||
2.675%, 12/15/2026 | ||||||||||||
(3 Month LIBOR USD + 1.450%) | ||||||||||||
(Callable 07/01/2022)(2) | 7,800,000 | 7,460,289 | ||||||||||
5.250%, 12/15/2026 | 835,000 | 893,436 | ||||||||||
6.250%, 12/15/2026 | 2,500,000 | 2,673,978 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. III: | ||||||||||||
5.000%, 12/15/2025 | 3,100,000 | 3,258,948 | ||||||||||
5.000%, 12/15/2027 | 1,785,000 | 1,895,539 | ||||||||||
5.000%, 12/15/2028 | 5,315,000 | 5,645,325 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
and Supply Corp. II, | ||||||||||||
2.095%, 09/15/2027 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(2) | 24,000,000 | 23,461,349 | ||||||||||
Texas Public Finance Authority, | ||||||||||||
5.000%, 12/01/2027 (Callable 06/01/2025) | 975,000 | 1,042,939 | ||||||||||
Texas State Affordable Housing Corp., | ||||||||||||
4.250%, 03/01/2049 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 365,000 | 372,368 | ||||||||||
Tioga Independent School | ||||||||||||
District Public Facility Corp.: | ||||||||||||
4.000%, 08/15/2022 | 450,000 | 449,772 | ||||||||||
4.000%, 08/15/2023 | 470,000 | 467,714 | ||||||||||
4.000%, 08/15/2024 | 185,000 | 183,113 | ||||||||||
3.250%, 08/15/2026 (Callable 08/15/2024) | 195,000 | 184,325 | ||||||||||
Town of Providence Village TX, | ||||||||||||
4.000%, 03/01/2024 (Insured by BAM) | 275,000 | 283,496 | ||||||||||
Upper Trinity Regional Water District, | ||||||||||||
5.000%, 08/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 195,000 | 195,380 | ||||||||||
Viridian Municipal Management District: | ||||||||||||
6.000%, 12/01/2023 (Insured by BAM) | 50,000 | 52,885 | ||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 425,000 | 443,731 | ||||||||||
4.000%, 12/01/2025 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 440,000 | 456,618 | ||||||||||
4.000%, 12/01/2026 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 340,000 | 347,844 | ||||||||||
4.000%, 12/01/2026 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 460,000 | 474,687 | ||||||||||
4.000%, 12/01/2027 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 475,000 | 487,532 | ||||||||||
4.000%, 12/01/2028 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 495,000 | 506,787 | ||||||||||
4.000%, 12/01/2028 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 455,000 | 465,835 | ||||||||||
4.000%, 12/01/2029 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 685,000 | 698,784 | ||||||||||
West Harris County Municipal | ||||||||||||
Utility District No. 17, | ||||||||||||
3.000%, 09/01/2023 (Insured by AGM) | 360,000 | 363,949 | ||||||||||
Willow Creek Farms | ||||||||||||
Municipal Utility District: | ||||||||||||
2.400%, 09/01/2023 (Insured by AGM) | 45,000 | 45,187 | ||||||||||
3.500%, 09/01/2023 (Insured by AGM) | 125,000 | 127,081 | ||||||||||
Wink-Loving Independent School District: | ||||||||||||
5.000%, 02/15/2026 (Pre-refunded | ||||||||||||
to 02/15/2023) (PSF Guaranteed) | 1,995,000 | 2,036,939 | ||||||||||
5.000%, 02/15/2027 (Pre-refunded | ||||||||||||
to 02/15/2023) (PSF Guaranteed) | 530,000 | 541,142 | ||||||||||
3.000%, 02/15/2028 | ||||||||||||
(Callable 02/15/2023) (PSF Guaranteed) | 450,000 | 450,497 | ||||||||||
3.000%, 02/15/2029 | ||||||||||||
(Callable 02/15/2023) (PSF Guaranteed) | 600,000 | 600,136 | ||||||||||
3.000%, 02/15/2031 | ||||||||||||
(Callable 02/15/2023) (PSF Guaranteed) | 60,000 | 58,566 | ||||||||||
Total Texas | ||||||||||||
(Cost $265,133,960) | 256,167,634 | 11.7 | % |
The accompanying notes are an integral part of these financial statements.
Page 129
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Utah | ||||||||||||
City of Salt Lake City UT, | ||||||||||||
4.000%, 10/01/2027 | ||||||||||||
(Callable 10/01/2025) | $ | 1,220,000 | $ | 1,280,346 | ||||||||
County of Utah UT: | ||||||||||||
5.000%, 05/15/2057 (Callable 02/01/2024) | ||||||||||||
(Mandatory Tender Date 08/01/2024)(1) | 545,000 | 569,273 | ||||||||||
5.000%, 05/15/2060 (Callable 02/01/2024) | ||||||||||||
(Mandatory Tender Date 08/01/2024)(1) | 400,000 | 422,095 | ||||||||||
University of Utah: | ||||||||||||
5.000%, 08/01/2025 | 450,000 | 487,391 | ||||||||||
5.000%, 08/01/2025 | 285,000 | 308,681 | ||||||||||
5.000%, 08/01/2026 | 380,000 | 419,429 | ||||||||||
5.000%, 08/01/2026 | 300,000 | 331,128 | ||||||||||
5.000%, 08/01/2027 | 500,000 | 561,252 | ||||||||||
5.000%, 08/01/2027 | 315,000 | 353,589 | ||||||||||
Utah Charter School Finance Authority: | ||||||||||||
5.000%, 04/15/2023 (Insured by UT CSCE) | 160,000 | 163,913 | ||||||||||
4.000%, 04/15/2024 (Insured by UT CSCE) | 100,000 | 102,537 | ||||||||||
5.000%, 04/15/2024 (Insured by UT CSCE) | 240,000 | 250,235 | ||||||||||
5.000%, 10/15/2024 (Insured by UT CSCE) | 355,000 | 374,247 | ||||||||||
5.000%, 04/15/2025 (Insured by UT CSCE) | 135,000 | 143,433 | ||||||||||
5.000%, 04/15/2026 (Insured by UT CSCE) | 150,000 | 161,938 | ||||||||||
3.625%, 06/15/2029 | ||||||||||||
(Callable 06/15/2027)(3) | 375,000 | 347,761 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 (Callable 01/01/2026) | ||||||||||||
(Insured by FHA) | 40,000 | 40,508 | ||||||||||
Utah Infrastructure Agency: | ||||||||||||
4.000%, 10/15/2023 | 180,000 | 184,810 | ||||||||||
4.000%, 10/15/2024 | 190,000 | 196,550 | ||||||||||
4.000%, 10/15/2025 | 100,000 | 104,334 | ||||||||||
Vineyard Redevelopment Agency: | ||||||||||||
5.000%, 05/01/2025 (Insured by AGM) | 730,000 | 783,399 | ||||||||||
5.000%, 05/01/2026 (Insured by AGM) | 740,000 | 808,138 | ||||||||||
5.000%, 05/01/2028 (Insured by AGM) | 445,000 | 498,871 | ||||||||||
Wasatch County School | ||||||||||||
District Board of Education, | ||||||||||||
4.000%, 02/01/2030 (Callable 02/01/2026) | ||||||||||||
(Insured by SCH BD GTY) | 1,000,000 | 1,042,968 | ||||||||||
Total Utah | ||||||||||||
(Cost $10,365,735) | 9,936,826 | 0.5 | % | |||||||||
Vermont | ||||||||||||
Vermont Educational & | ||||||||||||
Health Buildings Financing Agency: | ||||||||||||
5.000%, 12/01/2032 (Callable 06/01/2026) | 1,120,000 | 1,174,427 | ||||||||||
5.000%, 12/01/2033 (Callable 06/01/2026) | 2,445,000 | 2,559,634 | ||||||||||
Vermont Housing Finance Agency: | ||||||||||||
4.000%, 11/01/2044 (Callable 11/01/2023) | 45,000 | 45,615 | ||||||||||
4.000%, 11/01/2048 (Callable 05/01/2027) | 965,000 | 978,697 | ||||||||||
4.000%, 11/01/2049 (Callable 05/01/2028) | ||||||||||||
(Insured by GNMA) | 2,130,000 | 2,160,847 | ||||||||||
3.750%, 11/01/2050 (Callable 05/01/2029) | ||||||||||||
(Insured by GNMA) | 1,370,000 | 1,380,231 | ||||||||||
Vermont Municipal Bond Bank, | ||||||||||||
5.000%, 12/01/2029 (Callable 12/01/2026) | 500,000 | 551,148 | ||||||||||
Vermont Public Power Supply Authority, | ||||||||||||
5.000%, 07/01/2022 | 380,000 | 380,000 | ||||||||||
Total Vermont | ||||||||||||
(Cost $9,906,348) | 9,230,599 | 0.4 | % | |||||||||
Virginia | ||||||||||||
Alexandria Industrial Development Authority, | ||||||||||||
5.000%, 10/01/2050 | ||||||||||||
(Pre-refunded to 10/01/2025) | 2,275,000 | 2,462,888 | ||||||||||
City of Danville VA, | ||||||||||||
4.000%, 09/01/2026 (Insured by ST AID) | 3,460,000 | 3,687,320 | ||||||||||
City of Petersburg VA, | ||||||||||||
4.000%, 11/01/2025 (Pre-refunded | ||||||||||||
to 11/01/2022) (Insured by ST AID) | 895,000 | 902,653 | ||||||||||
Hampton Roads Transportation | ||||||||||||
Accountability Commission, | ||||||||||||
5.000%, 07/01/2026 | 5,000,000 | 5,502,029 | ||||||||||
Portsmouth Redevelopment | ||||||||||||
& Housing Authority, | ||||||||||||
3.500%, 07/01/2025 | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 3,591,000 | 3,620,251 | ||||||||||
Virginia Public Building Authority, | ||||||||||||
5.000%, 08/01/2029 | 5,000,000 | 5,772,443 | ||||||||||
Wise County Industrial | ||||||||||||
Development Authority, | ||||||||||||
1.200%, 11/01/2040 | ||||||||||||
(Mandatory Tender Date 05/31/2024)(1) | 1,905,000 | 1,838,893 | ||||||||||
Total Virginia | ||||||||||||
(Cost $24,462,151) | 23,786,477 | 1.1 | % | |||||||||
Washington | ||||||||||||
Central Puget Sound Regional | ||||||||||||
Transit Authority: | ||||||||||||
0.980%, 11/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 0.200%) | ||||||||||||
(Callable 11/01/2025) (Mandatory Tender | ||||||||||||
Date 11/01/2026)(2) | 9,000,000 | 8,859,332 | ||||||||||
1.230%, 11/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 0.450%) | ||||||||||||
(Callable 11/01/2022) (Mandatory Tender | ||||||||||||
Date 11/01/2023)(2) | 100,000 | 100,018 | ||||||||||
Central Washington University: | ||||||||||||
4.000%, 05/01/2024 (Callable 05/01/2023) | 260,000 | 264,016 | ||||||||||
4.000%, 05/01/2026 (Callable 05/01/2023) | 410,000 | 415,029 | ||||||||||
5.000%, 05/01/2026 (Insured by BAM) | 410,000 | 447,439 | ||||||||||
City of Seattle WA: | ||||||||||||
1.030%, 05/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 0.250%) | ||||||||||||
(Callable 05/01/2026) (Mandatory Tender | ||||||||||||
Date 11/01/2026)(2) | 8,555,000 | 8,454,968 | ||||||||||
1.270%, 11/01/2046 | ||||||||||||
(SIFMA Municipal Swap Index + 0.490%) | ||||||||||||
(Callable 11/01/2022) (Mandatory Tender | ||||||||||||
Date 11/01/2023)(2) | 395,000 | 395,314 | ||||||||||
County of King WA, | ||||||||||||
0.875%, 01/01/2042 (Callable 04/01/2025) | ||||||||||||
(Mandatory Tender Date 01/01/2026)(1) | 450,000 | 409,533 | ||||||||||
King County Housing Authority, | ||||||||||||
5.000%, 11/01/2026 | 810,000 | 886,724 | ||||||||||
King County Public Hospital District No. 1: | ||||||||||||
5.000%, 12/01/2031 (Callable 12/01/2026) | 1,000,000 | 1,081,466 | ||||||||||
5.000%, 12/01/2036 (Callable 12/01/2026) | 1,250,000 | 1,324,276 | ||||||||||
Metropolitan Park District of Tacoma WA: | ||||||||||||
4.000%, 12/01/2026 | 170,000 | 176,530 | ||||||||||
4.000%, 12/01/2027 | 4,630,000 | 4,787,466 | ||||||||||
4.000%, 12/01/2027 | 1,185,000 | 1,227,731 | ||||||||||
Pend Oreille County Public | ||||||||||||
Utility District No. 1: | ||||||||||||
5.000%, 01/01/2023 | 665,000 | 673,319 |
The accompanying notes are an integral part of these financial statements.
Page 130
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Pend Oreille County Public | ||||||||||||
Utility District No. 1: (cont.) | ||||||||||||
5.000%, 01/01/2024 | $ | 1,020,000 | $ | 1,051,623 | ||||||||
5.000%, 01/01/2024 | 700,000 | 721,599 | ||||||||||
5.000%, 01/01/2025 | 445,000 | 465,081 | ||||||||||
5.000%, 01/01/2025 | 735,000 | 767,988 | ||||||||||
Port of Seattle WA, | ||||||||||||
5.000%, 02/01/2028 (Callable 02/01/2026) | 1,165,000 | 1,262,555 | ||||||||||
San Juan County School District No. 137, | ||||||||||||
4.000%, 12/01/2028 (Callable 12/01/2022) | ||||||||||||
(Insured by SCH BD GTY) | 675,000 | 678,913 | ||||||||||
Seattle Housing Authority: | ||||||||||||
1.250%, 06/01/2024 (Callable 12/01/2023) | 2,000,000 | 1,958,536 | ||||||||||
1.000%, 06/01/2026 (Callable 06/01/2023) | 2,000,000 | 1,884,782 | ||||||||||
Spokane Public Facilities District, | ||||||||||||
5.000%, 12/01/2028 | ||||||||||||
(Pre-refunded to 06/01/2023) | 550,000 | 566,592 | ||||||||||
State of Washington: | ||||||||||||
5.000%, 07/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 620,000 | 621,613 | ||||||||||
5.000%, 07/01/2024 (Callable 07/01/2022) | 375,000 | 375,000 | ||||||||||
Vancouver Housing Authority, | ||||||||||||
1.530%, 12/01/2022 (Callable 07/21/2022) | 1,780,000 | 1,778,369 | ||||||||||
Washington Health Care Facilities Authority, | ||||||||||||
5.000%, 10/01/2030 (Callable 04/01/2025) | 1,335,000 | 1,406,328 | ||||||||||
Total Washington | ||||||||||||
(Cost $44,004,465) | 43,042,140 | 2.0 | % | |||||||||
West Virginia | ||||||||||||
City of Fairmont WV, | ||||||||||||
5.250%, 07/01/2022 (Insured by AMBAC) | 35,000 | 35,000 | ||||||||||
Total West Virginia | ||||||||||||
(Cost $35,000) | 35,000 | 0.0 | % | |||||||||
Wisconsin | ||||||||||||
Baldwin-Woodville Area School District, | ||||||||||||
2.000%, 04/01/2023 (Callable 08/01/2022) | 110,000 | 110,021 | ||||||||||
City of Kaukauna WI, | ||||||||||||
2.625%, 09/01/2024 (Callable 09/01/2022) | 300,000 | 300,600 | ||||||||||
City of Marinette WI, | ||||||||||||
4.000%, 05/01/2027 (Callable 05/01/2023) | 150,000 | 151,995 | ||||||||||
City of Menomonie WI, | ||||||||||||
3.000%, 12/01/2024 | 415,000 | 420,775 | ||||||||||
City of Milwaukee WI, | ||||||||||||
3.000%, 06/01/2030 (Callable 06/01/2026) | 455,000 | 449,965 | ||||||||||
City of Oshkosh WI, | ||||||||||||
4.000%, 05/01/2029 (Callable 05/01/2023) | 125,000 | 126,123 | ||||||||||
City of Plymouth WI, | ||||||||||||
2.000%, 05/01/2023 (Callable 08/01/2022) | 825,000 | 825,101 | ||||||||||
Coleman School District, | ||||||||||||
4.000%, 03/01/2025 (Callable 03/01/2024) | 200,000 | 205,869 | ||||||||||
County of Waushara WI, | ||||||||||||
4.500%, 06/01/2027 | ||||||||||||
(Callable 06/01/2025)(7) | 2,500,000 | 2,610,421 | ||||||||||
Hilbert School District, | ||||||||||||
4.000%, 04/01/2027 | ||||||||||||
(Pre-refunded to 04/01/2025) | 250,000 | 262,603 | ||||||||||
Oshkosh Area School District, | ||||||||||||
2.625%, 03/01/2027 (Callable 03/01/2023) | ||||||||||||
(Insured by BAM) | 15,000,000 | 14,735,755 | ||||||||||
Palmyra-Eagle Area School District: | ||||||||||||
3.000%, 03/01/2024 (Callable 03/01/2023) | 700,000 | 684,052 | ||||||||||
3.000%, 03/01/2025 (Callable 03/01/2023) | 175,000 | 167,924 | ||||||||||
Public Finance Authority: | ||||||||||||
5.000%, 10/01/2022(3) | 2,000,000 | 2,007,373 | ||||||||||
5.000%, 06/15/2023 | 395,000 | 402,240 | ||||||||||
5.000%, 10/01/2023(3) | 2,000,000 | 2,031,818 | ||||||||||
4.000%, 03/01/2024 | 1,015,000 | 1,015,118 | ||||||||||
5.000%, 10/01/2024(3) | 1,605,000 | 1,643,444 | ||||||||||
3.000%, 03/01/2026 | ||||||||||||
(Callable 08/01/2022)(3) | 2,250,000 | 2,131,500 | ||||||||||
5.000%, 10/01/2028(3) | 2,000,000 | 2,082,432 | ||||||||||
5.000%, 10/01/2029(3) | 850,000 | 885,547 | ||||||||||
Pulaski Community School District, | ||||||||||||
2.500%, 03/01/2023 (Callable 08/01/2022) | 40,000 | 40,026 | ||||||||||
Southeast Wisconsin Professional | ||||||||||||
Baseball Park District, | ||||||||||||
0.000%, 12/15/2024 | ||||||||||||
(ETM) (Insured by NATL) | 95,000 | 89,942 | ||||||||||
State of Wisconsin, | ||||||||||||
5.000%, 05/01/2026 (Callable 05/01/2023) | 60,000 | 61,661 | ||||||||||
Town of Delavan WI, | ||||||||||||
4.500%, 03/01/2024 | 130,000 | 135,393 | ||||||||||
Town of St. Joseph WI, | ||||||||||||
3.000%, 12/01/2023 (Insured by AGM) | 450,000 | 456,127 | ||||||||||
Village of DeForest WI, | ||||||||||||
3.375%, 05/01/2023 (Callable 08/01/2022) | 100,000 | 100,120 | ||||||||||
Village of Hales Corners WI, | ||||||||||||
3.000%, 11/01/2022 | 345,000 | 346,644 | ||||||||||
Village of Waunakee WI, | ||||||||||||
3.200%, 10/01/2026 (Callable 08/01/2022) | 225,000 | 225,135 | ||||||||||
Wisconsin Center District: | ||||||||||||
5.000%, 12/15/2022 | 715,000 | 726,368 | ||||||||||
5.250%, 12/15/2023 | ||||||||||||
(ETM) (Insured by AGM) | 20,000 | 20,169 | ||||||||||
5.250%, 12/15/2023 (Insured by AGM) | 25,000 | 25,746 | ||||||||||
0.000%, 12/15/2024 (Insured by NATL) | 115,000 | 107,169 | ||||||||||
5.000%, 12/15/2025 | 245,000 | 266,790 | ||||||||||
5.250%, 12/15/2027 | ||||||||||||
(ETM) (Insured by AGM) | 50,000 | 55,284 | ||||||||||
5.250%, 12/15/2027 (Insured by AGM) | 1,295,000 | 1,423,266 | ||||||||||
0.000%, 12/15/2028 (Insured by AGM) | 315,000 | 252,209 | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 07/01/2022 | 185,000 | 185,000 | ||||||||||
4.000%, 09/15/2022 | 200,000 | 200,996 | ||||||||||
5.000%, 03/01/2023 | 300,000 | 303,666 | ||||||||||
5.000%, 06/01/2023 (Callable 08/01/2022) | 415,000 | 415,987 | ||||||||||
4.000%, 09/15/2023 (Callable 09/15/2022) | 150,000 | 150,741 | ||||||||||
5.000%, 12/01/2023 | 150,000 | 156,178 | ||||||||||
4.000%, 09/15/2024 | ||||||||||||
(Pre-refunded to 09/15/2023) | 360,000 | 368,520 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 660,000 | 689,213 | ||||||||||
2.750%, 08/15/2025 (Callable 08/15/2024) | 1,440,000 | 1,448,443 | ||||||||||
4.000%, 09/15/2025 (Callable 09/15/2022) | 200,000 | 200,988 | ||||||||||
4.000%, 09/15/2025 | 765,000 | 763,288 | ||||||||||
4.000%, 09/15/2025 | ||||||||||||
(Pre-refunded to 09/15/2023) | 375,000 | 383,875 | ||||||||||
5.000%, 11/01/2025 | 245,000 | 248,499 | ||||||||||
5.000%, 02/15/2026 (Insured by AGM) | 500,000 | 541,493 | ||||||||||
5.000%, 02/15/2026 | 1,000,000 | 1,067,308 | ||||||||||
3.000%, 08/15/2026 (Callable 08/15/2024) | 1,085,000 | 1,092,105 | ||||||||||
5.000%, 10/01/2026(7) | 2,000,000 | 2,177,380 | ||||||||||
2.250%, 11/01/2026 (Callable 07/21/2022) | 680,000 | 665,949 | ||||||||||
4.000%, 09/15/2027 | 830,000 | 819,638 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2022) | 380,000 | 383,317 | ||||||||||
5.000%, 11/15/2027 (Callable 11/15/2024) | 930,000 | 976,610 | ||||||||||
5.000%, 08/15/2029 (Callable 08/15/2027) | 720,000 | 794,630 |
The accompanying notes are an integral part of these financial statements.
Page 131
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority: (cont.) | ||||||||||||
5.000%, 09/15/2029 | ||||||||||||
(Pre-refunded to 09/15/2023) | $ | 1,365,000 | $ | 1,413,659 | ||||||||
5.000%, 11/01/2029 (Callable 11/01/2026) | 500,000 | 503,623 | ||||||||||
5.000%, 12/15/2029 (Callable 12/15/2024) | 130,000 | 135,340 | ||||||||||
5.000%, 09/15/2030 | ||||||||||||
(Pre-refunded to 09/15/2023) | 500,000 | 517,824 | ||||||||||
3.000%, 02/15/2035 | ||||||||||||
(Pre-refunded to 08/15/2025) | 220,000 | 224,541 | ||||||||||
5.250%, 04/15/2035 | ||||||||||||
(Pre-refunded to 04/15/2023) | 560,000 | 575,697 | ||||||||||
4.000%, 02/15/2038 | ||||||||||||
(Pre-refunded to 08/15/2025) | 575,000 | 604,385 | ||||||||||
5.000%, 02/15/2052 (Callable 08/15/2024) | ||||||||||||
(Mandatory Tender Date 02/15/2025)(1) | 5,300,000 | 5,588,485 | ||||||||||
1.110%, 02/15/2053 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/05/2022)(1) | 12,000,000 | 12,000,000 | ||||||||||
1.110%, 02/15/2053 | 6,810,000 | 6,810,000 | ||||||||||
1.330%, 08/15/2054 | ||||||||||||
(SIFMA Municipal Swap Index + 0.550%) | ||||||||||||
(Callable 07/26/2022) (Mandatory Tender | ||||||||||||
Date 07/26/2023)(2) | 395,000 | 393,933 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority: | ||||||||||||
3.500%, 09/01/2046 (Callable 09/01/2025) | ||||||||||||
(Insured by FNMA) | 185,000 | 185,724 | ||||||||||
4.000%, 03/01/2048 (Callable 03/01/2027) | ||||||||||||
(Insured by FNMA) | 405,000 | 410,419 | ||||||||||
1.600%, 11/01/2048 (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(1) | 85,000 | 84,964 | ||||||||||
4.250%, 03/01/2049 (Callable 09/01/2028) | ||||||||||||
(Insured by FNMA) | 690,000 | 705,021 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $83,300,533) | 81,770,164 | 3.7 | % | |||||||||
Wyoming | ||||||||||||
Carbon County Specific Purpose | ||||||||||||
Tax Joint Powers Board: | ||||||||||||
5.000%, 06/15/2023 | 675,000 | 686,328 | ||||||||||
5.000%, 06/15/2024 | 735,000 | 759,033 | ||||||||||
5.000%, 06/15/2025 | 950,000 | 993,042 | ||||||||||
5.000%, 06/15/2026 | 340,000 | 357,607 | ||||||||||
4.000%, 06/15/2029 (Callable 06/15/2025) | 1,540,000 | 1,595,680 | ||||||||||
4.000%, 06/15/2030 (Callable 06/15/2025) | 1,400,000 | 1,445,861 | ||||||||||
County of Laramie WY, | ||||||||||||
4.000%, 05/01/2028 | 440,000 | 465,601 | ||||||||||
Wyoming Community | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 12/01/2043 (Callable 06/01/2027) | 645,000 | 653,866 | ||||||||||
3.750%, 12/01/2049 (Callable 12/01/2028) | 1,425,000 | 1,436,654 | ||||||||||
3.000%, 06/01/2050 (Callable 12/01/2030) | ||||||||||||
(Insured by GNMA) | 3,935,000 | 3,872,305 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $13,046,267) | 12,265,977 | 0.6 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $2,227,997,155) | 2,159,773,157 | 98.6 | % | |||||||||
Shares | ||||||||||||
Closed-End Investment Companies | ||||||||||||
Nuveen AMT-Free Municipal Credit | ||||||||||||
Income Fund, Series B Preferred Shares, | ||||||||||||
1.410%, 03/01/2029(1) | 13,000 | 13,000,000 | ||||||||||
Nuveen AMT-Free Quality Municipal | ||||||||||||
Income Fund, Series D Preferred Shares, | ||||||||||||
1.410%, 03/01/2029(1) | 15,000 | 15,000,000 | ||||||||||
Total Closed-End Investment Companies | ||||||||||||
(Cost $28,000,000) | 28,000,000 | 1.3 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $2,255,997,155) | 2,187,773,157 | 99.9 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.81%(4) | 14,439,979 | 14,439,979 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $14,439,979) | 14,439,979 | 0.7 | % | |||||||||
Total Investments | ||||||||||||
(Cost $2,270,437,134) | 2,202,213,136 | 100.6 | % | |||||||||
Liabilities in Excess of Other Assets | (12,457,633 | ) | (0.6 | )% | ||||||||
TOTAL NET ASSETS | $ | 2,189,755,503 | 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
FGIC – Financial Guaranty Insurance Company
FHA – Federal Housing Administration
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
HUD – US Department of Housing and Development
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
SONYMA – State of New York Mortgage Agency
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, 2022. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2022. |
(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, 2022, the value of these securities totaled $96,715,848, which represented 4.42% 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) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2022. |
(7) | 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 132
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 2,159,773,157 | $ | — | $ | 2,159,773,157 | ||||||||
Closed-End Investment Companies | — | 28,000,000 | — | 28,000,000 | ||||||||||||
Total Long-Term Investments | — | 2,187,773,157 | — | 2,187,773,157 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 14,439,979 | — | — | 14,439,979 | ||||||||||||
Total Short-Term Investment | 14,439,979 | — | — | 14,439,979 | ||||||||||||
Total Investments | $ | 14,439,979 | $ | 2,187,773,157 | $ | — | $ | 2,202,213,136 |
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 133
Baird Strategic Municipal Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $359,010,929 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 2.74% | |||
Investor Class | 2.48% | |||
Average Effective Duration | 4.90 years | |||
Average Effective Maturity | 5.72 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 42% | (7) | ||
Sector Weightings(1) | Number of Holdings | 578 | ||
| ||||
(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, 2022. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 134
Baird Strategic Municipal Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average | |||
Annual | |||
Six | One | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Inception(1) |
Institutional Class Shares | -6.26% | -5.70% | 1.81% |
Investor Class Shares | -6.37% | -5.93% | 1.56% |
Bloomberg 1-10 Year Municipal Bond Index(2) | -5.55% | -5.39% | -0.15% |
(1) | For the period from November 15, 2019 (inception date) through June 30, 2022. |
(2) | The Bloomberg 1-10 Year Municipal Bond Index is a market value-weighted index which covers the short and intermediate components of the Bloomberg Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market. The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 135
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
Alabama Economic Settlement Authority, | ||||||||||||
4.000%, 09/15/2033 (Callable 09/15/2026) | $ | 1,250,000 | $ | 1,254,731 | ||||||||
Albertville Board of Education, | ||||||||||||
3.500%, 02/01/2031 (Callable 02/01/2023) | ||||||||||||
(Insured by AGM) | 300,000 | 300,541 | ||||||||||
City of Sylacauga AL, | ||||||||||||
4.125%, 02/01/2040 (Callable 02/01/2025) | 100,000 | 100,157 | ||||||||||
County of Elmore AL, | ||||||||||||
5.000%, 05/01/2047 (Callable 05/01/2032) | ||||||||||||
(Insured by BAM) | 1,000,000 | 1,088,261 | ||||||||||
County of Shelby AL: | ||||||||||||
4.000%, 08/15/2033 (Callable 12/01/2024) | 195,000 | 198,494 | ||||||||||
4.000%, 08/15/2038 (Callable 12/01/2024) | 1,000,000 | 1,002,233 | ||||||||||
Southeast Alabama Gas Supply District, | ||||||||||||
1.998%, 06/01/2049 (1 Month LIBOR | ||||||||||||
USD + 0.850%) (Callable 03/01/2024) | ||||||||||||
(Mandatory Tender Date 06/01/2024)(2) | 800,000 | 788,312 | ||||||||||
Southeast Energy Authority | ||||||||||||
A Cooperative District, | ||||||||||||
5.000%, 05/01/2053 (Callable 05/01/2028) | ||||||||||||
(Mandatory Tender Date 08/01/2028)(1) | 500,000 | 528,926 | ||||||||||
Tallassee Board of Education, | ||||||||||||
4.000%, 08/01/2034 (Callable 08/01/2030) | ||||||||||||
(Insured by AGM) | 310,000 | 310,825 | ||||||||||
Total Alabama | ||||||||||||
(Cost $5,851,403) | 5,572,480 | 1.6 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp.: | ||||||||||||
4.000%, 06/01/2036 | ||||||||||||
(Pre-refunded to 06/01/2025) | 215,000 | 225,411 | ||||||||||
4.000%, 06/01/2036 (Callable 06/01/2025) | 535,000 | 535,110 | ||||||||||
Alaska Industrial Development | ||||||||||||
& Export Authority: | ||||||||||||
4.000%, 04/01/2031 (Callable 04/01/2029) | 1,800,000 | 1,851,578 | ||||||||||
4.250%, 04/01/2031 (Callable 04/01/2023) | 185,000 | 186,186 | ||||||||||
Alaska Municipal Bond Bank Authority, | ||||||||||||
5.000%, 10/01/2026 | 175,000 | 192,058 | ||||||||||
CIVIC Ventures: | ||||||||||||
5.000%, 09/01/2022 | 260,000 | 260,914 | ||||||||||
5.000%, 09/01/2023 | 235,000 | 239,796 | ||||||||||
5.000%, 09/01/2025 | 170,000 | 177,046 | ||||||||||
5.000%, 09/01/2026 (Callable 09/01/2025) | 680,000 | 707,152 | ||||||||||
5.000%, 09/01/2027 (Callable 09/01/2025) | 250,000 | 259,227 | ||||||||||
Southeast Alaska Power Agency, | ||||||||||||
5.250%, 06/01/2029 (Callable 12/01/2024) | 150,000 | 159,711 | ||||||||||
University of Alaska, | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2025) | 110,000 | 117,434 | ||||||||||
Total Alaska | ||||||||||||
(Cost $5,174,392) | 4,911,623 | 1.4 | % | |||||||||
Arizona | ||||||||||||
Arizona Industrial Development Authority: | ||||||||||||
2.470%, 07/01/2025 | ||||||||||||
(Insured by SD CRED PROG) | 155,000 | 151,776 | ||||||||||
3.169%, 10/01/2025 | 125,000 | 120,878 | ||||||||||
4.750%, 10/01/2025(3) | 165,000 | 160,884 | ||||||||||
5.000%, 10/01/2028 | 110,000 | 120,842 | ||||||||||
4.000%, 11/01/2028 | 1,000,000 | 1,020,196 | ||||||||||
5.000%, 10/01/2029 | 10,000 | 11,053 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026)(3) | 105,000 | 99,616 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2029) | 140,000 | 153,289 | ||||||||||
4.000%, 10/01/2031 (Callable 10/01/2029) | 65,000 | 65,571 | ||||||||||
4.000%, 10/01/2033 (Callable 10/01/2029) | 100,000 | 100,038 | ||||||||||
4.000%, 10/01/2034 (Callable 10/01/2029) | 85,000 | 84,623 | ||||||||||
Cochise County Community College District, | ||||||||||||
5.000%, 07/01/2026 (Callable 07/01/2025) | ||||||||||||
(Insured by BAM) | 120,000 | 128,629 | ||||||||||
Industrial Development | ||||||||||||
Authority of the County of Pima, | ||||||||||||
4.000%, 09/01/2029 (Callable 03/01/2023) | 1,175,000 | 1,184,964 | ||||||||||
Maricopa County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.500%, 07/01/2025(3) | 125,000 | 121,876 | ||||||||||
4.000%, 07/01/2026(3) | 1,150,000 | 1,137,109 | ||||||||||
5.000%, 07/01/2026 | ||||||||||||
(Insured by SD CRED PROG) | 430,000 | 460,460 | ||||||||||
5.000%, 07/01/2027 | ||||||||||||
(Insured by SD CRED PROG) | 710,000 | 767,245 | ||||||||||
5.000%, 01/01/2033 (Callable 01/01/2027) | 250,000 | 266,123 | ||||||||||
Total Arizona | ||||||||||||
(Cost $6,518,094) | 6,155,172 | 1.7 | % | |||||||||
Arkansas | ||||||||||||
Arkansas Development Finance Authority, | ||||||||||||
3.125%, 07/01/2036 (Callable 07/01/2028) | 360,000 | 295,606 | ||||||||||
Batesville Public Facilities Board, | ||||||||||||
5.000%, 06/01/2027 | 500,000 | 536,550 | ||||||||||
Benton Washington Regional | ||||||||||||
Public Water Authority, | ||||||||||||
4.000%, 10/01/2034 (Callable 10/01/2029) | ||||||||||||
(Insured by BAM) | 250,000 | 260,917 | ||||||||||
City of Heber Springs AR, | ||||||||||||
1.625%, 06/01/2047 (Callable 06/01/2028) | 985,000 | 864,480 | ||||||||||
City of Maumelle AR, | ||||||||||||
4.000%, 08/01/2030 (Callable 08/01/2025) | 75,000 | 75,665 | ||||||||||
City of Prairie Grove AR, | ||||||||||||
1.750%, 06/01/2051 (Callable 12/01/2026) | ||||||||||||
(Insured by BAM) | 740,000 | 661,502 | ||||||||||
Conway Health Facilities Board, | ||||||||||||
4.000%, 08/01/2038 (Callable 08/01/2026) | 130,000 | 122,751 | ||||||||||
Henderson State University, | ||||||||||||
2.625%, 07/01/2022 | 100,000 | 100,000 | ||||||||||
Lonoke School District No. 1, | ||||||||||||
2.250%, 02/01/2030 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 255,000 | 241,009 | ||||||||||
Pulaski County Public Facilities Board, | ||||||||||||
5.000%, 12/01/2042 (Callable 12/01/2024) | 1,000,000 | 1,017,898 | ||||||||||
Southern Arkansas University, | ||||||||||||
4.000%, 03/01/2028 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 205,000 | 211,343 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $4,774,474) | 4,387,721 | 1.2 | % | |||||||||
California | ||||||||||||
American Valley Community Services District, | ||||||||||||
1.500%, 11/01/2023 (Callable 11/01/2022)(3) | 1,000,000 | 988,736 | ||||||||||
California Health Facilities Financing Authority, | ||||||||||||
3.000%, 03/01/2041 (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 03/01/2024)(1) | 925,000 | 927,767 | ||||||||||
California Infrastructure & | ||||||||||||
Economic Development Bank, | ||||||||||||
1.480%, 12/01/2050 (SIFMA Municipal | ||||||||||||
Swap Index + 0.700%) (Callable 06/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(2) | 200,000 | 197,207 | ||||||||||
California Public Finance Authority: | ||||||||||||
2.125%, 11/15/2027 (Callable 05/15/2023)(3)) | 600,000 | 557,467 | ||||||||||
2.375%, 11/15/2028 (Callable 05/15/2023)(3) | 565,000 | 518,664 | ||||||||||
3.125%, 05/15/2029 (Callable 11/15/2023)(3) | 500,000 | 457,284 |
The accompanying notes are an integral part of these financial statements.
Page 136
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
California State Public Works Board, | ||||||||||||
5.000%, 08/01/2029 | $ | 1,740,000 | $ | 1,964,602 | ||||||||
Calipatria Unified School District, | ||||||||||||
0.000%, 08/01/2027 (Insured by ACA) | 165,000 | 138,382 | ||||||||||
Cathedral City Public Financing Authority, | ||||||||||||
0.000%, 08/01/2032 (Insured by NATL) | 1,085,000 | 720,636 | ||||||||||
City & County of San Francisco CA, | ||||||||||||
1.300%, 07/01/2023 | ||||||||||||
(Mandatory Tender Date 01/01/2023)(1) | 200,000 | 199,380 | ||||||||||
County of Sacramento CA, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2028) | 1,035,000 | 1,147,864 | ||||||||||
Long Beach Bond Finance Authority, | ||||||||||||
2.376%, 11/15/2026 | ||||||||||||
(3 Month LIBOR USD + 1.430%)(2) | 700,000 | 686,979 | ||||||||||
Los Angeles Unified School District, | ||||||||||||
2.000%, 07/01/2029 (Callable 07/01/2026) | 1,000,000 | 929,259 | ||||||||||
Mayers Memorial Hospital District: | ||||||||||||
0.000%, 08/01/2026 | 230,000 | 194,381 | ||||||||||
0.000%, 08/01/2029 | 165,000 | 120,577 | ||||||||||
0.000%, 08/01/2032 | 210,000 | 131,599 | ||||||||||
0.000%, 08/01/2034 | 260,000 | 146,984 | ||||||||||
Metropolitan Water District | ||||||||||||
of Southern California, | ||||||||||||
0.920%, 07/01/2037 (SIFMA Municipal | ||||||||||||
Swap Index + 0.140%) (Callable 11/23/2023) | ||||||||||||
(Mandatory Tender Date 05/21/2024)(2) | 150,000 | 149,631 | ||||||||||
Modesto Irrigation District, | ||||||||||||
1.639%, 09/01/2027 (3 Month LIBOR | ||||||||||||
USD + 0.580%)(Callable 08/01/2022) | ||||||||||||
(Insured by NATL)(2) | 1,300,000 | 1,300,053 | ||||||||||
Norman Y Mineta San Jose | ||||||||||||
International Airport SJC, | ||||||||||||
4.000%, 03/01/2034 (Callable 03/01/2031) | ||||||||||||
(Insured by BAM) | 1,525,000 | 1,501,593 | ||||||||||
Oceanside Unified School District, | ||||||||||||
3.250%, 08/01/2033 (Callable 08/01/2024) | ||||||||||||
(Insured by BAM) | 3,000,000 | 2,948,067 | ||||||||||
Oxnard School District, | ||||||||||||
5.000%, 08/01/2045 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM)(5) | 325,000 | 345,645 | ||||||||||
Riverside County | ||||||||||||
Redevelopment Successor Agency: | ||||||||||||
5.000%, 10/01/2025 (Insured by BAM)(5) | 200,000 | 215,414 | ||||||||||
5.000%, 10/01/2041 (Callable 10/01/2026) | ||||||||||||
(Insured by BAM)(5) | 80,000 | 85,155 | ||||||||||
Santa Cruz City High School District, | ||||||||||||
0.000%, 02/01/2024 (Insured by NATL) | 200,000 | 191,641 | ||||||||||
Savanna School District, | ||||||||||||
0.000%, 08/01/2047 (Callable 08/01/2029) | ||||||||||||
(Insured by AGM)(5) | 1,000,000 | 1,031,797 | ||||||||||
Tuolumne Utilities District, | ||||||||||||
1.250%, 08/15/2024 (Callable 08/15/2023) | 2,000,000 | 1,947,074 | ||||||||||
Western Placer Unified School District, | ||||||||||||
2.000%, 06/01/2025 (Callable 06/01/2023) | 225,000 | 217,649 | ||||||||||
Yorba Linda Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
0.000%, 09/01/2026 (Insured by NATL) | 285,000 | 248,946 | ||||||||||
Total California | ||||||||||||
(Cost $21,426,230) | 20,210,433 | 5.6 | % | |||||||||
Colorado | ||||||||||||
City of Greeley CO, | ||||||||||||
4.000%, 08/01/2036 (Callable 08/01/2028) | 100,000 | 104,628 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority: | ||||||||||||
5.250%, 03/01/2025 (Insured by NATL) | 200,000 | 211,253 | ||||||||||
2.000%, 09/01/2030 (Callable 09/01/2028) | 550,000 | 489,090 | ||||||||||
Colorado Health Facilities Authority: | ||||||||||||
2.125%, 05/15/2028 (Callable 05/15/2023) | 750,000 | 699,557 | ||||||||||
2.625%, 05/15/2029 (Callable 12/15/2023) | 1,000,000 | 921,019 | ||||||||||
Denver Health & Hospital Authority, | ||||||||||||
4.000%, 12/01/2028 (Callable 12/01/2023) | 100,000 | 100,301 | ||||||||||
E-470 Public Highway Authority: | ||||||||||||
0.000%, 09/01/2029 (Insured by NATL) | 50,000 | 38,674 | ||||||||||
1.381%, 09/01/2039 (SOFR + 0.350%) | ||||||||||||
(Callable 06/01/2024) (Mandatory Tender | ||||||||||||
Date 09/01/2024)(2) | 1,500,000 | 1,479,250 | ||||||||||
Fort Collins Housing Authority, | ||||||||||||
1.250%, 07/01/2024 (Callable 01/01/2024) | 565,000 | 552,513 | ||||||||||
Glen Metropolitan District No. 2, | ||||||||||||
2.000%, 12/01/2030 (Insured by BAM) | 250,000 | 213,080 | ||||||||||
Poudre Tech Metropolitan District: | ||||||||||||
3.000%, 12/01/2026 (Insured by AGM) | 115,000 | 117,051 | ||||||||||
3.000%, 12/01/2027 (Insured by AGM) | 270,000 | 273,644 | ||||||||||
Prairie Center Metropolitan District No. 7, | ||||||||||||
4.125%, 12/15/2036 (Callable 12/15/2025) | 225,000 | 201,103 | ||||||||||
Regional Transportation District, | ||||||||||||
4.000%, 01/15/2033 (Callable 01/15/2031) | 1,730,000 | 1,652,559 | ||||||||||
State of Colorado, | ||||||||||||
4.000%, 12/15/2036 (Callable 12/15/2031) | 700,000 | 701,707 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2032 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 135,000 | 145,906 | ||||||||||
3.250%, 12/15/2050 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 1,918,000 | 1,542,036 | ||||||||||
Total Colorado | ||||||||||||
(Cost $10,036,127) | 9,443,371 | 2.6 | % | |||||||||
Connecticut | ||||||||||||
Connecticut Housing Finance Authority, | ||||||||||||
3.500%, 11/15/2045 | 1,000,000 | 985,660 | ||||||||||
Connecticut State Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
2.750%, 01/01/2026 (Callable 08/01/2022)(3) | 200,000 | 192,501 | ||||||||||
3.500%, 07/01/2026 | 700,000 | 693,570 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 60,000 | 62,416 | ||||||||||
5.000%, 07/01/2029 | 400,000 | 435,174 | ||||||||||
5.000%, 07/01/2030 | 425,000 | 464,270 | ||||||||||
5.000%, 07/01/2045 (Callable 07/01/2025) | 2,050,000 | 2,100,311 | ||||||||||
Connecticut State Higher | ||||||||||||
Education Supplement Loan Authority, | ||||||||||||
5.000%, 11/15/2026 (ETM) | 350,000 | 388,308 | ||||||||||
Town of Sprague CT: | ||||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 40,000 | 41,109 | ||||||||||
4.000%, 09/01/2025 (Insured by BAM) | 55,000 | 56,882 | ||||||||||
Town of West Hartford CT, | ||||||||||||
3.000%, 01/15/2030 (Callable 01/15/2024) | 250,000 | 250,202 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $6,032,593) | 5,670,403 | 1.6 | % | |||||||||
District of Columbia | ||||||||||||
District of Columbia, | ||||||||||||
5.500%, 02/28/2034 | 1,000,000 | 1,090,094 | ||||||||||
District of Columbia Water & Sewer Authority, | ||||||||||||
3.000%, 10/01/2057 (Callable 07/01/2027) | ||||||||||||
(Mandatory Tender Date 10/01/2027)(1) | 1,000,000 | 986,151 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $2,159,330) | 2,076,245 | 0.6 | % |
The accompanying notes are an integral part of these financial statements.
Page 137
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Florida | ||||||||||||
Brevard County Health Facilities Authority, | ||||||||||||
5.000%, 04/01/2052 (Callable 04/01/2032) | $ | 1,250,000 | $ | 1,311,907 | ||||||||
Capital Trust Agency, Inc., | ||||||||||||
5.250%, 12/01/2024(3) | 650,000 | 648,022 | ||||||||||
City of Jacksonville FL, | ||||||||||||
4.000%, 10/01/2033 (Callable 10/01/2026) | 100,000 | 102,399 | ||||||||||
City of Orlando FL, | ||||||||||||
5.000%, 11/01/2025 (Insured by AGM) | 180,000 | 196,204 | ||||||||||
County of Miami-Dade FL: | ||||||||||||
5.000%, 10/01/2031 (Callable 10/01/2024) | 160,000 | 164,113 | ||||||||||
4.000%, 10/01/2036 (Callable 10/01/2030) | 1,525,000 | 1,498,635 | ||||||||||
5.000%, 10/01/2038 (Callable 10/01/2025) | 2,500,000 | 2,567,397 | ||||||||||
Florida Development Finance Corp.: | ||||||||||||
3.000%, 06/01/2023 | 115,000 | 113,184 | ||||||||||
4.000%, 06/01/2024 | 105,000 | 103,110 | ||||||||||
4.000%, 06/15/2025 | 445,000 | 453,371 | ||||||||||
2.375%, 06/01/2027 (Callable 06/01/2023)(3) | 835,000 | 757,652 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
4.200%, 01/01/2045 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 80,000 | 80,987 | ||||||||||
3.500%, 07/01/2046 (Callable 07/01/2024) | ||||||||||||
(Insured by GNMA) | 15,000 | 15,083 | ||||||||||
Highlands County Health Facilities Authority, | ||||||||||||
0.780%, 11/15/2035 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 6,500,000 | 6,500,000 | ||||||||||
Orange County Convention Center, | ||||||||||||
4.000%, 10/01/2034 (Callable 10/01/2026) | 300,000 | 302,246 | ||||||||||
Orange County Health Facilities Authority: | ||||||||||||
3.500%, 08/01/2022 | 150,000 | 150,159 | ||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 300,000 | 311,613 | ||||||||||
Palm Beach County Health Facilities Authority: | ||||||||||||
5.000%, 05/15/2023 | 300,000 | 303,338 | ||||||||||
5.000%, 05/15/2031 (Callable 05/15/2027) | 305,000 | 307,336 | ||||||||||
Sarasota County Health Facilities Authority, | ||||||||||||
3.000%, 05/15/2023 | 75,000 | 74,821 | ||||||||||
School Board of Miami-Dade County, | ||||||||||||
5.000%, 02/01/2028 (Callable 02/01/2026) | 1,000,000 | 1,070,654 | ||||||||||
UCF Stadium Corp.: | ||||||||||||
5.000%, 03/01/2024 | 300,000 | 311,383 | ||||||||||
5.000%, 03/01/2025 | 370,000 | 391,320 | ||||||||||
Volusia County School Board, | ||||||||||||
5.000%, 08/01/2031 (Callable 08/01/2024) | 1,400,000 | 1,475,001 | ||||||||||
Total Florida | ||||||||||||
(Cost $19,766,044) | 19,209,935 | 5.4 | % | |||||||||
Georgia | ||||||||||||
Atlanta Development Authority, | ||||||||||||
5.000%, 07/01/2024 | 200,000 | 210,861 | ||||||||||
Atlanta Urban Residential Finance Authority: | ||||||||||||
1.350%, 01/01/2025 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 01/01/2023) | ||||||||||||
(Insured by HUD)(1)(3) | 600,000 | 597,967 | ||||||||||
2.000%, 09/01/2025 | ||||||||||||
(Mandatory Tender Date 09/01/2024)(1) | 2,000,000 | 1,974,274 | ||||||||||
Bartow County Development Authority, | ||||||||||||
1.800%, 09/01/2029 (Callable 11/19/2026)(1) | 1,000,000 | 888,441 | ||||||||||
Burke County Development Authority, | ||||||||||||
0.700%, 11/01/2052 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 2,000,000 | 2,000,000 | ||||||||||
Clayton County Development Authority, | ||||||||||||
4.000%, 07/01/2034 (Callable 07/01/2027) | 100,000 | 100,412 | ||||||||||
Development Authority of Bulloch County, | ||||||||||||
5.000%, 07/01/2029 | 385,000 | 434,587 | ||||||||||
George L Smith II Congress Center Authority: | ||||||||||||
3.625%, 01/01/2031(3) | 750,000 | 661,679 | ||||||||||
4.000%, 01/01/2036 (Callable 01/01/2031) | 500,000 | 457,307 | ||||||||||
Macon-Bibb County Housing Authority, | ||||||||||||
1.625%, 10/01/2024 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2022) | ||||||||||||
(Insured by HUD)(1) | 1,000,000 | 992,531 | ||||||||||
Main Street Natural Gas, Inc.: | ||||||||||||
5.000%, 05/15/2024 | 65,000 | 67,196 | ||||||||||
1.978%, 08/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.830%)(Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 290,000 | 287,763 | ||||||||||
4.000%, 07/01/2052 (Callable 06/01/2027) | ||||||||||||
(Mandatory Tender Date 09/01/2027)(1) | 1,000,000 | 1,025,295 | ||||||||||
4.000%, 08/01/2052 (Callable 05/01/2027) | ||||||||||||
(Mandatory Tender Date 11/01/2027)(1)(3) | 2,250,000 | 2,212,904 | ||||||||||
Oconee County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.750%, 03/01/2045 (Callable 03/01/2031) | 1,750,000 | 1,543,975 | ||||||||||
Private Colleges & Universities Authority: | ||||||||||||
5.000%, 06/01/2023 | 145,000 | 149,016 | ||||||||||
5.000%, 06/01/2027 | 200,000 | 217,638 | ||||||||||
5.000%, 06/01/2033 (Callable 06/01/2031) | 500,000 | 549,308 | ||||||||||
Total Georgia | ||||||||||||
(Cost $15,220,027) | 14,371,154 | 4.0 | % | |||||||||
Guam | ||||||||||||
Antonio B. Won Pat International Airport: | ||||||||||||
6.250%, 10/01/2034 | ||||||||||||
(Pre-refunded to 10/01/2023) | 80,000 | 84,158 | ||||||||||
6.250%, 10/01/2034 (Callable 10/01/2023) | 120,000 | 124,217 | ||||||||||
Total Guam | ||||||||||||
(Cost $210,697) | 208,375 | 0.1 | % | |||||||||
Illinois | ||||||||||||
Champaign & Piatt Counties | ||||||||||||
Community Unit School District No. 3, | ||||||||||||
3.500%, 09/01/2029 (Callable 09/01/2022) | 180,000 | 180,349 | ||||||||||
Chicago O’Hare International Airport, | ||||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 210,000 | 220,240 | ||||||||||
Chicago Park District: | ||||||||||||
5.000%, 01/01/2024 | 225,000 | 233,680 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2024) | 1,125,000 | 1,154,650 | ||||||||||
5.000%, 01/01/2030 | ||||||||||||
(Pre-refunded to 01/01/2024) | 100,000 | 104,578 | ||||||||||
5.000%, 01/01/2030 (Callable 01/01/2024) | 50,000 | 51,224 | ||||||||||
City of Chicago IL: | ||||||||||||
5.000%, 11/01/2022 | 100,000 | 100,950 | ||||||||||
5.000%, 11/01/2023 | 125,000 | 129,075 | ||||||||||
5.000%, 11/01/2027 (Callable 11/01/2026) | ||||||||||||
(Insured by BAM) | 100,000 | 109,729 | ||||||||||
0.000%, 01/01/2029 (Insured by NATL) | 4,125,000 | 3,191,506 | ||||||||||
5.250%, 01/01/2029 (Callable 01/01/2025) | 350,000 | 361,417 | ||||||||||
Cook County Community | ||||||||||||
College District No. 508, | ||||||||||||
5.250%, 12/01/2028 (Callable 12/01/2023) | 325,000 | 331,296 | ||||||||||
Crawford Hospital District, | ||||||||||||
4.000%, 01/01/2027 (Insured by AGM) | 315,000 | 331,598 | ||||||||||
Eastern Illinois University, | ||||||||||||
6.350%, 04/01/2036 (Callable 08/01/2022) | 1,425,000 | 1,310,243 | ||||||||||
Exceptional Children Have Opportunities, | ||||||||||||
4.000%, 12/01/2032 (Callable 12/01/2029) | 500,000 | 516,073 | ||||||||||
Hoffman Estates Park District, | ||||||||||||
5.000%, 12/01/2025 | 410,000 | 431,156 |
The accompanying notes are an integral part of these financial statements.
Page 138
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Illinois Finance Authority: | ||||||||||||
4.000%, 02/15/2023 | $ | 495,000 | $ | 494,894 | ||||||||
5.000%, 10/01/2023 | 100,000 | 103,264 | ||||||||||
5.000%, 11/01/2024 | 50,000 | 52,043 | ||||||||||
3.000%, 05/01/2025 | 400,000 | 396,390 | ||||||||||
5.000%, 10/01/2025 | 150,000 | 159,586 | ||||||||||
5.000%, 09/01/2027 (Callable 09/01/2026) | 500,000 | 535,130 | ||||||||||
4.000%, 11/01/2030 | 100,000 | 103,099 | ||||||||||
4.125%, 11/15/2037 (Callable 11/15/2025) | 300,000 | 300,534 | ||||||||||
6.000%, 10/01/2048 (Callable 10/01/2022) | 610,000 | 610,813 | ||||||||||
5.250%, 10/01/2052 (Callable 10/01/2032)(6) | 1,625,000 | 1,570,132 | ||||||||||
Illinois Sports Facilities Authority, | ||||||||||||
5.000%, 06/15/2031 | 575,000 | 584,401 | ||||||||||
Illinois State Toll Highway Authority, | ||||||||||||
5.000%, 01/01/2039 (Callable 01/01/2025) | 3,000,000 | 3,102,659 | ||||||||||
Joliet Park District, | ||||||||||||
4.000%, 02/01/2033 (Callable 02/01/2023) | ||||||||||||
(Insured by AGM) | 150,000 | 151,062 | ||||||||||
Madison County Community | ||||||||||||
Unit School District No. 8: | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2028) | ||||||||||||
(Insured by BAM) | 1,000,000 | 1,051,942 | ||||||||||
4.000%, 12/01/2032 (Callable 12/01/2028) | ||||||||||||
(Insured by BAM) | 1,000,000 | 1,031,748 | ||||||||||
Niles Park District, | ||||||||||||
3.000%, 12/01/2032 (Callable 12/01/2022) | 700,000 | 700,550 | ||||||||||
Northern Illinois University: | ||||||||||||
5.000%, 10/01/2031 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM) | 450,000 | 505,504 | ||||||||||
4.000%, 10/01/2032 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM) | 500,000 | 510,962 | ||||||||||
Regional Transportation Authority, | ||||||||||||
5.750%, 06/01/2029 (Insured by AGM) | 2,450,000 | 2,800,728 | ||||||||||
State of Illinois: | ||||||||||||
6.000%, 06/15/2024 (Insured by NATL) | 100,000 | 105,900 | ||||||||||
5.000%, 01/01/2026 | 50,000 | 53,052 | ||||||||||
Upper Illinois River Valley | ||||||||||||
Development Authority, | ||||||||||||
4.000%, 01/01/2031 (Callable 01/01/2027)(3) | 225,000 | 205,354 | ||||||||||
Village of Crestwood IL, | ||||||||||||
4.000%, 12/15/2027 (Callable 12/15/2025) | ||||||||||||
(Insured by BAM) | 135,000 | 139,241 | ||||||||||
Village of River Grove IL: | ||||||||||||
4.000%, 12/15/2030 (Insured by BAM) | 470,000 | 494,863 | ||||||||||
4.000%, 12/15/2032 (Callable 12/15/2030) | ||||||||||||
(Insured by BAM) | 505,000 | 525,007 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2028 (Insured by BAM) | 310,000 | 258,489 | ||||||||||
0.000%, 01/01/2032 (Insured by BAM) | 125,000 | 86,786 | ||||||||||
3.375%, 01/01/2033 (Callable 01/01/2023) | 25,000 | 22,990 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2029) | ||||||||||||
(Insured by AGM) | 150,000 | 152,301 | ||||||||||
Total Illinois | ||||||||||||
(Cost $26,446,913) | 25,567,188 | 7.1 | % | |||||||||
Indiana | ||||||||||||
Center Grove Multi-Facility | ||||||||||||
School Building Corp., | ||||||||||||
5.500%, 07/10/2035 (Callable 01/10/2031) | ||||||||||||
(Insured by ST AID) | 400,000 | 468,766 | ||||||||||
Greater Jasper School Building Corp., | ||||||||||||
4.000%, 01/15/2033 (Callable 07/15/2027) | ||||||||||||
(Insured by ST AID) | 565,000 | 595,247 | ||||||||||
Indiana Finance Authority: | ||||||||||||
5.000%, 09/15/2023 | 795,000 | 817,776 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2023) | 250,000 | 254,861 | ||||||||||
3.750%, 10/01/2042 (Callable 10/01/2023) | 40,000 | 34,551 | ||||||||||
5.000%, 10/01/2042 (Callable 10/01/2023) | 65,000 | 66,066 | ||||||||||
4.000%, 10/01/2052 (Callable 04/01/2032) | 1,250,000 | 1,176,871 | ||||||||||
Indiana Health & Educational | ||||||||||||
Facilities Financing Authority, | ||||||||||||
5.000%, 11/15/2046 (Callable 11/15/2026) | 150,000 | 158,428 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank, | ||||||||||||
5.000%, 01/01/2030 (Callable 01/01/2024) | 880,000 | 904,252 | ||||||||||
Plainfield Redevelopment Authority, | ||||||||||||
3.250%, 08/01/2032 (Callable 08/01/2023) | ||||||||||||
(Insured by ST AID) | 145,000 | 139,053 | ||||||||||
Plainfield Redevelopment District, | ||||||||||||
3.000%, 07/01/2031 (Callable 07/01/2027) | 435,000 | 403,022 | ||||||||||
St. Joseph County Airport Authority, | ||||||||||||
0.010%, 07/01/2027 (Insured by BAM) | 410,000 | 345,335 | ||||||||||
Total Indiana | ||||||||||||
(Cost $5,563,892) | 5,364,228 | 1.5 | % | |||||||||
Iowa | ||||||||||||
City of Coralville IA, | ||||||||||||
4.000%, 06/01/2024 | 200,000 | 200,617 | ||||||||||
Iowa Finance Authority: | ||||||||||||
5.000%, 05/15/2032 (Callable 05/15/2026) | 1,180,000 | 1,187,332 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 190,000 | 192,755 | ||||||||||
Iowa Higher Education Loan Authority: | ||||||||||||
3.000%, 04/01/2023 | 280,000 | 282,397 | ||||||||||
3.000%, 04/01/2024 | 255,000 | 257,731 | ||||||||||
5.000%, 10/01/2037 (Callable 10/01/2030)(6) | 400,000 | 413,427 | ||||||||||
PEFA, Inc., | ||||||||||||
5.000%, 09/01/2049 (Callable 06/01/2026) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(1) | 1,000,000 | 1,049,901 | ||||||||||
Total Iowa | ||||||||||||
(Cost $3,754,772) | 3,584,160 | 1.0 | % | |||||||||
Kansas | ||||||||||||
City of Derby KS, | ||||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 50,000 | 47,318 | ||||||||||
City of Goddard KS, | ||||||||||||
3.000%, 12/01/2022 (Callable 08/01/2022) | 150,000 | 150,160 | ||||||||||
Total Kansas | ||||||||||||
(Cost $197,031) | 197,478 | 0.1 | % | |||||||||
Kentucky | ||||||||||||
Kentucky Economic Development | ||||||||||||
Finance Authority: | ||||||||||||
0.000%, 10/01/2025 (Insured by NATL) | 35,000 | 31,634 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 500,000 | 523,231 | ||||||||||
5.000%, 06/01/2030 (Callable 06/01/2027) | 50,000 | 52,894 | ||||||||||
5.000%, 07/01/2040 (Callable 07/01/2025) | 1,290,000 | 1,323,268 | ||||||||||
4.500%, 06/01/2046 (Callable 06/01/2025) | 150,000 | 147,933 | ||||||||||
Kentucky Higher Education | ||||||||||||
Student Loan Corp., | ||||||||||||
5.000%, 06/01/2024 | 130,000 | 135,961 | ||||||||||
Kentucky Housing Corp., | ||||||||||||
5.850%, 04/01/2048 (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 04/01/2023)(1) | 821,000 | 821,825 | ||||||||||
Kentucky Public Energy Authority: | ||||||||||||
4.000%, 01/01/2049 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(1) | 275,000 | 278,299 | ||||||||||
2.268%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.120%)(Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 550,000 | 539,655 |
The accompanying notes are an integral part of these financial statements.
Page 139
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Kentucky Public Energy Authority: (cont.) | ||||||||||||
4.000%, 12/01/2049 (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(1) | $ | 320,000 | $ | 324,266 | ||||||||
Morehead State University, | ||||||||||||
5.000%, 04/01/2028 (Callable 04/01/2025) | ||||||||||||
(Insured by ST AID) | 230,000 | 245,213 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $4,607,663) | 4,424,179 | 1.2 | % | |||||||||
Louisiana | ||||||||||||
City of Shreveport LA, | ||||||||||||
5.000%, 09/01/2024 | 440,000 | 463,148 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & Community | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 10/01/2023 | 100,000 | 101,375 | ||||||||||
4.000%, 10/01/2024 | 145,000 | 147,582 | ||||||||||
3.020%, 04/01/2031 (Callable 04/01/2025)(3) | 1,243,000 | 1,212,179 | ||||||||||
5.250%, 06/15/2033 (Callable 06/15/2031)(3) | 1,150,000 | 1,100,689 | ||||||||||
Louisiana Public Facilities Authority: | ||||||||||||
0.000%, 10/01/2024(5) | 330,000 | 315,742 | ||||||||||
0.000%, 10/01/2029(5) | 330,000 | 315,601 | ||||||||||
Louisiana State University & | ||||||||||||
Agricultural & Mechanical College, | ||||||||||||
5.000%, 07/01/2027 | ||||||||||||
(Pre-refunded to 07/01/2024) | 235,000 | 248,563 | ||||||||||
Morehouse Parish Hospital Service District No. 1, | ||||||||||||
3.000%, 10/01/2030 (Callable 10/01/2027) | 100,000 | 84,570 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $4,189,713) | 3,989,449 | 1.1 | % | |||||||||
Maine | ||||||||||||
Finance Authority of Maine: | ||||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 125,000 | 129,919 | ||||||||||
5.000%, 12/01/2024 (Insured by AGM) | 125,000 | 132,217 | ||||||||||
5.000%, 12/01/2025 (Insured by AGM) | 200,000 | 214,835 | ||||||||||
5.000%, 12/01/2026 (Insured by AGM) | 200,000 | 217,585 | ||||||||||
Maine Health & Higher | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 07/01/2026 (Insured by ST AID) | 100,000 | 107,824 | ||||||||||
Maine State Housing Authority, | ||||||||||||
5.000%, 11/15/2052 (Callable 11/15/2031)(6) | 1,000,000 | 1,059,233 | ||||||||||
Total Maine | ||||||||||||
(Cost $1,911,558) | 1,861,613 | 0.5 | % | |||||||||
Maryland | ||||||||||||
Maryland Community | ||||||||||||
Development Administration: | ||||||||||||
0.550%, 09/01/2026 | 555,000 | 503,234 | ||||||||||
3.750%, 03/01/2050 (Callable 03/01/2029) | 1,845,000 | 1,858,659 | ||||||||||
Maryland Economic Development Corp., | ||||||||||||
3.997%, 04/01/2034 (Callable 01/01/2034) | 1,985,000 | 1,747,164 | ||||||||||
Maryland Health & Higher | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 01/01/2024 | 540,000 | 556,742 | ||||||||||
5.000%, 01/01/2025 | 470,000 | 491,324 | ||||||||||
5.000%, 07/01/2045 (Callable 01/01/2027) | ||||||||||||
(Mandatory Tender Date 07/01/2027)(1) | 380,000 | 414,071 | ||||||||||
Total Maryland | ||||||||||||
(Cost $5,903,227) | 5,571,194 | 1.6 | % | |||||||||
Massachusetts | ||||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
5.000%, 07/15/2022(3) | 115,000 | 115,088 | ||||||||||
5.000%, 07/15/2023(3) | 115,000 | 117,670 | ||||||||||
5.000%, 07/15/2024(3) | 125,000 | 129,607 | ||||||||||
5.000%, 07/15/2025(3) | 65,000 | 68,171 | ||||||||||
Massachusetts Educational Financing Authority, | ||||||||||||
2.000%, 07/01/2037 (Callable 07/01/2031) | 2,600,000 | 2,290,084 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $3,037,220) | 2,720,620 | 0.8 | % | |||||||||
Michigan | ||||||||||||
Charter Township of Lansing MI, | ||||||||||||
2.750%, 05/01/2028 (Callable 08/01/2022) | 265,000 | 265,016 | ||||||||||
City of Detroit MI, | ||||||||||||
5.000%, 04/01/2023 | 275,000 | 279,899 | ||||||||||
Flint Hospital Building Authority, | ||||||||||||
5.000%, 07/01/2023 | 65,000 | 65,748 | ||||||||||
Grand Valley State University, | ||||||||||||
4.000%, 12/01/2029 (Callable 06/01/2026) | 1,000,000 | 1,023,433 | ||||||||||
Grandville Public Schools: | ||||||||||||
5.000%, 05/01/2032 (Insured by BAM)(6) | 900,000 | 975,438 | ||||||||||
5.000%, 05/01/2033 (Callable 05/01/2032) | ||||||||||||
(Insured by BAM)(6) | 940,000 | 1,004,106 | ||||||||||
5.000%, 05/01/2034 (Callable 05/01/2032) | ||||||||||||
(Insured by BAM)(6) | 975,000 | 1,030,179 | ||||||||||
Michigan Finance Authority: | ||||||||||||
5.000%, 07/01/2024 | 260,000 | 269,943 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 25,000 | 25,866 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2025) | 160,000 | 170,077 | ||||||||||
5.000%, 07/01/2030 (Callable 07/01/2024) | 165,000 | 168,739 | ||||||||||
5.000%, 07/01/2044 (Callable 07/01/2024) | 130,000 | 130,980 | ||||||||||
Michigan State Hospital Finance Authority, | ||||||||||||
5.000%, 11/15/2032 (Callable 05/15/2025) | 255,000 | 269,662 | ||||||||||
Michigan State Housing Development Authority, | ||||||||||||
3.500%, 12/01/2050 (Callable 06/01/2029) | 270,000 | 269,628 | ||||||||||
Wayne County Airport Authority, | ||||||||||||
5.000%, 12/01/2030 (Callable 12/01/2025) | 3,000,000 | 3,141,743 | ||||||||||
Total Michigan | ||||||||||||
(Cost $9,463,230) | 9,090,457 | 2.5 | % | |||||||||
Minnesota | ||||||||||||
Chaska Economic Development Authority, | ||||||||||||
4.000%, 02/01/2033 (Callable 02/01/2025) | 690,000 | 706,672 | ||||||||||
City of Center City MN, | ||||||||||||
4.000%, 11/01/2031 (Callable 11/01/2027) | 245,000 | 240,869 | ||||||||||
County of Chippewa MN, | ||||||||||||
4.000%, 03/01/2023 | 1,060,000 | 1,070,964 | ||||||||||
Housing & Redevelopment Authority | ||||||||||||
of the City of St. Paul MN, | ||||||||||||
4.000%, 09/01/2031 (Callable 09/01/2024) | 350,000 | 337,479 | ||||||||||
Minnesota Higher Education Facilities Authority, | ||||||||||||
4.000%, 10/01/2040 (Callable 10/01/2030) | 1,000,000 | 961,188 | ||||||||||
Minnesota Housing Finance Agency, | ||||||||||||
3.500%, 07/01/2050 (Callable 07/01/2029) | ||||||||||||
(Insured by GNMA) | 1,465,000 | 1,463,372 | ||||||||||
Plymouth Intermediate District No. 287, | ||||||||||||
3.000%, 05/01/2032 (Callable 05/01/2025) | 650,000 | 629,540 | ||||||||||
Zumbro Education District: | ||||||||||||
4.000%, 02/01/2031 | 370,000 | 373,839 | ||||||||||
4.000%, 02/01/2033 (Callable 02/01/2031) | 300,000 | 300,386 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $6,401,311) | 6,084,309 | 1.7 | % | |||||||||
Mississippi | ||||||||||||
City of Ridgeland MS, | ||||||||||||
3.000%, 10/01/2025 | 325,000 | 319,834 | ||||||||||
Mississippi Business Finance Corp., | ||||||||||||
3.200%, 09/01/2028 (Callable 03/13/2024) | 1,000,000 | 989,267 | ||||||||||
Mississippi Home Corp., | ||||||||||||
4.000%, 12/01/2043 (Callable 12/01/2026) | ||||||||||||
(Insured by GNMA) | 70,000 | 70,947 |
The accompanying notes are an integral part of these financial statements.
Page 140
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Mississippi Hospital Equipment | ||||||||||||
& Facilities Authority, | ||||||||||||
5.000%, 10/01/2040 (Callable 12/01/2026) | ||||||||||||
(Mandatory Tender Date 03/01/2027)(1) | $ | 415,000 | $ | 449,878 | ||||||||
Vicksburg Warren School District: | ||||||||||||
5.000%, 03/01/2025 | 350,000 | 368,328 | ||||||||||
5.000%, 03/01/2028 | 70,000 | 76,158 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $2,364,540) | 2,274,412 | 0.6 | % | |||||||||
Missouri | ||||||||||||
County of Platte MO: | ||||||||||||
5.000%, 02/01/2025 (Callable 02/01/2023) | 125,000 | 125,786 | ||||||||||
3.000%, 03/01/2027 (Callable 03/01/2023) | 200,000 | 189,448 | ||||||||||
Health & Educational Facilities | ||||||||||||
Authority of the State of Missouri: | ||||||||||||
5.000%, 02/01/2025 (Callable 02/01/2024) | 180,000 | 183,786 | ||||||||||
4.000%, 08/01/2027 | 440,000 | 437,197 | ||||||||||
5.000%, 09/01/2027 | 150,000 | 158,993 | ||||||||||
4.000%, 08/01/2030 (Callable 08/01/2024) | 200,000 | 199,176 | ||||||||||
4.250%, 08/01/2035 (Callable 08/01/2024) | 110,000 | 109,778 | ||||||||||
St. Louis Land Clearance for | ||||||||||||
Redevelopment Authority: | ||||||||||||
4.250%, 06/01/2026 | 205,000 | 209,905 | ||||||||||
3.875%, 10/01/2035 (Callable 10/01/2029) | 440,000 | 363,907 | ||||||||||
St. Louis Municipal Finance Corp., | ||||||||||||
5.000%, 02/15/2025 | 300,000 | 320,178 | ||||||||||
Total Missouri | ||||||||||||
(Cost $2,365,570) | 2,298,154 | 0.6 | % | |||||||||
Montana | ||||||||||||
City of Forsyth MT, | ||||||||||||
3.900%, 03/01/2031 | ||||||||||||
(Callable 03/01/2023)(1) | 2,475,000 | 2,486,147 | ||||||||||
Total Montana | ||||||||||||
(Cost $2,516,492) | 2,486,147 | 0.7 | % | |||||||||
Nebraska | ||||||||||||
Central Plains Energy Project, | ||||||||||||
5.000%, 09/01/2042 (Callable 09/01/2022) | 45,000 | 45,241 | ||||||||||
City of Gretna NE, | ||||||||||||
4.000%, 12/15/2025 (Callable 12/15/2024) | 1,000,000 | 1,033,682 | ||||||||||
County of Douglas NE, | ||||||||||||
1.310%, 07/01/2035 | ||||||||||||
(SIFMA Municipal Swap Index + 0.530%) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(2) | 2,000,000 | 2,003,233 | ||||||||||
Madison County Hospital Authority No. 1, | ||||||||||||
5.000%, 07/01/2032 (Callable 07/01/2025) | 500,000 | 515,236 | ||||||||||
Papio-Missouri River Natural Resources District, | ||||||||||||
3.000%, 12/01/2030 (Callable 10/12/2026) | 335,000 | 326,039 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $4,013,896) | 3,923,431 | 1.1 | % | |||||||||
Nevada | ||||||||||||
City of Sparks NV, | ||||||||||||
2.500%, 06/15/2024(3) | 75,000 | 72,534 | ||||||||||
Clark County School District, | ||||||||||||
5.000%, 06/15/2023 | 100,000 | 103,035 | ||||||||||
Henderson Public Improvement Trust, | ||||||||||||
3.000%, 01/01/2026 | 270,000 | 259,755 | ||||||||||
Nevada Housing Division, | ||||||||||||
2.250%, 04/01/2025 | ||||||||||||
(Mandatory Tender Date 04/01/2023)(1) | 1,215,000 | 1,216,526 | ||||||||||
State of Nevada, | ||||||||||||
4.000%, 12/15/2025(3) | 900,000 | 892,274 | ||||||||||
Total Nevada | ||||||||||||
(Cost $2,599,903) | 2,544,124 | 0.7 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Business Finance Authority: | ||||||||||||
3.250%, 04/01/2028 (Callable 01/01/2028) | 2,000,000 | 1,773,097 | ||||||||||
4.375%, 09/20/2036 | 2,500,000 | 2,398,650 | ||||||||||
New Hampshire Municipal Bond Bank, | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2027) | ||||||||||||
(Insured by ST AID) | 275,000 | 291,132 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $4,678,491) | 4,462,879 | 1.2 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education, | ||||||||||||
3.400%, 08/15/2024(3) | 140,000 | 142,976 | ||||||||||
City of Newark NJ, | ||||||||||||
5.000%, 10/01/2022 (Insured by ST AID) | 130,000 | 131,005 | ||||||||||
New Jersey Economic Development Authority: | ||||||||||||
2.030%, 09/01/2025 (SIFMA Municipal | ||||||||||||
Swap Index + 1.250%) (Callable 03/01/2025) | ||||||||||||
(Insured by ST AID)(2) | 380,000 | 384,282 | ||||||||||
5.625%, 01/01/2052 (Callable 01/01/2024) | 1,000,000 | 1,017,176 | ||||||||||
New Jersey Educational Facilities Authority: | ||||||||||||
5.000%, 07/01/2026 | ||||||||||||
(Pre-refunded to 07/01/2025) | 55,000 | 59,416 | ||||||||||
5.000%, 07/01/2026 (Callable 07/01/2025) | 70,000 | 74,327 | ||||||||||
5.000%, 07/01/2026 (Callable 07/01/2025) | 595,000 | 628,107 | ||||||||||
5.000%, 07/01/2028 (Insured by AGM) | 125,000 | 138,759 | ||||||||||
5.000%, 07/01/2043 (Callable 07/01/2023) | 250,000 | 252,734 | ||||||||||
New Jersey Housing & Mortgage Finance Agency, | ||||||||||||
3.500%, 04/01/2051 (Callable 04/01/2029) | 675,000 | 672,958 | ||||||||||
New Jersey Transportation Trust Fund Authority, | ||||||||||||
0.000%, 12/15/2027 (Insured by BHAC) | 430,000 | 368,361 | ||||||||||
South Jersey Port Corp., | ||||||||||||
3.500%, 01/01/2032 (Callable 01/01/2026) | 100,000 | 94,724 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $4,161,494) | 3,964,825 | 1.1 | % | |||||||||
New Mexico | ||||||||||||
Town of Clayton NM, | ||||||||||||
5.000%, 11/01/2026 (Callable 11/01/2025) | ||||||||||||
(Insured by NATL) | 185,000 | 194,428 | ||||||||||
Village of Los Ranchos de Albuquerque NM, | ||||||||||||
5.000%, 09/01/2027 | 350,000 | 385,114 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $603,077) | 579,542 | 0.2 | % | |||||||||
New York | ||||||||||||
Albany Capital Resource Corp., | ||||||||||||
5.000%, 05/01/2023 | 140,000 | 142,240 | ||||||||||
Albany County Capital Resource Corp., | ||||||||||||
3.100%, 07/01/2030 | 200,000 | 164,844 | ||||||||||
Amherst Development Corp., | ||||||||||||
5.000%, 10/01/2022 | 355,000 | 357,220 | ||||||||||
Build NYC Resource Corp., | ||||||||||||
4.000%, 12/01/2031 (Callable 12/01/2029)(3) | 600,000 | 568,345 | ||||||||||
City of Amsterdam NY, | ||||||||||||
3.750%, 06/22/2023 | 1,500,000 | 1,508,625 | ||||||||||
City of Long Beach NY, | ||||||||||||
5.250%, 07/15/2037(6) | 200,000 | 216,433 | ||||||||||
City of New York NY, | ||||||||||||
1.090%, 04/01/2042 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 3,000,000 | 3,000,000 | ||||||||||
City of Poughkeepsie NY: | ||||||||||||
4.000%, 04/15/2028 | 230,000 | 238,398 | ||||||||||
4.000%, 04/15/2030 | 250,000 | 258,654 |
The accompanying notes are an integral part of these financial statements.
Page 141
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Genesee County Funding Corp., | ||||||||||||
5.250%, 12/01/2052 (Callable 12/01/2032) | $ | 600,000 | $ | 619,931 | ||||||||
Huntington Local Development Corp., | ||||||||||||
4.000%, 07/01/2027 | 1,000,000 | 954,195 | ||||||||||
New York City Housing Development Corp.: | ||||||||||||
3.000%, 02/15/2048 (Callable 05/15/2024) | 1,000,000 | 976,855 | ||||||||||
3.500%, 02/15/2048 (Callable 05/15/2024) | 1,600,000 | 1,568,207 | ||||||||||
0.700%, 11/01/2060 (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 07/01/2025)(1) | 3,500,000 | 3,263,961 | ||||||||||
0.600%, 05/01/2061 (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 07/01/2025) | ||||||||||||
(Insured by FHA)(1) | 1,770,000 | 1,633,649 | ||||||||||
New York City Industrial Development Agency, | ||||||||||||
5.000%, 03/01/2028 (Insured by AGM) | 250,000 | 273,208 | ||||||||||
New York City Transitional Finance Authority, | ||||||||||||
4.000%, 11/01/2038 (Callable 05/01/2029) | 2,675,000 | 2,671,520 | ||||||||||
New York Convention | ||||||||||||
Center Development Corp., | ||||||||||||
0.000%, 11/15/2033 (Insured by BAM) | 1,495,000 | 915,111 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
4.000%, 02/15/2036 (Callable 02/15/2030) | 1,750,000 | 1,750,615 | ||||||||||
New York State Housing Finance Agency: | ||||||||||||
0.750%, 05/01/2025 (Callable 07/21/2022) | ||||||||||||
(Insured by SONYMA) | 2,000,000 | 1,891,209 | ||||||||||
1.000%, 11/01/2061 (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 11/01/2026)(1) | 3,000,000 | 2,739,586 | ||||||||||
New York State Urban Development Corp., | ||||||||||||
4.000%, 03/15/2041 (Callable 03/15/2030) | 1,500,000 | 1,473,695 | ||||||||||
Onondaga Civic Development Corp.: | ||||||||||||
5.000%, 10/01/2023 | 165,000 | 166,826 | ||||||||||
5.000%, 10/01/2024 | 35,000 | 35,515 | ||||||||||
5.000%, 10/01/2025 | 225,000 | 228,679 | ||||||||||
4.125%, 10/01/2035 (Callable 10/01/2025) | 355,000 | 315,338 | ||||||||||
Onondaga County Trust for Cultural Resources: | ||||||||||||
5.000%, 05/01/2027 | 180,000 | 191,959 | ||||||||||
5.000%, 05/01/2029 (Callable 05/01/2027) | 345,000 | 366,190 | ||||||||||
Southwestern Central School District, | ||||||||||||
2.000%, 06/15/2029 (Insured by BAM) | 1,320,000 | 1,188,020 | ||||||||||
State of New York Mortgage Agency, | ||||||||||||
3.500%, 04/01/2049 (Callable 10/01/2028) | 175,000 | 175,633 | ||||||||||
Town of Ramapo NY: | ||||||||||||
3.375%, 05/15/2024 (Callable 05/15/2023) | 25,000 | 24,270 | ||||||||||
3.000%, 11/01/2027 (Callable 11/01/2022) | 100,000 | 91,364 | ||||||||||
4.125%, 05/15/2028 (Callable 05/15/2023) | 115,000 | 108,808 | ||||||||||
Triborough Bridge & Tunnel Authority, | ||||||||||||
1.411%, 01/01/2032 (SOFR + 0.380%) | ||||||||||||
(Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 990,000 | 968,067 | ||||||||||
Westchester County Local Development Corp., | ||||||||||||
2.875%, 07/01/2026(3) | 1,000,000 | 933,970 | ||||||||||
Total New York | ||||||||||||
(Cost $33,375,690) | 31,981,140 | 8.9 | % | |||||||||
North Carolina | ||||||||||||
Durham Housing Authority, | ||||||||||||
2.000%, 09/01/2024 (Callable 07/21/2022) | ||||||||||||
(Mandatory Tender Date 09/01/2022) | ||||||||||||
(Insured by HUD)(1) | 1,000,000 | 998,911 | ||||||||||
North Carolina Central University, | ||||||||||||
5.000%, 04/01/2027 | 410,000 | 446,956 | ||||||||||
North Carolina Housing Finance Agency, | ||||||||||||
4.000%, 07/01/2050 (Callable 01/01/2029) | ||||||||||||
(Insured by GNMA) | 1,000,000 | 1,014,633 | ||||||||||
North Carolina Medical Care Commission, | ||||||||||||
5.000%, 01/01/2049 (Callable 01/01/2026) | 1,250,000 | 1,259,632 | ||||||||||
Winston-Salem State University, | ||||||||||||
4.250%, 06/01/2032 (Callable 06/01/2024) | 50,000 | 48,619 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $3,977,416) | 3,768,751 | 1.0 | % | |||||||||
North Dakota | ||||||||||||
Cass County Joint Water Resource District, | ||||||||||||
0.480%, 05/01/2024 (Callable 11/01/2022) | 2,000,000 | 1,908,595 | ||||||||||
City of Grand Forks ND, | ||||||||||||
5.000%, 12/01/2024 | 100,000 | 104,984 | ||||||||||
City of Horace ND, | ||||||||||||
0.650%, 08/01/2023 (Callable 08/01/2022) | 500,000 | 488,834 | ||||||||||
City of Larimore ND, | ||||||||||||
0.850%, 05/01/2024 (Callable 08/01/2022) | 1,100,000 | 1,053,488 | ||||||||||
City of Mandan ND: | ||||||||||||
4.000%, 09/01/2034 (Callable 09/01/2024) | 1,010,000 | 1,020,291 | ||||||||||
3.000%, 09/01/2036 (Callable 09/01/2024) | 255,000 | 232,718 | ||||||||||
County of McKenzie ND: | ||||||||||||
5.000%, 08/01/2023 | 300,000 | 307,376 | ||||||||||
5.000%, 08/01/2024 (Callable 08/01/2023) | 400,000 | 408,638 | ||||||||||
Jamestown Park District: | ||||||||||||
4.000%, 07/01/2031 (Callable 07/01/2024) | 250,000 | 252,595 | ||||||||||
2.900%, 07/01/2035 (Callable 07/18/2022) | 90,000 | 88,765 | ||||||||||
State Board of Higher Education | ||||||||||||
of the State of North Dakota, | ||||||||||||
3.000%, 04/01/2033 (Callable 04/01/2027) | 145,000 | 136,083 | ||||||||||
Williston Parks & Recreation District: | ||||||||||||
4.500%, 03/01/2025 (Callable 07/18/2022) | 425,000 | 414,910 | ||||||||||
4.000%, 03/01/2032 (Callable 07/18/2022) | 20,000 | 16,881 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $6,684,343) | 6,434,158 | 1.8 | % | |||||||||
Ohio | ||||||||||||
Buckeye Tobacco Settlement Financing Authority, | ||||||||||||
5.000%, 06/01/2055 (Callable 06/01/2030) | 1,700,000 | 1,600,769 | ||||||||||
City of Middleburg Heights OH, | ||||||||||||
5.000%, 08/01/2034 (Callable 08/01/2031) | 200,000 | 216,339 | ||||||||||
Cleveland-Cuyahoga County Port Authority: | ||||||||||||
5.000%, 07/01/2030 | 350,000 | 395,793 | ||||||||||
5.000%, 07/01/2032 (Callable 07/01/2031) | 495,000 | 561,656 | ||||||||||
5.500%, 08/01/2052 (Callable 08/01/2032)(6) | 1,400,000 | 1,480,995 | ||||||||||
Columbus Metropolitan Housing Authority: | ||||||||||||
2.000%, 11/01/2026 (Callable 09/01/2023) | 265,000 | 254,699 | ||||||||||
3.000%, 11/01/2028 (Callable 09/01/2023) | 275,000 | 270,493 | ||||||||||
County of Montgomery OH, | ||||||||||||
3.000%, 08/01/2034 (Callable 02/01/2031) | 200,000 | 178,126 | ||||||||||
Northeast Ohio Medical University: | ||||||||||||
5.000%, 12/01/2024 | 75,000 | 78,435 | ||||||||||
5.000%, 12/01/2026 | 100,000 | 106,699 | ||||||||||
Ohio Air Quality Development Authority: | ||||||||||||
1.375%, 02/01/2026 | ||||||||||||
(Mandatory Tender Date 11/01/2024)(1) | 1,000,000 | 938,740 | ||||||||||
4.250%, 11/01/2040 | ||||||||||||
(Mandatory Tender Date 06/01/2027)(1) | 1,000,000 | 1,007,896 | ||||||||||
Ohio Higher Educational Facility Commission: | ||||||||||||
6.510%, 12/01/2023 (CPI YOY + 1.120%) | ||||||||||||
(Insured by AMBAC)(2) | 500,000 | 511,236 | ||||||||||
5.000%, 12/01/2032 | 595,000 | 602,072 | ||||||||||
5.000%, 07/01/2036 (Callable 07/01/2033)(6) | 1,700,000 | 1,789,924 | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
4.500%, 03/01/2050 (Callable 09/01/2028) | 1,000,000 | 1,027,445 | ||||||||||
3.750%, 09/01/2050 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 140,000 | 140,863 | ||||||||||
Ohio Turnpike & Infrastructure Commission: | ||||||||||||
5.000%, 02/15/2029(6) | 2,500,000 | 2,786,508 | ||||||||||
5.000%, 02/15/2032(6) | 1,390,000 | 1,581,713 |
The accompanying notes are an integral part of these financial statements.
Page 142
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Port of Greater Cincinnati | ||||||||||||
Development Authority, | ||||||||||||
3.000%, 05/01/2023 (Callable 08/01/2022) | $ | 1,875,000 | $ | 1,875,694 | ||||||||
Riverside Local School District, | ||||||||||||
4.000%, 10/01/2053 (Callable 04/01/2024) | ||||||||||||
(Insured by BAM) | 495,000 | 480,412 | ||||||||||
State of Ohio, | ||||||||||||
1.000%, 01/15/2045 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/05/2022)(1) | 2,000,000 | 2,000,000 | ||||||||||
Township of Miami OH: | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2029) | 300,000 | 324,657 | ||||||||||
4.000%, 12/01/2031 (Callable 12/01/2029) | 200,000 | 215,559 | ||||||||||
Wadsworth City School District, | ||||||||||||
4.000%, 12/01/2051 (Callable 12/01/2026) | 1,000,000 | 965,268 | ||||||||||
Warren County Port Authority, | ||||||||||||
4.000%, 12/01/2041 (Callable 12/01/2031) | 570,000 | 481,443 | ||||||||||
Washington Local School District, | ||||||||||||
4.000%, 12/01/2037 (Callable 06/01/2025) | ||||||||||||
(Insured by SD CRED PROG) | 500,000 | 511,890 | ||||||||||
Total Ohio | ||||||||||||
(Cost $23,242,073) | 22,385,324 | 6.2 | % | |||||||||
Oklahoma | ||||||||||||
Pontotoc County Educational Facilities Authority: | ||||||||||||
4.000%, 09/01/2026 | 200,000 | 208,777 | ||||||||||
4.000%, 09/01/2027 | 325,000 | 340,398 | ||||||||||
4.000%, 09/01/2028 | 300,000 | 313,744 | ||||||||||
4.000%, 09/01/2029 | 275,000 | 287,135 | ||||||||||
4.000%, 09/01/2030 | 400,000 | 416,163 | ||||||||||
Sallisaw Municipal Authority: | ||||||||||||
4.000%, 06/01/2029 (Callable 06/01/2026) | 795,000 | 794,978 | ||||||||||
4.000%, 06/01/2030 (Callable 06/01/2026) | 700,000 | 696,300 | ||||||||||
Tulsa Industrial Authority, | ||||||||||||
5.000%, 10/01/2023 | 185,000 | 188,010 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $3,419,823) | 3,245,505 | 0.9 | % | |||||||||
Oregon | ||||||||||||
Clackamas Community College District, | ||||||||||||
5.000%, 06/15/2038 (Callable 06/15/2027)(5) | 125,000 | 136,266 | ||||||||||
Oregon Health & Science University, | ||||||||||||
4.000%, 07/01/2044 (Callable 01/01/2032) | 1,000,000 | 978,694 | ||||||||||
Oregon State Facilities Authority: | ||||||||||||
5.000%, 10/01/2025 | 225,000 | 239,666 | ||||||||||
5.000%, 10/01/2028 | 150,000 | 162,930 | ||||||||||
State of Oregon Housing & | ||||||||||||
Community Services Department: | ||||||||||||
3.900%, 01/01/2033 (Callable 07/01/2023) | 70,000 | 70,069 | ||||||||||
3.600%, 07/01/2034 (Callable 07/01/2024) | 700,000 | 681,461 | ||||||||||
4.000%, 01/01/2047 (Callable 07/01/2025) | 20,000 | 20,257 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2026) | 35,000 | 35,486 | ||||||||||
Yamhill County Hospital Authority: | ||||||||||||
1.750%, 11/15/2026 (Callable 07/21/2022) | 800,000 | 741,052 | ||||||||||
2.125%, 11/15/2027 (Callable 11/15/2022) | 1,000,000 | 897,266 | ||||||||||
Total Oregon | ||||||||||||
(Cost $4,167,706) | 3,963,147 | 1.1 | % | |||||||||
Pennsylvania | ||||||||||||
Allegheny County Airport Authority, | ||||||||||||
4.000%, 01/01/2056 (Callable 01/01/2031) | ||||||||||||
(Insured by BAM) | 3,500,000 | 3,233,231 | ||||||||||
Bucks County Industrial Development Authority, | ||||||||||||
5.000%, 07/01/2028 | 470,000 | 499,190 | ||||||||||
Chester County Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 08/01/2035 (Callable 08/01/2023) | 730,000 | 730,726 | ||||||||||
5.000%, 08/01/2045 (Callable 08/01/2023) | 500,000 | 483,358 | ||||||||||
City of Bradford PA: | ||||||||||||
4.000%, 11/01/2026 (Callable 11/01/2025) | ||||||||||||
(Insured by AGM) | 415,000 | 433,172 | ||||||||||
4.000%, 11/01/2027 (Callable 11/01/2025) | ||||||||||||
(Insured by AGM) | 370,000 | 386,321 | ||||||||||
City of Erie Higher Education Building Authority, | ||||||||||||
5.000%, 05/01/2029 | 370,000 | 398,226 | ||||||||||
City of Philadelphia PA, | ||||||||||||
5.000%, 08/01/2030 (Callable 08/01/2027) | ||||||||||||
(Insured by AGM) | 2,855,000 | 3,118,722 | ||||||||||
City of York PA, | ||||||||||||
5.000%, 11/15/2025 | 525,000 | 545,686 | ||||||||||
Coatesville School District, | ||||||||||||
5.000%, 06/30/2023 (Insured by ST AID)(6) | 1,000,000 | 1,010,720 | ||||||||||
Cumberland County Municipal Authority: | ||||||||||||
5.000%, 01/01/2029 | ||||||||||||
(Pre-refunded to 01/01/2025) | 30,000 | 32,067 | ||||||||||
5.000%, 01/01/2029 | ||||||||||||
(Pre-refunded to 01/01/2025) | 70,000 | 74,824 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 75,000 | 77,118 | ||||||||||
Cumberland Valley School District, | ||||||||||||
4.000%, 11/15/2038 (Callable 05/15/2030) | ||||||||||||
(Insured by ST AID) | 1,000,000 | 1,000,437 | ||||||||||
Delaware Valley Regional Finance Authority, | ||||||||||||
2.028%, 09/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.880%) (Callable 09/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2025)(2) | 1,000,000 | 997,058 | ||||||||||
Derry Township Industrial & | ||||||||||||
Commercial Development Authority, | ||||||||||||
4.000%, 11/15/2028 (Callable 05/15/2028) | 400,000 | 425,888 | ||||||||||
East Hempfield Township | ||||||||||||
Industrial Development Authority: | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2025) | 1,510,000 | 1,600,684 | ||||||||||
5.000%, 07/01/2030 | ||||||||||||
(Pre-refunded to 07/01/2023) | 300,000 | 309,484 | ||||||||||
Indiana County Municipal Services Authority: | ||||||||||||
5.000%, 10/01/2029 (Insured by BAM) | 345,000 | 373,924 | ||||||||||
5.000%, 10/01/2031 (Insured by BAM) | 285,000 | 308,667 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2031) | ||||||||||||
(Insured by BAM) | 295,000 | 318,204 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2031) | ||||||||||||
(Insured by BAM) | 310,000 | 333,150 | ||||||||||
5.000%, 10/01/2034 (Callable 10/01/2031) | ||||||||||||
(Insured by BAM) | 330,000 | 353,783 | ||||||||||
Latrobe Industrial Development Authority: | ||||||||||||
5.000%, 03/01/2024 | 80,000 | 82,248 | ||||||||||
5.000%, 03/01/2025 | 110,000 | 114,048 | ||||||||||
5.000%, 03/01/2026 | 260,000 | 270,795 | ||||||||||
Montgomery County Higher | ||||||||||||
Education & Health Authority, | ||||||||||||
1.125%, 05/01/2036 | ||||||||||||
(Mandatory Tender Date 05/01/2023)(5) | 245,000 | 242,322 | ||||||||||
Montgomery County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 10/01/2036 (Callable 10/01/2026) | 855,000 | 802,501 | ||||||||||
5.000%, 11/15/2036 (Callable 11/15/2026) | 750,000 | 777,578 | ||||||||||
4.000%, 10/01/2041 (Callable 10/01/2026) | 425,000 | 384,805 | ||||||||||
Northeastern Pennsylvania | ||||||||||||
Hospital and Education Authority, | ||||||||||||
5.000%, 05/01/2033 (Callable 05/01/2029) | 260,000 | 268,850 |
The accompanying notes are an integral part of these financial statements.
Page 143
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Panther Valley School District, | ||||||||||||
4.000%, 10/15/2030 (Callable 10/15/2028) | ||||||||||||
(Insured by BAM) | $ | 695,000 | $ | 734,945 | ||||||||
Pennsylvania Higher | ||||||||||||
Education Assistance Agency: | ||||||||||||
5.000%, 06/01/2028 | 1,685,000 | 1,822,683 | ||||||||||
4.500%, 06/01/2043 (Callable 06/01/2031) | 1,500,000 | 1,513,148 | ||||||||||
Pennsylvania Higher | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 05/01/2025 | 200,000 | 211,982 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 600,000 | 603,657 | ||||||||||
Pennsylvania Housing Finance Agency, | ||||||||||||
3.200%, 04/01/2040 (Callable 10/01/2025) | 165,000 | 163,558 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
0.000%, 12/01/2039 (Callable 06/01/2029)(5) | 180,000 | 177,581 | ||||||||||
0.000%, 12/01/2040 (Callable 06/01/2029)(5) | 35,000 | 34,464 | ||||||||||
Philadelphia Authority | ||||||||||||
for Industrial Development: | ||||||||||||
5.000%, 10/01/2030 | 350,000 | 396,562 | ||||||||||
5.750%, 06/15/2042 (Callable 07/21/2022) | 460,000 | 460,376 | ||||||||||
Redevelopment Authority | ||||||||||||
of the City of Philadelphia, | ||||||||||||
5.000%, 04/15/2027 (Callable 04/15/2025) | 100,000 | 107,303 | ||||||||||
Scranton School District, | ||||||||||||
2.015%, 04/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.850%)(Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 06/01/2023) | ||||||||||||
(Insured by ST AID)(2) | 885,000 | 886,541 | ||||||||||
State Public School Building Authority: | ||||||||||||
5.000%, 12/01/2028 | ||||||||||||
(Pre-refunded to 12/01/2026) | ||||||||||||
(Insured by AGM) | 15,000 | 16,653 | ||||||||||
5.000%, 12/01/2028 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM) | 85,000 | 93,249 | ||||||||||
Westmoreland County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2028 | 575,000 | 620,926 | ||||||||||
York County Industrial Development Authority, | ||||||||||||
3.000%, 11/01/2036 (Callable 05/01/2026) | 730,000 | 646,305 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $29,544,342) | 28,477,720 | 7.9 | % | |||||||||
Puerto Rico | ||||||||||||
Puerto Rico Sales Tax Financing Corp., | ||||||||||||
4.750%, 07/01/2053 (Callable 07/01/2028) | 1,738,000 | 1,669,896 | ||||||||||
Total Puerto Rico | ||||||||||||
(Cost $1,826,162) | 1,669,896 | 0.5 | % | |||||||||
Rhode Island | ||||||||||||
Providence Redevelopment Agency, | ||||||||||||
5.000%, 04/01/2027 (Callable 04/01/2025) | 500,000 | 515,609 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $520,818) | 515,609 | 0.1 | % | |||||||||
South Carolina | ||||||||||||
Florence-Darlington Commission | ||||||||||||
for Technical Education, | ||||||||||||
5.000%, 03/01/2024 (Callable 09/01/2023) | 460,000 | 475,511 | ||||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
2.008%, 10/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.860%)(Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 850,000 | 842,020 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | 130,000 | 129,867 | ||||||||||
5.250%, 08/15/2033 (Callable 08/15/2026) | 350,000 | 365,894 | ||||||||||
Spartanburg Housing Authority, | ||||||||||||
2.000%, 03/01/2026 | ||||||||||||
(Mandatory Tender Date 03/01/2025)(1) | 3,500,000 | 3,430,153 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $5,387,814) | 5,243,445 | 1.5 | % | |||||||||
South Dakota | ||||||||||||
City of Rapid City SD, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 250,000 | 237,055 | ||||||||||
South Dakota Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
4.250%, 09/01/2023 | 505,000 | 510,199 | ||||||||||
5.000%, 09/01/2032 (Callable 09/01/2027) | 100,000 | 105,619 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $892,843) | 852,873 | 0.2 | % | |||||||||
Tennessee | ||||||||||||
City of Memphis TN, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2026) | 500,000 | 506,259 | ||||||||||
Tennessee Energy Acquisition Corp., | ||||||||||||
5.625%, 09/01/2026 | 1,100,000 | 1,193,546 | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
4.000%, 07/01/2048 (Callable 01/01/2027) | 150,000 | 152,188 | ||||||||||
4.500%, 07/01/2049 (Callable 01/01/2028) | 30,000 | 30,787 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $2,009,935) | 1,882,780 | 0.5 | % | |||||||||
Texas | ||||||||||||
Austin-Bergstrom Landhost Enterprises, Inc., | ||||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 1,160,000 | 1,202,899 | ||||||||||
Brazos Higher Education Authority, Inc., | ||||||||||||
2.350%, 04/01/2040 (Callable 04/01/2030) | 15,000 | 14,977 | ||||||||||
Caney Creek Municipal Utility District, | ||||||||||||
5.000%, 03/01/2024 | 390,000 | 407,320 | ||||||||||
Central Texas Regional Mobility Authority, | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2026) | 750,000 | 799,656 | ||||||||||
City of Austin TX, | ||||||||||||
5.250%, 05/15/2025 (Insured by BHAC) | 90,000 | 95,104 | ||||||||||
City of Donna TX, | ||||||||||||
5.000%, 02/15/2042 (Pre-refunded | ||||||||||||
to 02/15/2024) (Insured by BAM) | 120,000 | 125,982 | ||||||||||
City of Garland TX, | ||||||||||||
5.000%, 03/01/2034 (Callable 03/01/2026) | 1,000,000 | 1,065,607 | ||||||||||
City of Magnolia TX, | ||||||||||||
5.700%, 09/01/2046(3) | 490,000 | 451,895 | ||||||||||
City of Pearland TX, | ||||||||||||
5.000%, 03/01/2030 (Callable 03/01/2026) | 1,000,000 | 1,086,193 | ||||||||||
Clifton Higher Education Finance Corp.: | ||||||||||||
3.100%, 12/01/2022 | 15,000 | 15,042 | ||||||||||
6.000%, 03/01/2029 (Callable 03/01/2024)(5) | 1,740,000 | 1,769,948 | ||||||||||
4.000%, 08/15/2030 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 900,000 | 951,326 | ||||||||||
3.950%, 12/01/2032 (Callable 12/01/2022) | 265,000 | 255,924 | ||||||||||
Conroe Local Government Corp., | ||||||||||||
4.000%, 10/01/2050 (Callable 10/01/2031) | 1,000,000 | 825,231 | ||||||||||
County of Wise TX: | ||||||||||||
5.000%, 08/15/2024 | 225,000 | 234,414 | ||||||||||
5.000%, 08/15/2025 | 250,000 | 264,433 | ||||||||||
5.000%, 08/15/2026 | 330,000 | 352,964 | ||||||||||
5.000%, 08/15/2027 | 505,000 | 544,318 | ||||||||||
El Paso Downtown Development Corp., | ||||||||||||
5.000%, 08/15/2027 (Callable 08/15/2026) | 230,000 | 249,939 | ||||||||||
Grand Mission Municipal Utility District No. 2, | ||||||||||||
2.250%, 09/01/2028 (Callable 09/01/2023) | ||||||||||||
(Insured by NATL) | 95,000 | 84,386 |
The accompanying notes are an integral part of these financial statements.
Page 144
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Harris County Cultural | ||||||||||||
Education Facilities Finance Corp.: | ||||||||||||
4.000%, 11/15/2029 (Callable 05/15/2026) | $ | 285,000 | $ | 295,305 | ||||||||
1.849%, 11/15/2046 | ||||||||||||
(1 Month LIBOR USD + 0.650%) | ||||||||||||
(Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 07/01/2024)(2) | 1,000,000 | 1,002,905 | ||||||||||
1.350%, 12/01/2049 | ||||||||||||
(SIFMA Municipal Swap Index + 0.570%) | ||||||||||||
(Callable 06/01/2024) | ||||||||||||
(Mandatory Tender Date 12/04/2024)(2) | 80,000 | 79,761 | ||||||||||
Harris County Health | ||||||||||||
Facilities Development Corp., | ||||||||||||
0.400%, 12/01/2041 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 4,000,000 | 4,000,000 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 406, | ||||||||||||
3.500%, 09/01/2022 | 100,000 | 100,294 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 450, | ||||||||||||
3.500%, 09/01/2039 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 190,000 | 177,619 | ||||||||||
Harris County-Houston Sports Authority, | ||||||||||||
5.000%, 11/15/2026 (Callable 11/15/2024) | ||||||||||||
(Insured by AGM) | 150,000 | 158,126 | ||||||||||
Housing Options, Inc., | ||||||||||||
3.900%, 02/01/2026 (Mandatory Tender | ||||||||||||
Date 02/01/2025) (Insured by HUD)(1) | 1,000,000 | 1,020,036 | ||||||||||
Hunt Memorial Hospital District, | ||||||||||||
5.000%, 02/15/2030 | 1,000,000 | 1,104,151 | ||||||||||
Love Field Airport Modernization Corp., | ||||||||||||
4.000%, 11/01/2035 (Callable 11/01/2031) | ||||||||||||
(Insured by AGM) | 2,295,000 | 2,235,433 | ||||||||||
Matagorda County Navigation District No. 1: | ||||||||||||
5.125%, 11/01/2028 (Insured by AMBAC)(5) | 850,000 | 937,380 | ||||||||||
4.000%, 06/01/2030 (Callable 06/03/2023) | 1,400,000 | 1,401,595 | ||||||||||
New Hope Cultural Education | ||||||||||||
Facilities Finance Corp., | ||||||||||||
5.000%, 11/01/2022 | 120,000 | 120,709 | ||||||||||
North East Independent School District, | ||||||||||||
2.200%, 08/01/2049 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 1,000,000 | 997,262 | ||||||||||
Northwest Harris County | ||||||||||||
Municipal Utility District No. 5, | ||||||||||||
4.000%, 05/01/2031 (Callable 05/01/2025) | ||||||||||||
(Insured by AGM) | 400,000 | 410,802 | ||||||||||
Port of Beaumont Industrial | ||||||||||||
Development Authority, | ||||||||||||
4.100%, 01/01/2028 (Callable 07/01/2023)(3) | 1,750,000 | 1,568,725 | ||||||||||
Port of Port Arthur Navigation District, | ||||||||||||
0.700%, 04/01/2040 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 2,000,000 | 2,000,000 | ||||||||||
San Antonio Education Facilities Corp., | ||||||||||||
5.000%, 10/01/2031 | 530,000 | 501,405 | ||||||||||
San Antonio Public Facilities Corp., | ||||||||||||
4.000%, 09/15/2034 (Callable 09/15/2022) | 465,000 | 465,224 | ||||||||||
Tarrant County Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
5.000%, 11/15/2027 | 160,000 | 174,322 | ||||||||||
5.000%, 09/01/2030 (Callable 09/01/2024) | 365,000 | 376,123 | ||||||||||
5.000%, 11/15/2046 (Callable 11/15/2027) | 630,000 | 653,469 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. I, | ||||||||||||
2.675%, 12/15/2026 (3 Month LIBOR | ||||||||||||
USD + 1.450%) (Callable 07/01/2022)(2) | 500,000 | 478,224 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
and Supply Corp. II, | ||||||||||||
2.095%, 09/15/2027 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(2) | 3,105,000 | 3,035,312 | ||||||||||
Travis County Water Control & | ||||||||||||
Improvement District No. 17, | ||||||||||||
2.000%, 05/01/2029 (Callable 05/01/2026) | ||||||||||||
(Insured by AGM) | 235,000 | 214,469 | ||||||||||
Total Texas | ||||||||||||
(Cost $35,927,388) | 34,306,209 | 9.6 | % | |||||||||
Utah | ||||||||||||
City of Salt Lake City UT, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2027) | 1,600,000 | 1,734,158 | ||||||||||
Utah Charter School Finance Authority: | ||||||||||||
3.000%, 04/15/2027 (Insured by UT CSCE) | 160,000 | 160,734 | ||||||||||
5.000%, 04/15/2037 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 270,000 | 286,207 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 (Callable 01/01/2026) | ||||||||||||
(Insured by FHA) | 205,000 | 207,604 | ||||||||||
Total Utah | ||||||||||||
(Cost $2,390,957) | 2,388,703 | 0.7 | % | |||||||||
Vermont | ||||||||||||
University of Vermont, | ||||||||||||
4.000%, 10/01/2040 (Callable 10/01/2025) | 420,000 | 413,083 | ||||||||||
Vermont Educational & Health | ||||||||||||
Buildings Financing Agency, | ||||||||||||
5.000%, 12/01/2034 (Callable 06/01/2026) | 1,000,000 | 1,045,694 | ||||||||||
Vermont Student Assistance Corp., | ||||||||||||
5.000%, 06/15/2026 | 1,525,000 | 1,634,480 | ||||||||||
Total Vermont | ||||||||||||
(Cost $3,335,657) | 3,093,257 | 0.9 | % | |||||||||
Virginia | ||||||||||||
Farmville Industrial Development Authority, | ||||||||||||
5.375%, 07/01/2053 (Callable 07/01/2028) | ||||||||||||
(Mandatory Tender Date 07/01/2043) | ||||||||||||
(Insured by AGM) | 1,500,000 | 1,592,738 | ||||||||||
Portsmouth Redevelopment | ||||||||||||
& Housing Authority, | ||||||||||||
3.500%, 07/01/2025 | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 1,000,000 | 1,008,146 | ||||||||||
Toll Road Investors Partnership II LP: | ||||||||||||
0.000%, 02/15/2027 (Insured by NATL)(3) | 1,000,000 | 757,899 | ||||||||||
0.000%, 02/15/2028 (Insured by NATL)(3) | 740,000 | 527,875 | ||||||||||
Virginia Small Business Financing Authority: | ||||||||||||
4.000%, 01/01/2029(6) | 125,000 | 125,188 | ||||||||||
4.000%, 07/01/2029(6) | 1,375,000 | 1,373,564 | ||||||||||
Total Virginia | ||||||||||||
(Cost $5,815,497) | 5,385,410 | 1.5 | % | |||||||||
Washington | ||||||||||||
City of Seattle WA, | ||||||||||||
1.030%, 05/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 0.250%) | ||||||||||||
(Callable 05/01/2026) (Mandatory Tender | ||||||||||||
Date 11/01/2026)(2) | 1,000,000 | 988,307 | ||||||||||
County of Lewis WA, | ||||||||||||
3.000%, 12/01/2026 (Callable 12/01/2022) | 100,000 | 100,254 | ||||||||||
King County Housing Authority: | ||||||||||||
5.160%, 11/01/2025 | 2,120,966 | 2,165,463 | ||||||||||
5.000%, 12/01/2030 (Callable 12/01/2026) | 400,000 | 434,134 | ||||||||||
Metropolitan Park District of Tacoma WA, | ||||||||||||
4.000%, 12/01/2027 | 500,000 | 517,005 |
The accompanying notes are an integral part of these financial statements.
Page 145
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Pend Oreille County Public | ||||||||||||
Utility District No. 1: | ||||||||||||
5.000%, 01/01/2028 | $ | 220,000 | $ | 236,711 | ||||||||
5.000%, 01/01/2029 (Callable 01/01/2028) | 165,000 | 176,298 | ||||||||||
5.000%, 01/01/2038 (Callable 01/01/2029) | 300,000 | 310,568 | ||||||||||
5.000%, 01/01/2039 (Callable 01/01/2028) | 500,000 | 515,263 | ||||||||||
Port of Seattle WA, | ||||||||||||
4.000%, 08/01/2036 (Callable 08/01/2031) | 1,755,000 | 1,716,824 | ||||||||||
Vancouver Housing Authority, | ||||||||||||
1.700%, 12/01/2024 | 140,000 | 137,237 | ||||||||||
Washington Health Care Facilities Authority: | ||||||||||||
5.000%, 12/01/2027(3) | 475,000 | 518,441 | ||||||||||
2.180%, 01/01/2035 (SIFMA Municipal | ||||||||||||
Swap Index + 1.400%) (Callable 07/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(2) | 150,000 | 150,592 | ||||||||||
Washington State Housing Finance Commission: | ||||||||||||
3.500%, 12/20/2035 | 738,426 | 675,289 | ||||||||||
4.000%, 06/01/2050 (Callable 06/01/2029) | ||||||||||||
(Insured by GNMA) | 395,000 | 400,943 | ||||||||||
Total Washington | ||||||||||||
(Cost $9,377,900) | 9,043,329 | 2.5 | % | |||||||||
Wisconsin | ||||||||||||
Palmyra-Eagle Area School District: | ||||||||||||
3.000%, 03/01/2025 (Callable 03/01/2023) | 100,000 | 95,957 | ||||||||||
3.000%, 03/01/2027 (Callable 03/01/2023) | 500,000 | 462,030 | ||||||||||
Public Finance Authority: | ||||||||||||
5.000%, 07/01/2022 | 20,000 | 20,000 | ||||||||||
5.000%, 10/01/2023(3) | 100,000 | 101,591 | ||||||||||
3.000%, 03/01/2026 (Callable 08/01/2022)(3) | 700,000 | 663,133 | ||||||||||
0.000%, 12/15/2027 (Callable 08/01/2022) | 565,000 | 413,301 | ||||||||||
5.000%, 09/01/2030(3) | 1,250,000 | 1,125,566 | ||||||||||
4.850%, 07/01/2031(3) | 475,000 | 432,910 | ||||||||||
4.000%, 01/01/2033 (Callable 07/01/2029) | 605,000 | 598,499 | ||||||||||
4.000%, 01/01/2034 (Callable 07/01/2029) | 1,150,000 | 1,132,136 | ||||||||||
State of Wisconsin, | ||||||||||||
4.000%, 05/01/2031 (Callable 05/01/2027) | 2,500,000 | 2,631,625 | ||||||||||
Village of Mount Pleasant WI, | ||||||||||||
5.000%, 04/01/2048 (Callable 04/01/2028) | ||||||||||||
(Insured by BAM) | 325,000 | 344,564 | ||||||||||
Waunakee Community School District, | ||||||||||||
2.500%, 04/01/2025 (Callable 08/01/2022) | 250,000 | 250,042 | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
4.000%, 08/15/2024 | 160,000 | 160,767 | ||||||||||
4.000%, 08/15/2025 | 230,000 | 230,928 | ||||||||||
4.000%, 09/15/2025 (Callable 09/15/2022) | 100,000 | 100,494 | ||||||||||
5.000%, 09/15/2028 | ||||||||||||
(Pre-refunded to 09/15/2023) | 45,000 | 46,604 | ||||||||||
5.000%, 11/01/2029 (Callable 11/01/2026) | 430,000 | 433,116 | ||||||||||
5.000%, 02/15/2052 (Callable 08/15/2024) | ||||||||||||
(Mandatory Tender Date 02/15/2025)(1) | 300,000 | 316,329 | ||||||||||
1.110%, 02/15/2053 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/05/2022)(1) | 3,000,000 | 3,000,000 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority, | ||||||||||||
4.000%, 07/01/2030 (Callable 07/01/2028) | ||||||||||||
(Insured by HUD)(3) | 135,000 | 120,115 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $13,170,114) | 12,679,707 | 3.5 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $377,015,882) | 360,522,264 | 100.4 | % | |||||||||
Shares | ||||||||||||
Closed-End Investment Company | ||||||||||||
Nuveen AMT-Free Municipal Credit | ||||||||||||
Income Fund, Series C Preferred Shares, | ||||||||||||
1.410%, 12/01/2031(1) | 1,000 | 1,000,000 | ||||||||||
Total Closed-End Investment Company | ||||||||||||
(Cost $1,000,000) | 1,000,000 | 0.3 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $378,015,882) | 361,522,264 | 100.7 | % | |||||||||
Short-Term Investments | ||||||||||||
Money Market Mutual Funds | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.81%(4) | 12,004,334 | 12,004,334 | ||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(4) | 24,788 | 24,788 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost $12,029,122) | 12,029,122 | 3.4 | % | |||||||||
Total Investments | ||||||||||||
(Cost $390,045,004) | 373,551,386 | 104.1 | % | |||||||||
Liabilities in Excess of Other Assets | (14,540,457 | ) | (4.1 | )% | ||||||||
TOTAL NET ASSETS | $ | 359,010,929 | 100.0 | % |
Notes to Schedule of Investments
ACA – American Capital Access
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
BAM – Build America Mutual Assurance Co.
BHAC – Berkshire Hathaway Assurance Corp.
FHA – Federal Housing Administration
GNMA – Government National Mortgage Association
HUD – US Department of Housing and Development
NATL – National Public Finance Guarantee Corp.
SD CRED PROG – State Credit Enhancement Program
SONYMA – State of New York Mortgage Agency
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, 2022. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2022. |
(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, 2022, the value of these securities totaled $20,939,368, which represented 5.83% 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, 2022. |
(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 146
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 360,522,264 | $ | — | $ | 360,522,264 | ||||||||
Closed-End Investment Company | — | 1,000,000 | — | 1,000,000 | ||||||||||||
Total Long-Term Investments | — | 361,522,264 | — | 361,522,264 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Money Market Mutual Funds | 12,029,122 | — | — | 12,029,122 | ||||||||||||
Total Short-Term Investments | 12,029,122 | — | — | 12,029,122 | ||||||||||||
Total Investments | $ | 12,029,122 | $ | 361,522,264 | $ | — | $ | 373,551,386 |
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 147
Baird Quality Intermediate Municipal Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $1,282,961,449 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 2.31% | |||
Investor Class | 2.05% | |||
Average Effective Duration | 4.21 years | |||
Average Effective Maturity | 4.31 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 10% | (7) | ||
Number of Holdings | 753 | |||
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, 2022. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 148
Baird Quality Intermediate Municipal Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -6.17% | -6.08% | 1.05% | 1.46% | 3.40% |
Investor Class Shares | -6.38% | -6.41% | 0.79% | 1.21% | 3.14% |
Bloomberg Quality Intermediate Municipal Bond Index(2) | -6.00% | -5.84% | 1.26% | 1.87% | 3.47% |
(1) | For the period from March 30, 2001 (inception date) through June 30, 2022. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 149
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
City of Tuscaloosa AL, | ||||||||||||
4.000%, 10/01/2028 | $ | 1,000,000 | $ | 1,063,419 | ||||||||
Montgomery Water Works | ||||||||||||
& Sanitary Sewer Board: | ||||||||||||
4.000%, 09/01/2033 (Callable 09/01/2029) | 410,000 | 435,661 | ||||||||||
4.000%, 09/01/2034 (Callable 09/01/2029) | 215,000 | 225,869 | ||||||||||
4.000%, 09/01/2035 (Callable 09/01/2029) | 500,000 | 519,454 | ||||||||||
Total Alabama | ||||||||||||
(Cost $2,441,331) | 2,244,403 | 0.2 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp.: | ||||||||||||
5.000%, 12/01/2026 | ||||||||||||
(Pre-refunded to 06/01/2025) | 300,000 | 323,530 | ||||||||||
4.000%, 06/01/2031 (Callable 06/01/2027) | 1,700,000 | 1,777,010 | ||||||||||
4.000%, 12/01/2031 (Callable 06/01/2027) | 3,005,000 | 3,137,163 | ||||||||||
5.000%, 12/01/2031 (Callable 06/01/2028) | 1,465,000 | 1,630,170 | ||||||||||
4.000%, 12/01/2032 (Callable 06/01/2027) | 865,000 | 898,852 | ||||||||||
5.000%, 12/01/2034 (Callable 12/01/2030) | 1,000,000 | 1,111,392 | ||||||||||
5.000%, 12/01/2035 (Callable 12/01/2030) | 760,000 | 843,021 | ||||||||||
4.000%, 06/01/2036 | ||||||||||||
(Pre-refunded to 06/01/2025) | 290,000 | 304,042 | ||||||||||
4.000%, 06/01/2036 (Callable 06/01/2025) | 710,000 | 710,147 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | 760,000 | 771,184 | ||||||||||
City of Valdez AK, | ||||||||||||
5.000%, 06/30/2029 (Callable 07/21/2022) | 1,225,000 | 1,227,059 | ||||||||||
Total Alaska | ||||||||||||
(Cost $13,455,134) | 12,733,570 | 1.0 | % | |||||||||
Arizona | ||||||||||||
Arizona State University, | ||||||||||||
5.000%, 07/01/2032 | ||||||||||||
(Pre-refunded to 07/01/2022) | 715,000 | 715,000 | ||||||||||
City of Tempe AZ: | ||||||||||||
5.000%, 07/01/2033 | ||||||||||||
(Pre-refunded to 07/01/2028) | 40,000 | 45,412 | ||||||||||
5.000%, 07/01/2034 | ||||||||||||
(Pre-refunded to 07/01/2027) | 165,000 | 185,001 | ||||||||||
5.000%, 07/01/2034 | ||||||||||||
(Pre-refunded to 07/01/2028) | 325,000 | 368,972 | ||||||||||
5.000%, 07/01/2035 | ||||||||||||
(Pre-refunded to 07/01/2027) | 185,000 | 207,426 | ||||||||||
5.000%, 07/01/2037 | ||||||||||||
(Pre-refunded to 07/01/2028) | 215,000 | 244,090 | ||||||||||
5.000%, 07/01/2038 | ||||||||||||
(Pre-refunded to 07/01/2028) | 350,000 | 397,355 | ||||||||||
City of Tucson AZ, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 750,000 | 807,512 | ||||||||||
Maricopa County Unified | ||||||||||||
School District No. 48: | ||||||||||||
4.000%, 07/01/2033 (Callable 07/01/2028) | 500,000 | 525,407 | ||||||||||
3.000%, 07/01/2034 (Callable 07/01/2028) | 1,350,000 | 1,285,365 | ||||||||||
Salt River Project Agricultural | ||||||||||||
Improvement & Power District, | ||||||||||||
5.000%, 01/01/2034 (Callable 01/01/2027) | 3,555,000 | 3,867,493 | ||||||||||
Total Arizona | ||||||||||||
(Cost $8,998,788) | 8,649,033 | 0.7 | % | |||||||||
Arkansas | ||||||||||||
City of Little Rock AR, | ||||||||||||
5.000%, 10/01/2034 | ||||||||||||
(Pre-refunded to 04/01/2025) | 5,000,000 | 5,387,216 | ||||||||||
City of Pine Bluff AR, | ||||||||||||
3.000%, 02/01/2047 | ||||||||||||
(Callable 08/01/2027) (Insured by BAM) | 1,590,000 | 1,509,620 | ||||||||||
City of Rogers AR: | ||||||||||||
4.000%, 11/01/2025 | ||||||||||||
(Callable 05/01/2024) | 570,000 | 587,950 | ||||||||||
4.000%, 11/01/2027 (Callable 05/01/2024) | 460,000 | 472,831 | ||||||||||
County of St. Francis AR, | ||||||||||||
1.250%, 08/01/2033 | ||||||||||||
(Callable 08/01/2026) (Insured by BAM) | 730,000 | 672,479 | ||||||||||
Jonesboro City Water & Light Plant: | ||||||||||||
4.000%, 06/01/2033 (Callable 12/01/2030) | 500,000 | 523,618 | ||||||||||
4.000%, 06/01/2035 (Callable 12/01/2030) | 1,360,000 | 1,406,505 | ||||||||||
University of Arkansas: | ||||||||||||
5.000%, 11/01/2035 | ||||||||||||
(Pre-refunded to 11/01/2024) | 665,000 | 709,727 | ||||||||||
4.000%, 04/01/2037 (Callable 04/01/2029) | 160,000 | 160,589 | ||||||||||
4.000%, 04/01/2039 (Callable 04/01/2029) | 245,000 | 243,557 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $11,993,517) | 11,674,092 | 0.9 | % | |||||||||
California | ||||||||||||
Anaheim Housing & | ||||||||||||
Public Improvements Authority: | ||||||||||||
5.000%, 10/01/2037 (Callable 10/01/2025) | 750,000 | 797,452 | ||||||||||
5.000%, 10/01/2038 (Callable 10/01/2025) | 1,000,000 | 1,062,183 | ||||||||||
Anaheim Public Financing Authority, | ||||||||||||
0.000%, 09/01/2036 | ||||||||||||
(ETM) (Insured by AGM) | 10,065,000 | 6,159,875 | ||||||||||
Antelope Valley Community College District, | ||||||||||||
0.000%, 08/01/2034 | ||||||||||||
(Pre-refunded to 02/01/2025) | 150,000 | 95,207 | ||||||||||
Brea Redevelopment Agency: | ||||||||||||
0.000%, 08/01/2033 | ||||||||||||
(Callable 08/01/2027)(5) | 1,500,000 | 1,548,683 | ||||||||||
0.000%, 08/01/2034 | ||||||||||||
(Callable 08/01/2027)(5) | 1,750,000 | 1,803,983 | ||||||||||
California Health | ||||||||||||
Facilities Financing Authority, | ||||||||||||
4.000%, 08/15/2035 (Callable 08/15/2026) | 2,000,000 | 2,017,182 | ||||||||||
Citrus Community College District, | ||||||||||||
0.000%, 08/01/2034 | ||||||||||||
(Pre-refunded to 02/01/2024)(5) | 885,000 | 901,618 | ||||||||||
City & County of San Francisco CA: | ||||||||||||
4.000%, 06/15/2037 (Callable 06/15/2029) | 925,000 | 935,818 | ||||||||||
4.000%, 06/15/2038 (Callable 06/15/2029) | 3,010,000 | 3,042,618 | ||||||||||
City of Pasadena CA, | ||||||||||||
4.250%, 06/01/2034 (Callable 06/01/2023) | 500,000 | 503,542 | ||||||||||
City of Richmond CA, | ||||||||||||
0.000%, 08/01/2028 | ||||||||||||
(ETM) (Insured by FGIC) | 100,000 | 84,480 | ||||||||||
Contra Costa Transportation Authority, | ||||||||||||
5.000%, 03/01/2028 (Callable 03/01/2025) | 1,570,000 | 1,680,139 | ||||||||||
County of Sacramento CA, | ||||||||||||
5.000%, 07/01/2024 (ETM) | 125,000 | 132,039 | ||||||||||
Department of Veterans Affairs Veteran’s | ||||||||||||
Farm & Home Purchase Program, | ||||||||||||
4.000%, 12/01/2049 (Callable 06/01/2028) | 1,275,000 | 1,293,293 | ||||||||||
El Rancho Unified School District, | ||||||||||||
0.000%, 08/01/2035 (Pre-refunded | ||||||||||||
to 08/01/2023) (Insured by BAM) | 300,000 | 142,963 | ||||||||||
Fontana Unified School District, | ||||||||||||
0.000%, 02/01/2033 | ||||||||||||
(ETM) (Insured by AGM) | 460,000 | 333,612 | ||||||||||
Foothill-Eastern Transportation | ||||||||||||
Corridor Agency: | ||||||||||||
0.000%, 01/01/2025 (ETM) | 50,000 | 47,395 | ||||||||||
0.000%, 01/01/2028 (ETM) | 3,235,000 | 2,804,567 | ||||||||||
0.000%, 01/01/2030 (ETM) | 95,000 | 76,962 |
The accompanying notes are an integral part of these financial statements.
Page 150
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Fresno Unified School District, | ||||||||||||
0.000%, 08/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2026) | $ | 195,000 | $ | 133,558 | ||||||||
Gateway Unified School District, | ||||||||||||
0.000%, 03/01/2037 | ||||||||||||
(ETM) (Insured by AGM) | 75,000 | 44,824 | ||||||||||
Golden State Tobacco Securitization Corp.: | ||||||||||||
0.000%, 06/01/2026 | ||||||||||||
(ETM) (Insured by AGM) | 215,000 | 196,180 | ||||||||||
5.000%, 06/01/2028 | ||||||||||||
(Pre-refunded to 06/01/2027) | 425,000 | 478,565 | ||||||||||
3.250%, 06/01/2034 (Pre-refunded | ||||||||||||
to 06/01/2025) (Insured by ST AID) | 160,000 | 165,122 | ||||||||||
Imperial Community College District, | ||||||||||||
7.000%, 08/01/2040 (Pre-refunded | ||||||||||||
to 08/01/2030) (Insured by AGM)(5) | 180,000 | 235,469 | ||||||||||
Kern Community College District, | ||||||||||||
0.000%, 08/01/2023 | 2,200,000 | 2,134,330 | ||||||||||
La Canada Unified School District, | ||||||||||||
4.000%, 08/01/2049 (Callable 08/01/2028) | 1,000,000 | 975,339 | ||||||||||
Long Beach Community College District: | ||||||||||||
0.000%, 06/01/2032 | ||||||||||||
(ETM) (Insured by AGM) | 1,540,000 | 1,138,254 | ||||||||||
0.000%, 06/01/2033 | ||||||||||||
(ETM) (Insured by AGM) | 1,560,000 | 1,111,783 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
1.160%, 10/01/2036 (Callable 08/01/2022) | ||||||||||||
(Optional Put Date 08/04/2022)(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) | 510,000 | 468,646 | ||||||||||
Moreno Valley Unified School District, | ||||||||||||
0.000%, 07/01/2029 | ||||||||||||
(ETM) (Insured by AGM) | 55,000 | 45,201 | ||||||||||
Morongo Unified School District, | ||||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Callable 08/01/2030)(5) | 195,000 | 189,050 | ||||||||||
Mount Diablo Unified School District, | ||||||||||||
0.000%, 08/01/2030 (Callable | ||||||||||||
08/01/2025) (Insured by AGM)(5) | 785,000 | 849,872 | ||||||||||
Mount San Antonio | ||||||||||||
Community College District, | ||||||||||||
0.000%, 08/01/2028 (Callable 02/01/2028)(5) | 550,000 | 595,389 | ||||||||||
Napa Valley Unified School District, | ||||||||||||
4.000%, 08/01/2035 (Callable 08/01/2026) | 3,000,000 | 3,047,220 | ||||||||||
Pacheco Union Elementary School District, | ||||||||||||
0.000%, 02/01/2037 | ||||||||||||
(ETM) (Insured by AGM) | 300,000 | 181,349 | ||||||||||
Pajaro Valley Unified School District, | ||||||||||||
0.000%, 08/01/2027 | ||||||||||||
(ETM) (Insured by AGM) | 25,000 | 21,920 | ||||||||||
Palmdale Elementary School District, | ||||||||||||
0.000%, 08/01/2031 | ||||||||||||
(ETM) (Insured by AGM) | 30,000 | 22,634 | ||||||||||
Paramount Unified School District: | ||||||||||||
0.000%, 08/01/2043 (Pre-refunded | ||||||||||||
to 08/01/2023) (Insured by BAM) | 250,000 | 63,705 | ||||||||||
0.000%, 08/01/2045 (Callable | ||||||||||||
02/01/2033) (Insured by AGM)(5) | 325,000 | 386,045 | ||||||||||
Peralta Community College District, | ||||||||||||
3.500%, 08/01/2032 (Callable 08/01/2025) | 1,715,000 | 1,723,729 | ||||||||||
Perris Union High School District: | ||||||||||||
4.000%, 09/01/2032 (Callable 09/01/2029) | 615,000 | 645,467 | ||||||||||
4.000%, 09/01/2034 (Callable 09/01/2029) | 410,000 | 422,775 | ||||||||||
4.000%, 09/01/2035 (Callable 09/01/2029) | 440,000 | 448,696 | ||||||||||
Placer County Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
5.000%, 08/01/2025 | 100,000 | 108,061 | ||||||||||
Pleasanton Unified School District, | ||||||||||||
3.000%, 08/01/2033 (Callable 08/01/2025) | 2,000,000 | 1,885,642 | ||||||||||
Rio Hondo Community College District, | ||||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2034)(5) | 6,925,000 | 8,151,713 | ||||||||||
Riverside County Redevelopment | ||||||||||||
Successor Agency, | ||||||||||||
8.250%, 10/01/2031 | ||||||||||||
(Pre-refunded to 10/01/2026)(5) | 650,000 | 800,344 | ||||||||||
Roseville Joint Union High School District, | ||||||||||||
0.000%, 08/01/2034 (Callable 08/01/2026) | 85,000 | 54,274 | ||||||||||
San Diego Unified School District: | ||||||||||||
6.000%, 07/01/2033 | ||||||||||||
(Pre-refunded to 07/01/2024)(5) | 350,000 | 377,345 | ||||||||||
0.000%, 07/01/2034 (Callable 07/01/2025) | 2,000,000 | 1,234,048 | ||||||||||
4.000%, 07/01/2034 (Callable 07/01/2027) | 1,000,000 | 1,025,086 | ||||||||||
0.000%, 07/01/2039 (Callable 07/01/2025) | 75,000 | 35,400 | ||||||||||
4.000%, 07/01/2044 (Callable 07/01/2029) | 2,460,000 | 2,407,586 | ||||||||||
San Joaquin Hills | ||||||||||||
Transportation Corridor Agency: | ||||||||||||
0.000%, 01/01/2023 (ETM) | 4,005,000 | 3,971,802 | ||||||||||
0.000%, 01/01/2027 (ETM) | 1,380,000 | 1,233,958 | ||||||||||
0.000%, 01/01/2028 (ETM) | 1,010,000 | 875,614 | ||||||||||
San Marcos Unified School District: | ||||||||||||
0.000%, 08/01/2030 | ||||||||||||
(Pre-refunded to 02/01/2024) | 150,000 | 107,202 | ||||||||||
0.000%, 08/01/2032 | ||||||||||||
(Pre-refunded to 02/01/2024) | 400,000 | 256,152 | ||||||||||
0.000%, 08/01/2036 | ||||||||||||
(Pre-refunded to 02/01/2024) | 55,000 | 27,961 | ||||||||||
0.000%, 08/01/2038 | ||||||||||||
(Pre-refunded to 02/01/2024) | 1,500,000 | 680,878 | ||||||||||
San Mateo Foster City School District, | ||||||||||||
0.000%, 08/01/2032 | ||||||||||||
(Callable 08/01/2028)(5) | 125,000 | 138,562 | ||||||||||
San Mateo Union High School District: | ||||||||||||
5.000%, 09/01/2041 (Callable 09/01/2023) | 2,105,000 | 2,183,039 | ||||||||||
5.000%, 12/15/2043 (Pre-refunded | ||||||||||||
to 12/15/2024) (Insured by AMBAC)(5) | 1,635,000 | 1,745,341 | ||||||||||
Solano County Community College District: | ||||||||||||
0.000%, 08/01/2024 (ETM)(5) | 180,000 | 181,165 | ||||||||||
0.000%, 08/01/2028 | ||||||||||||
(Callable 08/01/2025)(5) | 250,000 | 263,029 | ||||||||||
St. Helena Unified School District, | ||||||||||||
0.000%, 08/01/2028(5) | 130,000 | 133,001 | ||||||||||
State of California: | ||||||||||||
5.000%, 08/01/2031 (Callable 02/01/2025) | 1,125,000 | 1,190,877 | ||||||||||
5.000%, 04/01/2042 (Callable 10/01/2027) | 2,250,000 | 2,427,125 | ||||||||||
5.000%, 09/01/2042 (Callable 09/01/2022) | 1,000,000 | 1,004,243 | ||||||||||
Sutter Union High School District: | ||||||||||||
0.000%, 08/01/2030 | ||||||||||||
(Pre-refunded to 08/01/2025) | 185,000 | 122,775 | ||||||||||
0.000%, 08/01/2036 | ||||||||||||
(Pre-refunded to 08/01/2025) | 75,000 | 32,184 | ||||||||||
0.000%, 08/01/2037 | ||||||||||||
(Pre-refunded to 08/01/2025) | 50,000 | 19,978 | ||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Pre-refunded to 08/01/2025) | 50,000 | 14,962 | ||||||||||
0.000%, 08/01/2043 | ||||||||||||
(Pre-refunded to 08/01/2025) | 200,000 | 51,582 |
The accompanying notes are an integral part of these financial statements.
Page 151
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Sutter Union High School District: (cont.) | ||||||||||||
0.000%, 08/01/2044 | ||||||||||||
(Pre-refunded to 08/01/2025) | $ | 1,065,000 | $ | 254,857 | ||||||||
0.000%, 06/01/2050 | ||||||||||||
(Pre-refunded to 08/01/2025) | 700,000 | 107,056 | ||||||||||
Total California | ||||||||||||
(Cost $82,552,754) | 78,091,575 | 6.1 | % | |||||||||
Colorado | ||||||||||||
Boulder Valley School District No. Re-2, | ||||||||||||
5.000%, 12/01/2038 (Callable | ||||||||||||
06/01/2025) (Insured by ST AID) | 1,225,000 | 1,298,337 | ||||||||||
Brush School District No. RE-2J: | ||||||||||||
5.000%, 12/01/2031 | ||||||||||||
(Callable 12/01/2027) (Insured by BAM) | 380,000 | 422,335 | ||||||||||
5.000%, 12/01/2032 | ||||||||||||
(Callable 12/01/2027) (Insured by BAM) | 395,000 | 437,751 | ||||||||||
5.000%, 12/01/2035 | ||||||||||||
(Callable 12/01/2027) (Insured by BAM) | 460,000 | 507,118 | ||||||||||
City of Aurora CO, | ||||||||||||
5.000%, 12/01/2029 | 2,400,000 | 2,762,275 | ||||||||||
City of Fort Lupton CO, | ||||||||||||
4.000%, 12/01/2042 | ||||||||||||
(Callable 12/01/2027) (Insured by AGM) | 850,000 | 852,103 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority, | ||||||||||||
5.000%, 03/01/2040 (Callable 03/01/2027) | 805,000 | 860,743 | ||||||||||
Colorado Health Facilities Authority: | ||||||||||||
0.000%, 07/15/2024 (ETM) | 1,710,000 | 1,639,256 | ||||||||||
5.000%, 05/15/2025 | ||||||||||||
(Pre-refunded to 05/15/2023) | 315,000 | 323,580 | ||||||||||
4.000%, 07/01/2039 | ||||||||||||
(Pre-refunded to 11/09/2022) | 100,000 | 100,862 | ||||||||||
5.250%, 01/01/2040 | ||||||||||||
(Pre-refunded to 01/01/2023) | 3,545,000 | 3,605,482 | ||||||||||
5.250%, 01/01/2045 | ||||||||||||
(Pre-refunded to 01/01/2023) | 335,000 | 340,715 | ||||||||||
5.000%, 06/01/2047 | ||||||||||||
(Pre-refunded to 06/01/2027) | 5,800,000 | 6,465,359 | ||||||||||
Mesa County Valley School District No. 51, | ||||||||||||
5.500%, 12/01/2037 (Callable | ||||||||||||
12/01/2027) (Insured by ST AID) | 1,000,000 | 1,124,060 | ||||||||||
Regional Transportation District, | ||||||||||||
4.375%, 06/01/2039 (Callable 06/01/2023) | 5,725,000 | 5,728,653 | ||||||||||
Total Colorado | ||||||||||||
(Cost $27,194,603) | 26,468,629 | 2.1 | % | |||||||||
Connecticut | ||||||||||||
City of Norwalk CT, | ||||||||||||
4.000%, 09/01/2031 (Callable 09/01/2029) | 1,210,000 | 1,290,224 | ||||||||||
Connecticut Housing Finance Authority: | ||||||||||||
2.875%, 11/15/2030 (Callable 05/15/2025) | 1,325,000 | 1,259,655 | ||||||||||
4.000%, 11/15/2045 (Callable 05/15/2028) | 4,570,000 | 4,635,475 | ||||||||||
4.000%, 11/15/2047 (Callable 11/15/2026) | 695,000 | 704,574 | ||||||||||
4.000%, 05/15/2049 (Callable 11/15/2028) | 1,860,000 | 1,886,857 | ||||||||||
Connecticut State Health & | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.250%, 03/01/2032 | ||||||||||||
(ETM) (Insured by AGM) | 100,000 | 115,900 | ||||||||||
State of Connecticut, | ||||||||||||
5.000%, 05/01/2026 | 1,300,000 | 1,428,180 | ||||||||||
State of Connecticut Clean Water Fund, | ||||||||||||
4.000%, 02/01/2037 (Callable 02/01/2029) | 1,150,000 | 1,170,850 | ||||||||||
University of Connecticut, | ||||||||||||
5.000%, 01/15/2031 (Callable | ||||||||||||
01/15/2027) (Insured by AGM) | 1,250,000 | 1,353,810 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $14,549,507) | 13,845,525 | 1.1 | % | |||||||||
District of Columbia | ||||||||||||
District of Columbia, | ||||||||||||
5.000%, 04/01/2042 | ||||||||||||
(Pre-refunded to 04/01/2027) | 465,000 | 518,016 | ||||||||||
District of Columbia | ||||||||||||
Housing Finance Agency, | ||||||||||||
1.450%, 02/01/2039 | ||||||||||||
(Mandatory Tender Date 08/01/2022)(1) | 1,915,000 | 1,914,585 | ||||||||||
Washington Metropolitan | ||||||||||||
Area Transit Authority, | ||||||||||||
4.000%, 07/15/2046 (Callable 07/15/2031) | 1,000,000 | 976,039 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $3,597,387) | 3,408,640 | 0.3 | % | |||||||||
Florida | ||||||||||||
City of Fort Myers FL, | ||||||||||||
4.000%, 12/01/2037 (Callable 12/01/2025) | 480,000 | 482,412 | ||||||||||
City of Jacksonville FL: | ||||||||||||
0.780%, 08/01/2036 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 11,145,000 | 11,145,000 | ||||||||||
0.780%, 08/01/2036 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 6,000,000 | 6,000,000 | ||||||||||
City of Melbourne FL, | ||||||||||||
0.000%, 10/01/2026 | ||||||||||||
(ETM) (Insured by FGIC) | 40,000 | 35,975 | ||||||||||
City of Miami Beach FL, | ||||||||||||
6.250%, 10/01/2022 | ||||||||||||
(ETM) (Insured by AMBAC) | 285,000 | 288,347 | ||||||||||
City of Miramar FL: | ||||||||||||
5.000%, 10/01/2029 (Callable 10/01/2027) | 1,025,000 | 1,145,285 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2027) | 1,000,000 | 1,113,006 | ||||||||||
5.000%, 10/01/2034 (Callable 10/01/2027) | 1,000,000 | 1,106,166 | ||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 1,030,000 | 1,137,825 | ||||||||||
City of Orlando FL, | ||||||||||||
5.000%, 11/01/2034 | ||||||||||||
(Callable 11/01/2027) (Insured by AGM) | 1,000,000 | 1,101,368 | ||||||||||
City of Tallahassee FL: | ||||||||||||
5.000%, 10/01/2033 (Callable 10/01/2024) | 255,000 | 270,345 | ||||||||||
5.000%, 10/01/2035 (Callable 10/01/2024) | 825,000 | 873,343 | ||||||||||
City of Tampa FL, | ||||||||||||
5.250%, 05/01/2043 (Callable 05/01/2028) | 2,000,000 | 2,230,542 | ||||||||||
County of Miami-Dade FL: | ||||||||||||
5.250%, 10/01/2022 | ||||||||||||
(Insured by AGM) | 50,000 | 50,472 | ||||||||||
0.000%, 10/01/2026 | ||||||||||||
(ETM) (Insured by NATL) | 50,000 | 44,968 | ||||||||||
0.000%, 10/01/2027 | ||||||||||||
(ETM) (Insured by NATL) | 240,000 | 208,946 | ||||||||||
5.250%, 10/01/2030 | ||||||||||||
(ETM) (Insured by NATL) | 3,910,000 | 4,498,820 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
1.940%, 08/01/2036 (Insured by FNMA) | 5,000,000 | 3,983,342 | ||||||||||
4.200%, 01/01/2045 (Callable | ||||||||||||
01/01/2028) (Insured by GNMA) | 2,930,000 | 2,966,130 | ||||||||||
3.500%, 07/01/2051 (Callable | ||||||||||||
07/01/2029) (Insured by GNMA) | 915,000 | 914,544 | ||||||||||
Florida Municipal Loan Council, | ||||||||||||
4.000%, 10/01/2033 (Callable 10/01/2031) | 415,000 | 429,148 |
The accompanying notes are an integral part of these financial statements.
Page 152
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Highlands County Health Facilities Authority, | ||||||||||||
0.780%, 11/15/2035 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | $ | 6,000,000 | $ | 6,000,000 | ||||||||
Jacksonville Electric Authority: | ||||||||||||
5.000%, 10/01/2023 | ||||||||||||
(Pre-refunded to 04/01/2023) | 690,000 | 707,117 | ||||||||||
5.000%, 10/01/2028 | ||||||||||||
(Pre-refunded to 04/01/2024) | 755,000 | 793,543 | ||||||||||
Lee County School Board, | ||||||||||||
5.000%, 08/01/2032 (Callable 08/01/2026) | 1,675,000 | 1,810,838 | ||||||||||
Mid-Bay Bridge Authority: | ||||||||||||
6.875%, 10/01/2022 (ETM) | 1,100,000 | 1,114,470 | ||||||||||
6.875%, 10/01/2022 | ||||||||||||
(ETM) (Insured by AMBAC) | 755,000 | 764,469 | ||||||||||
Orange County School Board, | ||||||||||||
5.000%, 08/01/2034 (Callable 08/01/2026) | 320,000 | 347,748 | ||||||||||
Osceola County Expressway Authority: | ||||||||||||
0.000%, 10/01/2028 (ETM)(5) | 95,000 | 102,267 | ||||||||||
0.000%, 10/01/2031 (ETM)(5) | 55,000 | 64,423 | ||||||||||
Reedy Creek Improvement District, | ||||||||||||
5.000%, 10/01/2031 (Callable 10/01/2028) | 310,000 | 347,668 | ||||||||||
School District of Broward County, | ||||||||||||
5.000%, 07/01/2024 | ||||||||||||
(Pre-refunded to 07/01/2022) | 940,000 | 940,000 | ||||||||||
Seminole County School Board, | ||||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 145,000 | 157,655 | ||||||||||
Tohopekaliga Water Authority, | ||||||||||||
3.000%, 10/01/2030 (Callable 10/01/2026) | 500,000 | 501,905 | ||||||||||
Total Florida | ||||||||||||
(Cost $55,466,120) | 53,678,087 | 4.2 | % | |||||||||
Georgia | ||||||||||||
Atlanta Development Authority: | ||||||||||||
5.000%, 09/01/2023 (ETM) | 2,450,000 | 2,538,823 | ||||||||||
5.000%, 09/01/2024 | ||||||||||||
(Pre-refunded to 09/01/2023) | 910,000 | 942,992 | ||||||||||
5.000%, 09/01/2032 | ||||||||||||
(Pre-refunded to 09/01/2023) | 1,315,000 | 1,362,674 | ||||||||||
City of Decatur GA, | ||||||||||||
3.000%, 08/01/2038 | ||||||||||||
(Callable 08/01/2025) (Insured by ST AID) | 500,000 | 437,800 | ||||||||||
Development Authority of Rockdale County: | ||||||||||||
5.000%, 07/01/2022 | 415,000 | 415,000 | ||||||||||
5.000%, 07/01/2023 | 220,000 | 226,516 | ||||||||||
Forsyth County Hospital Authority, | ||||||||||||
6.375%, 10/01/2028 (ETM) | 6,600,000 | 7,502,323 | ||||||||||
Georgia Housing & Finance Authority, | ||||||||||||
3.500%, 12/01/2046 (Callable 12/01/2025) | 425,000 | 427,095 | ||||||||||
Houston Healthcare System, Inc., | ||||||||||||
5.000%, 10/01/2031 | ||||||||||||
(Pre-refunded to 04/01/2024)(1) | 25,000,000 | 25,922,363 | ||||||||||
Main Street Natural Gas, Inc., | ||||||||||||
1.978%, 08/01/2048 | ||||||||||||
(1 Month LIBOR USD + 0.830%) | ||||||||||||
(Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 1,400,000 | 1,389,197 | ||||||||||
Pulaski County School District, | ||||||||||||
4.000%, 10/01/2038 (Callable | ||||||||||||
10/01/2030) (Insured by ST AID) | 755,000 | 761,802 | ||||||||||
Total Georgia | ||||||||||||
(Cost $42,081,503) | 41,926,585 | 3.3 | % | |||||||||
Idaho | ||||||||||||
Ada & Boise Counties Independent | ||||||||||||
School District, | ||||||||||||
5.000%, 08/01/2032 | ||||||||||||
(Callable 02/01/2027) | 500,000 | 546,352 | ||||||||||
Total Idaho | ||||||||||||
(Cost $572,011) | 546,352 | 0.0 | % | |||||||||
Illinois | ||||||||||||
Boone & Winnebago Counties Community | ||||||||||||
Unit School District No. 200, | ||||||||||||
0.000%, 01/01/2024 | ||||||||||||
(ETM) (Insured by AGM) | 720,000 | 691,938 | ||||||||||
City of Chicago IL, | ||||||||||||
5.000%, 01/01/2034 | ||||||||||||
(Pre-refunded to 01/01/2025) | 2,170,000 | 2,316,816 | ||||||||||
City of Woodstock IL, | ||||||||||||
4.000%, 01/01/2037 (Callable 01/01/2031) | 675,000 | 687,836 | ||||||||||
Cook County Forest Preserve District, | ||||||||||||
5.000%, 12/15/2037 (Callable 08/01/2022) | 1,070,000 | 1,072,543 | ||||||||||
Cook County School District No. 130, | ||||||||||||
5.000%, 12/01/2026 | ||||||||||||
(Callable 12/01/2025) (Insured by AGM) | 1,140,000 | 1,241,628 | ||||||||||
Cook County School District No. 144, | ||||||||||||
4.500%, 12/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 5,000 | 5,146 | ||||||||||
Cook County School District No. 159: | ||||||||||||
0.000%, 12/01/2022 | ||||||||||||
(ETM) (Insured by FGIC) | 2,000,000 | 1,987,386 | ||||||||||
0.000%, 12/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 230,000 | 211,663 | ||||||||||
0.000%, 12/01/2025 | ||||||||||||
(ETM) (Insured by FGIC) | 450,000 | 414,820 | ||||||||||
0.000%, 12/01/2028 | ||||||||||||
(ETM) (Insured by FGIC) | 455,000 | 380,620 | ||||||||||
Cook County School District No. 163, | ||||||||||||
5.000%, 12/15/2028 (Insured by BAM) | 1,305,000 | 1,473,225 | ||||||||||
Cook Kane Lake & McHenry Counties | ||||||||||||
Community College District No. 512, | ||||||||||||
3.000%, 12/15/2032 (Callable 12/15/2028) | 4,860,000 | 4,767,934 | ||||||||||
County of Cook IL: | ||||||||||||
5.000%, 11/15/2033 (Callable 11/15/2027) | 3,000,000 | 3,284,510 | ||||||||||
5.000%, 11/15/2034 (Callable 11/15/2027) | 4,325,000 | 4,727,940 | ||||||||||
Exceptional Children Have Opportunities: | ||||||||||||
5.000%, 12/01/2027 | 340,000 | 376,798 | ||||||||||
5.000%, 12/01/2027 | 270,000 | 299,222 | ||||||||||
5.000%, 12/01/2028 | 585,000 | 652,128 | ||||||||||
5.000%, 12/01/2029 | 615,000 | 695,503 | ||||||||||
5.000%, 12/01/2030 (Callable 12/01/2029) | 645,000 | 743,734 | ||||||||||
5.000%, 12/01/2031 (Callable 12/01/2029) | 675,000 | 777,192 | ||||||||||
4.000%, 12/01/2032 (Callable 12/01/2029) | 210,000 | 216,751 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2029) | 740,000 | 755,744 | ||||||||||
Illinois Development Finance Authority: | ||||||||||||
0.000%, 07/15/2023 (ETM) | 27,875,000 | 27,346,549 | ||||||||||
0.000%, 07/15/2025 (ETM) | 73,480,000 | 68,136,777 | ||||||||||
2.450%, 11/15/2039 | ||||||||||||
(Mandatory Tender Date 03/03/2026)(1) | 2,230,000 | 2,200,466 | ||||||||||
Illinois Finance Authority: | ||||||||||||
5.000%, 07/01/2031 (Callable 01/01/2026) | 1,200,000 | 1,291,566 | ||||||||||
4.000%, 01/15/2033 (Callable 01/15/2028) | 2,205,000 | 2,294,907 | ||||||||||
5.000%, 07/01/2033 (Callable 01/01/2027) | 730,000 | 790,737 | ||||||||||
5.000%, 08/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2024) | 700,000 | 741,152 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2026) | 1,030,000 | 1,050,796 |
The accompanying notes are an integral part of these financial statements.
Page 153
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Illinois Finance Authority: (cont.) | ||||||||||||
4.000%, 07/01/2035 | ||||||||||||
(Callable 01/01/2026) | $ | 1,000,000 | $ | 1,016,991 | ||||||||
5.000%, 02/15/2036 (Callable 02/15/2027) | 215,000 | 228,483 | ||||||||||
4.000%, 12/01/2036 (Callable 12/01/2028) | 1,000,000 | 1,018,818 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2028) | 3,080,000 | 3,125,776 | ||||||||||
4.000%, 05/01/2044 (Callable 05/01/2025) | 135,000 | 141,019 | ||||||||||
Illinois Housing Development Authority: | ||||||||||||
2.550%, 04/01/2025 (Insured by GNMA) | 590,000 | 589,259 | ||||||||||
3.100%, 02/01/2035 (Callable 02/01/2026) | 975,000 | 971,355 | ||||||||||
3.500%, 08/01/2046 (Callable 02/01/2026) | 725,000 | 727,788 | ||||||||||
4.000%, 08/01/2048 | ||||||||||||
(Callable 08/01/2027) (Insured by GNMA) | 505,000 | 512,207 | ||||||||||
4.250%, 10/01/2049 | ||||||||||||
(Callable 04/01/2028) (Insured by GNMA) | 6,870,000 | 7,014,723 | ||||||||||
Kane County Community | ||||||||||||
Unit School District No. 304: | ||||||||||||
9.000%, 01/01/2023 | ||||||||||||
(ETM) (Insured by AGM) | 805,000 | 833,851 | ||||||||||
9.000%, 01/01/2023 (Insured by AGM) | 2,720,000 | 2,820,225 | ||||||||||
Kane McHenry Cook & De Kalb | ||||||||||||
Counties Unit School District No. 300, | ||||||||||||
5.000%, 01/01/2032 (Callable 01/01/2027) | 2,085,000 | 2,284,371 | ||||||||||
Knox & Warren Counties Community | ||||||||||||
Unit School District No. 205: | ||||||||||||
4.000%, 12/01/2034 | ||||||||||||
(Callable 12/01/2027) (Insured by BAM) | 425,000 | 434,487 | ||||||||||
4.000%, 12/01/2039 | ||||||||||||
(Callable 12/01/2027) (Insured by BAM) | 1,305,000 | 1,318,748 | ||||||||||
Lake County Township | ||||||||||||
High School District No. 113, | ||||||||||||
5.000%, 01/01/2034 | ||||||||||||
(Pre-refunded to 01/01/2023) | 3,675,000 | 3,738,687 | ||||||||||
McHenry County Community | ||||||||||||
Consolidated School District No. 47, | ||||||||||||
4.000%, 02/01/2032 (Callable 02/01/2028) | 850,000 | 878,423 | ||||||||||
Metropolitan Pier & Exposition Authority, | ||||||||||||
5.500%, 12/15/2023 | ||||||||||||
(ETM) (Insured by FGIC) | 670,000 | 689,100 | ||||||||||
Metropolitan Water Reclamation | ||||||||||||
District of Greater Chicago, | ||||||||||||
5.000%, 12/01/2034 (Callable 12/01/2026) | 295,000 | 322,088 | ||||||||||
Regional Transportation Authority, | ||||||||||||
6.000%, 07/01/2027 (Insured by AGM) | 1,000,000 | 1,167,453 | ||||||||||
Southwestern Illinois Development Authority, | ||||||||||||
7.625%, 11/01/2048 | ||||||||||||
(Pre-refunded to 11/01/2023) | 6,185,000 | 6,643,621 | ||||||||||
State of Illinois, | ||||||||||||
4.000%, 06/15/2038 | ||||||||||||
(Callable 06/15/2028) (Insured by BAM) | 1,850,000 | 1,857,691 | ||||||||||
Village of Carpentersville IL, | ||||||||||||
4.000%, 12/30/2030 | ||||||||||||
(Callable 12/30/2028) (Insured by BAM) | 1,920,000 | 2,037,911 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2024 | ||||||||||||
(ETM) (Insured by AGM) | 1,355,000 | 1,313,736 | ||||||||||
0.000%, 01/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 250,000 | 235,925 | ||||||||||
Will County Community | ||||||||||||
Unit School District No. 201-U, | ||||||||||||
0.000%, 11/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 905,000 | 857,417 | ||||||||||
Will County Elementary | ||||||||||||
School District No. 122, | ||||||||||||
0.000%, 10/01/2027 | ||||||||||||
(ETM) (Insured by AGM) | 470,000 | 409,185 | ||||||||||
Total Illinois | ||||||||||||
(Cost $176,237,895) | 174,823,365 | 13.6 | % | |||||||||
Indiana | ||||||||||||
Carmel Redevelopment Authority, | ||||||||||||
4.000%, 08/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2022) | 1,000,000 | 1,002,013 | ||||||||||
City of Indianapolis IN, | ||||||||||||
3.000%, 05/01/2027 | ||||||||||||
(Mandatory Tender Date 11/01/2024)(1) | 1,325,000 | 1,338,949 | ||||||||||
Columbus Multi-High School Building Corp.: | ||||||||||||
5.000%, 01/15/2026 (Insured by ST AID) | 1,125,000 | 1,224,237 | ||||||||||
5.000%, 01/15/2027 (Insured by ST AID) | 1,265,000 | 1,400,117 | ||||||||||
5.000%, 07/15/2028 (Insured by ST AID) | 1,000,000 | 1,128,151 | ||||||||||
Fishers Redevelopment Authority: | ||||||||||||
4.000%, 07/15/2027 | 200,000 | 211,639 | ||||||||||
4.000%, 01/15/2028 | 330,000 | 349,731 | ||||||||||
4.000%, 07/15/2028 | 335,000 | 355,374 | ||||||||||
4.000%, 07/15/2029 (Callable 01/15/2029) | 540,000 | 572,425 | ||||||||||
4.000%, 07/15/2030 (Callable 01/15/2029) | 725,000 | 764,667 | ||||||||||
Fort Wayne Redevelopment Authority, | ||||||||||||
5.000%, 02/01/2025 (Callable | ||||||||||||
02/01/2024) (Insured by ST AID) | 335,000 | 350,133 | ||||||||||
Indiana Finance Authority, | ||||||||||||
5.000%, 10/01/2044 (Callable 10/01/2029) | 3,280,000 | 3,550,901 | ||||||||||
Indiana Health Facility Financing Authority, | ||||||||||||
2.000%, 11/15/2036 | ||||||||||||
(Pre-refunded to 02/01/2023)(1) | 110,000 | 110,138 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank: | ||||||||||||
5.000%, 01/01/2033 | ||||||||||||
(Pre-refunded to 01/01/2025) | 1,780,000 | 1,907,143 | ||||||||||
5.000%, 01/01/2040 | ||||||||||||
(Pre-refunded to 01/01/2029) | 2,200,000 | 2,528,495 | ||||||||||
Kankakee Valley Middle | ||||||||||||
School Building Corp.: | ||||||||||||
5.000%, 01/15/2029 (Insured by ST AID) | 475,000 | 538,554 | ||||||||||
5.000%, 07/15/2029 (Insured by ST AID) | 1,180,000 | 1,345,305 | ||||||||||
Kokomo-Center School Building Corp., | ||||||||||||
5.000%, 01/15/2037 (Callable | ||||||||||||
07/15/2027) (Insured by ST AID) | 500,000 | 545,455 | ||||||||||
Northern Wells Multi-School Building Corp., | ||||||||||||
4.000%, 07/15/2035 (Callable | ||||||||||||
07/15/2027) (Insured by ST AID) | 160,000 | 166,054 | ||||||||||
Purdue University: | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2031) | 1,900,000 | 2,222,200 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2031) | 2,000,000 | 2,333,939 | ||||||||||
Total Indiana | ||||||||||||
(Cost $25,382,518) | 23,945,620 | 1.9 | % | |||||||||
Iowa | ||||||||||||
County of Washington IA, | ||||||||||||
4.000%, 06/01/2030 (Callable 06/01/2026) | 1,015,000 | 1,069,036 | ||||||||||
Iowa Finance Authority: | ||||||||||||
5.000%, 08/01/2028 | ||||||||||||
(Pre-refunded to 08/01/2026) | 3,625,000 | 4,014,527 | ||||||||||
5.000%, 08/01/2035 (Callable 08/01/2025) | 950,000 | 1,017,230 | ||||||||||
5.000%, 08/01/2042 (Callable 08/01/2027) | 500,000 | 542,839 | ||||||||||
4.000%, 07/01/2047 (Callable | ||||||||||||
07/01/2027) (Insured by GNMA) | 460,000 | 466,917 |
The accompanying notes are an integral part of these financial statements.
Page 154
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Iowa Finance Authority: (cont.) | ||||||||||||
4.000%, 07/01/2047 (Callable | ||||||||||||
07/01/2028) (Insured by GNMA) | $ | 1,015,000 | $ | 1,029,716 | ||||||||
3.250%, 07/01/2050 (Callable | ||||||||||||
07/01/2029) (Insured by GNMA) | 1,605,000 | 1,591,226 | ||||||||||
University of Iowa, | ||||||||||||
4.000%, 07/01/2033 (Callable 07/01/2027) | 655,000 | 677,004 | ||||||||||
Total Iowa | ||||||||||||
(Cost $10,900,266) | 10,408,495 | 0.8 | % | |||||||||
Kansas | ||||||||||||
Crawford County Unified | ||||||||||||
School District No. 250: | ||||||||||||
5.000%, 09/01/2035 (Pre-refunded | ||||||||||||
to 09/01/2027) (Insured by BAM) | 60,000 | 67,581 | ||||||||||
5.000%, 09/01/2035 | ||||||||||||
(Callable 09/01/2027) (Insured by BAM) | 385,000 | 424,750 | ||||||||||
Johnson County Unified | ||||||||||||
School District No. 512, | ||||||||||||
4.000%, 10/01/2035 | ||||||||||||
(Pre-refunded to 10/01/2025) | 300,000 | 317,205 | ||||||||||
Shawnee County Unified | ||||||||||||
School District No. 501, | ||||||||||||
2.000%, 08/01/2044 (Callable 08/01/2026) | 85,000 | 83,770 | ||||||||||
Total Kansas | ||||||||||||
(Cost $917,653) | 893,306 | 0.1 | % | |||||||||
Kentucky | ||||||||||||
Kentucky Bond Development Corp., | ||||||||||||
3.000%, 05/01/2034 (Callable 05/01/2026) | 695,000 | 669,126 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $737,437) | 669,126 | 0.0 | % | |||||||||
Louisiana | ||||||||||||
Caddo Parish Commission, | ||||||||||||
5.000%, 02/01/2028 (Callable 02/01/2025) | 530,000 | 566,452 | ||||||||||
Jefferson Sales Tax District, | ||||||||||||
4.000%, 12/01/2032 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 1,300,000 | 1,360,838 | ||||||||||
Louisiana Public Facilities Authority: | ||||||||||||
5.500%, 05/15/2027 | ||||||||||||
(Pre-refunded to 05/15/2026) | 26,700,000 | 29,195,430 | ||||||||||
5.500%, 05/15/2032 | ||||||||||||
(Pre-refunded to 05/15/2026) | 22,190,000 | 24,754,805 | ||||||||||
Webster Parish School District No. 6: | ||||||||||||
5.000%, 03/01/2025 (Insured by AGM) | 425,000 | 452,977 | ||||||||||
5.000%, 03/01/2026 (Insured by AGM) | 635,000 | 687,982 | ||||||||||
5.000%, 03/01/2027 (Insured by AGM) | 620,000 | 681,672 | ||||||||||
5.000%, 03/01/2028 (Insured by AGM) | 755,000 | 838,704 | ||||||||||
4.000%, 03/01/2030 | ||||||||||||
(Callable 03/01/2029) (Insured by AGM) | 665,000 | 702,515 | ||||||||||
4.000%, 03/01/2031 | ||||||||||||
(Callable 03/01/2029) (Insured by AGM) | 840,000 | 880,885 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $59,611,797) | 60,122,260 | 4.7 | % | |||||||||
Maryland | ||||||||||||
City of Baltimore MD: | ||||||||||||
5.000%, 07/01/2024 | ||||||||||||
(ETM) (Insured by FGIC) | 1,050,000 | 1,084,228 | ||||||||||
5.000%, 07/01/2028 | ||||||||||||
(ETM) (Insured by FGIC) | 265,000 | 285,573 | ||||||||||
County of Howard MD, | ||||||||||||
3.125%, 02/15/2035 (Callable 02/15/2028) | 250,000 | 243,812 | ||||||||||
Maryland Community | ||||||||||||
Development Administration, | ||||||||||||
0.625%, 07/01/2022 (Insured by FHA) | 500,000 | 500,000 | ||||||||||
Maryland Health & Higher | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.250%, 07/01/2026 | ||||||||||||
(Pre-refunded to 07/01/2024) | 285,000 | 302,831 | ||||||||||
5.000%, 07/01/2027 | ||||||||||||
(ETM) (Insured by AMBAC) | 1,590,000 | 1,702,057 | ||||||||||
State of Maryland, | ||||||||||||
4.000%, 08/01/2030 (Callable 08/01/2027) | 2,130,000 | 2,259,202 | ||||||||||
Total Maryland | ||||||||||||
(Cost $6,480,961) | 6,377,703 | 0.5 | % | |||||||||
Massachusetts | ||||||||||||
Massachusetts Department of Transportation, | ||||||||||||
5.125%, 01/01/2023 | ||||||||||||
(ETM) (Insured by FGIC) | 330,000 | 335,903 | ||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
5.000%, 07/15/2033 (Callable 07/15/2026) | 1,135,000 | 1,243,006 | ||||||||||
6.500%, 11/15/2043 | ||||||||||||
(Pre-refunded to 11/15/2023)(3) | 240,000 | 254,003 | ||||||||||
Massachusetts Housing Finance Agency: | ||||||||||||
0.875%, 12/01/2023 | ||||||||||||
(Callable 07/21/2022) (Insured by FHA) | 1,000,000 | 984,866 | ||||||||||
4.000%, 12/01/2044 (Callable 06/01/2025) | 450,000 | 456,297 | ||||||||||
4.000%, 12/01/2048 | ||||||||||||
(Callable 06/01/2027) (Insured by GNMA) | 945,000 | 959,104 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2028) | 485,000 | 492,014 | ||||||||||
Massachusetts State College | ||||||||||||
Building Authority: | ||||||||||||
0.000%, 05/01/2027 | ||||||||||||
(ETM) (Insured by NATL) | 390,000 | 343,282 | ||||||||||
0.000%, 05/01/2028 | ||||||||||||
(ETM) (Insured by NATL) | 5,790,000 | 4,925,753 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $10,602,195) | 9,994,228 | 0.8 | % | |||||||||
Michigan | ||||||||||||
Algonac Community Schools: | ||||||||||||
4.000%, 05/01/2028 (Callable | ||||||||||||
05/01/2027) (Insured by Q-SBLF) | 175,000 | 185,657 | ||||||||||
4.000%, 05/01/2029 Callable | ||||||||||||
(05/01/2027) (Insured by Q-SBLF) | 370,000 | 391,041 | ||||||||||
4.000%, 05/01/2030 (Callable | ||||||||||||
05/01/2027) (Insured by Q-SBLF) | 470,000 | 493,721 | ||||||||||
Chippewa Hills School District, | ||||||||||||
4.000%, 05/01/2033 (Callable | ||||||||||||
05/01/2025) (Insured by Q-SBLF) | 300,000 | 308,004 | ||||||||||
Clarkston Community Schools: | ||||||||||||
5.000%, 05/01/2032 (Pre-refunded | ||||||||||||
to 05/01/2026) (Insured by Q-SBLF) | 445,000 | 489,563 | ||||||||||
5.000%, 05/01/2037 (Pre-refunded | ||||||||||||
to 05/01/2026) (Insured by Q-SBLF) | 100,000 | 110,014 | ||||||||||
Ecorse Public School District, | ||||||||||||
5.000%, 05/01/2027 (Insured by Q-SBLF) | 515,000 | 576,771 | ||||||||||
Fraser Public School District, | ||||||||||||
5.000%, 05/01/2024 (Insured by Q-SBLF) | 1,000,000 | 1,053,712 | ||||||||||
Great Lakes Water Authority, | ||||||||||||
5.000%, 07/01/2046 (Callable 07/01/2026) | 100,000 | 105,443 | ||||||||||
Michigan State Housing | ||||||||||||
Development Authority: | ||||||||||||
2.700%, 12/01/2034 (Callable 12/01/2028) | 4,700,000 | 4,252,843 | ||||||||||
4.250%, 12/01/2049 (Callable 06/01/2028) | 3,165,000 | 3,233,138 | ||||||||||
5.000%, 06/01/2053 (Callable 12/01/2031) | 1,000,000 | 1,059,144 | ||||||||||
Pinckney Community Schools, | ||||||||||||
5.000%, 05/01/2023 (Insured by Q-SBLF) | 2,200,000 | 2,259,611 |
The accompanying notes are an integral part of these financial statements.
Page 155
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Utica Community Schools, | ||||||||||||
5.000%, 05/01/2034 (Callable | ||||||||||||
05/01/2029) (Insured by Q-SBLF) | $ | 305,000 | $ | 344,522 | ||||||||
Warren Consolidated Schools: | ||||||||||||
5.000%, 05/01/2033 (Callable | ||||||||||||
05/01/2026) (Insured by Q-SBLF) | 2,595,000 | 2,835,930 | ||||||||||
5.000%, 05/01/2033 (Callable | ||||||||||||
05/01/2026) (Insured by Q-SBLF) | 4,660,000 | 5,092,652 | ||||||||||
5.000%, 05/01/2035 (Callable | ||||||||||||
05/01/2026) (Insured by Q-SBLF) | 950,000 | 1,035,661 | ||||||||||
Total Michigan | ||||||||||||
(Cost $24,262,495) | 23,827,427 | 1.8 | % | |||||||||
Minnesota | ||||||||||||
Brainerd Independent School District No. 181, | ||||||||||||
4.000%, 02/01/2026 | ||||||||||||
(Insured by SD CRED PROG) | 660,000 | 701,225 | ||||||||||
County of Hennepin MN: | ||||||||||||
4.000%, 12/01/2025 (Callable 12/01/2022) | 3,000,000 | 3,029,372 | ||||||||||
5.000%, 12/01/2041 (Callable 12/01/2026) | 1,000,000 | 1,099,667 | ||||||||||
County of Rice MN, | ||||||||||||
5.000%, 08/01/2022 (ETM)(3) | 3,300,000 | 3,309,061 | ||||||||||
Housing & Redevelopment | ||||||||||||
Authority of the City of St. Paul MN: | ||||||||||||
4.500%, 07/01/2028 | ||||||||||||
(Pre-refunded to 07/01/2026) | 485,000 | 506,287 | ||||||||||
5.000%, 07/01/2036 | ||||||||||||
(Pre-refunded to 07/01/2026) | 1,315,000 | 1,438,110 | ||||||||||
Maple River Independent | ||||||||||||
School District No. 2135, | ||||||||||||
4.000%, 02/01/2039 (Callable 02/01/2030) | ||||||||||||
(Insured by SD CRED PROG) | 2,095,000 | 2,115,646 | ||||||||||
Minneapolis-Saint Paul | ||||||||||||
Metropolitan Airports Commission, | ||||||||||||
5.000%, 01/01/2032 (Callable 01/01/2027) | 505,000 | 542,673 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
4.000%, 07/01/2047 (Callable 01/01/2027) | ||||||||||||
(Insured by GNMA) | 210,000 | 212,776 | ||||||||||
4.250%, 07/01/2049 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 945,000 | 964,975 | ||||||||||
Pipestone-Jasper Independent | ||||||||||||
School District No. 2689, | ||||||||||||
4.000%, 02/01/2032 (Callable 02/01/2029) | ||||||||||||
(Insured by SD CRED PROG) | 580,000 | 616,596 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $14,980,538) | 14,536,388 | 1.1 | % | |||||||||
Mississippi | ||||||||||||
Mississippi Development Bank: | ||||||||||||
5.000%, 03/01/2029 (Callable 03/01/2027) | 825,000 | 910,579 | ||||||||||
5.250%, 03/01/2035 (Callable 03/01/2028) | 495,000 | 530,193 | ||||||||||
Oxford School District, | ||||||||||||
4.000%, 05/01/2027 | 500,000 | 533,776 | ||||||||||
State of Mississippi: | ||||||||||||
5.000%, 10/15/2033 (Callable 10/15/2028) | 2,555,000 | 2,791,093 | ||||||||||
5.000%, 10/15/2035 (Callable 10/15/2028) | 1,000,000 | 1,085,843 | ||||||||||
West Rankin Utility Authority: | ||||||||||||
5.000%, 01/01/2038 (Pre-refunded | ||||||||||||
to 01/01/2025) (Insured by AGM) | 550,000 | 589,286 | ||||||||||
5.000%, 01/01/2043 (Pre-refunded | ||||||||||||
to 01/01/2028) (Insured by AGM) | 5,500,000 | 6,237,880 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $13,546,110) | 12,678,650 | 1.0 | % | |||||||||
Missouri | ||||||||||||
County of Clay MO, | ||||||||||||
4.000%, 05/01/2038 | ||||||||||||
(Pre-refunded to 05/01/2028) | 485,000 | 521,564 | ||||||||||
Independence School District, | ||||||||||||
5.500%, 03/01/2035 (Callable | ||||||||||||
03/01/2027) (Insured by ST AID) | 990,000 | 1,104,572 | ||||||||||
Jackson County School District No. R-IV, | ||||||||||||
5.500%, 03/01/2037 (Callable | ||||||||||||
03/01/2029) (Insured by ST AID) | 1,040,000 | 1,191,278 | ||||||||||
Metropolitan St. Louis Sewer District, | ||||||||||||
5.000%, 05/01/2036 (Callable 05/01/2025) | 1,275,000 | 1,370,801 | ||||||||||
Missouri Housing Development Commission: | ||||||||||||
1.950%, 05/01/2025 (Insured by GNMA) | 45,000 | 44,200 | ||||||||||
3.950%, 11/01/2040 (Callable | ||||||||||||
05/01/2025) (Insured by GNMA) | 425,000 | 421,925 | ||||||||||
Moberly School District No. 81: | ||||||||||||
4.000%, 03/01/2030 (Callable | ||||||||||||
03/01/2027) (Insured by ST AID) | 315,000 | 333,696 | ||||||||||
3.000%, 03/01/2037 (Callable | ||||||||||||
09/01/2028) (Insured by ST AID) | 1,700,000 | 1,557,925 | ||||||||||
3.000%, 03/01/2038 (Callable | ||||||||||||
09/01/2028) (Insured by ST AID) | 1,800,000 | 1,622,408 | ||||||||||
Normandy Schools Collaborative: | ||||||||||||
3.000%, 03/01/2038 (Callable | ||||||||||||
03/01/2028) (Insured by ST AID) | 1,950,000 | 1,757,609 | ||||||||||
3.000%, 03/01/2039 (Callable | ||||||||||||
03/01/2028) (Insured by ST AID) | 2,000,000 | 1,773,471 | ||||||||||
St. Louis County School District, | ||||||||||||
4.000%, 03/01/2031 (Callable 03/01/2025) | 1,480,000 | 1,524,255 | ||||||||||
St. Louis County Special School District: | ||||||||||||
4.000%, 04/01/2032 (Callable 04/01/2029) | 185,000 | 192,805 | ||||||||||
4.000%, 04/01/2033 (Callable 04/01/2029) | 200,000 | 207,152 | ||||||||||
4.000%, 04/01/2034 (Callable 04/01/2029) | 400,000 | 412,142 | ||||||||||
Total Missouri | ||||||||||||
(Cost $15,495,784) | 14,035,803 | 1.1 | % | |||||||||
Montana | ||||||||||||
Flathead County School District No. 44, | ||||||||||||
4.000%, 07/01/2036 (Callable 07/01/2028) | 210,000 | 217,312 | ||||||||||
Montana Board of Housing: | ||||||||||||
3.000%, 12/01/2045 (Callable 06/01/2029) | 580,000 | 538,433 | ||||||||||
3.050%, 06/01/2050 (Callable 06/01/2029) | 290,000 | 269,856 | ||||||||||
Montana Facility Finance Authority: | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2027) | 430,000 | 476,728 | ||||||||||
5.000%, 07/01/2029 (Callable 07/01/2027) | 535,000 | 589,519 | ||||||||||
Total Montana | ||||||||||||
(Cost $2,201,861) | 2,091,848 | 0.2 | % | |||||||||
Nebraska | ||||||||||||
Nebraska Educational Health Cultural | ||||||||||||
& Social Services Finance Authority: | ||||||||||||
4.000%, 01/01/2033 (Callable 01/01/2026) | 400,000 | 401,424 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2026) | 2,000,000 | 2,005,494 | ||||||||||
4.000%, 01/01/2035 (Callable 01/01/2026) | 1,000,000 | 1,002,640 | ||||||||||
Nebraska Investment Finance Authority, | ||||||||||||
3.500%, 09/01/2050 (Callable | ||||||||||||
03/01/2029) (Insured by GNMA) | 1,695,000 | 1,693,553 | ||||||||||
University of Nebraska: | ||||||||||||
3.000%, 07/01/2028 | ||||||||||||
(Pre-refunded to 07/01/2026) | 30,000 | 30,844 | ||||||||||
3.000%, 05/15/2035 | ||||||||||||
(Pre-refunded to 05/15/2026) | 20,000 | 20,559 | ||||||||||
3.000%, 07/01/2039 | ||||||||||||
(Pre-refunded to 07/01/2026) | 15,000 | 15,422 |
The accompanying notes are an integral part of these financial statements.
Page 156
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Village of Boys Town NE, | ||||||||||||
3.000%, 09/01/2028 | $ | 250,000 | $ | 252,180 | ||||||||
Total Nebraska | ||||||||||||
(Cost $5,814,900) | 5,422,116 | 0.4 | % | |||||||||
Nevada | ||||||||||||
Clark County Water Reclamation District, | ||||||||||||
4.000%, 07/01/2033 (Callable 07/01/2025) | 1,000,000 | 1,029,400 | ||||||||||
County of Clark NV: | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2024) | 1,925,000 | 2,015,720 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2025) | 430,000 | 458,099 | ||||||||||
County of Washoe NV, | ||||||||||||
5.000%, 02/01/2033 (Callable 02/01/2029) | 965,000 | 1,073,739 | ||||||||||
Nevada Housing Division, | ||||||||||||
2.250%, 04/01/2025 | ||||||||||||
(Mandatory Tender Date 04/01/2023)(1) | 2,000,000 | 2,002,513 | ||||||||||
Total Nevada | ||||||||||||
(Cost $6,778,336) | 6,579,471 | 0.5 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Health and | ||||||||||||
Education Facilities Authority, | ||||||||||||
0.780%, 10/01/2030 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(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 | 1,488,907 | ||||||||||
New Jersey Economic | ||||||||||||
Development Authority: | ||||||||||||
0.000%, 07/01/2025 | ||||||||||||
(ETM) (Insured by NATL) | 80,000 | 74,364 | ||||||||||
5.250%, 07/01/2025 (Insured by BHAC) | 1,285,000 | 1,374,411 | ||||||||||
New Jersey Health Care | ||||||||||||
Facilities Financing Authority: | ||||||||||||
0.000%, 07/01/2023 | ||||||||||||
(ETM) (Insured by NATL) | 10,000 | 9,822 | ||||||||||
3.750%, 07/01/2027 (ETM) | 205,000 | 212,896 | ||||||||||
New Jersey Housing & | ||||||||||||
Mortgage Finance Agency: | ||||||||||||
4.500%, 10/01/2048 (Callable 10/01/2027) | 975,000 | 1,002,951 | ||||||||||
2.450%, 10/01/2050 (Callable 04/01/2029) | 565,000 | 464,714 | ||||||||||
New Jersey Transportation | ||||||||||||
Trust Fund Authority: | ||||||||||||
0.000%, 12/15/2026 (Insured by BHAC) | 1,410,000 | 1,251,338 | ||||||||||
0.000%, 12/15/2030 (Insured by BHAC) | 960,000 | 728,322 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $6,881,660) | 6,607,725 | 0.5 | % | |||||||||
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 | 605,694 | ||||||||||
New Mexico Finance Authority, | ||||||||||||
4.000%, 06/01/2029 (Callable 06/01/2026) | 2,615,000 | 2,751,081 | ||||||||||
New Mexico Hospital | ||||||||||||
Equipment Loan Council, | ||||||||||||
4.125%, 08/01/2044 | ||||||||||||
(Pre-refunded to 08/01/2025) | 210,000 | 222,019 | ||||||||||
New Mexico Mortgage Finance Authority: | ||||||||||||
3.500%, 07/01/2033 | ||||||||||||
(Callable 01/01/2028) (Insured by GNMA) | 765,000 | 758,466 | ||||||||||
3.950%, 09/01/2040 | ||||||||||||
(Callable 09/01/2024) (Insured by GNMA) | 800,000 | 792,626 | ||||||||||
New Mexico Mortgage Financial Authority, | ||||||||||||
3.550%, 09/01/2037 (Callable 03/01/2027) | ||||||||||||
(Insured by GNMA) | 725,000 | 716,080 | ||||||||||
Ruidoso Municipal School District No. 3, | ||||||||||||
4.000%, 08/01/2032 (Callable 08/01/2026) | ||||||||||||
(Insured by ST AID) | 115,000 | 121,253 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $6,059,119) | 5,967,219 | 0.5 | % | |||||||||
New York | ||||||||||||
City of New York NY: | ||||||||||||
1.030%, 04/01/2042 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 4,000,000 | 4,000,000 | ||||||||||
1.090%, 04/01/2042 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 2,175,000 | 2,175,000 | ||||||||||
Metropolitan Transportation Authority, | ||||||||||||
5.000%, 11/15/2028 | ||||||||||||
(Pre-refunded to 11/15/2023) | 210,000 | 219,119 | ||||||||||
New York City Housing Development Corp., | ||||||||||||
0.700%, 11/01/2060 (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 07/01/2025)(1) | 2,150,000 | 2,005,005 | ||||||||||
New York City Transitional Finance Authority: | ||||||||||||
5.000%, 08/01/2029 (Callable 08/01/2026) | 1,550,000 | 1,693,157 | ||||||||||
5.000%, 08/01/2030 (Callable 08/01/2024) | 2,500,000 | 2,638,615 | ||||||||||
5.000%, 08/01/2033 (Callable 08/01/2026) | 2,835,000 | 3,050,220 | ||||||||||
5.000%, 05/01/2035 (Callable 05/01/2028) | 4,000,000 | 4,343,330 | ||||||||||
5.000%, 05/01/2042 (Callable 05/01/2027) | 500,000 | 532,120 | ||||||||||
4.000%, 05/01/2043 (Callable 05/01/2029) | 2,500,000 | 2,450,730 | ||||||||||
New York City Water & Sewer System: | ||||||||||||
5.000%, 06/15/2032 (Callable 12/15/2025) | 6,500,000 | 7,022,067 | ||||||||||
5.000%, 06/15/2035 (Callable 12/15/2025) | 500,000 | 535,379 | ||||||||||
4.000%, 06/15/2040 (Callable 12/15/2029) | 500,000 | 497,517 | ||||||||||
5.000%, 06/15/2040 (Callable 12/15/2027) | 1,850,000 | 1,997,003 | ||||||||||
5.000%, 06/15/2040 (Callable 12/15/2027) | 2,000,000 | 2,158,922 | ||||||||||
New York State Dormitory Authority: | ||||||||||||
0.000%, 07/01/2028 | ||||||||||||
(ETM) (Insured by NATL) | 15,000 | 12,865 | ||||||||||
0.000%, 07/01/2029 | ||||||||||||
(ETM) (Insured by NATL) | 110,000 | 91,091 | ||||||||||
5.000%, 03/15/2030 (Callable 03/15/2024) | 3,735,000 | 3,908,973 | ||||||||||
5.000%, 03/15/2033 (Callable 03/15/2025) | 5,050,000 | 5,325,482 | ||||||||||
5.000%, 03/15/2037 (Callable 09/15/2025) | 155,000 | 166,121 | ||||||||||
5.250%, 03/15/2039 (Callable 09/15/2028) | 3,750,000 | 4,176,826 | ||||||||||
5.000%, 02/15/2044 (Callable 02/15/2025) | 1,500,000 | 1,554,902 | ||||||||||
5.000%, 03/15/2048 (Callable 09/15/2028) | 4,550,000 | 4,882,152 | ||||||||||
New York State Environmental Facilities Corp.: | ||||||||||||
5.500%, 10/15/2029 (ETM) | 135,000 | 161,117 | ||||||||||
5.500%, 10/15/2030 (ETM) | 390,000 | 466,721 | ||||||||||
New York State Housing Finance Agency, | ||||||||||||
1.600%, 11/01/2024 (Callable 07/21/2022) | 5,895,000 | 5,724,094 | ||||||||||
New York State Urban Development Corp.: | ||||||||||||
5.000%, 03/15/2032 (Callable 03/15/2024) | 6,000,000 | 6,275,381 | ||||||||||
5.000%, 03/15/2033 (Callable 03/15/2023) | 280,000 | 285,051 | ||||||||||
State of New York Mortgage Agency, | ||||||||||||
4.000%, 10/01/2049 (Callable 04/01/2028) | 3,430,000 | 3,478,158 | ||||||||||
Total New York | ||||||||||||
(Cost $74,412,044) | 71,827,118 | 5.6 | % | |||||||||
North Carolina | ||||||||||||
City of Charlotte NC, | ||||||||||||
5.000%, 07/01/2031 (Callable 07/01/2028) | 2,630,000 | 2,961,599 | ||||||||||
Inlivian, | ||||||||||||
2.550%, 05/01/2037 (Insured by FNMA) | 4,854,829 | 4,271,936 |
The accompanying notes are an integral part of these financial statements.
Page 157
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | $ | 925,000 | $ | 938,312 | ||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 1,590,000 | 1,613,569 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $10,705,903) | 9,785,416 | 0.8 | % | |||||||||
North Dakota | ||||||||||||
County of Burleigh ND, | ||||||||||||
4.000%, 11/01/2029 (Pre-refunded | ||||||||||||
to 11/01/2022) (Insured by AGM) | 425,000 | 428,565 | ||||||||||
North Dakota Housing Finance Agency: | ||||||||||||
3.550%, 07/01/2033 (Callable 01/01/2028) | 1,140,000 | 1,141,583 | ||||||||||
3.450%, 07/01/2037 | ||||||||||||
(Callable 07/01/2026) (Insured by FHA) | 900,000 | 899,966 | ||||||||||
3.500%, 07/01/2046 (Callable 01/01/2026) | 710,000 | 712,533 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 1,065,000 | 1,080,442 | ||||||||||
North Dakota Public Finance Authority, | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2028) | 2,640,000 | 2,997,189 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $7,572,287) | 7,260,278 | 0.6 | % | |||||||||
Ohio | ||||||||||||
City of Cleveland OH: | ||||||||||||
5.000%, 12/01/2029 | ||||||||||||
(Pre-refunded to 12/01/2022) | 850,000 | 862,369 | ||||||||||
5.000%, 12/01/2029 (Callable 12/01/2022) | 10,000 | 10,128 | ||||||||||
City of Delaware OH, | ||||||||||||
4.000%, 12/01/2033 (Callable 12/01/2024) | 200,000 | 204,236 | ||||||||||
City of Oxford OH, | ||||||||||||
4.000%, 12/01/2033 (Callable 12/01/2026) | 40,000 | 41,506 | ||||||||||
County of Franklin OH, | ||||||||||||
5.000%, 06/01/2048 (Callable 06/01/2028) | 515,000 | 558,142 | ||||||||||
County of Montgomery OH: | ||||||||||||
5.250%, 05/01/2029 | ||||||||||||
(Pre-refunded to 11/12/2023) | 990,000 | 1,035,059 | ||||||||||
5.250%, 05/01/2029 | ||||||||||||
(Pre-refunded to 11/13/2023) | 1,495,000 | 1,550,898 | ||||||||||
Greater Cleveland Regional Transit Authority, | ||||||||||||
5.000%, 12/01/2038 | ||||||||||||
(Pre-refunded to 06/01/2029) | 325,000 | 375,564 | ||||||||||
Lucas-Plaza Housing Development Corp., | ||||||||||||
0.000%, 06/01/2024 (ETM) (Insured by FHA) | 1,660,000 | 1,593,148 | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
3.950%, 09/01/2043 | ||||||||||||
(Callable 09/01/2027) (Insured by GNMA) | 175,000 | 173,422 | ||||||||||
3.500%, 09/01/2046 | ||||||||||||
(Callable 09/01/2025) (Insured by GNMA) | 590,000 | 592,194 | ||||||||||
3.750%, 09/01/2050 | ||||||||||||
(Callable 03/01/2029) (Insured by GNMA) | 2,145,000 | 2,158,228 | ||||||||||
Ohio Water Development Authority, | ||||||||||||
5.000%, 12/01/2036 (Callable 12/01/2029) | 1,240,000 | 1,393,294 | ||||||||||
State of Ohio: | ||||||||||||
5.000%, 03/01/2026 | 1,100,000 | 1,207,097 | ||||||||||
5.000%, 09/01/2033 (Callable 03/01/2024) | 575,000 | 597,959 | ||||||||||
5.000%, 01/01/2036 (Callable 01/01/2032) | 540,000 | 605,803 | ||||||||||
5.000%, 01/01/2038 (Callable 01/01/2032) | 430,000 | 478,370 | ||||||||||
5.000%, 01/01/2039 (Callable 01/01/2032) | 905,000 | 1,001,600 | ||||||||||
University of Akron, | ||||||||||||
5.000%, 01/01/2033 (Callable 07/01/2026) | 335,000 | 360,425 | ||||||||||
Total Ohio | ||||||||||||
(Cost $15,770,243) | 14,799,442 | 1.1 | % | |||||||||
Oregon | ||||||||||||
Clackamas County School District No. 12, | ||||||||||||
5.000%, 06/15/2037 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY) | 850,000 | 925,386 | ||||||||||
Clackamas County Service District No. 1, | ||||||||||||
2.125%, 12/01/2030 (Callable 12/01/2026) | 1,000,000 | 926,653 | ||||||||||
Hillsboro School District No. 1J, | ||||||||||||
5.000%, 06/15/2035 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY) | 600,000 | 656,963 | ||||||||||
State of Oregon: | ||||||||||||
4.000%, 12/01/2045 (Callable 06/01/2025) | 1,395,000 | 1,413,106 | ||||||||||
4.000%, 12/01/2048 (Callable 12/01/2026) | 1,710,000 | 1,734,029 | ||||||||||
State of Oregon Housing & | ||||||||||||
Community Services Department: | ||||||||||||
4.000%, 01/01/2047 (Callable 07/01/2025) | 625,000 | 633,030 | ||||||||||
3.750%, 07/01/2048 (Callable 01/01/2027) | 1,020,000 | 1,003,485 | ||||||||||
3.500%, 01/01/2051 (Callable 01/01/2029) | 3,535,000 | 3,532,251 | ||||||||||
Total Oregon | ||||||||||||
(Cost $11,366,507) | 10,824,903 | 0.8 | % | |||||||||
Pennsylvania | ||||||||||||
Centennial School District Bucks County, | ||||||||||||
4.000%, 12/15/2029 | ||||||||||||
(Callable 12/15/2024) (Insured by ST AID) | 265,000 | 275,940 | ||||||||||
Commonwealth Financing Authority, | ||||||||||||
4.000%, 06/01/2039 | ||||||||||||
(Callable 06/01/2028) (Insured by AGM) | 1,500,000 | 1,443,071 | ||||||||||
Delaware Valley Regional Finance Authority, | ||||||||||||
1.310%, 09/01/2048 | ||||||||||||
(SIFMA Municipal Swap Index + 0.530%) | ||||||||||||
(Callable 09/01/2022) (Mandatory | ||||||||||||
Tender Date 09/01/2023)(2) | 2,000,000 | 1,997,878 | ||||||||||
Lancaster County Hospital Authority, | ||||||||||||
0.830%, 05/15/2030 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 1,700,000 | 1,700,000 | ||||||||||
Mckeesport Area School District, | ||||||||||||
0.000%, 10/01/2025 | ||||||||||||
(ETM) (Insured by AMBAC) | 110,000 | 101,865 | ||||||||||
Pennsylvania Housing Finance Agency: | ||||||||||||
3.500%, 10/01/2046 (Callable 10/01/2025) | 560,000 | 564,112 | ||||||||||
3.500%, 04/01/2051 (Callable 10/01/2029) | 3,760,000 | 3,773,454 | ||||||||||
Pittsburgh Water & Sewer Authority: | ||||||||||||
0.000%, 09/01/2026 | ||||||||||||
(ETM) (Insured by NATL) | 720,000 | 649,602 | ||||||||||
0.000%, 09/01/2027 | ||||||||||||
(ETM) (Insured by FGIC) | 1,110,000 | 969,093 | ||||||||||
0.000%, 09/01/2028 | ||||||||||||
(ETM) (Insured by FGIC) | 370,000 | 312,094 | ||||||||||
Pottsville Hospital Authority, | ||||||||||||
6.500%, 07/01/2028 | ||||||||||||
(Pre-refunded to 07/01/2024)(3) | 1,260,000 | 1,355,803 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $13,485,523) | 13,142,912 | 1.0 | % | |||||||||
Puerto Rico | ||||||||||||
Puerto Rico Highways & | ||||||||||||
Transportation Authority, | ||||||||||||
5.250%, 07/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 1,150,000 | 1,150,000 | ||||||||||
Puerto Rico Public Finance Corp.: | ||||||||||||
5.125%, 06/01/2024 (Insured by AMBAC) | 2,355,000 | 2,444,283 | ||||||||||
6.000%, 08/01/2026 (ETM) | 4,315,000 | 4,884,602 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 1,565,000 | 1,771,588 |
The accompanying notes are an integral part of these financial statements.
Page 158
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Puerto Rico Public Finance Corp.: (cont.) | ||||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | $ | 1,290,000 | $ | 1,460,287 | ||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 1,825,000 | 2,073,478 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 1,910,000 | 2,162,130 | ||||||||||
5.500%, 08/01/2027 | ||||||||||||
(ETM) (Insured by AMBAC) | 7,665,000 | 8,707,469 | ||||||||||
Total Puerto Rico | ||||||||||||
(Cost $25,012,718) | 24,653,837 | 1.9 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp., | ||||||||||||
3.500%, 10/01/2050 (Callable 10/01/2029) | 1,190,000 | 1,189,659 | ||||||||||
State of Rhode Island, | ||||||||||||
5.000%, 08/01/2024 | 5,000,000 | 5,297,082 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $6,526,532) | 6,486,741 | 0.5 | % | |||||||||
South Carolina | ||||||||||||
Charleston Educational | ||||||||||||
Excellence Finance Corp., | ||||||||||||
5.000%, 12/01/2026 (Callable 12/01/2023) | 4,625,000 | 4,795,275 | ||||||||||
City of Columbia SC: | ||||||||||||
5.000%, 02/01/2029 (Callable 02/01/2028) | 25,000 | 28,148 | ||||||||||
5.000%, 02/01/2049 | ||||||||||||
(Pre-refunded to 02/01/2029) | 10,680,000 | 12,184,043 | ||||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
2.008%, 10/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.860%)(Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 2,895,000 | 2,867,822 | ||||||||||
Piedmont Municipal Power Agency, | ||||||||||||
5.375%, 01/01/2025 | ||||||||||||
(ETM) (Insured by NATL) | 5,400,000 | 5,785,725 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 08/15/2036 | ||||||||||||
(Pre-refunded to 08/15/2026)(1)(3) | 7,500,000 | 8,205,042 | ||||||||||
5.000%, 08/15/2041 | ||||||||||||
(Pre-refunded to 08/15/2026)(1)(3) | 4,165,000 | 4,556,533 | ||||||||||
1.050%, 05/01/2048 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 1,600,000 | 1,600,000 | ||||||||||
Tobacco Settlement Revenue | ||||||||||||
Management Authority, | ||||||||||||
6.375%, 05/15/2030 (ETM) | 1,750,000 | 2,134,091 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $43,467,439) | 42,156,679 | 3.3 | % | |||||||||
South Dakota | ||||||||||||
Harrisburg School District No. 41-2, | ||||||||||||
2.375%, 08/01/2026 (Insured by ST AID) | 415,000 | 413,082 | ||||||||||
South Dakota State Building Authority, | ||||||||||||
4.000%, 06/01/2040 (Callable 06/01/2030) | 365,000 | 369,212 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $837,165) | 782,294 | 0.1 | % | |||||||||
Tennessee | ||||||||||||
City of Memphis TN, | ||||||||||||
5.000%, 10/01/2045 (Callable 10/01/2030) | 1,300,000 | 1,445,467 | ||||||||||
City of Murfreesboro TN, | ||||||||||||
3.000%, 06/01/2030 (Callable 06/01/2023) | 3,400,000 | 3,400,593 | ||||||||||
Nashville & Davidson County | ||||||||||||
Metropolitan Government, | ||||||||||||
4.875%, 11/01/2028 | ||||||||||||
(ETM) (Insured by NATL) | 1,755,000 | 1,896,424 | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
1.750%, 07/01/2028 | 350,000 | 320,565 | ||||||||||
1.950%, 07/01/2030 (Callable 07/01/2029) | 550,000 | 468,242 | ||||||||||
3.850%, 01/01/2035 (Callable 01/01/2025) | 275,000 | 272,253 | ||||||||||
3.900%, 07/01/2042 (Callable 07/01/2027) | 390,000 | 383,543 | ||||||||||
4.000%, 01/01/2043 (Callable 07/01/2027) | 715,000 | 724,965 | ||||||||||
3.850%, 07/01/2043 (Callable 07/01/2027) | 1,990,000 | 1,953,797 | ||||||||||
3.650%, 07/01/2047 (Callable 01/01/2027) | 770,000 | 769,139 | ||||||||||
4.050%, 01/01/2049 (Callable 01/01/2028) | 1,770,000 | 1,780,645 | ||||||||||
4.250%, 01/01/2050 (Callable 07/01/2028) | 1,195,000 | 1,219,993 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $15,309,171) | 14,635,626 | 1.1 | % | |||||||||
Texas | ||||||||||||
Amarillo Independent School District, | ||||||||||||
5.000%, 02/01/2026 | ||||||||||||
(Callable 02/01/2024) (PSF Guaranteed) | 1,370,000 | 1,434,279 | ||||||||||
Anna Independent School District, | ||||||||||||
5.000%, 08/15/2035 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 910,000 | 983,605 | ||||||||||
Arlington Higher Education Finance Corp.: | ||||||||||||
4.000%, 08/15/2024 (PSF Guaranteed) | 1,025,000 | 1,061,522 | ||||||||||
5.000%, 08/15/2024 | ||||||||||||
(ETM) (PSF Guaranteed) | 1,010,000 | 1,069,384 | ||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 100,000 | 105,783 | ||||||||||
5.000%, 08/15/2026 (PSF Guaranteed) | 500,000 | 549,192 | ||||||||||
4.000%, 08/15/2027 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 875,000 | 917,415 | ||||||||||
5.000%, 02/15/2028 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 1,905,000 | 2,026,148 | ||||||||||
4.000%, 08/15/2028 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 850,000 | 886,963 | ||||||||||
5.000%, 08/15/2028 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 555,000 | 587,632 | ||||||||||
4.000%, 08/15/2029 (PSF Guaranteed) | 200,000 | 211,427 | ||||||||||
4.000%, 02/15/2030 (PSF Guaranteed) | 305,000 | 322,567 | ||||||||||
4.000%, 08/15/2030 (PSF Guaranteed) | 130,000 | 137,523 | ||||||||||
4.000%, 02/15/2031 (PSF Guaranteed) | 315,000 | 331,415 | ||||||||||
3.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 835,000 | 798,696 | ||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2030) (PSF Guaranteed) | 110,000 | 113,958 | ||||||||||
3.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 1,070,000 | 1,008,958 | ||||||||||
3.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 500,000 | 471,476 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 475,000 | 488,614 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2030) (PSF Guaranteed) | 110,000 | 112,765 | ||||||||||
5.000%, 08/15/2033 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 1,460,000 | 1,545,842 | ||||||||||
3.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 500,000 | 464,250 | ||||||||||
4.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 195,000 | 198,907 | ||||||||||
4.000%, 08/15/2035 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 480,000 | 487,232 | ||||||||||
4.000%, 12/01/2035 | ||||||||||||
(Callable 06/01/2027) (PSF Guaranteed) | 450,000 | 452,201 | ||||||||||
4.000%, 08/15/2036 | ||||||||||||
(Callable 08/15/2030) (PSF Guaranteed) | 510,000 | 513,236 | ||||||||||
4.000%, 08/15/2036 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 1,000,000 | 1,007,002 |
The accompanying notes are an integral part of these financial statements.
Page 159
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Arlington Higher Education | ||||||||||||
Finance Corp.: (cont.) | ||||||||||||
5.000%, 08/15/2037 | ||||||||||||
(Callable 08/15/2032) (PSF Guaranteed) | $ | 510,000 | $ | 577,141 | ||||||||
5.000%, 12/01/2037 | ||||||||||||
(Callable 06/01/2027) (PSF Guaranteed) | 190,000 | 204,812 | ||||||||||
4.000%, 08/15/2038 | ||||||||||||
(Callable 08/15/2030) (PSF Guaranteed) | 550,000 | 551,095 | ||||||||||
3.000%, 08/15/2040 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 290,000 | 247,980 | ||||||||||
3.000%, 08/15/2041 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 300,000 | 252,638 | ||||||||||
3.000%, 08/15/2042 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 265,000 | 219,916 | ||||||||||
3.000%, 08/15/2043 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 210,000 | 172,478 | ||||||||||
3.000%, 08/15/2044 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 245,000 | 199,415 | ||||||||||
Austin Community College District, | ||||||||||||
5.000%, 08/01/2035 (Callable 08/01/2025) | 1,175,000 | 1,256,716 | ||||||||||
Austin Community College | ||||||||||||
District Public Facility Corp., | ||||||||||||
5.000%, 08/01/2033 (Callable 08/01/2025) | 750,000 | 792,168 | ||||||||||
Balmorhea Independent School District, | ||||||||||||
4.000%, 02/15/2042 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 350,000 | 350,648 | ||||||||||
Bexar Metropolitan Water District, | ||||||||||||
0.000%, 05/01/2027 | ||||||||||||
(ETM) (Insured by NATL) | 50,000 | 44,221 | ||||||||||
Blum Independent School District: | ||||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 165,000 | 171,226 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 210,000 | 216,673 | ||||||||||
Brazoria County Toll Road Authority, | ||||||||||||
0.000%, 03/01/2044 (Callable | ||||||||||||
03/01/2030) (County Guaranteed)(5) | 255,000 | 229,891 | ||||||||||
Burleson Independent School District, | ||||||||||||
5.000%, 08/01/2025 (PSF Guaranteed) | 1,260,000 | 1,365,476 | ||||||||||
Central Texas Turnpike System, | ||||||||||||
0.000%, 08/15/2027 (Insured by BHAC) | 245,000 | 211,001 | ||||||||||
City of Dallas TX, | ||||||||||||
5.000%, 02/15/2029 | 1,875,000 | 2,138,770 | ||||||||||
City of Fort Worth TX, | ||||||||||||
4.000%, 02/15/2035 (Callable 02/15/2028) | 2,530,000 | 2,611,154 | ||||||||||
City of Houston TX: | ||||||||||||
5.500%, 12/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 1,835,000 | 1,927,578 | ||||||||||
0.000%, 12/01/2026 | ||||||||||||
(ETM) (Insured by AGM) | 705,000 | 628,318 | ||||||||||
0.000%, 12/01/2027 | ||||||||||||
(ETM) (Insured by AGM) | 170,000 | 146,382 | ||||||||||
0.000%, 12/01/2028 | ||||||||||||
(ETM) (Insured by AGM) | 2,165,000 | 1,799,681 | ||||||||||
5.500%, 12/01/2029 | ||||||||||||
(ETM) (Insured by NATL) | 16,050,000 | 18,394,624 | ||||||||||
5.750%, 12/01/2032 | ||||||||||||
(ETM) (Insured by AGM) | 24,965,000 | 31,488,440 | ||||||||||
City of San Antonio TX: | ||||||||||||
5.000%, 02/01/2025 (ETM) | 205,000 | 220,058 | ||||||||||
5.000%, 02/01/2029 | ||||||||||||
(Pre-refunded to 02/01/2024) | 400,000 | 419,149 | ||||||||||
Clifton Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2029 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 215,000 | 227,068 | ||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 170,000 | 176,912 | ||||||||||
County of Bexar TX: | ||||||||||||
4.000%, 06/15/2030 | ||||||||||||
(Callable 06/15/2026) | 150,000 | 156,493 | ||||||||||
4.000%, 06/15/2033 | ||||||||||||
(Pre-refunded to 06/15/2025) | 3,795,000 | 3,997,806 | ||||||||||
5.000%, 06/15/2036 | ||||||||||||
(Pre-refunded to 06/15/2026) | 2,145,000 | 2,369,906 | ||||||||||
County of Williamson TX: | ||||||||||||
4.000%, 02/15/2034 (Callable 08/15/2026) | 2,270,000 | 2,331,807 | ||||||||||
4.000%, 02/15/2039 (Callable 02/15/2029) | 1,350,000 | 1,359,450 | ||||||||||
Crowley Independent School District, | ||||||||||||
5.000%, 08/01/2036 (Pre-refunded | ||||||||||||
to 08/01/2025) (PSF Guaranteed) | 2,000,000 | 2,170,529 | ||||||||||
Decatur Hospital Authority, | ||||||||||||
5.750%, 09/01/2029 (ETM) | 420,000 | 471,125 | ||||||||||
DeSoto Independent School District: | ||||||||||||
5.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2025) (Insured by BAM) | 1,080,000 | 1,144,777 | ||||||||||
5.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 1,825,000 | 1,927,434 | ||||||||||
Eagle Mountain & Saginaw | ||||||||||||
Independent School District, | ||||||||||||
4.000%, 08/15/2045 | ||||||||||||
(Callable 08/15/2025) (PSF Guaranteed) | 675,000 | 675,785 | ||||||||||
Ennis Independent School District, | ||||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 1,145,000 | 1,240,417 | ||||||||||
Forney Independent School District, | ||||||||||||
5.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2025) (PSF Guaranteed) | 525,000 | 564,648 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 130, | ||||||||||||
4.500%, 09/01/2028 | ||||||||||||
(Callable 09/01/2026) (Insured by BAM) | 375,000 | 402,512 | ||||||||||
Fort Bend Independent School District, | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 1,655,000 | 1,755,998 | ||||||||||
Godley Independent School District, | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | 1,445,000 | 1,475,145 | ||||||||||
Grand Parkway Transportation Corp., | ||||||||||||
0.000%, 10/01/2031 (Callable 10/01/2028)(5) | 115,000 | 122,432 | ||||||||||
Harlingen Consolidated | ||||||||||||
Independent School District, | ||||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 1,445,000 | 1,563,152 | ||||||||||
Harris County Health Facilities | ||||||||||||
Development Corp.: | ||||||||||||
5.750%, 07/01/2027 (ETM) | 4,815,000 | 5,327,828 | ||||||||||
6.250%, 07/01/2027 (ETM) | 7,035,000 | 7,892,069 | ||||||||||
Harris County Toll Road Authority, | ||||||||||||
5.000%, 08/15/2028 (Callable 02/15/2028) | 770,000 | 871,022 | ||||||||||
Harris County-Houston Sports Authority, | ||||||||||||
0.000%, 11/15/2030 | ||||||||||||
(ETM) (Insured by NATL) | 2,135,000 | 1,646,869 | ||||||||||
Hays Consolidated | ||||||||||||
Independent School District, | ||||||||||||
4.000%, 02/15/2033 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 880,000 | 918,990 | ||||||||||
Honda Auto Receivables Owner Trust, | ||||||||||||
5.000%, 02/15/2026 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 1,030,000 | 1,075,086 | ||||||||||
Houston Higher Education Finance Corp., | ||||||||||||
5.000%, 02/15/2034 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 1,795,000 | 1,857,375 | ||||||||||
Humble Independent School District, | ||||||||||||
5.000%, 02/15/2036 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 1,000,000 | 1,089,364 |
The accompanying notes are an integral part of these financial statements.
Page 160
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Irving Independent School District, | ||||||||||||
5.000%, 02/15/2025 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | $ | 1,250,000 | $ | 1,331,368 | ||||||||
Kenedy Independent School District, | ||||||||||||
4.000%, 08/15/2031 (Pre-refunded | ||||||||||||
to 08/15/2023) (PSF Guaranteed) | 100,000 | 102,456 | ||||||||||
Kirbyville Consolidated | ||||||||||||
Independent School District, | ||||||||||||
4.000%, 02/15/2029 (Pre-refunded | ||||||||||||
to 02/15/2024) (PSF Guaranteed) | 160,000 | 164,881 | ||||||||||
Klein Independent School District, | ||||||||||||
4.000%, 08/01/2031 | ||||||||||||
(Callable 08/01/2025) (PSF Guaranteed) | 1,000,000 | 1,031,800 | ||||||||||
La Porte Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 1,080,000 | 1,157,468 | ||||||||||
Leander Independent School District: | ||||||||||||
0.000%, 08/16/2026 | ||||||||||||
(Callable 02/16/2026) (PSF Guaranteed) | 100,000 | 89,306 | ||||||||||
0.000%, 08/15/2034 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 125,000 | 73,244 | ||||||||||
0.000%, 08/15/2035 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 375,000 | 206,589 | ||||||||||
0.000%, 08/15/2036 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 55,000 | 28,521 | ||||||||||
0.000%, 08/15/2037 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 700,000 | 359,612 | ||||||||||
0.000%, 08/15/2039 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 550,000 | 239,897 | ||||||||||
0.000%, 08/15/2040 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 35,000 | 15,528 | ||||||||||
0.000%, 08/15/2040 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 635,000 | 280,833 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 8,915,000 | 3,474,060 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 135,000 | 56,633 | ||||||||||
0.000%, 08/15/2042 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 1,500,000 | 552,583 | ||||||||||
0.000%, 08/15/2043 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 200,000 | 69,753 | ||||||||||
0.000%, 08/16/2044 | ||||||||||||
(Callable 08/16/2026) (PSF Guaranteed) | 765,000 | 289,761 | ||||||||||
0.000%, 08/15/2045 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 2,000,000 | 618,467 | ||||||||||
0.000%, 08/15/2046 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 150,000 | 43,586 | ||||||||||
0.000%, 08/15/2047 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 190,000 | 51,837 | ||||||||||
0.000%, 08/15/2048 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 750,000 | 192,424 | ||||||||||
Liberty Hill Independent School District, | ||||||||||||
4.000%, 02/01/2030 (PSF Guaranteed) | 1,750,000 | 1,885,071 | ||||||||||
Lower Colorado River Authority: | ||||||||||||
4.750%, 01/01/2028 | ||||||||||||
(ETM) (Insured by AGM) | 1,055,000 | 1,132,124 | ||||||||||
5.000%, 05/15/2040 (Callable 05/15/2025) | 1,970,000 | 2,042,685 | ||||||||||
Luling Independent School District: | ||||||||||||
4.000%, 02/15/2028 (PSF Guaranteed) | 190,000 | 204,250 | ||||||||||
4.000%, 02/15/2029 | ||||||||||||
(Callable 02/15/2028) (PSF Guaranteed) | 90,000 | 96,223 | ||||||||||
Mansfield Independent School District, | ||||||||||||
3.000%, 08/01/2036 | ||||||||||||
(Callable 08/01/2030) (PSF Guaranteed) | 2,820,000 | 2,560,893 | ||||||||||
McKinney Independent School District, | ||||||||||||
4.000%, 02/15/2034 (Callable | ||||||||||||
02/15/2026) (PSF Guaranteed) | 1,325,000 | 1,367,433 | ||||||||||
Melissa Independent School District, | ||||||||||||
5.000%, 08/01/2036 | ||||||||||||
(Callable 08/01/2026) (PSF Guaranteed) | 1,020,000 | 1,105,578 | ||||||||||
Mesquite Independent School District: | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 1,425,000 | 1,511,049 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 5,000 | 5,417 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 1,500,000 | 1,625,001 | ||||||||||
Midlothian Independent School District, | ||||||||||||
5.000%, 02/15/2047 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 1,000,000 | 1,080,191 | ||||||||||
Millsap Independent School District, | ||||||||||||
4.000%, 02/15/2026 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 335,000 | 342,092 | ||||||||||
Montgomery County Health | ||||||||||||
Facilities Development Corp., | ||||||||||||
0.000%, 07/15/2023 (ETM) | 200,000 | 196,308 | ||||||||||
Moulton Independent School District: | ||||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 235,000 | 247,626 | ||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 200,000 | 209,731 | ||||||||||
4.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 225,000 | 235,018 | ||||||||||
4.000%, 08/15/2035 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 545,000 | 568,489 | ||||||||||
4.000%, 08/15/2036 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 285,000 | 296,928 | ||||||||||
Navasota Independent School District, | ||||||||||||
5.000%, 02/15/2048 (Pre-refunded | ||||||||||||
to 02/15/2025) (PSF Guaranteed) | 6,785,000 | 7,263,819 | ||||||||||
New Caney Independent School District: | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | 1,000,000 | 1,021,047 | ||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 1,030,000 | 1,080,782 | ||||||||||
5.000%, 02/15/2039 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 500,000 | 547,581 | ||||||||||
New Hope Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
5.000%, 04/01/2025 (ETM) | 715,000 | 769,381 | ||||||||||
5.000%, 04/01/2030 | ||||||||||||
(Pre-refunded to 04/01/2027) | 1,150,000 | 1,281,116 | ||||||||||
5.000%, 04/01/2031 | ||||||||||||
(Pre-refunded to 04/01/2027) | 1,080,000 | 1,203,135 | ||||||||||
5.000%, 04/01/2042 | ||||||||||||
(Pre-refunded to 04/01/2027) | 7,330,000 | 8,165,721 | ||||||||||
5.000%, 08/15/2047 | ||||||||||||
(Callable 08/15/2027) | 1,000,000 | 1,046,778 | ||||||||||
Newark Higher Education Finance Corp., | ||||||||||||
4.000%, 08/15/2022 (PSF Guaranteed) | 215,000 | 215,602 | ||||||||||
North Lamar Independent School District: | ||||||||||||
5.000%, 02/15/2031 (PSF Guaranteed) | 570,000 | 665,846 | ||||||||||
4.000%, 02/15/2033 | ||||||||||||
(Callable 02/15/2031) (PSF Guaranteed) | 650,000 | 699,282 | ||||||||||
4.000%, 02/15/2034 | ||||||||||||
(Callable 02/15/2031) (PSF Guaranteed) | 675,000 | 716,086 | ||||||||||
4.000%, 02/15/2035 | ||||||||||||
(Callable 02/15/2031) (PSF Guaranteed) | 700,000 | 735,523 | ||||||||||
North Texas Tollway Authority: | ||||||||||||
0.000%, 09/01/2037 | ||||||||||||
(Pre-refunded to 09/01/2031) | 4,415,000 | 2,130,820 | ||||||||||
0.000%, 09/01/2043 | ||||||||||||
(Pre-refunded to 09/01/2031) | 27,690,000 | 8,517,563 |
The accompanying notes are an integral part of these financial statements.
Page 161
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
North Texas Tollway Authority: (cont.) | ||||||||||||
0.000%, 09/01/2043 | ||||||||||||
(Pre-refunded to 09/01/2031)(5) | $ | 3,520,000 | $ | 4,321,471 | ||||||||
6.750%, 09/01/2045 | ||||||||||||
(Pre-refunded to 09/01/2031)(5) | 16,440,000 | 21,305,548 | ||||||||||
Northside Independent School District, | ||||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 1,000,000 | 1,083,648 | ||||||||||
Pasadena Independent School District, | ||||||||||||
1.500%, 02/15/2044 (Mandatory Tender | ||||||||||||
Date 08/15/2024) (PSF Guaranteed)(1) | 1,535,000 | 1,513,531 | ||||||||||
Pflugerville Independent School District: | ||||||||||||
5.000%, 02/15/2025 (Pre-refunded | ||||||||||||
to 02/15/2024) (PSF Guaranteed) | 1,020,000 | 1,070,847 | ||||||||||
4.000%, 02/15/2027 (Callable 02/15/2026) | 460,000 | 484,692 | ||||||||||
4.000%, 02/15/2029 (Callable 02/15/2026) | 165,000 | 172,418 | ||||||||||
4.000%, 02/15/2032 (Callable 02/15/2026) | 200,000 | 206,381 | ||||||||||
5.000%, 02/15/2037 | ||||||||||||
(Callable 02/15/2026) (PSF Guaranteed) | 100,000 | 107,833 | ||||||||||
Princeton Independent School District, | ||||||||||||
5.000%, 02/15/2032 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 560,000 | 596,491 | ||||||||||
Prosper Independent School District, | ||||||||||||
5.000%, 02/15/2031 | ||||||||||||
(Callable 02/15/2028) (PSF Guaranteed) | 1,020,000 | 1,138,017 | ||||||||||
Red River Education Finance Corp., | ||||||||||||
5.000%, 03/15/2043 | ||||||||||||
(Pre-refunded to 03/15/2023) | 4,500,000 | 4,607,466 | ||||||||||
Rockwall Independent School District, | ||||||||||||
5.000%, 02/15/2038 | ||||||||||||
(Callable 08/01/2022) (PSF Guaranteed) | 745,000 | 747,062 | ||||||||||
San Angelo Independent School District, | ||||||||||||
5.000%, 02/15/2029 (Pre-refunded | ||||||||||||
to 02/15/2024) (PSF Guaranteed) | 1,500,000 | 1,573,551 | ||||||||||
San Antonio Public Facilities Corp., | ||||||||||||
4.000%, 09/15/2034 | ||||||||||||
(Callable 09/15/2022) | 1,750,000 | 1,750,845 | ||||||||||
Sherman Independent School District, | ||||||||||||
5.000%, 02/15/2026 (Pre-refunded | ||||||||||||
to 02/15/2024) (PSF Guaranteed) | 1,775,000 | 1,863,484 | ||||||||||
Smithville Independent School District: | ||||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 200,000 | 212,096 | ||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 100,000 | 105,449 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 110,000 | 115,040 | ||||||||||
Socorro Independent School District, | ||||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 900,000 | 925,985 | ||||||||||
State of Texas, | ||||||||||||
4.000%, 08/01/2031 | ||||||||||||
(Callable 08/01/2025) | 2,250,000 | 2,326,912 | ||||||||||
Tarrant County Health | ||||||||||||
Facilities Development Corp., | ||||||||||||
6.000%, 09/01/2024 (ETM) | 2,970,000 | 3,108,834 | ||||||||||
Terrell Independent School District, | ||||||||||||
4.000%, 08/01/2037 | ||||||||||||
(Callable 08/01/2026) (PSF Guaranteed) | 510,000 | 524,147 | ||||||||||
Texas Department of Housing | ||||||||||||
& Community Affairs: | ||||||||||||
3.400%, 03/01/2035 (Callable | ||||||||||||
09/01/2034) (Insured by FNMA) | 4,667,303 | 4,386,535 | ||||||||||
2.150%, 09/01/2035 (Callable | ||||||||||||
03/01/2029) (Insured by GNMA) | 1,035,000 | 865,917 | ||||||||||
4.000%, 03/01/2050 (Callable | ||||||||||||
09/01/2028) (Insured by GNMA) | 900,000 | 913,019 | ||||||||||
5.500%, 09/01/2052 (Callable | ||||||||||||
03/01/2032) (Insured by GNMA) | 3,000,000 | 3,255,800 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
and Supply Corp. II, | ||||||||||||
2.095%, 09/15/2027 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(2) | 16,345,000 | 15,978,156 | ||||||||||
Texas State Affordable Housing Corp., | ||||||||||||
4.250%, 03/01/2049 (Callable | ||||||||||||
03/01/2029) (Insured by GNMA) | 185,000 | 188,734 | ||||||||||
Texas Water Development Board: | ||||||||||||
4.000%, 10/15/2033 (Callable 10/15/2027) | 600,000 | 623,872 | ||||||||||
5.000%, 10/15/2033 (Callable 10/15/2025) | 1,250,000 | 1,347,271 | ||||||||||
4.000%, 04/15/2038 (Callable 10/15/2027) | 1,900,000 | 1,937,017 | ||||||||||
Town of Flower Mound TX, | ||||||||||||
5.000%, 03/01/2033 (Callable 03/01/2024) | 250,000 | 259,858 | ||||||||||
United Independent School District: | ||||||||||||
5.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 835,000 | 936,061 | ||||||||||
5.000%, 08/15/2038 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 225,000 | 247,171 | ||||||||||
Waxahachie Independent School District, | ||||||||||||
5.000%, 02/15/2039 | ||||||||||||
(Callable 02/15/2026) (PSF Guaranteed) | 785,000 | 847,047 | ||||||||||
Webb Consolidated | ||||||||||||
Independent School District: | ||||||||||||
4.000%, 02/15/2033 (Pre-refunded | ||||||||||||
to 02/15/2025) (PSF Guaranteed) | 175,000 | 183,070 | ||||||||||
4.000%, 02/15/2033 (Pre-refunded | ||||||||||||
to 02/15/2025) (PSF Guaranteed) | 75,000 | 78,556 | ||||||||||
Wylie Independent School District, | ||||||||||||
6.750%, 08/15/2023 (PSF Guaranteed) | 1,010,000 | 1,065,998 | ||||||||||
Ysleta Independent School District, | ||||||||||||
5.000%, 08/15/2025 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 1,545,000 | 1,637,307 | ||||||||||
Total Texas | ||||||||||||
(Cost $289,974,590) | 277,753,573 | 21.6 | % | |||||||||
Utah | ||||||||||||
Timpanogos Special Service District, | ||||||||||||
4.000%, 06/01/2028 (Callable 06/01/2024) | 425,000 | 435,921 | ||||||||||
Utah Charter School Finance Authority: | ||||||||||||
5.000%, 04/15/2024 (Insured by UT CSCE) | 235,000 | 245,230 | ||||||||||
5.000%, 04/15/2037 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 500,000 | 530,014 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 | ||||||||||||
(Callable 01/01/2026) (Insured by FHA) | 2,695,000 | 2,729,236 | ||||||||||
Total Utah | ||||||||||||
(Cost $4,008,528) | 3,940,401 | 0.3 | % | |||||||||
Vermont | ||||||||||||
Vermont Housing Finance Agency: | ||||||||||||
3.600%, 11/01/2036 (Callable 11/01/2025) | 1,295,000 | 1,243,750 | ||||||||||
4.000%, 05/01/2048 (Callable 11/01/2026) | ||||||||||||
(Insured by GNMA) | 565,000 | 572,310 | ||||||||||
4.000%, 11/01/2048 (Callable 05/01/2027) | 395,000 | 400,606 | ||||||||||
Total Vermont | ||||||||||||
(Cost $2,306,056) | 2,216,666 | 0.2 | % |
The accompanying notes are an integral part of these financial statements.
Page 162
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Virginia | ||||||||||||
Danville Industrial Development Authority, | ||||||||||||
5.250%, 10/01/2028 | ||||||||||||
(ETM) (Insured by AMBAC) | $ | 870,000 | $ | 921,124 | ||||||||
Fairfax County Industrial | ||||||||||||
Development Authority, | ||||||||||||
4.000%, 05/15/2044 (Callable 05/15/2024) | 455,000 | 445,965 | ||||||||||
University of Virginia, | ||||||||||||
5.000%, 04/01/2042 (Callable 04/01/2027) | 535,000 | 578,031 | ||||||||||
Virginia Resources Authority, | ||||||||||||
0.000%, 11/01/2027 (ETM) | 520,000 | 451,436 | ||||||||||
Total Virginia | ||||||||||||
(Cost $2,560,965) | 2,396,556 | 0.2 | % | |||||||||
Washington | ||||||||||||
Central Puget Sound | ||||||||||||
Regional Transit Authority: | ||||||||||||
5.000%, 11/01/2032 | ||||||||||||
(Pre-refunded to 11/01/2025) | 2,725,000 | 2,973,059 | ||||||||||
5.000%, 11/01/2041 (Callable 11/01/2026) | 1,035,000 | 1,116,349 | ||||||||||
County of King WA, | ||||||||||||
5.000%, 07/01/2034 | ||||||||||||
(Pre-refunded to 01/01/2025) | 705,000 | 755,357 | ||||||||||
King County Housing Authority: | ||||||||||||
3.250%, 05/01/2033 (Callable 05/01/2028) | ||||||||||||
(County Guaranteed) | 1,500,000 | 1,472,304 | ||||||||||
4.000%, 11/01/2034 (Callable 11/01/2029) | ||||||||||||
(County Guaranteed) | 1,520,000 | 1,582,787 | ||||||||||
4.000%, 11/01/2036 (Callable 11/01/2029) | ||||||||||||
(County Guaranteed) | 2,740,000 | 2,843,067 | ||||||||||
Pierce County School District No. 3, | ||||||||||||
5.000%, 12/01/2033 (Callable 06/01/2027) | ||||||||||||
(Insured by SCH BD GTY) | 2,600,000 | 2,850,408 | ||||||||||
Port of Seattle WA: | ||||||||||||
5.000%, 01/01/2037 (Callable 01/01/2027) | 1,665,000 | 1,806,246 | ||||||||||
5.000%, 01/01/2038 (Callable 01/01/2027) | 1,000,000 | 1,083,519 | ||||||||||
State of Washington: | ||||||||||||
5.000%, 07/01/2032 (Callable 01/01/2025) | 1,005,000 | 1,061,972 | ||||||||||
5.000%, 07/01/2032 (Callable 01/01/2025) | 6,005,000 | 6,345,416 | ||||||||||
5.000%, 02/01/2035 (Callable 02/01/2025) | 720,000 | 760,079 | ||||||||||
5.000%, 08/01/2038 (Callable 08/01/2026) | 1,225,000 | 1,316,050 | ||||||||||
5.000%, 07/01/2040 (Callable 07/01/2028) | 660,000 | 719,433 | ||||||||||
Washington Health Care Facilities Authority: | ||||||||||||
5.000%, 09/01/2030 | 300,000 | 331,285 | ||||||||||
5.000%, 09/01/2031 (Callable 09/01/2030) | 175,000 | 191,729 | ||||||||||
5.000%, 09/01/2032 (Callable 09/01/2030) | 465,000 | 504,174 | ||||||||||
5.000%, 09/01/2033 (Callable 09/01/2030) | 190,000 | 205,294 | ||||||||||
Washington State | ||||||||||||
Housing Finance Commission: | ||||||||||||
5.000%, 01/01/2023 (ETM) | 170,000 | 172,862 | ||||||||||
1.330%, 12/01/2048 | ||||||||||||
(SIFMA Municipal Swap Index + 0.550%) | ||||||||||||
(Callable 04/01/2023) (Mandatory | ||||||||||||
Tender Date 10/01/2023)(2) | 4,465,000 | 4,453,634 | ||||||||||
4.000%, 06/01/2049 (Callable 06/01/2028) | 440,000 | 446,318 | ||||||||||
4.000%, 06/01/2050 (Callable 06/01/2029) | ||||||||||||
(Insured by GNMA) | 1,640,000 | 1,664,676 | ||||||||||
Total Washington | ||||||||||||
(Cost $35,815,726) | 34,656,018 | 2.7 | % | |||||||||
West Virginia | ||||||||||||
West Virginia Economic | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2027) | 875,000 | 965,560 | ||||||||||
Total West Virginia | ||||||||||||
(Cost $1,009,668) | 965,560 | 0.1 | % | |||||||||
Wisconsin | ||||||||||||
Baraboo School District: | ||||||||||||
4.000%, 04/01/2028 (Callable 04/01/2026) | ||||||||||||
(Insured by BAM) | 550,000 | 577,583 | ||||||||||
3.000%, 04/01/2030 (Callable 04/01/2026) | ||||||||||||
(Insured by BAM) | 300,000 | 298,906 | ||||||||||
3.000%, 04/01/2033 (Callable 04/01/2026) | ||||||||||||
(Insured by BAM) | 650,000 | 621,030 | ||||||||||
City of Milwaukee WI, | ||||||||||||
3.000%, 06/01/2033 (Callable 06/01/2026) | 2,500,000 | 2,380,025 | ||||||||||
City of Oshkosh WI, | ||||||||||||
4.000%, 05/01/2029 (Callable 05/01/2023) | 25,000 | 25,225 | ||||||||||
Oshkosh Area School District, | ||||||||||||
2.625%, 03/01/2027 (Callable 03/01/2023) | ||||||||||||
(Insured by BAM) | 1,840,000 | 1,807,586 | ||||||||||
Public Finance Authority, | ||||||||||||
5.000%, 03/01/2025 | 535,000 | 571,500 | ||||||||||
Southeast Wisconsin Professional | ||||||||||||
Baseball Park District: | ||||||||||||
5.500%, 12/15/2026 (Insured by NATL) | 1,630,000 | 1,786,367 | ||||||||||
0.000%, 12/15/2027 | ||||||||||||
(ETM) (Insured by NATL) | 425,000 | 367,531 | ||||||||||
0.000%, 12/15/2028 | ||||||||||||
(ETM) (Insured by NATL) | 465,000 | 388,564 | ||||||||||
0.000%, 12/15/2029 | ||||||||||||
(ETM) (Insured by NATL) | 655,000 | 524,996 | ||||||||||
State of Wisconsin, | ||||||||||||
5.000%, 05/01/2037 (Callable 05/01/2028) | 110,000 | 120,888 | ||||||||||
State of Wisconsin Clean Water | ||||||||||||
Fund Leveraged Loan Portfolio: | ||||||||||||
5.000%, 06/01/2026 | ||||||||||||
(Pre-refunded to 06/01/2024) | 100,000 | 105,294 | ||||||||||
5.000%, 06/01/2028 | ||||||||||||
(Pre-refunded to 06/01/2024) | 5,430,000 | 5,717,435 | ||||||||||
5.000%, 06/01/2030 | ||||||||||||
(Pre-refunded to 06/01/2024) | 10,515,000 | 11,071,608 | ||||||||||
5.000%, 06/01/2031 | ||||||||||||
(Pre-refunded to 06/01/2024) | 7,975,000 | 8,397,154 | ||||||||||
University of Wisconsin Hospitals & Clinics, | ||||||||||||
5.000%, 04/01/2038 | ||||||||||||
(Pre-refunded to 04/01/2023) | 2,680,000 | 2,745,481 | ||||||||||
Village of Mount Pleasant WI: | ||||||||||||
5.000%, 04/01/2036 (Callable 04/01/2028) | 275,000 | 305,361 | ||||||||||
4.000%, 04/01/2037 (Callable 04/01/2028) | 2,400,000 | 2,417,166 | ||||||||||
5.000%, 04/01/2048 (Callable 04/01/2028) | ||||||||||||
(Insured by BAM) | 1,500,000 | 1,590,297 | ||||||||||
Wisconsin Center District: | ||||||||||||
4.000%, 12/15/2029 (Callable 06/15/2026) | 1,480,000 | 1,549,575 | ||||||||||
5.000%, 12/15/2030 (Callable 06/15/2026) | 775,000 | 847,524 | ||||||||||
0.000%, 12/15/2034 (Callable 12/15/2030) | ||||||||||||
(Insured by AGM) | 1,810,000 | 1,113,520 | ||||||||||
4.000%, 12/15/2034 (Callable 06/15/2026) | 720,000 | 738,824 | ||||||||||
Wisconsin Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
4.000%, 09/15/2025 | ||||||||||||
(Pre-refunded to 09/15/2023) | 225,000 | 230,325 | ||||||||||
5.000%, 02/15/2028 | ||||||||||||
(Pre-refunded to 08/15/2025) | 20,000 | 21,632 | ||||||||||
4.000%, 02/15/2033 | ||||||||||||
(Pre-refunded to 08/15/2025) | 100,000 | 105,110 | ||||||||||
5.000%, 11/15/2036 (Callable 05/15/2026) | 205,000 | 217,408 | ||||||||||
4.000%, 02/15/2038 | ||||||||||||
(Pre-refunded to 08/15/2025) | 500,000 | 525,552 | ||||||||||
5.000%, 07/01/2042 (Callable 07/01/2027) | 2,000,000 | 2,070,593 |
The accompanying notes are an integral part of these financial statements.
Page 163
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wisconsin Health & Educational | ||||||||||||
Facilities Authority: (cont.) | ||||||||||||
5.000%, 09/15/2045 | ||||||||||||
(Pre-refunded to 09/15/2023) | $ | 2,545,000 | $ | 2,635,724 | ||||||||
4.000%, 11/15/2046 | ||||||||||||
(Pre-refunded to 05/15/2026) | 1,470,000 | 1,546,752 | ||||||||||
1.110%, 02/15/2053 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/05/2022)(1) | 2,000,000 | 2,000,000 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority: | ||||||||||||
3.500%, 09/01/2046 (Callable 09/01/2025) | ||||||||||||
(Insured by FNMA) | 720,000 | 722,816 | ||||||||||
4.000%, 03/01/2048 (Callable 03/01/2027) | ||||||||||||
(Insured by FNMA) | 890,000 | 901,907 | ||||||||||
4.000%, 03/01/2048 (Callable 03/01/2027) | 375,000 | 380,090 | ||||||||||
4.250%, 03/01/2049 (Callable 09/01/2028) | ||||||||||||
(Insured by FNMA) | 1,570,000 | 1,604,179 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $60,083,781) | 59,031,528 | 4.6 | % | |||||||||
Wyoming | ||||||||||||
Wyoming Community | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 12/01/2043 (Callable 06/01/2027) | 310,000 | 314,261 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2028) | 2,095,000 | 2,125,018 | ||||||||||
3.000%, 06/01/2050 (Callable 12/01/2030) | ||||||||||||
(Insured by GNMA) | 1,980,000 | 1,948,454 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $4,650,120) | 4,387,733 | 0.3 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $1,275,669,146) | 1,234,950,522 | 96.3 | % | |||||||||
Shares | ||||||||||||
Closed-End Investment Company | ||||||||||||
Nuveen AMT-Free Municipal Credit Income | ||||||||||||
Fund, Series C Preferred Shares, | ||||||||||||
1.410%, 12/01/2031(1) | 8,000 | 8,000,000 | ||||||||||
Total Closed-End Investment Company | ||||||||||||
(Cost $8,000,000) | 8,000,000 | 0.6 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $1,283,669,146) | 1,242,950,522 | 96.9 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.81%(4) | 19,092,162 | 19,092,162 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $19,092,162) | 19,092,162 | 1.5 | % | |||||||||
Total Investments | ||||||||||||
(Cost $1,302,761,308) | 1,262,042,684 | 98.4 | % | |||||||||
Other Assets in Excess of Liabilities | 20,918,765 | 1.6 | % | |||||||||
TOTAL NET ASSETS | $ | 1,282,961,449 | 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.
FGIC – Financial Guaranty Insurance Company
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, 2022. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2022. |
(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, 2022, the value of these securities totaled $21,480,442, which represented 1.67% 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, 2022. |
The accompanying notes are an integral part of these financial statements.
Page 164
Baird Quality Intermediate Municipal Bond Fund
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 1,234,950,522 | $ | — | $ | 1,234,950,522 | ||||||||
Closed-End Investment Company | — | 8,000,000 | — | 8,000,000 | ||||||||||||
Total Long-Term Investments | — | 1,242,950,522 | — | 1,242,950,522 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 19,092,162 | — | — | 19,092,162 | ||||||||||||
Total Short-Term Investment | 19,092,162 | — | — | 19,092,162 | ||||||||||||
Total Investments | $ | 19,092,162 | $ | 1,242,950,522 | $ | — | $ | 1,262,042,684 |
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 165
Baird Core Intermediate Municipal Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $2,029,468,304 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 2.53% | |||
Investor Class | 2.28% | |||
Average Effective Duration | 4.80 years | |||
Average Effective Maturity | 5.12 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 41% | (7) | ||
Number of Holdings | 1,853 | |||
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, 2022. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 166
Baird Core Intermediate Municipal Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -6.90% | -6.33% | 0.60% | 1.87% | 2.31% |
Investor Class Shares | -7.10% | -6.66% | 0.32% | 1.61% | 2.05% |
Bloomberg 1-15 Year Municipal Bond Index(2) | -6.80% | -6.53% | 0.12% | 1.47% | 1.82% |
(1) | For the period from August 31, 2015 (inception date) through June 30, 2022. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 167
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (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 | $ | 1,034,692 | ||||||||
3.500%, 11/01/2025 (Insured by BAM) | 1,100,000 | 1,131,945 | ||||||||||
5.000%, 10/01/2028 | ||||||||||||
(Callable 10/01/2026) (Insured by AGM) | 310,000 | 338,392 | ||||||||||
Alabama Economic Settlement Authority, | ||||||||||||
4.000%, 09/15/2033 (Callable 09/15/2026) | 5,810,000 | 5,831,992 | ||||||||||
Birmingham Airport Authority: | ||||||||||||
5.000%, 07/01/2027 (Insured by BAM) | 500,000 | 553,664 | ||||||||||
4.000%, 07/01/2036 | ||||||||||||
(Callable 07/01/2030) (Insured by BAM) | 360,000 | 360,649 | ||||||||||
4.000%, 07/01/2037 | ||||||||||||
(Callable 07/01/2030) (Insured by BAM) | 500,000 | 500,458 | ||||||||||
Black Belt Energy Gas District, | ||||||||||||
4.000%, 07/01/2052 (Callable 03/01/2027) | ||||||||||||
(Mandatory Tender Date 06/01/2027)(1)(6) | 4,000,000 | 4,118,570 | ||||||||||
Chilton County Health Care Authority, | ||||||||||||
4.000%, 11/01/2045 (Callable 11/01/2025) | 205,000 | 194,715 | ||||||||||
City of Birmingham AL: | ||||||||||||
5.000%, 03/01/2040 | ||||||||||||
(Pre-refunded to 09/01/2025)(7) | 205,000 | 222,876 | ||||||||||
5.000%, 03/01/2045 | ||||||||||||
(Pre-refunded to 09/01/2025)(7) | 1,205,000 | 1,310,074 | ||||||||||
City of Oxford AL, | ||||||||||||
1.150%, 09/01/2041 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 5,300,000 | 5,300,000 | ||||||||||
City of Troy AL, | ||||||||||||
5.000%, 07/01/2031 | ||||||||||||
(Callable 07/01/2025) (Insured by BAM) | 555,000 | 586,418 | ||||||||||
County of Elmore AL: | ||||||||||||
4.000%, 05/01/2024 (Insured by BAM) | 420,000 | 431,728 | ||||||||||
4.000%, 05/01/2025 (Insured by BAM) | 540,000 | 558,539 | ||||||||||
4.000%, 05/01/2026 (Insured by BAM) | 400,000 | 415,354 | ||||||||||
4.200%, 05/01/2042 | ||||||||||||
(Callable 05/01/2032) (Insured by BAM) | 1,625,000 | 1,595,277 | ||||||||||
5.000%, 05/01/2047 | ||||||||||||
(Callable 05/01/2032) (Insured by BAM) | 1,000,000 | 1,088,261 | ||||||||||
County of Jefferson AL: | ||||||||||||
0.000%, 10/01/2025 | ||||||||||||
(Callable 10/01/2023) (Insured by AGM) | 1,000,000 | 909,475 | ||||||||||
5.000%, 09/15/2029 (Callable 03/15/2027) | 570,000 | 625,685 | ||||||||||
0.000%, 10/01/2034 | ||||||||||||
(Callable 10/01/2023) | ||||||||||||
(Insured by AGM) | 480,000 | 237,367 | ||||||||||
5.250%, 10/01/2048 | ||||||||||||
(Callable 10/01/2023) (Insured by AGM) | 125,000 | 130,876 | ||||||||||
Homewood Educational Building Authority: | ||||||||||||
4.000%, 12/01/2033 (Callable 12/01/2029) | 785,000 | 791,558 | ||||||||||
4.000%, 12/01/2034 (Callable 12/01/2029) | 255,000 | 255,953 | ||||||||||
Jefferson County Board of Education, | ||||||||||||
5.000%, 02/01/2042 (Callable 02/01/2028) | 825,000 | 896,354 | ||||||||||
Lauderdale County Agriculture Center Authority, | ||||||||||||
4.000%, 07/01/2034 | ||||||||||||
(Pre-refunded to 07/01/2024) | 1,235,000 | 1,280,606 | ||||||||||
Leeds Public Educational Building Authority, | ||||||||||||
4.000%, 04/01/2034 | ||||||||||||
(Callable 10/01/2025) (Insured by AGM) | 450,000 | 469,720 | ||||||||||
Madison Water & Wastewater Board, | ||||||||||||
4.000%, 12/01/2037 (Callable 12/01/2029) | 530,000 | 534,165 | ||||||||||
Orange Beach Water Sewer | ||||||||||||
& Fire Protection Authority, | ||||||||||||
4.125%, 05/15/2052 (Callable 05/15/2032) | 2,250,000 | 2,232,967 | ||||||||||
Southeast Alabama Gas Supply District: | ||||||||||||
4.000%, 04/01/2049 (Callable 01/01/2024) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(1) | 5,000,000 | 5,063,348 | ||||||||||
1.998%, 06/01/2049 (1 Month LIBOR | ||||||||||||
USD + 0.850%) (Callable 03/01/2024) | ||||||||||||
(Mandatory Tender Date 06/01/2024)(2) | 5,140,000 | 5,064,907 | ||||||||||
Southeast Energy Authority | ||||||||||||
A Cooperative District, | ||||||||||||
5.000%, 05/01/2053 (Callable 05/01/2028) | ||||||||||||
(Mandatory Tender Date 08/01/2028)(1) | 2,000,000 | 2,115,703 | ||||||||||
Tallassee Board of Education: | ||||||||||||
4.000%, 08/01/2029 (Insured by AGM) | 420,000 | 445,625 | ||||||||||
4.000%, 08/01/2030 (Insured by AGM) | 435,000 | 456,681 | ||||||||||
4.000%, 08/01/2031 | ||||||||||||
(Callable 08/01/2030) (Insured by AGM) | 455,000 | 470,550 | ||||||||||
4.000%, 08/01/2032 | ||||||||||||
(Callable 08/01/2030) (Insured by AGM) | 470,000 | 478,955 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
1.010%, 09/01/2051(1) | 4,000,000 | 4,000,000 | ||||||||||
UAB Medicine Finance Authority, | ||||||||||||
4.000%, 09/01/2038 (Callable 09/01/2029) | 500,000 | 494,664 | ||||||||||
University of Alabama at Birmingham, | ||||||||||||
4.000%, 10/01/2037 (Callable 10/01/2026) | 500,000 | 500,818 | ||||||||||
Total Alabama | ||||||||||||
(Cost $54,432,132) | 53,029,581 | 2.6 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp.: | ||||||||||||
5.000%, 12/01/2029 | ||||||||||||
(Pre-refunded to 06/01/2024) | 225,000 | 237,343 | ||||||||||
5.000%, 12/01/2031 (Callable 06/01/2028) | 500,000 | 556,372 | ||||||||||
4.000%, 06/01/2036 | ||||||||||||
(Pre-refunded to 06/01/2025) | 505,000 | 529,453 | ||||||||||
4.000%, 06/01/2036 (Callable 06/01/2025) | 1,245,000 | 1,245,257 | ||||||||||
Alaska Industrial Development | ||||||||||||
& Export Authority, | ||||||||||||
4.000%, 10/01/2034 (Callable 10/01/2029) | 1,585,000 | 1,587,310 | ||||||||||
Alaska Municipal Bond Bank Authority, | ||||||||||||
5.000%, 08/01/2027 | ||||||||||||
(Pre-refunded to 08/01/2023) | 500,000 | 517,250 | ||||||||||
University of Alaska: | ||||||||||||
4.000%, 10/01/2026 (Callable 10/01/2023) | 650,000 | 661,659 | ||||||||||
5.000%, 10/01/2044 | ||||||||||||
(Callable 10/01/2026) (Insured by AGM) | 1,500,000 | 1,600,112 | ||||||||||
Total Alaska | ||||||||||||
(Cost $7,141,669) | 6,934,756 | 0.3 | % | |||||||||
Arizona | ||||||||||||
Arizona Industrial Development Authority: | ||||||||||||
5.000%, 05/01/2028 | 270,000 | 248,352 | ||||||||||
4.625%, 08/01/2028(3) | 1,160,000 | 1,176,828 | ||||||||||
5.000%, 02/01/2030 | 340,000 | 383,077 | ||||||||||
5.000%, 07/01/2032 (Callable 07/01/2026) | 205,000 | 209,382 | ||||||||||
5.000%, 07/01/2033 (Callable 07/01/2026) | 220,000 | 224,258 | ||||||||||
4.000%, 07/01/2034 (Callable 07/01/2026) | 230,000 | 213,010 | ||||||||||
4.000%, 07/01/2035 (Callable 07/01/2026) | 235,000 | 215,946 | ||||||||||
4.000%, 07/01/2036 (Callable 07/01/2026) | 445,000 | 406,334 | ||||||||||
4.000%, 07/01/2051 (Callable 07/01/2026) | 2,950,000 | 2,416,546 | ||||||||||
BluePath TE Trust, | ||||||||||||
2.750%, 09/01/2026 | ||||||||||||
(Callable 08/01/2022)(3) | 2,036,462 | 1,982,314 | ||||||||||
City of Phoenix Civic Improvement Corp., | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2027) | 250,000 | 270,019 | ||||||||||
City of Tucson AZ, | ||||||||||||
5.000%, 07/01/2032 (Callable 07/01/2025) | 500,000 | 534,158 |
The accompanying notes are an integral part of these financial statements.
Page 168
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Industrial Development | ||||||||||||
Authority of the City of Phoenix, | ||||||||||||
4.000%, 10/01/2047 (Callable 10/01/2026) | $ | 115,000 | $ | 107,217 | ||||||||
Industrial Development | ||||||||||||
Authority of the County of Pima, | ||||||||||||
4.000%, 09/01/2029 (Callable 03/01/2023) | 2,000,000 | 2,016,960 | ||||||||||
Kyrene Elementary School District No. 28, | ||||||||||||
4.000%, 07/01/2033 (Callable 07/01/2025) | 1,500,000 | 1,546,271 | ||||||||||
Maricopa County | ||||||||||||
Department of Public Health, | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2028) | 300,000 | 330,682 | ||||||||||
Maricopa County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2028 | ||||||||||||
(Insured by SD CRED PROG) | 755,000 | 819,549 | ||||||||||
Maricopa County Unified | ||||||||||||
School District No. 4: | ||||||||||||
5.000%, 07/01/2024 | 450,000 | 475,791 | ||||||||||
5.000%, 07/01/2026 | 1,000,000 | 1,100,806 | ||||||||||
Maricopa County Unified | ||||||||||||
School District No. 48, | ||||||||||||
3.000%, 07/01/2034 (Callable 07/01/2028) | 1,000,000 | 952,122 | ||||||||||
Town of Marana AZ: | ||||||||||||
4.000%, 07/01/2036 (Callable 07/01/2027) | 350,000 | 362,270 | ||||||||||
4.000%, 07/01/2037 (Callable 07/01/2027) | 500,000 | 511,663 | ||||||||||
Total Arizona | ||||||||||||
(Cost $17,862,384) | 16,503,555 | 0.8 | % | |||||||||
Arkansas | ||||||||||||
Arkansas Development Finance Authority: | ||||||||||||
4.000%, 12/01/2031 (Callable 12/01/2027) | 380,000 | 400,028 | ||||||||||
4.000%, 12/01/2032 (Callable 12/01/2027) | 400,000 | 419,354 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2027) | 415,000 | 433,896 | ||||||||||
4.000%, 12/01/2034 (Callable 12/01/2027) | 430,000 | 448,877 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2027) | 445,000 | 462,782 | ||||||||||
4.000%, 12/01/2038 (Callable 12/01/2027) | 250,000 | 255,229 | ||||||||||
4.250%, 07/01/2041 (Callable 07/01/2028) | 750,000 | 686,256 | ||||||||||
Arkansas Technical University, | ||||||||||||
4.000%, 06/01/2028 (Callable 06/01/2023) | 1,025,000 | 1,037,209 | ||||||||||
Benton Washington Regional | ||||||||||||
Public Water Authority: | ||||||||||||
4.000%, 10/01/2033 | ||||||||||||
(Callable 10/01/2029) (Insured by BAM) | 250,000 | 261,947 | ||||||||||
3.000%, 10/01/2041 | ||||||||||||
(Callable 10/01/2028) (Insured by BAM) | 510,000 | 434,498 | ||||||||||
Carroll-Boone Water District: | ||||||||||||
3.000%, 12/01/2028 (Callable 12/01/2025) | 780,000 | 772,065 | ||||||||||
3.000%, 12/01/2029 (Callable 12/01/2025) | 505,000 | 492,001 | ||||||||||
3.000%, 12/01/2030 (Callable 12/01/2025) | 630,000 | 605,933 | ||||||||||
3.000%, 12/01/2032 (Callable 12/01/2025) | 1,035,000 | 971,020 | ||||||||||
City of Beebe AR: | ||||||||||||
3.000%, 08/01/2041 | ||||||||||||
(Callable 08/01/2028) (Insured by AGM) | 1,500,000 | 1,276,237 | ||||||||||
3.000%, 08/01/2046 | ||||||||||||
(Callable 08/01/2028) (Insured by AGM) | 3,350,000 | 2,655,814 | ||||||||||
City of Cabot AR, | ||||||||||||
3.000%, 12/01/2056 (Callable 12/01/2028) | 2,000,000 | 1,497,153 | ||||||||||
City of Fayetteville AR: | ||||||||||||
1.750%, 11/01/2032 (Callable 11/01/2026) | 555,000 | 552,021 | ||||||||||
3.050%, 01/01/2047 (Callable 01/01/2027) | 690,000 | 682,167 | ||||||||||
City of Heber Springs AR, | ||||||||||||
3.000%, 11/01/2034 | ||||||||||||
(Callable 11/01/2024) (Insured by BAM) | 685,000 | 625,564 | ||||||||||
City of Hot Springs AR, | ||||||||||||
4.000%, 12/01/2030 | ||||||||||||
(Callable 12/01/2023) (Insured by BAM) | 540,000 | 549,347 | ||||||||||
City of Magnolia AR, | ||||||||||||
3.200%, 08/01/2033 | ||||||||||||
(Callable 08/01/2024) (Insured by BAM) | 1,085,000 | 1,072,754 | ||||||||||
City of Marion AR, | ||||||||||||
2.900%, 09/01/2047 (Callable 09/01/2027) | 65,000 | 64,697 | ||||||||||
City of Maumelle AR: | ||||||||||||
4.000%, 08/01/2026 (Callable 08/01/2025) | 25,000 | 25,643 | ||||||||||
4.000%, 08/01/2028 (Callable 08/01/2025) | 290,000 | 294,802 | ||||||||||
4.000%, 08/01/2029 (Callable 08/01/2025) | 700,000 | 708,780 | ||||||||||
4.000%, 08/01/2030 (Callable 08/01/2025) | 325,000 | 327,879 | ||||||||||
City of North Little Rock AR: | ||||||||||||
4.000%, 11/01/2028 (Callable 05/01/2027) | 645,000 | 687,807 | ||||||||||
4.000%, 11/01/2030 (Callable 05/01/2027) | 650,000 | 686,471 | ||||||||||
City of Pine Bluff AR, | ||||||||||||
3.000%, 02/01/2047 | ||||||||||||
(Callable 08/01/2027) (Insured by BAM) | 655,000 | 621,887 | ||||||||||
City of Rogers AR, | ||||||||||||
3.250%, 11/01/2043 (Callable 11/01/2026) | 730,000 | 722,525 | ||||||||||
City of Russellville AR, | ||||||||||||
4.000%, 07/01/2028 | ||||||||||||
(Callable 07/01/2025) (Insured by AGM) | 325,000 | 338,959 | ||||||||||
City of Springdale AR, | ||||||||||||
3.000%, 04/01/2043 | ||||||||||||
(Callable 04/01/2024) (Insured by BAM) | 170,000 | 168,036 | ||||||||||
City of Tontitown AR: | ||||||||||||
3.000%, 02/01/2038 | ||||||||||||
(Callable 02/01/2027) (Insured by AGM) | 670,000 | 590,695 | ||||||||||
3.000%, 02/01/2042 | ||||||||||||
(Callable 02/01/2027) (Insured by AGM) | 1,270,000 | 1,054,428 | ||||||||||
City of West Memphis AR: | ||||||||||||
3.000%, 12/01/2033 | ||||||||||||
(Callable 12/01/2028) (Insured by BAM) | 570,000 | 525,232 | ||||||||||
3.000%, 12/01/2034 | ||||||||||||
(Callable 12/01/2028) (Insured by BAM) | 275,000 | 250,865 | ||||||||||
3.000%, 12/01/2041 | ||||||||||||
(Callable 12/01/2028) (Insured by BAM) | 1,750,000 | 1,485,497 | ||||||||||
Conway Health Facilities Board, | ||||||||||||
5.000%, 08/01/2029 (Callable 08/01/2026) | 360,000 | 378,580 | ||||||||||
Jackson County Special School District, | ||||||||||||
1.500%, 02/01/2024 | ||||||||||||
(Callable 08/01/2022) (Insured by ST AID) | 60,000 | 59,592 | ||||||||||
National Park College District, | ||||||||||||
3.000%, 05/01/2025 (Callable 11/01/2024) | 235,000 | 236,555 | ||||||||||
Pulaski County Public Facilities Board, | ||||||||||||
5.000%, 12/01/2042 (Callable 12/01/2024) | 1,000,000 | 1,017,898 | ||||||||||
Salem Public Water Authority: | ||||||||||||
5.000%, 01/01/2028 (Insured by BAM) | 120,000 | 132,970 | ||||||||||
3.000%, 01/01/2030 | ||||||||||||
(Callable 01/01/2028) (Insured by BAM) | 340,000 | 335,163 | ||||||||||
3.000%, 01/01/2032 | ||||||||||||
(Callable 01/01/2028) (Insured by BAM) | 255,000 | 241,264 | ||||||||||
Southern Arkansas University: | ||||||||||||
4.000%, 03/01/2025 (Insured by AGM) | 415,000 | 432,690 | ||||||||||
4.000%, 03/01/2026 | ||||||||||||
(Callable 03/01/2025) (Insured by AGM) | 520,000 | 539,744 | ||||||||||
4.000%, 03/01/2026 | ||||||||||||
(Callable 03/01/2025) (Insured by AGM) | 270,000 | 280,252 | ||||||||||
4.000%, 03/01/2027 | ||||||||||||
(Callable 03/01/2025) (Insured by AGM) | 545,000 | 563,441 | ||||||||||
4.000%, 03/01/2027 | ||||||||||||
(Callable 03/01/2025) (Insured by AGM) | 275,000 | 284,305 | ||||||||||
4.000%, 03/01/2028 | ||||||||||||
(Callable 03/01/2025) (Insured by AGM) | 165,000 | 170,105 |
The accompanying notes are an integral part of these financial statements.
Page 169
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
University of Central Arkansas: | ||||||||||||
4.000%, 11/01/2027 | ||||||||||||
(Callable 11/01/2025) (Insured by BAM) | $ | 340,000 | $ | 353,786 | ||||||||
4.000%, 11/01/2028 | ||||||||||||
(Callable 11/01/2025) (Insured by BAM) | 250,000 | 258,973 | ||||||||||
4.000%, 11/01/2031 | ||||||||||||
(Callable 11/01/2025) (Insured by BAM) | 885,000 | 901,419 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $35,014,146) | 31,333,092 | 1.6 | % | |||||||||
California | ||||||||||||
Acalanes Union High School District: | ||||||||||||
0.000%, 08/01/2028(7) | 130,000 | 131,897 | ||||||||||
0.000%, 08/01/2032(7) | 440,000 | 484,046 | ||||||||||
0.000%, 08/01/2035 | ||||||||||||
(Callable 08/01/2029)(7) | 385,000 | 409,070 | ||||||||||
0.000%, 08/01/2039 | ||||||||||||
(Callable 08/01/2029)(7) | 125,000 | 132,353 | ||||||||||
Alisal Union School District: | ||||||||||||
4.000%, 05/01/2034 | ||||||||||||
(Callable 05/01/2029) (Insured by BAM) | 385,000 | 389,742 | ||||||||||
4.000%, 05/01/2036 | ||||||||||||
(Callable 05/01/2029) (Insured by BAM) | 650,000 | 653,862 | ||||||||||
American Valley Community Services District, | ||||||||||||
1.500%, 11/01/2023 | ||||||||||||
(Callable 11/01/2022)(3) | 4,000,000 | 3,954,945 | ||||||||||
Anaheim Public Financing Authority, | ||||||||||||
0.000%, 09/01/2023 (Insured by AGM) | 4,500,000 | 4,378,472 | ||||||||||
Bakersfield City School District: | ||||||||||||
5.000%, 11/01/2023 (Insured by BAM) | 1,030,000 | 1,071,117 | ||||||||||
5.000%, 11/01/2024 (Insured by BAM) | 810,000 | 860,301 | ||||||||||
Bay Area Toll Authority: | ||||||||||||
1.880%, 04/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 1.100%) | ||||||||||||
(Callable 10/01/2023) (Mandatory Tender | ||||||||||||
Date 04/01/2024)(2) | 1,250,000 | 1,257,645 | ||||||||||
1.880%, 04/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 1.100%) | ||||||||||||
(Callable 10/01/2023) (Mandatory Tender | ||||||||||||
Date 04/01/2024)(2) | 3,500,000 | 3,521,408 | ||||||||||
Beaumont Unified School District, | ||||||||||||
7.200%, 08/01/2041 (Pre-refunded | ||||||||||||
to 08/01/2026) (Insured by AGM)(7) | 90,000 | 107,029 | ||||||||||
Burbank Unified School District, | ||||||||||||
0.000%, 02/01/2038 | ||||||||||||
(Callable 08/01/2028)(7) | 210,000 | 211,691 | ||||||||||
California Health Facilities | ||||||||||||
Financing Authority, | ||||||||||||
4.000%, 08/15/2035 (Callable 08/15/2026) | 3,000,000 | 3,025,774 | ||||||||||
California Infrastructure & | ||||||||||||
Economic Development Bank: | ||||||||||||
1.130%, 08/01/2047 | ||||||||||||
(SIFMA Municipal Swap Index + 0.350%) | ||||||||||||
(Callable 08/01/2023) (Mandatory Tender | ||||||||||||
Date 08/01/2024)(2) | 360,000 | 355,683 | ||||||||||
1.480%, 12/01/2050 | ||||||||||||
(SIFMA Municipal Swap Index + 0.700%) | ||||||||||||
(Callable 06/01/2025) (Mandatory Tender | ||||||||||||
Date 06/01/2026)(2) | 250,000 | 246,509 | ||||||||||
California Municipal Finance Authority: | ||||||||||||
5.000%, 08/01/2023 | 400,000 | 403,685 | ||||||||||
5.000%, 08/01/2024 | 400,000 | 405,482 | ||||||||||
5.000%, 10/01/2026 | 300,000 | 319,787 | ||||||||||
2.125%, 11/15/2026 (Callable 05/15/2023) | 820,000 | 754,051 | ||||||||||
5.000%, 05/15/2031 (Insured by BAM) | 470,000 | 517,403 | ||||||||||
5.000%, 05/15/2036 | ||||||||||||
(Callable 11/15/2028) (Insured by BAM) | 1,000,000 | 1,061,960 | ||||||||||
1.300%, 02/01/2039 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1)(3) | 1,500,000 | 1,426,434 | ||||||||||
4.000%, 05/15/2039 | ||||||||||||
(Callable 05/15/2031) (Insured by BAM) | 175,000 | 171,450 | ||||||||||
4.000%, 05/15/2041 | ||||||||||||
(Callable 05/15/2031) (Insured by BAM) | 500,000 | 485,438 | ||||||||||
California Public Finance Authority: | ||||||||||||
2.125%, 11/15/2027 | ||||||||||||
(Callable 05/15/2023)(3) | 2,800,000 | 2,601,513 | ||||||||||
2.375%, 11/15/2028 | ||||||||||||
(Callable 05/15/2023)(3) | 3,075,000 | 2,822,815 | ||||||||||
3.125%, 05/15/2029 | ||||||||||||
(Callable 11/15/2023)(3) | 2,010,000 | 1,838,283 | ||||||||||
Campbell Union School District, | ||||||||||||
5.800%, 08/01/2035 | ||||||||||||
(Callable 08/01/2026)(7) | 785,000 | 872,447 | ||||||||||
Carlsbad Unified School District, | ||||||||||||
6.125%, 08/01/2031(7) | 125,000 | 153,452 | ||||||||||
Cerritos Community College District, | ||||||||||||
0.000%, 08/01/2025 | 1,800,000 | 1,657,726 | ||||||||||
Chawanakee Unified School District: | ||||||||||||
4.000%, 08/01/2026 (Insured by BAM)(7) | 110,000 | 116,372 | ||||||||||
4.000%, 08/01/2027 | ||||||||||||
(Callable 08/01/2026) (Insured by BAM)(7) | 100,000 | 105,817 | ||||||||||
4.000%, 08/01/2028 | ||||||||||||
(Callable 08/01/2026) (Insured by BAM)(7) | 75,000 | 78,862 | ||||||||||
4.000%, 08/01/2029 | ||||||||||||
(Callable 08/01/2026) (Insured by BAM)(7) | 80,000 | 83,686 | ||||||||||
Citrus Community College District, | ||||||||||||
0.000%, 08/01/2037 | ||||||||||||
(Pre-refunded to 02/01/2024)(7) | 460,000 | 468,637 | ||||||||||
City & County of San Francisco CA: | ||||||||||||
1.300%, 07/01/2023 | ||||||||||||
(Mandatory Tender Date 01/01/2023)(1) | 400,000 | 398,760 | ||||||||||
4.000%, 06/15/2039 (Callable 06/15/2028) | 1,080,000 | 1,090,324 | ||||||||||
City of Redding CA, | ||||||||||||
1.724%, 07/01/2022 | ||||||||||||
(ETM) (Insured by NATL)(1)(5) | 5,000 | 5,000 | ||||||||||
City of San Mateo CA, | ||||||||||||
5.250%, 09/01/2040 | ||||||||||||
(Callable 09/01/2032) (Insured by BAM) | 1,250,000 | 1,359,798 | ||||||||||
Colton Joint Unified School District, | ||||||||||||
5.800%, 08/01/2035 (Pre-refunded | ||||||||||||
to 08/01/2026) (Insured by AGM)(7) | 300,000 | 341,814 | ||||||||||
Contra Costa Transportation Authority, | ||||||||||||
5.000%, 03/01/2029 (Callable 03/01/2025) | 1,390,000 | 1,482,471 | ||||||||||
Del Mar Union School District, | ||||||||||||
4.000%, 08/01/2046 (Callable 08/01/2032) | 2,500,000 | 2,475,021 | ||||||||||
Denair Unified School District, | ||||||||||||
6.500%, 08/01/2031 (Insured by AGM)(7) | 130,000 | 160,239 | ||||||||||
Desert Hot Springs Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
5.000%, 09/01/2029 | ||||||||||||
(Callable 09/01/2027) (Insured by BAM) | 300,000 | 331,591 | ||||||||||
Dublin Financing Authority, | ||||||||||||
4.000%, 06/01/2038 (Callable 06/01/2029) | 390,000 | 390,209 | ||||||||||
El Rancho Unified School District, | ||||||||||||
0.000%, 08/01/2034 | ||||||||||||
(Callable 08/01/2028) (Insured by AGM)(7) | 755,000 | 850,337 |
The accompanying notes are an integral part of these financial statements.
Page 170
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Encinitas Union School District, | ||||||||||||
0.000%, 08/01/2031(7) | $ | 325,000 | $ | 396,675 | ||||||||
Enterprise Elementary School District, | ||||||||||||
6.200%, 08/01/2035 | ||||||||||||
(Callable 08/01/2031)(7) | 155,000 | 191,627 | ||||||||||
Escondido Union High School District: | ||||||||||||
0.000%, 08/01/2029 (Insured by AGC) | 505,000 | �� | 399,405 | |||||||||
6.875%, 08/01/2034 (Insured by AGC)(7) | 330,000 | 450,610 | ||||||||||
Fontana Unified School District, | ||||||||||||
3.000%, 08/01/2041 | ||||||||||||
(Callable 08/01/2028) (Insured by BAM) | 1,750,000 | 1,457,191 | ||||||||||
Fresno Joint Powers Financing Authority, | ||||||||||||
5.000%, 04/01/2027 (Insured by AGM) | 315,000 | 351,512 | ||||||||||
Grossmont Union High School District, | ||||||||||||
0.000%, 08/01/2039 | ||||||||||||
(Callable 02/01/2025) (Insured by AGM) | 500,000 | 217,791 | ||||||||||
Hueneme Elementary School District: | ||||||||||||
4.000%, 08/01/2037 | ||||||||||||
(Callable 08/01/2028) (Insured by AGM) | 500,000 | 500,350 | ||||||||||
4.000%, 08/01/2038 | ||||||||||||
(Callable 08/01/2028) (Insured by AGM) | 1,050,000 | 1,040,075 | ||||||||||
4.000%, 08/01/2039 | ||||||||||||
(Callable 08/01/2028) (Insured by AGM) | 660,000 | 651,139 | ||||||||||
Indio Finance Authority, | ||||||||||||
5.250%, 11/01/2042(6) | 1,000,000 | 1,101,650 | ||||||||||
King Union School District, | ||||||||||||
0.000%, 08/01/2028 (Insured by AMBAC) | 400,000 | 325,817 | ||||||||||
Lake Elsinore Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
5.000%, 09/01/2027 | ||||||||||||
(Callable 09/01/2025) (Insured by BAM) | 275,000 | 295,549 | ||||||||||
Lathrop-Manteca Fire Protection District: | ||||||||||||
4.000%, 05/01/2041 | ||||||||||||
(Callable 05/01/2029) (Insured by AGM) | 600,000 | 578,766 | ||||||||||
4.000%, 05/01/2046 | ||||||||||||
(Callable 05/01/2029) (Insured by AGM) | 730,000 | 702,230 | ||||||||||
4.000%, 05/01/2051 | ||||||||||||
(Callable 05/01/2029) (Insured by AGM) | 795,000 | 761,251 | ||||||||||
Long Beach Bond Finance Authority: | ||||||||||||
5.250%, 11/15/2023 | 90,000 | 92,887 | ||||||||||
5.000%, 11/15/2029 | 50,000 | 53,486 | ||||||||||
Los Alamitos Unified School District, | ||||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Callable 08/01/2031)(7) | 590,000 | 554,321 | ||||||||||
Los Angeles County Facilities, Inc., | ||||||||||||
5.000%, 12/01/2043 (Callable 12/01/2028) | 110,000 | 119,182 | ||||||||||
Los Angeles County Metropolitan | ||||||||||||
Transportation Authority, | ||||||||||||
5.000%, 07/01/2044 (Callable 07/01/2028) | 970,000 | 1,061,778 | ||||||||||
Manteca Unified School District, | ||||||||||||
0.000%, 09/01/2025 (Insured by NATL) | 225,000 | 205,285 | ||||||||||
Mayers Memorial Hospital District: | ||||||||||||
0.000%, 08/01/2027 | 260,000 | 209,965 | ||||||||||
0.000%, 08/01/2028 | 290,000 | 222,691 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
1.160%, 03/01/2036 (Callable 08/01/2022) | ||||||||||||
(Optional Put Date 08/04/2022)(1)(3) | 4,000,000 | 4,000,000 | ||||||||||
Modesto High School District, | ||||||||||||
0.000%, 08/01/2024 (Insured by NATL) | 3,625,000 | 3,448,331 | ||||||||||
Modesto Irrigation District, | ||||||||||||
1.639%, 09/01/2027 (3 Month LIBOR | ||||||||||||
USD + 0.580%) (Callable 08/01/2022) | ||||||||||||
(Insured by NATL)(2) | 2,860,000 | 2,860,116 | ||||||||||
Montebello Unified School District, | ||||||||||||
5.000%, 08/01/2033 (Callable 08/01/2026) | 590,000 | 637,077 | ||||||||||
Mount Diablo Unified School District, | ||||||||||||
0.000%, 08/01/2035 | ||||||||||||
(Callable 08/01/2025) (Insured by AGM)(7) | 340,000 | 369,386 | ||||||||||
Napa Valley Unified School District, | ||||||||||||
4.000%, 08/01/2035 (Callable 08/01/2026) | 3,000,000 | 3,047,220 | ||||||||||
Newman-Crows Landing | ||||||||||||
Unified School District, | ||||||||||||
0.000%, 08/01/2025 | 1,850,000 | 1,686,829 | ||||||||||
Oak Park Unified School District, | ||||||||||||
7.100%, 08/01/2038 | ||||||||||||
(Callable 08/01/2031) (Insured by AGM)(7) | 110,000 | 140,545 | ||||||||||
Oceanside Unified School District, | ||||||||||||
3.250%, 08/01/2033 | ||||||||||||
(Callable 08/01/2024) (Insured by BAM) | 2,000,000 | 1,965,378 | ||||||||||
Ontario Montclair School District, | ||||||||||||
0.000%, 08/01/2028 (Insured by NATL) | 1,450,000 | 1,185,325 | ||||||||||
Ontario Public Financing Authority, | ||||||||||||
5.000%, 11/01/2047 | ||||||||||||
(Callable 11/01/2032) (Insured by AGM) | 1,140,000 | 1,248,849 | ||||||||||
Oxnard School District, | ||||||||||||
5.000%, 08/01/2045 | ||||||||||||
(Callable 08/01/2026) (Insured by BAM)(7) | 280,000 | 297,787 | ||||||||||
Palomar Community College District, | ||||||||||||
0.000%, 08/01/2039 | ||||||||||||
(Callable 08/01/2035)(7) | 385,000 | 413,179 | ||||||||||
Peralta Community College District, | ||||||||||||
3.500%, 08/01/2033 (Callable 08/01/2025) | 1,325,000 | 1,329,415 | ||||||||||
Perris Union High School District: | ||||||||||||
3.000%, 09/01/2036 (Callable 09/01/2029) | 635,000 | 569,491 | ||||||||||
3.000%, 09/01/2037 (Callable 09/01/2029) | 800,000 | 700,862 | ||||||||||
3.000%, 09/01/2038 (Callable 09/01/2029) | 700,000 | 604,900 | ||||||||||
3.000%, 09/01/2039 (Callable 09/01/2029) | 775,000 | 664,163 | ||||||||||
Rio Hondo Community College District: | ||||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2034)(7) | 170,000 | 197,159 | ||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2034)(7) | 740,000 | 871,085 | ||||||||||
Riverside County | ||||||||||||
Redevelopment Successor Agency, | ||||||||||||
5.000%, 10/01/2041 | ||||||||||||
(Callable 10/01/2026) (Insured by BAM)(7) | 100,000 | 106,443 | ||||||||||
Ross Valley School District, | ||||||||||||
0.000%, 07/01/2026 (Insured by AGM) | 725,000 | 614,871 | ||||||||||
Sacramento City Unified School District: | ||||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 505,000 | 530,406 | ||||||||||
5.500%, 08/01/2047(6) | 2,000,000 | 2,234,998 | ||||||||||
San Diego Unified School District, | ||||||||||||
0.000%, 07/01/2034 (Callable 07/01/2025) | 1,650,000 | 1,018,089 | ||||||||||
San Jacinto Unified School District, | ||||||||||||
3.000%, 09/01/2028 (Insured by BAM) | 355,000 | 351,518 | ||||||||||
San Mateo Foster City Public | ||||||||||||
Financing Authority, | ||||||||||||
4.000%, 08/01/2044 (Callable 08/01/2029) | 1,000,000 | 971,574 | ||||||||||
San Mateo Foster City School District, | ||||||||||||
0.000%, 08/01/2026(7) | 75,000 | 79,784 | ||||||||||
San Mateo Union High School District, | ||||||||||||
0.000%, 09/01/2041 | ||||||||||||
(Callable 09/01/2036)(7) | 5,350,000 | 5,101,211 | ||||||||||
Santa Barbara Unified School District, | ||||||||||||
0.000%, 08/01/2036 | ||||||||||||
(Callable 08/01/2033)(7) | 515,000 | 627,653 |
The accompanying notes are an integral part of these financial statements.
Page 171
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Saugus Union School District | ||||||||||||
Financing Authority: | ||||||||||||
4.000%, 09/01/2032 | ||||||||||||
(Callable 09/01/2027) (Insured by BAM) | $ | 600,000 | $ | 631,164 | ||||||||
4.000%, 09/01/2037 | ||||||||||||
(Callable 09/01/2027) (Insured by BAM) | 625,000 | 627,722 | ||||||||||
Savanna School District, | ||||||||||||
0.000%, 08/01/2047 (Callable | ||||||||||||
08/01/2029) (Insured by AGM)(7) | 1,155,000 | 1,191,725 | ||||||||||
School District of Belmont- | ||||||||||||
Redwood Shores CA, | ||||||||||||
5.900%, 08/01/2031 | ||||||||||||
(Pre-refunded to 08/01/2026)(7) | 100,000 | 114,356 | ||||||||||
Sebastopol Union School District, | ||||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2031) (Insured by AGM)(7) | 180,000 | 161,884 | ||||||||||
Solano County Community College District: | ||||||||||||
0.000%, 08/01/2027 | ||||||||||||
(Callable 08/01/2025)(7) | 385,000 | 405,065 | ||||||||||
0.000%, 08/01/2028 | ||||||||||||
(Callable 08/01/2025)(7) | 115,000 | 120,994 | ||||||||||
0.000%, 08/01/2030 | ||||||||||||
(Callable 08/01/2025)(7) | 620,000 | 652,313 | ||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Callable 08/01/2028)(7) | 605,000 | 651,706 | ||||||||||
South Placer Wastewater Authority, | ||||||||||||
5.000%, 11/01/2034 | 500,000 | 585,003 | ||||||||||
Southern Kern Unified School District, | ||||||||||||
0.000%, 11/01/2034 (Insured by AGM) | 425,000 | 259,675 | ||||||||||
State of California: | ||||||||||||
1.210%, 12/01/2029 | ||||||||||||
(SIFMA Municipal Swap Index + 0.430%) | ||||||||||||
(Callable 12/01/2022) (Mandatory Tender | ||||||||||||
Date 12/01/2023)(2) | 2,500,000 | 2,499,973 | ||||||||||
5.000%, 08/01/2032 (Callable 08/01/2025) | 880,000 | 940,232 | ||||||||||
5.000%, 09/01/2034 (Callable 09/01/2025) | 5,000,000 | 5,343,365 | ||||||||||
5.000%, 09/01/2034 (Callable 09/01/2026) | 800,000 | 866,818 | ||||||||||
State of California Department | ||||||||||||
of Water Resources, | ||||||||||||
1.150%, 12/01/2035 | ||||||||||||
(SIFMA Municipal Swap Index + 0.370%) | ||||||||||||
(Callable 08/01/2022) (Mandatory Tender | ||||||||||||
Date 12/01/2022)(2) | 540,000 | 539,680 | ||||||||||
Stockton Unified School District, | ||||||||||||
4.000%, 08/01/2039 | ||||||||||||
(Callable 08/01/2024) (Insured by BAM) | 1,000,000 | 996,498 | ||||||||||
Summerville Union High School District, | ||||||||||||
0.000%, 08/01/2033 | ||||||||||||
(Callable 08/01/2028) (Insured by BAM)(7) | 65,000 | 65,731 | ||||||||||
Temecula Valley Unified School District, | ||||||||||||
4.500%, 08/01/2035 (Pre-refunded | ||||||||||||
to 08/01/2024) (Insured by BAM)(7) | 200,000 | 209,990 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
1.110%, 07/01/2023(1)(3) | 7,640,000 | 7,640,000 | ||||||||||
1.110%, 12/15/2038(1)(3) | 3,000,000 | 3,000,000 | ||||||||||
1.110%, 10/01/2049 (Callable 10/01/2028) | ||||||||||||
(Optional Put Date 07/07/2022)(1)(3) | 13,500,000 | 13,500,000 | ||||||||||
Tuolumne Utilities District, | ||||||||||||
1.250%, 08/15/2024 (Callable 08/15/2023) | 7,520,000 | 7,320,999 | ||||||||||
University of California, | ||||||||||||
5.000%, 05/15/2043 (Callable 05/15/2028) | 1,770,000 | 1,908,363 | ||||||||||
Waterford Unified School District, | ||||||||||||
4.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2032) (Insured by BAM) | 1,455,000 | 1,391,564 | ||||||||||
West Hills Community College District, | ||||||||||||
0.000%, 08/01/2035 (Callable | ||||||||||||
08/01/2027) (Insured by AGM)(7) | 50,000 | 53,721 | ||||||||||
Wiseburn School District, | ||||||||||||
0.000%, 08/01/2036 (Callable | ||||||||||||
08/01/2031) (Insured by AGM)(7) | 50,000 | 50,515 | ||||||||||
Yorba Linda Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
0.000%, 09/01/2028 (Insured by NATL) | 500,000 | 401,793 | ||||||||||
Total California | ||||||||||||
(Cost $153,948,087) | 148,368,134 | 7.3 | % | |||||||||
Colorado | ||||||||||||
Boulder Valley School District No. Re-2, | ||||||||||||
5.000%, 12/01/2038 (Callable | �� | |||||||||||
06/01/2025) (Insured by ST AID) | 2,000,000 | 2,119,734 | ||||||||||
Bromley Park Metropolitan District No. 2, | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 225,000 | 233,630 | ||||||||||
Canterberry Crossing Metropolitan District II: | ||||||||||||
5.000%, 12/01/2030 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 235,000 | 266,375 | ||||||||||
5.000%, 12/01/2031 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 250,000 | 282,386 | ||||||||||
5.000%, 12/01/2032 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 530,000 | 596,847 | ||||||||||
City & County of Denver CO: | ||||||||||||
0.000%, 08/01/2030 (Callable 08/01/2026) | 500,000 | 383,399 | ||||||||||
0.000%, 08/01/2032 (Callable 08/01/2026) | 365,000 | 256,170 | ||||||||||
City of Commerce City CO: | ||||||||||||
5.000%, 12/15/2028 | ||||||||||||
(Callable 12/15/2027) (Insured by AGM) | 100,000 | 112,206 | ||||||||||
5.000%, 12/15/2029 | ||||||||||||
(Callable 12/15/2027) (Insured by AGM) | 310,000 | 346,003 | ||||||||||
5.000%, 12/15/2030 | ||||||||||||
(Callable 12/15/2027) (Insured by AGM) | 500,000 | 557,264 | ||||||||||
City of Fort Lupton CO: | ||||||||||||
5.000%, 12/01/2029 | ||||||||||||
(Callable 12/01/2027) (Insured by AGM) | 250,000 | 279,450 | ||||||||||
5.000%, 12/01/2030 | ||||||||||||
(Callable 12/01/2027) (Insured by AGM) | 350,000 | 389,923 | ||||||||||
City of Sheridan CO, | ||||||||||||
5.000%, 12/01/2042 | ||||||||||||
(Callable 12/01/2025) | 1,130,000 | 1,203,951 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority: | ||||||||||||
5.000%, 10/01/2022 | 1,300,000 | 1,309,548 | ||||||||||
4.000%, 11/15/2022 | 445,000 | 448,472 | ||||||||||
5.000%, 10/01/2023 | 700,000 | 722,412 | ||||||||||
4.000%, 12/15/2025 | 955,000 | 963,575 | ||||||||||
4.000%, 04/01/2028 | 540,000 | 553,734 | ||||||||||
5.000%, 06/01/2029 (Callable 06/01/2024) | 120,000 | 124,026 | ||||||||||
5.000%, 08/15/2030 (Callable 08/15/2024) | 500,000 | 518,480 | ||||||||||
2.000%, 09/01/2030 | ||||||||||||
(Callable 09/01/2028) (Insured by BAM) | 270,000 | 241,880 | ||||||||||
5.000%, 06/01/2031 (Callable 06/01/2024) | 40,000 | 41,178 | ||||||||||
4.000%, 07/01/2032 | 45,000 | 45,969 | ||||||||||
5.000%, 08/15/2034 (Callable 08/15/2024) | 1,000,000 | 1,032,252 | ||||||||||
4.000%, 07/01/2042 (Callable 07/01/2032) | 500,000 | 488,009 | ||||||||||
Colorado Health Facilities Authority: | ||||||||||||
5.000%, 12/01/2023 | 140,000 | 143,448 | ||||||||||
5.000%, 06/01/2027 (ETM) | 750,000 | 836,038 | ||||||||||
2.625%, 05/15/2029 (Callable 12/15/2023) | 3,250,000 | 2,993,311 | ||||||||||
5.000%, 12/01/2030 (Callable 06/01/2025) | 405,000 | 414,932 | ||||||||||
5.000%, 08/01/2036 (Callable 08/01/2029) | 150,000 | 157,028 |
The accompanying notes are an integral part of these financial statements.
Page 172
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Colorado Health Facilities Authority: (cont.) | ||||||||||||
4.000%, 10/01/2037 (Callable 10/01/2030) | $ | 320,000 | $ | 312,606 | ||||||||
4.000%, 12/01/2042 (Callable 12/01/2022) | 375,000 | 360,887 | ||||||||||
4.000%, 01/15/2045 (Callable 01/15/2026) | 120,000 | 113,367 | ||||||||||
5.000%, 08/01/2049 (Callable 02/01/2026) | ||||||||||||
(Mandatory Tender Date 08/01/2026)(1) | 3,130,000 | 3,307,536 | ||||||||||
Colorado Housing & Finance Authority: | ||||||||||||
4.000%, 05/01/2048 | ||||||||||||
(Callable 11/01/2026) (Insured by GNMA) | 215,000 | 218,105 | ||||||||||
4.250%, 11/01/2049 | ||||||||||||
(Callable 11/01/2028) (Insured by GNMA) | 1,815,000 | 1,854,617 | ||||||||||
County of Moffat CO, | ||||||||||||
2.000%, 03/01/2036 | ||||||||||||
(Mandatory Tender Date 10/03/2022)(1) | 50,000 | 49,935 | ||||||||||
Crystal Valley Metropolitan District No. 2: | ||||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 800,000 | 835,625 | ||||||||||
4.000%, 12/01/2038 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 1,000,000 | 1,014,927 | ||||||||||
4.000%, 12/01/2039 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 1,785,000 | 1,809,356 | ||||||||||
Denver City & County Housing Authority, | ||||||||||||
0.600%, 08/01/2024 (Insured by HUD) | 400,000 | 385,484 | ||||||||||
Denver Health & Hospital Authority: | ||||||||||||
5.000%, 12/01/2025 | 400,000 | 426,044 | ||||||||||
5.000%, 12/01/2027 | 340,000 | 368,456 | ||||||||||
5.250%, 12/01/2045 (Callable 12/01/2023) | 485,000 | 490,283 | ||||||||||
Denver Urban Renewal Authority, | ||||||||||||
5.000%, 12/01/2025 (Callable 12/01/2022) | 200,000 | 202,239 | ||||||||||
E-470 Public Highway Authority, | ||||||||||||
0.000%, 09/01/2029 (Insured by NATL) | 2,550,000 | 1,972,376 | ||||||||||
Fort Collins Housing Authority, | ||||||||||||
1.250%, 07/01/2024 (Callable 01/01/2024) | 2,000,000 | 1,955,797 | ||||||||||
Glen Metropolitan District No. 2, | ||||||||||||
2.000%, 12/01/2030 (Insured by BAM) | 270,000 | 230,126 | ||||||||||
Grand River Hospital District: | ||||||||||||
5.250%, 12/01/2030 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 350,000 | 386,665 | ||||||||||
5.250%, 12/01/2031 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 1,190,000 | 1,306,535 | ||||||||||
Gunnison County Crested | ||||||||||||
Butte Fire Protection District: | ||||||||||||
4.000%, 12/01/2029 | 790,000 | 842,953 | ||||||||||
4.000%, 12/01/2030 | 820,000 | 873,300 | ||||||||||
4.000%, 12/01/2031 | 855,000 | 911,736 | ||||||||||
4.000%, 12/01/2032 | 890,000 | 949,922 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
1.160%, 07/01/2034 | ||||||||||||
(Optional Put Date 08/04/2022)(1)(3) | 1,526,984 | 1,526,984 | ||||||||||
Prairie Center Metropolitan District No. 7, | ||||||||||||
4.125%, 12/15/2036 (Callable 12/15/2025) | 435,000 | 388,800 | ||||||||||
Regional Transportation District: | ||||||||||||
5.000%, 01/15/2028 | 1,500,000 | 1,582,540 | ||||||||||
5.000%, 11/01/2033 (Callable 11/01/2027) | 500,000 | 552,344 | ||||||||||
5.000%, 06/01/2039 (Callable 06/01/2023) | 595,000 | 604,847 | ||||||||||
Southlands Metropolitan District No. 1, | ||||||||||||
3.000%, 12/01/2022 | 51,000 | 50,814 | ||||||||||
State of Colorado, | ||||||||||||
4.000%, 12/15/2037 (Callable 12/15/2028) | 1,000,000 | 993,548 | ||||||||||
Sterling Hills West Metropolitan District, | ||||||||||||
5.000%, 12/01/2027 | 180,000 | 195,995 | ||||||||||
Stetson Ridge Metropolitan District No. 3, | ||||||||||||
2.000%, 12/01/2030 (Insured by AGM) | 870,000 | 762,224 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2028 | ||||||||||||
(Callable 12/15/2024) (Insured by AGM) | 125,000 | 135,677 | ||||||||||
5.000%, 12/15/2029 | ||||||||||||
(Callable 12/15/2024) (Insured by AGM) | 125,000 | 135,558 | ||||||||||
5.000%, 12/15/2030 | ||||||||||||
(Callable 12/15/2024) (Insured by AGM) | 125,000 | 135,464 | ||||||||||
5.000%, 12/15/2031 | ||||||||||||
(Callable 12/15/2024) (Insured by AGM) | 135,000 | 146,090 | ||||||||||
3.250%, 12/15/2050 | ||||||||||||
(Callable 12/15/2024) (Insured by AGM) | 5,570,000 | 4,478,176 | ||||||||||
Vista Ridge Metropolitan District: | ||||||||||||
5.000%, 12/01/2025 (Insured by BAM) | 600,000 | 650,205 | ||||||||||
5.000%, 12/01/2026 (Insured by BAM) | 460,000 | 507,258 | ||||||||||
Total Colorado | ||||||||||||
(Cost $54,771,580) | 52,087,031 | 2.6 | % | |||||||||
Connecticut | ||||||||||||
City of Hartford CT, | ||||||||||||
5.000%, 04/01/2027 | ||||||||||||
(Callable 04/01/2023) (Insured by BAM) | 550,000 | 561,015 | ||||||||||
City of West Haven CT: | ||||||||||||
4.000%, 09/15/2023 | 290,000 | 296,887 | ||||||||||
4.000%, 09/15/2024 | 250,000 | 259,078 | ||||||||||
Connecticut Housing Finance Authority: | ||||||||||||
5.000%, 11/15/2026 | 395,000 | 433,191 | ||||||||||
5.000%, 05/15/2027 | 440,000 | 486,080 | ||||||||||
5.000%, 11/15/2027 | 445,000 | 493,165 | ||||||||||
5.000%, 05/15/2028 | 210,000 | 233,586 | ||||||||||
5.000%, 11/15/2028 | 225,000 | 251,394 | ||||||||||
5.000%, 05/15/2029 | 230,000 | 257,174 | ||||||||||
5.000%, 11/15/2029 | 125,000 | 139,557 | ||||||||||
5.000%, 11/15/2030 | 160,000 | 179,579 | ||||||||||
4.000%, 11/15/2047 (Callable 11/15/2026) | 85,000 | 86,171 | ||||||||||
4.000%, 05/15/2049 (Callable 11/15/2028) | 1,115,000 | 1,131,100 | ||||||||||
3.500%, 11/15/2051 (Callable 05/15/2031) | 4,000,000 | 3,958,703 | ||||||||||
Connecticut State Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 11/01/2026 | 500,000 | 552,093 | ||||||||||
4.250%, 07/01/2031 (Callable 07/01/2022) | 1,075,000 | 1,075,000 | ||||||||||
5.000%, 07/01/2034 (Callable 07/01/2022) | 40,000 | 40,000 | ||||||||||
4.000%, 07/01/2038 (Callable 07/01/2032) | 2,000,000 | 1,817,900 | ||||||||||
Connecticut State Higher | ||||||||||||
Education Supplement Loan Authority, | ||||||||||||
3.000%, 11/15/2035 | ||||||||||||
(Pre-refunded to 11/15/2026) | 850,000 | 871,537 | ||||||||||
State of Connecticut: | ||||||||||||
1.770%, 03/01/2025 (SIFMA Municipal | ||||||||||||
Swap Index + 0.990%)(2) | 375,000 | 381,059 | ||||||||||
5.000%, 09/15/2025 | 1,000,000 | 1,085,504 | ||||||||||
5.000%, 06/15/2026 | 1,000,000 | 1,101,092 | ||||||||||
5.000%, 09/15/2027 | 1,100,000 | 1,236,192 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2023) | 685,000 | 708,099 | ||||||||||
5.000%, 03/15/2031 (Callable 03/15/2025) | 1,000,000 | 1,057,075 | ||||||||||
5.000%, 10/15/2032 (Callable 10/15/2022) | 960,000 | 966,667 | ||||||||||
5.000%, 09/01/2033 (Callable 09/01/2026) | 300,000 | 320,840 | ||||||||||
5.000%, 11/15/2033 (Callable 11/15/2025) | 3,000,000 | 3,197,561 | ||||||||||
5.000%, 05/01/2034 (Callable 05/01/2030) | 1,525,000 | 1,704,308 | ||||||||||
Town of Hamden CT, | ||||||||||||
5.000%, 08/15/2032(6) | 1,000,000 | 1,104,456 | ||||||||||
University of Connecticut: | ||||||||||||
5.000%, 01/15/2031 | ||||||||||||
(Callable 01/15/2027) (Insured by AGM) | 1,000,000 | 1,083,048 | ||||||||||
4.000%, 11/01/2037 | ||||||||||||
(Callable 11/01/2028) (Insured by BAM) | 1,175,000 | 1,164,783 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $29,301,948) | 28,233,894 | 1.4 | % |
The accompanying notes are an integral part of these financial statements.
Page 173
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Delaware | ||||||||||||
Delaware Municipal Electric Corp.: | ||||||||||||
4.000%, 07/01/2035 (Callable 07/01/2031) | $ | 300,000 | $ | 308,482 | ||||||||
4.000%, 07/01/2036 (Callable 07/01/2031) | 330,000 | 336,160 | ||||||||||
Total Delaware | ||||||||||||
(Cost $745,181) | 644,642 | 0.0 | % | |||||||||
District of Columbia | ||||||||||||
District of Columbia: | ||||||||||||
5.000%, 07/15/2027 (Callable 01/15/2026) | 270,000 | 288,016 | ||||||||||
5.000%, 06/01/2031 | 2,100,000 | 2,301,046 | ||||||||||
4.000%, 03/01/2037 (Callable 09/01/2029) | 795,000 | 805,523 | ||||||||||
District of Columbia Housing Finance Agency: | ||||||||||||
0.350%, 04/01/2025 (Mandatory Tender | ||||||||||||
Date 04/01/2024) (Insured by FNMA)(1) | 6,000,000 | 5,716,248 | ||||||||||
0.500%, 03/01/2027 | ||||||||||||
(Callable 04/01/2024) (Mandatory Tender | ||||||||||||
Date 10/01/2024) (Insured by FHA)(1) | 2,675,000 | 2,532,434 | ||||||||||
District of Columbia Water & Sewer Authority: | ||||||||||||
5.000%, 10/01/2037 (Callable 04/01/2026) | 275,000 | 296,008 | ||||||||||
3.000%, 10/01/2057 (Callable 07/01/2027) | ||||||||||||
(Mandatory Tender Date 10/01/2027)(1) | 7,500,000 | 7,396,131 | ||||||||||
Metropolitan Washington Airports Authority: | ||||||||||||
0.000%, 10/01/2029 (Insured by AGC) | 110,000 | 84,484 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2025) | 250,000 | 264,257 | ||||||||||
5.000%, 10/01/2038 (Callable 10/01/2028) | 330,000 | 359,623 | ||||||||||
6.500%, 10/01/2041 (Pre-refunded | ||||||||||||
to 10/01/2026) (Insured by AGC)(7) | 565,000 | 662,093 | ||||||||||
6.500%, 10/01/2044 | ||||||||||||
(Callable 10/01/2028)(7) | 665,000 | 753,640 | ||||||||||
6.500%, 10/01/2044 (Callable | ||||||||||||
10/01/2028) (Insured by AGM)(7) | 1,170,000 | 1,394,116 | ||||||||||
Washington Metropolitan | ||||||||||||
Area Transit Authority, | ||||||||||||
5.000%, 07/15/2033 (Callable 07/15/2030) | 1,460,000 | 1,659,564 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $25,313,833) | 24,513,183 | 1.2 | % | |||||||||
Florida | ||||||||||||
Capital Trust Agency, Inc.: | ||||||||||||
5.000%, 12/15/2029 (Callable 06/15/2026) | 400,000 | 411,838 | ||||||||||
4.000%, 06/01/2041 (Callable 06/01/2028) | 330,000 | 315,402 | ||||||||||
4.000%, 06/01/2051 (Callable 06/01/2028) | 400,000 | 365,000 | ||||||||||
4.000%, 06/01/2056 (Callable 06/01/2028) | 485,000 | 431,507 | ||||||||||
City of Fort Myers FL: | ||||||||||||
5.000%, 12/01/2029 (Callable 12/01/2025) | 475,000 | 514,098 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2025) | 1,000,000 | 1,005,026 | ||||||||||
4.000%, 12/01/2038 (Callable 12/01/2025) | 500,000 | 500,868 | ||||||||||
City of Jacksonville FL: | ||||||||||||
5.000%, 10/01/2026 (Callable 10/01/2022) | 2,000,000 | 2,017,216 | ||||||||||
4.000%, 11/01/2032 (Callable 11/01/2029) | 375,000 | 375,030 | ||||||||||
4.000%, 10/01/2033 (Callable 10/01/2026) | 1,895,000 | 1,940,463 | ||||||||||
0.780%, 08/01/2036 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 9,100,000 | 9,100,000 | ||||||||||
0.780%, 08/01/2036 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 12,000,000 | 12,000,000 | ||||||||||
4.000%, 11/01/2040 (Callable 11/01/2024) | 65,000 | 61,288 | ||||||||||
City of Orlando FL: | ||||||||||||
5.000%, 11/01/2025 (Insured by AGM) | 400,000 | 436,009 | ||||||||||
5.000%, 11/01/2034 | ||||||||||||
(Callable 11/01/2027) (Insured by AGM) | 775,000 | 853,561 | ||||||||||
City of St. Petersburg FL, | ||||||||||||
5.000%, 10/01/2042 (Callable 10/01/2029) | 900,000 | 983,930 | ||||||||||
City of Tallahassee FL: | ||||||||||||
5.000%, 12/01/2023 | 400,000 | 415,513 | ||||||||||
5.000%, 12/01/2024 | 300,000 | 316,170 | ||||||||||
5.000%, 12/01/2029 (Callable 12/01/2025) | 610,000 | 636,045 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2025) | 1,250,000 | 1,345,128 | ||||||||||
5.000%, 12/01/2040 (Callable 06/01/2025) | 1,125,000 | 1,149,363 | ||||||||||
County of Miami-Dade FL: | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | 335,000 | 354,979 | ||||||||||
6.875%, 10/01/2034 | ||||||||||||
(Callable 10/01/2029) (Insured by AGC)(7) | 255,000 | 322,534 | ||||||||||
7.000%, 10/01/2039 | ||||||||||||
(Callable 10/01/2029) (Insured by AGC)(7) | 390,000 | 492,302 | ||||||||||
County of Palm Beach FL: | ||||||||||||
4.000%, 12/01/2036 (Callable 12/01/2030) | 1,165,000 | 1,189,410 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2030) | 1,295,000 | 1,320,327 | ||||||||||
County of Sarasota FL, | ||||||||||||
5.000%, 10/01/2045 (Callable 10/01/2030) | 2,000,000 | 2,165,544 | ||||||||||
Florida Department of Management Services, | ||||||||||||
5.000%, 11/01/2029 | 2,000,000 | 2,284,169 | ||||||||||
Florida Development Finance Corp.: | ||||||||||||
4.000%, 06/01/2025 | 110,000 | 106,478 | ||||||||||
4.000%, 06/01/2026 | 115,000 | 109,627 | ||||||||||
5.000%, 04/01/2028 | 400,000 | 436,930 | ||||||||||
5.000%, 04/01/2029 | 250,000 | 275,078 | ||||||||||
4.000%, 07/01/2051 | ||||||||||||
(Callable 07/01/2031)(3) | 1,900,000 | 1,505,494 | ||||||||||
Florida Gulf Coast University Financing Corp., | ||||||||||||
5.000%, 08/01/2029 (Callable 02/01/2028) | 600,000 | 651,687 | ||||||||||
Florida Higher Educational | ||||||||||||
Facilities Financial Authority, | ||||||||||||
5.000%, 10/01/2023 | 500,000 | 513,840 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
1.000%, 02/01/2025 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (Insured by FNMA)(1) | 4,550,000 | 4,385,697 | ||||||||||
4.200%, 01/01/2045 | ||||||||||||
(Callable 01/01/2028) (Insured by GNMA) | 790,000 | 799,742 | ||||||||||
4.350%, 01/01/2046 | ||||||||||||
(Callable 07/01/2022) (Insured by FHLMC) | 15,000 | 15,000 | ||||||||||
4.000%, 07/01/2047 | ||||||||||||
(Callable 07/01/2025) (Insured by GNMA) | 120,000 | 121,553 | ||||||||||
4.000%, 07/01/2049 | ||||||||||||
(Callable 07/01/2027) (Insured by GNMA) | 140,000 | 141,916 | ||||||||||
3.000%, 01/01/2052 | ||||||||||||
(Callable 01/01/2030) (Insured by GNMA) | 1,180,000 | 1,155,546 | ||||||||||
Florida Municipal Power Agency, | ||||||||||||
4.000%, 10/01/2030 (Callable 10/01/2027) | 500,000 | 525,215 | ||||||||||
Florida State Turnpike Authority: | ||||||||||||
3.000%, 07/01/2026 (Callable 07/01/2022) | 5,000,000 | 5,000,000 | ||||||||||
4.500%, 07/01/2041 (Callable 07/01/2023) | 500,000 | 501,961 | ||||||||||
Highlands County Health Facilities Authority: | ||||||||||||
0.780%, 11/15/2035 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 4,000,000 | 4,000,000 | ||||||||||
0.780%, 11/15/2037 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 4,750,000 | 4,750,000 | ||||||||||
Hillsborough County Aviation Authority: | ||||||||||||
5.000%, 10/01/2035 | ||||||||||||
(Pre-refunded to 10/01/2024) | 500,000 | 532,008 | ||||||||||
5.000%, 10/01/2044 (Callable 10/01/2024) | 1,485,000 | 1,506,909 | ||||||||||
Jacksonville Electric Authority: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2027) | 700,000 | 783,526 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | 700,000 | 773,685 | ||||||||||
Lee County Industrial Development Authority, | ||||||||||||
3.750%, 10/01/2027 (Callable 10/01/2023) | 1,710,000 | 1,656,075 |
The accompanying notes are an integral part of these financial statements.
Page 174
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Lee Memorial Health System, | ||||||||||||
1.050%, 04/01/2049 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | $ | 8,000,000 | $ | 8,000,000 | ||||||||
Miami-Dade County | ||||||||||||
Educational Facilities Authority, | ||||||||||||
4.000%, 04/01/2037 (Callable 04/01/2023) | 200,000 | 193,140 | ||||||||||
Mizuho Floater/Residual Trust: | ||||||||||||
1.160%, 05/01/2034 | ||||||||||||
(Optional Put Date 08/04/2022)(1)(3) | 3,990,000 | 3,990,000 | ||||||||||
1.160%, 11/01/2061 | ||||||||||||
(Optional Put Date 08/04/2022)(1)(3) | 3,130,000 | 3,130,000 | ||||||||||
Orange County Convention Center: | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | 1,000,000 | 1,075,977 | ||||||||||
4.000%, 10/01/2034 (Callable 10/01/2026) | 250,000 | 251,872 | ||||||||||
4.000%, 10/01/2036 (Callable 10/01/2026) | 415,000 | 415,755 | ||||||||||
Orange County Health Facilities Authority: | ||||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 2,500,000 | 2,596,770 | ||||||||||
5.000%, 10/01/2035 (Callable 10/01/2026) | 1,210,000 | 1,266,056 | ||||||||||
Orange County School Board, | ||||||||||||
5.000%, 08/01/2031 | ||||||||||||
(Pre-refunded to 08/01/2025) | 990,000 | 1,068,276 | ||||||||||
Palm Beach County Health Facilities Authority: | ||||||||||||
4.000%, 05/15/2023 | 150,000 | 150,410 | ||||||||||
5.000%, 05/15/2023 | 1,160,000 | 1,172,908 | ||||||||||
4.000%, 05/15/2024 | 320,000 | 320,158 | ||||||||||
5.000%, 05/15/2024 | 300,000 | 306,288 | ||||||||||
5.000%, 11/01/2032(6) | 200,000 | 215,916 | ||||||||||
4.000%, 05/15/2035 (Callable 05/15/2025) | 175,000 | 155,777 | ||||||||||
Pinellas County School Board, | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2027) | 515,000 | 561,031 | ||||||||||
Reedy Creek Improvement District, | ||||||||||||
4.000%, 06/01/2035 (Callable 06/01/2027) | 1,000,000 | 1,021,956 | ||||||||||
School Board of Miami-Dade County: | ||||||||||||
5.000%, 02/01/2028 (Callable 02/01/2026) | 3,500,000 | 3,747,288 | ||||||||||
5.000%, 11/01/2030 (Callable 11/01/2024) | 660,000 | 692,714 | ||||||||||
School District of Broward County, | ||||||||||||
5.000%, 07/01/2036 (Callable 07/01/2032) | 3,000,000 | 3,370,284 | ||||||||||
Seminole County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 06/15/2028(3) | 245,000 | 236,436 | ||||||||||
4.000%, 06/15/2029(3) | 260,000 | 248,277 | ||||||||||
4.000%, 06/15/2030(3) | 270,000 | 254,670 | ||||||||||
4.000%, 06/15/2036 | ||||||||||||
(Callable 06/15/2031)(3) | 315,000 | 279,556 | ||||||||||
4.000%, 06/15/2041 | ||||||||||||
(Callable 06/15/2031)(3) | 420,000 | 357,005 | ||||||||||
State of Florida, | ||||||||||||
4.000%, 06/01/2031 (Callable 06/01/2026) | 725,000 | 761,911 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
1.110%, 06/15/2043 (Callable 12/15/2029) | ||||||||||||
(Optional Put Date 07/07/2022)(1)(3) | 2,830,000 | 2,830,000 | ||||||||||
0.980%, 04/01/2053 (Callable 04/01/2028) | ||||||||||||
(Optional Put Date 07/07/2022)(1)(3) | 4,000,000 | 4,000,000 | ||||||||||
University Park Recreation District, | ||||||||||||
2.750%, 05/01/2023 (Insured by BAM) | 270,000 | 271,715 | ||||||||||
Village Community Development | ||||||||||||
District No. 13, | ||||||||||||
2.625%, 05/01/2024 | 245,000 | 239,100 | ||||||||||
Total Florida | ||||||||||||
(Cost $119,412,222) | 116,731,933 | 5.8 | % | |||||||||
Georgia | ||||||||||||
Atlanta Urban Residential Finance Authority, | ||||||||||||
2.000%, 09/01/2025 | ||||||||||||
(Mandatory Tender Date 09/01/2024)(1) | 5,025,000 | 4,960,364 | ||||||||||
Auburn Urban Redevelopment Agency, | ||||||||||||
4.000%, 10/01/2030 (Insured by BAM) | 275,000 | 288,713 | ||||||||||
Bartow County Development Authority, | ||||||||||||
1.800%, 09/01/2029 | ||||||||||||
(Callable 11/19/2026)(1) | 4,000,000 | 3,553,766 | ||||||||||
Burke County Development Authority: | ||||||||||||
2.200%, 10/01/2032 (Callable 11/19/2026) | 1,250,000 | 1,162,513 | ||||||||||
2.250%, 10/01/2032 | ||||||||||||
(Mandatory Tender Date 05/25/2023)(1) | 500,000 | 497,586 | ||||||||||
0.700%, 11/01/2052 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 6,000,000 | 6,000,000 | ||||||||||
Carrollton Payroll Development Authority, | ||||||||||||
5.000%, 07/01/2029 | 1,175,000 | 1,326,338 | ||||||||||
City of Atlanta GA: | ||||||||||||
5.000%, 01/01/2025 (Callable 08/01/2022) | 225,000 | 225,412 | ||||||||||
5.000%, 01/01/2028 (Callable 08/01/2022) | 1,000,000 | 1,001,551 | ||||||||||
4.000%, 11/01/2038 (Callable 11/01/2027) | 2,000,000 | 2,007,477 | ||||||||||
City of Monroe GA: | ||||||||||||
4.000%, 12/01/2036 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 500,000 | 499,594 | ||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 750,000 | 746,012 | ||||||||||
Clayton County Development Authority, | ||||||||||||
4.000%, 07/01/2031 (Callable 07/01/2027) | 495,000 | 508,400 | ||||||||||
Cobb County Kennestone Hospital Authority, | ||||||||||||
5.000%, 04/01/2042 (Callable 04/01/2027) | 450,000 | 472,034 | ||||||||||
Development Authority for Fulton County: | ||||||||||||
5.000%, 09/01/2026 | 575,000 | 628,262 | ||||||||||
5.000%, 09/01/2027 | 565,000 | 625,394 | ||||||||||
5.000%, 09/01/2028 | 625,000 | 698,326 | ||||||||||
5.000%, 09/01/2029 | 500,000 | 564,566 | ||||||||||
5.000%, 10/01/2029 | 1,710,000 | 1,934,612 | ||||||||||
5.000%, 09/01/2030 | 1,000,000 | 1,140,024 | ||||||||||
5.000%, 09/01/2031 | 1,000,000 | 1,147,449 | ||||||||||
5.000%, 09/01/2032 | 1,000,000 | 1,153,216 | ||||||||||
Development Authority of Appling County, | ||||||||||||
0.270%, 09/01/2041 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 2,580,000 | 2,580,000 | ||||||||||
Development Authority of Bulloch County: | ||||||||||||
5.000%, 07/01/2030 | 405,000 | 459,520 | ||||||||||
5.000%, 07/01/2031 (Callable 07/01/2030) | 420,000 | 472,754 | ||||||||||
5.000%, 07/01/2032 (Callable 07/01/2030) | 445,000 | 497,426 | ||||||||||
5.000%, 07/01/2033 (Callable 07/01/2030) | 465,000 | 516,159 | ||||||||||
4.000%, 07/01/2039 (Callable 07/01/2030) | 305,000 | 306,069 | ||||||||||
Development Authority of Cobb County: | ||||||||||||
5.000%, 07/15/2028 (Callable 07/15/2027) | 305,000 | 338,331 | ||||||||||
5.000%, 06/01/2035 (Callable 06/01/2027) | 645,000 | 701,088 | ||||||||||
Development Authority of Monroe County, | ||||||||||||
1.500%, 01/01/2039 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 3,740,000 | 3,584,364 | ||||||||||
Gainesville & Hall County Hospital Authority, | ||||||||||||
5.000%, 02/15/2029 (Callable 02/15/2027) | 485,000 | 519,242 | ||||||||||
George L Smith II Congress Center Authority, | ||||||||||||
4.000%, 01/01/2036 (Callable 01/01/2031) | 1,050,000 | 960,344 | ||||||||||
Georgia Housing & Finance Authority, | ||||||||||||
3.600%, 12/01/2033 (Callable 06/01/2027) | 450,000 | 436,495 | ||||||||||
Main Street Natural Gas, Inc.: | ||||||||||||
5.000%, 05/15/2034 (Callable 05/15/2029) | 1,530,000 | 1,607,438 | ||||||||||
1.898%, 04/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.750%) (Callable 06/01/2023) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 1,765,000 | 1,752,270 | ||||||||||
1.978%, 08/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.830%) (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 2,795,000 | 2,773,434 |
The accompanying notes are an integral part of these financial statements.
Page 175
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Main Street Natural Gas, Inc.: (cont.) | ||||||||||||
4.000%, 03/01/2050 (Callable 06/01/2026) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(1) | $ | 9,000,000 | $ | 9,028,672 | ||||||||
4.000%, 08/01/2052 (Callable 05/01/2027) | ||||||||||||
(Mandatory Tender Date 11/01/2027)(1)(3) | 13,000,000 | 12,785,669 | ||||||||||
Municipal Electric Authority of Georgia, | ||||||||||||
0.000%, 01/01/2032 | 500,000 | 340,915 | ||||||||||
Private Colleges & Universities Authority: | ||||||||||||
5.000%, 06/01/2027 | 420,000 | 457,040 | ||||||||||
5.000%, 06/01/2028 | 495,000 | 542,368 | ||||||||||
5.000%, 06/01/2029 | 400,000 | 441,676 | ||||||||||
4.000%, 06/01/2034 (Callable 06/01/2031) | 395,000 | 398,366 | ||||||||||
4.000%, 06/01/2035 (Callable 06/01/2031) | 500,000 | 499,185 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
1.110%, 12/15/2051 (Callable 12/15/2029) | ||||||||||||
(Optional Put Date 07/07/2022)(1)(3) | 2,220,000 | 2,220,000 | ||||||||||
Troup County School District, | ||||||||||||
5.000%, 08/01/2024 (Insured by ST AID) | 5,025,000 | 5,328,833 | ||||||||||
Valdosta Housing Authority, | ||||||||||||
1.250%, 02/01/2025 | ||||||||||||
(Mandatory Tender Date 02/01/2024)(1) | 5,285,000 | 5,170,639 | ||||||||||
Total Georgia | ||||||||||||
(Cost $90,222,341) | 85,859,906 | 4.2 | % | |||||||||
Hawaii | ||||||||||||
City & County of Honolulu HI, | ||||||||||||
5.000%, 09/01/2040 (Callable 09/01/2028) | 450,000 | 494,148 | ||||||||||
Total Hawaii | ||||||||||||
(Cost $552,274) | 494,148 | 0.0 | % | |||||||||
Idaho | ||||||||||||
Idaho Housing & Finance Association, | ||||||||||||
5.000%, 08/15/2026 | 1,000,000 | 1,101,265 | ||||||||||
Total Idaho | ||||||||||||
(Cost $1,109,726) | 1,101,265 | 0.1 | % | |||||||||
Illinois | ||||||||||||
Adams & Hancock Counties | ||||||||||||
Community Unit School District No. 4: | ||||||||||||
4.000%, 12/01/2027 | ||||||||||||
(Callable 12/01/2025) (Insured by BAM) | 290,000 | 302,891 | ||||||||||
4.000%, 12/01/2029 | ||||||||||||
(Callable 12/01/2025) (Insured by BAM) | 310,000 | 322,980 | ||||||||||
4.000%, 12/01/2030 | ||||||||||||
(Callable 12/01/2025) (Insured by BAM) | 325,000 | 338,816 | ||||||||||
4.000%, 12/01/2032 | ||||||||||||
(Callable 12/01/2025) (Insured by BAM) | 350,000 | 364,672 | ||||||||||
Bourbonnais Township Park District, | ||||||||||||
4.000%, 12/15/2023 (Insured by BAM) | 100,000 | 101,936 | ||||||||||
Bureau County Township | ||||||||||||
High School District No. 502, | ||||||||||||
4.000%, 12/01/2031 (Pre-refunded | ||||||||||||
to 12/01/2027) (Insured by BAM) | 1,330,000 | 1,434,710 | ||||||||||
Channahon Park District: | ||||||||||||
4.000%, 12/15/2031 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 460,000 | 480,513 | ||||||||||
4.000%, 12/15/2034 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 510,000 | 527,002 | ||||||||||
4.000%, 12/15/2036 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 950,000 | 975,934 | ||||||||||
4.000%, 12/15/2038 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 595,000 | 602,057 | ||||||||||
Chicago Board of Education: | ||||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 1,000,000 | 1,037,651 | ||||||||||
7.000%, 12/01/2044 (Callable 12/01/2025) | 1,375,000 | 1,489,557 | ||||||||||
6.500%, 12/01/2046 (Callable 12/01/2026) | 1,000,000 | 1,079,895 | ||||||||||
Chicago O’Hare International Airport: | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2023) | 250,000 | 253,228 | ||||||||||
5.000%, 01/01/2035 (Callable 01/01/2026) | 790,000 | 828,508 | ||||||||||
Chicago Park District: | ||||||||||||
5.000%, 01/01/2024 | 580,000 | 602,375 | ||||||||||
5.000%, 01/01/2028 (Callable 01/01/2024) | 1,000,000 | 1,028,049 | ||||||||||
Chicago Transit Authority, | ||||||||||||
5.250%, 12/01/2049 (Callable 12/01/2024) | 1,700,000 | 1,749,296 | ||||||||||
City of Chicago Heights IL: | ||||||||||||
4.000%, 12/01/2028 (Insured by BAM) | 200,000 | 208,602 | ||||||||||
4.000%, 12/01/2029 (Insured by BAM) | 250,000 | 259,764 | ||||||||||
4.000%, 12/01/2030 | ||||||||||||
(Callable 12/01/2029) (Insured by BAM) | 350,000 | 358,578 | ||||||||||
4.000%, 12/01/2031 | ||||||||||||
(Callable 12/01/2029) (Insured by BAM) | 365,000 | 372,447 | ||||||||||
City of Chicago IL: | ||||||||||||
5.000%, 01/01/2024 | 250,000 | 256,451 | ||||||||||
0.000%, 01/01/2027 (Insured by NATL) | 195,000 | 165,137 | ||||||||||
0.000%, 01/01/2028 (Insured by NATL) | 2,195,000 | 1,775,835 | ||||||||||
5.000%, 11/01/2028 | ||||||||||||
(Callable 11/01/2027) (Insured by AGM) | 625,000 | 695,509 | ||||||||||
5.000%, 01/01/2030 | ||||||||||||
(Callable 01/01/2024) (Insured by AGM) | 445,000 | 458,051 | ||||||||||
4.000%, 11/01/2032 | ||||||||||||
(Callable 11/01/2024) (Insured by BAM) | 200,000 | 202,956 | ||||||||||
5.000%, 11/01/2033 | ||||||||||||
(Callable 11/01/2027) (Insured by AGM) | 375,000 | 404,614 | ||||||||||
5.000%, 01/01/2034 (Callable 01/01/2024) | 1,000,000 | 1,016,750 | ||||||||||
5.000%, 01/01/2035 | ||||||||||||
(Callable 01/01/2027) (Insured by AGM) | 510,000 | 542,756 | ||||||||||
5.000%, 11/01/2036 | ||||||||||||
(Callable 11/01/2027) (Insured by AGM) | 260,000 | 279,372 | ||||||||||
4.000%, 11/01/2037 (Callable 11/01/2022) | 9,000,000 | 9,007,368 | ||||||||||
5.000%, 01/01/2039 | ||||||||||||
(Callable 01/01/2024) (Insured by AGM) | 3,220,000 | 3,290,013 | ||||||||||
City of Country Club Hills IL, | ||||||||||||
3.000%, 01/01/2030 (Insured by BAM) | 330,000 | 322,894 | ||||||||||
City of Decatur IL: | ||||||||||||
4.250%, 03/01/2030 | ||||||||||||
(Callable 03/01/2024) (Insured by BAM) | 250,000 | 255,843 | ||||||||||
5.000%, 03/01/2034 | ||||||||||||
(Callable 03/01/2026) (Insured by BAM) | 905,000 | 980,510 | ||||||||||
City of Rockford IL, | ||||||||||||
3.000%, 12/15/2022 (Insured by AGM) | 150,000 | 150,941 | ||||||||||
Clinton, Bond, Fayette, Etc. Counties | ||||||||||||
Community College District No. 501, | ||||||||||||
5.000%, 12/01/2028 (Insured by AGM) | 500,000 | 565,457 | ||||||||||
Cook County Community | ||||||||||||
Consolidated School District No. 65, | ||||||||||||
0.000%, 12/01/2023 | 200,000 | 193,373 | ||||||||||
Cook County School District No. 111, | ||||||||||||
4.000%, 12/01/2025 (Insured by AGM) | 1,000,000 | 1,043,406 | ||||||||||
Cook County School District No. 130: | ||||||||||||
5.000%, 12/01/2027 | ||||||||||||
(Callable 12/01/2025) (Insured by AGM) | 1,210,000 | 1,314,966 | ||||||||||
5.000%, 12/01/2028 | ||||||||||||
(Callable 12/01/2025) (Insured by AGM) | 1,000,000 | 1,084,697 | ||||||||||
Cook County School District No. 163: | ||||||||||||
6.000%, 12/15/2025 (Insured by BAM) | 430,000 | 480,437 | ||||||||||
6.000%, 12/15/2027 (Insured by BAM) | 1,150,000 | 1,342,067 | ||||||||||
Cook County School District No. 83, | ||||||||||||
5.625%, 06/01/2033 | 815,000 | 956,971 |
The accompanying notes are an integral part of these financial statements.
Page 176
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Cook County School District No. 99: | ||||||||||||
4.000%, 12/01/2028 (Insured by BAM) | $ | 1,170,000 | $ | 1,244,691 | ||||||||
4.000%, 12/01/2029 (Insured by BAM) | 2,425,000 | 2,585,140 | ||||||||||
4.000%, 12/01/2030 (Insured by BAM) | 250,000 | 265,213 | ||||||||||
County of Cook IL, | ||||||||||||
5.000%, 11/15/2031 (Callable 11/15/2030) | 1,500,000 | 1,663,460 | ||||||||||
County of Lake IL, | ||||||||||||
3.500%, 11/30/2030 (Callable 11/30/2024) | 500,000 | 506,733 | ||||||||||
County of Sangamon IL: | ||||||||||||
3.000%, 12/15/2038 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 825,000 | 708,860 | ||||||||||
3.000%, 12/15/2039 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 700,000 | 593,625 | ||||||||||
4.000%, 12/15/2040 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 300,000 | 302,944 | ||||||||||
3.000%, 12/15/2041 | ||||||||||||
(Callable 12/15/2029) (Insured by BAM) | 600,000 | 494,812 | ||||||||||
Crawford County Community | ||||||||||||
Unit School District No. 2, | ||||||||||||
4.000%, 12/01/2024 (Insured by AGM) | 1,000,000 | 1,034,302 | ||||||||||
Crawford Hospital District, | ||||||||||||
4.000%, 01/01/2031 | ||||||||||||
(Callable 01/01/2029) (Insured by AGM) | 345,000 | 354,520 | ||||||||||
DuPage County Community | ||||||||||||
Unit School District No. 200, | ||||||||||||
4.000%, 06/01/2038 (Callable 06/01/2026) | 100,000 | 101,077 | ||||||||||
DuPage County High School District No. 87, | ||||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 315,000 | 335,444 | ||||||||||
DuPage County School District No. 60: | ||||||||||||
4.000%, 12/30/2035 (Callable 12/30/2027) | 2,445,000 | 2,498,068 | ||||||||||
4.000%, 12/30/2036 (Callable 12/30/2027) | 1,000,000 | 1,019,755 | ||||||||||
Exceptional Children Have Opportunities: | ||||||||||||
4.000%, 12/01/2034 (Callable 12/01/2029) | 765,000 | 777,143 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 645,000 | 656,672 | ||||||||||
Ford, Champaign Counties | ||||||||||||
Community Unit School District No. 10, | ||||||||||||
5.000%, 12/01/2027 | ||||||||||||
(Callable 12/01/2026) (Insured by AGM) | 600,000 | 666,669 | ||||||||||
Hampshire Special Service Area No. 13: | ||||||||||||
3.000%, 03/01/2029 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 100,000 | 95,164 | ||||||||||
3.250%, 03/01/2032 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 165,000 | 154,121 | ||||||||||
3.300%, 03/01/2033 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 175,000 | 162,406 | ||||||||||
3.350%, 03/01/2034 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 185,000 | 170,932 | ||||||||||
3.400%, 03/01/2035 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 195,000 | 179,737 | ||||||||||
3.450%, 03/01/2036 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 205,000 | 188,520 | ||||||||||
3.500%, 03/01/2037 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 100,000 | 91,952 | ||||||||||
Henry & Whiteside Counties Community | ||||||||||||
Unit School District No. 228, | ||||||||||||
5.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2025) (Insured by AGM) | 270,000 | 290,727 | ||||||||||
Hoffman Estates Park District, | ||||||||||||
4.000%, 12/01/2044 (Callable 12/01/2024) | 800,000 | 801,822 | ||||||||||
Huntley Area Public Library District, | ||||||||||||
5.000%, 02/01/2037 (Callable 02/01/2029) | 500,000 | 548,712 | ||||||||||
Illinois Development Finance Authority, | ||||||||||||
2.450%, 11/15/2039 | ||||||||||||
(Mandatory Tender Date 03/03/2026)(1) | 1,125,000 | 1,110,101 | ||||||||||
Illinois Educational Facilities Authority: | ||||||||||||
4.000%, 11/01/2036 (Callable 11/01/2022) | 1,065,000 | 1,074,024 | ||||||||||
4.500%, 11/01/2036 (Callable 11/01/2024) | 160,000 | 163,122 | ||||||||||
Illinois Finance Authority: | ||||||||||||
5.000%, 10/01/2023 | 105,000 | 107,712 | ||||||||||
5.000%, 11/01/2024 | 1,100,000 | 1,144,943 | ||||||||||
5.000%, 01/01/2029 | ||||||||||||
(Pre-refunded to 01/01/2027) | 475,000 | 529,025 | ||||||||||
5.000%, 02/15/2029 (Callable 02/15/2027) | 3,275,000 | 3,589,811 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026) | 140,000 | 148,521 | ||||||||||
4.000%, 11/15/2031 (Callable 11/15/2026) | 205,000 | 208,643 | ||||||||||
4.000%, 12/15/2032 (Callable 12/15/2029) | 625,000 | 641,401 | ||||||||||
4.000%, 05/15/2034 (Callable 05/15/2026) | 300,000 | 301,331 | ||||||||||
2.264%, 11/01/2034 (SOFR + 1.200%) | ||||||||||||
(Callable 03/01/2025) (Mandatory Tender | ||||||||||||
Date 09/01/2025)(2) | 8,000,000 | 7,936,466 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2027) | 270,000 | 266,633 | ||||||||||
4.000%, 09/01/2041 (Callable 09/01/2026) | 240,000 | 223,925 | ||||||||||
5.000%, 10/01/2041 (Callable 10/01/2026) | 1,400,000 | 1,458,704 | ||||||||||
4.000%, 12/01/2042 (Callable 12/01/2027) | 275,000 | 268,567 | ||||||||||
6.000%, 07/01/2043 (Callable 07/01/2023) | 1,000,000 | 1,034,562 | ||||||||||
0.770%, 12/01/2046 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 5,400,000 | 5,400,000 | ||||||||||
6.000%, 10/01/2048 (Callable 10/01/2022) | 1,000,000 | 1,001,334 | ||||||||||
Illinois Housing Development Authority: | ||||||||||||
2.375%, 04/01/2025 (Mandatory Tender | ||||||||||||
Date 04/01/2024) (Insured by HUD)(1) | 3,535,000 | 3,526,476 | ||||||||||
3.100%, 02/01/2035 (Callable 02/01/2026) | 365,000 | 363,636 | ||||||||||
4.000%, 03/01/2043 (Callable 08/01/2024) | ||||||||||||
(Mandatory Tender Date 12/01/2024)(1) | 2,800,000 | 2,858,595 | ||||||||||
2.450%, 06/01/2043 | ||||||||||||
(Callable 01/01/2023) (Insured by GNMA) | 332,471 | 270,676 | ||||||||||
0.780%, 04/01/2045 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022) | ||||||||||||
(Insured by GNMA)(1) | 2,000,000 | 2,000,000 | ||||||||||
4.250%, 10/01/2049 | ||||||||||||
(Callable 04/01/2028) (Insured by GNMA) | 1,260,000 | 1,286,543 | ||||||||||
1.780%, 05/15/2050 | ||||||||||||
(SIFMA Municipal Swap Index + 1.000%) | ||||||||||||
(Callable 11/15/2024) (Mandatory Tender | ||||||||||||
Date 05/15/2025)(2) | 425,000 | 427,279 | ||||||||||
Illinois Municipal Electric Agency, | ||||||||||||
4.000%, 02/01/2034 (Callable 08/01/2025) | 300,000 | 296,588 | ||||||||||
Illinois Sports Facilities Authority: | ||||||||||||
5.000%, 06/15/2028 | 1,900,000 | 1,941,046 | ||||||||||
5.000%, 06/15/2029 | 1,750,000 | 1,789,053 | ||||||||||
5.000%, 06/15/2029 (Insured by BAM) | 2,500,000 | 2,766,116 | ||||||||||
5.000%, 06/15/2030 | ||||||||||||
(Callable 06/15/2029) (Insured by BAM) | 1,155,000 | 1,271,275 | ||||||||||
Illinois State Toll Highway Authority: | ||||||||||||
5.000%, 12/01/2032 (Callable 01/01/2026) | 645,000 | 685,830 | ||||||||||
5.000%, 01/01/2036 (Callable 01/01/2025) | 5,000,000 | 5,195,294 | ||||||||||
5.000%, 01/01/2037 (Callable 01/01/2025) | 2,400,000 | 2,489,857 | ||||||||||
5.000%, 01/01/2037 (Callable 01/01/2026) | 1,345,000 | 1,410,814 | ||||||||||
5.000%, 01/01/2039 (Callable 01/01/2025) | 1,500,000 | 1,551,329 | ||||||||||
5.000%, 01/01/2042 (Callable 01/01/2028) | 500,000 | 533,603 | ||||||||||
Illinois State University, | ||||||||||||
5.000%, 04/01/2031 | ||||||||||||
(Callable 04/01/2028) (Insured by AGM) | 500,000 | 557,418 | ||||||||||
Jo Daviess County Community | ||||||||||||
Unit School District No. 119: | ||||||||||||
4.000%, 12/01/2034 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 345,000 | 361,660 | ||||||||||
4.000%, 12/01/2034 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 280,000 | 294,351 |
The accompanying notes are an integral part of these financial statements.
Page 177
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Jo Daviess County Community | ||||||||||||
Unit School District No. 119: (cont.) | ||||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | $ | 380,000 | $ | 395,761 | ||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 310,000 | 324,501 | ||||||||||
4.000%, 12/01/2039 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 285,000 | 295,620 | ||||||||||
4.000%, 12/01/2039 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 230,000 | 239,920 | ||||||||||
4.000%, 12/01/2041 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 305,000 | 315,176 | ||||||||||
4.000%, 12/01/2041 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 445,000 | 462,706 | ||||||||||
Joliet Park District: | ||||||||||||
4.000%, 02/01/2030 | ||||||||||||
(Callable 02/01/2024) (Insured by BAM) | 250,000 | 254,776 | ||||||||||
4.000%, 02/01/2033 | ||||||||||||
(Callable 02/01/2023) (Insured by AGM) | 315,000 | 317,230 | ||||||||||
Kane & DeKalb Counties | ||||||||||||
Community Unit School District No. 301, | ||||||||||||
5.000%, 01/01/2031 (Callable 01/01/2027) | 565,000 | 620,327 | ||||||||||
Kane McHenry Cook & De Kalb Counties | ||||||||||||
Unit School District No. 300, | ||||||||||||
5.250%, 01/01/2033 (Callable 01/01/2023) | 1,000,000 | 1,013,619 | ||||||||||
Kankakee County School District No. 111, | ||||||||||||
4.000%, 01/01/2025 (Insured by BAM) | 480,000 | 499,488 | ||||||||||
Kendall Kane & Will Counties Community | ||||||||||||
Unit School District No. 308: | ||||||||||||
5.000%, 02/01/2027 (Insured by BAM) | 1,410,000 | 1,554,713 | ||||||||||
5.000%, 02/01/2028 (Insured by BAM) | 3,060,000 | 3,415,041 | ||||||||||
4.000%, 02/01/2030 | ||||||||||||
(Callable 02/01/2025) (Insured by BAM) | 2,550,000 | 2,615,045 | ||||||||||
4.750%, 10/01/2031 (Callable 10/01/2023) | 1,000,000 | 1,028,860 | ||||||||||
Knox & Warren Counties Community | ||||||||||||
Unit School District No. 205: | ||||||||||||
4.000%, 01/01/2034 | ||||||||||||
(Callable 01/01/2028) (Insured by BAM) | 855,000 | 878,329 | ||||||||||
4.000%, 01/01/2036 | ||||||||||||
(Callable 01/01/2028) (Insured by BAM) | 920,000 | 941,611 | ||||||||||
Lake County Community | ||||||||||||
Unit School District No. 187, | ||||||||||||
4.000%, 01/01/2035 | ||||||||||||
(Callable 01/01/2027) (Insured by BAM) | 1,190,000 | 1,207,915 | ||||||||||
Lake County Consolidated | ||||||||||||
High School District No. 120: | ||||||||||||
5.500%, 12/01/2037 (Callable 12/01/2032) | 750,000 | 840,452 | ||||||||||
5.500%, 12/01/2038 (Callable 12/01/2032) | 840,000 | 940,238 | ||||||||||
5.500%, 12/01/2040 (Callable 12/01/2032) | 1,510,000 | 1,678,213 | ||||||||||
5.500%, 12/01/2041 (Callable 12/01/2032) | 890,000 | 987,064 | ||||||||||
Lake County School District No. 33: | ||||||||||||
0.000%, 12/01/2026 | 525,000 | 452,127 | ||||||||||
0.000%, 12/01/2028 | 335,000 | 264,283 | ||||||||||
Lake County Township | ||||||||||||
High School District No. 113, | ||||||||||||
4.000%, 01/01/2032 (Callable 01/01/2029) | 4,130,000 | 4,260,442 | ||||||||||
Macon & De Witt Counties | ||||||||||||
Community Unit School District No. 2: | ||||||||||||
4.000%, 12/01/2036 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 835,000 | 856,905 | ||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 400,000 | 407,135 | ||||||||||
4.000%, 12/01/2041 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 1,175,000 | 1,189,687 | ||||||||||
4.000%, 12/01/2044 | ||||||||||||
(Callable 12/01/2030) (Insured by AGM) | 1,150,000 | 1,139,568 | ||||||||||
Macon County School District No. 61: | ||||||||||||
4.000%, 12/01/2034 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 150,000 | 152,096 | ||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 200,000 | 199,988 | ||||||||||
5.000%, 12/01/2040 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 580,000 | 637,935 | ||||||||||
4.000%, 01/01/2045 | ||||||||||||
(Callable 01/01/2027) (Insured by AGM) | 3,000,000 | 2,869,221 | ||||||||||
Macoupin, Sangaman, & | ||||||||||||
Montgomery Government Bonds, | ||||||||||||
4.250%, 12/01/2032 | ||||||||||||
(Callable 12/01/2023) (Insured by AGM) | 685,000 | 691,763 | ||||||||||
Madison & Jersey Counties | ||||||||||||
Unit School District No. 11, | ||||||||||||
5.000%, 03/01/2028 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 1,185,000 | 1,297,355 | ||||||||||
Madison County Community | ||||||||||||
Unit School District No. 8: | ||||||||||||
4.000%, 12/01/2035 | ||||||||||||
(Callable 12/01/2028) (Insured by BAM) | 1,000,000 | 1,023,954 | ||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2028) (Insured by BAM) | 1,740,000 | 1,758,561 | ||||||||||
4.000%, 12/01/2039 | ||||||||||||
(Callable 12/01/2028) (Insured by BAM) | 1,000,000 | 1,008,862 | ||||||||||
Metropolitan Pier & Exposition Authority: | ||||||||||||
5.500%, 12/15/2023 (Insured by NATL) | 65,000 | 66,932 | ||||||||||
0.000%, 06/15/2029 (Insured by NATL) | 1,400,000 | 1,074,752 | ||||||||||
Metropolitan Water Reclamation | ||||||||||||
District of Greater Chicago, | ||||||||||||
5.000%, 12/01/2034 (Callable 12/01/2026) | 1,500,000 | 1,637,734 | ||||||||||
Northern Illinois University: | ||||||||||||
5.000%, 10/01/2028 (Insured by BAM) | 325,000 | 359,352 | ||||||||||
5.000%, 10/01/2029 (Insured by BAM) | 300,000 | 334,440 | ||||||||||
4.000%, 10/01/2033 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 500,000 | 507,982 | ||||||||||
4.000%, 10/01/2034 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 485,000 | 490,482 | ||||||||||
4.000%, 10/01/2035 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 1,000,000 | 1,005,475 | ||||||||||
4.000%, 10/01/2038 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 1,000,000 | 979,974 | ||||||||||
4.000%, 10/01/2039 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 425,000 | 413,690 | ||||||||||
4.000%, 10/01/2040 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 400,000 | 387,920 | ||||||||||
4.000%, 10/01/2041 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 425,000 | 408,123 | ||||||||||
4.000%, 10/01/2043 | ||||||||||||
(Callable 04/01/2031) (Insured by BAM) | 625,000 | 593,024 | ||||||||||
Ogle & Winnebago Counties | ||||||||||||
Community Unit School District No. 223, | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 415,000 | 430,625 | ||||||||||
Peoria City School District No. 150, | ||||||||||||
5.000%, 01/01/2026 (Insured by BAM) | 330,000 | 356,782 | ||||||||||
Regional Transportation Authority, | ||||||||||||
5.750%, 06/01/2029 (Insured by AGM) | 5,000,000 | 5,715,772 | ||||||||||
Richland County Community | ||||||||||||
Unit School District No. 1: | ||||||||||||
5.000%, 12/01/2030 (Pre-refunded | ||||||||||||
to 12/01/2024) (Insured by AGM) | 155,000 | 165,372 | ||||||||||
4.000%, 12/01/2033 | ||||||||||||
(Callable 12/01/2024) (Insured by AGM) | 1,750,000 | 1,774,867 |
The accompanying notes are an integral part of these financial statements.
Page 178
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Southwestern Illinois Development Authority, | ||||||||||||
0.000%, 12/01/2023 (Insured by AGM) | $ | 100,000 | $ | 96,405 | ||||||||
St. Clair County Community | ||||||||||||
Unit School District No. 187, | ||||||||||||
4.000%, 01/01/2028 | ||||||||||||
(ETM) (Insured by AGM) | 245,000 | 264,023 | ||||||||||
St. Clair County High School District No. 201: | ||||||||||||
4.000%, 02/01/2029 | ||||||||||||
(Callable 02/01/2028) (Insured by BAM) | 1,375,000 | 1,402,047 | ||||||||||
4.000%, 02/01/2030 | ||||||||||||
(Callable 02/01/2028) (Insured by BAM) | 1,335,000 | 1,364,203 | ||||||||||
4.000%, 02/01/2031 | ||||||||||||
(Callable 02/01/2028) (Insured by BAM) | 1,475,000 | 1,507,808 | ||||||||||
State of Illinois: | ||||||||||||
5.000%, 03/01/2025 | 7,000,000 | 7,355,576 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2026) | 1,005,000 | 1,052,286 | ||||||||||
5.500%, 07/01/2033 (Callable 07/01/2023) | 410,000 | 418,583 | ||||||||||
4.000%, 06/15/2038 | ||||||||||||
(Callable 06/15/2028) (Insured by BAM) | 2,500,000 | 2,510,393 | ||||||||||
Tazewell County School District No. 51, | ||||||||||||
9.000%, 12/01/2026 (Insured by NATL) | 1,060,000 | 1,339,568 | ||||||||||
Town of Cicero IL: | ||||||||||||
4.000%, 01/01/2028 (Insured by BAM) | 1,265,000 | 1,309,877 | ||||||||||
4.000%, 01/01/2029 (Insured by BAM) | 815,000 | 838,785 | ||||||||||
University of Illinois, | ||||||||||||
5.000%, 04/01/2044 (Callable 04/01/2024) | 685,000 | 702,076 | ||||||||||
Upper Illinois River Valley | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 12/01/2023 | 700,000 | 721,534 | ||||||||||
5.000%, 12/01/2024 | 585,000 | 612,072 | ||||||||||
4.000%, 01/01/2031 | ||||||||||||
(Callable 01/01/2027)(3) | 245,000 | 223,608 | ||||||||||
5.000%, 01/01/2045 | ||||||||||||
(Callable 01/01/2027)(3) | 615,000 | 553,620 | ||||||||||
Village of Bartlett IL, | ||||||||||||
3.000%, 12/01/2033 (Callable 12/01/2028) | 450,000 | 429,611 | ||||||||||
Village of Cary IL, | ||||||||||||
4.000%, 12/15/2038 (Callable 12/15/2029) | 750,000 | 756,772 | ||||||||||
Village of Crestwood IL, | ||||||||||||
4.000%, 12/15/2027 | ||||||||||||
(Callable 12/15/2025) (Insured by BAM) | 330,000 | 340,368 | ||||||||||
Village of Franklin Park IL, | ||||||||||||
4.000%, 07/01/2029 | ||||||||||||
(Callable 07/01/2025) (Insured by AGM) | 450,000 | 468,040 | ||||||||||
Village of Matteson IL: | ||||||||||||
4.000%, 12/01/2028 (Insured by BAM) | 300,000 | 315,818 | ||||||||||
4.000%, 12/01/2030 (Insured by BAM) | 300,000 | 315,642 | ||||||||||
Village of Minooka IL, | ||||||||||||
2.540%, 12/01/2034 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 220,000 | 180,127 | ||||||||||
Village of River Grove IL: | ||||||||||||
4.000%, 12/15/2027 | ||||||||||||
(Callable 12/15/2026) (Insured by BAM) | 135,000 | 139,767 | ||||||||||
4.000%, 12/15/2028 | ||||||||||||
(Callable 12/15/2026) (Insured by BAM) | 205,000 | 211,144 | ||||||||||
4.000%, 12/15/2035 | ||||||||||||
(Callable 12/15/2030) (Insured by BAM) | 250,000 | 257,041 | ||||||||||
4.000%, 12/15/2038 | ||||||||||||
(Callable 12/15/2030) (Insured by BAM) | 795,000 | 810,958 | ||||||||||
Village of Romeoville IL, | ||||||||||||
5.000%, 10/01/2042 (Callable 04/01/2025) | 100,000 | 101,815 | ||||||||||
Village of Rosemont IL, | ||||||||||||
5.000%, 12/01/2046 | ||||||||||||
(Callable 12/01/2026) (Insured by AGM) | 130,000 | 140,535 | ||||||||||
Village of Stone Park IL: | ||||||||||||
4.750%, 02/01/2029 | ||||||||||||
(Callable 02/01/2023) (Insured by BAM) | 230,000 | 232,641 | ||||||||||
4.750%, 02/01/2031 | ||||||||||||
(Callable 02/01/2023) (Insured by BAM) | 310,000 | 313,267 | ||||||||||
4.750%, 02/01/2032 | ||||||||||||
(Callable 02/01/2023) (Insured by BAM) | 275,000 | 277,803 | ||||||||||
4.750%, 02/01/2033 | ||||||||||||
(Callable 02/01/2023) (Insured by BAM) | 190,000 | 191,877 | ||||||||||
5.000%, 02/01/2035 | ||||||||||||
(Callable 02/01/2029) (Insured by BAM) | 300,000 | 329,609 | ||||||||||
5.000%, 02/01/2036 | ||||||||||||
(Callable 02/01/2029) (Insured by BAM) | 225,000 | 246,829 | ||||||||||
4.000%, 02/01/2038 | ||||||||||||
(Callable 02/01/2029) (Insured by BAM) | 150,000 | 153,387 | ||||||||||
Whiteside & Lee Counties | ||||||||||||
Community Unit School District No. 5: | ||||||||||||
4.000%, 12/01/2028 (Insured by AGM) | 535,000 | 559,586 | ||||||||||
4.000%, 12/01/2031 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 630,000 | 646,968 | ||||||||||
4.000%, 12/01/2032 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 500,000 | 511,155 | ||||||||||
4.000%, 12/01/2033 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 685,000 | 696,903 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2023 (Insured by AGM) | 215,000 | 212,826 | ||||||||||
0.000%, 01/01/2026 (Insured by AGM) | 265,000 | 238,574 | ||||||||||
0.000%, 01/01/2027 (Insured by BAM) | 1,120,000 | 972,211 | ||||||||||
0.000%, 01/01/2027 (Insured by AGM) | 115,000 | 99,825 | ||||||||||
0.000%, 01/01/2028 (Insured by BAM) | 1,140,000 | 950,572 | ||||||||||
0.000%, 01/01/2028 | 60,000 | 49,761 | ||||||||||
0.000%, 01/01/2028 (Insured by AGM) | 180,000 | 150,090 | ||||||||||
5.000%, 01/01/2028 (Callable 01/01/2023) | 1,500,000 | 1,511,977 | ||||||||||
0.000%, 01/01/2029 | 145,000 | 115,007 | ||||||||||
5.000%, 01/01/2030 (Callable 01/01/2023) | 1,000,000 | 1,006,516 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2023) | 3,650,000 | 3,671,681 | ||||||||||
0.000%, 01/01/2032 | 110,000 | 75,664 | ||||||||||
0.000%, 01/01/2033 (Insured by BAM) | 825,000 | 545,272 | ||||||||||
4.000%, 01/01/2034 | ||||||||||||
(Callable 01/01/2029) (Insured by AGM) | 410,000 | 416,291 | ||||||||||
Will County Community | ||||||||||||
Unit School District No. 201-U: | ||||||||||||
4.000%, 01/01/2033 | ||||||||||||
(Callable 01/01/2028) (Insured by AGM) | 245,000 | 251,260 | ||||||||||
4.000%, 01/01/2034 | ||||||||||||
(Callable 01/01/2028) (Insured by AGM) | 785,000 | 803,261 | ||||||||||
4.000%, 01/01/2035 | ||||||||||||
(Callable 01/01/2028) (Insured by AGM) | 480,000 | 491,573 | ||||||||||
Winnebago & Boone Counties | ||||||||||||
Community High School District No. 207, | ||||||||||||
4.000%, 02/01/2036 | ||||||||||||
(Callable 02/01/2027) (Insured by BAM) | 1,000,000 | 1,034,059 | ||||||||||
Total Illinois | ||||||||||||
(Cost $225,026,124) | 217,721,652 | 10.7 | % | |||||||||
Indiana | ||||||||||||
Bloomington Redevelopment District: | ||||||||||||
5.000%, 02/01/2025 | 325,000 | 346,176 | ||||||||||
5.000%, 08/01/2025 | 335,000 | 360,249 | ||||||||||
5.250%, 08/01/2036 (Callable 08/01/2029) | 3,450,000 | 3,892,944 | ||||||||||
5.250%, 08/01/2036 (Callable 08/01/2029) | 1,600,000 | 1,805,423 | ||||||||||
Carmel Redevelopment Authority, | ||||||||||||
4.000%, 08/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2022) | 250,000 | 250,503 |
The accompanying notes are an integral part of these financial statements.
Page 179
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Jeffersonville IN, | ||||||||||||
5.000%, 01/01/2030 | ||||||||||||
(Callable 01/01/2028) (Insured by BAM) | $ | 325,000 | $ | 363,925 | ||||||||
City of Kendallville IN, | ||||||||||||
3.500%, 11/01/2024 | ||||||||||||
(Mandatory Tender Date 11/01/2023)(1) | 5,000,000 | 5,047,214 | ||||||||||
City of Lawrence IN, | ||||||||||||
5.000%, 01/01/2027 (Insured by BAM) | 385,000 | 424,296 | ||||||||||
Elkhart County Building Corp.: | ||||||||||||
4.000%, 06/01/2026 (Insured by BAM) | 1,795,000 | 1,890,502 | ||||||||||
4.000%, 12/01/2026 (Insured by BAM) | 1,830,000 | 1,935,888 | ||||||||||
4.000%, 06/01/2027 (Insured by BAM) | 1,870,000 | 1,985,371 | ||||||||||
4.000%, 12/01/2027 (Insured by BAM) | 1,900,000 | 2,022,797 | ||||||||||
Evansville Park District, | ||||||||||||
5.000%, 08/15/2036 | ||||||||||||
(Callable 02/15/2028) (Insured by BAM) | 1,335,000 | 1,474,989 | ||||||||||
Evansville Waterworks District: | ||||||||||||
5.000%, 07/01/2042 | ||||||||||||
(Callable 01/01/2032) (Insured by BAM) | 900,000 | 990,022 | ||||||||||
5.000%, 07/01/2047 | ||||||||||||
(Callable 01/01/2032) (Insured by BAM) | 2,150,000 | 2,343,439 | ||||||||||
4.250%, 01/01/2049 | ||||||||||||
(Callable 01/01/2032) (Insured by BAM) | 750,000 | 727,659 | ||||||||||
Franklin Township-Marion | ||||||||||||
County Multiple School Building Corp., | ||||||||||||
5.000%, 01/15/2035 | ||||||||||||
(Callable 01/15/2023) (Insured by ST AID) | 505,000 | 513,198 | ||||||||||
Greater Clark Building Corp.: | ||||||||||||
6.000%, 07/15/2034 | ||||||||||||
(Callable 07/15/2032) (Insured by ST AID) | 1,080,000 | 1,328,310 | ||||||||||
6.000%, 01/15/2042 | ||||||||||||
(Callable 07/15/2032) (Insured by ST AID) | 1,000,000 | 1,217,629 | ||||||||||
Hammond Multi-School Building Corp.: | ||||||||||||
4.500%, 07/15/2026 | ||||||||||||
(Callable 01/15/2024) (Insured by ST AID) | 625,000 | 645,699 | ||||||||||
5.000%, 07/15/2038 | ||||||||||||
(Callable 01/15/2028) (Insured by ST AID) | 3,105,000 | 3,295,436 | ||||||||||
Hammond Sanitary District: | ||||||||||||
5.000%, 07/15/2026 (Insured by BAM) | 610,000 | 669,520 | ||||||||||
5.000%, 01/15/2028 | ||||||||||||
(Callable 07/15/2027) (Insured by BAM) | 315,000 | 352,240 | ||||||||||
Indiana Bond Bank: | ||||||||||||
1.440%, 10/15/2022 (SIFMA Municipal | ||||||||||||
Swap Index + 0.660%)(2) | 225,000 | 224,672 | ||||||||||
1.670%, 10/15/2022 | ||||||||||||
(3 Month LIBOR USD + 0.970%)(2) | 535,000 | 533,695 | ||||||||||
Indiana Finance Authority: | ||||||||||||
5.000%, 10/01/2023 | 180,000 | 185,094 | ||||||||||
5.000%, 07/01/2027 | 1,445,000 | 1,570,526 | ||||||||||
5.000%, 09/01/2027 | 1,595,000 | 1,658,845 | ||||||||||
5.000%, 10/01/2027 | 245,000 | 261,683 | ||||||||||
5.000%, 07/01/2028 | 1,515,000 | 1,653,956 | ||||||||||
5.000%, 09/01/2028 | 1,675,000 | 1,733,111 | ||||||||||
5.000%, 10/01/2028 (Callable 10/01/2027) | 1,000,000 | 1,066,175 | ||||||||||
5.000%, 10/01/2029 | 220,000 | 236,135 | ||||||||||
5.250%, 02/01/2030 (Callable 08/01/2025) | 525,000 | 568,431 | ||||||||||
2.500%, 11/01/2030 | 2,825,000 | 2,458,025 | ||||||||||
4.250%, 11/01/2030 | 3,000,000 | 2,954,602 | ||||||||||
5.000%, 10/01/2031 | 250,000 | 268,359 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2023) | 3,520,000 | 3,588,438 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2031) | 170,000 | 181,212 | ||||||||||
4.000%, 05/01/2035 | ||||||||||||
(Pre-refunded to 05/01/2023) | 290,000 | 295,621 | ||||||||||
4.000%, 10/01/2035 (Callable 10/01/2031) | 820,000 | 792,526 | ||||||||||
3.750%, 10/01/2037 (Callable 10/01/2023) | 380,000 | 342,936 | ||||||||||
3.750%, 10/01/2042 (Callable 10/01/2023) | 220,000 | 190,032 | ||||||||||
4.000%, 10/01/2052 (Callable 04/01/2032) | 2,500,000 | 2,353,743 | ||||||||||
Indiana Housing & | ||||||||||||
Community Development Authority: | ||||||||||||
2.000%, 04/01/2025 | ||||||||||||
(Mandatory Tender Date 04/01/2024)(1) | 3,000,000 | 2,973,752 | ||||||||||
3.000%, 07/01/2050 | ||||||||||||
(Callable 07/01/2030) (Insured by GNMA) | 130,000 | 127,168 | ||||||||||
Indiana Municipal Power Agency, | ||||||||||||
5.000%, 01/01/2032 (Callable 01/01/2025) | 1,000,000 | 1,060,910 | ||||||||||
Indiana University, | ||||||||||||
4.000%, 08/01/2035 (Callable 08/01/2027) | 80,000 | 81,542 | ||||||||||
Indianapolis Board of School Commissioners: | ||||||||||||
5.000%, 01/15/2024 (Insured by ST AID) | 325,000 | 339,293 | ||||||||||
5.000%, 01/15/2025 (Insured by ST AID) | 515,000 | 548,597 | ||||||||||
5.000%, 01/15/2026 (Insured by ST AID) | 875,000 | 947,553 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank: | ||||||||||||
5.000%, 01/01/2033 | ||||||||||||
(Pre-refunded to 01/01/2025) | 500,000 | 535,714 | ||||||||||
5.000%, 02/01/2035 (Callable 12/29/2023) | 200,000 | 208,677 | ||||||||||
5.000%, 02/01/2036 (Callable 12/29/2023) | 750,000 | 782,313 | ||||||||||
5.000%, 02/01/2049 (Callable 02/01/2029) | 1,000,000 | 1,089,667 | ||||||||||
5.000%, 02/01/2054 (Callable 02/01/2029) | 1,885,000 | 2,048,603 | ||||||||||
IPS Multi-School Building Corp., | ||||||||||||
5.000%, 07/15/2026 | ||||||||||||
(Callable 01/15/2025) (Insured by ST AID) | 925,000 | 982,298 | ||||||||||
Kankakee Valley Middle School Building Corp., | ||||||||||||
5.000%, 01/15/2029 (Insured by ST AID) | 1,000,000 | 1,133,798 | ||||||||||
Plainfield Redevelopment Authority, | ||||||||||||
3.000%, 08/01/2024 (Insured by ST AID) | 360,000 | 362,247 | ||||||||||
Taylor Community School Building Corp., | ||||||||||||
0.000%, 07/15/2029 | ||||||||||||
(Callable 07/15/2025) (Insured by ST AID) | 360,000 | 282,497 | ||||||||||
Tri-Creek 2002 High School Building Corp., | ||||||||||||
4.000%, 07/15/2039 | ||||||||||||
(Callable 07/15/2028) (Insured by ST AID) | 345,000 | 359,089 | ||||||||||
Westfield High School Building Corp.: | ||||||||||||
5.000%, 01/15/2029 | ||||||||||||
(Callable 01/15/2026) (Insured by ST AID) | 250,000 | 271,258 | ||||||||||
5.000%, 01/15/2030 | ||||||||||||
(Callable 01/15/2026) (Insured by ST AID) | 300,000 | 325,403 | ||||||||||
Wheeler-Union Township | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 01/15/2042 (Callable | ||||||||||||
07/15/2030) (Insured by ST AID)(6) | 1,225,000 | 1,333,938 | ||||||||||
Total Indiana | ||||||||||||
(Cost $74,858,141) | 72,795,563 | 3.6 | % | |||||||||
Iowa | ||||||||||||
City of Coralville IA: | ||||||||||||
4.000%, 05/01/2023 | 280,000 | 284,226 | ||||||||||
4.000%, 06/01/2023 | 135,000 | 136,582 | ||||||||||
4.000%, 05/01/2024 | 560,000 | 574,830 | ||||||||||
3.000%, 06/01/2024 | 290,000 | 289,203 | ||||||||||
4.000%, 05/01/2030 (Callable 05/01/2029) | 1,000,000 | 1,015,423 | ||||||||||
3.000%, 05/01/2033 (Callable 05/01/2029) | 1,000,000 | 914,838 | ||||||||||
County of Carroll IA, | ||||||||||||
5.000%, 06/01/2035 (Callable 06/01/2027) | 645,000 | 709,105 | ||||||||||
Iowa Finance Authority: | ||||||||||||
4.000%, 05/15/2023 | 200,000 | 200,547 | ||||||||||
4.000%, 05/15/2024 | 250,000 | 250,123 |
The accompanying notes are an integral part of these financial statements.
Page 180
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Iowa Finance Authority: (cont.) | ||||||||||||
5.000%, 01/01/2028 (Insured by GNMA) | $ | 930,000 | $ | 1,039,033 | ||||||||
3.500%, 01/01/2047 | ||||||||||||
(Callable 07/01/2026) (Insured by GNMA) | 235,000 | 235,875 | ||||||||||
4.000%, 07/01/2047 | ||||||||||||
(Callable 07/01/2028) (Insured by GNMA) | 1,540,000 | 1,562,328 | ||||||||||
1.610%, 05/15/2056 (SOFR + 0.550%) | ||||||||||||
(Callable 05/15/2025) (Mandatory Tender | ||||||||||||
Date 05/15/2026)(2) | 2,000,000 | 1,894,156 | ||||||||||
Iowa Higher Education Loan Authority: | ||||||||||||
3.000%, 04/01/2029 | 870,000 | 845,707 | ||||||||||
3.000%, 04/01/2030 | 650,000 | 623,050 | ||||||||||
3.000%, 04/01/2031 | 525,000 | 494,425 | ||||||||||
5.000%, 10/01/2034 | ||||||||||||
(Callable 10/01/2030)(6) | 300,000 | 314,712 | ||||||||||
5.000%, 10/01/2035 | ||||||||||||
(Callable 10/01/2030)(6) | 360,000 | 375,652 | ||||||||||
5.000%, 10/01/2036 | ||||||||||||
(Callable 10/01/2030)(6) | 365,000 | 378,900 | ||||||||||
4.750%, 10/01/2042 | ||||||||||||
(Callable 10/01/2030)(6) | 750,000 | 750,550 | ||||||||||
PEFA, Inc., | ||||||||||||
5.000%, 09/01/2049 (Callable 06/01/2026) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(1) | 3,000,000 | 3,149,703 | ||||||||||
Southern Iowa Rural Water Association, | ||||||||||||
3.000%, 12/01/2032 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 1,030,000 | 964,947 | ||||||||||
Total Iowa | ||||||||||||
(Cost $17,898,772) | 17,003,915 | 0.8 | % | |||||||||
Kansas | ||||||||||||
City of Derby KS, | �� | |||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 425,000 | 402,206 | ||||||||||
City of Goddard KS, | ||||||||||||
3.500%, 06/01/2034 (Callable 12/01/2022) | 1,420,000 | 1,139,608 | ||||||||||
City of Hutchinson KS, | ||||||||||||
5.000%, 12/01/2022 | 140,000 | 141,510 | ||||||||||
City of Manhattan KS: | ||||||||||||
2.375%, 12/01/2022 | 1,600,000 | 1,598,072 | ||||||||||
4.000%, 06/01/2027 (Callable 06/01/2025) | 1,300,000 | 1,281,346 | ||||||||||
City of Wichita KS, | ||||||||||||
4.000%, 09/01/2038 (Callable 09/01/2027) | 1,540,000 | 1,570,833 | ||||||||||
Kansas Power Pool: | ||||||||||||
4.000%, 12/01/2038 (Callable 12/01/2029) | 700,000 | 718,016 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2029) | 1,095,000 | 1,104,830 | ||||||||||
Wyandotte County Unified | ||||||||||||
School District No. 203, | ||||||||||||
4.000%, 09/01/2048 (Callable 09/01/2028) | 1,000,000 | 995,016 | ||||||||||
Total Kansas | ||||||||||||
(Cost $9,706,388) | 8,951,437 | 0.4 | % | |||||||||
Kentucky | ||||||||||||
County of Leslie KY, | ||||||||||||
4.000%, 02/01/2052 (Callable 02/01/2030) | 2,085,000 | 1,912,366 | ||||||||||
Kentucky Bond Development Corp., | ||||||||||||
5.000%, 09/01/2037 (Callable 09/01/2028) | 500,000 | 548,250 | ||||||||||
Kentucky Economic | ||||||||||||
Development Finance Authority: | ||||||||||||
0.000%, 10/01/2025 (Insured by NATL) | 420,000 | 379,608 | ||||||||||
0.000%, 10/01/2026 (Insured by NATL) | 665,000 | 578,902 | ||||||||||
0.000%, 10/01/2027 (Insured by NATL) | 710,000 | 593,746 | ||||||||||
0.000%, 10/01/2028 (Insured by NATL) | 870,000 | 696,314 | ||||||||||
Kentucky Housing Corp., | ||||||||||||
5.850%, 04/01/2048 (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 04/01/2023)(1) | 1,642,002 | 1,643,651 | ||||||||||
Kentucky Public Energy Authority: | ||||||||||||
4.000%, 08/01/2027 | 550,000 | 556,793 | ||||||||||
4.000%, 01/01/2049 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(1) | 765,000 | 774,177 | ||||||||||
2.448%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.300%)(Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 2,000,000 | 1,972,370 | ||||||||||
4.000%, 12/01/2050 (Callable 03/01/2026) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(1) | 775,000 | 784,344 | ||||||||||
Kentucky State University: | ||||||||||||
5.000%, 11/01/2031 (Insured by BAM) | 365,000 | 422,891 | ||||||||||
4.000%, 11/01/2033 | ||||||||||||
(Callable 11/01/2031) (Insured by BAM) | 260,000 | 276,083 | ||||||||||
4.000%, 11/01/2035 | ||||||||||||
(Callable 11/01/2031) (Insured by BAM) | 270,000 | 284,900 | ||||||||||
4.000%, 11/01/2038 | ||||||||||||
(Callable 11/01/2031) (Insured by BAM) | 325,000 | 335,972 | ||||||||||
4.000%, 11/01/2041 | ||||||||||||
(Callable 11/01/2031) (Insured by BAM) | 250,000 | 250,854 | ||||||||||
4.000%, 11/01/2051 | ||||||||||||
(Callable 11/01/2031) (Insured by BAM) | 525,000 | 520,783 | ||||||||||
4.000%, 11/01/2056 | ||||||||||||
(Callable 11/01/2031) (Insured by BAM) | 500,000 | 490,873 | ||||||||||
Paducah Electric Plant Board, | ||||||||||||
5.000%, 10/01/2032 | ||||||||||||
(Callable 10/01/2026) (Insured by AGM) | 1,000,000 | 1,102,976 | ||||||||||
Paducah Independent School | ||||||||||||
District Finance Corp., | ||||||||||||
3.500%, 09/01/2033 | ||||||||||||
(Callable 09/01/2026) (Insured by ST AID) | 300,000 | 295,104 | ||||||||||
University of Kentucky, | ||||||||||||
3.000%, 04/01/2023 | 1,925,000 | 1,944,891 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $17,316,128) | 16,365,848 | 0.8 | % | |||||||||
Louisiana | ||||||||||||
City of Pineville LA: | ||||||||||||
4.000%, 05/01/2027 (Insured by BAM) | 240,000 | 253,638 | ||||||||||
4.000%, 05/01/2032 (Insured by BAM) | 290,000 | 305,641 | ||||||||||
4.000%, 05/01/2034 | ||||||||||||
(Callable 05/01/2032) (Insured by BAM) | 400,000 | 411,696 | ||||||||||
4.000%, 05/01/2037 | ||||||||||||
(Callable 05/01/2032) (Insured by BAM) | 325,000 | 331,170 | ||||||||||
4.000%, 05/01/2047 | ||||||||||||
(Callable 05/01/2032) (Insured by BAM) | 1,000,000 | 990,843 | ||||||||||
4.000%, 05/01/2051 | ||||||||||||
(Callable 05/01/2032) (Insured by BAM) | 1,550,000 | 1,511,877 | ||||||||||
City of Shreveport LA, | ||||||||||||
5.000%, 08/01/2023 (Insured by BAM) | 350,000 | 360,711 | ||||||||||
Louisiana Housing Corp.: | ||||||||||||
3.500%, 07/01/2025 (Mandatory Tender | ||||||||||||
Date 07/01/2024) (Insured by HUD)(1) | 3,274,000 | 3,307,611 | ||||||||||
4.500%, 12/01/2047 (Callable 12/01/2027) | 110,000 | 112,852 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & | ||||||||||||
Community Development Authority: | ||||||||||||
5.000%, 10/01/2023 (Insured by BAM) | 200,000 | 207,677 | ||||||||||
5.000%, 10/01/2024 (Insured by BAM) | 100,000 | 106,017 | ||||||||||
Louisiana Public Facilities Authority: | ||||||||||||
0.000%, 10/01/2024(7) | 125,000 | 119,600 | ||||||||||
5.000%, 07/01/2051 (Callable 07/01/2026) | 2,500,000 | 2,546,069 | ||||||||||
Louisiana State University & | ||||||||||||
Agricultural & Mechanical College: | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2026) | 4,200,000 | 4,487,554 |
The accompanying notes are an integral part of these financial statements.
Page 181
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Louisiana State University & | ||||||||||||
Agricultural & Mechanical College: (cont.) | ||||||||||||
5.000%, 07/01/2030 | ||||||||||||
(Callable 07/01/2026) (Insured by BAM) | $ | 380,000 | $ | 403,290 | ||||||||
4.000%, 07/01/2032 | ||||||||||||
(Callable 07/01/2026) (Insured by BAM) | 485,000 | 489,459 | ||||||||||
Morehouse Parish Hospital | ||||||||||||
Service District No. 1, | ||||||||||||
4.000%, 10/01/2028 (Callable 10/01/2027) | 660,000 | 641,987 | ||||||||||
St. Tammany Parish Wide | ||||||||||||
School District No. 12: | ||||||||||||
4.000%, 03/01/2035 (Callable 03/01/2027) | 100,000 | 103,570 | ||||||||||
4.000%, 03/01/2036 (Callable 03/01/2027) | 115,000 | 118,468 | ||||||||||
Tangipahoa Parish School Board, | ||||||||||||
4.000%, 03/01/2041 | ||||||||||||
(Callable 03/01/2031) (Insured by AGM) | 500,000 | 511,926 | ||||||||||
Terrebonne Parish Consolidated Government, | ||||||||||||
0.000%, 04/01/2034 (Insured by AGM) | 715,000 | 453,834 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $18,461,313) | 17,775,490 | 0.9 | % | |||||||||
Maine | ||||||||||||
City of Portland ME, | ||||||||||||
5.000%, 01/01/2031 (Callable 01/01/2026) | 1,090,000 | 1,144,332 | ||||||||||
Maine Health & Higher | ||||||||||||
Educational Facilities Authority: | ||||||||||||
4.000%, 07/01/2037 | ||||||||||||
(Callable 07/01/2029) (Insured by ST AID) | 230,000 | 229,063 | ||||||||||
5.000%, 07/01/2046 (Callable 07/01/2026) | 250,000 | 254,834 | ||||||||||
Maine State Housing Authority: | ||||||||||||
3.625%, 11/15/2039 (Callable 11/15/2024) | 2,255,000 | 2,136,692 | ||||||||||
3.500%, 11/15/2045 (Callable 05/15/2025) | 55,000 | 55,387 | ||||||||||
4.000%, 11/15/2045 (Callable 11/15/2025) | 130,000 | 131,651 | ||||||||||
3.500%, 11/15/2046 (Callable 11/15/2025) | 10,000 | 10,056 | ||||||||||
3.500%, 11/15/2047 (Callable 11/15/2026) | 415,000 | 416,596 | ||||||||||
4.000%, 11/15/2049 (Callable 05/15/2028) | 320,000 | 324,502 | ||||||||||
4.000%, 11/15/2050 (Callable 05/15/2029) | 835,000 | 847,451 | ||||||||||
5.000%, 11/15/2052 | ||||||||||||
(Callable 11/15/2031)(6) | 4,000,000 | 4,236,933 | ||||||||||
Total Maine | ||||||||||||
(Cost $10,173,965) | 9,787,497 | 0.5 | % | |||||||||
Maryland | ||||||||||||
County of Baltimore MD: | ||||||||||||
3.000%, 09/01/2027 (Callable 09/01/2022) | 1,000,000 | 1,000,906 | ||||||||||
4.000%, 09/01/2032 (Callable 09/01/2031) | 350,000 | 367,268 | ||||||||||
4.000%, 09/01/2033 (Callable 09/01/2031) | 230,000 | 236,745 | ||||||||||
4.000%, 09/01/2034 (Callable 09/01/2031) | 200,000 | 201,775 | ||||||||||
4.000%, 09/01/2035 (Callable 09/01/2031) | 100,000 | 100,893 | ||||||||||
4.000%, 09/01/2036 (Callable 09/01/2031) | 135,000 | 136,244 | ||||||||||
Maryland Community | ||||||||||||
Development Administration: | ||||||||||||
4.700%, 03/01/2046 (Callable 03/01/2031) | 2,250,000 | 2,271,343 | ||||||||||
3.500%, 03/01/2050 (Callable 03/01/2029) | 815,000 | 815,580 | ||||||||||
5.000%, 09/01/2052 (Callable 03/01/2031) | 7,900,000 | 8,366,079 | ||||||||||
Maryland Health & Higher | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 01/01/2028 | 300,000 | 322,012 | ||||||||||
4.000%, 01/01/2029 | 980,000 | 998,895 | ||||||||||
5.000%, 01/01/2029 | 290,000 | 312,205 | ||||||||||
5.000%, 01/01/2030 | 185,000 | 199,582 | ||||||||||
0.780%, 07/01/2033 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 3,535,000 | 3,535,000 | ||||||||||
5.000%, 07/01/2045 (Callable 01/01/2027) | ||||||||||||
(Mandatory Tender Date 07/01/2027)(1) | 780,000 | 849,935 | ||||||||||
Maryland Stadium Authority, | ||||||||||||
5.000%, 06/01/2026 | 750,000 | 817,899 | ||||||||||
Washington Suburban Sanitary Commission, | ||||||||||||
0.790%, 06/01/2023 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022) | ||||||||||||
(County Guaranteed)(1) | 2,915,000 | 2,915,000 | ||||||||||
Total Maryland | ||||||||||||
(Cost $23,827,287) | 23,447,361 | 1.2 | % | |||||||||
Massachusetts | ||||||||||||
Commonwealth of Massachusetts: | ||||||||||||
5.000%, 07/01/2036 (Callable 07/01/2025) | 2,250,000 | 2,374,202 | ||||||||||
5.000%, 09/01/2038 (Callable 09/01/2028) | 1,375,000 | 1,510,577 | ||||||||||
4.000%, 04/01/2042 (Callable 04/01/2025) | 1,530,000 | 1,528,241 | ||||||||||
Massachusetts Clean Water Trust, | ||||||||||||
5.000%, 08/01/2038 (Callable 08/01/2029) | 630,000 | 704,608 | ||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
5.000%, 10/01/2025 (Insured by AGM) | 575,000 | 614,319 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2027) | 475,000 | 494,724 | ||||||||||
5.000%, 07/15/2033 (Callable 07/15/2026) | 600,000 | 657,096 | ||||||||||
5.000%, 12/01/2035 (Callable 12/01/2026) | 1,450,000 | 1,519,391 | ||||||||||
4.000%, 07/01/2045 (Callable 07/01/2025) | 275,000 | 248,781 | ||||||||||
Massachusetts Health & | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 10/01/2029 (Callable 10/01/2022) | 1,545,000 | 1,554,699 | ||||||||||
Massachusetts Housing Finance Agency: | ||||||||||||
4.000%, 12/01/2028 (Callable 06/01/2023) | 1,000,000 | 1,006,650 | ||||||||||
4.500%, 12/01/2048 (Callable 12/01/2027) | 1,325,000 | 1,359,541 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2028) | 725,000 | 735,485 | ||||||||||
5.000%, 06/01/2050 | ||||||||||||
(Callable 06/01/2032) (Insured by GNMA) | 1,860,000 | 1,969,774 | ||||||||||
University of Massachusetts | ||||||||||||
Building Authority: | ||||||||||||
5.000%, 11/01/2031 (Callable 11/01/2025) | 1,395,000 | 1,491,962 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $18,614,922) | 17,770,050 | 0.9 | % | |||||||||
Michigan | ||||||||||||
City of Wyandotte MI, | ||||||||||||
5.000%, 10/01/2023 (Insured by BAM) | 25,000 | 25,832 | ||||||||||
Clarkston Community Schools, | ||||||||||||
5.000%, 05/01/2039 (Callable | ||||||||||||
05/01/2029) (Insured by Q-SBLF) | 500,000 | 559,676 | ||||||||||
Clio Area School District: | ||||||||||||
4.000%, 05/01/2038 (Callable | ||||||||||||
05/01/2032) (Insured by Q-SBLF) | 635,000 | 641,636 | ||||||||||
4.000%, 05/01/2040 (Callable | ||||||||||||
05/01/2032) (Insured by Q-SBLF) | 885,000 | 886,458 | ||||||||||
4.000%, 05/01/2041 (Callable | ||||||||||||
05/01/2032) (Insured by Q-SBLF) | 895,000 | 890,828 | ||||||||||
4.000%, 05/01/2042 (Callable | ||||||||||||
05/01/2032) (Insured by Q-SBLF) | 885,000 | 885,808 | ||||||||||
4.000%, 05/01/2043 (Callable | ||||||||||||
05/01/2032) (Insured by Q-SBLF) | 900,000 | 893,439 | ||||||||||
4.000%, 05/01/2044 (Callable | ||||||||||||
05/01/2032) (Insured by Q-SBLF) | 800,000 | 788,654 | ||||||||||
Eastern Michigan University, | ||||||||||||
4.000%, 03/01/2034 | ||||||||||||
(Callable 03/01/2027) (Insured by BAM) | 985,000 | 1,002,681 | ||||||||||
Ferris State University, | ||||||||||||
5.000%, 10/01/2026 | 865,000 | 943,860 | ||||||||||
Grand Ledge Public Schools, | ||||||||||||
5.000%, 05/01/2044 (Callable | ||||||||||||
05/01/2029) (Insured by Q-SBLF) | 250,000 | 277,395 |
The accompanying notes are an integral part of these financial statements.
Page 182
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Great Lakes Water Authority, | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2028) | $ | 1,000,000 | $ | 1,100,553 | ||||||||
Lake Orion Community School District: | ||||||||||||
4.000%, 05/01/2024 (Insured by Q-SBLF) | 275,000 | 284,524 | ||||||||||
4.000%, 05/01/2025 (Insured by Q-SBLF) | 325,000 | 338,571 | ||||||||||
4.000%, 05/01/2026 (Insured by Q-SBLF) | 350,000 | 367,229 | ||||||||||
4.000%, 05/01/2027 (Insured by Q-SBLF) | 275,000 | 290,635 | ||||||||||
Lake Superior State University, | ||||||||||||
4.000%, 11/15/2028 (Insured by AGM) | 620,000 | 647,146 | ||||||||||
Lincoln Consolidated School District, | ||||||||||||
5.000%, 05/01/2042 (Callable | ||||||||||||
05/01/2028) (Insured by Q-SBLF) | 2,000,000 | 2,196,660 | ||||||||||
Michigan Finance Authority: | ||||||||||||
4.000%, 10/01/2024 | 650,000 | 658,338 | ||||||||||
5.000%, 09/01/2029 | 400,000 | 440,277 | ||||||||||
4.500%, 10/01/2029 (Callable 10/01/2024) | 5,900,000 | 5,945,970 | ||||||||||
5.000%, 09/01/2030 (Callable 03/01/2030) | 440,000 | 483,121 | ||||||||||
5.000%, 07/01/2032 | ||||||||||||
(Callable 07/01/2024) (Insured by AGM) | 5,000,000 | 5,191,218 | ||||||||||
5.000%, 07/01/2034 (Callable 07/01/2025) | 315,000 | 330,039 | ||||||||||
5.000%, 07/01/2036 | ||||||||||||
(Callable 07/01/2024) (Insured by NATL) | 500,000 | 517,163 | ||||||||||
5.000%, 12/01/2043 (Callable 06/01/2028) | ||||||||||||
(Mandatory Tender Date 12/01/2028)(1) | 1,750,000 | 1,947,317 | ||||||||||
5.000%, 07/01/2044 (Callable 07/01/2024) | 125,000 | 125,942 | ||||||||||
Michigan State Hospital Finance Authority, | ||||||||||||
4.000%, 11/15/2047 (Callable 11/15/2026) | 595,000 | 573,043 | ||||||||||
Michigan State Housing | ||||||||||||
Development Authority: | ||||||||||||
3.500%, 06/01/2024(1)(6) | 5,000,000 | 5,047,700 | ||||||||||
4.250%, 06/01/2049 | 1,535,000 | 1,565,508 | ||||||||||
4.250%, 12/01/2049 (Callable 06/01/2028) | 1,395,000 | 1,425,033 | ||||||||||
3.500%, 12/01/2050 (Callable 06/01/2029) | 4,835,000 | 4,828,339 | ||||||||||
5.000%, 06/01/2053 (Callable 12/01/2031) | 3,000,000 | 3,177,430 | ||||||||||
Michigan State University, | ||||||||||||
5.000%, 02/15/2037 (Callable 08/15/2029) | 525,000 | 572,574 | ||||||||||
Pinckney Community Schools: | ||||||||||||
5.000%, 05/01/2033 | ||||||||||||
(Callable 05/01/2026) (Insured by Q-SBLF) | 750,000 | 798,725 | ||||||||||
5.000%, 05/01/2035 | ||||||||||||
(Callable 05/01/2026) (Insured by Q-SBLF) | 1,500,000 | 1,593,560 | ||||||||||
Romeo Community School District, | ||||||||||||
5.000%, 05/01/2029 | ||||||||||||
(Callable 05/01/2026) (Insured by Q-SBLF) | 1,000,000 | 1,093,609 | ||||||||||
Roseville Community Schools, | ||||||||||||
5.000%, 05/01/2026 (Insured by Q-SBLF) | 400,000 | 438,364 | ||||||||||
Swartz Creek Community Schools, | ||||||||||||
5.000%, 05/01/2039 | ||||||||||||
(Callable 05/01/2029) (Insured by Q-SBLF) | 815,000 | 898,022 | ||||||||||
Trenton Public Schools School District, | ||||||||||||
5.000%, 05/01/2030 | ||||||||||||
(Callable 05/01/2028) (Insured by Q-SBLF) | 300,000 | 338,294 | ||||||||||
Wayne County Airport Authority: | ||||||||||||
5.000%, 12/01/2026 | 185,000 | 203,196 | ||||||||||
5.000%, 12/01/2031 (Callable 12/01/2027) | 375,000 | 403,852 | ||||||||||
Wayne State University, | ||||||||||||
5.000%, 11/15/2030 (Callable 11/15/2025) | 1,025,000 | 1,099,545 | ||||||||||
Wayne-Westland Community Schools, | ||||||||||||
4.000%, 11/01/2038 | ||||||||||||
(Callable 05/01/2029) (Insured by Q-SBLF) | 500,000 | 503,792 | ||||||||||
Western Michigan University: | ||||||||||||
5.000%, 11/15/2029 (Callable 05/15/2025) | 250,000 | 265,636 | ||||||||||
5.000%, 11/15/2030 (Insured by AGM) | 300,000 | 345,941 | ||||||||||
5.000%, 11/15/2038 | ||||||||||||
(Callable 05/15/2031) (Insured by AGM) | 375,000 | 423,295 | ||||||||||
5.000%, 11/15/2039 | ||||||||||||
(Callable 05/15/2031) (Insured by AGM) | 400,000 | 449,952 | ||||||||||
5.000%, 11/15/2040 | ||||||||||||
(Callable 05/15/2031) (Insured by AGM) | 420,000 | 471,400 | ||||||||||
Total Michigan | ||||||||||||
(Cost $56,839,707) | 55,177,780 | 2.7 | % | |||||||||
Minnesota | ||||||||||||
City of Maple Grove MN: | ||||||||||||
5.000%, 05/01/2027 | 200,000 | 215,742 | ||||||||||
5.000%, 05/01/2031 (Callable 05/01/2027) | 525,000 | 552,168 | ||||||||||
City of Minneapolis MN: | ||||||||||||
5.000%, 11/15/2034 (Callable 11/15/2025) | 680,000 | 702,676 | ||||||||||
4.000%, 11/15/2036 (Callable 11/15/2031) | 1,090,000 | 1,092,847 | ||||||||||
City of St. Louis Park MN, | ||||||||||||
0.860%, 11/01/2045 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 1,275,000 | 1,275,000 | ||||||||||
Duluth Economic Development Authority: | ||||||||||||
5.000%, 06/15/2027 | 300,000 | 321,905 | ||||||||||
5.000%, 06/15/2028 | 450,000 | 484,591 | ||||||||||
Forest Lake Independent | ||||||||||||
School District No. 831, | ||||||||||||
3.125%, 02/01/2039 (Callable 02/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 400,000 | 365,671 | ||||||||||
Fosston Independent School District No. 601, | ||||||||||||
4.000%, 02/01/2036 (Callable 02/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 725,000 | 740,937 | ||||||||||
Housing & Redevelopment | ||||||||||||
Authority of The City of St. Paul: | ||||||||||||
5.000%, 12/01/2029 | 1,175,000 | 1,247,306 | ||||||||||
5.000%, 12/01/2030 | 300,000 | 317,273 | ||||||||||
5.000%, 12/01/2036 (Callable 12/01/2030) | 1,600,000 | 1,656,543 | ||||||||||
Maple River Independent | ||||||||||||
School District No. 2135: | ||||||||||||
4.000%, 02/01/2037 (Callable 02/01/2030) | ||||||||||||
(Insured by SD CRED PROG) | 970,000 | 982,228 | ||||||||||
4.000%, 02/01/2038 (Callable 02/01/2030) | ||||||||||||
(Insured by SD CRED PROG) | 700,000 | 708,176 | ||||||||||
Minnesota Higher Education | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 10/01/2039 (Callable 10/01/2030) | 2,040,000 | 2,176,203 | ||||||||||
4.000%, 10/01/2040 (Callable 10/01/2030) | 1,030,000 | 990,024 | ||||||||||
4.125%, 10/01/2041 (Callable 10/01/2030) | 1,000,000 | 973,973 | ||||||||||
4.125%, 10/01/2042 (Callable 10/01/2030) | 1,000,000 | 970,116 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
3.600%, 07/01/2033 | ||||||||||||
(Callable 01/01/2023) (Insured by GNMA) | 495,000 | 476,901 | ||||||||||
3.100%, 07/01/2035 | ||||||||||||
(Callable 07/01/2025) (Insured by GNMA) | 1,535,000 | 1,525,533 | ||||||||||
4.000%, 01/01/2038 (Callable 01/01/2024) | 335,000 | 338,924 | ||||||||||
3.800%, 07/01/2038 | ||||||||||||
(Callable 01/01/2023) (Insured by GNMA) | 165,000 | 157,917 | ||||||||||
1.210%, 01/01/2045 | ||||||||||||
(SIFMA Municipal Swap Index + 0.430%) | ||||||||||||
(Callable 01/01/2023) (Mandatory Tender | ||||||||||||
Date 07/03/2023) (Insured by GNMA)(2) | 2,955,000 | 2,951,630 | ||||||||||
4.000%, 01/01/2047 | ||||||||||||
(Callable 01/01/2026) (Insured by GNMA) | 300,000 | 304,342 | ||||||||||
3.750%, 01/01/2050 | ||||||||||||
(Callable 01/01/2029) (Insured by GNMA) | 580,000 | 584,565 | ||||||||||
3.500%, 07/01/2050 | ||||||||||||
(Callable 07/01/2029) (Insured by GNMA) | 3,000,000 | 2,996,666 |
The accompanying notes are an integral part of these financial statements.
Page 183
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Plymouth Intermediate District No. 287: | ||||||||||||
4.000%, 02/01/2028 (Callable 02/01/2027) | $ | 350,000 | $ | 367,285 | ||||||||
4.000%, 02/01/2037 (Callable 02/01/2027) | 250,000 | 251,277 | ||||||||||
Robbinsdale Independent | ||||||||||||
School District No. 281, | ||||||||||||
5.000%, 02/01/2030 | ||||||||||||
(Insured by SD CRED PROG) | 750,000 | 861,928 | ||||||||||
St. Paul Port Authority, | ||||||||||||
4.000%, 10/01/2041 (Callable 10/01/2027) | 400,000 | 403,461 | ||||||||||
Zumbro Education District: | ||||||||||||
4.000%, 02/01/2029 | 350,000 | 357,695 | ||||||||||
4.000%, 02/01/2038 (Callable 02/01/2031) | 385,000 | 374,941 | ||||||||||
4.000%, 02/01/2041 (Callable 02/01/2031) | 400,000 | 382,512 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $29,308,959) | 28,108,956 | 1.4 | % | |||||||||
Mississippi | ||||||||||||
Biloxi Public School District, | ||||||||||||
5.000%, 04/01/2026 (Insured by BAM) | 500,000 | 544,502 | ||||||||||
City of Flowood MS, | ||||||||||||
3.500%, 10/01/2026 (Callable 10/01/2024) | 610,000 | 625,764 | ||||||||||
City of Gulfport MS: | ||||||||||||
5.000%, 07/01/2024 | 485,000 | 503,834 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 500,000 | 530,817 | ||||||||||
City of Ridgeland MS: | ||||||||||||
3.000%, 10/01/2025 | 1,000,000 | 984,103 | ||||||||||
3.000%, 10/01/2026 | 1,100,000 | 1,076,522 | ||||||||||
3.000%, 10/01/2028 (Callable 10/01/2027) | 690,000 | 656,918 | ||||||||||
3.000%, 10/01/2029 (Callable 10/01/2027) | 540,000 | 505,602 | ||||||||||
Delta St. University | ||||||||||||
Educational Building Corp., | ||||||||||||
4.000%, 12/01/2034 (Callable 12/01/2026) | 125,000 | 127,985 | ||||||||||
DeSoto County School District, | ||||||||||||
3.000%, 04/01/2030 (Callable 04/01/2028) | 615,000 | 616,155 | ||||||||||
Medical Center Educational Building Corp., | ||||||||||||
5.000%, 06/01/2042 (Callable 06/01/2027) | 500,000 | 521,417 | ||||||||||
Mississippi Business Finance Corp., | ||||||||||||
3.200%, 09/01/2028 (Callable 03/13/2024) | 2,100,000 | 2,077,460 | ||||||||||
Mississippi Development Bank: | ||||||||||||
5.000%, 03/01/2030 (Callable 03/01/2028) | 330,000 | 364,875 | ||||||||||
5.000%, 07/01/2030 | 205,000 | 232,907 | ||||||||||
5.000%, 03/01/2031 (Callable 03/01/2028) | 175,000 | 192,767 | ||||||||||
5.000%, 07/01/2031 | 125,000 | 143,135 | ||||||||||
4.000%, 03/01/2032 (Callable 03/01/2028) | 200,000 | 206,208 | ||||||||||
4.000%, 07/01/2032 (Callable 07/01/2031) | 150,000 | 153,073 | ||||||||||
4.000%, 03/01/2033 (Callable 03/01/2028) | 300,000 | 307,681 | ||||||||||
5.250%, 03/01/2034 (Callable 03/01/2028) | 490,000 | 525,903 | ||||||||||
4.000%, 07/01/2034 (Callable 07/01/2031) | 285,000 | 285,463 | ||||||||||
4.000%, 07/01/2035 (Callable 07/01/2031) | 405,000 | 405,043 | ||||||||||
4.000%, 03/01/2036 (Callable 03/01/2028) | 300,000 | 302,330 | ||||||||||
4.000%, 07/01/2036 (Callable 07/01/2031) | 250,000 | 247,269 | ||||||||||
4.000%, 07/01/2038 (Callable 07/01/2031) | 245,000 | 240,439 | ||||||||||
4.000%, 07/01/2039 (Callable 07/01/2031) | 390,000 | 380,205 | ||||||||||
5.250%, 03/01/2045 (Callable 03/01/2028) | 1,345,000 | 1,418,220 | ||||||||||
5.000%, 03/01/2048 | ||||||||||||
(Callable 03/01/2029) (Insured by BAM) | 1,000,000 | 1,035,943 | ||||||||||
State of Mississippi: | ||||||||||||
5.000%, 10/15/2028 (Callable 10/15/2025) | 1,260,000 | 1,342,723 | ||||||||||
5.000%, 10/15/2034 (Callable 10/15/2025) | 1,000,000 | 1,049,591 | ||||||||||
5.000%, 10/15/2035 (Callable 10/15/2028) | 4,000,000 | 4,343,373 | ||||||||||
Sunflower County | ||||||||||||
Consolidated School District, | ||||||||||||
4.000%, 06/01/2042 | ||||||||||||
(Callable 06/01/2032) (Insured by BAM) | 1,620,000 | 1,564,196 | ||||||||||
University of Southern Mississippi, | ||||||||||||
5.000%, 09/01/2035 (Callable 09/01/2026) | 385,000 | 415,932 | ||||||||||
West Rankin Utility Authority: | ||||||||||||
5.000%, 01/01/2028 (Pre-refunded | ||||||||||||
to 01/01/2025) (Insured by AGM) | 110,000 | 117,857 | ||||||||||
5.000%, 01/01/2029 (Pre-refunded | ||||||||||||
to 01/01/2025) (Insured by AGM) | 300,000 | 321,429 | ||||||||||
5.000%, 01/01/2030 (Pre-refunded | ||||||||||||
to 01/01/2025) (Insured by AGM) | 590,000 | 632,143 | ||||||||||
5.000%, 01/01/2043 (Pre-refunded | ||||||||||||
to 01/01/2028) (Insured by AGM) | 1,500,000 | 1,701,240 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $28,503,267) | 26,701,024 | 1.3 | % | |||||||||
Missouri | ||||||||||||
Boone County Reorganized | ||||||||||||
School District No. R-1, | ||||||||||||
5.750%, 03/01/2042 | ||||||||||||
(Callable 09/01/2031) (Insured by BAM) | 1,750,000 | 2,065,387 | ||||||||||
Center School District No. 58, | ||||||||||||
4.000%, 04/15/2031 (Callable 04/15/2027) | 170,000 | 177,579 | ||||||||||
City of St. Charles MO, | ||||||||||||
4.000%, 02/01/2026 | 500,000 | 525,246 | ||||||||||
County of Cape Girardeau MO: | ||||||||||||
5.000%, 06/01/2023 | 625,000 | 642,423 | ||||||||||
5.000%, 06/01/2024 | 825,000 | 865,194 | ||||||||||
5.000%, 06/01/2025 | 650,000 | 691,719 | ||||||||||
Curators of the University of Missouri, | ||||||||||||
4.000%, 11/01/2031 (Callable 11/01/2024) | 5,415,000 | 5,554,607 | ||||||||||
Hazelwood School District, | ||||||||||||
4.000%, 03/01/2031 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 520,000 | 550,119 | ||||||||||
Health & Educational Facilities | ||||||||||||
Authority of the State of Missouri: | ||||||||||||
5.000%, 02/01/2025 (Callable 02/01/2024) | 45,000 | 45,947 | ||||||||||
5.000%, 09/01/2025 | 365,000 | 381,014 | ||||||||||
5.000%, 09/01/2026 | 410,000 | 431,606 | ||||||||||
5.000%, 09/01/2027 | 280,000 | 296,786 | ||||||||||
5.000%, 11/15/2027 (Callable 11/15/2025) | 585,000 | 624,433 | ||||||||||
5.000%, 02/01/2034 (Callable 02/01/2024) | 600,000 | 613,730 | ||||||||||
5.000%, 02/01/2035 (Callable 02/01/2024) | 385,000 | 387,529 | ||||||||||
5.000%, 02/15/2036 (Callable 02/15/2029) | 425,000 | 453,423 | ||||||||||
Jackson County School District No. R-IV, | �� | |||||||||||
6.000%, 03/01/2038 | ||||||||||||
(Callable 03/01/2029) (Insured by ST AID) | 1,005,000 | 1,209,967 | ||||||||||
Jasper County Reorganized | ||||||||||||
School District No. R-IX: | ||||||||||||
4.000%, 04/01/2023 | 800,000 | 812,690 | ||||||||||
4.000%, 04/01/2024 | 480,000 | 494,179 | ||||||||||
4.000%, 04/01/2025 | 415,000 | 430,971 | ||||||||||
Jefferson County Consolidated School District No. 6: | ||||||||||||
3.000%, 03/01/2034 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 700,000 | 662,017 | ||||||||||
3.000%, 03/01/2039 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 1,300,000 | 1,152,756 | ||||||||||
3.000%, 03/01/2041 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 1,000,000 | 885,625 | ||||||||||
Kansas City Industrial Development Authority, | ||||||||||||
4.000%, 03/01/2035 (Callable 03/01/2030) | 455,000 | 452,814 | ||||||||||
Meramec Valley School District No. R-III: | ||||||||||||
3.000%, 03/01/2037 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 360,000 | 329,913 | ||||||||||
3.000%, 03/01/2038 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 500,000 | 450,669 |
The accompanying notes are an integral part of these financial statements.
Page 184
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Missouri Housing Development Commission, | ||||||||||||
3.950%, 11/01/2040 (Callable | ||||||||||||
05/01/2025) (Insured by GNMA) | $ | 160,000 | $ | 158,842 | ||||||||
Missouri Southern State University: | ||||||||||||
4.000%, 10/01/2033 | ||||||||||||
(Callable 10/01/2029) (Insured by AGM) | 110,000 | 112,333 | ||||||||||
4.000%, 10/01/2034 | ||||||||||||
(Callable 10/01/2029) (Insured by AGM) | 115,000 | 117,199 | ||||||||||
4.000%, 10/01/2035 | ||||||||||||
(Callable 10/01/2029) (Insured by AGM) | 125,000 | 127,160 | ||||||||||
4.000%, 10/01/2036 | ||||||||||||
(Callable 10/01/2029) (Insured by AGM) | 110,000 | 111,712 | ||||||||||
4.000%, 10/01/2039 | ||||||||||||
(Callable 10/01/2029) (Insured by AGM) | 110,000 | 110,418 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
1.160%, 12/01/2061 | ||||||||||||
(Optional Put Date 08/04/2022)(1)(3) | 2,555,000 | 2,555,000 | ||||||||||
Moberly School District No. 81, | ||||||||||||
3.000%, 03/01/2039 | ||||||||||||
(Callable 09/01/2028) (Insured by ST AID) | 1,900,000 | 1,684,797 | ||||||||||
Move Rolla Transportation | ||||||||||||
Development District, | ||||||||||||
3.750%, 06/01/2029 (Callable 06/01/2026) | 125,000 | 121,102 | ||||||||||
Normandy Schools Collaborative: | ||||||||||||
3.000%, 03/01/2036 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 1,525,000 | 1,421,238 | ||||||||||
3.000%, 03/01/2037 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 1,325,000 | 1,214,265 | ||||||||||
Northwest Missouri State University: | ||||||||||||
5.000%, 06/01/2023 (Insured by BAM) | 400,000 | 411,005 | ||||||||||
5.000%, 06/01/2027 (Insured by BAM) | 560,000 | 610,988 | ||||||||||
5.000%, 06/01/2028 (Insured by BAM) | 600,000 | 660,127 | ||||||||||
5.000%, 06/01/2029 (Insured by BAM) | 500,000 | 554,048 | ||||||||||
St. Charles County Francis | ||||||||||||
Howell R-III School District, | ||||||||||||
4.000%, 03/01/2031 (Callable 03/01/2028) | 2,425,000 | 2,561,568 | ||||||||||
St. Louis Land Clearance | ||||||||||||
for Redevelopment Authority, | ||||||||||||
3.875%, 10/01/2035 (Callable 10/01/2029) | 365,000 | 301,878 | ||||||||||
Total Missouri | ||||||||||||
(Cost $36,120,437) | 34,022,023 | 1.7 | % | |||||||||
Montana | ||||||||||||
City of Forsyth MT, | ||||||||||||
3.900%, 03/01/2031 | ||||||||||||
(Callable 03/01/2023)(1) | 7,300,000 | 7,332,879 | ||||||||||
Montana Board of Housing: | ||||||||||||
3.600%, 12/01/2030 (Callable 07/21/2022) | 290,000 | 290,023 | ||||||||||
3.750%, 12/01/2038 | ||||||||||||
(Callable 12/01/2027) (Insured by FHA) | 315,000 | 311,165 | ||||||||||
3.000%, 06/01/2052 (Callable 06/01/2031) | 2,000,000 | 1,944,519 | ||||||||||
Montana Facility Finance Authority: | ||||||||||||
4.000%, 07/01/2024 | 150,000 | 152,716 | ||||||||||
5.000%, 06/01/2033 (Callable 06/01/2028) | 310,000 | 328,994 | ||||||||||
4.000%, 01/01/2037 (Callable 01/01/2030) | 700,000 | 693,429 | ||||||||||
Total Montana | ||||||||||||
(Cost $11,406,047) | 11,053,725 | 0.5 | % | |||||||||
Nebraska | ||||||||||||
Central Plains Energy Project: | ||||||||||||
5.000%, 09/01/2042 (Callable 09/01/2022) | 665,000 | 668,559 | ||||||||||
5.000%, 03/01/2050 (Callable 10/01/2023) | ||||||||||||
(Mandatory Tender Date 01/01/2024)(1) | 835,000 | 860,000 | ||||||||||
County of Douglas NE: | ||||||||||||
1.310%, 07/01/2035 | ||||||||||||
(SIFMA Municipal Swap Index + 0.530%) | ||||||||||||
(Mandatory Tender Date 09/01/2026)(2) | 5,000,000 | 5,008,082 | ||||||||||
5.000%, 07/01/2036 (Callable 07/01/2027) | 200,000 | 213,686 | ||||||||||
Douglas County Hospital Authority No. 2, | ||||||||||||
5.000%, 05/15/2030 (Callable 05/15/2026) | 90,000 | 96,770 | ||||||||||
Nebraska Investment Finance Authority: | ||||||||||||
3.500%, 09/01/2036 (Callable 03/01/2025) | 275,000 | 264,012 | ||||||||||
3.500%, 09/01/2046 (Callable 03/01/2025) | 65,000 | 65,288 | ||||||||||
Papio-Missouri River Natural Resources District: | ||||||||||||
3.000%, 12/01/2031 (Callable 10/12/2026) | 540,000 | 517,218 | ||||||||||
3.000%, 12/01/2032 (Callable 10/12/2026) | 385,000 | 360,684 | ||||||||||
Village of Boys Town NE, | ||||||||||||
3.000%, 09/01/2028 | 2,125,000 | 2,143,531 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $10,389,405) | 10,197,830 | 0.5 | % | |||||||||
Nevada | ||||||||||||
City of Carson City NV, | ||||||||||||
5.000%, 09/01/2033 (Callable 09/01/2027) | 250,000 | 263,431 | ||||||||||
City of Las Vegas NV Special | ||||||||||||
Improvement District No. 815, | ||||||||||||
3.000%, 12/01/2022 | 100,000 | 99,866 | ||||||||||
City of Reno NV, | ||||||||||||
4.000%, 06/01/2043 | ||||||||||||
(Callable 06/01/2027) (Insured by AGM) | 1,845,000 | 1,826,407 | ||||||||||
City of Yerington NV, | ||||||||||||
1.625%, 11/01/2023 (Callable 11/01/2022) | 2,000,000 | 1,982,389 | ||||||||||
Clark County School District, | ||||||||||||
5.000%, 06/15/2032 | ||||||||||||
(Callable 06/15/2027) (Insured by BAM) | 450,000 | 492,072 | ||||||||||
Henderson Public Improvement Trust, | ||||||||||||
5.500%, 01/01/2044 (Callable 07/01/2024) | 1,000,000 | 1,009,288 | ||||||||||
Las Vegas Redevelopment Agency: | ||||||||||||
5.000%, 06/15/2029 (Callable 06/15/2026) | 200,000 | 210,933 | ||||||||||
3.000%, 06/15/2032 (Callable 06/15/2026) | 1,000,000 | 906,499 | ||||||||||
Las Vegas Valley Water District, | ||||||||||||
5.000%, 06/01/2046 (Callable 06/01/2026) | 3,320,000 | 3,518,969 | ||||||||||
Nevada Housing Division: | ||||||||||||
4.000%, 04/01/2049 | ||||||||||||
(Callable 10/01/2028) (Insured by GNMA) | 1,695,000 | 1,719,634 | ||||||||||
4.000%, 10/01/2049 | ||||||||||||
(Callable 10/01/2028) (Insured by GNMA) | 345,000 | 350,024 | ||||||||||
State of Nevada, | ||||||||||||
5.000%, 06/01/2033 (Callable 12/01/2023) | 300,000 | 311,295 | ||||||||||
Washoe County School District, | ||||||||||||
5.000%, 05/01/2030 (Callable 05/01/2027) | 525,000 | 579,896 | ||||||||||
Total Nevada | ||||||||||||
(Cost $14,082,663) | 13,270,703 | 0.7 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Health | ||||||||||||
and Education Facilities Authority, | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | 275,000 | 290,615 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $325,716) | 290,615 | 0.0 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education, | ||||||||||||
3.400%, 08/15/2027 (Insured by BAM)(3) | 3,293,000 | 3,371,841 | ||||||||||
Camden County Improvement Authority, | ||||||||||||
4.000%, 01/15/2038 (Callable 01/15/2029) | ||||||||||||
(County Guaranteed) | 1,795,000 | 1,818,618 | ||||||||||
City of Somers Point NJ, | ||||||||||||
4.000%, 10/01/2028 (Callable 10/01/2026) | 1,100,000 | 1,155,459 | ||||||||||
City of Trenton NJ, | ||||||||||||
4.000%, 07/15/2023 (Insured by AGM) | 400,000 | 408,616 | ||||||||||
City of Union City NJ, | ||||||||||||
5.000%, 11/01/2023 (Insured by ST AID) | 640,000 | 663,329 |
The accompanying notes are an integral part of these financial statements.
Page 185
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
County of Middlesex NJ, | ||||||||||||
5.000%, 10/15/2031 (Callable 10/15/2022) | $ | 2,475,000 | $ | 2,767,992 | ||||||||
Gloucester County Improvement Authority, | ||||||||||||
0.600%, 03/01/2024 (Callable 08/01/2022) | 2,325,000 | 2,230,098 | ||||||||||
New Jersey Economic Development Authority: | ||||||||||||
5.000%, 06/15/2023 (Insured by BAM) | 295,000 | 303,840 | ||||||||||
4.000%, 11/01/2027 | 1,100,000 | 1,126,431 | ||||||||||
3.125%, 07/01/2029 (Callable 07/01/2027) | 90,000 | 85,290 | ||||||||||
1.170%, 11/01/2031 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 3,190,000 | 3,190,000 | ||||||||||
New Jersey Health Care | ||||||||||||
Facilities Financing Authority: | ||||||||||||
4.000%, 07/01/2026 | ||||||||||||
(Pre-refunded to 07/01/2022) | 1,000,000 | 1,000,000 | ||||||||||
5.000%, 07/01/2043 (Callable 04/01/2024) | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 2,250,000 | 2,365,888 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority, | ||||||||||||
2.375%, 12/01/2029 (Callable 06/01/2028) | 215,000 | 211,865 | ||||||||||
New Jersey Housing & | ||||||||||||
Mortgage Finance Agency: | ||||||||||||
3.125%, 02/01/2025 (Callable 02/01/2024) | ||||||||||||
(Mandatory Tender Date 08/01/2024) | ||||||||||||
(Insured by HUD)(1) | 2,300,000 | 2,305,203 | ||||||||||
4.500%, 10/01/2048 (Callable 10/01/2027) | 1,025,000 | 1,054,384 | ||||||||||
4.750%, 10/01/2050 (Callable 04/01/2028) | 355,000 | 367,394 | ||||||||||
3.500%, 04/01/2051 (Callable 04/01/2029) | 4,635,000 | 4,620,976 | ||||||||||
New Jersey Transportation | ||||||||||||
Trust Fund Authority: | ||||||||||||
0.000%, 12/15/2024 (Insured by BHAC) | 605,000 | 571,334 | ||||||||||
0.000%, 12/15/2026 | 4,650,000 | 3,995,225 | ||||||||||
5.000%, 06/15/2029 (Callable 06/15/2026) | 1,465,000 | 1,567,934 | ||||||||||
5.250%, 06/15/2031 (Callable 06/15/2023) | 1,600,000 | 1,632,735 | ||||||||||
5.000%, 06/15/2034 (Callable 12/15/2028) | 800,000 | 845,806 | ||||||||||
4.000%, 06/15/2035 (Callable 12/15/2030) | 1,875,000 | 1,871,464 | ||||||||||
4.000%, 12/15/2037 | ||||||||||||
(Callable 12/15/2028) (Insured by BAM) | 500,000 | 504,370 | ||||||||||
5.000%, 06/15/2044 (Callable 06/15/2023) | 145,000 | 146,410 | ||||||||||
5.000%, 06/15/2044 (Callable 06/15/2024) | 370,000 | 375,272 | ||||||||||
New Jersey Turnpike Authority, | ||||||||||||
1.949%, 01/01/2030 (1 Month LIBOR | ||||||||||||
USD + 0.750%) (Callable 08/01/2022) | ||||||||||||
(Mandatory Tender Date 01/01/2023)(2) | 890,000 | 890,175 | ||||||||||
Newark Housing Authority, | ||||||||||||
5.000%, 01/01/2032 (Insured by NATL) | 525,000 | 565,219 | ||||||||||
Passaic Valley Sewerage Commission, | ||||||||||||
5.750%, 12/01/2022 | 550,000 | 559,325 | ||||||||||
South Jersey Port Corp., | ||||||||||||
3.000%, 01/01/2024 (Callable 01/01/2023) | 100,000 | 100,504 | ||||||||||
South Jersey Transportation Authority, | ||||||||||||
5.000%, 11/01/2041 | ||||||||||||
(Callable 11/01/2030) (Insured by BAM) | 1,350,000 | 1,469,084 | ||||||||||
State of New Jersey: | ||||||||||||
5.000%, 06/01/2024 | 2,000,000 | 2,101,265 | ||||||||||
5.000%, 06/01/2026 | 2,330,000 | 2,530,991 | ||||||||||
Township of Union NJ: | ||||||||||||
3.000%, 01/15/2025 | 830,000 | 845,471 | ||||||||||
3.000%, 01/15/2026 | 465,000 | 474,253 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $51,506,983) | 50,094,061 | 2.5 | % | |||||||||
New Mexico | ||||||||||||
Albuquerque Bernalillo County | ||||||||||||
Water Utility Authority, | ||||||||||||
4.000%, 07/01/2046 (Callable 07/01/2029) | 1,785,000 | 1,772,651 | ||||||||||
City of Las Cruces NM, | ||||||||||||
4.000%, 06/01/2032 (Callable 06/01/2026) | 1,000,000 | 1,040,129 | ||||||||||
Loving Municipal School District No. 10: | ||||||||||||
5.000%, 09/15/2025 (Insured by ST AID) | 500,000 | 536,191 | ||||||||||
5.000%, 09/15/2026 (Insured by ST AID) | 500,000 | 545,201 | ||||||||||
5.000%, 09/15/2027 (Insured by ST AID) | 400,000 | 441,711 | ||||||||||
New Mexico Finance Authority, | ||||||||||||
5.000%, 06/15/2035 (Callable 06/15/2028) | 305,000 | 337,504 | ||||||||||
New Mexico Hospital Equipment Loan Council, | ||||||||||||
4.750%, 07/01/2022 | 140,000 | 140,000 | ||||||||||
New Mexico Institute of Mining & Technology: | ||||||||||||
4.000%, 12/01/2028 (Insured by AGM) | 300,000 | 318,507 | ||||||||||
4.000%, 12/01/2029 (Insured by AGM) | 335,000 | 353,501 | ||||||||||
New Mexico Mortgage Finance Authority: | ||||||||||||
3.500%, 09/01/2041 (Callable 03/01/2026) | 505,000 | 495,990 | ||||||||||
3.700%, 09/01/2042 | ||||||||||||
(Callable 03/01/2027) (Insured by GNMA) | 1,575,000 | 1,552,472 | ||||||||||
New Mexico State University, | ||||||||||||
4.000%, 04/01/2035 (Callable 04/01/2027) | 520,000 | 531,903 | ||||||||||
Village of Los Ranchos de Albuquerque NM: | ||||||||||||
4.000%, 09/01/2024 | 100,000 | 102,984 | ||||||||||
4.000%, 09/01/2025 | 150,000 | 155,869 | ||||||||||
5.000%, 09/01/2026 | 150,000 | 162,847 | ||||||||||
5.000%, 09/01/2030 | 125,000 | 141,059 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $9,113,987) | 8,628,519 | 0.4 | % | |||||||||
New York | ||||||||||||
Albany County Capital Resource Corp., | ||||||||||||
3.100%, 07/01/2030 | 755,000 | 622,287 | ||||||||||
Amherst Development Corp., | ||||||||||||
5.000%, 10/01/2032 | ||||||||||||
(Callable 10/01/2027) (Insured by AGM) | 240,000 | 263,913 | ||||||||||
City of Long Beach NY: | ||||||||||||
2.000%, 02/17/2023 | 4,630,000 | 4,603,371 | ||||||||||
5.250%, 07/15/2042(6) | 1,800,000 | 1,927,376 | ||||||||||
City of New York NY: | ||||||||||||
5.250%, 07/01/2029 | ||||||||||||
(Pre-refunded to 07/01/2023) | 250,000 | 258,838 | ||||||||||
5.000%, 04/01/2040 (Callable 04/01/2028) | 380,000 | 405,736 | ||||||||||
1.030%, 04/01/2042 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 7,000,000 | 7,000,000 | ||||||||||
1.090%, 04/01/2042 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 15,000,000 | 15,000,000 | ||||||||||
5.000%, 03/01/2044 (Callable 03/01/2028) | 350,000 | 371,385 | ||||||||||
5.000%, 12/01/2044 (Callable 12/01/2028) | 1,655,000 | 1,768,022 | ||||||||||
City of Yonkers NY: | ||||||||||||
5.000%, 09/01/2027 (Insured by BAM) | 1,000,000 | 1,107,399 | ||||||||||
5.000%, 09/01/2028 (Insured by BAM) | 1,570,000 | 1,752,320 | ||||||||||
Huntington Local Development Corp., | ||||||||||||
4.000%, 07/01/2027 | 2,450,000 | 2,337,779 | ||||||||||
Long Island Power Authority: | ||||||||||||
4.000%, 09/01/2034 (Callable 09/01/2028) | 325,000 | 329,357 | ||||||||||
3.000%, 09/01/2040 (Callable 09/01/2031) | 1,000,000 | 833,980 | ||||||||||
Metropolitan Transportation Authority: | ||||||||||||
5.000%, 09/01/2022 | 1,750,000 | 1,759,404 | ||||||||||
1.698%, 11/01/2030 | ||||||||||||
(1 Month LIBOR USD + 0.550%) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(2) | 3,145,000 | 3,134,047 | ||||||||||
New York City Housing Development Corp.: | ||||||||||||
3.000%, 02/15/2048 (Callable 05/15/2024) | 8,500,000 | 8,303,266 | ||||||||||
3.500%, 02/15/2048 (Callable 05/15/2024) | 3,820,000 | 3,744,094 | ||||||||||
New York City Industrial Development Agency: | ||||||||||||
5.000%, 03/01/2029 (Insured by AGM) | 250,000 | 278,390 | ||||||||||
5.000%, 03/01/2030 (Insured by AGM) | 250,000 | 275,224 |
The accompanying notes are an integral part of these financial statements.
Page 186
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
New York City Transitional Finance Authority: | ||||||||||||
5.000%, 08/01/2034 (Callable 08/01/2026) | $ | 650,000 | $ | 696,767 | ||||||||
5.000%, 11/01/2035 (Callable 05/01/2029) | 715,000 | 787,448 | ||||||||||
5.000%, 08/01/2038 (Callable 08/01/2028) | 1,295,000 | 1,402,570 | ||||||||||
4.000%, 11/01/2038 (Callable 05/01/2031) | 1,055,000 | 1,053,628 | ||||||||||
4.000%, 05/01/2039 (Callable 11/01/2030) | 1,000,000 | 997,724 | ||||||||||
5.000%, 08/01/2040 (Callable 08/01/2026) | 2,500,000 | 2,641,614 | ||||||||||
New York City Water & Sewer System: | ||||||||||||
1.060%, 06/15/2033 | ||||||||||||
(Optional Put Date 07/01/2022)(1) | 6,000,000 | 6,000,000 | ||||||||||
5.000%, 06/15/2036 (Callable 06/15/2024) | 1,000,000 | 1,049,839 | ||||||||||
5.000%, 06/15/2036 (Callable 06/15/2024) | 1,000,000 | 1,045,755 | ||||||||||
New York Convention | ||||||||||||
Center Development Corp., | ||||||||||||
0.000%, 11/15/2055 (Insured by BAM) | 3,665,000 | 683,156 | ||||||||||
New York Liberty Development Corp.: | ||||||||||||
1.130%, 10/01/2035 | ||||||||||||
(Optional Put Date 07/07/2022)(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
3.125%, 09/15/2050 (Callable 03/15/2030) | 1,650,000 | 1,299,249 | ||||||||||
New York State Dormitory Authority: | ||||||||||||
5.000%, 02/15/2031 (Callable 08/15/2027) | 730,000 | 798,341 | ||||||||||
5.000%, 10/01/2038 (Callable 04/01/2028) | 1,860,000 | 2,048,457 | ||||||||||
5.000%, 03/15/2040 (Callable 03/15/2029) | 3,275,000 | 3,505,392 | ||||||||||
5.500%, 01/01/2044 (Callable 07/02/2024) | 1,025,000 | 1,040,391 | ||||||||||
5.000%, 03/15/2044 (Callable 03/15/2024) | 2,800,000 | 2,914,235 | ||||||||||
New York State Housing Finance Agency: | ||||||||||||
0.700%, 11/01/2024 (Callable | ||||||||||||
11/01/2022) (Insured by SONYMA) | 5,000,000 | 4,800,404 | ||||||||||
1.600%, 11/01/2024 (Callable 07/21/2022) | 12,030,000 | 11,681,230 | ||||||||||
0.650%, 11/01/2056 (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 11/01/2025) | ||||||||||||
(Insured by SONYMA)(1) | 2,500,000 | 2,310,618 | ||||||||||
1.000%, 11/01/2061 (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 11/01/2026)(1) | 1,825,000 | 1,666,581 | ||||||||||
New York State Thruway Authority: | ||||||||||||
5.000%, 04/01/2026 (Callable 08/01/2022) | 1,485,000 | 1,488,792 | ||||||||||
4.000%, 01/01/2045 (Callable 01/01/2030) | 1,250,000 | 1,184,413 | ||||||||||
New York State Urban Development Corp., | ||||||||||||
4.000%, 03/15/2043 (Callable 09/15/2029) | 560,000 | 545,963 | ||||||||||
New York Transportation Development Corp., | ||||||||||||
5.000%, 12/01/2031 (Callable 12/01/2030) | 1,250,000 | 1,345,101 | ||||||||||
Onondaga Civic Development Corp.: | ||||||||||||
3.375%, 10/01/2026 (Callable 10/01/2025) | 50,000 | 47,607 | ||||||||||
5.000%, 10/01/2040 (Callable 10/01/2025) | 95,000 | 89,462 | ||||||||||
Port Authority of New York & New Jersey: | ||||||||||||
5.000%, 09/01/2031 (Callable 09/01/2024) | 805,000 | 850,134 | ||||||||||
5.000%, 09/01/2034 (Callable 09/01/2029) | 3,930,000 | 4,375,514 | ||||||||||
St. Lawrence County | ||||||||||||
Industrial Development Agency, | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2026) | 345,000 | 365,582 | ||||||||||
State of New York Mortgage Agency: | ||||||||||||
3.500%, 10/01/2043 (Callable 04/01/2023) | 100,000 | 100,559 | ||||||||||
3.250%, 10/01/2051 (Callable 10/01/2030) | ||||||||||||
(Insured by SONYMA) | 3,500,000 | 3,416,906 | ||||||||||
3.500%, 10/01/2052 (Callable 04/01/2031) | ||||||||||||
(Insured by SONYMA) | 6,590,000 | 6,544,136 | ||||||||||
Triborough Bridge & Tunnel Authority, | ||||||||||||
4.000%, 05/15/2046 (Callable 05/15/2031) | 500,000 | 485,346 | ||||||||||
Utility Debt Securitization Authority, | ||||||||||||
5.000%, 12/15/2033 (Callable 12/15/2025) | 1,175,000 | 1,254,554 | ||||||||||
Westchester County Local Development Corp., | ||||||||||||
2.875%, 07/01/2026(3) | 2,400,000 | 2,241,527 | ||||||||||
Total New York | ||||||||||||
(Cost $134,199,576) | 129,835,183 | 6.4 | % | |||||||||
North Carolina | ||||||||||||
City of Monroe NC, | ||||||||||||
5.000%, 03/01/2043 (Callable 03/01/2027) | 305,000 | 321,508 | ||||||||||
County of New Hanover NC, | ||||||||||||
5.000%, 10/01/2027 (ETM) | 275,000 | 309,379 | ||||||||||
Inlivian, | ||||||||||||
2.375%, 04/01/2025 | ||||||||||||
(Mandatory Tender Date 04/01/2024)(1) | 5,000,000 | 4,987,944 | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
4.000%, 07/01/2047 (Callable 01/01/2027) | 385,000 | 389,797 | ||||||||||
3.750%, 07/01/2052 | ||||||||||||
(Callable 01/01/2031) (Insured by GNMA) | 3,520,000 | 3,531,703 | ||||||||||
North Carolina Medical Care Commission, | ||||||||||||
5.000%, 01/01/2049 (Callable 01/01/2026) | 1,000,000 | 1,007,706 | ||||||||||
North Carolina Turnpike Authority: | ||||||||||||
5.000%, 01/01/2028 | 250,000 | 267,828 | ||||||||||
4.000%, 01/01/2041 | ||||||||||||
(Callable 01/01/2029) (Insured by AGM) | 1,105,000 | 1,069,144 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $12,321,770) | 11,885,009 | 0.6 | % | |||||||||
North Dakota | ||||||||||||
City of Horace ND: | ||||||||||||
0.650%, 08/01/2023 (Callable 08/01/2022) | 1,000,000 | 977,668 | ||||||||||
3.000%, 05/01/2029 (Callable 05/01/2027) | 430,000 | 421,865 | ||||||||||
3.000%, 05/01/2030 (Callable 05/01/2027) | 425,000 | 412,904 | ||||||||||
3.000%, 05/01/2031 (Callable 05/01/2027) | 380,000 | 360,481 | ||||||||||
3.000%, 05/01/2037 (Callable 05/01/2026) | 2,495,000 | 2,090,364 | ||||||||||
City of Mandan ND, | ||||||||||||
2.750%, 09/01/2041 (Callable 08/01/2022) | 235,000 | 199,761 | ||||||||||
City of Williston ND: | ||||||||||||
4.250%, 07/15/2025 (Callable 07/15/2022) | 1,750,000 | 1,751,452 | ||||||||||
5.000%, 05/01/2028 (Callable 05/01/2023) | 480,000 | 490,816 | ||||||||||
County of Burleigh ND, | ||||||||||||
4.000%, 11/01/2029 (Pre-refunded | ||||||||||||
to 11/01/2022) (Insured by AGM) | 850,000 | 857,130 | ||||||||||
County of McKenzie ND: | ||||||||||||
5.000%, 08/01/2022 | 645,000 | 646,385 | ||||||||||
5.000%, 08/01/2023 | 1,225,000 | 1,255,117 | ||||||||||
4.000%, 08/01/2026 (Callable 08/01/2023) | 250,000 | 252,100 | ||||||||||
Jamestown Park District, | ||||||||||||
2.900%, 07/01/2035 (Callable 07/18/2022) | 595,000 | 586,837 | ||||||||||
Nesson Public School District No. 2, | ||||||||||||
4.000%, 08/01/2031 (Callable 08/01/2027) | ||||||||||||
(Insured by SD CRED PROG) | 525,000 | 553,829 | ||||||||||
North Dakota Housing Finance Agency: | ||||||||||||
3.000%, 07/01/2034 (Callable 07/01/2028) | 90,000 | 84,375 | ||||||||||
3.500%, 07/01/2046 (Callable 01/01/2026) | 235,000 | 235,838 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 855,000 | 867,397 | ||||||||||
State Board of Higher Education | ||||||||||||
of the State of North Dakota: | ||||||||||||
5.000%, 04/01/2027 (Insured by AGM) | 205,000 | 226,342 | ||||||||||
5.000%, 04/01/2028 (Insured by AGM) | 100,000 | 111,450 | ||||||||||
4.000%, 04/01/2037 | ||||||||||||
(Callable 04/01/2029) (Insured by AGM) | 400,000 | 408,604 | ||||||||||
University of North Dakota: | ||||||||||||
4.000%, 06/01/2046 | ||||||||||||
(Callable 06/01/2030) (Insured by AGM) | 1,300,000 | 1,261,871 | ||||||||||
4.000%, 06/01/2051 | ||||||||||||
(Callable 06/01/2030) (Insured by AGM) | 2,250,000 | 2,118,689 | ||||||||||
Williston Parks & Recreation District, | ||||||||||||
4.500%, 03/01/2025 (Callable 07/18/2022) | 1,700,000 | 1,659,640 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $19,294,493) | 17,830,915 | 0.9 | % |
The accompanying notes are an integral part of these financial statements.
Page 187
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ohio | ||||||||||||
Akron Bath Copley Joint | ||||||||||||
Township Hospital District: | ||||||||||||
5.000%, 11/15/2026 | $ | 600,000 | $ | 650,283 | ||||||||
5.000%, 11/15/2032 (Callable 11/15/2030) | 1,025,000 | 1,112,330 | ||||||||||
4.000%, 11/15/2033 (Callable 11/15/2030) | 400,000 | 395,760 | ||||||||||
Buckeye Tobacco | ||||||||||||
Settlement Financing Authority, | ||||||||||||
5.000%, 06/01/2055 (Callable 06/01/2030) | 1,000,000 | 941,629 | ||||||||||
City of Akron OH: | ||||||||||||
4.000%, 12/01/2031 (Callable 12/01/2029) | 1,665,000 | 1,760,281 | ||||||||||
4.000%, 12/01/2032 (Callable 12/01/2029) | 1,955,000 | 2,059,645 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2026) | 125,000 | 129,708 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2029) | 1,950,000 | 2,048,316 | ||||||||||
City of Columbus OH, | ||||||||||||
3.000%, 08/15/2031 (Callable 08/15/2025) | 960,000 | 959,067 | ||||||||||
City of Middleburg Heights OH, | ||||||||||||
5.000%, 08/01/2033 (Callable 08/01/2031) | 645,000 | 701,970 | ||||||||||
City of Troy OH, | ||||||||||||
3.000%, 12/01/2041 (Callable 06/01/2025) | 355,000 | 310,848 | ||||||||||
Cleveland-Cuyahoga County Port Authority: | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2031) | 400,000 | 450,918 | ||||||||||
5.000%, 07/01/2036 (Callable 07/01/2031) | 600,000 | 673,649 | ||||||||||
4.000%, 07/01/2038 (Callable 07/01/2031) | 500,000 | 506,770 | ||||||||||
Columbus Metropolitan Housing Authority, | ||||||||||||
1.000%, 11/01/2024 (Callable 09/01/2023) | 600,000 | 579,953 | ||||||||||
Columbus-Franklin County Finance Authority: | ||||||||||||
2.000%, 11/15/2031 | 750,000 | 633,665 | ||||||||||
3.820%, 11/15/2036 (Callable 08/01/2022) | 430,000 | 430,023 | ||||||||||
4.000%, 11/15/2038 (Callable 08/01/2022) | 325,000 | 325,036 | ||||||||||
County of Franklin OH, | ||||||||||||
5.000%, 06/01/2048 (Callable 06/01/2028) | 1,000,000 | 1,083,770 | ||||||||||
County of Lorain OH: | ||||||||||||
5.000%, 12/01/2031 (Callable 12/01/2023) | 480,000 | 499,226 | ||||||||||
3.000%, 12/01/2036 (Callable 12/01/2025) | 400,000 | 361,087 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2025) | 245,000 | 246,241 | ||||||||||
County of Medina OH: | ||||||||||||
3.000%, 12/01/2033 (Callable 06/01/2026) | 590,000 | 566,100 | ||||||||||
3.000%, 12/01/2037 (Callable 06/01/2026) | 545,000 | 494,284 | ||||||||||
4.000%, 12/01/2046 (Callable 06/01/2026) | 500,000 | 495,726 | ||||||||||
County of Montgomery OH: | ||||||||||||
4.000%, 08/01/2037 (Callable 02/01/2031) | 400,000 | 394,355 | ||||||||||
5.000%, 08/01/2039 (Callable 02/01/2031) | 825,000 | 883,213 | ||||||||||
Euclid City School District, | ||||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 06/01/2027) (Insured by BAM) | 160,000 | 165,350 | ||||||||||
Franklin County Convention | ||||||||||||
Facilities Authority, | ||||||||||||
5.000%, 12/01/2032 (Callable 12/01/2029) | 500,000 | 561,270 | ||||||||||
Hopewell-Loudon Local School District, | ||||||||||||
4.000%, 11/01/2036 | ||||||||||||
(Callable 11/01/2026) (Insured by AGM) | 1,055,000 | 1,073,638 | ||||||||||
Licking Heights Local School District, | ||||||||||||
6.400%, 12/01/2028 (Insured by NATL) | 825,000 | 921,802 | ||||||||||
Little Miami Local School District, | ||||||||||||
5.000%, 11/01/2036 (Callable 11/01/2025) | ||||||||||||
(Insured by SD CRED PROG) | 1,845,000 | 1,954,447 | ||||||||||
Miami University: | ||||||||||||
5.000%, 09/01/2028 | 520,000 | 585,063 | ||||||||||
5.000%, 09/01/2029 | 540,000 | 614,205 | ||||||||||
5.000%, 09/01/2030 | 500,000 | 573,902 | ||||||||||
Northeast Ohio Medical University: | ||||||||||||
5.000%, 12/01/2028 | 100,000 | 107,728 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2030) | 300,000 | 293,320 | ||||||||||
Ohio Air Quality Development Authority: | ||||||||||||
3.250%, 09/01/2029 | 1,000,000 | 936,934 | ||||||||||
4.000%, 09/01/2030 | ||||||||||||
(Mandatory Tender Date 06/01/2027)(1) | 5,000,000 | 5,050,910 | ||||||||||
4.000%, 01/01/2034 | ||||||||||||
(Mandatory Tender Date 06/01/2027)(1) | 2,000,000 | 2,015,902 | ||||||||||
2.400%, 12/01/2038 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 10/01/2029)(1) | 500,000 | 451,917 | ||||||||||
Ohio Higher Educational Facility Commission: | ||||||||||||
5.000%, 03/01/2025 | 620,000 | 638,507 | ||||||||||
5.000%, 05/01/2026 | 200,000 | 215,910 | ||||||||||
5.000%, 05/01/2027 (Callable 05/01/2026) | 610,000 | 654,782 | ||||||||||
5.000%, 05/01/2028 (Callable 05/01/2026) | 475,000 | 507,524 | ||||||||||
5.375%, 12/01/2052 (Callable 12/01/2032) | 1,175,000 | 1,162,037 | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
3.350%, 07/01/2025 (Mandatory Tender | ||||||||||||
Date 07/01/2024) (Insured by HUD)(1) | 2,240,000 | 2,253,965 | ||||||||||
4.000%, 11/01/2025(1) | 4,300,000 | 4,395,679 | ||||||||||
3.200%, 09/01/2036 | ||||||||||||
(Callable 09/01/2025) (Insured by GNMA) | 615,000 | 599,949 | ||||||||||
2.900%, 09/01/2045 | ||||||||||||
(Callable 03/01/2029) (Insured by GNMA) | 5,215,000 | 5,084,823 | ||||||||||
4.000%, 03/01/2047 | ||||||||||||
(Callable 09/01/2025) (Insured by GNMA) | 135,000 | 136,797 | ||||||||||
3.350%, 09/01/2049 (Callable 09/01/2028) | 1,070,000 | 935,679 | ||||||||||
3.000%, 03/01/2052 (Callable 03/01/2030) | 5,185,000 | 5,073,376 | ||||||||||
Ohio Turnpike & Infrastructure Commission: | ||||||||||||
5.000%, 02/15/2029(6) | 2,500,000 | 2,786,508 | ||||||||||
0.000%, 02/15/2034 | ||||||||||||
(Callable 02/15/2031)(7) | 2,060,000 | 2,318,115 | ||||||||||
0.000%, 02/15/2036 | ||||||||||||
(Callable 02/15/2031)(7) | 390,000 | 439,679 | ||||||||||
Port of Greater Cincinnati | ||||||||||||
Development Authority, | ||||||||||||
3.000%, 05/01/2023 (Callable 08/01/2022) | 5,725,000 | 5,727,118 | ||||||||||
Princeton City School District, | ||||||||||||
5.250%, 12/01/2030 (Insured by NATL) | 1,000,000 | 1,140,211 | ||||||||||
State of Ohio: | ||||||||||||
1.000%, 01/15/2033 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 1,515,000 | 1,515,000 | ||||||||||
5.000%, 11/15/2035 (Callable 11/15/2030) | 605,000 | 642,840 | ||||||||||
4.000%, 11/15/2036 (Callable 11/15/2030) | 635,000 | 596,124 | ||||||||||
4.000%, 01/15/2044 (Callable 01/15/2025) | 825,000 | 780,628 | ||||||||||
1.000%, 01/15/2045 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/05/2022)(1) | 3,000,000 | 3,000,000 | ||||||||||
Streetsboro City School District, | ||||||||||||
4.500%, 12/01/2044 (Callable 12/01/2026) | 725,000 | 754,382 | ||||||||||
Township of Miami OH, | ||||||||||||
3.000%, 12/01/2033 (Callable 12/01/2029) | 80,000 | 76,042 | ||||||||||
Triway Local School District, | ||||||||||||
4.000%, 12/01/2042 | ||||||||||||
(Callable 12/01/2028) (Insured by BAM) | 1,460,000 | 1,412,782 | ||||||||||
Warren City School District: | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 1,215,000 | 1,278,889 | ||||||||||
4.000%, 12/01/2031 (Callable 12/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 695,000 | 729,387 | ||||||||||
4.000%, 12/01/2036 (Callable 12/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 460,000 | 475,818 | ||||||||||
Warren County Port Authority, | ||||||||||||
4.000%, 12/01/2053 (Callable 12/01/2031) | 1,070,000 | 827,291 | ||||||||||
Warrensville Heights City School District, | ||||||||||||
4.000%, 11/01/2037 | ||||||||||||
(Callable 11/01/2024) (Insured by BAM) | 500,000 | 473,995 | ||||||||||
Total Ohio | ||||||||||||
(Cost $85,486,672) | 81,634,078 | 4.0 | % |
The accompanying notes are an integral part of these financial statements.
Page 188
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Oklahoma | ||||||||||||
Catoosa Industrial Authority, | ||||||||||||
4.000%, 10/01/2028 (Callable 10/01/2026) | $ | 145,000 | $ | 140,152 | ||||||||
Comanche County Hospital Authority, | ||||||||||||
5.000%, 07/01/2032 (Callable 07/01/2022) | 1,730,000 | 1,730,000 | ||||||||||
Mcintosh County Educational | ||||||||||||
Facilities Authority, | ||||||||||||
2.000%, 09/01/2023 | 550,000 | 548,849 | ||||||||||
Oklahoma Development Finance Authority: | ||||||||||||
2.600%, 03/01/2024 | 285,000 | 279,421 | ||||||||||
1.060%, 08/15/2031 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 4,635,000 | 4,635,000 | ||||||||||
Oklahoma Housing Finance Agency: | ||||||||||||
3.000%, 09/01/2039 | ||||||||||||
(Callable 03/01/2028) (Insured by GNMA) | 150,000 | 145,784 | ||||||||||
5.000%, 03/01/2052 | ||||||||||||
(Callable 03/01/2031) (Insured by GNMA) | 3,000,000 | 3,177,869 | ||||||||||
Oklahoma Turnpike Authority, | ||||||||||||
4.000%, 01/01/2038 (Callable 01/01/2027) | 600,000 | 602,433 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $11,413,769) | 11,259,508 | 0.6 | % | |||||||||
Oregon | ||||||||||||
Clackamas Community College District, | ||||||||||||
5.000%, 06/15/2040 | ||||||||||||
(Callable 06/15/2027)(7) | 475,000 | 516,446 | ||||||||||
Clatsop County School District No. 1-C, | ||||||||||||
0.000%, 06/15/2041 (Callable 06/15/2029) | ||||||||||||
(Insured by SCH BD GTY) | 785,000 | 341,306 | ||||||||||
Clatsop County School District No. 30, | ||||||||||||
0.000%, 06/15/2038 (Callable 06/15/2029) | ||||||||||||
(Insured by SCH BD GTY) | 425,000 | 220,983 | ||||||||||
County of Crook OR: | ||||||||||||
0.000%, 06/01/2032(7) | 1,045,000 | 954,323 | ||||||||||
0.000%, 06/01/2034 | ||||||||||||
(Callable 06/01/2032)(7) | 1,345,000 | 1,206,842 | ||||||||||
0.000%, 06/01/2035 | ||||||||||||
(Callable 06/01/2032)(7) | 1,510,000 | 1,344,847 | ||||||||||
Multnomah & Clackamas | ||||||||||||
Counties School District No. 10JT, | ||||||||||||
0.000%, 06/15/2031 (Callable 06/15/2029) | ||||||||||||
(Insured by SCH BD GTY) | 110,000 | 79,858 | ||||||||||
Oregon City School District No. 62, | ||||||||||||
5.000%, 06/15/2043 (Callable 06/15/2028) | ||||||||||||
(Insured by SCH BD GTY) | 1,000,000 | 1,089,832 | ||||||||||
Oregon State Facilities Authority: | ||||||||||||
5.000%, 10/01/2027 | 150,000 | 162,375 | ||||||||||
4.125%, 06/01/2052 (Callable 06/01/2032) | 650,000 | 619,440 | ||||||||||
Salem Hospital Facility Authority: | ||||||||||||
5.000%, 05/15/2023 | 105,000 | 106,186 | ||||||||||
5.000%, 05/15/2024 | 110,000 | 112,048 | ||||||||||
5.000%, 05/15/2025 | 130,000 | 133,051 | ||||||||||
5.000%, 05/15/2026 | 135,000 | 138,419 | ||||||||||
5.000%, 05/15/2035 (Callable 05/15/2026) | 500,000 | 525,283 | ||||||||||
State of Oregon Housing & | ||||||||||||
Community Services Department, | ||||||||||||
4.000%, 07/01/2051 (Callable 01/01/2031) | 5,455,000 | 5,532,805 | ||||||||||
Tri-County Metropolitan | ||||||||||||
Transportation District of Oregon, | ||||||||||||
4.000%, 10/01/2033 (Callable 04/01/2028) | 300,000 | 302,697 | ||||||||||
Umatilla County School District No. 6R, | ||||||||||||
0.000%, 06/15/2035 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY)(7) | 540,000 | 561,061 | ||||||||||
Washington & Clackamas Counties | ||||||||||||
School District No. 23J, | ||||||||||||
5.000%, 06/15/2040 (Callable 06/15/2029) | ||||||||||||
(Insured by SCH BD GTY) | 500,000 | 554,683 | ||||||||||
Total Oregon | ||||||||||||
(Cost $15,151,523) | 14,502,485 | 0.7 | % | |||||||||
Pennsylvania | ||||||||||||
Aliquippa Municipal Water Authority, | ||||||||||||
4.000%, 11/15/2046 | ||||||||||||
(Callable 11/15/2029) (Insured by BAM) | 400,000 | 400,630 | ||||||||||
Allegheny County Higher | ||||||||||||
Education Building Authority: | ||||||||||||
5.000%, 09/01/2024(6) | 260,000 | 267,916 | ||||||||||
5.000%, 09/01/2025(6) | 450,000 | 467,274 | ||||||||||
5.000%, 09/01/2026(6) | 400,000 | 418,395 | ||||||||||
5.000%, 09/01/2027(6) | 500,000 | 523,272 | ||||||||||
Allegheny County Hospital | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/15/2025 | 185,000 | 196,550 | ||||||||||
Bloomsburg PA Area School District, | ||||||||||||
4.000%, 09/01/2030 | ||||||||||||
(Callable 03/01/2024) (Insured by BAM) | 250,000 | 255,231 | ||||||||||
Central Bradford Progress Authority, | ||||||||||||
1.080%, 12/01/2041 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 6,060,000 | 6,060,000 | ||||||||||
Chester County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 08/01/2045 (Callable 08/01/2023) | 750,000 | 725,037 | ||||||||||
City of Erie Higher Education | ||||||||||||
Building Authority: | ||||||||||||
5.000%, 05/01/2031 | 175,000 | 188,515 | ||||||||||
4.000%, 05/01/2036 (Callable 05/01/2031) | 200,000 | 190,788 | ||||||||||
4.000%, 05/01/2041 (Callable 05/01/2031) | 460,000 | 424,635 | ||||||||||
City of Oil City PA: | ||||||||||||
4.000%, 12/01/2031 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 175,000 | 185,200 | ||||||||||
4.000%, 12/01/2032 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 180,000 | 187,577 | ||||||||||
4.000%, 12/01/2034 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 190,000 | 197,251 | ||||||||||
4.000%, 12/01/2035 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 275,000 | 283,935 | ||||||||||
4.000%, 12/01/2036 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 850,000 | 869,429 | ||||||||||
4.000%, 12/01/2038 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 320,000 | 324,211 | ||||||||||
4.000%, 12/01/2039 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 320,000 | 324,045 | ||||||||||
4.000%, 12/01/2040 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 270,000 | 273,374 | ||||||||||
4.000%, 12/01/2041 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 270,000 | 272,506 | ||||||||||
4.000%, 12/01/2042 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | 200,000 | 201,693 | ||||||||||
4.000%, 12/01/2043 | ||||||||||||
(Callable 12/01/2029) (Insured by AGM) | �� | 185,000 | 186,179 | |||||||||
Coatesville School District, | ||||||||||||
5.000%, 06/30/2023 (Insured by ST AID)(6) | 1,750,000 | 1,768,760 | ||||||||||
Commonwealth Financing Authority, | ||||||||||||
4.000%, 06/01/2039 | ||||||||||||
(Callable 06/01/2028) (Insured by AGM) | 1,670,000 | 1,606,618 | ||||||||||
Conestoga Valley School District: | ||||||||||||
4.000%, 02/01/2040 (Callable 08/01/2029) | 470,000 | 470,371 | ||||||||||
4.000%, 02/01/2040 | ||||||||||||
(Callable 08/01/2029) (Insured by ST AID) | 310,000 | 310,245 |
The accompanying notes are an integral part of these financial statements.
Page 189
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Conestoga Valley School District: (cont.) | ||||||||||||
4.000%, 02/01/2041 (Callable 08/01/2029) | ||||||||||||
(Insured by ST AID) | $ | 410,000 | $ | 409,204 | ||||||||
4.000%, 02/01/2043 | ||||||||||||
(Callable 08/01/2029) (Insured by ST AID) | 500,000 | 494,290 | ||||||||||
4.000%, 02/01/2044 (Callable 08/01/2029) | 500,000 | 492,515 | ||||||||||
County of Mercer PA, | ||||||||||||
4.000%, 10/01/2046 | ||||||||||||
(Callable 10/01/2029) (Insured by BAM) | 440,000 | 440,739 | ||||||||||
County of Montgomery PA, | ||||||||||||
5.000%, 07/01/2038 (Callable 07/01/2029) | 1,845,000 | 2,059,998 | ||||||||||
Dauphin County General Authority, | ||||||||||||
5.000%, 06/01/2029 (Callable 06/01/2026) | 690,000 | 731,076 | ||||||||||
Delaware County Authority: | ||||||||||||
5.000%, 10/01/2023 | 240,000 | 246,940 | ||||||||||
5.000%, 10/01/2035 (Callable 04/01/2027) | 485,000 | 525,640 | ||||||||||
Delaware Valley Regional Finance Authority, | ||||||||||||
2.028%, 09/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.880%) (Callable 09/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2025)(2) | 1,000,000 | 997,058 | ||||||||||
East Hempfield Township | ||||||||||||
Industrial Development Authority: | ||||||||||||
5.000%, 12/01/2025 | 225,000 | 240,026 | ||||||||||
5.000%, 07/01/2030 | ||||||||||||
(Pre-refunded to 07/01/2023) | 700,000 | 722,129 | ||||||||||
Eastern Lebanon County School District: | ||||||||||||
4.000%, 05/15/2036 | ||||||||||||
(Callable 11/15/2026) (Insured by ST AID) | 230,000 | 234,138 | ||||||||||
4.000%, 05/15/2037 | ||||||||||||
(Callable 11/15/2026) (Insured by ST AID) | 250,000 | 253,323 | ||||||||||
4.000%, 05/15/2038 | ||||||||||||
(Callable 11/15/2026) (Insured by ST AID) | 250,000 | 252,278 | ||||||||||
4.000%, 05/15/2039 | ||||||||||||
(Callable 11/15/2026) (Insured by ST AID) | 250,000 | 252,299 | ||||||||||
4.000%, 05/15/2040 | ||||||||||||
(Callable 11/15/2026) (Insured by ST AID) | 400,000 | 401,909 | ||||||||||
4.000%, 05/15/2041 | ||||||||||||
(Callable 11/15/2026) (Insured by ST AID) | 350,000 | 351,584 | ||||||||||
Hamburg Area School District: | ||||||||||||
3.000%, 04/01/2034 | ||||||||||||
(Callable 10/01/2026) (Insured by ST AID) | 1,000,000 | 933,199 | ||||||||||
3.000%, 04/01/2036 | ||||||||||||
(Callable 10/01/2026) (Insured by ST AID) | 1,400,000 | 1,267,906 | ||||||||||
Indiana County Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 05/01/2030 (Insured by BAM) | 1,040,000 | 1,139,850 | ||||||||||
5.000%, 05/01/2032 | ||||||||||||
(Callable 11/01/2031) (Insured by BAM) | 920,000 | 1,002,874 | ||||||||||
Lancaster County Hospital Authority: | ||||||||||||
0.830%, 05/15/2030 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 400,000 | 400,000 | ||||||||||
5.000%, 11/01/2037 (Callable 11/01/2029) | 600,000 | 642,190 | ||||||||||
5.000%, 11/01/2040 (Callable 11/01/2029) | 3,100,000 | 3,299,169 | ||||||||||
Lancaster Higher Education Authority: | ||||||||||||
4.000%, 10/01/2030 | ||||||||||||
(Callable 10/01/2028) (Insured by BAM) | 1,225,000 | 1,276,234 | ||||||||||
4.000%, 10/01/2031 | ||||||||||||
(Callable 10/01/2028) (Insured by BAM) | 1,000,000 | 1,038,058 | ||||||||||
Latrobe Industrial Development Authority: | ||||||||||||
5.000%, 03/01/2031 | 175,000 | 180,545 | ||||||||||
5.000%, 03/01/2032 (Callable 03/01/2031) | 265,000 | 272,073 | ||||||||||
5.000%, 03/01/2033 (Callable 03/01/2031) | 290,000 | 297,014 | ||||||||||
5.000%, 03/01/2034 (Callable 03/01/2031) | 300,000 | 306,383 | ||||||||||
Lycoming County Authority, | ||||||||||||
4.000%, 11/01/2043 | ||||||||||||
(Mandatory Tender Date 05/01/2024)(1) | 525,000 | 534,106 | ||||||||||
Montgomery County Higher | ||||||||||||
Education & Health Authority, | ||||||||||||
1.125%, 05/01/2036 | ||||||||||||
(Mandatory Tender Date 05/01/2023)(7) | 685,000 | 677,512 | ||||||||||
Montgomery County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 11/15/2036 (Callable 11/15/2026) | 600,000 | 622,063 | ||||||||||
Old Forge School District: | ||||||||||||
4.000%, 05/01/2041 | ||||||||||||
(Callable 05/01/2027) (Insured by BAM) | 500,000 | 502,479 | ||||||||||
4.000%, 05/01/2045 | ||||||||||||
(Callable 05/01/2027) (Insured by BAM) | 530,000 | 532,780 | ||||||||||
Panther Valley School District: | ||||||||||||
4.000%, 10/15/2031 | ||||||||||||
(Callable 10/15/2028) (Insured by BAM) | 730,000 | 767,957 | ||||||||||
4.000%, 10/15/2032 | ||||||||||||
(Callable 10/15/2028) (Insured by BAM) | 350,000 | 364,065 | ||||||||||
4.000%, 10/15/2033 | ||||||||||||
(Callable 10/15/2028) (Insured by BAM) | 235,000 | 243,817 | ||||||||||
Pennsylvania Economic | ||||||||||||
Development Financing Authority, | ||||||||||||
4.000%, 11/15/2034 (Callable 11/15/2027) | 1,000,000 | 992,289 | ||||||||||
Pennsylvania Higher | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 300,000 | 301,828 | ||||||||||
Pennsylvania Housing Finance Agency: | ||||||||||||
3.500%, 10/01/2046 (Callable 10/01/2025) | 215,000 | 216,578 | ||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | 1,465,000 | 1,484,480 | ||||||||||
3.000%, 10/01/2051 (Callable 04/01/2031) | 3,455,000 | 3,327,465 | ||||||||||
4.250%, 10/01/2052 (Callable 04/01/2032) | 4,000,000 | 4,101,327 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
5.000%, 06/01/2024 | 1,500,000 | 1,573,079 | ||||||||||
5.000%, 06/01/2030 (Callable 12/01/2025) | 280,000 | 297,821 | ||||||||||
6.000%, 12/01/2030 | ||||||||||||
(Callable 12/01/2027) (Insured by BAM)(7) | 205,000 | 238,306 | ||||||||||
4.750%, 12/01/2037 | ||||||||||||
(Callable 12/01/2026)(7) | 600,000 | 618,811 | ||||||||||
5.000%, 12/01/2038 | ||||||||||||
(Callable 12/01/2028)(7) | 1,120,000 | 1,204,271 | ||||||||||
6.375%, 12/01/2038 | ||||||||||||
(Callable 12/01/2027)(7) | 745,000 | 859,114 | ||||||||||
4.000%, 12/01/2039 (Callable 12/01/2031) | 1,975,000 | 1,967,978 | ||||||||||
0.000%, 12/01/2040 | ||||||||||||
(Callable 06/01/2029)(7) | 580,000 | 571,107 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2031) | 2,555,000 | 2,535,507 | ||||||||||
Philadelphia Municipal Authority, | ||||||||||||
5.000%, 04/01/2030 (Callable 04/01/2027) | 375,000 | 410,423 | ||||||||||
Pittsburgh Water & Sewer Authority, | ||||||||||||
1.430%, 09/01/2040 | ||||||||||||
(SIFMA Municipal Swap Index + 0.650%) | ||||||||||||
(Callable 06/01/2023) (Mandatory Tender | ||||||||||||
Date 12/01/2023) (Insured by AGM)(2) | 3,100,000 | 3,101,549 | ||||||||||
Ridley School District: | ||||||||||||
4.000%, 09/15/2031 | ||||||||||||
(Callable 03/15/2025) (Insured by ST AID) | 830,000 | 854,198 | ||||||||||
4.000%, 11/15/2036 | ||||||||||||
(Callable 11/15/2029) (Insured by AGM) | 1,000,000 | 1,023,007 | ||||||||||
4.000%, 11/15/2037 | ||||||||||||
(Callable 11/15/2029) (Insured by AGM) | 325,000 | 329,155 | ||||||||||
School District of Philadelphia, | ||||||||||||
4.000%, 09/01/2037 (Callable 09/01/2029) | ||||||||||||
(Insured by ST AID) | 1,000,000 | 1,009,485 |
The accompanying notes are an integral part of these financial statements.
Page 190
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Sports & Exhibition Authority of Pittsburgh | ||||||||||||
and Allegheny County: | ||||||||||||
4.000%, 02/01/2027 (Insured by AGM) | $ | 4,715,000 | $ | 4,980,255 | ||||||||
5.000%, 02/01/2028 (Insured by AGM) | 2,050,000 | 2,275,546 | ||||||||||
5.000%, 12/15/2028 | ||||||||||||
(Callable 12/15/2027) (Insured by BAM) | 500,000 | 564,348 | ||||||||||
5.000%, 02/01/2029 (Insured by AGM) | 1,325,000 | 1,481,080 | ||||||||||
State Public School Building Authority: | ||||||||||||
0.000%, 05/15/2027 (Insured by NATL) | 160,000 | 136,486 | ||||||||||
0.000%, 05/15/2030 (Insured by NATL) | 1,780,000 | 1,335,890 | ||||||||||
Swarthmore Borough Authority, | ||||||||||||
5.000%, 09/15/2039 (Callable 09/15/2028) | 3,680,000 | 4,034,557 | ||||||||||
Trinity Area School District, | ||||||||||||
4.000%, 11/01/2043 | ||||||||||||
(Callable 11/01/2029) (Insured by AGM) | 1,325,000 | 1,328,539 | ||||||||||
Upper Moreland Township School District, | ||||||||||||
5.000%, 10/01/2030 | ||||||||||||
(Callable 04/01/2025) (Insured by ST AID) | 250,000 | 267,634 | ||||||||||
Westmoreland County Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 07/01/2029 | 725,000 | 787,352 | ||||||||||
5.000%, 07/01/2030 | 550,000 | 599,626 | ||||||||||
York Suburban School District, | ||||||||||||
4.000%, 05/01/2030 | ||||||||||||
(Callable 05/01/2024) (Insured by BAM) | 1,780,000 | 1,821,747 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $95,299,755) | 89,615,895 | 4.4 | % | |||||||||
Puerto Rico | ||||||||||||
Commonwealth of Puerto Rico: | ||||||||||||
5.250%, 07/01/2023 | 4,924,174 | 5,013,402 | ||||||||||
5.375%, 07/01/2025 | 2,670,469 | 2,772,706 | ||||||||||
Puerto Rico Industrial Tourist Educational | ||||||||||||
Medical & Environmental Control Facilities: | ||||||||||||
5.000%, 07/01/2028 | 125,000 | 136,607 | ||||||||||
5.000%, 07/01/2033 (Callable 07/01/2031) | 1,295,000 | 1,414,996 | ||||||||||
5.000%, 07/01/2034 (Callable 07/01/2031) | 200,000 | 217,680 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2031) | 200,000 | 216,885 | ||||||||||
Puerto Rico Sales Tax Financing Corp.: | ||||||||||||
4.329%, 07/01/2040 (Callable 07/01/2028) | 2,000,000 | 1,878,140 | ||||||||||
4.750%, 07/01/2053 (Callable 07/01/2028) | 1,256,000 | 1,206,783 | ||||||||||
Total Puerto Rico | ||||||||||||
(Cost $13,624,333) | 12,857,199 | 0.6 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Commerce Corp., | ||||||||||||
5.000%, 07/01/2033 | ||||||||||||
(Callable 07/01/2028) (Insured by BAM) | 950,000 | 1,027,201 | ||||||||||
Rhode Island Health and | ||||||||||||
Educational Building Corp., | ||||||||||||
4.000%, 09/15/2031 (Callable 09/15/2026) | 175,000 | 182,077 | ||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp.: | ||||||||||||
3.500%, 10/01/2046 (Callable 04/01/2025) | 15,000 | 15,093 | ||||||||||
3.000%, 10/01/2051 (Callable 04/01/2030) | 2,925,000 | 2,854,404 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $4,255,125) | 4,078,775 | 0.2 | % | |||||||||
South Carolina | ||||||||||||
City of Newberry SC: | ||||||||||||
5.000%, 09/01/2028 (Insured by AGM) | 250,000 | 282,791 | ||||||||||
5.000%, 09/01/2029 (Insured by AGM) | 225,000 | 257,484 | ||||||||||
County of Florence SC, | ||||||||||||
5.000%, 11/01/2033 (Callable 11/01/2024) | 250,000 | 260,291 | ||||||||||
Piedmont Municipal Power Agency, | ||||||||||||
5.000%, 01/01/2032 (Callable 01/01/2027) | 2,000,000 | 2,146,603 | ||||||||||
Scago Educational Facilities | ||||||||||||
Corp. for Union School District, | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 500,000 | 521,305 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 05/01/2029 (Callable 05/01/2028) | 1,080,000 | 1,173,347 | ||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | 270,000 | 269,724 | ||||||||||
5.250%, 08/15/2033 (Callable 08/15/2026) | 2,500,000 | 2,613,526 | ||||||||||
South Carolina State Housing Finance | ||||||||||||
& Development Authority: | ||||||||||||
2.000%, 09/01/2024 | ||||||||||||
(Mandatory Tender Date 03/01/2024)(1) | 2,219,000 | 2,201,430 | ||||||||||
3.800%, 01/01/2049 (Callable 07/01/2027) | 165,000 | 162,521 | ||||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 2,730,000 | 2,768,495 | ||||||||||
3.000%, 01/01/2052 (Callable 07/01/2030) | 10,280,000 | 10,016,364 | ||||||||||
Spartanburg County School District No. 7, | ||||||||||||
5.000%, 03/01/2048 (Callable 03/01/2029) | 350,000 | 381,549 | ||||||||||
Spartanburg Regional Health Services District: | ||||||||||||
4.000%, 04/15/2036 | ||||||||||||
(Callable 04/15/2030) (Insured by AGM) | 445,000 | 444,129 | ||||||||||
4.000%, 04/15/2037 | ||||||||||||
(Callable 04/15/2030) (Insured by AGM) | 500,000 | 497,961 | ||||||||||
4.000%, 04/15/2038 | ||||||||||||
(Callable 04/15/2030) (Insured by AGM) | 500,000 | 494,749 | ||||||||||
Sumter Two School Facilities, Inc., | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 200,000 | 208,380 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $25,850,893) | 24,700,649 | 1.2 | % | |||||||||
South Dakota | ||||||||||||
City of Brandon SD, | ||||||||||||
5.000%, 08/01/2037 | ||||||||||||
(Callable 08/01/2030) (Insured by AGM) | 1,880,000 | 2,030,568 | ||||||||||
City of Rapid City SD, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 3,260,000 | 3,091,197 | ||||||||||
Milbank School District No. 25-4: | ||||||||||||
4.000%, 08/01/2029 | ||||||||||||
(Callable 08/01/2026) (Insured by ST AID) | 750,000 | 787,213 | ||||||||||
5.000%, 08/01/2030 | ||||||||||||
(Callable 08/01/2026) (Insured by ST AID) | 785,000 | 858,774 | ||||||||||
5.000%, 08/01/2031 | ||||||||||||
(Callable 08/01/2026) (Insured by ST AID) | 820,000 | 895,735 | ||||||||||
South Dakota Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
3.000%, 09/01/2029 (Callable 09/01/2028) | 380,000 | 360,594 | ||||||||||
3.000%, 09/01/2030 (Callable 09/01/2028) | 175,000 | 163,413 | ||||||||||
5.000%, 11/01/2035 (Callable 11/01/2025) | 100,000 | 103,212 | ||||||||||
4.000%, 11/01/2040 (Callable 11/01/2025) | 325,000 | 310,760 | ||||||||||
3.000%, 09/01/2041 (Callable 09/01/2028) | 250,000 | 192,573 | ||||||||||
South Dakota Housing | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 05/01/2049 (Callable 05/01/2028) | 1,595,000 | 1,617,769 | ||||||||||
5.000%, 05/01/2053 (Callable 11/01/2031) | 3,000,000 | 3,177,493 | ||||||||||
South Dakota State Building Authority, | ||||||||||||
5.000%, 06/01/2036 (Callable 06/01/2028) | 185,000 | 204,343 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $14,524,772) | 13,793,644 | 0.7 | % | |||||||||
Tennessee | ||||||||||||
City of Clarksville TN, | ||||||||||||
5.000%, 02/01/2032 | ||||||||||||
(Pre-refunded to 02/01/2026) | 1,000,000 | 1,093,046 | ||||||||||
City of Jackson TN: | ||||||||||||
5.000%, 04/01/2029 | ||||||||||||
(Pre-refunded to 04/01/2025) | 30,000 | 32,158 | ||||||||||
5.000%, 04/01/2029 (Callable 04/01/2025) | 1,125,000 | 1,168,490 |
The accompanying notes are an integral part of these financial statements.
Page 191
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Jackson TN: (cont.) | ||||||||||||
5.000%, 04/01/2036 | ||||||||||||
(Pre-refunded to 04/01/2025) | $ | 60,000 | $ | 64,315 | ||||||||
5.000%, 04/01/2036 (Callable 04/01/2025) | 1,890,000 | 1,937,609 | ||||||||||
City of Memphis TN: | ||||||||||||
5.000%, 12/01/2032 | ||||||||||||
(Pre-refunded to 12/01/2024) | 530,000 | 566,756 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2026) | 1,300,000 | 1,335,454 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2027) | 480,000 | 495,808 | ||||||||||
4.000%, 12/01/2034 (Callable 12/01/2026) | 1,310,000 | 1,335,909 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2026) | 275,000 | 278,442 | ||||||||||
Knox County Health Educational | ||||||||||||
& Housing Facility Board, | ||||||||||||
5.000%, 01/01/2026 (Callable 01/01/2023) | 145,000 | 146,615 | ||||||||||
Memphis-Shelby County | ||||||||||||
Industrial Development Board, | ||||||||||||
4.000%, 04/01/2038 | ||||||||||||
(Callable 04/01/2031) (Insured by AGM) | 535,000 | 528,779 | ||||||||||
Nashville & Davidson County | ||||||||||||
Metropolitan Government, | ||||||||||||
3.000%, 10/01/2024 | 210,000 | 206,472 | ||||||||||
Shelby County Health Educational | ||||||||||||
& Housing Facilities Board: | ||||||||||||
4.000%, 05/01/2037 (Callable 05/01/2027) | 250,000 | 248,979 | ||||||||||
4.000%, 08/01/2040 (Callable 02/01/2028) | 1,120,000 | 1,129,502 | ||||||||||
Tennessee Energy Acquisition Corp.: | ||||||||||||
5.625%, 09/01/2026 | 75,000 | 81,378 | ||||||||||
5.000%, 02/01/2027 | 195,000 | 206,376 | ||||||||||
4.000%, 11/01/2049 (Callable 08/01/2025) | ||||||||||||
(Mandatory Tender Date 11/01/2025)(1) | 785,000 | 797,120 | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
3.600%, 01/01/2031 (Callable 01/01/2023) | 1,155,000 | 1,155,211 | ||||||||||
3.100%, 07/01/2036 (Callable 01/01/2026) | 260,000 | 259,356 | ||||||||||
3.550%, 07/01/2039 (Callable 07/01/2024) | 180,000 | 178,734 | ||||||||||
4.000%, 01/01/2042 (Callable 07/01/2026) | 130,000 | 131,939 | ||||||||||
3.600%, 07/01/2042 (Callable 01/01/2027) | 225,000 | 224,534 | ||||||||||
4.000%, 07/01/2043 (Callable 01/01/2023) | 100,000 | 100,229 | ||||||||||
4.000%, 07/01/2045 (Callable 01/01/2025) | 60,000 | 60,761 | ||||||||||
3.500%, 01/01/2047 (Callable 01/01/2026) | 45,000 | 45,171 | ||||||||||
4.500%, 07/01/2049 (Callable 01/01/2028) | 625,000 | 641,392 | ||||||||||
3.750%, 01/01/2050 (Callable 01/01/2029) | 65,000 | 65,474 | ||||||||||
4.250%, 01/01/2050 (Callable 07/01/2028) | 690,000 | 704,431 | ||||||||||
5.000%, 01/01/2053 (Callable 07/01/2031) | 3,000,000 | 3,177,430 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $19,340,316) | 18,397,870 | 0.9 | % | |||||||||
Texas | ||||||||||||
Abilene Convention Center | ||||||||||||
Hotel Development Corp., | ||||||||||||
4.000%, 10/01/2050 (Callable 10/01/2031) | 2,850,000 | 2,562,263 | ||||||||||
Arlington Higher Education Finance Corp.: | ||||||||||||
4.000%, 08/15/2028 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 250,000 | 260,477 | ||||||||||
5.000%, 08/15/2028 (PSF Guaranteed) | 980,000 | 1,103,794 | ||||||||||
5.000%, 08/15/2029 (PSF Guaranteed) | 560,000 | 637,445 | ||||||||||
4.000%, 08/15/2030 (PSF Guaranteed) | 415,000 | 439,017 | ||||||||||
5.000%, 08/15/2030 (PSF Guaranteed) | 605,000 | 695,547 | ||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2029) (PSF Guaranteed) | 510,000 | 531,397 | ||||||||||
5.000%, 08/15/2031 (PSF Guaranteed) | 585,000 | 678,560 | ||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 100,000 | 103,976 | ||||||||||
5.000%, 08/15/2032 (PSF Guaranteed) | 660,000 | 772,083 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 355,000 | 364,855 | ||||||||||
Arlington Higher Education | ||||||||||||
Finance Corp.: (cont.) | ||||||||||||
4.000%, 08/15/2036 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 1,370,000 | 1,379,593 | ||||||||||
4.000%, 08/15/2037 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 765,000 | 768,666 | ||||||||||
5.000%, 02/15/2038 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 295,000 | 310,241 | ||||||||||
4.000%, 02/15/2040 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 805,000 | 802,047 | ||||||||||
Arlington Housing Finance Corp., | ||||||||||||
3.500%, 11/01/2043 (Callable 05/01/2025) | ||||||||||||
(Mandatory Tender Date 11/01/2025)(1) | 5,000,000 | 5,079,841 | ||||||||||
Austin-Bergstrom Landhost Enterprises, Inc.: | ||||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 1,250,000 | 1,296,227 | ||||||||||
5.000%, 10/01/2036 (Callable 10/01/2027) | 885,000 | 916,595 | ||||||||||
Baytown Municipal Development District: | ||||||||||||
2.500%, 10/01/2031 | 500,000 | 417,675 | ||||||||||
3.500%, 10/01/2031(3) | 1,020,000 | 859,244 | ||||||||||
Bexar County Hospital District, | ||||||||||||
4.000%, 02/15/2036 (Callable 02/15/2028) | 250,000 | 254,090 | ||||||||||
Brazoria County Toll Road Authority, | ||||||||||||
0.000%, 03/01/2043 (Callable 03/01/2030) | ||||||||||||
(County Guaranteed)(7) | 490,000 | 442,592 | ||||||||||
Central Texas Regional Mobility Authority: | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2026) | 2,060,000 | 2,196,389 | ||||||||||
4.000%, 01/01/2040 (Callable 01/01/2031) | 1,250,000 | 1,199,912 | ||||||||||
5.000%, 01/01/2045 | ||||||||||||
(Pre-refunded to 07/01/2025) | 500,000 | 540,901 | ||||||||||
Central Texas Turnpike System, | ||||||||||||
0.000%, 08/15/2036 (Callable 08/15/2024) | 1,000,000 | 533,864 | ||||||||||
City of Brownsville TX, | ||||||||||||
4.000%, 09/01/2029 | ||||||||||||
(Callable 09/01/2026) (Insured by AGM) | 105,000 | 109,563 | ||||||||||
City of Bryan TX, | ||||||||||||
4.000%, 07/01/2040 (Callable 07/01/2027) | 250,000 | 251,359 | ||||||||||
City of Dallas TX, | ||||||||||||
5.000%, 10/01/2041 (Callable 10/01/2026) | 1,200,000 | 1,302,384 | ||||||||||
City of Decatur TX: | ||||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 300,000 | 314,475 | ||||||||||
5.000%, 03/01/2025 (Insured by BAM) | 280,000 | 299,551 | ||||||||||
City of El Paso TX: | ||||||||||||
4.000%, 08/15/2041 (Callable 08/15/2025) | 250,000 | 249,817 | ||||||||||
4.000%, 08/15/2041 (Callable 08/15/2025) | 250,000 | 249,818 | ||||||||||
City of Garland TX, | ||||||||||||
5.000%, 03/01/2033 (Callable 03/01/2026) | 835,000 | 890,995 | ||||||||||
City of Houston TX: | ||||||||||||
5.000%, 11/15/2028 (Callable 11/15/2024) | 715,000 | 760,203 | ||||||||||
5.500%, 12/01/2029 | ||||||||||||
(ETM) (Insured by NATL) | 500,000 | 573,041 | ||||||||||
5.000%, 11/15/2036 (Callable 11/15/2026) | 500,000 | 537,065 | ||||||||||
City of Magnolia TX, | ||||||||||||
5.700%, 09/01/2046(3) | 995,000 | 917,624 | ||||||||||
City of Mesquite TX: | ||||||||||||
5.000%, 03/01/2039 (Callable 03/01/2032) | 500,000 | 563,234 | ||||||||||
5.000%, 03/01/2040 (Callable 03/01/2032) | 500,000 | 561,458 | ||||||||||
5.000%, 03/01/2041 (Callable 03/01/2032) | 500,000 | 559,881 | ||||||||||
5.000%, 03/01/2042 (Callable 03/01/2032) | 500,000 | 558,021 | ||||||||||
City of San Antonio TX: | ||||||||||||
5.000%, 02/01/2047 (Callable 02/01/2027) | 1,000,000 | 1,058,571 | ||||||||||
2.000%, 02/01/2049 | ||||||||||||
(Mandatory Tender Date 12/01/2027)(1) | 7,500,000 | 7,104,315 |
The accompanying notes are an integral part of these financial statements.
Page 192
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Temple TX: | ||||||||||||
4.000%, 08/01/2035 | ||||||||||||
(Callable 08/01/2030) (Insured by BAM) | $ | 650,000 | $ | 669,872 | ||||||||
4.000%, 08/01/2037 | ||||||||||||
(Callable 08/01/2030) (Insured by BAM) | 200,000 | 205,607 | ||||||||||
4.000%, 08/01/2038 | ||||||||||||
(Callable 08/01/2030) (Insured by BAM) | 165,000 | 168,186 | ||||||||||
4.000%, 08/01/2039 | ||||||||||||
(Callable 08/01/2030) (Insured by BAM) | 435,000 | 442,553 | ||||||||||
4.000%, 08/01/2041 | ||||||||||||
(Callable 08/01/2030) (Insured by BAM) | 200,000 | 202,681 | ||||||||||
Clifton Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 360,000 | 387,187 | ||||||||||
4.000%, 08/15/2030 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 800,000 | 835,295 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 2,000,000 | 2,108,705 | ||||||||||
4.000%, 04/01/2034 | ||||||||||||
(Callable 04/01/2030) (PSF Guaranteed) | 325,000 | 342,460 | ||||||||||
5.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 1,000,000 | 1,084,116 | ||||||||||
4.000%, 04/01/2035 | ||||||||||||
(Callable 04/01/2030) (PSF Guaranteed) | 250,000 | 262,712 | ||||||||||
4.000%, 08/15/2035 | ||||||||||||
(Callable 08/15/2029) (PSF Guaranteed) | 1,380,000 | 1,451,334 | ||||||||||
5.000%, 08/15/2042 (Callable 08/15/2022) | 3,225,000 | 3,228,698 | ||||||||||
Comal County Water Control | ||||||||||||
& Improvement District No. 6: | ||||||||||||
4.000%, 03/01/2031 | ||||||||||||
(Callable 03/01/2028) (Insured by BAM) | 560,000 | 579,698 | ||||||||||
4.000%, 03/01/2032 | ||||||||||||
(Callable 03/01/2028) (Insured by BAM) | 690,000 | 709,984 | ||||||||||
4.000%, 03/01/2033 | ||||||||||||
(Callable 03/01/2028) (Insured by BAM) | 720,000 | 734,354 | ||||||||||
4.000%, 03/01/2034 | ||||||||||||
(Callable 03/01/2028) (Insured by BAM) | 750,000 | 758,793 | ||||||||||
County of Harris TX, | ||||||||||||
5.000%, 08/15/2029 (Callable 08/15/2022) | 150,000 | 150,625 | ||||||||||
County of Maverick TX, | ||||||||||||
7.000%, 03/01/2034 | ||||||||||||
(Pre-refunded to 03/01/2023)(3) | 10,000,000 | 10,345,326 | ||||||||||
County of Wise TX: | ||||||||||||
5.000%, 08/15/2029 | 880,000 | 960,694 | ||||||||||
5.000%, 08/15/2033 (Callable 08/15/2031) | 930,000 | 1,014,483 | ||||||||||
Crane County Water District, | ||||||||||||
5.000%, 02/15/2023 | 250,000 | 254,953 | ||||||||||
Danbury Higher Education Authority, Inc.: | ||||||||||||
4.000%, 02/15/2028 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 250,000 | 263,926 | ||||||||||
4.000%, 02/15/2031 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 200,000 | 209,168 | ||||||||||
Deaf Smith County Hospital District, | ||||||||||||
4.000%, 03/01/2040 (Callable 03/01/2027) | 2,045,000 | 1,982,109 | ||||||||||
Del Mar College District, | ||||||||||||
4.000%, 08/15/2036 (Callable 08/15/2026) | 250,000 | 253,711 | ||||||||||
Ferris Independent School District, | ||||||||||||
5.000%, 08/15/2029 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 560,000 | 616,017 | ||||||||||
Fort Bend County Levee | ||||||||||||
Improvement District No. 19: | ||||||||||||
3.000%, 09/01/2029 | �� | |||||||||||
(Callable 09/01/2026) (Insured by AGM) | 335,000 | 336,446 | ||||||||||
3.000%, 09/01/2030 | ||||||||||||
(Callable 09/01/2026) (Insured by AGM) | 715,000 | 712,178 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 167, | ||||||||||||
4.000%, 09/01/2027 | ||||||||||||
(Callable 09/01/2024) (Insured by AGM) | 290,000 | 299,742 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 30, | ||||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 295,000 | 302,099 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 58: | ||||||||||||
3.000%, 04/01/2033 | ||||||||||||
(Callable 04/01/2029) (Insured by BAM) | 800,000 | 750,771 | ||||||||||
3.000%, 04/01/2034 | ||||||||||||
(Callable 04/01/2029) (Insured by BAM) | 450,000 | 415,800 | ||||||||||
3.000%, 04/01/2035 | ||||||||||||
(Callable 04/01/2029) (Insured by BAM) | 430,000 | 393,633 | ||||||||||
3.000%, 04/01/2037 | ||||||||||||
(Callable 04/01/2029) (Insured by BAM) | 825,000 | 734,874 | ||||||||||
Grand Parkway Transportation Corp.: | ||||||||||||
0.000%, 10/01/2034 | ||||||||||||
(Callable 10/01/2028)(7) | 40,000 | 42,412 | ||||||||||
0.000%, 10/01/2035 | ||||||||||||
(Callable 10/01/2028)(7) | 50,000 | 52,891 | ||||||||||
0.000%, 10/01/2036 | ||||||||||||
(Callable 10/01/2028)(7) | 325,000 | 342,307 | ||||||||||
0.000%, 10/01/2045 | ||||||||||||
(Callable 10/01/2028)(7) | 1,765,000 | 1,855,357 | ||||||||||
0.000%, 10/01/2046 | ||||||||||||
(Callable 10/01/2028)(7) | 1,055,000 | 1,107,365 | ||||||||||
0.000%, 10/01/2047 | ||||||||||||
(Callable 10/01/2028)(7) | 2,085,000 | 2,191,383 | ||||||||||
0.000%, 10/01/2048 | ||||||||||||
(Callable 10/01/2028)(7) | 645,000 | 677,451 | ||||||||||
5.000%, 10/01/2052 | ||||||||||||
(Mandatory Tender Date 10/01/2023)(1) | 590,000 | 610,212 | ||||||||||
Guadalupe-Blanco River Authority: | ||||||||||||
4.000%, 08/15/2040 (Callable 08/15/2024) | 260,000 | 260,728 | ||||||||||
4.000%, 08/15/2046 (Callable 08/15/2024) | 450,000 | 445,495 | ||||||||||
Harris County Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
5.000%, 12/01/2026 (Callable 12/01/2024) | 635,000 | 669,525 | ||||||||||
5.000%, 11/15/2033 (Callable 11/15/2027) | 115,000 | 127,405 | ||||||||||
1.849%, 11/15/2046 (1 Month LIBOR | ||||||||||||
USD + 0.650%) (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 07/01/2024)(2) | 7,000,000 | 7,020,334 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 371, | ||||||||||||
4.000%, 09/01/2032 | ||||||||||||
(Callable 09/01/2023) (Insured by BAM) | 370,000 | 374,081 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 423: | ||||||||||||
5.500%, 04/01/2025 (Insured by AGM) | 425,000 | 458,468 | ||||||||||
5.500%, 04/01/2026 (Insured by AGM) | 450,000 | 494,487 | ||||||||||
5.500%, 04/01/2027 (Insured by AGM) | 450,000 | 501,708 | ||||||||||
5.500%, 04/01/2028 (Insured by AGM) | 450,000 | 509,290 | ||||||||||
5.500%, 04/01/2029 (Insured by AGM) | 475,000 | 544,905 | ||||||||||
5.500%, 04/01/2030 | ||||||||||||
(Callable 04/01/2029) (Insured by AGM) | 500,000 | 571,349 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 500, | ||||||||||||
3.000%, 12/01/2022 (Insured by AGM) | 175,000 | 176,009 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 71, | ||||||||||||
4.000%, 09/01/2028 | ||||||||||||
(Callable 09/01/2023) (Insured by BAM) | 250,000 | 254,026 |
The accompanying notes are an integral part of these financial statements.
Page 193
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Harris County-Houston Sports Authority: | ||||||||||||
0.000%, 11/15/2025 (Insured by NATL) | $ | 11,185,000 | $ | 9,937,333 | ||||||||
5.000%, 11/15/2026 | ||||||||||||
(Callable 11/15/2024) (Insured by AGM) | 310,000 | 326,793 | ||||||||||
5.000%, 11/15/2053 (Callable 11/15/2024) | 2,220,000 | 2,263,450 | ||||||||||
Housing Options, Inc., | ||||||||||||
3.900%, 02/01/2026 (Mandatory Tender | ||||||||||||
Date 02/01/2025) (Insured by HUD)(1) | 4,000,000 | 4,080,144 | ||||||||||
Houston Higher Education Finance Corp., | ||||||||||||
3.375%, 10/01/2037 (Callable 08/01/2022) | 770,000 | 668,486 | ||||||||||
Hunt Memorial Hospital District: | ||||||||||||
5.000%, 02/15/2028 | 525,000 | 573,272 | ||||||||||
5.000%, 02/15/2030 | 1,015,000 | 1,120,713 | ||||||||||
Irving Hospital Authority, | ||||||||||||
1.880%, 10/15/2044 | ||||||||||||
(SIFMA Municipal Swap Index + 1.100%) | ||||||||||||
(Callable 04/15/2023) (Mandatory Tender | ||||||||||||
Date 10/15/2023) (Partially Pre-refunded)(2) | 900,000 | 901,137 | ||||||||||
Joshua Independent School District, | ||||||||||||
5.500%, 02/15/2026 (PSF Guaranteed) | 2,425,000 | 2,590,759 | ||||||||||
Katy Development Authority: | ||||||||||||
3.000%, 06/01/2032 | ||||||||||||
(Callable 06/01/2027) (Insured by BAM) | 485,000 | 449,895 | ||||||||||
3.000%, 06/01/2033 | ||||||||||||
(Callable 06/01/2027) (Insured by BAM) | 420,000 | 381,104 | ||||||||||
3.000%, 06/01/2034 | ||||||||||||
(Callable 06/01/2027) (Insured by BAM) | 575,000 | 514,239 | ||||||||||
3.000%, 06/01/2035 | ||||||||||||
(Callable 06/01/2027) (Insured by BAM) | 500,000 | 440,030 | ||||||||||
3.000%, 06/01/2037 | ||||||||||||
(Callable 06/01/2027) (Insured by BAM) | 2,290,000 | 1,951,475 | ||||||||||
3.000%, 06/01/2039 | ||||||||||||
(Callable 06/01/2027) (Insured by BAM) | 1,125,000 | 926,710 | ||||||||||
Kilgore Independent School District, | ||||||||||||
2.000%, 02/15/2052 (Mandatory Tender | ||||||||||||
Date 08/15/2025) (PSF Guaranteed)(1) | 4,190,000 | 4,074,567 | ||||||||||
Lake Travis Independent School District, | ||||||||||||
4.000%, 02/15/2038 | ||||||||||||
(Callable 02/15/2028) (PSF Guaranteed) | 250,000 | 258,624 | ||||||||||
Laredo Community College District, | ||||||||||||
5.000%, 08/01/2028 | ||||||||||||
(Callable 08/01/2027) (Insured by BAM) | 350,000 | 390,253 | ||||||||||
Leander Independent School District: | ||||||||||||
0.000%, 08/15/2040 (Pre-refunded | ||||||||||||
to 08/15/2024) (PSF Guaranteed) | 20,000 | 8,873 | ||||||||||
5.000%, 08/15/2040 | ||||||||||||
(Callable 08/15/2025) (PSF Guaranteed) | 500,000 | 535,432 | ||||||||||
Lower Colorado River Authority, | ||||||||||||
4.000%, 05/15/2042 (Callable 05/15/2026) | 465,000 | 449,000 | ||||||||||
Martin County Hospital District: | ||||||||||||
4.000%, 04/01/2027 | 225,000 | 234,387 | ||||||||||
4.000%, 04/01/2028 | 430,000 | 446,881 | ||||||||||
4.000%, 04/01/2031 (Callable 04/01/2030) | 235,000 | 240,524 | ||||||||||
4.000%, 04/01/2033 (Callable 04/01/2030) | 375,000 | 380,700 | ||||||||||
4.000%, 04/01/2034 (Callable 04/01/2030) | 500,000 | 506,966 | ||||||||||
Matagorda County Navigation District No. 1: | ||||||||||||
4.400%, 05/01/2030 (Insured by AMBAC) | 1,035,000 | 1,071,596 | ||||||||||
4.000%, 06/01/2030 (Callable 06/03/2023) | 3,500,000 | 3,503,986 | ||||||||||
Metropolitan Transit | ||||||||||||
Authority of Harris County, | ||||||||||||
5.000%, 11/01/2034 (Callable 11/01/2029) | 560,000 | 630,433 | ||||||||||
Montgomery County | ||||||||||||
Municipal Utility District No. 119, | ||||||||||||
4.000%, 04/01/2023 (Insured by BAM) | 200,000 | 203,351 | ||||||||||
Navasota Independent School District, | ||||||||||||
5.000%, 02/15/2048 (Pre-refunded | ||||||||||||
to 02/15/2025) (PSF Guaranteed) | 2,100,000 | 2,248,197 | ||||||||||
New Hope Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
2.000%, 01/01/2026 | 1,345,000 | 1,223,310 | ||||||||||
5.000%, 04/01/2029 | ||||||||||||
(Pre-refunded to 04/01/2027) | 255,000 | 284,074 | ||||||||||
5.000%, 08/15/2047 (Callable 08/15/2027) | 2,270,000 | 2,376,187 | ||||||||||
North Lamar Independent School District: | ||||||||||||
4.000%, 02/15/2032 | ||||||||||||
(Callable 02/15/2031) (PSF Guaranteed) | 1,230,000 | 1,328,586 | ||||||||||
4.000%, 02/15/2036 | ||||||||||||
(Callable 02/15/2031) (PSF Guaranteed) | 715,000 | 749,819 | ||||||||||
4.000%, 02/15/2037 | ||||||||||||
(Callable 02/15/2031) (PSF Guaranteed) | 625,000 | 653,417 | ||||||||||
4.000%, 02/15/2038 | ||||||||||||
(Callable 02/15/2031) (PSF Guaranteed) | 650,000 | 677,869 | ||||||||||
North Texas Tollway Authority: | ||||||||||||
5.000%, 01/01/2030 (Callable 01/01/2025) | 5,000,000 | 5,240,354 | ||||||||||
5.000%, 01/01/2033 (Callable 01/01/2026) | 675,000 | 718,083 | ||||||||||
6.750%, 09/01/2045 | ||||||||||||
(Pre-refunded to 09/01/2031)(7) | 40,000 | 51,838 | ||||||||||
Northeast Travis County Utility District, | ||||||||||||
0.000%, 09/01/2023 (Insured by BAM) | 275,000 | 266,667 | ||||||||||
Northside Independent School District, | ||||||||||||
1.600%, 08/01/2049 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 745,000 | 734,119 | ||||||||||
Northwest Harris County Municipal | ||||||||||||
Utility District No. 10: | ||||||||||||
5.000%, 04/01/2023 (Insured by BAM) | 515,000 | 526,891 | ||||||||||
5.000%, 04/01/2024 (Insured by BAM) | 640,000 | 669,642 | ||||||||||
5.000%, 04/01/2025 (Insured by BAM) | 650,000 | 692,459 | ||||||||||
5.000%, 04/01/2026 (Insured by BAM) | 725,000 | 783,330 | ||||||||||
Pflugerville Independent School District: | ||||||||||||
4.000%, 02/15/2035 (Callable 02/15/2026) | 315,000 | 322,253 | ||||||||||
4.000%, 02/15/2036 (Callable 02/15/2026) | 330,000 | 336,733 | ||||||||||
4.000%, 02/15/2037 (Callable 02/15/2026) | 340,000 | 346,445 | ||||||||||
4.000%, 02/15/2039 (Callable 02/15/2026) | 370,000 | 373,105 | ||||||||||
4.000%, 02/15/2041 (Callable 02/15/2026) | 350,000 | 352,268 | ||||||||||
Red River Health Facilities Development Corp., | ||||||||||||
8.000%, 11/15/2049 | ||||||||||||
(Pre-refunded to 11/15/2024) | 2,425,000 | 2,730,663 | ||||||||||
Remington Municipal Utility District No. 1, | ||||||||||||
3.000%, 09/01/2025 | ||||||||||||
(Callable 09/01/2024) (Insured by AGM) | 540,000 | 545,279 | ||||||||||
SA Energy Acquisition Public Facility Corp., | ||||||||||||
5.500%, 08/01/2022 | 160,000 | 160,405 | ||||||||||
San Antonio Public Facilities Corp., | ||||||||||||
4.000%, 09/15/2034 (Callable 09/15/2022) | 1,395,000 | 1,395,674 | ||||||||||
Seminole Hospital District, | ||||||||||||
3.000%, 02/15/2034 (Callable 02/15/2026) | 1,200,000 | 1,094,908 | ||||||||||
Southwest Houston Redevelopment Authority, | ||||||||||||
5.000%, 09/01/2027 (Insured by AGM) | 250,000 | 272,703 | ||||||||||
Sugar Land 4B Corp., | ||||||||||||
4.000%, 02/15/2030 | ||||||||||||
(Callable 02/15/2028) (Insured by BAM) | 1,045,000 | 1,108,397 | ||||||||||
Tarrant County Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
2.750%, 02/15/2036 | ||||||||||||
(Callable 07/21/2022)(1) | 2,445,000 | 2,366,567 | ||||||||||
5.000%, 11/15/2037 (Callable 11/15/2027) | 600,000 | 632,026 | ||||||||||
5.000%, 12/01/2039 (Callable 12/01/2023) | 1,015,000 | 1,053,215 | ||||||||||
5.000%, 11/15/2040 (Callable 11/15/2026) | 400,000 | 415,697 | ||||||||||
4.000%, 11/15/2042 (Callable 05/15/2026) | 500,000 | 493,930 |
The accompanying notes are an integral part of these financial statements.
Page 194
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Texas Department of Housing | ||||||||||||
& Community Affairs: | ||||||||||||
5.000%, 01/01/2029 (Insured by GNMA) | $ | 215,000 | $ | 241,485 | ||||||||
5.000%, 07/01/2029 (Insured by GNMA) | 175,000 | 196,951 | ||||||||||
5.000%, 01/01/2030 (Insured by GNMA) | 450,000 | 507,021 | ||||||||||
4.750%, 01/01/2049 | ||||||||||||
(Callable 07/01/2028) (Insured by GNMA) | 3,375,000 | 3,482,598 | ||||||||||
5.500%, 09/01/2052 | ||||||||||||
(Callable 03/01/2032) (Insured by GNMA) | 6,000,000 | 6,511,600 | ||||||||||
Texas Municipal Gas | ||||||||||||
Acquisition & Supply Corp. I: | ||||||||||||
2.675%, 12/15/2026 (3 Month LIBOR | ||||||||||||
USD + 1.450%)(Callable 07/01/2022)(2) | 3,000,000 | 2,869,342 | ||||||||||
6.250%, 12/15/2026 | 1,345,000 | 1,438,600 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. III: | ||||||||||||
5.000%, 12/15/2028 | 400,000 | 424,860 | ||||||||||
5.000%, 12/15/2032 | 300,000 | 319,728 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
and Supply Corp. II, | ||||||||||||
2.095%, 09/15/2027 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(2) | 14,000,000 | 13,685,787 | ||||||||||
Texas Municipal Power Agency, | ||||||||||||
3.000%, 09/01/2029 | ||||||||||||
(Callable 09/01/2026) (Insured by AGM) | 2,080,000 | 2,074,843 | ||||||||||
Texas Water Development Board, | ||||||||||||
5.000%, 10/15/2043 (Callable 04/15/2028) | 3,410,000 | 3,686,073 | ||||||||||
Tioga Independent School | ||||||||||||
District Public Facility Corp., | ||||||||||||
3.250%, 08/15/2027 (Callable 08/15/2024) | 200,000 | 185,831 | ||||||||||
Travis County Municipal Utility District No. 4, | ||||||||||||
4.000%, 09/01/2035 | ||||||||||||
(Callable 09/01/2022) (Insured by AGM) | 615,000 | 615,427 | ||||||||||
Upper Trinity Regional Water District, | ||||||||||||
5.000%, 08/01/2032 | ||||||||||||
(Callable 08/01/2028) (Insured by BAM) | 265,000 | 293,995 | ||||||||||
Viridian Municipal Management District: | ||||||||||||
4.000%, 12/01/2027 | ||||||||||||
(Callable 12/01/2023) (Insured by AGM) | 315,000 | 320,970 | ||||||||||
4.000%, 12/01/2028 | ||||||||||||
(Callable 12/01/2023) (Insured by AGM) | 470,000 | 477,411 | ||||||||||
4.000%, 12/01/2037 | ||||||||||||
(Callable 12/01/2027) (Insured by BAM) | 865,000 | 876,041 | ||||||||||
Washington County Junior College District, | ||||||||||||
5.000%, 10/01/2028 | ||||||||||||
(Callable 04/01/2026) (Insured by BAM) | 500,000 | 540,412 | ||||||||||
White Settlement Independent School District, | ||||||||||||
0.000%, 08/15/2040 (Pre-refunded | ||||||||||||
to 08/15/2023) (PSF Guaranteed) | 1,370,000 | 642,845 | ||||||||||
Wimberley Independent School District, | ||||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 355,000 | 374,246 | ||||||||||
Total Texas | ||||||||||||
(Cost $219,134,572) | 208,516,933 | 10.3 | % | |||||||||
Utah | ||||||||||||
City of Herriman City UT, | ||||||||||||
4.000%, 01/01/2041 | ||||||||||||
(Callable 01/01/2031) (Insured by AGM) | 500,000 | 505,557 | ||||||||||
City of Salt Lake City UT: | ||||||||||||
5.000%, 07/01/2030 (Callable 07/01/2027) | 155,000 | 168,622 | ||||||||||
5.000%, 07/01/2042 (Callable 07/01/2027) | 2,735,000 | 2,861,589 | ||||||||||
5.000%, 07/01/2047 (Callable 07/01/2027) | 1,500,000 | 1,558,384 | ||||||||||
Jordan Valley Water Conservancy District: | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | 250,000 | 272,582 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2026) | 350,000 | 380,884 | ||||||||||
Midvale Utah Redevelopment Agency, | ||||||||||||
5.000%, 05/01/2027 | 290,000 | 324,082 | ||||||||||
University of Utah, | ||||||||||||
4.000%, 08/01/2039 (Callable 08/01/2030) | 1,760,000 | 1,773,458 | ||||||||||
Utah Charter School Finance Authority: | ||||||||||||
3.000%, 04/15/2027 (Insured by UT CSCE) | 370,000 | 370,137 | ||||||||||
5.000%, 04/15/2027 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 365,000 | 392,690 | ||||||||||
5.000%, 04/15/2028 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 720,000 | 773,018 | ||||||||||
5.250%, 10/15/2028 (Pre-refunded | ||||||||||||
to 10/15/2023) (Insured by UT CSCE) | 400,000 | 416,621 | ||||||||||
4.000%, 04/15/2029 (Insured by UT CSCE) | 175,000 | 184,238 | ||||||||||
5.000%, 10/15/2032 (Callable 10/15/2027) | ||||||||||||
(Insured by UT CSCE) | 285,000 | 310,609 | ||||||||||
5.000%, 10/15/2036 (Callable 04/15/2023) | ||||||||||||
(Insured by UT CSCE) | 700,000 | 712,359 | ||||||||||
4.000%, 04/15/2037 (Callable 04/15/2032) | ||||||||||||
(Insured by UT CSCE) | 500,000 | 504,558 | ||||||||||
5.000%, 04/15/2037 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 520,000 | 551,214 | ||||||||||
4.000%, 04/15/2042 (Callable 04/15/2032) | ||||||||||||
(Insured by UT CSCE) | 480,000 | 464,773 | ||||||||||
5.000%, 10/15/2043 (Pre-refunded | ||||||||||||
to 10/15/2023) (Insured by UT CSCE) | 2,250,000 | 2,336,428 | ||||||||||
5.000%, 10/15/2043 (Callable 10/15/2027) | ||||||||||||
(Insured by UT CSCE) | 1,000,000 | 1,077,244 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 | ||||||||||||
(Callable 01/01/2026) (Insured by FHA) | 165,000 | 167,096 | ||||||||||
Utah Transit Authority, | ||||||||||||
4.000%, 12/15/2041 (Callable 06/15/2028) | 400,000 | 398,106 | ||||||||||
Utah Water Finance Agency, | ||||||||||||
4.000%, 03/01/2031 (Callable 03/01/2027) | 925,000 | 969,720 | ||||||||||
Total Utah | ||||||||||||
(Cost $18,599,744) | 17,473,969 | 0.9 | % | |||||||||
Vermont | ||||||||||||
City of Burlington VT, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2027) | 275,000 | 304,072 | ||||||||||
University of Vermont: | ||||||||||||
4.000%, 10/01/2037 (Callable 10/01/2024) | 710,000 | 710,169 | ||||||||||
4.000%, 10/01/2043 (Callable 10/01/2026) | 1,000,000 | 973,145 | ||||||||||
Vermont Educational & Health | ||||||||||||
Buildings Financing Agency: | ||||||||||||
5.000%, 12/01/2035 (Callable 06/01/2026) | 710,000 | 741,708 | ||||||||||
5.000%, 12/01/2039 (Callable 06/01/2026) | 500,000 | 520,310 | ||||||||||
Vermont Housing Finance Agency, | ||||||||||||
3.650%, 11/01/2032 (Callable 11/01/2024) | 100,000 | 100,199 | ||||||||||
Vermont Public Power Supply Authority, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2027) | 500,000 | 542,886 | ||||||||||
Total Vermont | ||||||||||||
(Cost $4,180,512) | 3,892,489 | 0.2 | % | |||||||||
Virginia | ||||||||||||
City of Petersburg VA, | ||||||||||||
4.000%, 11/01/2025 (Pre-refunded | ||||||||||||
to 11/01/2022) (Insured by ST AID) | 225,000 | 226,924 | ||||||||||
City of Virginia Beach VA, | ||||||||||||
3.000%, 03/01/2031 | ||||||||||||
(Callable 03/01/2028) (Insured by ST AID) | 1,500,000 | 1,509,129 |
The accompanying notes are an integral part of these financial statements.
Page 195
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
County of James City VA, | ||||||||||||
3.000%, 06/15/2029 (Callable 06/15/2025) | ||||||||||||
(Insured by ST AID) | $ | 1,000,000 | $ | 1,007,196 | ||||||||
Farmville Industrial Development Authority, | ||||||||||||
5.375%, 07/01/2053 | ||||||||||||
(Callable 07/01/2028) (Mandatory Tender | ||||||||||||
Date 07/01/2043) (Insured by AGM) | 7,950,000 | 8,441,512 | ||||||||||
Hampton Roads Transportation | ||||||||||||
Accountability Commission, | ||||||||||||
5.000%, 07/01/2042 (Callable 01/01/2028) | 305,000 | 328,169 | ||||||||||
James City County Economic | ||||||||||||
Development Authority, | ||||||||||||
6.000%, 06/01/2043 | ||||||||||||
(Pre-refunded to 06/01/2023) | 2,298,693 | 2,381,830 | ||||||||||
Portsmouth Redevelopment | ||||||||||||
& Housing Authority, | ||||||||||||
3.500%, 07/01/2025 | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 3,500,000 | 3,528,509 | ||||||||||
Virginia College Building Authority, | ||||||||||||
4.000%, 02/01/2034 (Callable 02/01/2031) | 2,000,000 | 2,080,339 | ||||||||||
Virginia Housing Development Authority, | ||||||||||||
3.450%, 04/01/2038 (Callable 10/01/2022) | 2,570,000 | 2,499,589 | ||||||||||
Virginia Resources Authority, | ||||||||||||
3.000%, 11/01/2031 (Callable 11/01/2028) | 1,200,000 | 1,205,240 | ||||||||||
Total Virginia | ||||||||||||
(Cost $24,205,478) | 23,208,437 | 1.1 | % | |||||||||
Washington | ||||||||||||
County of King WA, | ||||||||||||
5.000%, 01/01/2038 (Callable 01/01/2029) | 400,000 | 440,641 | ||||||||||
Eastern Washington University, | ||||||||||||
3.000%, 10/01/2033 (Callable 10/01/2026) | 600,000 | 539,717 | ||||||||||
Energy Northwest, | ||||||||||||
5.000%, 07/01/2030 (Callable 07/01/2028) | 600,000 | 676,342 | ||||||||||
King County Housing Authority: | ||||||||||||
4.000%, 06/01/2029 | 800,000 | 842,400 | ||||||||||
5.000%, 12/01/2030 (Callable 12/01/2026) | 1,650,000 | 1,790,804 | ||||||||||
King County Public Hospital District No. 1, | ||||||||||||
5.000%, 12/01/2029 (Callable 12/01/2028) | 1,050,000 | 1,172,555 | ||||||||||
Metropolitan Park District of Tacoma WA: | ||||||||||||
4.000%, 12/01/2028 | 1,025,000 | 1,060,937 | ||||||||||
4.000%, 12/01/2029 | 1,715,000 | 1,761,802 | ||||||||||
5.000%, 12/01/2033 | 500,000 | 540,520 | ||||||||||
Pend Oreille County Public | ||||||||||||
Utility District No. 1: | ||||||||||||
5.000%, 01/01/2028 | 220,000 | 236,711 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2028) | 30,000 | 31,706 | ||||||||||
5.000%, 01/01/2038 (Callable 01/01/2029) | 2,500,000 | 2,588,063 | ||||||||||
5.000%, 01/01/2039 (Callable 01/01/2028) | 1,500,000 | 1,545,790 | ||||||||||
State of Washington: | ||||||||||||
5.000%, 02/01/2038 (Callable 02/01/2024) | 645,000 | 666,622 | ||||||||||
5.000%, 02/01/2039 (Callable 02/01/2029) | 1,095,000 | 1,208,346 | ||||||||||
5.000%, 06/01/2039 (Callable 06/01/2029) | 800,000 | 886,036 | ||||||||||
5.000%, 07/01/2042 (Callable 07/01/2028) | 1,330,000 | 1,445,317 | ||||||||||
4.000%, 08/01/2042 (Callable 08/01/2022) | 345,000 | 345,682 | ||||||||||
Washington Biomedical | ||||||||||||
Research Properties 3.2, | ||||||||||||
5.000%, 01/01/2037 (Callable 07/01/2025) | 100,000 | 106,357 | ||||||||||
Washington State Housing | ||||||||||||
Finance Commission: | ||||||||||||
2.400%, 06/01/2025 (Insured by GNMA) | 810,000 | 807,331 | ||||||||||
3.700%, 12/01/2033 (Callable 06/01/2024) | 85,000 | 84,988 | ||||||||||
4.000%, 06/01/2049 (Callable 06/01/2028) | 500,000 | 507,180 | ||||||||||
Western Washington University: | ||||||||||||
4.000%, 05/01/2028 (Insured by BAM) | 320,000 | 336,340 | ||||||||||
4.000%, 05/01/2029 (Insured by BAM) | 345,000 | 362,159 | ||||||||||
4.000%, 05/01/2030 (Insured by BAM) | 530,000 | 556,455 | ||||||||||
Total Washington | ||||||||||||
(Cost $21,589,691) | 20,540,801 | 1.0 | % | |||||||||
West Virginia | ||||||||||||
West Virginia Economic | ||||||||||||
Development Authority, | ||||||||||||
3.750%, 12/01/2042 | ||||||||||||
(Mandatory Tender Date 06/01/2025)(1) | 2,500,000 | 2,500,076 | ||||||||||
Total West Virginia | ||||||||||||
(Cost $2,500,000) | 2,500,076 | 0.1 | % | |||||||||
Wisconsin | ||||||||||||
County of Waushara WI, | ||||||||||||
4.500%, 06/01/2027 | ||||||||||||
(Callable 06/01/2025)(6) | 2,260,000 | 2,359,820 | ||||||||||
Oak Creek-Franklin Joint School District, | ||||||||||||
3.150%, 04/01/2028 (Callable 04/01/2025) | 5,140,000 | 5,202,820 | ||||||||||
Oshkosh Area School District, | ||||||||||||
2.625%, 03/01/2027 | ||||||||||||
(Callable 03/01/2023) (Insured by BAM) | 12,000,000 | 11,788,605 | ||||||||||
Public Finance Authority: | ||||||||||||
5.000%, 01/01/2023 | 190,000 | 193,180 | ||||||||||
5.000%, 10/01/2023(3) | 2,125,000 | 2,158,806 | ||||||||||
5.000%, 10/01/2024(3) | 875,000 | 895,959 | ||||||||||
5.000%, 01/01/2025 | 260,000 | 274,739 | ||||||||||
3.000%, 04/01/2025(3) | 235,000 | 230,684 | ||||||||||
5.000%, 06/15/2025 | 220,000 | 228,506 | ||||||||||
3.000%, 03/01/2026 | ||||||||||||
(Callable 08/01/2022)(3) | 1,250,000 | 1,184,167 | ||||||||||
0.000%, 09/01/2028 | ||||||||||||
(Pre-refunded to 09/01/2026) | 130,000 | 107,650 | ||||||||||
5.000%, 10/01/2029(3) | 1,000,000 | 1,041,820 | ||||||||||
5.000%, 03/01/2031 (Callable 03/01/2026) | 440,000 | 474,160 | ||||||||||
4.000%, 04/01/2032(3) | 900,000 | 865,056 | ||||||||||
5.000%, 07/01/2035 | ||||||||||||
(Callable 07/01/2028) (Insured by AGM) | 400,000 | 433,320 | ||||||||||
4.000%, 04/01/2042 | ||||||||||||
(Callable 04/01/2032)(3) | 850,000 | 725,656 | ||||||||||
5.000%, 10/01/2044 (Callable 04/01/2029) | 1,750,000 | 1,824,158 | ||||||||||
4.000%, 04/01/2052 | ||||||||||||
(Callable 04/01/2032)(3) | 1,000,000 | 798,454 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
1.130%, 06/01/2027 ( | ||||||||||||
Optional Put Date 07/07/2022)(1)(3) | 15,557,000 | 15,557,000 | ||||||||||
University of Wisconsin Hospitals & Clinics: | ||||||||||||
5.000%, 04/01/2036 (Callable 10/01/2028) | 465,000 | 503,300 | ||||||||||
5.000%, 04/01/2038 | ||||||||||||
(Pre-refunded to 04/01/2023) | 830,000 | 850,280 | ||||||||||
5.000%, 04/01/2043 (Callable 10/01/2028) | 1,790,000 | 1,908,024 | ||||||||||
Village of Mount Pleasant WI: | ||||||||||||
4.000%, 04/01/2035 (Callable 04/01/2028) | 1,795,000 | 1,835,007 | ||||||||||
5.000%, 04/01/2036 (Callable 04/01/2028) | 1,000,000 | 1,110,403 | ||||||||||
4.000%, 04/01/2037 (Callable 04/01/2028) | 1,000,000 | 1,007,152 | ||||||||||
5.000%, 04/01/2038 (Callable 04/01/2028) | 1,000,000 | 1,104,091 | ||||||||||
5.000%, 04/01/2048 (Callable 04/01/2028) | 200,000 | 212,040 | ||||||||||
5.000%, 04/01/2048 | ||||||||||||
(Callable 04/01/2028) (Insured by BAM) | 2,875,000 | 3,048,070 | ||||||||||
Wisconsin Center District: | ||||||||||||
5.250%, 12/15/2023 ( | ||||||||||||
ETM) (Insured by AGM) | 85,000 | 85,718 | ||||||||||
5.250%, 12/15/2023 (Insured by AGM) | 75,000 | 77,237 |
The accompanying notes are an integral part of these financial statements.
Page 196
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wisconsin Center District: (cont.) | ||||||||||||
0.000%, 12/15/2027 (Insured by AGM) | $ | 525,000 | $ | 443,752 | ||||||||
0.000%, 12/15/2027 (Insured by NATL) | 220,000 | 182,989 | ||||||||||
5.000%, 12/15/2027 (Callable 06/15/2026) | 500,000 | 549,951 | ||||||||||
0.000%, 12/15/2028 (Insured by AGM) | 1,025,000 | 820,681 | ||||||||||
0.000%, 12/15/2028 (Insured by AGM) | 255,000 | 206,774 | ||||||||||
5.000%, 12/15/2028 (Callable 06/15/2026) | 345,000 | 378,646 | ||||||||||
0.000%, 12/15/2029 (Insured by AGM) | 315,000 | 244,764 | ||||||||||
0.000%, 12/15/2030 (Insured by AGM) | 1,325,000 | 968,390 | ||||||||||
0.000%, 12/15/2030 (Insured by AGM) | 460,000 | 341,819 | ||||||||||
5.000%, 12/15/2030 | ||||||||||||
(Pre-refunded to 12/15/2022) | 395,000 | 401,123 | ||||||||||
5.000%, 12/15/2030 (Callable 06/15/2026) | 500,000 | 546,790 | ||||||||||
5.000%, 12/15/2031 (Callable 06/15/2026) | 440,000 | 481,175 | ||||||||||
0.000%, 12/15/2034 | ||||||||||||
(Callable 12/15/2030) (Insured by AGM) | 615,000 | 369,232 | ||||||||||
0.000%, 12/15/2035 | ||||||||||||
(Callable 06/15/2026) (Insured by BAM) | 300,000 | 171,117 | ||||||||||
0.000%, 12/15/2035 | ||||||||||||
(Callable 12/15/2030) (Insured by AGM) | 2,780,000 | 1,585,683 | ||||||||||
0.000%, 12/15/2037 | ||||||||||||
(Callable 06/15/2026) (Insured by BAM) | 1,980,000 | 1,020,725 | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 11/01/2022 | 120,000 | 120,252 | ||||||||||
5.000%, 07/01/2023 | 165,000 | 170,183 | ||||||||||
5.000%, 11/01/2023 | 125,000 | 125,993 | ||||||||||
5.000%, 07/01/2024 | 250,000 | 261,732 | ||||||||||
5.000%, 11/01/2024 | 155,000 | 156,886 | ||||||||||
5.000%, 03/01/2025 (Callable 03/01/2024) | 315,000 | 320,770 | ||||||||||
5.000%, 11/01/2025 | 245,000 | 248,499 | ||||||||||
5.000%, 07/01/2026 (Callable 07/01/2024) | 50,000 | 52,105 | ||||||||||
3.000%, 08/15/2026 (Callable 08/15/2024) | 1,000,000 | 1,006,548 | ||||||||||
2.250%, 11/01/2026 (Callable 07/21/2022) | 405,000 | 396,632 | ||||||||||
5.000%, 10/01/2027 | 250,000 | 275,304 | ||||||||||
5.000%, 08/15/2028 (Callable 08/15/2023) | 1,025,000 | 1,052,086 | ||||||||||
5.000%, 12/01/2028 (Callable 11/01/2026) | 45,000 | 48,898 | ||||||||||
5.000%, 10/01/2029 | 545,000 | 610,931 | ||||||||||
5.000%, 12/15/2030 (Callable 12/15/2024) | 480,000 | 496,290 | ||||||||||
5.000%, 04/01/2031 (Callable 04/01/2027) | 250,000 | 270,911 | ||||||||||
5.000%, 10/01/2031 (Callable 10/01/2029) | 250,000 | 277,515 | ||||||||||
5.000%, 04/01/2032 (Callable 10/01/2022) | 290,000 | 291,554 | ||||||||||
4.000%, 11/15/2034 (Callable 05/15/2026) | 1,000,000 | 1,002,460 | ||||||||||
4.000%, 08/15/2037 (Callable 08/15/2027) | 1,905,000 | 1,897,135 | ||||||||||
4.375%, 06/01/2039 (Callable 08/01/2022) | 230,000 | 229,988 | ||||||||||
5.000%, 08/15/2039 (Callable 08/15/2024) | 1,435,000 | 1,460,268 | ||||||||||
4.000%, 11/15/2039 (Callable 05/15/2026) | 525,000 | 518,608 | ||||||||||
5.000%, 12/15/2039 (Callable 12/15/2024) | 1,450,000 | 1,479,742 | ||||||||||
5.000%, 11/15/2044 (Callable 11/15/2022) | 380,000 | 384,547 | ||||||||||
5.000%, 12/15/2044 (Callable 12/15/2024) | 675,000 | 686,484 | ||||||||||
4.000%, 11/15/2046 (Callable 05/15/2026) | 475,000 | 450,479 | ||||||||||
5.000%, 02/15/2052 (Callable 08/15/2024) | ||||||||||||
(Mandatory Tender Date 02/15/2025)(1) | 2,410,000 | 2,541,179 | ||||||||||
1.110%, 02/15/2053 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/05/2022)(1) | 7,000,000 | 7,000,000 | ||||||||||
1.330%, 08/15/2054 | ||||||||||||
(SIFMA Municipal Swap Index + 0.550%) | ||||||||||||
(Callable 07/26/2022) | ||||||||||||
(Mandatory Tender Date 07/26/2023)(2) | 1,445,000 | 1,441,097 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 03/01/2048 (Callable | ||||||||||||
03/01/2027) (Insured by FNMA) | 935,000 | 947,509 | ||||||||||
4.250%, 03/01/2049 (Callable | ||||||||||||
09/01/2028) (Insured by FNMA) | 1,400,000 | 1,430,478 | ||||||||||
0.500%, 11/01/2050 (Callable 05/01/2023) | ||||||||||||
(Mandatory Tender Date 11/01/2024) | ||||||||||||
(Insured by HUD)(1) | 1,110,000 | 1,029,555 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $99,045,776) | 95,482,111 | 4.7 | % | |||||||||
Wyoming | ||||||||||||
County of Laramie WY: | ||||||||||||
4.000%, 05/01/2030 | 500,000 | 524,253 | ||||||||||
4.000%, 05/01/2032 (Callable 05/01/2031) | 525,000 | 535,925 | ||||||||||
4.000%, 05/01/2034 (Callable 05/01/2031) | 500,000 | 503,208 | ||||||||||
4.000%, 05/01/2036 (Callable 05/01/2031) | 600,000 | 595,615 | ||||||||||
4.000%, 05/01/2037 (Callable 05/01/2031) | 225,000 | 221,123 | ||||||||||
Wyoming Community | ||||||||||||
Development Authority: | ||||||||||||
3.000%, 12/01/2044 (Callable 06/01/2024) | 35,000 | 35,049 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2028) | 1,330,000 | 1,349,057 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $4,229,072) | 3,764,230 | 0.2 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $2,097,555,576) | 2,010,769,425 | 99.1 | % | |||||||||
Shares | ||||||||||||
Closed-End Investment Companies | ||||||||||||
Nuveen AMT-Free Municipal Credit | ||||||||||||
Income Fund, Series C Preferred Shares, | ||||||||||||
1.410%, 12/01/2031(1) | 11,000 | 11,000,000 | ||||||||||
Nuveen AMT-Free Quality Municipal | ||||||||||||
Income Fund, Series D Preferred Shares, | ||||||||||||
1.410%, 03/01/2029(1) | 9,800 | 9,800,000 | ||||||||||
Total Closed-End Investment Companies | ||||||||||||
(Cost $20,800,000) | 20,800,000 | 1.0 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $2,118,355,576) | 2,031,569,425 | 100.1 | % |
The accompanying notes are an integral part of these financial statements.
Page 197
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.81%(4) | 1,227,307 | $ | 1,227,307 | |||||||||
Total Short-Term Investment | ||||||||||||
(Cost $1,227,307) | 1,227,307 | 0.1 | % | |||||||||
Total Investments | ||||||||||||
(Cost $2,119,582,883) | 2,032,796,732 | 100.2 | % | |||||||||
Liabilities in Excess of Other Assets | (3,328,428 | ) | (0.2 | )% | ||||||||
TOTAL NET ASSETS | $ | 2,029,468,304 | 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
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
HUD – US Department of Housing and Development
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
SONYMA – State of New York Mortgage Agency
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, 2022. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2022. |
(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, 2022, the value of these securities totaled $122,832,615, which represented 6.05% 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, 2022. |
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 2,010,769,425 | $ | — | $ | 2,010,769,425 | ||||||||
Closed-End Investment Companies | — | 20,800,000 | — | 20,800,000 | ||||||||||||
Total Long-Term Investments | — | 2,031,569,425 | — | 2,031,569,425 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 1,227,307 | — | — | 1,227,307 | ||||||||||||
Total Short-Term Investment | 1,227,307 | — | — | 1,227,307 | ||||||||||||
Total Investments | $ | 1,227,307 | $ | 2,031,569,425 | $ | — | $ | 2,032,796,732 |
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 198
Baird Municipal Bond Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $53,119,307 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 3.25% | |||
Investor Class | 3.00% | |||
Average Effective Duration | 7.28 years | |||
Average Effective Maturity | 8.24 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 40% | (7) | ||
Number of Holdings | 279 | |||
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, 2022. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2022. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 199
Baird Municipal Bond Fund
June 30, 2022 (Unaudited)
Total Returns
Average | |||
Annual | |||
Six | One | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Inception(1) |
Institutional Class Shares | -8.36% | -7.34% | 2.06% |
Investor Class Shares | -8.39% | -7.58% | 1.77% |
Bloomberg Municipal Bond Index(2) | -8.98% | -8.57% | -0.76% |
(1) | For the period from November 15, 2019 (inception date) through June 30, 2022. |
(2) | The Bloomberg 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. The performance of the Fund may be affected by changes in interest rates – generally, when interest rates rise, the market value of the bonds in which the Fund invests declines and when interest rates decline, the market value rises. The Federal Reserve has begun to rapidly raise interest rates in an attempt to control inflation not seen in 40 years, both of which pose a risk to the U.S. economy. The Federal Reserve may not be able to successfully control inflation without causing a recession or without negatively impacting asset prices and increasing market volatility. 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 200
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
Alabama Special Care Facilities | ||||||||||||
Financing Authority, | ||||||||||||
5.000%, 06/01/2026 (Callable 06/01/2025) | $ | 110,000 | $ | 118,045 | ||||||||
Black Belt Energy Gas District, | ||||||||||||
4.000%, 12/01/2049 (Callable 09/01/2025) | ||||||||||||
(Mandatory Tender Date 12/01/2025)(1) | 45,000 | 45,625 | ||||||||||
Chilton County Health Care Authority, | ||||||||||||
3.000%, 11/01/2027 (Callable 11/01/2025) | 100,000 | 98,928 | ||||||||||
Lower Alabama Gas District, | ||||||||||||
4.000%, 12/01/2050 (Callable 09/01/2025) | ||||||||||||
(Mandatory Tender Date 12/01/2025)(1) | 175,000 | 177,584 | ||||||||||
Southeast Energy Authority A Cooperative District, | ||||||||||||
5.000%, 05/01/2053 (Callable 05/01/2028) | ||||||||||||
(Mandatory Tender Date 08/01/2028)(1) | 250,000 | 264,463 | ||||||||||
Tallassee Board of Education, | ||||||||||||
4.000%, 08/01/2034 | ||||||||||||
(Callable 08/01/2030) (Insured by AGM) | 100,000 | 100,266 | ||||||||||
Wilcox County Board of Education, | ||||||||||||
4.000%, 03/01/2031 | ||||||||||||
(Callable 09/01/2025) (Insured by AGM) | 125,000 | 128,459 | ||||||||||
Total Alabama | ||||||||||||
(Cost $969,320) | 933,370 | 1.7 | % | |||||||||
Alaska | ||||||||||||
CIVIC Ventures, | ||||||||||||
5.000%, 09/01/2027 (Callable 09/01/2025) | 200,000 | 207,381 | ||||||||||
Total Alaska | ||||||||||||
(Cost $210,691) | 207,381 | 0.4 | % | |||||||||
Arizona | ||||||||||||
Arizona Industrial Development Authority: | ||||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026)(3) | 100,000 | 94,872 | ||||||||||
4.000%, 07/01/2032 (Callable 01/01/2028) | ||||||||||||
(Insured by SD CRED PROG) | 100,000 | 99,677 | ||||||||||
City of Phoenix Civic Improvement Corp., | ||||||||||||
5.500%, 07/01/2035 (Insured by BHAC)(5) | 200,000 | 241,963 | ||||||||||
City of Tucson AZ, | ||||||||||||
3.500%, 07/01/2031 (Callable 07/01/2024) | 100,000 | 100,851 | ||||||||||
Glendale Industrial Development Authority, | ||||||||||||
2.125%, 07/01/2033 (Callable 07/01/2029) | 250,000 | 198,616 | ||||||||||
Glendale Municipal Property Corp., | ||||||||||||
4.000%, 07/01/2038 (Callable 01/01/2023) | 180,000 | 180,197 | ||||||||||
Industrial Development | ||||||||||||
Authority of the County of Pima, | ||||||||||||
4.000%, 07/01/2029 | 25,000 | 24,734 | ||||||||||
Total Arizona | ||||||||||||
(Cost $1,058,351) | 940,910 | 1.8 | % | |||||||||
Arkansas | ||||||||||||
Batesville Public Facilities Board, | ||||||||||||
5.000%, 06/01/2026 | 150,000 | 159,329 | ||||||||||
Carroll-Boone Water District, | ||||||||||||
3.000%, 12/01/2032 (Callable 12/01/2025) | 150,000 | 140,728 | ||||||||||
City of Heber Springs AR, | ||||||||||||
1.625%, 06/01/2047 (Callable 06/01/2028) | 250,000 | 219,411 | ||||||||||
Conway Health Facilities Board, | ||||||||||||
4.250%, 08/01/2043 (Callable 08/01/2026) | 200,000 | 192,131 | ||||||||||
Southern Arkansas University, | ||||||||||||
4.000%, 03/01/2028 | ||||||||||||
(Callable 03/01/2025) (Insured by AGM) | 130,000 | 134,022 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $919,172) | 845,621 | 1.6 | % | |||||||||
California | ||||||||||||
Brea Redevelopment Agency, | ||||||||||||
0.000%, 08/01/2036 (Callable 08/01/2027)(5) | 95,000 | 97,677 | ||||||||||
California Public Finance Authority, | ||||||||||||
2.375%, 11/15/2028 (Callable 05/15/2023)(3) | 75,000 | 68,849 | ||||||||||
City & County of San Francisco CA, | ||||||||||||
4.000%, 06/15/2039 (Callable 06/15/2028) | 500,000 | 504,780 | ||||||||||
City of Los Angeles Department of Airports, | ||||||||||||
5.000%, 05/15/2033 (Callable 05/15/2029) | 500,000 | 543,536 | ||||||||||
Department of Veterans Affairs Veteran’s Farm | ||||||||||||
& Home Purchase Program, | ||||||||||||
3.000%, 12/01/2031 (Callable 06/01/2026) | 100,000 | 96,582 | ||||||||||
El Rancho Unified School District, | ||||||||||||
0.000%, 08/01/2031 | ||||||||||||
(Callable 08/01/2028) (Insured by AGM)(5) | 115,000 | 129,877 | ||||||||||
Golden Valley Unified School District: | ||||||||||||
0.000%, 08/01/2027 (Insured by NATL) | 125,000 | 107,162 | ||||||||||
0.000%, 08/01/2028 (Insured by NATL) | 75,000 | 61,751 | ||||||||||
Hawthorne School District, | ||||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2027) (Insured by AGM)(5) | 250,000 | 271,106 | ||||||||||
Los Alamitos Unified School District, | ||||||||||||
0.000%, 08/01/2042 (Callable 08/01/2029)(5) | 130,000 | 131,299 | ||||||||||
Los Angeles County Schools | ||||||||||||
Regionalized Business Services Corp., | ||||||||||||
0.000%, 08/01/2029 (Insured by AMBAC) | 235,000 | 179,891 | ||||||||||
Mayers Memorial Hospital District: | ||||||||||||
0.000%, 08/01/2029 | 160,000 | 116,923 | ||||||||||
0.000%, 08/01/2030 | 360,000 | 249,943 | ||||||||||
Modesto Irrigation District, | ||||||||||||
1.639%, 09/01/2027 (3 Month LIBOR | ||||||||||||
USD + 0.580%) (Callable 08/01/2022) | ||||||||||||
(Insured by NATL)(2) | 100,000 | 100,004 | ||||||||||
Morongo Unified School District, | ||||||||||||
0.000%, 08/01/2041 (Callable 08/01/2030)(5) | 125,000 | 121,186 | ||||||||||
Newport Mesa Unified School District, | ||||||||||||
6.300%, 08/01/2042 (Callable 08/01/2031)(5) | 35,000 | 43,427 | ||||||||||
Oak Park Unified School District, | ||||||||||||
7.100%, 08/01/2038 | ||||||||||||
(Callable 08/01/2031) (Insured by AGM)(5) | 50,000 | 63,884 | ||||||||||
Oxnard School District, | ||||||||||||
5.000%, 08/01/2045 | ||||||||||||
(Callable 08/01/2026) (Insured by BAM)(5) | 150,000 | 159,529 | ||||||||||
San Diego County Regional Airport Authority, | ||||||||||||
4.000%, 07/01/2035 (Callable 07/01/2031) | 450,000 | 440,682 | ||||||||||
San Ysidro School District, | ||||||||||||
0.000%, 08/01/2030 (Insured by AGM) | 165,000 | 122,328 | ||||||||||
Saugus Union School District Financing Authority: | ||||||||||||
4.000%, 09/01/2041 | ||||||||||||
(Callable 09/01/2027) (Insured by BAM) | 250,000 | 246,523 | ||||||||||
4.000%, 09/01/2049 | ||||||||||||
(Callable 09/01/2027) (Insured by BAM) | 100,000 | 95,488 | ||||||||||
Solano County Community College District, | ||||||||||||
0.000%, 08/01/2030 (Callable 08/01/2025)(5) | 150,000 | 157,818 | ||||||||||
Total California | ||||||||||||
(Cost $4,336,888) | 4,110,245 | 7.7 | % | |||||||||
Colorado | ||||||||||||
City & County of Denver CO, | ||||||||||||
5.000%, 08/01/2041 (Callable 08/01/2026) | 365,000 | 392,419 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority, | ||||||||||||
2.000%, 09/01/2030 (Callable 09/01/2028) | 100,000 | 88,926 | ||||||||||
Colorado Water Resources & | ||||||||||||
Power Development Authority, | ||||||||||||
5.000%, 09/01/2044 | ||||||||||||
(Callable 09/01/2024) (Insured by BAM) | 200,000 | 208,891 | ||||||||||
E-470 Public Highway Authority, | ||||||||||||
0.000%, 09/01/2029 (Insured by NATL) | 100,000 | 77,348 |
The accompanying notes are an integral part of these financial statements.
Page 201
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Grand River Hospital District, | ||||||||||||
5.250%, 12/01/2031 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | $ | 75,000 | $ | 82,345 | ||||||||
Pueblo Urban Renewal Authority, | ||||||||||||
0.000%, 12/01/2025(3) | 200,000 | 165,983 | ||||||||||
State of Colorado, | ||||||||||||
4.000%, 12/15/2036 (Callable 12/15/2031) | 415,000 | 416,012 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2032 | ||||||||||||
(Callable 12/15/2024) (Insured by AGM) | 25,000 | 27,019 | ||||||||||
3.250%, 12/15/2050 | ||||||||||||
(Callable 12/15/2024) (Insured by AGM) | 175,000 | 140,697 | ||||||||||
Total Colorado | ||||||||||||
(Cost $1,667,211) | 1,599,640 | 3.0 | % | |||||||||
Connecticut | ||||||||||||
Connecticut State Health & | ||||||||||||
Educational Facilities Authority, | ||||||||||||
4.000%, 07/01/2051 (Callable 07/01/2031) | 250,000 | 232,671 | ||||||||||
Connecticut State Higher Education | ||||||||||||
Supplement Loan Authority, | ||||||||||||
3.000%, 11/15/2035 | ||||||||||||
(Pre-refunded to 11/15/2026) | 150,000 | 153,800 | ||||||||||
State of Connecticut, | ||||||||||||
3.625%, 11/15/2033 (Callable 11/15/2025) | 200,000 | 200,776 | ||||||||||
Town of Stratford CT, | ||||||||||||
4.000%, 05/15/2038 | ||||||||||||
(Callable 05/15/2030) (Insured by BAM) | 400,000 | 397,172 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $1,001,657) | 984,419 | 1.8 | % | |||||||||
District of Columbia | ||||||||||||
Metropolitan Washington Airports Authority, | ||||||||||||
0.000%, 10/01/2028 (Insured by AGC) | 180,000 | 144,596 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $165,296) | 144,596 | 0.3 | % | |||||||||
Florida | ||||||||||||
Brevard County Health Facilities Authority, | ||||||||||||
5.000%, 04/01/2052 (Callable 04/01/2032) | 750,000 | 787,144 | ||||||||||
City of Panama City Beach FL, | ||||||||||||
4.000%, 11/01/2044 (Callable 11/01/2030) | 200,000 | 194,554 | ||||||||||
City of Tallahassee FL, | ||||||||||||
4.000%, 12/01/2035 (Callable 06/01/2025) | 225,000 | 214,439 | ||||||||||
Florida Development Finance Corp., | ||||||||||||
4.000%, 07/01/2051 (Callable 07/01/2031)(3) | 100,000 | 79,236 | ||||||||||
Florida Housing Finance Corp., | ||||||||||||
4.200%, 01/01/2045 | ||||||||||||
(Callable 01/01/2028) (Insured by GNMA) | 60,000 | 60,740 | ||||||||||
Highlands County Health Facilities Authority, | ||||||||||||
0.780%, 11/15/2035 (Callable 07/01/2022) | ||||||||||||
(Optional Put Date 07/07/2022)(1) | 500,000 | 500,000 | ||||||||||
Orange County Convention Center, | ||||||||||||
4.000%, 10/01/2034 (Callable 10/01/2026) | 150,000 | 151,123 | ||||||||||
Orange County Health Facilities Authority, | ||||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 200,000 | 207,742 | ||||||||||
Palm Beach County Health Facilities Authority, | ||||||||||||
5.000%, 05/15/2023 | 200,000 | 202,226 | ||||||||||
School Board of Miami-Dade County, | ||||||||||||
5.000%, 02/01/2028 (Callable 02/01/2026) | 500,000 | 535,327 | ||||||||||
University of West Florida, | ||||||||||||
4.000%, 06/01/2034 (Callable 06/01/2026) | 50,000 | 51,206 | ||||||||||
Total Florida | ||||||||||||
(Cost $3,055,170) | 2,983,737 | 5.6 | % | |||||||||
Georgia | ||||||||||||
Atlanta Urban Residential Finance Authority, | ||||||||||||
2.000%, 09/01/2025 | ||||||||||||
(Mandatory Tender Date 09/01/2024)(1) | 200,000 | 197,427 | ||||||||||
Burke County Development Authority, | ||||||||||||
2.200%, 10/01/2032 (Callable 11/19/2026) | 250,000 | 232,503 | ||||||||||
Development Authority of Appling County, | ||||||||||||
1.500%, 01/01/2038 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 100,000 | 95,838 | ||||||||||
Development Authority of Cobb County, | ||||||||||||
5.000%, 06/01/2049 (Callable 06/01/2027) | 245,000 | 262,197 | ||||||||||
Private Colleges & Universities Authority, | ||||||||||||
4.000%, 06/01/2045 (Callable 06/01/2031) | 325,000 | 303,203 | ||||||||||
Total Georgia | ||||||||||||
(Cost $1,182,034) | 1,091,168 | 2.0 | % | |||||||||
Illinois | ||||||||||||
Chicago Board of Education, | ||||||||||||
5.500%, 12/01/2026 (Insured by NATL) | 60,000 | 64,379 | ||||||||||
Chicago Midway International Airport, | ||||||||||||
5.000%, 01/01/2029 (Callable 01/01/2026) | 365,000 | 382,181 | ||||||||||
City of Chicago IL: | ||||||||||||
0.000%, 01/01/2027 (Insured by NATL) | 100,000 | 84,686 | ||||||||||
5.250%, 01/01/2028 (Callable 01/01/2024) | 270,000 | 275,998 | ||||||||||
0.000%, 01/01/2033 (Insured by NATL) | 175,000 | 109,873 | ||||||||||
Cook County Community | ||||||||||||
College District No. 508, | ||||||||||||
5.250%, 12/01/2028 (Callable 12/01/2023) | 75,000 | 76,453 | ||||||||||
Eastern Illinois University, | ||||||||||||
6.350%, 04/01/2036 (Callable 08/01/2022) | 250,000 | 229,867 | ||||||||||
Exceptional Children Have Opportunities, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 150,000 | 152,715 | ||||||||||
Hoffman Estates Park District, | ||||||||||||
4.000%, 12/01/2044 (Callable 12/01/2024) | 200,000 | 200,455 | ||||||||||
Illinois Finance Authority: | ||||||||||||
4.125%, 11/15/2037 (Callable 11/15/2025) | 60,000 | 60,107 | ||||||||||
6.000%, 10/01/2048 (Callable 10/01/2022) | 100,000 | 100,133 | ||||||||||
5.250%, 10/01/2052 (Callable 10/01/2032)(6) | 500,000 | 483,118 | ||||||||||
Illinois State Toll Highway Authority, | ||||||||||||
5.000%, 01/01/2039 (Callable 01/01/2025) | 500,000 | 517,110 | ||||||||||
Joliet Park District, | ||||||||||||
4.000%, 02/01/2033 | ||||||||||||
(Callable 02/01/2023) (Insured by AGM) | 100,000 | 100,708 | ||||||||||
Kendall Kane & Will Counties Community | ||||||||||||
Unit School District No. 308, | ||||||||||||
0.000%, 02/01/2028 (Insured by AGM) | 280,000 | 236,539 | ||||||||||
Macon County School District No. 61, | ||||||||||||
5.000%, 12/01/2040 | ||||||||||||
(Callable 12/01/2028) (Insured by AGM) | 250,000 | 274,972 | ||||||||||
Metropolitan Pier & Exposition Authority, | ||||||||||||
0.000%, 06/15/2029 (Insured by NATL) | 100,000 | 76,768 | ||||||||||
Regional Transportation Authority, | ||||||||||||
5.750%, 06/01/2029 (Insured by AGM) | 500,000 | 571,577 | ||||||||||
Upper Illinois River Valley Development Authority, | ||||||||||||
5.000%, 01/01/2045 (Callable 01/01/2027)(3) | 200,000 | 180,039 | ||||||||||
Village of Crestwood IL, | ||||||||||||
4.000%, 12/15/2027 | ||||||||||||
(Callable 12/15/2025) (Insured by BAM) | 100,000 | 103,142 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2027 | 95,000 | 82,101 | ||||||||||
0.000%, 01/01/2031 | 50,000 | 36,111 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2023) | 300,000 | 301,782 | ||||||||||
4.000%, 01/01/2034 | ||||||||||||
(Callable 01/01/2029) (Insured by AGM) | 100,000 | 101,534 |
The accompanying notes are an integral part of these financial statements.
Page 202
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2022 (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) | $ | 210,000 | $ | 217,152 | ||||||||
Total Illinois | ||||||||||||
(Cost $5,155,486) | 5,019,500 | 9.4 | % | |||||||||
Indiana | ||||||||||||
Indiana Finance Authority: | ||||||||||||
2.500%, 11/01/2030 | 100,000 | 87,010 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2023) | 150,000 | 152,916 | ||||||||||
4.000%, 10/01/2052 (Callable 04/01/2032) | 250,000 | 235,374 | ||||||||||
Indiana Health & Educational | ||||||||||||
Facilities Financing Authority, | ||||||||||||
5.000%, 11/15/2046 (Callable 11/15/2026) | 100,000 | 105,619 | ||||||||||
St. Joseph County Airport Authority, | ||||||||||||
0.010%, 07/01/2028 (Insured by BAM) | 155,000 | 124,977 | ||||||||||
Total Indiana | ||||||||||||
(Cost $721,483) | 705,896 | 1.3 | % | |||||||||
Iowa | ||||||||||||
City of Coralville IA, | ||||||||||||
4.000%, 06/01/2025 (Callable 06/01/2024) | 100,000 | 100,019 | ||||||||||
Iowa Higher Education Loan Authority, | ||||||||||||
5.375%, 10/01/2052 (Callable 10/01/2030)(6) | 500,000 | 515,574 | ||||||||||
Total Iowa | ||||||||||||
(Cost $610,165) | 615,593 | 1.2 | % | |||||||||
Kansas | ||||||||||||
City of Coffeyville KS, | ||||||||||||
5.000%, 06/01/2025 (Insured by NATL)(3) | 100,000 | 101,922 | ||||||||||
City of Derby KS, | ||||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 25,000 | 23,659 | ||||||||||
Wyandotte County-Kansas | ||||||||||||
City Unified Government, | ||||||||||||
0.000%, 12/01/2027 (Insured by NATL) | 150,000 | 120,822 | ||||||||||
Total Kansas | ||||||||||||
(Cost $257,036) | 246,403 | 0.5 | % | |||||||||
Kentucky | ||||||||||||
City of Henderson KY, | ||||||||||||
3.700%, 01/01/2032(3) | 200,000 | 191,785 | ||||||||||
Kentucky Economic | ||||||||||||
Development Finance Authority: | ||||||||||||
0.000%, 10/01/2027 (Insured by NATL) | 90,000 | 75,263 | ||||||||||
4.000%, 07/01/2031 (Callable 07/01/2025) | 100,000 | 100,238 | ||||||||||
5.000%, 01/01/2045 (Callable 07/01/2025) | 200,000 | 204,366 | ||||||||||
Kentucky Public Energy Authority, | ||||||||||||
2.268%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.120%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 50,000 | 49,059 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $651,732) | 620,711 | 1.2 | % | |||||||||
Maryland | ||||||||||||
Maryland Community | ||||||||||||
Development Administration, | �� | |||||||||||
4.700%, 03/01/2046 (Callable 03/01/2031) | 400,000 | 403,794 | ||||||||||
Maryland Health & Higher | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 01/01/2030 | 100,000 | 107,882 | ||||||||||
Total Maryland | ||||||||||||
(Cost $517,967) | 511,676 | 1.0 | % | |||||||||
Massachusetts | ||||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
3.500%, 10/01/2022(3) | 60,000 | 60,084 | ||||||||||
5.000%, 10/01/2024 | 150,000 | 151,953 | ||||||||||
5.000%, 07/15/2025(3) | 50,000 | 52,439 | ||||||||||
Massachusetts Educational Financing Authority, | ||||||||||||
2.000%, 07/01/2037 (Callable 07/01/2031) | 400,000 | 352,321 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $671,304) | 616,797 | 1.2 | % | |||||||||
Michigan | ||||||||||||
Flint Hospital Building Authority, | ||||||||||||
5.000%, 07/01/2023 | 35,000 | 35,403 | ||||||||||
Grand Valley State University: | ||||||||||||
4.000%, 12/01/2029 (Callable 06/01/2026) | 500,000 | 511,716 | ||||||||||
3.500%, 12/01/2031 (Callable 12/01/2024) | 125,000 | 126,014 | ||||||||||
Michigan Finance Authority, | ||||||||||||
5.000%, 07/01/2044 (Callable 07/01/2024) | 300,000 | 302,262 | ||||||||||
Michigan Strategic Fund, | ||||||||||||
5.000%, 12/31/2028 | 120,000 | 126,634 | ||||||||||
Total Michigan | ||||||||||||
(Cost $1,118,436) | 1,102,029 | 2.1 | % | |||||||||
Minnesota | ||||||||||||
City of Maple Grove MN, | ||||||||||||
4.000%, 05/01/2037 (Callable 05/01/2027) | 125,000 | 117,102 | ||||||||||
Housing & Redevelopment | ||||||||||||
Authority of The City of St. Paul, | ||||||||||||
5.000%, 12/01/2036 (Callable 12/01/2030) | 150,000 | 155,301 | ||||||||||
Minnesota Higher Education Facilities Authority, | ||||||||||||
4.000%, 10/01/2040 (Callable 10/01/2030) | 105,000 | 100,925 | ||||||||||
Minnesota Housing Finance Agency, | ||||||||||||
4.250%, 01/01/2049 | ||||||||||||
(Callable 01/01/2028) (Insured by GNMA) | 210,000 | 214,316 | ||||||||||
Roseville Independent School District No. 623, | ||||||||||||
4.000%, 04/01/2032 (Callable 04/01/2030) | 200,000 | 203,241 | ||||||||||
Zumbro Education District, | ||||||||||||
4.000%, 02/01/2041 (Callable 02/01/2031) | 235,000 | 224,726 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $1,112,527) | 1,015,611 | 1.9 | % | |||||||||
Mississippi | ||||||||||||
City of Gulfport MS, | ||||||||||||
5.000%, 07/01/2026 | 100,000 | 106,427 | ||||||||||
County of Lafayette MS, | ||||||||||||
4.000%, 06/01/2028 (Callable 06/01/2027) | 135,000 | 140,813 | ||||||||||
Mississippi Development Bank: | ||||||||||||
4.000%, 03/01/2035 (Callable 03/01/2028) | 200,000 | 202,331 | ||||||||||
5.250%, 03/01/2045 (Callable 03/01/2028) | 150,000 | 158,166 | ||||||||||
State of Mississippi, | ||||||||||||
5.000%, 10/15/2029 (Callable 10/15/2025) | 120,000 | 127,538 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $795,414) | 735,275 | 1.4 | % | |||||||||
Missouri | ||||||||||||
City of Kansas City MO: | ||||||||||||
0.000%, 02/01/2028 | 210,000 | 173,745 | ||||||||||
0.000%, 02/01/2029 | 100,000 | 79,247 | ||||||||||
Health & Educational Facilities | ||||||||||||
Authority of the State of Missouri: | ||||||||||||
4.000%, 08/01/2025 | 150,000 | 150,686 | ||||||||||
5.000%, 11/15/2033 (Callable 11/15/2030) | 360,000 | 389,412 | ||||||||||
St. Louis Land Clearance for | ||||||||||||
Redevelopment Authority: | ||||||||||||
4.250%, 06/01/2026 | 105,000 | 107,512 | ||||||||||
3.875%, 10/01/2035 (Callable 10/01/2029) | 160,000 | 132,330 | ||||||||||
Total Missouri | ||||||||||||
(Cost $1,080,618) | 1,032,932 | 1.9 | % |
The accompanying notes are an integral part of these financial statements.
Page 203
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Nebraska | ||||||||||||
Village of Boys Town NE, | ||||||||||||
3.000%, 09/01/2028 | $ | 100,000 | $ | 100,872 | ||||||||
Total Nebraska | ||||||||||||
(Cost $100,000) | 100,872 | 0.2 | % | |||||||||
Nevada | ||||||||||||
City of Sparks NV, | ||||||||||||
2.500%, 06/15/2024(3) | 50,000 | 48,356 | ||||||||||
Henderson Public Improvement Trust, | ||||||||||||
4.000%, 01/01/2026 (Callable 07/01/2024) | 200,000 | 199,162 | ||||||||||
Total Nevada | ||||||||||||
(Cost $251,277) | 247,518 | 0.5 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Business Finance Authority, | ||||||||||||
4.375%, 09/20/2036 | 500,000 | 479,730 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $474,801) | 479,730 | 0.9 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education, | ||||||||||||
3.400%, 08/15/2024(3) | 85,000 | 86,807 | ||||||||||
Borough of Woodbury Heights NJ, | ||||||||||||
4.000%, 12/01/2024 | ||||||||||||
(Callable 08/01/2022) (Insured by AGC) | 20,000 | 20,037 | ||||||||||
Emerson Board of Education, | ||||||||||||
3.250%, 09/01/2031 (Callable 09/01/2026) | 105,000 | 104,705 | ||||||||||
New Jersey Economic Development Authority, | ||||||||||||
5.250%, 07/01/2026 (Insured by NATL) | 500,000 | 541,555 | ||||||||||
New Jersey Housing & Mortgage Finance Agency, | ||||||||||||
5.000%, 10/01/2063 (Insured by HUD) | 500,000 | 511,566 | ||||||||||
New Jersey Transportation Trust Fund Authority, | ||||||||||||
0.000%, 12/15/2026 (Insured by AMBAC) | 35,000 | 30,256 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $1,296,685) | 1,294,926 | 2.4 | % | |||||||||
New York | ||||||||||||
Albany County Capital Resource Corp., | ||||||||||||
3.100%, 07/01/2030 | 100,000 | 82,422 | ||||||||||
Brookhaven Local Development Corp., | ||||||||||||
1.625%, 11/01/2025 | 340,000 | 316,613 | ||||||||||
Huntington Local Development Corp., | ||||||||||||
4.000%, 07/01/2027 | 250,000 | 238,549 | ||||||||||
Metropolitan Transportation Authority, | ||||||||||||
1.698%, 11/01/2030 | ||||||||||||
(1 Month LIBOR USD + 0.550%) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(2) | 25,000 | 24,913 | ||||||||||
Middletown City School District, | ||||||||||||
3.000%, 06/15/2034 | ||||||||||||
(Callable 06/15/2024) (Insured by ST AID) | 110,000 | 102,781 | ||||||||||
Mount Vernon City School District, | ||||||||||||
4.000%, 12/01/2028 | ||||||||||||
(Callable 12/01/2027) (Insured by ST AID) | 430,000 | 460,255 | ||||||||||
New York City Housing Development Corp., | ||||||||||||
3.000%, 02/15/2048 (Callable 05/15/2024) | 500,000 | 488,427 | ||||||||||
New York City Industrial Development Agency, | ||||||||||||
9.452%, 03/01/2025 (CPI YOY + 0.870%) | ||||||||||||
(Insured by FGIC)(2) | 100,000 | 102,336 | ||||||||||
New York City Transitional Finance Authority: | ||||||||||||
4.000%, 11/01/2038 (Callable 05/01/2029) | 325,000 | 324,577 | ||||||||||
4.000%, 07/15/2040 (Callable 07/15/2029) | ||||||||||||
(Insured by ST AID) | 150,000 | 145,880 | ||||||||||
New York State Dormitory Authority: | ||||||||||||
4.000%, 10/01/2035 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 250,000 | 249,613 | ||||||||||
5.000%, 03/15/2048 (Callable 09/15/2028) | 250,000 | 268,250 | ||||||||||
New York State Urban Development Corp.: | ||||||||||||
4.000%, 03/15/2042 (Callable 09/15/2030) | 500,000 | 488,101 | ||||||||||
5.000%, 03/15/2047 (Callable 09/15/2030) | 200,000 | 215,750 | ||||||||||
Onondaga Civic Development Corp., | ||||||||||||
5.000%, 10/01/2023 | 100,000 | 101,106 | ||||||||||
Schenectady County Capital Resource Corp., | ||||||||||||
5.250%, 07/01/2052 (Callable 07/01/2032) | 350,000 | 379,750 | ||||||||||
Town of Ramapo NY, | ||||||||||||
3.750%, 03/01/2030 (Callable 03/01/2023) | 50,000 | 44,956 | ||||||||||
Westchester County Local Development Corp., | ||||||||||||
2.875%, 07/01/2026(3) | 150,000 | 140,096 | ||||||||||
Total New York | ||||||||||||
(Cost $4,362,776) | 4,174,375 | 7.9 | % | |||||||||
North Carolina | ||||||||||||
Greater Asheville Regional Airport Authority: | ||||||||||||
5.250%, 07/01/2038 | ||||||||||||
(Callable 07/01/2032) (Insured by AGM) | 350,000 | 383,603 | ||||||||||
5.500%, 07/01/2047 | ||||||||||||
(Callable 07/01/2032) (Insured by AGM) | 500,000 | 547,940 | ||||||||||
North Carolina Medical Care Commission: | ||||||||||||
4.000%, 10/01/2042 (Callable 10/01/2022) | 80,000 | 72,116 | ||||||||||
5.000%, 01/01/2049 (Callable 01/01/2026) | 250,000 | 251,926 | ||||||||||
Winston-Salem State University, | ||||||||||||
4.250%, 06/01/2032 (Callable 06/01/2024) | 50,000 | 48,618 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $1,323,842) | 1,304,203 | 2.4 | % | |||||||||
North Dakota | ||||||||||||
City of Mandan ND, | ||||||||||||
3.000%, 09/01/2036 (Callable 09/01/2024) | 200,000 | 182,524 | ||||||||||
Jamestown Park District, | ||||||||||||
4.000%, 07/01/2031 (Callable 07/01/2024) | 100,000 | 101,038 | ||||||||||
University of North Dakota, | ||||||||||||
4.000%, 06/01/2051 | ||||||||||||
(Callable 06/01/2030) (Insured by AGM) | 250,000 | 235,410 | ||||||||||
Williston Parks & Recreation District, | ||||||||||||
4.500%, 03/01/2025 (Callable 07/18/2022) | 50,000 | 48,813 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $641,959) | 567,785 | 1.1 | % | |||||||||
Ohio | ||||||||||||
Akron Bath Copley Joint | ||||||||||||
Township Hospital District, | ||||||||||||
5.000%, 11/15/2031 (Callable 11/15/2030) | 100,000 | 109,605 | ||||||||||
Buckeye Tobacco Settlement Financing Authority, | ||||||||||||
5.000%, 06/01/2055 (Callable 06/01/2030) | 300,000 | 282,489 | ||||||||||
Cleveland-Cuyahoga County Port Authority: | ||||||||||||
5.000%, 07/01/2028 | 250,000 | 277,807 | ||||||||||
5.500%, 08/01/2052 (Callable 08/01/2032)(6) | 350,000 | 370,249 | ||||||||||
County of Montgomery OH, | ||||||||||||
3.000%, 08/01/2034 (Callable 02/01/2031) | 100,000 | 89,063 | ||||||||||
Ohio Air Quality Development Authority, | ||||||||||||
4.000%, 09/01/2030 | ||||||||||||
(Mandatory Tender Date 06/01/2027)(1) | 500,000 | 505,091 | ||||||||||
Ohio Higher Educational Facility Commission, | ||||||||||||
6.510%, 12/01/2023 | ||||||||||||
(CPI YOY + 1.120%) (Insured by FGIC)(2) | 170,000 | 173,820 | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
2.900%, 09/01/2045 | ||||||||||||
(Callable 03/01/2029) (Insured by GNMA) | 355,000 | 346,139 | ||||||||||
3.750%, 09/01/2050 | ||||||||||||
(Callable 03/01/2029) (Insured by GNMA) | 60,000 | 60,370 | ||||||||||
Ohio Turnpike & Infrastructure Commission, | ||||||||||||
0.000%, 02/15/2034 (Callable 02/15/2031)(5) | 90,000 | 101,277 |
The accompanying notes are an integral part of these financial statements.
Page 204
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Port of Greater Cincinnati Development Authority: | ||||||||||||
3.000%, 05/01/2023 (Callable 08/01/2022) | $ | 100,000 | $ | 100,037 | ||||||||
5.000%, 04/01/2030 | 125,000 | 141,466 | ||||||||||
Village of Bluffton OH, | ||||||||||||
4.000%, 12/01/2032 (Callable 12/01/2027) | 200,000 | 201,129 | ||||||||||
Warren County Port Authority, | ||||||||||||
4.000%, 12/01/2053 (Callable 12/01/2031) | 100,000 | 77,317 | ||||||||||
Total Ohio | ||||||||||||
(Cost $2,951,478) | 2,835,859 | 5.3 | % | |||||||||
Oklahoma | ||||||||||||
Norman Regional Hospital Authority: | ||||||||||||
5.000%, 09/01/2037 (Callable 09/01/2026) | 250,000 | 255,755 | ||||||||||
5.000%, 09/01/2037 (Callable 09/01/2027) | 25,000 | 25,641 | ||||||||||
Oklahoma City Airport Trust, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2028) | 250,000 | 272,254 | ||||||||||
Oklahoma Development Finance Authority, | ||||||||||||
5.000%, 08/15/2032 (Callable 08/15/2025) | 250,000 | 258,816 | ||||||||||
Tulsa Industrial Authority, | ||||||||||||
5.000%, 10/01/2023 | 25,000 | 25,407 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $890,236) | 837,873 | 1.6 | % | |||||||||
Oregon | ||||||||||||
Clackamas Community College District, | ||||||||||||
5.000%, 06/15/2038 (Callable 06/15/2027)(5) | 100,000 | 109,013 | ||||||||||
Clackamas County Hospital Facility Authority, | ||||||||||||
5.000%, 05/15/2024 | 165,000 | 165,484 | ||||||||||
Salem Hospital Facility Authority, | ||||||||||||
5.000%, 05/15/2034 (Callable 05/15/2029) | 50,000 | 53,237 | ||||||||||
Yamhill County Hospital Authority, | ||||||||||||
1.750%, 11/15/2026 (Callable 07/21/2022) | 200,000 | 185,263 | ||||||||||
Total Oregon | ||||||||||||
(Cost $529,691) | 512,997 | 1.0 | % | |||||||||
Pennsylvania | ||||||||||||
Allegheny County Airport Authority, | ||||||||||||
4.000%, 01/01/2056 | ||||||||||||
(Callable 01/01/2031) (Insured by BAM) | 500,000 | 461,890 | ||||||||||
Chester County Industrial Development Authority, | ||||||||||||
5.000%, 08/01/2035 (Callable 08/01/2023) | 135,000 | 135,134 | ||||||||||
City of Philadelphia PA, | ||||||||||||
5.000%, 08/01/2030 | ||||||||||||
(Callable 08/01/2027) (Insured by AGM) | 500,000 | 546,186 | ||||||||||
Coatesville School District, | ||||||||||||
5.000%, 06/30/2023 (Insured by ST AID)(6) | 250,000 | 252,680 | ||||||||||
Commonwealth of Pennsylvania, | ||||||||||||
3.750%, 03/01/2039 | ||||||||||||
(Callable 03/01/2028) (Insured by AGM) | 120,000 | 117,644 | ||||||||||
Delaware County Authority, | ||||||||||||
4.000%, 10/01/2022 | 90,000 | 90,405 | ||||||||||
East Hempfield Township | ||||||||||||
Industrial Development Authority, | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2025) | 400,000 | 424,022 | ||||||||||
Lancaster County Hospital Authority, | ||||||||||||
5.000%, 11/01/2040 (Callable 11/01/2029) | 275,000 | 292,668 | ||||||||||
Mckeesport Area School District, | ||||||||||||
0.000%, 10/01/2033 (Insured by AGM) | 400,000 | 250,354 | ||||||||||
Montgomery County | ||||||||||||
Industrial Development Authority, | ||||||||||||
5.000%, 11/15/2036 (Callable 11/15/2026) | 150,000 | 155,516 | ||||||||||
Pennsylvania Economic | ||||||||||||
Development Financing Authority, | ||||||||||||
5.000%, 06/30/2042 (Callable 06/30/2026) | 300,000 | 303,255 | ||||||||||
Pennsylvania Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 05/01/2031 (Callable 05/01/2026) | 25,000 | 26,262 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 100,000 | 100,610 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
0.000%, 12/01/2040 (Callable 06/01/2029)(5) | 75,000 | 73,850 | ||||||||||
5.000%, 12/01/2048 (Callable 12/01/2028) | 40,000 | 42,446 | ||||||||||
Reading School District, | ||||||||||||
0.000%, 01/15/2029 (Insured by NATL) | 100,000 | 78,530 | ||||||||||
Ridley School District, | ||||||||||||
4.000%, 11/15/2036 | ||||||||||||
(Callable 11/15/2029) (Insured by AGM) | 100,000 | 102,301 | ||||||||||
Sayre Health Care Facilities Authority, | ||||||||||||
1.889%, 12/01/2031 (3 Month LIBOR | ||||||||||||
USD + 0.830%) (Callable 08/01/2022)(2) | 165,000 | 160,961 | ||||||||||
State Public School Building Authority, | ||||||||||||
0.000%, 05/15/2030 (Insured by NATL) | 200,000 | 150,100 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $3,940,277) | 3,764,814 | 7.1 | % | |||||||||
Puerto Rico | ||||||||||||
Puerto Rico Sales Tax Financing Corp., | ||||||||||||
4.329%, 07/01/2040 (Callable 07/01/2028) | 317,000 | 297,685 | ||||||||||
Total Puerto Rico | ||||||||||||
(Cost $340,334) | 297,685 | 0.6 | % | |||||||||
Rhode Island | ||||||||||||
Providence Redevelopment Agency, | ||||||||||||
5.000%, 04/01/2027 (Callable 04/01/2025) | 410,000 | 422,800 | ||||||||||
Rhode Island Turnpike & Bridge Authority, | ||||||||||||
4.000%, 10/01/2036 (Callable 10/01/2029) | 125,000 | 127,662 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $563,994) | 550,462 | 1.0 | % | |||||||||
South Carolina | ||||||||||||
Florence-Darlington Commission | ||||||||||||
for Technical Education, | ||||||||||||
5.000%, 03/01/2024 (Callable 09/01/2023) | 100,000 | 103,372 | ||||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
4.000%, 10/01/2048 (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(1) | 65,000 | 66,190 | ||||||||||
Scago Educational Facilities Corp. | ||||||||||||
for Spartanburg School District No. 1, | ||||||||||||
3.375%, 06/01/2030 (Callable 06/01/2025) | 100,000 | 98,608 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | 100,000 | 99,898 | ||||||||||
5.250%, 08/15/2033 (Callable 08/15/2026) | 150,000 | 156,811 | ||||||||||
Spartanburg County School District No. 7, | ||||||||||||
5.000%, 03/01/2037 (Callable 03/01/2029) | 150,000 | 166,287 | ||||||||||
Town of Lexington SC, | ||||||||||||
4.000%, 04/01/2032 (Callable 04/01/2029) | 100,000 | 104,527 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $835,853) | 795,693 | 1.5 | % | |||||||||
South Dakota | ||||||||||||
City of Rapid City SD: | ||||||||||||
5.000%, 12/01/2026 | 220,000 | 231,695 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 125,000 | 118,528 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $361,315) | 350,223 | 0.7 | % | |||||||||
Tennessee | ||||||||||||
Chattanooga Health Educational & | ||||||||||||
Housing Facility Board, | ||||||||||||
5.000%, 08/01/2033 (Callable 08/01/2029) | 250,000 | 264,038 |
The accompanying notes are an integral part of these financial statements.
Page 205
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Memphis TN, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2026) | $ | 125,000 | $ | 126,564 | ||||||||
Tennessee Housing Development Agency, | ||||||||||||
3.850%, 07/01/2043 (Callable 07/01/2027) | 240,000 | 235,634 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $648,548) | 626,236 | 1.2 | % | |||||||||
Texas | ||||||||||||
Arlington Higher Education Finance Corp.: | ||||||||||||
4.000%, 08/01/2033 | ||||||||||||
(Callable 08/01/2028) (PSF Guaranteed) | 125,000 | 127,446 | ||||||||||
4.000%, 08/15/2036 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 440,000 | 443,081 | ||||||||||
Austin-Bergstrom Landhost Enterprises, Inc., | ||||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 100,000 | 103,698 | ||||||||||
Brazoria County Toll Road Authority, | ||||||||||||
0.000%, 03/01/2038 (Callable 03/01/2030) | ||||||||||||
(County Guaranteed)(5) | 55,000 | 50,358 | ||||||||||
Brazos Higher Education Authority, Inc., | ||||||||||||
2.350%, 04/01/2040 (Callable 04/01/2030) | 15,000 | 14,977 | ||||||||||
City of Arlington TX, | ||||||||||||
5.000%, 02/15/2031 | ||||||||||||
(Callable 02/15/2028) (Insured by BAM) | 500,000 | 548,311 | ||||||||||
City of Bastrop TX, | ||||||||||||
2.125%, 08/01/2045 (Callable 08/01/2030) | 500,000 | 324,312 | ||||||||||
City of Brownsville TX, | ||||||||||||
5.000%, 09/01/2033 | ||||||||||||
(Callable 09/01/2031) (Insured by BAM) | 150,000 | 164,894 | ||||||||||
City of Bryan TX, | ||||||||||||
4.000%, 07/01/2043 | ||||||||||||
(Callable 07/01/2031) (Insured by BAM) | 300,000 | 297,814 | ||||||||||
City of Magnolia TX, | ||||||||||||
5.700%, 09/01/2046(3) | 50,000 | 46,112 | ||||||||||
Clifton Higher Education Finance Corp., | ||||||||||||
5.750%, 08/15/2038 (Callable 08/15/2025) | 10,000 | 10,127 | ||||||||||
County of Tom Green TX, | ||||||||||||
3.750%, 02/01/2038 (Callable 02/01/2025) | 200,000 | 198,364 | ||||||||||
Gulfgate Redevelopment Authority, | ||||||||||||
4.000%, 09/01/2031 | ||||||||||||
(Callable 09/01/2030) (Insured by AGM) | 170,000 | 173,744 | ||||||||||
Harris County Cultural | ||||||||||||
Education Facilities Finance Corp., | ||||||||||||
1.350%, 12/01/2049 | ||||||||||||
(SIFMA Municipal Swap Index + 0.570%) | ||||||||||||
(Callable 06/01/2024) | ||||||||||||
(Mandatory Tender Date 12/04/2024)(2) | 40,000 | 39,881 | ||||||||||
Harris County-Houston Sports Authority, | ||||||||||||
0.000%, 11/15/2025 (Insured by NATL) | 500,000 | 444,226 | ||||||||||
Love Field Airport Modernization Corp., | ||||||||||||
4.000%, 11/01/2035 | ||||||||||||
(Callable 11/01/2031) (Insured by AGM) | 500,000 | 487,022 | ||||||||||
Lower Colorado River Authority, | ||||||||||||
5.000%, 05/15/2040 (Callable 05/15/2025) | 75,000 | 77,767 | ||||||||||
Martin County Hospital District, | ||||||||||||
4.000%, 04/01/2036 (Callable 04/01/2030) | 450,000 | 454,244 | ||||||||||
Matagorda County Navigation District No. 1, | ||||||||||||
4.400%, 05/01/2030 (Insured by AMBAC) | 70,000 | 72,475 | ||||||||||
North Texas Tollway Authority, | ||||||||||||
4.000%, 01/01/2044 (Callable 01/01/2029) | 250,000 | 244,749 | ||||||||||
Northwest Harris County | ||||||||||||
Municipal Utility District No. 5, | ||||||||||||
2.500%, 05/01/2028 | ||||||||||||
(Callable 05/01/2024) (Insured by BAM) | 350,000 | 341,515 | ||||||||||
Tarrant County Cultural Education | ||||||||||||
Facilities Finance Corp., | ||||||||||||
2.250%, 11/15/2025 | 150,000 | 147,038 | ||||||||||
Texas Municipal Gas Acquisition & Supply Corp. I, | ||||||||||||
6.250%, 12/15/2026 | 75,000 | 80,219 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
and Supply Corp. II, | ||||||||||||
2.095%, 09/15/2027 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(2) | 250,000 | 244,389 | ||||||||||
Total Texas | ||||||||||||
(Cost $5,387,871) | 5,136,763 | 9.7 | % | |||||||||
Utah | ||||||||||||
Utah Charter School Finance Authority, | ||||||||||||
4.000%, 10/15/2045 | ||||||||||||
(Callable 10/15/2025) (Insured by UT CSCE) | 300,000 | 294,686 | ||||||||||
Weber Basin Water Conservancy District, | ||||||||||||
5.000%, 10/01/2050 (Callable 10/01/2029) | 205,000 | 224,570 | ||||||||||
Total Utah | ||||||||||||
(Cost $562,285) | 519,256 | 1.0 | % | |||||||||
Virginia | ||||||||||||
Farmville Industrial Development Authority, | ||||||||||||
5.375%, 07/01/2053 (Callable 07/01/2028) | ||||||||||||
(Mandatory Tender Date 07/01/2043) | ||||||||||||
(Insured by AGM) | 150,000 | 159,274 | ||||||||||
Total Virginia | ||||||||||||
(Cost $180,105) | 159,274 | 0.3 | % | |||||||||
Washington | ||||||||||||
King County Housing Authority, | ||||||||||||
4.000%, 11/01/2036 | ||||||||||||
(Callable 11/01/2029) (County Guaranteed) | 200,000 | 207,523 | ||||||||||
Pend Oreille County Public Utility District No. 1, | ||||||||||||
5.000%, 01/01/2038 (Callable 01/01/2029) | 150,000 | 155,284 | ||||||||||
Port of Seattle WA, | ||||||||||||
4.000%, 08/01/2036 (Callable 08/01/2031) | 300,000 | 293,474 | ||||||||||
Washington Health Care Facilities Authority, | ||||||||||||
2.180%, 01/01/2035 | ||||||||||||
(SIFMA Municipal Swap Index + 1.400%) | ||||||||||||
(Callable 07/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(2) | 90,000 | 90,355 | ||||||||||
Washington State Housing Finance Commission, | ||||||||||||
3.500%, 12/20/2035 | 492,284 | 450,193 | ||||||||||
Total Washington | ||||||||||||
(Cost $1,258,971) | 1,196,829 | 2.2 | % | |||||||||
West Virginia | ||||||||||||
West Virginia Hospital Finance Authority, | ||||||||||||
4.000%, 01/01/2038 (Callable 01/01/2029) | 75,000 | 69,266 | ||||||||||
Total West Virginia | ||||||||||||
(Cost $84,100) | 69,266 | 0.1 | % | |||||||||
Wisconsin | ||||||||||||
County of Waushara WI, | ||||||||||||
4.500%, 06/01/2027 (Callable 06/01/2025)(6) | 500,000 | 522,084 | ||||||||||
Palmyra-Eagle Area School District, | ||||||||||||
3.000%, 03/01/2025 (Callable 03/01/2023) | 75,000 | 71,967 | ||||||||||
Public Finance Authority: | ||||||||||||
5.000%, 07/01/2022 | 20,000 | 20,000 | ||||||||||
5.000%, 10/01/2023(3) | 75,000 | 76,193 | ||||||||||
5.000%, 10/01/2044 (Callable 04/01/2029) | 250,000 | 260,594 | ||||||||||
Village of Mount Pleasant WI, | ||||||||||||
5.000%, 04/01/2048 ( | ||||||||||||
Callable 04/01/2028) (Insured by BAM) | 150,000 | 159,030 |
The accompanying notes are an integral part of these financial statements.
Page 206
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wisconsin Center District: | ||||||||||||
0.000%, 12/15/2030 (Insured by AGM) | $ | 450,000 | $ | 328,887 | ||||||||
0.000%, 12/15/2037 | ||||||||||||
(Callable 06/15/2026) (Insured by BAM) | 200,000 | 103,104 | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 08/15/2039 (Callable 08/15/2024) | 100,000 | 101,761 | ||||||||||
Wisconsin Housing & | ||||||||||||
Economic Development Authority, | ||||||||||||
3.500%, 07/01/2025 (Insured by HUD)(3) | 75,000 | 71,194 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $1,812,267) | 1,714,814 | 3.2 | % | |||||||||
Wyoming | ||||||||||||
Carbon County Specific Purpose | ||||||||||||
Tax Joint Powers Board, | ||||||||||||
5.000%, 06/15/2025 | 100,000 | 104,531 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $108,599) | 104,531 | 0.2 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $56,165,222) | 53,705,494 | 101.1 | % | |||||||||
Short-Term Investment | ||||||||||||
Shares | ||||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.81%(4) | 1,962,198 | 1,962,198 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $1,962,198) | 1,962,198 | 3.7 | % | |||||||||
Total Investments | ||||||||||||
(Cost $58,127,420) | 55,667,692 | 104.8 | % | |||||||||
Liabilities in Excess of Other Assets | (2,548,385 | ) | (4.8 | )% | ||||||||
TOTAL NET ASSETS | $ | 53,119,307 | 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.
FGIC – Financial Guaranty Insurance Company
GNMA – Government National Mortgage Association
HUD – US Department of Housing and Development
NATL – National Public Finance Guarantee Corp.
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
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, 2022. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2022. |
(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, 2022, the value of these securities totaled $1,463,967, which represented 2.76% 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, 2022. |
(6) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 53,705,494 | $ | — | $ | 53,705,494 | ||||||||
Total Long-Term Investments | — | 53,705,494 | — | 53,705,494 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 1,962,198 | — | — | 1,962,198 | ||||||||||||
Total Short-Term Investment | 1,962,198 | — | — | 1,962,198 | ||||||||||||
Total Investments | $ | 1,962,198 | $ | 53,705,494 | $ | — | $ | 55,667,692 |
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 207
Additional Information on Fund Expenses
June 30, 2022 (Unaudited)
As a shareholder of the Funds, you incur 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 (1/1/22 – 6/30/22).
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. 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.
Actual vs. Hypothetical Returns
Hypothetical | ||||||
Actual | (5% return before expenses) | |||||
Beginning | Ending | Ending | ||||
Fund’s Annualized | Account Value | Account Value | Expenses Paid | Account Value | Expenses Paid | |
Expense Ratio(1) | 1/1/22 | 6/30/22 | During Period(1) | 6/30/22 | During Period(1) | |
Baird Ultra Short Bond Fund | ||||||
Institutional Class | 0.15% | $1,000.00 | $995.60 | $0.74 | $1,024.05 | $0.75 |
Investor Class | 0.40% | $1,000.00 | $995.40 | $1.98 | $1,022.81 | $2.01 |
Baird Short-Term Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $964.50 | $1.46 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $963.30 | $2.68 | $1,022.07 | $2.76 |
Baird Intermediate Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $927.80 | $1.43 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $926.70 | $2.63 | $1,022.07 | $2.76 |
Baird Aggregate Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $889.70 | $1.41 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $889.20 | $2.58 | $1,022.07 | $2.76 |
Baird Core Plus Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $889.60 | $1.41 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $887.60 | $2.57 | $1,022.07 | $2.76 |
Baird Short-Term Municipal Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $959.50 | $1.46 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $957.40 | $2.67 | $1,022.07 | $2.76 |
Baird Strategic Municipal Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $937.40 | $1.44 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $936.30 | $2.64 | $1,022.07 | $2.76 |
Baird Quality Intermediate Municipal Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $938.30 | $1.44 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $936.20 | $2.64 | $1,022.07 | $2.76 |
Baird Core Intermediate Municipal Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $931.00 | $1.44 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $929.00 | $2.63 | $1,022.07 | $2.76 |
Baird Municipal Bond Fund | ||||||
Institutional Class | 0.30% | $1,000.00 | $916.40 | $1.43 | $1,023.31 | $1.51 |
Investor Class | 0.55% | $1,000.00 | $916.10 | $2.61 | $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 208
Statements of Assets and Liabilities
June 30, 2022 (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 $5,420,025,836, $10,528,274,240, | ||||||||||||||||||||
$7,565,956,213, $38,789,845,768 and $25,794,142,635, respectively) | $ | 5,369,867,208 | $ | 10,138,748,744 | $ | 7,117,762,278 | $ | 35,229,632,232 | $ | 23,440,953,786 | ||||||||||
Interest receivable | 29,265,475 | 51,543,113 | 38,505,993 | 210,600,952 | 171,631,060 | |||||||||||||||
Receivable for investments sold | — | 70,072,639 | 61,870,585 | 151,228,580 | — | |||||||||||||||
Receivable for Fund shares sold | 58,560,306 | 69,873,638 | 27,487,180 | 41,638,302 | 45,129,909 | |||||||||||||||
Uninvested cash | — | 23,969 | 28,908 | 58,806 | — | |||||||||||||||
Prepaid expenses and other assets | 60 | — | 147,068 | 159,805 | 9,842 | |||||||||||||||
Total assets | 5,457,693,049 | 10,330,262,103 | 7,245,802,012 | 35,633,318,677 | 23,657,724,597 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for securities purchased | 37,256,317 | 274,391,520 | 129,764,931 | 457,842,591 | 181,891,363 | |||||||||||||||
Payable for Fund shares redeemed | 40,772,696 | 98,784,515 | 65,679,801 | 53,234,065 | 73,425,775 | |||||||||||||||
Due to custodian | 49,822 | — | — | — | 85,317 | |||||||||||||||
Payable to Advisor, net (Note 5) | 447,175 | 2,093,505 | 1,411,632 | 7,196,097 | 4,875,540 | |||||||||||||||
Accrued administration fees (Note 5) | 223,588 | 418,701 | 282,326 | 1,439,219 | 975,108 | |||||||||||||||
Accrued Rule 12b-1 fees (Note 7) | 28,519 | 100,871 | 20,784 | 361,759 | 628,162 | |||||||||||||||
Total liabilities | 78,778,117 | 375,789,112 | 197,159,474 | 520,073,731 | 261,881,265 | |||||||||||||||
NET ASSETS | $ | 5,378,914,932 | $ | 9,954,472,991 | $ | 7,048,642,538 | $ | 35,113,244,946 | $ | 23,395,843,332 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 5,448,039,041 | $ | 10,426,895,833 | $ | 7,579,943,391 | $ | 39,205,740,057 | $ | 26,006,683,466 | ||||||||||
Total distributable loss | (69,124,109 | ) | (472,422,842 | ) | (531,300,853 | ) | (4,092,495,111 | ) | (2,610,840,134 | ) | ||||||||||
NET ASSETS | $ | 5,378,914,932 | $ | 9,954,472,991 | $ | 7,048,642,538 | $ | 35,113,244,946 | $ | 23,395,843,332 | ||||||||||
INSTITUTIONAL CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 5,281,374,334 | $ | 9,718,127,948 | $ | 7,010,493,414 | $ | 34,402,969,192 | $ | 22,155,843,600 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 529,663,887 | 1,039,995,368 | 676,037,817 | 3,435,275,763 | 2,162,375,206 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 9.97 | $ | 9.34 | $ | 10.37 | $ | 10.01 | $ | 10.25 | ||||||||||
INVESTOR CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 97,540,598 | $ | 236,345,043 | $ | 38,149,124 | $ | 710,275,754 | $ | 1,239,999,732 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 9,757,680 | 25,301,219 | 3,504,585 | 68,362,905 | 115,637,073 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 10.00 | $ | 9.34 | $ | 10.89 | $ | 10.39 | $ | 10.72 |
The accompanying notes are an integral part of these financial statements.
Page 209
Statements of Assets and Liabilities
June 30, 2022 (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 $2,270,437,134, $390,045,004, | ||||||||||||||||||||
$1,302,761,308, $2,119,582,883 and $58,127,420, respectively) | $ | 2,202,213,136 | $ | 373,551,386 | $ | 1,262,042,684 | $ | 2,032,796,732 | $ | 55,667,692 | ||||||||||
Interest receivable | 17,999,470 | 3,276,784 | 11,858,423 | 16,849,909 | 507,193 | |||||||||||||||
Receivable for investments sold | 11,448,934 | 752,948 | 31,187 | 15,682,571 | 250,983 | |||||||||||||||
Receivable for Fund shares sold | 13,611,535 | 4,762,871 | 12,132,542 | 15,374,257 | 35,715 | |||||||||||||||
Deposits with broker for futures contracts | — | 2,602 | — | — | — | |||||||||||||||
Uninvested cash | 4,328 | — | — | 10,384 | — | |||||||||||||||
Prepaid expenses and other assets | 67 | — | 25 | — | — | |||||||||||||||
Total assets | 2,245,277,470 | 382,346,591 | 1,286,064,861 | 2,080,713,853 | 56,461,583 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for securities purchased | 47,285,099 | 23,185,373 | 59,076 | 44,348,830 | 2,376,689 | |||||||||||||||
Payable for Fund shares redeemed | 7,661,236 | 51,477 | 2,638,448 | 6,380,286 | 951,510 | |||||||||||||||
Due to custodian | — | 10,030 | 10,049 | — | — | |||||||||||||||
Payable to Advisor, net (Note 5) | 446,350 | 68,972 | 269,239 | 416,903 | 10,472 | |||||||||||||||
Accrued administration fees (Note 5) | 89,270 | 15,155 | 53,848 | 83,381 | 2,095 | |||||||||||||||
Accrued Rule 12b-1 fees (Note 7) | 40,012 | 4,655 | 72,752 | 16,149 | 1,510 | |||||||||||||||
Total liabilities | 55,521,967 | 23,335,662 | 3,103,412 | 51,245,549 | 3,342,276 | |||||||||||||||
NET ASSETS | $ | 2,189,755,503 | $ | 359,010,929 | $ | 1,282,961,449 | $ | 2,029,468,304 | $ | 53,119,307 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 2,276,720,267 | $ | 381,281,558 | $ | 1,346,177,496 | $ | 2,132,677,966 | $ | 56,393,632 | ||||||||||
Total distributable loss | (86,964,764 | ) | (22,270,629 | ) | (63,216,047 | ) | (103,209,662 | ) | (3,274,325 | ) | ||||||||||
NET ASSETS | $ | 2,189,755,503 | $ | 359,010,929 | $ | 1,282,961,449 | $ | 2,029,468,304 | $ | 53,119,307 | ||||||||||
INSTITUTIONAL CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 2,105,783,368 | $ | 350,547,687 | $ | 1,245,078,589 | $ | 1,991,041,556 | $ | 49,204,335 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 212,459,642 | 35,085,461 | 113,030,925 | 196,558,095 | 5,043,813 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 9.91 | $ | 9.99 | $ | 11.02 | $ | 10.13 | $ | 9.76 | ||||||||||
INVESTOR CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 83,972,135 | $ | 8,463,242 | $ | 37,882,860 | $ | 38,426,748 | $ | 3,914,972 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 8,486,798 | 847,142 | 3,352,078 | 3,795,702 | 401,593 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 9.89 | $ | 9.99 | $ | 11.30 | $ | 10.12 | $ | 9.75 |
The accompanying notes are an integral part of these financial statements.
Page 210
Statements of Operations
Six Months Ended June 30, 2022 (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 | $ | 23,427,016 | $ | 77,347,212 | $ | 69,288,195 | $ | 439,485,441 | $ | 369,867,740 | ||||||||||
Other income | — | — | 11,898 | 33,951 | 55,072 | |||||||||||||||
Total investment income | 23,427,016 | 77,347,212 | 69,300,093 | 439,519,392 | 369,922,812 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees (Note 5) | 8,239,883 | 13,023,240 | 8,448,887 | 46,011,471 | 32,483,779 | |||||||||||||||
Administration fees (Note 5) | 1,647,976 | 2,604,648 | 1,689,777 | 9,202,294 | 6,496,756 | |||||||||||||||
Rule 12b-1 fees – Investor Class Shares (Note 7) | 166,071 | 294,187 | 50,858 | 999,821 | 1,757,763 | |||||||||||||||
Total expenses | 10,053,930 | 15,922,075 | 10,189,522 | 56,213,586 | 40,738,298 | |||||||||||||||
Fee waiver by Advisor (Note 5) | (4,943,930 | ) | — | — | — | — | ||||||||||||||
Net expenses | 5,110,000 | 15,922,075 | 10,189,522 | 56,213,586 | 40,738,298 | |||||||||||||||
NET INVESTMENT INCOME | 18,317,016 | 61,425,137 | 59,110,571 | 383,305,806 | 329,184,514 | |||||||||||||||
REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | ||||||||||||||||||||
Net realized loss on investments | (9,696,454 | ) | (84,710,240 | ) | (82,214,311 | ) | (438,386,216 | ) | (218,109,402 | ) | ||||||||||
Net change in unrealized depreciation on investments | (39,221,703 | ) | (353,826,948 | ) | (486,477,565 | ) | (4,312,677,474 | ) | (3,247,675,308 | ) | ||||||||||
Net realized and unrealized loss on investments | (48,918,157 | ) | (438,537,188 | ) | (568,691,876 | ) | (4,751,063,690 | ) | (3,465,784,710 | ) | ||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (30,601,141 | ) | $ | (377,112,051 | ) | $ | (509,581,305 | ) | $ | (4,367,757,884 | ) | $ | (3,136,600,196 | ) |
The accompanying notes are an integral part of these financial statements.
Page 211
Statements of Operations
Six Months Ended June 30, 2022 (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 | $ | 16,708,038 | $ | 3,284,182 | $ | 14,983,111 | $ | 16,797,898 | $ | 540,325 | ||||||||||
Total investment income | 16,708,038 | 3,284,182 | 14,983,111 | 16,797,898 | 540,325 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees (Note 5) | 2,716,124 | 430,875 | 1,781,738 | 2,246,107 | 53,842 | |||||||||||||||
Administration fees (Note 5) | 543,225 | 86,175 | 356,348 | 449,221 | 10,769 | |||||||||||||||
Rule 12b-1 fees - Investor Class Shares (Note 7) | 118,735 | 10,264 | 63,503 | 51,141 | 3,517 | |||||||||||||||
Total expenses | 3,378,084 | 527,314 | 2,201,589 | 2,746,469 | 68,128 | |||||||||||||||
NET INVESTMENT INCOME | 13,329,954 | 2,756,868 | 12,781,522 | 14,051,429 | 472,197 | |||||||||||||||
REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | ||||||||||||||||||||
Net realized loss on: | ||||||||||||||||||||
Investments | (19,033,318 | ) | (5,300,618 | ) | (10,883,869 | ) | (17,284,009 | ) | (845,088 | ) | ||||||||||
Futures contracts | — | (735,453 | ) | — | — | — | ||||||||||||||
Net change in unrealized depreciation on investments | (87,709,191 | ) | (19,809,591 | ) | (97,551,983 | ) | (122,105,859 | ) | (3,396,050 | ) | ||||||||||
Net realized and unrealized loss on investments | (106,742,509 | ) | (25,845,662 | ) | (108,435,852 | ) | (139,389,868 | ) | (4,241,138 | ) | ||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (93,412,555 | ) | $ | (23,088,794 | ) | $ | (95,654,330 | ) | $ | (125,338,439 | ) | $ | (3,768,941 | ) |
The accompanying notes are an integral part of these financial statements.
Page 212
Statements of Changes in Net Assets
Baird Ultra Short Bond Fund | Baird Short-Term Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | Year Ended | June 30, 2022 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2021 | (Unaudited) | December 31, 2021 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 18,317,016 | $ | 22,450,373 | $ | 61,425,137 | $ | 102,453,271 | ||||||||
Net realized gain (loss) on investments | (9,696,454 | ) | 1,230,922 | (84,710,240 | ) | 27,488,221 | ||||||||||
Net change in unrealized depreciation on investments | (39,221,703 | ) | (14,371,951 | ) | (353,826,948 | ) | (173,584,600 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (30,601,141 | ) | 9,309,344 | (377,112,051 | ) | (43,643,108 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 2,974,937,246 | 7,299,933,633 | 2,043,373,313 | 5,492,971,809 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 20,678,005 | 27,688,154 | 53,322,566 | 125,842,179 | ||||||||||||
Cost of shares redeemed | (4,617,310,291 | ) | (4,833,276,101 | ) | (2,444,187,798 | ) | (3,680,208,926 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (1,621,695,040 | ) | 2,494,345,686 | (347,491,919 | ) | 1,938,605,062 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (22,198,022 | ) | (28,631,822 | ) | (58,695,044 | ) | (136,524,302 | ) | ||||||||
Investor Class | (274,219 | ) | (460,082 | ) | (1,091,318 | ) | (2,792,875 | ) | ||||||||
Total net distributions to shareholders | (22,472,241 | ) | (29,091,904 | ) | (59,786,362 | ) | (139,317,177 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (1,674,768,422 | ) | 2,474,563,126 | (784,390,332 | ) | 1,755,644,777 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 7,053,683,354 | 4,579,120,228 | 10,738,863,323 | 8,983,218,546 | ||||||||||||
End of period | $ | 5,378,914,932 | $ | 7,053,683,354 | $ | 9,954,472,991 | $ | 10,738,863,323 |
The accompanying notes are an integral part of these financial statements.
Page 213
Statements of Changes in Net Assets
Baird Intermediate Bond Fund | Baird Aggregate Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | Year Ended | June 30, 2022 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2021 | (Unaudited) | December 31, 2021 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 59,110,571 | $ | 93,742,115 | $ | 383,305,806 | $ | 597,168,911 | ||||||||
Net realized gain (loss) on investments | (82,214,311 | ) | 40,955,594 | (438,386,216 | ) | 52,601,867 | ||||||||||
Net change in unrealized depreciation on investments | (486,477,565 | ) | (215,729,880 | ) | (4,312,677,474 | ) | (1,137,531,781 | ) | ||||||||
Net decrease in net assets resulting from operations | (509,581,305 | ) | (81,032,171 | ) | (4,367,757,884 | ) | (487,761,003 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 1,861,045,896 | 2,348,786,714 | 6,099,983,012 | 15,299,830,584 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 48,641,011 | 122,042,836 | 349,833,338 | 657,560,136 | ||||||||||||
Cost of shares redeemed | (976,087,054 | ) | (888,077,446 | ) | (6,538,560,892 | ) | (7,696,662,317 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 933,599,853 | 1,582,752,104 | (88,744,542 | ) | 8,260,728,403 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (56,311,211 | ) | (139,265,211 | ) | (377,654,940 | ) | (705,825,312 | ) | ||||||||
Investor Class | (271,740 | ) | (852,632 | ) | (7,055,742 | ) | (16,234,426 | ) | ||||||||
Total net distributions to shareholders | (56,582,951 | ) | (140,117,843 | ) | (384,710,682 | ) | (722,059,738 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 367,435,597 | 1,361,602,090 | (4,841,213,108 | ) | 7,050,907,662 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 6,681,206,941 | 5,319,604,851 | 39,954,458,054 | 32,903,550,392 | ||||||||||||
End of period | $ | 7,048,642,538 | $ | 6,681,206,941 | $ | 35,113,244,946 | $ | 39,954,458,054 |
The accompanying notes are an integral part of these financial statements.
Page 214
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, 2022 | Year Ended | June 30, 2022 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2021 | (Unaudited) | December 31, 2021 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 329,184,514 | $ | 655,909,815 | $ | 13,329,954 | $ | 21,111,113 | ||||||||
Net realized gain (loss) on investments | (218,109,402 | ) | 189,384,151 | (19,033,318 | ) | 149,684 | ||||||||||
Net change in unrealized depreciation on investments | (3,247,675,308 | ) | (1,138,368,517 | ) | (87,709,191 | ) | (8,079,617 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (3,136,600,196 | ) | (293,074,551 | ) | (93,412,555 | ) | 13,181,180 | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 2,772,864,547 | 9,753,907,824 | 1,018,530,998 | 1,579,197,811 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 299,094,976 | 814,187,216 | 9,775,670 | 16,948,442 | ||||||||||||
Cost of shares redeemed | (5,482,445,615 | ) | (9,620,960,881 | ) | (1,032,832,735 | ) | (899,444,976 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (2,410,486,092 | ) | 947,134,159 | (4,526,067 | ) | 696,701,277 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (309,095,329 | ) | (830,745,770 | ) | (12,426,243 | ) | (20,660,800 | ) | ||||||||
Investor Class | (15,112,170 | ) | (46,040,306 | ) | (443,096 | ) | (869,927 | ) | ||||||||
Total net distributions to shareholders | (324,207,499 | ) | (876,786,076 | ) | (12,869,339 | ) | (21,530,727 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (5,871,293,787 | ) | (222,726,468 | ) | (110,807,961 | ) | 688,351,730 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 29,267,137,119 | 29,489,863,587 | 2,300,563,464 | 1,612,211,734 | ||||||||||||
End of period | $ | 23,395,843,332 | $ | 29,267,137,119 | $ | 2,189,755,503 | $ | 2,300,563,464 |
The accompanying notes are an integral part of these financial statements.
Page 215
Statements of Changes in Net Assets
Baird Quality Intermediate | ||||||||||||||||
Baird Strategic Municipal Bond Fund | Municipal Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | Year Ended | June 30, 2022 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2021 | (Unaudited) | December 31, 2021 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,756,868 | $ | 2,804,531 | $ | 12,781,522 | $ | 27,413,340 | ||||||||
Net realized gain (loss) on investments and futures contracts | (6,036,071 | ) | 1,400,324 | (10,883,869 | ) | (2,068,531 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on investments | (19,809,591 | ) | 1,105,024 | (97,551,983 | ) | (21,106,098 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (23,088,794 | ) | 5,309,879 | (95,654,330 | ) | 4,238,711 | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 208,874,134 | 255,347,371 | 376,474,231 | 440,875,958 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 2,550,843 | 4,371,225 | 10,989,045 | 24,562,689 | ||||||||||||
Cost of shares redeemed | (179,916,256 | ) | (78,612,916 | ) | (581,762,730 | ) | (358,030,397 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 31,508,721 | 181,105,680 | (194,299,454 | ) | 107,408,250 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (2,588,010 | ) | (4,397,093 | ) | (12,162,108 | ) | (27,021,126 | ) | ||||||||
Investor Class | (53,705 | ) | (108,298 | ) | (371,452 | ) | (799,722 | ) | ||||||||
Total net distributions to shareholders | (2,641,715 | ) | (4,505,391 | ) | (12,533,560 | ) | (27,820,848 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 5,778,212 | 181,910,168 | (302,487,344 | ) | 83,826,113 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 353,232,717 | 171,322,549 | 1,585,448,793 | 1,501,622,680 | ||||||||||||
End of period | $ | 359,010,929 | $ | 353,232,717 | $ | 1,282,961,449 | $ | 1,585,448,793 |
The accompanying notes are an integral part of these financial statements.
Page 216
Statements of Changes in Net Assets
Baird Core Intermediate | ||||||||||||||||
Municipal Bond Fund | Baird Municipal Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | Year Ended | June 30, 2022 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2021 | (Unaudited) | December 31, 2021 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 14,051,429 | $ | 17,226,321 | $ | 472,197 | $ | 565,235 | ||||||||
Net realized gain (loss) on investments | (17,284,009 | ) | 1,382,670 | (845,088 | ) | 229,011 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | (122,105,859 | ) | (134,822 | ) | (3,396,050 | ) | 229,753 | |||||||||
Net increase (decrease) in net assets resulting from operations | (125,338,439 | ) | 18,474,169 | (3,768,941 | ) | 1,023,999 | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 1,297,586,206 | 915,163,434 | 36,291,114 | 18,382,948 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 10,000,814 | 15,348,561 | 407,454 | 745,644 | ||||||||||||
Cost of shares redeemed | (713,129,941 | ) | (220,744,745 | ) | (17,062,928 | ) | (3,504,732 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 594,457,079 | 709,767,250 | 19,635,640 | 15,623,860 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (13,147,411 | ) | (18,564,674 | ) | (422,354 | ) | (774,852 | ) | ||||||||
Investor Class | (245,975 | ) | (384,884 | ) | (27,986 | ) | (71,879 | ) | ||||||||
Total net distributions to shareholders | (13,393,386 | ) | (18,949,558 | ) | (450,340 | ) | (846,731 | ) | ||||||||
TOTAL INCREASE IN NET ASSETS | 455,725,254 | 709,291,861 | 15,416,359 | 15,801,128 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 1,573,743,050 | 864,451,189 | 37,702,948 | 21,901,820 | ||||||||||||
End of period | $ | 2,029,468,304 | $ | 1,573,743,050 | $ | 53,119,307 | $ | 37,702,948 |
The accompanying notes are an integral part of these financial statements.
Page 217
Financial Highlights
Baird Ultra Short Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.05 | $ | 10.08 | $ | 10.06 | $ | 10.01 | $ | 10.03 | $ | 10.03 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.03 | 0.04 | 0.12 | 0.26 | 0.23 | 0.13 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.07 | ) | (0.02 | ) | 0.05 | (2) | 0.05 | (0.04 | ) | 0.00 | (2)(3) | |||||||||||||
Total from investment operations | (0.04 | ) | 0.02 | 0.17 | 0.31 | 0.19 | 0.13 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.04 | ) | (0.05 | ) | (0.14 | ) | (0.26 | ) | (0.21 | ) | (0.13 | ) | ||||||||||||
Distributions from net realized gains | — | (0.00 | )(3) | (0.01 | ) | (0.00 | )(3) | — | — | |||||||||||||||
Total distributions | (0.04 | ) | (0.05 | ) | (0.15 | ) | (0.26 | ) | (0.21 | ) | (0.13 | ) | ||||||||||||
Net asset value, end of period | $ | 9.97 | $ | 10.05 | $ | 10.08 | $ | 10.06 | $ | 10.01 | $ | 10.03 | ||||||||||||
Total return | (0.44 | )%(4) | 0.20 | % | 1.66 | % | 3.11 | % | 1.95 | % | 1.30 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 5,281.4 | $ | 6,889.5 | $ | 4,456.4 | $ | 1,701.0 | $ | 1,031.5 | $ | 532.0 | ||||||||||||
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 | 0.56 | %(5) | 0.38 | % | 1.24 | % | 2.61 | % | 2.24 | % | 1.31 | % | ||||||||||||
Ratio of net investment income to average net assets (before waivers) | 0.41 | %(5) | 0.23 | % | 1.09 | % | 2.46 | % | 2.09 | % | 1.16 | % | ||||||||||||
Portfolio turnover rate(6) | 58 | %(4) | 96 | % | 92 | % | 70 | % | 66 | % | 83 | % |
(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 unrealized 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) | 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 218
Financial Highlights
Baird Ultra Short Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.07 | $ | 10.10 | $ | 10.05 | $ | 10.00 | $ | 10.03 | $ | 10.03 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.02 | 0.01 | 0.10 | 0.24 | 0.20 | 0.11 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.07 | ) | (0.01 | ) | 0.07 | (2) | 0.04 | (0.04 | ) | (0.01 | ) | |||||||||||||
Total from investment operations | (0.05 | ) | — | 0.17 | 0.28 | 0.16 | 0.10 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.02 | ) | (0.03 | ) | (0.11 | ) | (0.23 | ) | (0.19 | ) | (0.10 | ) | ||||||||||||
Distributions from net realized gains | — | (0.00 | )(3) | (0.01 | ) | (0.00 | )(3) | — | — | |||||||||||||||
Total distributions | (0.02 | ) | (0.03 | ) | (0.12 | ) | (0.23 | ) | (0.19 | ) | (0.10 | ) | ||||||||||||
Net asset value, end of period | $ | 10.00 | $ | 10.07 | $ | 10.10 | $ | 10.05 | $ | 10.00 | $ | 10.03 | ||||||||||||
Total return | (0.46 | )%(4) | (0.05 | )% | 1.66 | % | 2.87 | % | 1.60 | % | 1.05 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 97.5 | $ | 164.2 | $ | 122.7 | $ | 32.5 | $ | 15.6 | $ | 7.6 | ||||||||||||
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 | 0.31 | %(5) | 0.13 | % | 0.99 | % | 2.36 | % | 1.99 | % | 1.06 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.16 | %(5) | (0.02 | )% | 0.84 | % | 2.21 | % | 1.84 | % | 0.91 | % | ||||||||||||
Portfolio turnover rate(6) | 58 | %(4) | 96 | % | 92 | % | 70 | % | 66 | % | 83 | % |
(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 unrealized 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) | 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 219
Financial Highlights
Baird Short-Term Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.74 | $ | 9.92 | $ | 9.77 | $ | 9.57 | $ | 9.64 | $ | 9.66 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.06 | 0.10 | 0.18 | 0.24 | 0.21 | 0.17 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.41 | ) | (0.14 | ) | 0.23 | 0.20 | (0.07 | ) | (0.02 | ) | ||||||||||||||
Total from investment operations | (0.35 | ) | (0.04 | ) | 0.41 | 0.44 | 0.14 | 0.15 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.05 | ) | (0.11 | ) | (0.19 | ) | (0.24 | ) | (0.21 | ) | (0.17 | ) | ||||||||||||
Distributions from net realized gains | — | (0.03 | ) | (0.07 | ) | — | — | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.05 | ) | (0.14 | ) | (0.26 | ) | (0.24 | ) | (0.21 | ) | (0.17 | ) | ||||||||||||
Net asset value, end of period | $ | 9.34 | $ | 9.74 | $ | 9.92 | $ | 9.77 | $ | 9.57 | $ | 9.64 | ||||||||||||
Total return | (3.55 | )%(3) | (0.42 | )% | 4.23 | % | 4.68 | % | 1.49 | % | 1.53 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 9,718.1 | $ | 10,486.4 | $ | 8,790.5 | $ | 6,469.1 | $ | 5,596.2 | $ | 5,399.7 | ||||||||||||
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 | 1.18 | %(4) | 1.05 | % | 1.87 | % | 2.50 | % | 2.21 | % | 1.73 | % | ||||||||||||
Portfolio turnover rate(5) | 33 | %(3) | 67 | % | 64 | % | 64 | % | 58 | % | 55 | % |
(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 220
Financial Highlights
Baird Short-Term Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.74 | $ | 9.91 | $ | 9.77 | $ | 9.57 | $ | 9.64 | $ | 9.66 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.04 | 0.08 | 0.16 | 0.22 | 0.19 | 0.14 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.40 | ) | (0.13 | ) | 0.21 | 0.20 | (0.07 | ) | (0.02 | ) | ||||||||||||||
Total from investment operations | (0.36 | ) | (0.05 | ) | 0.37 | 0.42 | 0.12 | 0.12 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.04 | ) | (0.09 | ) | (0.16 | ) | (0.22 | ) | (0.19 | ) | (0.14 | ) | ||||||||||||
Distributions from net realized gains | — | (0.03 | ) | (0.07 | ) | — | — | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.04 | ) | (0.12 | ) | (0.23 | ) | (0.22 | ) | (0.19 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 9.34 | $ | 9.74 | $ | 9.91 | $ | 9.77 | $ | 9.57 | $ | 9.64 | ||||||||||||
Total return | (3.67 | )%(3) | (0.57 | )% | 3.86 | % | 4.42 | % | 1.24 | % | 1.28 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 236.3 | $ | 252.5 | $ | 192.7 | $ | 182.4 | $ | 145.0 | $ | 134.9 | ||||||||||||
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 | 0.93 | %(4) | 0.80 | % | 1.62 | % | 2.25 | % | 1.96 | % | 1.48 | % | ||||||||||||
Portfolio turnover rate(5) | 33 | %(3) | 67 | % | 64 | % | 64 | % | 58 | % | 55 | % |
(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 221
Financial Highlights
Baird Intermediate Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.27 | $ | 11.69 | $ | 11.27 | $ | 10.80 | $ | 11.01 | $ | 10.97 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.09 | 0.18 | 0.25 | 0.29 | 0.27 | 0.26 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.90 | ) | (0.34 | ) | 0.58 | 0.46 | (0.21 | ) | 0.04 | |||||||||||||||
Total from investment operations | (0.81 | ) | (0.16 | ) | 0.83 | 0.75 | 0.06 | 0.30 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.18 | ) | (0.25 | ) | (0.28 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||
Distributions from net realized gains | — | (0.08 | ) | (0.16 | ) | — | — | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.09 | ) | (0.26 | ) | (0.41 | ) | (0.28 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||
Net asset value, end of period | $ | 10.37 | $ | 11.27 | $ | 11.69 | $ | 11.27 | $ | 10.80 | $ | 11.01 | ||||||||||||
Total return | (7.22 | )%(3) | (1.41 | )% | 7.42 | % | 7.05 | % | 0.58 | % | 2.74 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 7,010.5 | $ | 6,639.0 | $ | 5,264.4 | $ | 4,342.1 | $ | 3,264.9 | $ | 2,902.0 | ||||||||||||
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 | 1.75 | %(4) | 1.54 | % | 2.17 | % | 2.57 | % | 2.51 | % | 2.32 | % | ||||||||||||
Portfolio turnover rate(5) | 23 | %(3) | 51 | % | 37 | % | 26 | % | 32 | % | 31 | % |
(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 222
Financial Highlights
Baird Intermediate Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.83 | $ | 12.26 | $ | 11.80 | $ | 11.29 | $ | 11.50 | $ | 11.44 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.08 | 0.16 | 0.23 | 0.27 | 0.25 | 0.24 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.95 | ) | (0.36 | ) | 0.61 | 0.50 | (0.22 | ) | 0.04 | |||||||||||||||
Total from investment operations | (0.87 | ) | (0.20 | ) | 0.84 | 0.77 | 0.03 | 0.28 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.07 | ) | (0.15 | ) | (0.22 | ) | (0.26 | ) | (0.24 | ) | (0.22 | ) | ||||||||||||
Distributions from net realized gains | — | (0.08 | ) | (0.16 | ) | — | — | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.07 | ) | (0.23 | ) | (0.38 | ) | (0.26 | ) | (0.24 | ) | (0.22 | ) | ||||||||||||
Net asset value, end of period | $ | 10.89 | $ | 11.83 | $ | 12.26 | $ | 11.80 | $ | 11.29 | $ | 11.50 | ||||||||||||
Total return | (7.33 | )%(3) | (1.68 | )% | 7.16 | % | 6.83 | % | 0.30 | % | 2.53 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 38.1 | $ | 42.2 | $ | 55.2 | $ | 52.2 | $ | 47.3 | $ | 53.9 | ||||||||||||
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 | 1.50 | %(4) | 1.29 | % | 1.92 | % | 2.32 | % | 2.26 | % | 2.07 | % | ||||||||||||
Portfolio turnover rate(5) | 23 | %(3) | 51 | % | 37 | % | 26 | % | 32 | % | 31 | % |
(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 223
Financial Highlights
Baird Aggregate Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.37 | $ | 11.77 | $ | 11.21 | $ | 10.53 | $ | 10.87 | $ | 10.70 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.11 | 0.19 | 0.25 | 0.30 | 0.29 | 0.26 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.36 | ) | (0.36 | ) | 0.71 | 0.69 | (0.33 | ) | 0.19 | |||||||||||||||
Total from investment operations | (1.25 | ) | (0.17 | ) | 0.96 | 0.99 | (0.04 | ) | 0.45 | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.11 | ) | (0.22 | ) | (0.27 | ) | (0.31 | ) | (0.30 | ) | (0.28 | ) | ||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.13 | ) | — | — | — | ||||||||||||||||
Total distributions | (0.11 | ) | (0.23 | ) | (0.40 | ) | (0.31 | ) | (0.30 | ) | (0.28 | ) | ||||||||||||
Net asset value, end of period | $ | 10.01 | $ | 11.37 | $ | 11.77 | $ | 11.21 | $ | 10.53 | $ | 10.87 | ||||||||||||
Total return | (11.03 | )%(2) | (1.46 | )% | 8.63 | % | 9.48 | % | (0.30 | )% | 4.20 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 34,403.0 | $ | 39,050.1 | $ | 31,874.6 | $ | 21,857.4 | $ | 14,897.5 | $ | 13,582.8 | ||||||||||||
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 | 2.09 | %(3) | 1.66 | % | 2.13 | % | 2.74 | % | 2.77 | % | 2.40 | % | ||||||||||||
Portfolio turnover rate(4) | 24 | %(2) | 39 | % | 35 | % | 31 | % | 24 | % | 28 | % |
(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 224
Financial Highlights
Baird Aggregate Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.79 | $ | 12.20 | $ | 11.60 | $ | 10.89 | $ | 11.23 | $ | 11.05 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.10 | 0.17 | 0.23 | 0.28 | 0.27 | 0.24 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.40 | ) | (0.38 | ) | 0.74 | 0.71 | (0.33 | ) | 0.19 | |||||||||||||||
Total from investment operations | (1.30 | ) | (0.21 | ) | 0.97 | 0.99 | (0.06 | ) | 0.43 | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.19 | ) | (0.24 | ) | (0.28 | ) | (0.28 | ) | (0.25 | ) | ||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.13 | ) | — | — | — | ||||||||||||||||
Total distributions | (0.10 | ) | (0.20 | ) | (0.37 | ) | (0.28 | ) | (0.28 | ) | (0.25 | ) | ||||||||||||
Net asset value, end of period | $ | 10.39 | $ | 11.79 | $ | 12.20 | $ | 11.60 | $ | 10.89 | $ | 11.23 | ||||||||||||
Total return | (11.08 | )%(2) | (1.74 | )% | 8.42 | % | 9.17 | % | (0.54 | )% | 3.90 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 710.3 | $ | 904.3 | $ | 1,029.0 | $ | 786.4 | $ | 718.2 | $ | 825.4 | ||||||||||||
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 | 1.84 | %(3) | 1.41 | % | 1.88 | % | 2.49 | % | 2.52 | % | 2.15 | % | ||||||||||||
Portfolio turnover rate(4) | 24 | %(2) | 39 | % | 35 | % | 31 | % | 24 | % | 28 | % |
(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 225
Financial Highlights
Baird Core Plus Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.67 | $ | 12.14 | $ | 11.56 | $ | 10.82 | $ | 11.22 | $ | 11.03 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.14 | 0.26 | 0.29 | 0.33 | 0.33 | 0.30 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.42 | ) | (0.38 | ) | 0.72 | 0.75 | (0.39 | ) | 0.21 | |||||||||||||||
Total from investment operations | (1.28 | ) | (0.12 | ) | 1.01 | 1.08 | (0.06 | ) | 0.51 | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.14 | ) | (0.28 | ) | (0.31 | ) | (0.34 | ) | (0.34 | ) | (0.32 | ) | ||||||||||||
Distributions from net realized gains | — | (0.07 | ) | (0.12 | ) | — | — | — | ||||||||||||||||
Total distributions | (0.14 | ) | (0.35 | ) | (0.43 | ) | (0.34 | ) | (0.34 | ) | (0.32 | ) | ||||||||||||
Net asset value, end of period | $ | 10.25 | $ | 11.67 | $ | 12.14 | $ | 11.56 | $ | 10.82 | $ | 11.22 | ||||||||||||
Total return | (11.04 | )%(2) | (1.02 | )% | 8.80 | % | 10.11 | % | (0.51 | )% | 4.65 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 22,155.8 | $ | 27,654.9 | $ | 26,805.5 | $ | 21,424.9 | $ | 15,635.3 | $ | 13,920.2 | ||||||||||||
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 | 2.55 | %(3) | 2.16 | % | 2.46 | % | 2.95 | % | 3.01 | % | 2.68 | % | ||||||||||||
Portfolio turnover rate(4) | 14 | %(2) | 45 | % | 33 | % | 26 | % | 26 | % | 30 | % |
(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 226
Financial Highlights
Baird Core Plus Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.21 | $ | 12.68 | $ | 12.05 | $ | 11.28 | $ | 11.68 | $ | 11.46 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.13 | 0.24 | 0.28 | 0.32 | 0.31 | 0.28 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.50 | ) | (0.39 | ) | 0.74 | 0.76 | (0.40 | ) | 0.23 | |||||||||||||||
Total from investment operations | (1.37 | ) | (0.15 | ) | 1.02 | 1.08 | (0.09 | ) | 0.51 | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.12 | ) | (0.25 | ) | (0.28 | ) | (0.31 | ) | (0.31 | ) | (0.29 | ) | ||||||||||||
Distributions from net realized gains | — | (0.07 | ) | (0.11 | ) | — | — | — | ||||||||||||||||
Total distributions | (0.12 | ) | (0.32 | ) | (0.39 | ) | (0.31 | ) | (0.31 | ) | (0.29 | ) | ||||||||||||
Net asset value, end of period | $ | 10.72 | $ | 12.21 | $ | 12.68 | $ | 12.05 | $ | 11.28 | $ | 11.68 | ||||||||||||
Total return | (11.24 | )%(2) | (1.23 | )% | 8.58 | % | 9.69 | % | (0.74 | )% | 4.47 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,240.0 | $ | 1,612.2 | $ | 2,684.3 | $ | 2,500.0 | $ | 2,171.0 | $ | 2,431.0 | ||||||||||||
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 | 2.30 | %(3) | 1.91 | % | 2.21 | % | 2.70 | % | 2.76 | % | 2.43 | % | ||||||||||||
Portfolio turnover rate(4) | 14 | %(2) | 45 | % | 33 | % | 26 | % | 26 | % | 30 | % |
(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 227
Financial Highlights
Baird Short-Term Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.39 | $ | 10.43 | $ | 10.26 | $ | 10.06 | $ | 10.08 | $ | 9.97 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.06 | 0.12 | 0.17 | 0.20 | 0.20 | 0.18 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.48 | ) | (0.04 | ) | 0.16 | 0.20 | (0.03 | ) | 0.10 | |||||||||||||||
Total from investment operations | (0.42 | ) | 0.08 | 0.33 | 0.40 | 0.17 | 0.28 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.12 | ) | (0.16 | ) | (0.20 | ) | (0.19 | ) | (0.17 | ) | ||||||||||||
Distributions from net realized gains | — | (0.00 | )(2) | — | — | (0.00 | )(2) | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.06 | ) | (0.12 | ) | (0.16 | ) | (0.20 | ) | (0.19 | ) | (0.17 | ) | ||||||||||||
Net asset value, end of period | $ | 9.91 | $ | 10.39 | $ | 10.43 | $ | 10.26 | $ | 10.06 | $ | 10.08 | ||||||||||||
Total return | (4.05 | )%(3) | 0.74 | % | 3.25 | % | 3.96 | % | 1.75 | % | 2.84 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 2,105.8 | $ | 2,190.2 | $ | 1,520.0 | $ | 926.1 | $ | 281.2 | $ | 120.9 | ||||||||||||
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 | 1.24 | %(4) | 1.10 | % | 1.61 | % | 1.96 | % | 2.03 | % | 1.74 | % | ||||||||||||
Portfolio turnover rate(5) | 33 | %(3) | 44 | % | 32 | % | 34 | % | 107 | % | 54 | % |
(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 228
Financial Highlights
Baird Short-Term Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.38 | $ | 10.41 | $ | 10.25 | $ | 10.04 | $ | 10.06 | $ | 9.96 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.05 | 0.09 | 0.14 | 0.17 | 0.18 | 0.15 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.49 | ) | (0.03 | ) | 0.15 | 0.21 | (0.03 | ) | 0.09 | |||||||||||||||
Total from investment operations | (0.44 | ) | 0.06 | 0.29 | 0.38 | 0.15 | 0.24 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.05 | ) | (0.09 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.14 | ) | ||||||||||||
Distributions from net realized gains | — | (0.00 | )(2) | — | — | (0.00 | )(2) | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.05 | ) | (0.09 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 9.89 | $ | 10.38 | $ | 10.41 | $ | 10.25 | $ | 10.04 | $ | 10.06 | ||||||||||||
Total return | (4.26 | )%(3) | 0.59 | % | 2.90 | % | 3.81 | % | 1.52 | % | 2.45 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 84.0 | $ | 110.4 | $ | 92.2 | $ | 89.6 | $ | 64.0 | $ | 4.9 | ||||||||||||
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 | 0.99 | %(4) | 0.85 | % | 1.36 | % | 1.71 | % | 1.78 | % | 1.49 | % | ||||||||||||
Portfolio turnover rate(5) | 33 | %(3) | 44 | % | 32 | % | 34 | % | 107 | % | 54 | % |
(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 229
Financial Highlights
Baird Strategic Municipal Bond Fund – Institutional Class
Six Months Ended | Period Ended | |||||||||||||||
June 30, 2022 | Year Ended December 31, | December 31, | ||||||||||||||
(Unaudited) | 2021 | 2020 | 2019(1) | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 10.74 | $ | 10.67 | $ | 10.07 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(2) | 0.08 | 0.11 | 0.18 | 0.02 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.75 | ) | 0.14 | 0.66 | 0.07 | |||||||||||
Total from investment operations | (0.67 | ) | 0.25 | 0.84 | 0.09 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.08 | ) | (0.12 | ) | (0.17 | ) | (0.02 | ) | ||||||||
Distributions from net realized gains | — | (0.06 | ) | (0.07 | ) | — | ||||||||||
Total distributions | (0.08 | ) | (0.18 | ) | (0.24 | ) | (0.02 | ) | ||||||||
Net asset value, end of period | $ | 9.99 | $ | 10.74 | $ | 10.67 | $ | 10.07 | ||||||||
Total return | (6.26 | )%(3) | 2.26 | % | 8.39 | % | 0.88 | %(3) | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period (millions) | $ | 350.5 | $ | 345.0 | $ | 164.3 | $ | 12.0 | ||||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | % | 0.30 | %(4) | ||||||||
Ratio of net investment income to average net assets | 1.61 | %(4) | 1.07 | % | 1.72 | % | 1.60 | %(4) | ||||||||
Portfolio turnover rate(5) | 42 | %(3) | 55 | % | 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 230
Financial Highlights
Baird Strategic Municipal Bond Fund – Investor Class
Six Months Ended | Period Ended | |||||||||||||||
June 30, 2022 | Year Ended December 31, | December 31, | ||||||||||||||
(Unaudited) | 2021 | 2020 | 2019(1) | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 10.74 | $ | 10.67 | $ | 10.07 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(2) | 0.07 | 0.09 | 0.15 | 0.02 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.75 | ) | 0.13 | 0.67 | 0.06 | |||||||||||
Total from investment operations | (0.68 | ) | 0.22 | 0.82 | 0.08 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.07 | ) | (0.09 | ) | (0.15 | ) | (0.01 | ) | ||||||||
Distributions from net realized gains | — | (0.06 | ) | (0.07 | ) | — | ||||||||||
Total distributions | (0.07 | ) | (0.15 | ) | (0.22 | ) | (0.01 | ) | ||||||||
Net asset value, end of period | $ | 9.99 | $ | 10.74 | $ | 10.67 | $ | 10.07 | ||||||||
Total return | (6.37 | )%(3) | 2.00 | % | 8.13 | % | 0.85 | %(3) | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period (thousands) | $ | 8,463.2 | $ | 8,262.3 | $ | 6,976.1 | $ | 27.4 | ||||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | % | 0.55 | %(4) | ||||||||
Ratio of net investment income to average net assets | 1.36 | %(4) | 0.82 | % | 1.47 | % | 1.35 | %(4) | ||||||||
Portfolio turnover rate(5) | 42 | %(3) | 55 | % | 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 231
Financial Highlights
Baird Quality Intermediate Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.85 | $ | 12.03 | $ | 11.75 | $ | 11.38 | $ | 11.52 | $ | 11.43 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.10 | 0.21 | 0.24 | 0.27 | 0.27 | 0.27 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.83 | ) | (0.17 | ) | 0.28 | 0.37 | (0.14 | ) | 0.09 | |||||||||||||||
Total from investment operations | (0.73 | ) | 0.04 | 0.52 | 0.64 | 0.13 | 0.36 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.22 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
Distributions from return of capital | — | — | — | — | — | (0.00 | )(2) | |||||||||||||||||
Total distributions | (0.10 | ) | (0.22 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
Net asset value, end of period | $ | 11.02 | $ | 11.85 | $ | 12.03 | $ | 11.75 | $ | 11.38 | $ | 11.52 | ||||||||||||
Total return | (6.17 | )%(3) | 0.27 | % | 4.43 | % | 5.65 | % | 1.19 | % | 3.12 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,245.1 | $ | 1,526.2 | $ | 1,449.2 | $ | 1,257.4 | $ | 1,009.2 | $ | 1,044.1 | ||||||||||||
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 | 1.80 | %(4) | 1.75 | % | 2.03 | % | 2.30 | % | 2.39 | % | 2.29 | % | ||||||||||||
Portfolio turnover rate(5) | 10 | %(3) | 18 | % | 15 | % | 20 | % | 40 | % | 31 | % |
(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 232
Financial Highlights
Baird Quality Intermediate Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.16 | $ | 12.34 | $ | 12.04 | $ | 11.66 | $ | 11.80 | $ | 11.69 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.09 | 0.18 | 0.22 | 0.24 | 0.25 | 0.24 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.86 | ) | (0.18 | ) | 0.29 | 0.38 | (0.15 | ) | 0.11 | |||||||||||||||
Total from investment operations | (0.77 | ) | — | 0.51 | 0.62 | 0.10 | 0.35 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.18 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||
Distributions from return of capital | — | — | — | — | — | (0.00 | )(2) | |||||||||||||||||
Total distributions | (0.09 | ) | (0.18 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||
Net asset value, end of period | $ | 11.30 | $ | 12.16 | $ | 12.34 | $ | 12.04 | $ | 11.66 | $ | 11.80 | ||||||||||||
Total return | (6.38 | )%(3) | 0.02 | % | 4.23 | % | 5.33 | % | 0.90 | % | 2.97 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 37.9 | $ | 59.2 | $ | 52.4 | $ | 85.1 | $ | 110.8 | $ | 107.3 | ||||||||||||
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 | 1.55 | %(4) | 1.50 | % | 1.78 | % | 2.05 | % | 2.14 | % | 2.00 | % | ||||||||||||
Portfolio turnover rate(5) | 10 | %(3) | 18 | % | 15 | % | 20 | % | 40 | % | 31 | % |
(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 233
Financial Highlights
Baird Core Intermediate Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.96 | $ | 10.96 | $ | 10.65 | $ | 10.22 | $ | 10.32 | $ | 10.01 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.08 | 0.16 | 0.23 | 0.25 | 0.23 | 0.21 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.83 | ) | 0.02 | (2) | 0.33 | 0.43 | (0.10 | ) | 0.30 | |||||||||||||||
Total from investment operations | (0.75 | ) | 0.18 | 0.56 | 0.68 | 0.13 | 0.51 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.08 | ) | (0.17 | ) | (0.22 | ) | (0.24 | ) | (0.23 | ) | (0.20 | ) | ||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.03 | ) | (0.01 | ) | — | — | |||||||||||||||
Total distributions | (0.08 | ) | (0.18 | ) | (0.25 | ) | (0.25 | ) | (0.23 | ) | (0.20 | ) | ||||||||||||
Net asset value, end of period | $ | 10.13 | $ | 10.96 | $ | 10.96 | $ | 10.65 | $ | 10.22 | $ | 10.32 | ||||||||||||
Total return | (6.90 | )%(3) | 1.60 | % | 5.26 | % | 6.75 | % | 1.30 | % | 5.15 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,991.0 | $ | 1,531.2 | $ | 842.2 | $ | 535.5 | $ | 378.1 | $ | 234.8 | ||||||||||||
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 | 1.57 | %(4) | 1.47 | % | 2.09 | % | 2.36 | % | 2.30 | % | 2.04 | % | ||||||||||||
Portfolio turnover rate(5) | 41 | %(3) | 31 | % | 35 | % | 38 | % | 70 | % | 66 | % |
(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 unrealized gain (loss) on investments varies from the amounts shown in the Statement of Operations. |
(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 234
Financial Highlights
Baird Core Intermediate Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.96 | $ | 10.95 | $ | 10.64 | $ | 10.22 | $ | 10.32 | $ | 10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.07 | 0.13 | 0.20 | 0.22 | 0.21 | 0.18 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.85 | ) | 0.03 | (2) | 0.33 | 0.43 | (0.11 | ) | 0.32 | |||||||||||||||
Total from investment operations | (0.78 | ) | 0.16 | 0.53 | 0.65 | 0.10 | 0.50 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.14 | ) | (0.19 | ) | (0.22 | ) | (0.20 | ) | (0.18 | ) | ||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.03 | ) | (0.01 | ) | — | — | |||||||||||||||
Total distributions | (0.06 | ) | (0.15 | ) | (0.22 | ) | (0.23 | ) | (0.20 | ) | (0.18 | ) | ||||||||||||
Net asset value, end of period | $ | 10.12 | $ | 10.96 | $ | 10.95 | $ | 10.64 | $ | 10.22 | $ | 10.32 | ||||||||||||
Total return | (7.10 | )%(3) | 1.44 | % | 5.01 | % | 6.40 | % | 1.05 | % | 5.00 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 38.4 | $ | 42.5 | $ | 22.3 | $ | 5.9 | $ | 2.0 | $ | 1.7 | ||||||||||||
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 | 1.32 | %(4) | 1.22 | % | 1.84 | % | 2.11 | % | 2.05 | % | 1.79 | % | ||||||||||||
Portfolio turnover rate(5) | 41 | %(3) | 31 | % | 35 | % | 38 | % | 70 | % | 66 | % |
(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 unrealized gain (loss) on investments varies from the amounts shown in the Statement of Operations. |
(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 235
Financial Highlights
Baird Municipal Bond Fund – Institutional Class
Six Months Ended | Period Ended | |||||||||||||||
June 30, 2022 | Year Ended December 31, | December 31, | ||||||||||||||
(Unaudited) | 2021 | 2020 | 2019(1) | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 10.76 | $ | 10.67 | $ | 10.10 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(2) | 0.11 | 0.20 | 0.23 | 0.02 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (1.01 | ) | 0.17 | 0.76 | 0.10 | |||||||||||
Total from investment operations | (0.90 | ) | 0.37 | 0.99 | 0.12 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.20 | ) | (0.21 | ) | (0.02 | ) | ||||||||
Distributions from net realized gains | — | (0.08 | ) | (0.21 | ) | — | ||||||||||
Total distributions | (0.10 | ) | (0.28 | ) | (0.42 | ) | (0.02 | ) | ||||||||
Net asset value, end of period | $ | 9.76 | $ | 10.76 | $ | 10.67 | $ | 10.10 | ||||||||
Total return | (8.36 | )%(3) | 3.46 | % | 9.95 | % | 1.19 | %(3) | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period (millions) | $ | 49.2 | $ | 34.5 | $ | 20.3 | $ | 7.4 | ||||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | % | 0.30 | %(4) | ||||||||
Ratio of net investment income to average net assets | 2.21 | %(4) | 1.83 | % | 2.20 | % | 1.69 | %(4) | ||||||||
Portfolio turnover rate(5) | 40 | %(3) | 38 | % | 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 236
Financial Highlights
Baird Municipal Bond Fund – Investor Class
Six Months Ended | Period Ended | |||||||||||||||
June 30, 2022 | Year Ended December 31, | December 31, | ||||||||||||||
(Unaudited) | 2021 | 2020 | 2019(1) | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 10.74 | $ | 10.66 | $ | 10.10 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income(2) | 0.10 | 0.17 | 0.21 | 0.02 | ||||||||||||
Net realized and unrealized gains (losses) on investments | (1.00 | ) | 0.16 | 0.75 | 0.10 | |||||||||||
Total from investment operations | (0.90 | ) | 0.33 | 0.96 | 0.12 | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.17 | ) | (0.19 | ) | (0.02 | ) | ||||||||
Distributions from net realized gains | — | (0.08 | ) | (0.21 | ) | — | ||||||||||
Total distributions | (0.09 | ) | (0.25 | ) | (0.40 | ) | (0.02 | ) | ||||||||
Net asset value, end of period | $ | 9.75 | $ | 10.74 | $ | 10.66 | $ | 10.10 | ||||||||
Total return | (8.39 | )%(3) | 3.12 | % | 9.58 | % | 1.16 | %(3) | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period (thousands) | $ | 3,915.0 | $ | 3,193.3 | $ | 1,624.8 | $ | 29.1 | ||||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | % | 0.55 | %(4) | ||||||||
Ratio of net investment income to average net assets | 1.96 | %(4) | 1.58 | % | 1.95 | % | 1.44 | %(4) | ||||||||
Portfolio turnover rate(5) | 40 | %(3) | 38 | % | 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 237
Notes to the Financial Statements
June 30, 2022 (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 fifteen active funds in the series comprising the Company. Pursuant to the 1940 Act, the Funds in this report are “diversified” series of the Company. 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 1-3 Year U.S. Government/Credit Bond Index. The Fund’s benchmark index, the Bloomberg 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 Intermediate U.S. Government/Credit Bond Index. The Fund’s benchmark index, the Bloomberg 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 U.S. Aggregate Bond Index. The Fund’s benchmark index, the Bloomberg 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 debt obligations, 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 U.S. Universal Bond Index. The Fund’s benchmark index, the Bloomberg U.S. Universal Bond Index, is an unmanaged, market value weighted index of fixed income debt obligations issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed debt obligations, 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 (“NAV”), 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. Per GAAP, 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 NAV per share as of the close of regular trading of the New York Stock Exchange (generally, 4:00 p.m. ET). |
Page 238
Notes to the Financial Statements
June 30, 2022 (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 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, 2022 consisted 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 was as follows: |
Fund | Value | % of Net Assets | ||||||||
Baird Ultra Short Bond Fund | $ | 1,343,280,484 | 24.97 | % | ||||||
Baird Short-Term Bond Fund | 2,955,650,730 | 29.69 | % | |||||||
Baird Intermediate Bond Fund | 1,336,858,257 | 18.97 | % | |||||||
Baird Aggregate Bond Fund | 6,206,198,321 | 17.67 | % | |||||||
Baird Core Plus Bond Fund | 5,255,943,421 | 22.47 | % | |||||||
Baird Short-Term Municipal Bond Fund | 96,715,848 | 4.42 | % | |||||||
Baird Strategic Municipal Bond Fund | 20,939,368 | 5.83 | % | |||||||
Baird Quality Intermediate Municipal Bond Fund | 21,480,442 | 1.67 | % | |||||||
Baird Core Intermediate Municipal Bond Fund | 122,832,615 | 6.05 | % | |||||||
Baird Municipal Bond Fund | 1,463,967 | 2.76 | % |
d) | Foreign Securities – 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, 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, 2022, the Baird Strategic Municipal Bond Fund had $2,602 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 239
Notes to the Financial Statements
June 30, 2022 (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, 2021, or for any other tax years which are open for exam. As of December 31, 2021, open tax years include the tax years ended December 31, 2018 through 2021. 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 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 has evaluated Rule 2a-5 and will adopt required provisions by the compliance date. |
In November 2020, the SEC adopted Rule 18f-4 under the 1940 Act and issued Release No. IC-34084, Use of Derivatives by Registered Investment Companies and Business Development Companies (“Rule 18f-4”), to govern the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4 will replace existing SEC and staff guidance with a new framework for the use of derivatives by registered investment companies. Unless a fund qualifies as a “limited derivatives user,” as defined in Rule 18f-4, Rule 18f-4 will require registered investment companies that trade derivatives and other instruments that create future payment or delivery obligations to adopt a value at-risk leverage limit and implement a derivatives risk management program. The compliance date for Rule 18f-4 is August 19, 2022. Management has evaluated Rule 18f-4 and will adopt required provisions by the compliance date. | |
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”) and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the Funds’ investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines. |
Page 240
Notes to the Financial Statements
June 30, 2022 (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 | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 295,583,050 | $ | 2,960,178,955 | 706,670,026 | (1) | $ | 7,113,668,044 | (1) | ||||||||
Shares issued to shareholders in reinvestment of distributions | 2,042,238 | 20,405,947 | 2,705,405 | 27,229,753 | ||||||||||||
Shares redeemed | (453,679,132 | ) | (4,536,696,675 | ) | (465,834,447 | ) | (4,688,653,810 | ) | ||||||||
Net increase (decrease) | (156,053,844 | ) | $ | (1,556,111,773 | ) | 243,540,984 | $ | 2,452,243,987 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 685,717,731 | 442,176,747 | ||||||||||||||
End of period | 529,663,887 | 685,717,731 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,471,178 | $ | 14,758,291 | 18,443,119 | $ | 186,265,589 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 27,165 | 272,058 | 45,414 | 458,401 | ||||||||||||
Shares redeemed | (8,042,873 | ) | (80,613,616 | ) | (14,329,674 | ) | (144,622,291 | ) | ||||||||
Net increase (decrease) | (6,544,530 | ) | $ | (65,583,267 | ) | 4,158,859 | $ | 42,101,699 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 16,302,210 | 12,143,351 | ||||||||||||||
End of period | 9,757,680 | 16,302,210 | ||||||||||||||
Total net increase (decrease) | $ | (1,621,695,040 | ) | $ | 2,494,345,686 | |||||||||||
(1) Includes purchase in-kind transactions. See additional information contained in this Note. | ||||||||||||||||
Baird Short-Term Bond Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 207,458,451 | $ | 1,971,427,703 | 541,846,644 | $ | 5,339,349,583 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 5,525,045 | 52,266,918 | 12,532,691 | 123,134,971 | ||||||||||||
Shares redeemed | (249,822,568 | ) | (2,364,921,971 | ) | (364,097,312 | ) | (3,588,101,413 | ) | ||||||||
Net increase (decrease) | (36,839,072 | ) | $ | (341,227,350 | ) | 190,282,023 | $ | 1,874,383,141 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 1,076,834,440 | 886,552,417 | ||||||||||||||
End of period | 1,039,995,368 | 1,076,834,440 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 7,599,893 | $ | 71,945,610 | 15,561,012 | $ | 153,622,226 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 111,694 | 1,055,648 | 275,715 | 2,707,208 | ||||||||||||
Shares redeemed | (8,343,476 | ) | (79,265,827 | ) | (9,346,379 | ) | (92,107,513 | ) | ||||||||
Net increase (decrease) | (631,889 | ) | $ | (6,264,569 | ) | 6,490,348 | $ | 64,221,921 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 25,933,108 | 19,442,760 | ||||||||||||||
End of period | 25,301,219 | 25,933,108 | ||||||||||||||
Total net increase (decrease) | $ | (347,491,919 | ) | $ | 1,938,605,062 |
Page 241
Notes to the Financial Statements
June 30, 2022 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Intermediate Bond Fund
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 173,243,675 | (1) | $ | 1,852,349,906 | (1) | 202,092,671 | (1) | $ | 2,322,166,062 | (1) | ||||||
Shares issued to shareholders in reinvestment of distributions | 4,553,267 | 48,370,777 | 10,626,575 | 121,195,480 | ||||||||||||
Shares redeemed | (90,820,571 | ) | (966,514,137 | ) | (73,997,341 | ) | (849,445,075 | ) | ||||||||
Net increase | 86,976,371 | $ | 934,206,546 | 138,721,905 | $ | 1,593,916,467 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 589,061,446 | 450,339,541 | ||||||||||||||
End of period | 676,037,817 | 589,061,446 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 768,339 | $ | 8,695,990 | 2,200,599 | $ | 26,620,652 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 24,214 | 270,234 | 70,776 | 847,356 | ||||||||||||
Shares redeemed | (857,147 | ) | (9,572,917 | ) | (3,203,719 | ) | (38,632,371 | ) | ||||||||
Net decrease | (64,594 | ) | $ | (606,693 | ) | (932,344 | ) | $ | (11,164,363 | ) | ||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 3,569,179 | 4,501,523 | ||||||||||||||
End of period | 3,504,585 | 3,569,179 | ||||||||||||||
Total net increase | $ | 933,599,853 | $ | 1,582,752,104 | ||||||||||||
(1) Includes purchase in-kind transactions. See additional information contained in this Note. | ||||||||||||||||
Baird Aggregate Bond Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 575,038,436 | $ | 6,017,151,589 | 1,299,107,235 | $ | 14,925,486,252 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 32,863,533 | 342,851,415 | 56,052,498 | 641,563,055 | ||||||||||||
Shares redeemed | (608,046,710 | ) | (6,358,930,656 | ) | (628,479,154 | ) | (7,215,058,879 | ) | ||||||||
Net increase (decrease) | (144,741 | ) | $ | 1,072,348 | 726,680,579 | $ | 8,351,990,428 | |||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 3,435,420,504 | 2,708,739,925 | ||||||||||||||
End of period | 3,435,275,763 | 3,435,420,504 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 7,454,239 | $ | 82,831,423 | 31,386,082 | $ | 374,344,332 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 644,536 | 6,981,923 | 1,347,619 | 15,997,081 | ||||||||||||
Shares redeemed | (16,445,331 | ) | (179,630,236 | ) | (40,396,219 | ) | (481,603,438 | ) | ||||||||
Net decrease | (8,346,556 | ) | $ | (89,816,890 | ) | (7,662,518 | ) | $ | (91,262,025 | ) | ||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 76,709,461 | 84,371,979 | ||||||||||||||
End of period | 68,362,905 | 76,709,461 | ||||||||||||||
Total net increase (decrease) | $ | (88,744,542 | ) | $ | 8,260,728,403 | |||||||||||
Baird Core Plus Bond Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 241,644,749 | $ | 2,621,484,425 | 779,746,048 | $ | 9,237,061,141 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 26,502,540 | 284,092,551 | 65,142,363 | 768,500,008 | ||||||||||||
Shares redeemed | (475,469,781 | ) | (5,131,359,142 | ) | (683,375,828 | ) | (8,083,597,220 | ) | ||||||||
Net increase (decrease) | (207,322,492 | ) | $ | (2,225,782,166 | ) | 161,512,583 | $ | 1,921,963,929 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 2,369,697,698 | 2,208,185,115 | ||||||||||||||
End of period | 2,162,375,206 | 2,369,697,698 |
Page 242
Notes to the Financial Statements
June 30, 2022 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Core Plus Bond Fund (cont.)
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 13,189,630 | $ | 151,380,122 | 41,521,715 | $ | 516,846,683 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 1,337,037 | 15,002,425 | 3,703,407 | 45,687,208 | ||||||||||||
Shares redeemed | (30,961,055 | ) | (351,086,473 | ) | (124,846,487 | ) | (1,537,363,661 | ) | ||||||||
Net decrease | (16,434,388 | ) | $ | (184,703,926 | ) | (79,621,365 | ) | $ | (974,829,770 | ) | ||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 132,071,461 | 211,692,826 | ||||||||||||||
End of period | 115,637,073 | 132,071,461 | ||||||||||||||
Total net increase (decrease) | $ | (2,410,486,092 | ) | $ | 947,134,159 | |||||||||||
Baird Short-Term Municipal Bond Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 99,881,934 | $ | 999,775,796 | 145,229,039 | $ | 1,515,263,682 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 939,031 | 9,402,656 | 1,557,066 | 16,218,709 | ||||||||||||
Shares redeemed | (99,064,119 | ) | (992,155,828 | ) | (81,845,339 | ) | (853,254,906 | ) | ||||||||
Net increase | 1,756,846 | $ | 17,022,624 | 64,940,766 | $ | 678,227,485 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 210,702,796 | 145,762,030 | ||||||||||||||
End of period | 212,459,642 | 210,702,796 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,871,479 | $ | 18,755,202 | 6,141,869 | $ | 63,934,129 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 37,318 | 373,014 | 70,162 | 729,733 | ||||||||||||
Shares redeemed | (4,057,224 | ) | (40,676,907 | ) | (4,436,586 | ) | (46,190,070 | ) | ||||||||
Net increase (decrease) | (2,148,427 | ) | $ | (21,548,691 | ) | 1,775,445 | $ | 18,473,792 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 10,635,225 | 8,859,780 | ||||||||||||||
End of period | 8,486,798 | 10,635,225 | ||||||||||||||
Total net increase (decrease) | $ | (4,526,067 | ) | $ | 696,701,277 | |||||||||||
Baird Strategic Municipal Bond Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 20,307,410 | $ | 206,273,949 | 23,465,676 | $ | 252,459,481 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 248,382 | 2,529,004 | 400,578 | 4,306,615 | ||||||||||||
Shares redeemed | (17,600,103 | ) | (178,106,937 | ) | (7,137,742 | ) | (76,900,323 | ) | ||||||||
Net increase | 2,955,689 | $ | 30,696,016 | 16,728,512 | $ | 179,865,773 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 32,129,772 | 15,401,260 | ||||||||||||||
End of period | 35,085,461 | 32,129,772 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 253,138 | $ | 2,600,185 | 268,897 | $ | 2,887,890 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 2,153 | 21,839 | 6,013 | 64,610 | ||||||||||||
Shares redeemed | (177,771 | ) | (1,809,319 | ) | (159,100 | ) | (1,712,593 | ) | ||||||||
Net increase | 77,520 | $ | 812,705 | 115,810 | $ | 1,239,907 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 769,622 | 653,812 | ||||||||||||||
End of period | 847,142 | 769,622 | ||||||||||||||
Total net increase | $ | 31,508,721 | $ | 181,105,680 |
Page 243
Notes to the Financial Statements
June 30, 2022 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Quality Intermediate Municipal Bond Fund
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 32,554,773 | $ | 363,506,130 | 35,483,051 | $ | 423,658,386 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 947,322 | 10,646,334 | 1,996,768 | 23,789,767 | ||||||||||||
Shares redeemed | (49,223,330 | ) | (550,963,349 | ) | (29,165,756 | ) | (347,651,750 | ) | ||||||||
Net increase (decrease) | (15,721,235 | ) | $ | (176,810,885 | ) | 8,314,063 | $ | 99,796,403 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 128,752,160 | 120,438,097 | ||||||||||||||
End of period | 113,030,925 | 128,752,160 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,133,774 | $ | 12,968,101 | 1,409,837 | $ | 17,217,572 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 29,710 | 342,711 | 63,248 | 772,922 | ||||||||||||
Shares redeemed | (2,682,328 | ) | (30,799,381 | ) | (848,015 | ) | (10,378,647 | ) | ||||||||
Net increase (decrease) | (1,518,844 | ) | $ | (17,488,569 | ) | 625,070 | $ | 7,611,847 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 4,870,922 | 4,245,852 | ||||||||||||||
End of period | 3,352,078 | 4,870,922 | ||||||||||||||
Total net increase (decrease) | $ | (194,299,454 | ) | $ | 107,408,250 | |||||||||||
Baird Core Intermediate Municipal Bond Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 122,415,379 | $ | 1,272,315,146 | 80,705,470 | $ | 885,625,355 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 947,333 | 9,789,333 | 1,367,974 | 14,985,015 | ||||||||||||
Shares redeemed | (66,483,248 | ) | (686,666,279 | ) | (19,257,996 | ) | (211,074,750 | ) | ||||||||
Net increase | 56,879,464 | $ | 595,438,200 | 62,815,448 | $ | 689,535,620 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 139,678,631 | 76,863,183 | ||||||||||||||
End of period | 196,558,095 | 139,678,631 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,440,928 | $ | 25,271,060 | 2,693,728 | $ | 29,538,079 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 20,510 | 211,481 | 33,210 | 363,546 | ||||||||||||
Shares redeemed | (2,545,167 | ) | (26,463,662 | ) | (883,426 | ) | (9,669,995 | ) | ||||||||
Net increase (decrease) | (83,729 | ) | $ | (981,121 | ) | 1,843,512 | $ | 20,231,630 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 3,879,431 | 2,035,919 | ||||||||||||||
End of period | 3,795,702 | 3,879,431 | ||||||||||||||
Total net increase | $ | 594,457,079 | $ | 709,767,250 | ||||||||||||
Baird Municipal Bond Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 3,233,344 | $ | 32,658,745 | 1,540,495 | $ | 16,605,748 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 39,961 | 399,861 | 66,656 | 717,800 | ||||||||||||
Shares redeemed | (1,436,862 | ) | (14,358,226 | ) | (300,031 | ) | (3,245,575 | ) | ||||||||
Net increase | 1,836,443 | $ | 18,700,380 | 1,307,120 | $ | 14,077,973 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 3,207,370 | 1,900,250 | ||||||||||||||
End of period | 5,043,813 | 3,207,370 |
Page 244
Notes to the Financial Statements
June 30, 2022 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Municipal Bond Fund (cont.)
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 371,936 | $ | 3,632,369 | 166,129 | $ | 1,777,200 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 771 | 7,593 | 2,590 | 27,844 | ||||||||||||
Shares redeemed | (268,349 | ) | (2,704,702 | ) | (23,976 | ) | (259,157 | ) | ||||||||
Net increase | 104,358 | $ | 935,260 | 144,743 | $ | 1,545,887 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 297,235 | 152,492 | ||||||||||||||
End of period | 401,593 | 297,235 | ||||||||||||||
Total net increase | $ | 19,635,640 | $ | 15,623,860 |
Purchase in-kind transactions
During the six months ended June 30, 2022, 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, 2022 | |||||||||
Value of Cash and | |||||||||
Fund | Effective Date | Securities Received | Shares Sold | ||||||
Baird Intermediate Bond Fund – Institutional Class(1) | March 29, 2022 | $ | 105,831,914 | 9,909,355 | |||||
Baird Intermediate Bond Fund – Institutional Class(1) | March 30, 2022 | 512,255 | 47,874 | ||||||
Baird Intermediate Bond Fund – Institutional Class(2) | April 27, 2022 | 60,581,686 | 5,764,195 | ||||||
Baird Intermediate Bond Fund – Institutional Class(2) | May 17, 2022 | 253,996 | 24,329 | ||||||
Total | $ | 167,179,851 |
(1) | Lines comprise a single transfer in-kind effected on March 29, 2022 and March 30, 2022. |
(2) | Lines comprise a single transfer in-kind effected on April 27, 2022 and May 17, 2022. |
During the year ended December 31, 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:
Year Ended December 31, 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 | ||||||
Baird Intermediate Bond Fund – Institutional Class | October 27, 2021 | 39,779,568 | 3,489,436 | ||||||
Total | $ | 89,073,111 |
4. | Investment Transactions and Income Tax Information |
During the six months ended June 30, 2022, 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 | $ | 645,665,625 | $ | 457,212,693 | $ | 1,855,072,345 | $ | 2,326,539,919 | ||||||||
Baird Short-Term Bond Fund | 1,761,076,029 | 2,436,204,522 | 1,648,495,748 | 1,139,724,897 | ||||||||||||
Baird Intermediate Bond Fund | 1,513,699,917 | 1,206,829,003 | 849,347,974 | 301,838,823 | ||||||||||||
Baird Aggregate Bond Fund | 4,852,745,132 | 6,687,828,276 | 4,121,125,833 | 2,294,503,865 | ||||||||||||
Baird Core Plus Bond Fund | 1,804,482,892 | 3,884,825,110 | 1,896,078,646 | 2,135,580,750 | ||||||||||||
Baird Short-Term Municipal Bond Fund | — | 74,696,016 | 807,689,006 | 591,637,282 | ||||||||||||
Baird Strategic Municipal Bond Fund | — | — | 214,769,709 | 134,709,048 | ||||||||||||
Baird Quality Intermediate Municipal Bond Fund | — | — | 129,243,987 | 338,943,398 | ||||||||||||
Baird Core Intermediate Municipal Bond Fund | 261,806,895 | 260,400,566 | 1,033,312,664 | 387,310,503 | ||||||||||||
Baird Municipal Bond Fund | 1,009,465 | 1,012,859 | 37,340,976 | 16,032,774 |
As of December 31, 2021, 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 | $ | 6,970,257,713 | $ | 11,115,134,591 | $ | 6,701,023,656 | $ | 39,875,542,176 | $ | 28,972,876,508 | ||||||||||
Gross unrealized appreciation | 426,509 | 31,530,140 | 94,459,950 | 1,115,289,393 | 1,123,861,179 | |||||||||||||||
Gross unrealized depreciation | (11,363,434 | ) | (67,895,210 | ) | (57,708,664 | ) | (441,736,741 | ) | (279,489,265 | ) | ||||||||||
Net unrealized appreciation (depreciation) | (10,936,925 | ) | (36,365,070 | ) | 36,751,286 | 673,552,652 | 844,371,914 | |||||||||||||
Undistributed ordinary income | 185,651 | 529,992 | 499,462 | 1,195,857 | 1,346,649 | |||||||||||||||
Undistributed long-term capital gains | — | 4,200,688 | — | — | 4,248,998 | |||||||||||||||
Distributable earnings | 185,651 | 4,730,680 | 499,462 | 1,195,857 | 5,595,647 | |||||||||||||||
Other accumulated losses | (5,299,453 | ) | (3,890,039 | ) | (2,387,345 | ) | (14,775,054 | ) | — | |||||||||||
Total distributable earnings (loss) | $ | (16,050,727 | ) | $ | (35,524,429 | ) | $ | 34,863,403 | $ | 659,973,455 | $ | 849,967,561 |
Page 245
Notes to the Financial Statements
June 30, 2022 (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 | $ | 2,280,017,763 | $ | 353,621,341 | $ | 1,516,785,446 | $ | 1,533,048,660 | $ | 36,048,190 | ||||||||||
Gross unrealized appreciation | 22,558,479 | 3,683,355 | 58,056,055 | 36,661,392 | 995,747 | |||||||||||||||
Gross unrealized depreciation | (3,148,299 | ) | (367,791 | ) | (1,270,280 | ) | (1,380,390 | ) | (59,425 | ) | ||||||||||
Net unrealized appreciation | 19,410,180 | 3,315,564 | 56,785,775 | 35,281,002 | 936,322 | |||||||||||||||
Undistributed ordinary income | — | 101,161 | — | 8,419 | — | |||||||||||||||
Undistributed tax-exempt income | 250,745 | 43,155 | 292,548 | 232,742 | 8,722 | |||||||||||||||
Distributable earnings | 250,745 | 144,316 | 292,548 | 241,161 | 8,722 | |||||||||||||||
Other accumulated losses | (343,795 | ) | — | (12,106,480 | ) | — | (88 | ) | ||||||||||||
Total distributable earnings | $ | 19,317,130 | $ | 3,459,880 | $ | 44,971,843 | $ | 35,522,163 | $ | 944,956 |
The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.
Additionally, 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. These reclassifications have no effect on net assets or NAV per share.
Distributions to Shareholders
Each Fund generally pays dividends from net investment income monthly and distributes net realized capital gains 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, 2022 | ||||||||||||
Ordinary | Tax-Exempt | |||||||||||
Fund | Income | Income | Total | |||||||||
Baird Ultra Short Bond Fund | $ | 22,472,241 | $ | — | $ | 22,472,241 | ||||||
Baird Short-Term Bond Fund | 59,786,362 | — | 59,786,362 | |||||||||
Baird Intermediate Bond Fund | 56,582,951 | — | 56,582,951 | |||||||||
Baird Aggregate Bond Fund | 384,710,682 | — | 384,710,682 | |||||||||
Baird Core Plus Bond Fund | 324,207,499 | — | 324,207,499 | |||||||||
Baird Short-Term Municipal Bond Fund | — | 12,869,339 | 12,869,339 | |||||||||
Baird Strategic Municipal Bond Fund | — | 2,641,715 | 2,641,715 | |||||||||
Baird Quality Intermediate Municipal Bond Fund | — | 12,533,560 | 12,533,560 | |||||||||
Baird Core Intermediate Municipal Bond Fund | — | 13,393,386 | 13,393,386 | |||||||||
Baird Municipal Bond Fund | — | 450,340 | 450,340 |
For the six months ended June 30, 2022, 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, 2021 | ||||||||||||||||
Ordinary | Long-Term | Tax-Exempt | ||||||||||||||
Fund | Income | Capital Gains | Income | Total | ||||||||||||
Baird Ultra Short Bond Fund | $ | 29,091,904 | $ | — | $ | — | $ | 29,091,904 | ||||||||
Baird Short-Term Bond Fund | 113,615,447 | 25,701,730 | — | 139,317,177 | ||||||||||||
Baird Intermediate Bond Fund | 96,264,986 | 43,852,857 | — | 140,117,843 | ||||||||||||
Baird Aggregate Bond Fund | 680,906,564 | 41,153,174 | — | 722,059,738 | ||||||||||||
Baird Core Plus Bond Fund | 703,200,275 | 173,585,801 | — | 876,786,076 | ||||||||||||
Baird Short-Term Municipal Bond Fund | 561,733 | �� | — | 20,968,994 | 21,530,727 | |||||||||||
Baird Strategic Municipal Bond Fund | 1,909,435 | — | 2,595,956 | 4,505,391 | ||||||||||||
Baird Quality Intermediate Municipal Bond Fund | 1,308 | — | 27,819,540 | 27,820,848 | ||||||||||||
Baird Core Intermediate Municipal Bond Fund | 1,654,250 | — | 17,295,308 | 18,949,558 | ||||||||||||
Baird Municipal Bond Fund | 298,002 | — | 548,729 | 846,731 |
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, 2021. 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.
Page 246
Notes to the Financial Statements
June 30, 2022 (Unaudited)
4. | Investment Transactions and Income Tax Information (cont.) |
At December 31, 2021, the following Funds deferred, on a tax basis, post-October losses and specified losses of:
Fund | Loss Deferral | |||
Baird Short-Term Bond Fund | $ | 3,890,039 | ||
Baird Intermediate Bond Fund | 2,387,345 | |||
Baird Aggregate Bond Fund | 14,775,054 | |||
Baird Short-Term Municipal Bond Fund | 343,795 | |||
Baird Municipal Bond Fund | 88 |
At December 31, 2021, accumulated net realized capital loss carryovers, if any, were:
Capital Loss Carryover | Year of Expiration | ||||||||||
Fund | Short-term | Long-term | Short-term | Long-term | |||||||
Baird Ultra Short Bond Fund | $ | 4,948,359 | $ | 351,094 | Indefinitely | Indefinitely | |||||
Baird Quality Intermediate Municipal Bond Fund | 6,077,612 | 6,028,868 | Indefinitely | Indefinitely |
During the year ended December 31, 2021, the Baird Short-Term Municipal Bond Fund utilized capital loss carryover of $372,629.
5. | Investment Advisory, Other Agreements and Related Party Transactions |
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 each Fund 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, 2023. 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, 2022, 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 | $ | 4,943,930 |
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 each Fund 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, 2022 for the Funds.
The Funds may use related party broker-dealers. For the six months ended June 30, 2022 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, 2022, the Funds purchased the following amounts of such securities:
Fund | Purchases | |||
Baird Aggregate Bond Fund | $ | 69,850,000 | ||
Baird Core Plus Bond Fund | 1,500,000 | |||
Baird Short-Term Municipal Bond Fund | 15,780,000 | |||
Baird Quality Intermediate Municipal Bond Fund | 510,000 | |||
Baird Core Intermediate Municipal Bond Fund | 11,705,000 |
6. | Line of Credit |
The Company maintains an uncommitted line of credit (“LOC”) with U.S. Bank to provide the fifteen 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, 2022, the Prime Rate was 4.75%. The LOC matures on May 22, 2023, 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, 2022, the Funds borrowed from the LOC as follows:
Amount | Interest Charges | Borrowing | |
Fund | Borrowed | Accrued | Rate |
Baird Core Intermediate Municipal Bond | $131,622,000 | $4,570 | 1.25% |
No other borrowings occurred during the six months ended June 30, 2022, nor were any other borrowings outstanding under the LOC as of June 30, 2022.
Page 247
Notes to the Financial Statements
June 30, 2022 (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, 2022, the Funds incurred fees pursuant to the Plan as follows:
Fund | ||||
Baird Ultra Short Bond Fund | $ | 166,071 | ||
Baird Short-Term Bond Fund | 294,187 | |||
Baird Intermediate Bond Fund | 50,858 | |||
Baird Aggregate Bond Fund | 999,821 | |||
Baird Core Plus Bond Fund | 1,757,763 | |||
Baird Short-Term Municipal Bond Fund | 118,735 | |||
Baird Strategic Municipal Bond Fund | 10,264 | |||
Baird Quality Intermediate Municipal Bond Fund | 63,503 | |||
Baird Core Intermediate Municipal Bond Fund | 51,141 | |||
Baird Municipal Bond Fund | 3,517 |
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 market value of futures contracts, the diversification effects among the Fund’s open positions and the liquidity of the markets in which it trades.
The Baird Strategic Municipal Bond Fund had no outstanding futures contracts at June 30, 2022.
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 may be held 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. These contracts are not subject to a master netting agreement.
The following table presents the results of the derivative trading and information related to volume for the six months ended June 30, 2022 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 | $ | (735,453 | ) | $ | — | |||
Total U.S. Treasury futures contracts | $ | (735,453 | ) | $ | — |
The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts during the six months ended June 30, 2022 were:
Average Notional Amount | ||||||||
Long Contracts | Short Contracts | |||||||
Baird Strategic Municipal Bond Fund | ||||||||
U.S. Treasury futures contracts | $ | 6,705,580 | $ | — |
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, 2022. There were no subsequent events since June 30, 2022, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.
Page 248
Statement Regarding Liquidity Risk Management Program
June 30, 2022 (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 28, 2022, the Board reviewed the Committee’s annual written report (the “Report”) for the period January 1, 2021 to December 31, 2021 (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 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.
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 or by accessing the Funds’ website at www.bairdfunds.com.
Page 249
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
David J. Lubar
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, 2022
Baird Mid Cap Growth Fund
Baird Small/Mid Cap Growth Fund
Baird Equity Opportunity 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 Mid Cap Growth Fund | 1 | |
Baird Small/Mid Cap Growth Fund | 5 | |
Baird Equity Opportunity Fund | 9 | |
Chautauqua International Growth Fund | 13 | |
Chautauqua Global Growth Fund | 17 | |
Additional Information on Fund Expenses | 21 | |
Statements of Assets and Liabilities | 22 | |
Statements of Operations | 24 | |
Statements of Changes in Net Assets | 26 | |
Financial Highlights | 29 | |
Notes to the Financial Statements | 39 | |
Statement Regarding Liquidity Risk Management Program | 48 | |
Additional Information | 49 |
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
Baird Mid Cap Growth Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
A June 30, 2022 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) | ||
Pool Corp. | 2.6% | ||
ResMed, Inc. | 2.6% | ||
ICON PLC | 2.5% | ||
Keysight Technologies, Inc. | 2.5% | ||
Synopsys, Inc. | 2.4% | ||
Lamb Weston Holdings, Inc. | 2.3% | ||
Cadence Design System, Inc. | 2.3% | ||
Copart, Inc. | 2.2% | ||
Catalent, Inc. | 2.1% | ||
HEICO Corp. | 2.1% | ||
Net Assets: | $1,835,780,441 | ||
Portfolio Turnover Rate: | 14% | (5) | |
Number of Equity Holdings: | 57 | ||
Annualized Portfolio Expense Ratio(3): | |||
Gross | |||
Institutional Class: | 0.80% | ||
Investor Class: | 1.05% | (4) | |
Net | |||
Institutional Class: | 0.80% | ||
Investor Class: | 1.05% | (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, 2022. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2022, 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, 2022. 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, 2023. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 1
Baird Mid Cap Growth Fund(1)
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(2) |
Institutional Class Shares | -30.68% | -22.30% | 10.91% | 11.20% | 7.90% |
Investor Class Shares | -30.77% | -22.49% | 10.61% | 10.92% | 7.64% |
Russell Midcap® Growth Index(3) | -31.00% | -29.57% | 8.88% | 11.50% | 7.01% |
(1) | Effective April 30, 2022, the Fund changed its name from the Baird MidCap Fund to the Baird Mid Cap Growth Fund. |
(2) | For the period from December 29, 2000 (inception date) through June 30, 2022. |
(3) | 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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. 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 Mid Cap Growth Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Aerospace & Defense | ||||||||||||
HEICO Corp. | 297,485 | $ | 39,006,233 | 2.1 | % | |||||||
Banks | ||||||||||||
Pinnacle Financial Partners, Inc. | 507,362 | 36,687,346 | 2.0 | % | ||||||||
Western Alliance Bancorp | 220,504 | 15,567,583 | 0.9 | % | ||||||||
52,254,929 | 2.9 | % | ||||||||||
Building Products | ||||||||||||
Advanced Drainage Systems, Inc. | 342,587 | 30,856,811 | 1.7 | % | ||||||||
Trex Co., Inc.(1) | 374,961 | 20,405,378 | 1.1 | % | ||||||||
51,262,189 | 2.8 | % | ||||||||||
Capital Markets | ||||||||||||
MSCI, Inc. | 77,970 | 32,135,335 | 1.8 | % | ||||||||
Commercial Services & Supplies | ||||||||||||
Copart, Inc.(1) | 365,941 | 39,763,149 | 2.2 | % | ||||||||
Communications Equipment | ||||||||||||
Arista Networks, Inc.(1) | 336,455 | 31,539,292 | 1.7 | % | ||||||||
Distributors | ||||||||||||
Pool Corp. | 135,799 | 47,696,683 | 2.6 | % | ||||||||
Electrical Equipment | ||||||||||||
Generac Holdings, Inc.(1) | 184,546 | 38,861,697 | 2.1 | % | ||||||||
Electronic Equipment, | ||||||||||||
Instruments & Components | ||||||||||||
CDW Corp. | 244,414 | 38,509,870 | 2.1 | % | ||||||||
Keysight Technologies, Inc.(1) | 331,404 | 45,684,041 | 2.5 | % | ||||||||
84,193,911 | 4.6 | % | ||||||||||
Food Products | ||||||||||||
Lamb Weston Holdings, Inc. | 592,932 | 42,370,921 | 2.3 | % | ||||||||
Health Care Equipment & Supplies | ||||||||||||
Align Technology, Inc.(1) | 133,123 | 31,506,220 | 1.7 | % | ||||||||
DexCom, Inc.(1) | 380,088 | 28,327,959 | 1.5 | % | ||||||||
IDEXX Laboratories, Inc.(1) | 72,410 | 25,396,359 | 1.4 | % | ||||||||
Insulet Corp.(1) | 168,606 | 36,745,992 | 2.0 | % | ||||||||
ResMed, Inc. | 224,211 | 47,001,352 | 2.6 | % | ||||||||
STERIS PLC | 132,497 | 27,314,256 | 1.5 | % | ||||||||
196,292,138 | 10.7 | % | ||||||||||
Health Care Technology | ||||||||||||
Doximity, Inc.(1) | 884,013 | 30,781,333 | 1.7 | % | ||||||||
Hotels, Restaurants & Leisure | ||||||||||||
Chipotle Mexican Grill, Inc.(1) | 21,624 | 28,268,190 | 1.5 | % | ||||||||
Household Durables | ||||||||||||
DR Horton, Inc. | 276,010 | 18,269,102 | 1.0 | % | ||||||||
Interactive Media & Services | ||||||||||||
Match Group, Inc.(1) | 326,214 | 22,733,854 | 1.2 | % | ||||||||
Internet & Direct Marketing Retail | ||||||||||||
Etsy, Inc.(1) | 155,261 | 11,366,658 | 0.6 | % | ||||||||
IT Services | ||||||||||||
Broadridge Financial Solutions, Inc. | 260,663 | 37,157,511 | 2.0 | % | ||||||||
EPAM Systems, Inc.(1) | 123,364 | 36,365,240 | 2.0 | % | ||||||||
Euronet Worldwide, Inc.(1) | 272,649 | 27,425,763 | 1.5 | % | ||||||||
Globant SA(1) | 147,229 | 25,617,846 | 1.4 | % | ||||||||
Jack Henry & Associates, Inc. | 208,131 | 37,467,742 | 2.0 | % | ||||||||
VeriSign, Inc.(1) | 109,325 | 18,293,352 | 1.0 | % | ||||||||
182,327,454 | 9.9 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
ICON PLC(1)(2) | 211,360 | 45,801,712 | 2.5 | % | ||||||||
Repligen Corp.(1) | 192,145 | 31,204,348 | 1.7 | % | ||||||||
77,006,060 | 4.2 | % | ||||||||||
Machinery | ||||||||||||
Graco, Inc. | 482,834 | 28,685,168 | 1.6 | % | ||||||||
IDEX Corp. | 195,914 | 35,583,860 | 2.0 | % | ||||||||
Ingersoll Rand, Inc. | 751,220 | 31,611,337 | 1.7 | % | ||||||||
RBC Bearings, Inc.(1) | 161,748 | 29,915,293 | 1.6 | % | ||||||||
125,795,658 | 6.9 | % | ||||||||||
Oil, Gas & Consumable Fuels | ||||||||||||
Diamondback Energy, Inc. | 142,998 | 17,324,208 | 0.9 | % | ||||||||
Pharmaceuticals | ||||||||||||
Catalent, Inc.(1) | 366,312 | 39,301,614 | 2.1 | % | ||||||||
Professional Services | ||||||||||||
CoStar Group, Inc.(1) | 589,117 | 35,588,558 | 2.0 | % | ||||||||
TransUnion | 418,395 | 33,467,416 | 1.8 | % | ||||||||
69,055,974 | 3.8 | % | ||||||||||
Road & Rail | ||||||||||||
J.B. Hunt Transport Services, Inc. | 126,708 | 19,952,709 | 1.1 | % | ||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
Lattice Semiconductor Corp.(1) | 556,592 | 26,994,712 | 1.5 | % | ||||||||
Monolithic Power Systems, Inc. | 88,569 | 34,014,039 | 1.8 | % | ||||||||
SolarEdge Technologies, Inc.(1) | 64,047 | 17,528,383 | 1.0 | % | ||||||||
78,537,134 | 4.3 | % | ||||||||||
Software | ||||||||||||
ANSYS, Inc.(1) | 125,172 | 29,952,408 | 1.6 | % | ||||||||
Cadence Design System, Inc.(1) | 280,752 | 42,121,223 | 2.3 | % | ||||||||
NCR Corp.(1) | 807,195 | 25,111,836 | 1.4 | % | ||||||||
Paycom Software, Inc.(1) | 135,367 | 37,919,004 | 2.1 | % | ||||||||
PTC, Inc.(1) | 217,215 | 23,098,643 | 1.2 | % | ||||||||
Synopsys, Inc.(1) | 143,553 | 43,597,046 | 2.4 | % | ||||||||
Tyler Technologies, Inc.(1) | 106,205 | 35,311,038 | 1.9 | % | ||||||||
237,111,198 | 12.9 | % | ||||||||||
Specialty Retail | ||||||||||||
Five Below, Inc.(1) | 160,552 | 18,211,413 | 1.0 | % | ||||||||
Floor & Decor Holdings, Inc.(1) | 369,701 | 23,276,375 | 1.3 | % | ||||||||
O’Reilly Automotive, Inc.(1) | 45,049 | 28,460,156 | 1.6 | % | ||||||||
Tractor Supply Co. | 179,434 | 34,783,281 | 1.9 | % | ||||||||
Williams-Sonoma, Inc. | 189,223 | 20,994,292 | 1.1 | % | ||||||||
125,725,517 | 6.9 | % | ||||||||||
Trading Companies & Distributors | ||||||||||||
Fastenal Co. | 670,284 | 33,460,577 | 1.8 | % | ||||||||
Total Common Stocks | ||||||||||||
(Cost $1,510,805,518) | 1,772,393,717 | 96.6 | % |
The accompanying notes are an integral part of these financial statements.
Page 3
Baird Mid Cap Growth Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(3) | 64,445,855 | $ | 64,445,855 | 3.5 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $64,445,855) | 64,445,855 | 3.5 | % | |||||||||
Total Investments | ||||||||||||
(Cost $1,575,251,373) | 1,836,839,572 | 100.1 | % | |||||||||
Liabilities in Excess of Other Assets | (1,059,131 | ) | (0.1 | )% | ||||||||
TOTAL NET ASSETS | $ | 1,835,780,441 | 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, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 1,772,393,717 | $ | — | $ | — | $ | 1,772,393,717 | ||||||||
Total Equity | 1,772,393,717 | — | — | 1,772,393,717 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 64,445,855 | — | — | 64,445,855 | ||||||||||||
Total Short-Term Investment | 64,445,855 | — | — | 64,445,855 | ||||||||||||
Total Investments* | $ | 1,836,839,572 | $ | — | $ | — | $ | 1,836,839,572 |
* | 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, 2022 (Unaudited)
Portfolio Characteristics
A June 30, 2022 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. | 3.0% | ||
Shockwave Medical, Inc. | 2.6% | ||
Lamb Weston Holdings, Inc. | 2.4% | ||
ICON PLC | 2.4% | ||
WillScot Mobile Mini Holdings Corp. | 2.4% | ||
Catalent, Inc. | 2.3% | ||
Jack Henry & Associates, Inc. | 2.3% | ||
Bio-Techne Corp. | 2.2% | ||
National Storage Affiliates Trust | 2.1% | ||
Halozyme Therapeutics, Inc. | 2.1% | ||
Net Assets: | $141,204,721 | ||
Portfolio Turnover Rate: | 21% | (5) | |
Number of Equity Holdings: | 65 | ||
Annualized Portfolio Expense Ratio(3): | |||
Gross | |||
Institutional Class: | 1.00% | ||
Investor Class: | 1.25% | (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, 2022. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2022, 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, 2022. 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, 2023. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 5
Baird Small/Mid Cap Growth Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | ||||
Six | One | Three | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Inception(1) |
Institutional Class Shares | -28.49% | -24.05% | 9.96% | 11.72% |
Investor Class Shares | -28.55% | -24.22% | 9.60% | 11.37% |
Russell 2500® Growth Index(2) | -29.45% | -31.81% | 3.68% | 6.38% |
(1) | For the period from October 31, 2018 (inception date) through June 30, 2022. |
(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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. 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, 2022 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Aerospace & Defense | ||||||||||||
BWX Technologies, Inc. | 36,084 | $ | 1,987,868 | 1.4 | % | |||||||
HEICO Corp. | 13,094 | 1,716,885 | 1.2 | % | ||||||||
3,704,753 | 2.6 | % | ||||||||||
Banks | ||||||||||||
Western Alliance Bancorp | 18,295 | 1,291,627 | 0.9 | % | ||||||||
Biotechnology | ||||||||||||
Avid Bioservices, Inc.(1) | 78,300 | 1,194,858 | 0.8 | % | ||||||||
Halozyme Therapeutics, Inc.(1) | 66,887 | 2,943,028 | 2.1 | % | ||||||||
4,137,886 | 2.9 | % | ||||||||||
Building Products | ||||||||||||
Advanced Drainage Systems, Inc. | 26,051 | 2,346,414 | 1.6 | % | ||||||||
Trex Co., Inc.(1) | 28,084 | 1,528,331 | 1.1 | % | ||||||||
3,874,745 | 2.7 | % | ||||||||||
Capital Markets | ||||||||||||
Focus Financial Partners, Inc.(1) | 48,263 | 1,643,838 | 1.2 | % | ||||||||
Commercial Services & Supplies | ||||||||||||
IAA, Inc.(1) | 51,600 | 1,690,932 | 1.2 | % | ||||||||
Construction & Engineering | ||||||||||||
MasTec, Inc.(1) | 40,541 | 2,905,168 | 2.0 | % | ||||||||
WillScot Mobile Mini Holdings Corp.(1) | 103,624 | 3,359,490 | 2.4 | % | ||||||||
6,264,658 | 4.4 | % | ||||||||||
Distributors | ||||||||||||
Pool Corp. | 11,861 | 4,165,939 | 3.0 | % | ||||||||
Electrical Equipment | ||||||||||||
Generac Holdings, Inc.(1) | 9,335 | 1,965,764 | 1.4 | % | ||||||||
Electronic Equipment, | ||||||||||||
Instruments & Components | ||||||||||||
Littelfuse, Inc. | 11,362 | 2,886,402 | 2.0 | % | ||||||||
Energy Equipment & Services | ||||||||||||
ChampionX Corp. | 83,865 | 1,664,721 | 1.2 | % | ||||||||
Equity Real Estate | ||||||||||||
Investment Trusts (REITs) | ||||||||||||
National Storage Affiliates Trust | 59,477 | 2,978,013 | 2.1 | % | ||||||||
Food Products | ||||||||||||
Lamb Weston Holdings, Inc. | 47,456 | 3,391,206 | 2.4 | % | ||||||||
Health Care Equipment & Supplies | ||||||||||||
CONMED Corp. | 25,750 | 2,465,820 | 1.7 | % | ||||||||
Cooper Cos., Inc. | 4,911 | 1,537,732 | 1.1 | % | ||||||||
Insulet Corp.(1) | 10,595 | 2,309,074 | 1.6 | % | ||||||||
Shockwave Medical, Inc.(1) | 19,311 | 3,691,685 | 2.6 | % | ||||||||
Tandem Diabetes Care, Inc.(1) | 11,038 | 653,339 | 0.5 | % | ||||||||
10,657,650 | 7.5 | % | ||||||||||
Health Care Technology | ||||||||||||
Doximity, Inc.(1) | 69,352 | 2,414,837 | 1.7 | % | ||||||||
Inspire Medical Systems, Inc.(1) | 11,884 | 2,170,850 | 1.5 | % | ||||||||
4,585,687 | 3.2 | % | ||||||||||
IT Services | ||||||||||||
DigitalOcean Holdings, Inc.(1) | 33,220 | 1,373,979 | 1.0 | % | ||||||||
Endava PLC – ADR(1)(2) | 20,532 | 1,812,360 | 1.3 | % | ||||||||
Globant SA(1) | 12,759 | 2,220,066 | 1.6 | % | ||||||||
Jack Henry & Associates, Inc. | 17,973 | 3,235,500 | 2.3 | % | ||||||||
Shift4 Payments, Inc.(1) | 44,369 | 1,466,839 | 1.0 | % | ||||||||
WNS Holdings Ltd. – ADR(1)(2) | 38,980 | 2,909,467 | 2.0 | % | ||||||||
13,018,211 | 9.2 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
Bio-Techne Corp. | 9,000 | 3,119,760 | 2.2 | % | ||||||||
ICON PLC(1)(2) | 15,563 | 3,372,502 | 2.4 | % | ||||||||
Repligen Corp.(1) | 18,005 | 2,924,012 | 2.1 | % | ||||||||
9,416,274 | 6.7 | % | ||||||||||
Machinery | ||||||||||||
IDEX Corp. | 14,048 | 2,551,537 | 1.8 | % | ||||||||
Kadant, Inc. | 10,079 | 1,837,906 | 1.3 | % | ||||||||
Oshkosh Truck Corporation | 27,942 | 2,295,156 | 1.6 | % | ||||||||
RBC Bearings, Inc.(1) | 11,788 | 2,180,191 | 1.5 | % | ||||||||
Toro Co. | 27,113 | 2,054,894 | 1.5 | % | ||||||||
10,919,684 | 7.7 | % | ||||||||||
Media | ||||||||||||
TechTarget, Inc.(1) | 23,337 | 1,533,708 | 1.1 | % | ||||||||
Oil, Gas & Consumable Fuels | ||||||||||||
Matador Resources Co. | 28,860 | 1,344,587 | 1.0 | % | ||||||||
Pharmaceuticals | ||||||||||||
Catalent, Inc.(1) | 30,718 | 3,295,734 | 2.3 | % | ||||||||
Jazz Pharmaceuticals PLC(1) | 18,022 | 2,811,612 | 2.0 | % | ||||||||
6,107,346 | 4.3 | % | ||||||||||
Road & Rail | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | 36,368 | 1,683,475 | 1.2 | % | ||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
Lattice Semiconductor Corp.(1) | 45,793 | 2,220,961 | 1.6 | % | ||||||||
Monolithic Power Systems, Inc. | 6,120 | 2,350,324 | 1.7 | % | ||||||||
SiTime Corp.(1) | 5,968 | 972,963 | 0.7 | % | ||||||||
SolarEdge Technologies, Inc.(1) | 4,839 | 1,324,338 | 0.9 | % | ||||||||
6,868,586 | 4.9 | % | ||||||||||
Software | ||||||||||||
Descartes Systems Group, Inc.(1)(2) | 42,784 | 2,655,174 | 1.9 | % | ||||||||
Fair Isaac Corp.(1) | 4,020 | 1,611,618 | 1.1 | % | ||||||||
Five9, Inc.(1) | 13,525 | 1,232,669 | 0.9 | % | ||||||||
NCR Corp.(1) | 54,367 | 1,691,357 | 1.2 | % | ||||||||
Paycor HCM, Inc.(1) | 78,045 | 2,029,170 | 1.4 | % | ||||||||
Paylocity Holding Corp.(1) | 8,199 | 1,430,070 | 1.0 | % | ||||||||
PTC, Inc.(1) | 20,685 | 2,199,643 | 1.6 | % | ||||||||
Q2 Holdings, Inc.(1) | 25,307 | 976,091 | 0.7 | % | ||||||||
Qualtrics International, Inc.(1) | 114,167 | 1,428,229 | 1.0 | % | ||||||||
Sprout Social, Inc.(1) | 18,320 | 1,063,842 | 0.8 | % | ||||||||
Tyler Technologies, Inc.(1) | 3,833 | 1,274,396 | 0.9 | % | ||||||||
17,592,259 | 12.5 | % | ||||||||||
Specialty Retail | ||||||||||||
Five Below, Inc.(1) | 16,444 | 1,865,243 | 1.3 | % | ||||||||
Floor & Decor Holdings, Inc.(1) | 21,295 | 1,340,733 | 1.0 | % | ||||||||
Leslie’s, Inc.(1) | 98,372 | 1,493,287 | 1.1 | % | ||||||||
Williams-Sonoma, Inc. | 15,598 | 1,730,598 | 1.2 | % | ||||||||
6,429,861 | 4.6 | % | ||||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||
Deckers Outdoor Corp.(1) | 9,865 | 2,519,028 | 1.8 | % | ||||||||
Trading Companies & Distributors | ||||||||||||
SiteOne Landscape Supply, Inc.(1) | 17,664 | 2,099,720 | 1.5 | % | ||||||||
Watsco, Inc. | 6,501 | 1,552,569 | 1.1 | % | ||||||||
3,652,289 | 2.6 | % | ||||||||||
Total Common Stocks | ||||||||||||
(Cost $153,240,308) | 135,989,129 | 96.3 | % |
The accompanying notes are an integral part of these financial statements.
Page 7
Baird Small/Mid Cap Growth Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(3) | 7,003,202 | $ | 7,003,202 | 5.0 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $7,003,202) | 7,003,202 | 5.0 | % | |||||||||
Total Investments | ||||||||||||
(Cost $160,243,510) | 142,992,331 | 101.3 | % | |||||||||
Liabilities in Excess of Other Assets | (1,787,610 | ) | (1.3 | )% | ||||||||
TOTAL NET ASSETS | $ | 141,204,721 | 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, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 135,989,129 | $ | — | $ | — | $ | 135,989,129 | ||||||||
Total Equity | 135,989,129 | — | — | 135,989,129 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 7,003,202 | — | — | 7,003,202 | ||||||||||||
Total Short-Term Investment | 7,003,202 | — | — | 7,003,202 | ||||||||||||
Total Investments* | $ | 142,992,331 | $ | — | $ | — | $ | 142,992,331 |
* | 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 Equity Opportunity Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
A June 30, 2022 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell 2000® Index is shown below.
Top 10 Holdings(1) | Equity Sector Analysis(2) | ||
Evo Payments, Inc. | 7.5% | ||
Chefs’ Warehouse Inc. | 6.5% | ||
Blackbaud, Inc. | 5.6% | ||
Evolent Health, Inc. | 5.0% | ||
nVent Electric PLC | 4.9% | ||
Dropbox, Inc. | 4.7% | ||
Clarus Corp. | 4.7% | ||
Valmont Industries, Inc. | 4.5% | ||
Verisk Analytics, Inc. | 4.4% | ||
Ingersoll Rand, Inc. | 3.8% | ||
Net Assets: | $52,899,887 | ||
Portfolio Turnover Rate: | 44% | (6) | |
Number of Equity Holdings: | 35 | ||
Annualized Portfolio Expense Ratio(3): | |||
Gross | |||
Institutional Class: | 1.90% | ||
Investor Class: | 2.15% | (4) | |
Net | |||
Institutional Class: | 1.25% | ||
Investor Class: | 1.50% | (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, 2022. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2022, 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, 2022. The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 1.25% of average daily net assets for the Institutional Class shares and 1.50% of average daily net assets for the Investor Class shares, at least through April 30, 2025. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Effective December 12, 2021, the Fund changed its benchmark index from the Russell 2000® Value Index to the Russell 2000® Index. |
(6) | Not annualized. |
Page 9
Baird Equity Opportunity Fund(1)
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(2) |
Institutional Class Shares | -17.18% | -11.98% | 2.83% | 6.78% | 6.44% |
Investor Class Shares | -17.28% | -12.13% | 2.58% | 6.52% | 6.18% |
Russell 2000® Index(3) | -23.43% | -25.20% | 5.17% | 9.35% | 8.98% |
Russell 2000® Value Index(4) | -17.31% | -16.28% | 4.89% | 9.05% | 8.73% |
(1) | Effective December 12, 2021, the Fund changed its name from the Baird SmallCap Value Fund to the Baird Equity Opportunity Fund. In addition, Greenhouse Funds LLLP (“Greenhouse”) was appointed as subadvisor to and assumed portfolio management of the Fund. |
(2) | For the period from May 1, 2012 (inception date) through June 30, 2022. |
(3) | The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Effective December 12, 2021, the Fund’s primary benchmark was changed to the Russell 2000® Index, replacing the Russell 2000® Value Index, because it is a more comparative benchmark to the Fund’s principal investment strategies under Greenhouse’s management. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |
(4) | 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 table shown above reflects 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 invests primarily in a select portfolio of equity securities of companies with small- to medium-market capitalizations (those with market capitalizations, at the time of purchase, of less than $20 billion). 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
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 is “non-diversified,” meaning that it may invest a greater percentage of its assets in a smaller number of companies than a diversified mutual fund. Given Greenhouse’s opportunistic investment strategy, the Fund will generally be overweight in certain sectors and underweight in other sectors, as compared to the sector weightings in the Russell 2000® Index (the Fund’s benchmark index), based on Greenhouse’s judgment of the sectors’ relative attractiveness and its individual securities selection.
The Fund may purchase and sell (or write) call and put options. Options are subject to various types of risks, including market risk, liquidity risk, volatility risk, counterparty risk, legal risk and operations risk. With options purchased by the Fund, the risk is limited to the premium paid for the option if the underlying stock price moves in the opposite direction from desired and the option expires worthless. For options sold or written by the Fund, the primary risk is that the underlying stock price may move directionally away from the exercise price resulting in the option holder exercising the option and requiring the Fund to either deliver the securities (in the case of a call option) or pay for the securities (in the case of a put option) and recognize a significant loss.
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 Equity Opportunity Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Aerospace & Defense | ||||||||||||
Cadre Holdings, Inc. | 81,953 | $ | 1,612,015 | 3.1 | % | |||||||
Banks | ||||||||||||
Huntington Bancshares, Inc. | 15,000 | 180,450 | 0.3 | % | ||||||||
Chemicals | ||||||||||||
Huntsman Corp. | 25,000 | 708,750 | 1.3 | % | ||||||||
Communications Equipment | ||||||||||||
Infinera Corp.(1) | 354,961 | 1,902,591 | 3.6 | % | ||||||||
Construction & Engineering | ||||||||||||
Fluor Corporation(1) | 54,996 | 1,338,603 | 2.5 | % | ||||||||
Valmont Industries, Inc. | 10,504 | 2,359,513 | 4.5 | % | ||||||||
3,698,116 | 7.0 | % | ||||||||||
Diversified Consumer Services | ||||||||||||
Mister Car Wash, Inc.(1) | 63,751 | 693,611 | 1.3 | % | ||||||||
Electrical Equipment | ||||||||||||
nVent Electric PLC(4) | 82,742 | 2,592,307 | 4.9 | % | ||||||||
Energy Equipment & Services | ||||||||||||
Liberty Energy, Inc.(1) | 24,470 | 312,237 | 0.6 | % | ||||||||
NexTier Oilfield Solutions, Inc.(1) | 117,356 | 1,116,056 | 2.1 | % | ||||||||
Oceaneering International, Inc.(1) | 54,440 | 581,419 | 1.1 | % | ||||||||
2,009,712 | 3.8 | % | ||||||||||
Entertainment | ||||||||||||
Madison Square Garden Sports Corp.(1) | 11,948 | 1,804,148 | 3.4 | % | ||||||||
Food & Staples Retailing | ||||||||||||
Chefs’ Warehouse Inc.(1) | 88,677 | 3,448,648 | 6.5 | % | ||||||||
Health Care Providers & Services | ||||||||||||
Castle Biosciences, Inc.(1) | 24,623 | 540,475 | 1.0 | % | ||||||||
Health Care Technology | ||||||||||||
Evolent Health, Inc.(1) | 86,077 | 2,643,424 | 5.0 | % | ||||||||
Insurance | ||||||||||||
Everest Re Group Ltd. | 1,257 | 352,312 | 0.7 | % | ||||||||
Internet & Direct Marketing Retail | ||||||||||||
Xometry, Inc.(1) | 32,290 | 1,095,600 | 2.1 | % | ||||||||
IT Services | ||||||||||||
Evo Payments, Inc.(1) | 168,960 | 3,973,939 | 7.5 | % | ||||||||
Global Payments, Inc. | 13,168 | 1,456,908 | 2.8 | % | ||||||||
5,430,847 | 10.3 | % | ||||||||||
Leisure Products | ||||||||||||
Clarus Corp. | 130,703 | 2,482,050 | 4.7 | % | ||||||||
Vista Outdoor, Inc.(1) | 48,060 | 1,340,874 | 2.5 | % | ||||||||
3,822,924 | 7.2 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
NeoGenomics, Inc.(1) | 80,470 | 655,830 | 1.2 | % | ||||||||
Machinery | ||||||||||||
Ingersoll Rand, Inc. | 47,031 | 1,979,065 | 3.8 | % | ||||||||
Nordson Corporation | 5,510 | 1,115,444 | 2.1 | % | ||||||||
3,094,509 | 5.9 | % | ||||||||||
Multiline Retail | ||||||||||||
Tuesday Morning Corp.(1) | 428,292 | 154,185 | 0.3 | % | ||||||||
Oil, Gas & Consumable Fuels | ||||||||||||
Devon Energy Corp. | 10,000 | 551,100 | 1.0 | % | ||||||||
Diamondback Energy, Inc. | 10,252 | 1,242,030 | 2.4 | % | ||||||||
1,793,130 | 3.4 | % | ||||||||||
Professional Services | ||||||||||||
Leidos Holdings, Inc. | 7,512 | 756,534 | 1.4 | % | ||||||||
Verisk Analytics, Inc. | 13,248 | 2,293,096 | 4.4 | % | ||||||||
3,049,630 | 5.8 | % | ||||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||
Magnachip Semiconductor Corp.(1)(2) | 23,540 | 342,036 | 0.6 | % | ||||||||
Universal Display Corp. | 10,012 | 1,012,614 | 1.9 | % | ||||||||
1,354,650 | 2.5 | % | ||||||||||
Software | ||||||||||||
Blackbaud, Inc.(1) | 51,317 | 2,979,978 | 5.6 | % | ||||||||
Dropbox, Inc.(1) | 118,341 | 2,483,978 | 4.7 | % | ||||||||
ON24, Inc.(1) | 97,542 | 925,674 | 1.8 | % | ||||||||
Opera Ltd. – ADR(1)(2) | 169,201 | 746,176 | 1.4 | % | ||||||||
7,135,806 | 13.5 | % | ||||||||||
Total Common Stocks | ||||||||||||
(Cost $56,392,266) | 49,773,670 | 94.1 | % |
Purchased Option Contracts
Notional | Number of | |||||||||||||||
Amount | Contracts(5) | |||||||||||||||
Call Option Contracts | ||||||||||||||||
Booking Holdings, Inc., | ||||||||||||||||
Exercise Price: $1,850.00, | ||||||||||||||||
Expiration: 08/19/2022(1)(6) | $ | 524,697 | 3 | 25,170 | 0.1 | % | ||||||||||
BWX Technologies, Inc., | ||||||||||||||||
Exercise Price: $50.00, | ||||||||||||||||
Expiration: 08/19/2022 | 99,162 | 18 | 11,646 | 0.0 | % | |||||||||||
Euronet Worldwide, Inc., | ||||||||||||||||
Exercise Price: $130.00, | ||||||||||||||||
Expiration: 08/19/2022(1)(6) | 1,015,959 | 101 | 6,060 | 0.0 | % | |||||||||||
SPDR S&P Regional | ||||||||||||||||
Banking ETF, | ||||||||||||||||
Exercise Price: $65.00, | ||||||||||||||||
Expiration: 12/16/2022(6) | 371,776 | 64 | 16,160 | 0.0 | % | |||||||||||
Total Call Option Contracts | ||||||||||||||||
(Cost $82,319) | 59,036 | 0.1 | % | |||||||||||||
Put Option Contract | ||||||||||||||||
iShares Russell 2000 ETF, | ||||||||||||||||
Exercise Price: $160.00, | ||||||||||||||||
Expiration: 07/15/2022 | 3,099,288 | 183 | 25,620 | 0.1 | % | |||||||||||
Total Put Option Contracts | ||||||||||||||||
(Cost $39,858) | 25,620 | 0.1 | % | |||||||||||||
Total Purchased | ||||||||||||||||
Option Contracts | ||||||||||||||||
(Cost $122,177) | 84,656 | 0.2 | % |
The accompanying notes are an integral part of these financial statements.
Page 11
Baird Equity Opportunity Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government | ||||||||||||
Obligations Fund, Class U, 1.31%(3) | 3,032,448 | $ | 3,032,448 | 5.7 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $3,032,448) | 3,032,448 | 5.7 | % | |||||||||
Total Investments | ||||||||||||
(Cost $59,546,891) | 52,890,774 | 100.0 | % | |||||||||
Other Assets in Excess of Liabilities | 9,113 | 0.0 | % | |||||||||
TOTAL NET ASSETS | $ | 52,899,887 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Foreign Security. |
(3) | Seven-Day Yield. |
(4) | All of a portion of this security is held as collateral for options written. At June 30, 2022, the value of this collateral is $1,879,800. |
(5) | Each contract is equivalent to 100 shares of common stock. |
(6) | Held in connection with written option contracts. See Schedule of Written Option Contracts for further information. |
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.
Schedule of Written Option Contracts June 30, 2022 (Unaudited)
Notional | Number of | |||||||||||
Written Option Contracts | Amount | Contracts(a) | Value | |||||||||
Call Option Contracts | ||||||||||||
Clarus Corp., (Exercise Price: $22.50, Expiration: 08/19/2022) | $ | 39,879 | (21 | ) | $ | (2,730 | ) | |||||
Vista Outdoor, Inc., (Exercise Price: $35.00, Expiration: 07/15/2022) | 186,930 | (67 | ) | (335 | ) | |||||||
Total Call Option Contracts (Premiums Received $29,860) | (3,065 | ) | ||||||||||
Put Option Contracts | ||||||||||||
Activision Blizzard, Inc., (Exercise Price: $45.00, Expiration: 09/16/2022) | 1,712,920 | (220 | ) | (9,240 | ) | |||||||
Booking Holdings, Inc., (Exercise Price: $1,650.00, Expiration: 08/19/2022) | 524,697 | (3 | ) | (27,090 | ) | |||||||
Euronet Worldwide, Inc., (Exercise Price: $105.00, Expiration: 08/19/2022) | 1,015,959 | (101 | ) | (90,900 | ) | |||||||
SPDR S&P Regional Banking ETF, (Exercise Price: $49.00, Expiration: 12/16/2022) | 371,776 | (64 | ) | (17,440 | ) | |||||||
Total Put Option Contracts (Premium Received $135,270) | (144,670 | ) | ||||||||||
Total Written Option Contracts (Premiums Received $165,130) | $ | (147,735 | ) |
(a) | Each contract is equivalent to 100 shares of common stock. |
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 49,773,670 | $ | — | $ | — | $ | 49,773,670 | ||||||||
Total Equity | 49,773,670 | — | — | 49,773,670 | ||||||||||||
Purchased Options | ||||||||||||||||
Call Option Contracts | 36,816 | 22,220 | — | 59,036 | ||||||||||||
Put Option Contract | 25,620 | — | — | 25,620 | ||||||||||||
Total Purchased Option Contracts | 62,436 | 22,220 | — | 84,656 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 3,032,448 | — | — | 3,032,448 | ||||||||||||
Total Short-Term Investment | 3,032,448 | — | — | 3,032,448 | ||||||||||||
Total Investments* | $ | 52,868,554 | $ | 22,220 | $ | — | $ | 52,890,774 | ||||||||
Written Option Contracts | ||||||||||||||||
Call Option Contracts | (3,065 | ) | — | — | (3,065 | ) | ||||||||||
Put Option Contracts | (117,990 | ) | (26,680 | ) | — | (144,670 | ) | |||||||||
Total Written Option Contracts | $ | (121,055 | ) | $ | (26,680 | ) | $ | — | $ | (147,735 | ) |
* | 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
Chautauqua International Growth Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
A June 30, 2022 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) | |||||
Novo Nordisk A/S | 5.8% | Net Assets: | $442,143,743 | ||
Fairfax Financial Holdings Ltd. | 5.6% | Portfolio Turnover Rate: | 15% | (5) | |
Waste Connections, Inc. | 4.8% | Number of Equity Holdings: | 30 | ||
Constellation Software, Inc. | 4.7% | ||||
Genmab A/S | 4.6% | Annualized Portfolio Expense Ratio(3): | |||
Tata Consultancy Services Ltd. | 4.5% | Gross | |||
DBS Group Holdings Ltd. | 4.5% | Institutional Class: | 0.86% | ||
Bank Rakyat Indonesia Persero Tbk PT | 4.3% | Investor Class: | 1.11% | (4) | |
HDFC Bank Ltd. | 4.1% | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.0% | 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, 2022. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2022, 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, 2022. 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, 2023. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 13
Chautauqua International Growth Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -21.29% | -21.17% | 7.40% | 7.61% | 8.01% |
Investor Class Shares | -21.42% | -21.38% | 7.09% | 7.28% | 7.73% |
MSCI ACWI ex USA Index(2) | -18.42% | -19.42% | 1.35% | 2.50% | 4.70% |
(1) | For the period from April 15, 2016 (inception date) through June 30, 2022. |
(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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. 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
Chautauqua International Growth Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Aerospace & Defense | ||||||||||||
Safran SA (France)(2) | 76,917 | $ | 7,658,312 | 1.7 | % | |||||||
Application Software | ||||||||||||
Atlassian Corp. PLC (United States)(1) | 50,327 | 9,431,280 | 2.1 | % | ||||||||
Temenos Group AG (Switzerland)(2) | 164,326 | 14,063,030 | 3.2 | % | ||||||||
23,494,310 | 5.3 | % | ||||||||||
Auto Components | ||||||||||||
Aptiv PLC (United States)(1) | 76,958 | 6,854,649 | 1.6 | % | ||||||||
Automobiles | ||||||||||||
Suzuki Motor Corp. (Japan)(2) | 439,408 | 13,814,077 | 3.1 | % | ||||||||
Biotechnology | ||||||||||||
BeiGene Ltd. – ADR (China)(1) | 54,830 | 8,874,236 | 2.0 | % | ||||||||
Genmab A/S (Denmark)(1)(2) | 62,826 | 20,383,569 | 4.6 | % | ||||||||
29,257,805 | 6.6 | % | ||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & | ||||||||||||
Clearing Ltd. (Hong Kong)(2) | 214,052 | 10,586,213 | 2.4 | % | ||||||||
Diversified Banks | ||||||||||||
Bank Rakyat Indonesia Persero | ||||||||||||
Tbk PT (Indonesia)(2) | 68,248,520 | 19,059,477 | 4.3 | % | ||||||||
DBS Group Holdings Ltd. (Singapore)(2) | 927,270 | 19,841,177 | 4.5 | % | ||||||||
38,900,654 | 8.8 | % | ||||||||||
Diversified Support Services | ||||||||||||
Recruit Holdings Co. Ltd. (Japan)(2) | 357,893 | 10,540,108 | 2.4 | % | ||||||||
Electronic Equipment & Instruments | ||||||||||||
Keyence Corp. (Japan)(2) | 36,678 | 12,578,288 | 2.8 | % | ||||||||
Environmental & Facilities Services | ||||||||||||
Waste Connections, Inc. (United States) | 169,665 | 21,031,673 | 4.8 | % | ||||||||
Health Care Equipment & Supplies | ||||||||||||
Coloplast A/S (Denmark)(2) | 74,155 | 8,472,927 | 1.9 | % | ||||||||
Healthcare Distributors | ||||||||||||
Sinopharm Group Co. Ltd. (China)(2) | 5,178,578 | 12,538,024 | 2.8 | % | ||||||||
Industrial Machinery | ||||||||||||
FANUC Corp. (Japan)(2) | 94,223 | 14,768,447 | 3.3 | % | ||||||||
Information Technology | ||||||||||||
Constellation Software, Inc. (Canada) | 13,986 | 20,762,452 | 4.7 | % | ||||||||
Internet & Direct Marketing Retail | ||||||||||||
Prosus NV (China)(2) | 202,416 | 13,107,229 | 3.0 | % | ||||||||
Internet Retail | ||||||||||||
Alibaba Group Holding | ||||||||||||
Ltd. – ADR (China)(1) | 105,570 | 12,001,198 | 2.7 | % | ||||||||
IT Services | ||||||||||||
Adyen NV (Netherlands)(1)(2) | 7,824 | 11,291,115 | 2.6 | % | ||||||||
Tata Consultancy Services Ltd. (India)(2) | 479,527 | 19,913,271 | 4.5 | % | ||||||||
31,204,386 | 7.1 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
Wuxi Biologics Cayman, Inc. (China)(1)(2) | 832,073 | 7,709,508 | 1.7 | % | ||||||||
Multi-Line Insurance | ||||||||||||
Fairfax Financial Holdings Ltd. (Canada) | 46,830 | 24,815,679 | 5.6 | % | ||||||||
Pharmaceuticals | ||||||||||||
Novo Nordisk A/S – ADR (Denmark) | 228,589 | 25,471,672 | 5.8 | % | ||||||||
Regional Banks | ||||||||||||
HDFC Bank Ltd. – ADR (India) | 327,250 | 17,985,660 | 4.1 | % | ||||||||
Renewable Electricity | ||||||||||||
Brookfield Renewable Corp. (United States) | 281,990 | 10,041,664 | 2.3 | % | ||||||||
Semiconductor Equipment | ||||||||||||
ASML Holding NV (Netherlands) | 36,252 | 17,251,602 | 3.9 | % | ||||||||
Semiconductors | ||||||||||||
Taiwan Semiconductor Manufacturing | ||||||||||||
Co. Ltd. – ADR (Taiwan) | 213,505 | 17,454,034 | 4.0 | % | ||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
SolarEdge Technologies, Inc. (United States)(1) | 47,030 | 12,871,170 | 2.9 | % | ||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||
Kering SA (France)(2) | 19,050 | 9,872,265 | 2.2 | % | ||||||||
Total Common Stocks | ||||||||||||
(Cost $403,556,135) | 431,044,006 | 97.5 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(3) | 33,054,084 | 33,054,084 | 7.5 | % | ||||||||
Total Short-Term Investment | ||||||||||||
(Cost $33,054,084) | 33,054,084 | 7.5 | % | |||||||||
Total Investments | ||||||||||||
(Cost $436,610,219) | 464,098,090 | 105.0 | % | |||||||||
Liabilities in Excess of Other Assets | (21,954,347 | ) | (5.0 | )% | ||||||||
TOTAL NET ASSETS | $ | 442,143,743 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Level 2 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.
The accompanying notes are an integral part of these financial statements.
Page 15
Chautauqua International Growth Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Summary of Fair Value Exposure at June 30, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 204,846,969 | $ | 226,197,037 | $ | — | $ | 431,044,006 | ||||||||
Total Equity | 204,846,969 | 226,197,037 | — | 431,044,006 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 33,054,084 | — | — | 33,054,084 | ||||||||||||
Total Short-Term Investment | 33,054,084 | — | — | 33,054,084 | ||||||||||||
Total Investments* | $ | 237,901,053 | $ | 226,197,037 | $ | — | $ | 464,098,090 |
* | 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 Global Growth Fund
June 30, 2022 (Unaudited)
Portfolio Characteristics
A June 30, 2022 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) | |||||
Fairfax Financial Holdings Ltd. | 4.4% | Net Assets: | $258,330,686 | ||
Novo Nordisk A/S | 4.2% | Portfolio Turnover Rate: | 7% | (5) | |
Alphabet, Inc. – Class A | 4.0% | Number of Equity Holdings: | 43 | ||
MasterCard, Inc. – Class A | 3.8% | ||||
Genmab A/S | 3.5% | Annualized Portfolio Expense Ratio(3): | |||
Waste Connections, Inc. | 3.3% | Gross | |||
DBS Group Holdings Ltd. | 3.3% | Institutional Class: | 0.92% | ||
Charles Schwab Corp. | 3.1% | Investor Class: | 1.17% | (4) | |
Bank Rakyat Indonesia Persero Tbk PT | 3.1% | ||||
Constellation Software, Inc. | 3.0% | 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, 2022. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2022, 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, 2022. 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, 2023. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 17
Chautauqua Global Growth Fund
June 30, 2022 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2022 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -23.43% | -21.19% | 8.27% | 8.83% | 10.33% |
Investor Class Shares | -23.53% | -21.39% | 8.08% | 8.60% | 10.09% |
MSCI ACWI Index(2) | -20.18% | -15.75% | 6.21% | 7.00% | 8.49% |
(1) | For the period from April 15, 2016 (inception date) through June 30, 2022. |
(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 table shown above reflects 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. Russia’s invasion of Ukraine, the sanctions imposed against Russia by certain countries and Russia’s countermeasures against those countries, has resulted in increased market volatility and may have a significant negative impact on the global economy. The ongoing coronavirus (COVID-19) pandemic and measures taken to limit its spread present a continued risk to global growth and asset prices. 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 Global Growth Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Aerospace & Defense | ||||||||||||
Safran SA (France)(2) | 26,832 | $ | 2,671,553 | 1.0 | % | |||||||
Apparel Retail | ||||||||||||
TJX Companies, Inc. (United States) | 138,032 | 7,709,086 | 3.0 | % | ||||||||
Application Software | ||||||||||||
Atlassian Corp. PLC (United States)(1) | 20,422 | 3,827,083 | 1.5 | % | ||||||||
Temenos Group AG (Switzerland)(2) | 46,224 | 3,955,853 | 1.5 | % | ||||||||
7,782,936 | 3.0 | % | ||||||||||
Auto Components | ||||||||||||
Aptiv PLC (United States)(1) | 33,953 | 3,024,194 | 1.2 | % | ||||||||
Automobiles | ||||||||||||
Suzuki Motor Corp. (Japan)(2) | 174,261 | 5,478,405 | 2.1 | % | ||||||||
Biotechnology | ||||||||||||
BeiGene Ltd. – ADR (China)(1) | 18,520 | 2,997,462 | 1.2 | % | ||||||||
Genmab A/S (Denmark)(1)(2) | 27,893 | 9,049,739 | 3.5 | % | ||||||||
Incyte Corp. (United States)(1) | 98,919 | 7,514,876 | 2.9 | % | ||||||||
Regeneron Pharmaceuticals, | ||||||||||||
Inc. (United States)(1) | 10,701 | 6,325,682 | 2.4 | % | ||||||||
25,887,759 | 10.0 | % | ||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & | ||||||||||||
Clearing Ltd. (Hong Kong)(2) | 92,676 | 4,583,409 | 1.8 | % | ||||||||
Data Processing & Outsourced Services | ||||||||||||
MasterCard, Inc. – Class A (United States) | 30,721 | 9,691,861 | 3.8 | % | ||||||||
Diversified Banks | ||||||||||||
Bank Rakyat Indonesia Persero | ||||||||||||
Tbk PT (Indonesia)(2) | 28,436,212 | 7,941,261 | 3.1 | % | ||||||||
DBS Group Holdings Ltd. (Singapore)(2) | 396,416 | 8,482,276 | 3.3 | % | ||||||||
16,423,537 | 6.4 | % | ||||||||||
Diversified Support Services | ||||||||||||
Recruit Holdings Co. Ltd. (Japan)(2) | 155,414 | 4,577,011 | 1.8 | % | ||||||||
Electronic Equipment & Instruments | ||||||||||||
Keyence Corp. (Japan)(2) | 12,069 | 4,138,921 | 1.6 | % | ||||||||
Universal Display Corp. (United States) | 23,300 | 2,356,562 | 0.9 | % | ||||||||
6,495,483 | 2.5 | % | ||||||||||
Environmental & Facilities Services | ||||||||||||
Waste Connections, Inc. (United States) | 68,813 | 8,530,060 | 3.3 | % | ||||||||
Equity Real Estate Investment Trusts (REITs) | ||||||||||||
Alexandria Real Estate | ||||||||||||
Equities, Inc. (United States) | 20,050 | 2,907,852 | 1.1 | % | ||||||||
Health Care Equipment & Supplies | ||||||||||||
Coloplast A/S (Denmark)(2) | 32,082 | 3,665,679 | 1.4 | % | ||||||||
Healthcare Distributors | ||||||||||||
Sinopharm Group Co. Ltd. (China)(2) | 2,252,028 | 5,452,459 | 2.1 | % | ||||||||
Industrial Machinery | ||||||||||||
FANUC Corp. (Japan)(2) | 37,814 | 5,926,940 | 2.3 | % | ||||||||
Information Technology | ||||||||||||
Constellation Software, Inc. (Canada) | 5,301 | 7,869,423 | 3.0 | % | ||||||||
Interactive Media & Services | ||||||||||||
Alphabet, Inc. – Class A (United States)(1) | 4,780 | 10,416,863 | 4.0 | % | ||||||||
Internet & Direct Marketing Retail | ||||||||||||
Prosus NV (China)(2) | 81,612 | 5,284,697 | 2.0 | % | ||||||||
Internet Retail | ||||||||||||
Alibaba Group Holding | ||||||||||||
Ltd. – ADR (China)(1) | 34,253 | 3,893,881 | 1.5 | % | ||||||||
Amazon.com, Inc. (United States)(1) | 53,651 | 5,698,273 | 2.2 | % | ||||||||
9,592,154 | 3.7 | % | ||||||||||
IT Services | ||||||||||||
Adyen NV (Netherlands)(1)(2) | 3,079 | 4,443,423 | 1.7 | % | ||||||||
Tata Consultancy Services Ltd. (India)(2) | 181,454 | 7,535,223 | 2.9 | % | ||||||||
11,978,646 | 4.6 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
Illumina, Inc. (United States)(1) | 11,767 | 2,169,364 | 0.8 | % | ||||||||
Wuxi Biologics Cayman, Inc. (China)(1)(2) | 330,853 | 3,065,493 | 1.2 | % | ||||||||
5,234,857 | 2.0 | % | ||||||||||
Multi-Line Insurance | ||||||||||||
Fairfax Financial Holdings Ltd. (Canada) | 21,348 | 11,312,516 | 4.4 | % | ||||||||
Other Diversified Financial Services | ||||||||||||
Charles Schwab Corp. (United States) | 128,257 | 8,103,277 | 3.1 | % | ||||||||
Pharmaceuticals | ||||||||||||
Novo Nordisk A/S – ADR (Denmark) | 96,601 | 10,764,249 | 4.2 | % | ||||||||
Regional Banks | ||||||||||||
HDFC Bank Ltd. – ADR (India) | 138,866 | 7,632,075 | 3.0 | % | ||||||||
SVB Financial Group (United States)(1) | 13,910 | 5,494,311 | 2.1 | % | ||||||||
13,126,386 | 5.1 | % | ||||||||||
Renewable Electricity | ||||||||||||
Brookfield Renewable Corp. (United States) | 157,673 | 5,614,736 | 2.2 | % | ||||||||
Semiconductor Equipment | ||||||||||||
ASML Holding NV (Netherlands) | 12,663 | 6,026,068 | 2.3 | % | ||||||||
Semiconductors | ||||||||||||
Nvidia Corp. (United States) | 32,027 | 4,854,973 | 1.9 | % | ||||||||
Taiwan Semiconductor Manufacturing | ||||||||||||
Co. Ltd. – ADR (Taiwan) | 89,038 | 7,278,856 | 2.8 | % | ||||||||
12,133,829 | 4.7 | % | ||||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
Micron Technology, Inc. (United States) | 58,744 | 3,247,368 | 1.3 | % | ||||||||
SolarEdge Technologies, | ||||||||||||
Inc. (United States)(1) | 19,396 | 5,308,298 | 2.1 | % | ||||||||
8,555,666 | 3.4 | % | ||||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||
Kering SA (France)(2) | 8,374 | 4,339,652 | 1.7 | % | ||||||||
Total Common Stocks | ||||||||||||
(Cost $260,109,128) | 251,161,243 | 97.2 | % |
The accompanying notes are an integral part of these financial statements.
Page 19
Chautauqua Global Growth Fund
Schedule of Investments, June 30, 2022 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 1.31%(3) | 5,541,486 | $ | 5,541,486 | 2.2 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $5,541,486) | 5,541,486 | 2.2 | % | |||||||||
Total Investments | ||||||||||||
(Cost $265,650,614) | 256,702,729 | 99.4 | % | |||||||||
Other Assets in Excess of Liabilities | 1,627,957 | 0.6 | % | |||||||||
TOTAL NET ASSETS | $ | 258,330,686 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Level 2 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, 2022 (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, 2022:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 160,569,249 | $ | 90,591,994 | $ | — | $ | 251,161,243 | ||||||||
Total Equity | 160,569,249 | 90,591,994 | — | 251,161,243 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 5,541,486 | — | — | 5,541,486 | ||||||||||||
Total Short-Term Investment | 5,541,486 | — | — | 5,541,486 | ||||||||||||
Total Investments* | $ | 166,110,735 | $ | 90,591,994 | $ | — | $ | 256,702,729 |
* | 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
Additional Information on Fund Expenses
June 30, 2022 (Unaudited)
Example
As a shareholder of the Funds, you incur ongoing costs, such as management fees; distribution and/or service (12b-1) fees; and other fund expenses. 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 (1/1/22 – 6/30/22).
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 returns. 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. 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.
Actual vs. Hypothetical Returns
Hypothetical | ||||||
Actual | (5% return before expenses) | |||||
Beginning | Ending | Ending | ||||
Fund’s Annualized | Account Value | Account Value | Expenses Paid | Account Value | Expenses Paid | |
Expense Ratio(1) | 1/1/22 | 6/30/22 | During Period(1) | 6/30/22 | During Period(1) | |
Baird Mid Cap Growth Fund | ||||||
Institutional Class | 0.81% | $1,000.00 | $693.20 | $3.40 | $1,020.78 | $4.06 |
Investor Class | 1.06% | $1,000.00 | $692.30 | $4.45 | $1,019.54 | $5.31 |
Baird Small/Mid Cap Growth Fund | ||||||
Institutional Class | 0.85% | $1,000.00 | $715.10 | $3.61 | $1,020.58 | $4.26 |
Investor Class | 1.10% | $1,000.00 | $714.50 | $4.68 | $1,019.34 | $5.51 |
Baird Equity Opportunity Fund | ||||||
Institutional Class | 1.25% | $1,000.00 | $828.20 | $5.67 | $1,018.60 | $6.26 |
Investor Class | 1.50% | $1,000.00 | $827.20 | $6.80 | $1,017.36 | $7.50 |
Chautauqua International Growth Fund | ||||||
Institutional Class | 0.80% | $1,000.00 | $787.10 | $3.54 | $1,020.83 | $4.01 |
Investor Class | 1.05% | $1,000.00 | $785.80 | $4.65 | $1,019.59 | $5.26 |
Chautauqua Global Growth Fund | ||||||
Institutional Class | 0.80% | $1,000.00 | $765.70 | $3.50 | $1,020.83 | $4.01 |
Investor Class | 1.05% | $1,000.00 | $764.70 | $4.59 | $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 21
Statements of Assets and Liabilities
June 30, 2022 (Unaudited)
Baird Mid Cap | Baird Small/Mid | Baird Equity | ||||||||||
Growth Fund | Cap Growth Fund | Opportunity Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at value (cost $1,575,251,373, $160,243,510, and $59,546,891, respectively) | $ | 1,836,839,572 | $ | 142,992,331 | $ | 52,890,774 | ||||||
Dividends receivable | 296,798 | 25,180 | 8,102 | |||||||||
Interest receivable | 58,390 | 6,198 | 1,944 | |||||||||
Receivable for investments sold | — | 2,214,751 | 20,648 | |||||||||
Receivable for Fund shares sold | 2,524,896 | 430,812 | 500,000 | |||||||||
Uninvested cash | — | 1,447 | 1,445 | |||||||||
Prepaid expenses and other assets | 67,059 | 51,447 | 46,331 | |||||||||
Total assets | 1,839,786,715 | 145,722,166 | 53,469,244 | |||||||||
LIABILITIES: | ||||||||||||
Written option contracts, at value (premiums received $0, $0, and $165,130, respectively) | — | — | 147,735 | |||||||||
Payable for securities purchased | — | 4,384,566 | 258,742 | |||||||||
Payable for Fund shares redeemed | 2,558,216 | 12,551 | 63,307 | |||||||||
Payable to directors | 22,978 | 23,088 | 23,393 | |||||||||
Payable to Advisor, net (Note 5) | 1,165,167 | 71,217 | 30,705 | |||||||||
Accrued fund accounting and administration fees | 35,367 | 8,407 | 23,123 | |||||||||
Accrued shareholder servicing fees | 70,957 | 5,012 | 14,034 | |||||||||
Accrued professional fees | 7,438 | 7,438 | 7,769 | |||||||||
Accrued custody fees | 5,468 | 2,628 | — | |||||||||
Due to custodian | 34,342 | — | — | |||||||||
Accrued Rule 12b-1 fees (Note 7) | 80,610 | 534 | 454 | |||||||||
Accrued expenses and other liabilities | 25,731 | 2,004 | 95 | |||||||||
Total liabilities | 4,006,274 | 4,517,445 | 569,357 | |||||||||
NET ASSETS | $ | 1,835,780,441 | $ | 141,204,721 | $ | 52,899,887 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 1,507,897,645 | $ | 165,326,156 | $ | 44,892,655 | ||||||
Total distributable earnings (loss) | 327,882,796 | (24,121,435 | ) | 8,007,232 | ||||||||
NET ASSETS | $ | 1,835,780,441 | $ | 141,204,721 | $ | 52,899,887 | ||||||
INSTITUTIONAL CLASS SHARES | ||||||||||||
Net Assets | $ | 1,691,496,322 | $ | 140,421,765 | $ | 52,897,763 | ||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 82,697,537 | 9,844,554 | 3,610,327 | |||||||||
Net asset value, offering and redemption price per share | $ | 20.45 | $ | 14.26 | $ | 14.65 | ||||||
INVESTOR CLASS SHARES | ||||||||||||
Net Assets | $ | 144,284,119 | $ | 782,956 | $ | 2,124 | ||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 7,705,948 | 55,555 | 145 | |||||||||
Net asset value, offering and redemption price per share | $ | 18.72 | $ | 14.09 | $ | 14.60 |
The accompanying notes are an integral part of these financial statements.
Page 22
Statements of Assets and Liabilities
June 30, 2022 (Unaudited)
Chautauqua | Chautauqua | |||||||
International | Global | |||||||
Growth Fund | Growth Fund | |||||||
ASSETS: | ||||||||
Investments, at value (cost $436,610,219 and $265,650,614, respectively) | $ | 464,098,090 | $ | 256,702,729 | ||||
Foreign currency, at value (cost $16,010,263 and $678,104, respectively) | 16,014,325 | 667,528 | ||||||
Dividends receivable | 971,483 | 453,231 | ||||||
Interest receivable | 9,981 | 5,165 | ||||||
Receivable for Fund shares sold | 543,654 | 725,903 | ||||||
Uninvested cash | 67,330 | 43,353 | ||||||
Prepaid expenses and other assets | 58,257 | 52,238 | ||||||
Total assets | 481,763,120 | 258,650,147 | ||||||
LIABILITIES: | ||||||||
Payable for securities purchased | 25,574,809 | — | ||||||
Payable for foreign currency purchased | 12,512,605 | — | ||||||
Payable for Fund shares redeemed | 963,743 | 29,109 | ||||||
Payable to directors | 23,087 | 23,088 | ||||||
Payable to Advisor, net (Note 5) | 224,460 | 133,877 | ||||||
Accrued fund accounting and administration fees | 13,684 | 10,667 | ||||||
Accrued shareholder servicing fees | 16,026 | 10,843 | ||||||
Accrued professional fees | 8,472 | 8,472 | ||||||
Accrued custody fees | 17,751 | 11,932 | ||||||
Accrued Rule 12b-1 fees (Note 7) | 320 | 582 | ||||||
Deferred tax | 255,981 | 89,012 | ||||||
Accrued expenses and other liabilities | 8,439 | 1,879 | ||||||
Total liabilities | 39,619,377 | 319,461 | ||||||
NET ASSETS | $ | 442,143,743 | $ | 258,330,686 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 430,577,753 | $ | 271,152,818 | ||||
Total distributable earnings (loss) | 11,565,990 | (12,822,132 | ) | |||||
NET ASSETS | $ | 442,143,743 | $ | 258,330,686 | ||||
INSTITUTIONAL CLASS SHARES | ||||||||
Net Assets | $ | 441,416,919 | $ | 257,611,846 | ||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 30,076,074 | 15,045,651 | ||||||
Net asset value, offering and redemption price per share | $ | 14.68 | $ | 17.12 | ||||
INVESTOR CLASS SHARES | ||||||||
Net Assets | $ | 726,824 | $ | 718,840 | ||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 49,779 | 42,381 | ||||||
Net asset value, offering and redemption price per share | $ | 14.60 | $ | 16.96 |
The accompanying notes are an integral part of these financial statements.
Page 23
Statements of Operations
Six Months Ended June 30, 2022 (Unaudited)
Baird Mid Cap | Baird Small/Mid | Baird Equity | ||||||||||
Growth Fund | Cap Growth Fund | Opportunity Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends (net of issuance fees and/or foreign taxes withheld of $120, $391, and $0, respectively) | $ | 4,384,257 | $ | 327,197 | $ | 103,952 | ||||||
Interest | 120,802 | 12,892 | 3,552 | |||||||||
Total investment income | 4,505,059 | 340,089 | 107,504 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees (Note 5) | 7,849,871 | 560,768 | 355,632 | |||||||||
Shareholder servicing fees | 343,250 | 12,042 | 17,403 | |||||||||
Federal and state registration | 67,163 | 74,535 | 29,368 | |||||||||
Directors fees | 46,005 | 46,115 | 46,226 | |||||||||
Fund accounting and administration fees | 72,371 | 18,571 | 29,408 | |||||||||
Professional fees | 15,379 | 15,106 | 16,033 | |||||||||
Reports to shareholders | 32,956 | 2,471 | 2,233 | |||||||||
Custody fees | 11,580 | 3,768 | 2,031 | |||||||||
Miscellaneous expenses | 1,220 | 121 | 102 | |||||||||
Rule 12b-1 fees - Investor Class Shares (Note 7) | 215,522 | 940 | 3 | |||||||||
Total expenses | 8,655,317 | 734,437 | 498,439 | |||||||||
Fee waiver by Advisor (Note 5) | — | (97,959 | ) | (142,804 | ) | |||||||
Net expenses | 8,655,317 | 636,478 | 355,635 | |||||||||
NET INVESTMENT LOSS | (4,150,258 | ) | (296,389 | ) | (248,131 | ) | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 43,347,891 | (7,452,045 | ) | 772,477 | ||||||||
Written option contracts | — | — | 91,940 | |||||||||
Net change in unrealized depreciation on: | ||||||||||||
Investments | (842,329,495 | ) | (42,978,728 | ) | (11,249,099 | ) | ||||||
Written option contracts | — | — | (4,359 | ) | ||||||||
Net realized and unrealized loss on investments | (798,981,604 | ) | (50,430,773 | ) | (10,389,041 | ) | ||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (803,131,862 | ) | $ | (50,727,162 | ) | $ | (10,637,172 | ) |
The accompanying notes are an integral part of these financial statements.
Page 24
Statements of Operations
Six Months Ended June 30, 2022 (Unaudited)
Chautauqua | Chautauqua | |||||||
International | Global | |||||||
Growth Fund | Growth Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividends (net of issuance fees and/or foreign taxes withheld of $574,913 and $241,416, respectively) | $ | 3,490,875 | $ | 1,676,135 | ||||
Interest | 19,450 | 13,135 | ||||||
Total investment income | 3,510,325 | 1,689,270 | ||||||
EXPENSES: | ||||||||
Investment advisory fees (Note 5) | 1,682,489 | 1,050,355 | ||||||
Federal and state registration | 57,753 | 91,222 | ||||||
Directors fees | 46,115 | 46,115 | ||||||
Shareholder servicing fees | 44,317 | 24,431 | ||||||
Fund accounting and administration fees | 29,720 | 25,673 | ||||||
Custody fees | 34,852 | 18,626 | ||||||
Professional fees | 17,211 | 17,211 | ||||||
Reports to shareholders | 6,487 | 4,023 | ||||||
Interest expense (Note 6) | 482 | — | ||||||
Miscellaneous expenses | 318 | 283 | ||||||
Rule 12b-1 fees - Investor Class Shares (Note 7) | 795 | 1,016 | ||||||
Total expenses | 1,920,539 | 1,278,955 | ||||||
Fee waiver by Advisor (Note 5) | (125,089 | ) | (157,559 | ) | ||||
Net expenses | 1,795,450 | 1,121,396 | ||||||
NET INVESTMENT INCOME | 1,714,875 | 567,874 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON | ||||||||
INVESTMENTS AND FOREIGN CURRENCY TRANSLATION: | ||||||||
Net realized loss on: | ||||||||
Investments (net of foreign taxes withheld of $309,953 and $49,844, respectively) | (16,669,320 | ) | (2,864,575 | ) | ||||
Foreign currency translation | (183,998 | ) | (82,044 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (95,424,561 | ) | (73,421,930 | ) | ||||
Foreign currency translation | 4,862 | (12,455 | ) | |||||
Net realized and unrealized loss on investments and foreign currency translation | (112,273,017 | ) | (76,381,004 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (110,558,142 | ) | $ | (75,813,130 | ) |
The accompanying notes are an integral part of these financial statements.
Page 25
Statements of Changes in Net Assets
Baird Mid Cap Growth Fund | Baird Small/Mid Cap Growth Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | Year Ended | June 30, 2022 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2021 | (Unaudited) | December 31, 2021 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment loss | $ | (4,150,258 | ) | $ | (12,339,959 | ) | $ | (296,389 | ) | $ | (697,516 | ) | ||||
Net realized gain (loss) on investments | 43,347,891 | 404,747,998 | (7,452,045 | ) | 5,184,457 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | (842,329,495 | ) | 92,627,945 | (42,978,728 | ) | 11,628,428 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (803,131,862 | ) | 485,035,984 | (50,727,162 | ) | 16,115,369 | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 337,722,494 | 431,337,899 | 35,077,209 | 113,262,327 | ||||||||||||
Shares issued to holders in reinvestment of distributions | — | 310,928,256 | — | 4,792,628 | ||||||||||||
Cost of shares redeemed | (266,835,499 | ) | (550,689,749 | ) | (8,336,602 | ) | (15,948,443 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 70,886,995 | 191,576,406 | 26,740,607 | 102,106,512 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | — | (339,105,769 | ) | — | (4,818,997 | ) | ||||||||||
Investor Class | — | (35,306,991 | ) | — | (26,279 | ) | ||||||||||
Total net distributions to shareholders | — | (374,412,760 | ) | — | (4,845,276 | ) | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (732,244,867 | ) | 302,199,630 | (23,986,555 | ) | 113,376,605 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 2,568,025,308 | 2,265,825,678 | 165,191,276 | 51,814,671 | ||||||||||||
End of period | $ | 1,835,780,441 | $ | 2,568,025,308 | $ | 141,204,721 | $ | 165,191,276 |
The accompanying notes are an integral part of these financial statements.
Page 26
Statements of Changes in Net Assets
Baird Equity Opportunity Fund | ||||||||
Six Months Ended | ||||||||
June 30, 2022 | Year Ended | |||||||
(Unaudited) | December 31, 2021 | |||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (248,131 | ) | $ | 298,253 | |||
Net realized gain on investments and written option contracts | 864,417 | 17,549,299 | ||||||
Net change in unrealized depreciation on investments | (11,253,458 | ) | (11,030,259 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (10,637,172 | ) | 6,817,293 | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 7,504,469 | 9,453,742 | ||||||
Proceeds from shares issued in connection with reorganization (Note 10) | — | 25,764,804 | ||||||
Shares issued to holders in reinvestment of distributions | — | 1,597,257 | ||||||
Cost of shares redeemed | (4,931,020 | ) | (11,747,283 | ) | ||||
Net increase in net assets resulting from capital share transactions | 2,573,449 | 25,068,520 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Net distributions to shareholders: | ||||||||
Institutional Class | — | (1,631,391 | ) | |||||
Investor Class | — | (14,867 | ) | |||||
Total net distributions to shareholders | — | (1,646,258 | ) | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (8,063,723 | ) | 30,239,555 | |||||
NET ASSETS: | ||||||||
Beginning of period | 60,963,610 | 30,724,055 | ||||||
End of period | $ | 52,899,887 | $ | 60,963,610 |
The accompanying notes are an integral part of these financial statements.
Page 27
Statements of Changes in Net Assets
Chautauqua International Growth Fund | Chautauqua Global Growth Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | Year Ended | June 30, 2022 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2021 | (Unaudited) | December 31, 2021 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,714,875 | $ | 853,030 | $ | 567,874 | $ | 21,747 | ||||||||
Net realized gain (loss) on investments and foreign currency translation | (16,853,318 | ) | 6,291,368 | (2,946,619 | ) | 1,275,493 | ||||||||||
Net change in unrealized appreciation (depreciation) on | ||||||||||||||||
investments and foreign currency translation | (95,419,699 | ) | 16,058,365 | (73,434,385 | ) | 23,034,419 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (110,558,142 | ) | 23,202,763 | (75,813,130 | ) | 24,331,659 | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 181,862,176 | 161,726,532 | 41,564,633 | 176,950,833 | ||||||||||||
Shares issued to holders in reinvestment of distributions | — | 1,816,295 | — | 1,033,641 | ||||||||||||
Cost of shares redeemed | (97,990,733 | ) | (38,228,944 | ) | (23,749,708 | ) | (23,914,556 | ) | ||||||||
Redemption fees(1) | — | 46,201 | — | 11,901 | ||||||||||||
Net increase in net assets resulting from capital share transactions | 83,871,443 | 125,360,084 | 17,814,925 | 154,081,819 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | — | (2,200,637 | ) | — | (1,097,930 | ) | ||||||||||
Investor Class | — | (2,876 | ) | — | (5,607 | ) | ||||||||||
Total net distributions to shareholders | — | (2,203,513 | ) | — | (1,103,537 | ) | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (26,686,699 | ) | 146,359,334 | (57,998,205 | ) | 177,309,941 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 468,830,442 | 322,471,108 | 316,328,891 | 139,018,950 | ||||||||||||
End of period | $ | 442,143,743 | $ | 468,830,442 | $ | 258,330,686 | $ | 316,328,891 |
(1) | Effective December 1, 2021, the Funds eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8. |
The accompanying notes are an integral part of these financial statements.
Page 28
Financial Highlights
Baird Mid Cap Growth Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.50 | $ | 28.17 | $ | 22.90 | $ | 17.72 | $ | 19.16 | $ | 15.80 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment loss(1) | (0.04 | ) | (0.15 | ) | (0.08 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (9.01 | ) | 6.30 | 7.99 | 6.44 | (0.30 | ) | 4.28 | ||||||||||||||||
Total from investment operations | (9.05 | ) | 6.15 | 7.91 | 6.42 | (0.33 | ) | 4.25 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net realized gains | — | (4.82 | ) | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | |||||||||||||
Total distributions | — | (4.82 | ) | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | |||||||||||||
Net asset value, end of period | $ | 20.45 | $ | 29.50 | $ | 28.17 | $ | 22.90 | $ | 17.72 | $ | 19.16 | ||||||||||||
Total return | (30.68 | )%(2) | 22.51 | % | 34.81 | % | 36.31 | % | (1.61 | )% | 26.88 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,691.5 | $ | 2,334.3 | $ | 2,065.5 | $ | 1,825.8 | $ | 1,337.4 | $ | 1,279.6 | ||||||||||||
Ratio of expenses to average net assets | 0.81 | %(3) | 0.80 | % | 0.82 | % | 0.82 | % | 0.81 | % | 0.83 | % | ||||||||||||
Ratio of net investment loss to average net assets | (0.38 | )%(3) | (0.49 | )% | (0.35 | )% | (0.07 | )% | (0.15 | )% | (0.17 | )% | ||||||||||||
Portfolio turnover rate(4) | 14 | %(2) | 31 | % | 47 | % | 43 | % | 38 | % | 45 | % |
(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 29
Financial Highlights
Baird Mid Cap Growth Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.04 | $ | 26.22 | $ | 21.53 | $ | 16.76 | $ | 18.23 | $ | 15.10 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment loss(1) | (0.07 | ) | (0.21 | ) | (0.14 | ) | (0.07 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (8.25 | ) | 5.85 | 7.47 | 6.08 | (0.28 | ) | 4.09 | ||||||||||||||||
Total from investment operations | (8.32 | ) | 5.64 | 7.33 | 6.01 | (0.36 | ) | 4.02 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net realized gains | — | (4.82 | ) | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | |||||||||||||
Total distributions | — | (4.82 | ) | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | |||||||||||||
Net asset value, end of period | $ | 18.72 | $ | 27.04 | $ | 26.22 | $ | 21.53 | $ | 16.76 | $ | 18.23 | ||||||||||||
Total return | (30.77 | )%(2) | 22.25 | % | 34.32 | % | 35.94 | % | (1.86 | )% | 26.61 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 144.3 | $ | 233.7 | $ | 200.3 | $ | 148.3 | $ | 95.5 | $ | 111.4 | ||||||||||||
Ratio of expenses to average net assets | 1.06 | %(3) | 1.05 | % | 1.07 | % | 1.07 | % | 1.06 | % | 1.08 | % | ||||||||||||
Ratio of net investment loss to average net assets | (0.63 | )%(3) | (0.74 | )% | (0.60 | )% | (0.32 | )% | (0.40 | )% | (0.42 | )% | ||||||||||||
Portfolio turnover rate(4) | 14 | %(2) | 31 | % | 47 | % | 43 | % | 38 | % | 45 | % |
(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 30
Financial Highlights
Baird Small/Mid Cap Growth Fund – Institutional Class
Six Months Ended | Period Ended | |||||||||||||||||||
June 30, 2022 | Year Ended December 31, | December 31, | ||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018(1) | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 19.94 | $ | 17.39 | $ | 12.26 | $ | 8.95 | $ | 10.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment loss(2) | (0.03 | ) | (0.12 | ) | (0.06 | ) | (0.03 | ) | (0.00 | )(3) | ||||||||||
Net realized and unrealized gains (losses) on investments | (5.65 | ) | 3.29 | 5.52 | 3.34 | (1.05 | ) | |||||||||||||
Total from investment operations | (5.68 | ) | 3.17 | 5.46 | 3.31 | (1.05 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net realized gains | — | (0.62 | ) | (0.33 | ) | — | — | |||||||||||||
Total distributions | — | (0.62 | ) | (0.33 | ) | — | — | |||||||||||||
Net asset value, end of period | $ | 14.26 | $ | 19.94 | $ | 17.39 | $ | 12.26 | $ | 8.95 | ||||||||||
Total return | (28.49 | )%(4) | 18.42 | % | 44.57 | % | 36.98 | % | (10.50 | )%(4) | ||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of period (millions) | $ | 140.4 | $ | 164.3 | $ | 51.2 | $ | 18.3 | $ | 7.3 | ||||||||||
Ratio of expenses to average net assets | 0.85 | %(5) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %(5) | ||||||||||
Ratio of expenses to average net assets (before waivers) | 0.98 | %(5) | 1.00 | % | 1.43 | % | 2.10 | % | 3.88 | %(5) | ||||||||||
Ratio of net investment loss to average net assets | (0.40 | )%(5) | (0.63 | )% | (0.41 | )% | (0.25 | )% | (0.03 | )%(5) | ||||||||||
Ratio of net investment loss to average net assets (before waivers) | (0.53 | )%(5) | (0.78 | )% | (0.99 | )% | (1.50 | )% | (3.06 | )%(5) | ||||||||||
Portfolio turnover rate(6) | 21 | %(4) | 50 | % | 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 31
Financial Highlights
Baird Small/Mid Cap Growth Fund – Investor Class
Six Months Ended | Period Ended | |||||||||||||||||||
June 30, 2022 | Year Ended December 31, | December 31, | ||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018(1) | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Net asset value, beginning of period | $ | 19.72 | $ | 17.25 | $ | 12.21 | $ | 8.94 | $ | 10.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment loss(2) | (0.05 | ) | (0.17 | ) | (0.09 | ) | (0.06 | ) | (0.00 | )(3) | ||||||||||
Net realized and unrealized gains (losses) on investments | (5.58 | ) | 3.26 | 5.46 | 3.33 | (1.06 | ) | |||||||||||||
Total from investment operations | (5.63 | ) | 3.09 | 5.37 | 3.27 | (1.06 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
Distributions from net realized gains | — | (0.62 | ) | (0.33 | ) | — | — | |||||||||||||
Total distributions | — | (0.62 | ) | (0.33 | ) | — | — | |||||||||||||
Net asset value, end of period | $ | 14.09 | $ | 19.72 | $ | 17.25 | $ | 12.21 | $ | 8.94 | ||||||||||
Total return | (28.55 | )%(4) | 18.10 | % | 43.89 | % | 36.69 | % | (10.60 | )%(4) | ||||||||||
Supplemental data and ratios: | ||||||||||||||||||||
Net assets, end of period (thousands) | $ | 783.0 | $ | 863.7 | $ | 661.0 | $ | 287.3 | $ | 8.9 | ||||||||||
Ratio of expenses to average net assets | 1.10 | %(5) | 1.10 | % | 1.10 | % | 1.10 | % | 1.10 | %(5) | ||||||||||
Ratio of expenses to average net assets (before waivers) | 1.23 | %(5) | 1.25 | % | 1.68 | % | 2.35 | % | 4.13 | %(5) | ||||||||||
Ratio of net investment loss to average net assets | (0.65 | )%(5) | (0.88 | )% | (0.66 | )% | (0.50 | )% | (0.28 | )%(5) | ||||||||||
Ratio of net investment loss to average net assets (before waivers) | (0.78 | )%(5) | (1.03 | )% | (1.24 | )% | (1.75 | )% | (3.31 | )%(5) | ||||||||||
Portfolio turnover rate(6) | 21 | %(4) | 50 | % | 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 32
Financial Highlights
Baird Equity Opportunity Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.68 | $ | 15.56 | $ | 15.96 | $ | 13.58 | $ | 16.99 | $ | 14.83 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(1) | (0.07 | ) | 0.14 | 0.03 | 0.13 | 0.05 | 0.09 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | (2.96 | ) | 2.82 | 0.43 | (2) | 2.36 | (2.85 | ) | 2.59 | |||||||||||||||
Total from investment operations | (3.03 | ) | 2.96 | 0.46 | 2.49 | (2.80 | ) | 2.68 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.17 | ) | (0.03 | ) | (0.11 | ) | (0.06 | ) | (0.09 | ) | |||||||||||||
Distributions from net realized gains | — | (0.67 | ) | (0.83 | ) | — | (0.55 | ) | (0.43 | ) | ||||||||||||||
Total distributions | — | (0.84 | ) | (0.86 | ) | (0.11 | ) | (0.61 | ) | (0.52 | ) | |||||||||||||
Net asset value, end of period | $ | 14.65 | $ | 17.68 | $ | 15.56 | $ | 15.96 | $ | 13.58 | $ | 16.99 | ||||||||||||
Total return | (17.18 | )%(3) | 19.33 | % | 2.85 | % | 18.40 | % | (16.45 | )% | 18.05 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 52.9 | $ | 61.0 | $ | 30.4 | $ | 33.0 | $ | 28.8 | $ | 33.6 | ||||||||||||
Ratio of expenses to average net assets | 1.25 | %(4) | 0.98 | %(6) | 0.95 | % | 0.95 | % | 1.00 | %(5) | 1.00 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.75 | %(4) | 1.53 | % | 1.64 | % | 1.44 | % | 1.38 | % | 1.35 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | (0.87 | )%(4) | 0.82 | % | 0.21 | % | 0.87 | % | 0.29 | % | 0.61 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | (1.37 | )%(4) | 0.27 | % | (0.48 | )% | 0.38 | % | (0.09 | )% | 0.26 | % | ||||||||||||
Portfolio turnover rate(7) | 44 | %(3) | 67 | %(8) | 61 | % | 55 | % | 36 | % | 30 | % |
(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 unrealized 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 12, 2021, the expense cap increased to 1.25%. Prior to December 12, 2021, the expense cap was 0.95%. |
(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. |
(8) | The cost of purchases and proceeds from sales of securities that were incurred by the Fund subsequent to Greenhouse’s appointment as subadvisor to the Baird Equity Opportunity Fund that related to the alignment of the Fund’s portfolio with Greenhouse’s investment style are excluded from the portfolio turnover rate calculation. See Note 10 of the Notes to Financial Statements for further information regarding Greenhouse’s appointment as subadvisor and other changes impacting the Fund. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021. |
The accompanying notes are an integral part of these financial statements.
Page 33
Financial Highlights
Baird Equity Opportunity Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.65 | $ | 15.52 | $ | 15.97 | $ | 13.58 | $ | 16.97 | $ | 14.81 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(1) | (0.09 | ) | 0.10 | (0.01 | ) | 0.09 | 0.01 | 0.06 | ||||||||||||||||
Net realized and unrealized gains (losses) on investments | (2.96 | ) | 2.83 | 0.42 | (2) | 2.37 | (2.85 | ) | 2.58 | |||||||||||||||
Total from investment operations | (3.05 | ) | 2.93 | 0.41 | 2.46 | (2.84 | ) | 2.64 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.13 | ) | (0.03 | ) | (0.07 | ) | — | (0.05 | ) | ||||||||||||||
Distributions from net realized gains | — | (0.67 | ) | (0.83 | ) | — | (0.55 | ) | (0.43 | ) | ||||||||||||||
Total distributions | — | (0.80 | ) | (0.86 | ) | (0.07 | ) | (0.55 | ) | (0.48 | ) | |||||||||||||
Net asset value, end of period | $ | 14.60 | $ | 17.65 | $ | 15.52 | $ | 15.97 | $ | 13.58 | $ | 16.97 | ||||||||||||
Total return | (17.28 | )%(3) | 19.16 | % | 2.54 | % | 18.19 | % | (16.71 | )% | 17.78 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (thousands) | $ | 2.1 | $ | 2.6 | $ | 295.7 | $ | 883.8 | $ | 758.6 | $ | 2,586.3 | ||||||||||||
Ratio of expenses to average net assets | 1.50 | %(4) | 1.23 | %(6) | 1.20 | % | 1.20 | % | 1.25 | %(5) | 1.25 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 2.00 | %(4) | 1.78 | % | 1.89 | % | 1.69 | % | 1.63 | % | 1.60 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | (1.12 | )%(4) | 0.57 | % | (0.04 | )% | 0.62 | % | 0.04 | % | 0.36 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | (1.62 | )%(4) | 0.02 | % | (0.73 | )% | 0.13 | % | (0.34 | )% | 0.01 | % | ||||||||||||
Portfolio turnover rate(7) | 44 | %(3) | 67 | %(8) | 61 | % | 55 | % | 36 | % | 30 | % |
(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 unrealized 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 1.20%. Prior to December 1, 2018, the expense cap was 1.25%. |
(6) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 12, 2021, the expense cap increased to 1.50%. Prior to December 12, 2021, the expense cap was 1.20%. |
(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. |
(8) | The cost of purchases and proceeds from sales of securities that were incurred by the Fund subsequent to Greenhouse’s appointment as subadvisor to the Baird Equity Opportunity Fund that related to the alignment of the Fund’s portfolio with Greenhouse’s investment style are excluded from the portfolio turnover rate calculation. See Note 10 of the Notes to Financial Statements for further information regarding Greenhouse’s appointment as subadvisor and other changes impacting the Fund. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021. |
The accompanying notes are an integral part of these financial statements.
Page 34
Financial Highlights
Chautauqua International Growth Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.65 | $ | 17.51 | $ | 12.62 | $ | 10.17 | $ | 12.59 | $ | 9.57 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.06 | 0.04 | 0.01 | 0.30 | 0.06 | 0.04 | ||||||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | (4.03 | ) | 1.19 | 5.00 | 2.42 | (2.19 | ) | 3.41 | ||||||||||||||||
Total from investment operations | (3.97 | ) | 1.23 | 5.01 | 2.72 | (2.13 | ) | 3.45 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.09 | ) | (0.12 | ) | (0.27 | ) | (0.06 | ) | (0.02 | ) | |||||||||||||
Distributions from net realized gains | — | — | — | — | (0.23 | ) | (0.41 | ) | ||||||||||||||||
Total distributions | — | (0.09 | ) | (0.12 | ) | (0.27 | ) | (0.29 | ) | (0.43 | ) | |||||||||||||
Paid in capital from redemption fees(7) | — | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | |||||||||||||
Net asset value, end of period | $ | 14.68 | $ | 18.65 | $ | 17.51 | $ | 12.62 | $ | 10.17 | $ | 12.59 | ||||||||||||
Total return | (21.29 | )%(3) | 6.90 | % | 39.84 | % | 26.72 | % | (16.94 | )% | 36.11 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 441.4 | $ | 468.2 | $ | 321.8 | $ | 172.7 | $ | 85.4 | $ | 74.2 | ||||||||||||
Ratio of expenses to average net assets | 0.80 | %(4) | 0.80 | % | 0.80 | % | 0.80 | % | 0.94 | %(5) | 0.95 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 0.86 | %(4) | 0.86 | % | 0.90 | % | 0.96 | % | 1.07 | % | 1.20 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.76 | %(4) | 0.20 | % | 0.07 | % | 2.56 | % | 0.51 | % | 0.30 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.71 | %(4) | 0.14 | % | (0.03 | )% | 2.40 | % | 0.38 | % | 0.05 | % | ||||||||||||
Portfolio turnover rate(6) | 15 | %(3) | 14 | % | 31 | % | 31 | % | 42 | % | 71 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%. |
(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. |
(7) | Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8. |
The accompanying notes are an integral part of these financial statements.
Page 35
Financial Highlights
Chautauqua International Growth Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.58 | $ | 17.48 | $ | 12.60 | $ | 10.15 | $ | 12.57 | $ | 9.56 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(1) | 0.04 | (0.01 | ) | (0.02 | ) | 0.27 | 0.03 | 0.01 | ||||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | (4.02 | ) | 1.20 | 4.95 | (2) | 2.41 | (2.19 | ) | 3.41 | |||||||||||||||
Total from investment operations | (3.98 | ) | 1.19 | 4.93 | 2.68 | (2.16 | ) | 3.42 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.09 | ) | (0.05 | ) | (0.23 | ) | (0.03 | ) | (0.00 | )(3) | |||||||||||||
Distributions from net realized gains | — | — | — | — | (0.23 | ) | (0.41 | ) | ||||||||||||||||
Total distributions | — | (0.09 | ) | (0.05 | ) | (0.23 | ) | (0.26 | ) | (0.41 | ) | |||||||||||||
Paid in capital from redemption fees(8) | — | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | |||||||||||||
Net asset value, end of period | $ | 14.60 | $ | 18.58 | $ | 17.48 | $ | 12.60 | $ | 10.15 | $ | 12.57 | ||||||||||||
Total return | (21.42 | )%(4) | 6.62 | % | 39.37 | % | 26.42 | % | (17.21 | )% | 35.86 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (thousands) | $ | 726.8 | $ | 608.0 | $ | 697.4 | $ | 1,494.8 | $ | 2,147.0 | $ | 1,618.5 | ||||||||||||
Ratio of expenses to average net assets | 1.05 | %(5) | 1.05 | % | 1.05 | % | 1.05 | % | 1.19 | %(6) | 1.20 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.11 | %(5) | 1.11 | % | 1.15 | % | 1.21 | % | 1.32 | % | 1.45 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.51 | %(5) | (0.05 | )% | (0.18 | )% | 2.31 | % | 0.26 | % | 0.05 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.46 | %(5) | (0.11 | )% | (0.28 | )% | 2.15 | % | 0.13 | % | (0.20 | )% | ||||||||||||
Portfolio turnover rate(7) | 15 | %(4) | 14 | % | 31 | % | 31 | % | 42 | % | 71 | % |
(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 unrealized 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 1.05%. Prior to December 1, 2018, the expense cap was 1.20%. |
(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. |
(8) | Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8. |
The accompanying notes are an integral part of these financial statements.
Page 36
Financial Highlights
Chautauqua Global Growth Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.36 | $ | 19.85 | $ | 14.47 | $ | 11.29 | $ | 13.43 | $ | 10.09 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(1) | 0.04 | 0.00 | (2) | (0.03 | ) | 0.22 | 0.00 | (2) | (0.04 | ) | ||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | (5.28 | ) | 2.59 | 5.49 | 3.18 | (1.98 | ) | 3.85 | ||||||||||||||||
Total from investment operations | (5.24 | ) | 2.59 | 5.46 | 3.40 | (1.98 | ) | 3.81 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.08 | ) | (0.09 | ) | (0.16 | ) | (0.00 | )(2) | — | ||||||||||||||
Distributions from net realized gains | — | — | — | (0.06 | ) | (0.16 | ) | (0.47 | ) | |||||||||||||||
Total distributions | — | (0.08 | ) | (0.09 | ) | (0.22 | ) | (0.16 | ) | (0.47 | ) | |||||||||||||
Paid in capital from redemption fees(7) | — | 0.00 | (2) | 0.01 | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | ||||||||||||||
Net asset value, end of period | $ | 17.12 | $ | 22.36 | $ | 19.85 | $ | 14.47 | $ | 11.29 | $ | 13.43 | ||||||||||||
Total return | (23.43 | )%(3) | 12.93 | % | 37.97 | % | 30.14 | % | (14.70 | )% | 37.75 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 257.6 | $ | 314.7 | $ | 137.3 | $ | 55.8 | $ | 36.8 | $ | 23.2 | ||||||||||||
Ratio of expenses to average net assets | 0.80 | %(4) | 0.80 | % | 0.80 | % | 0.80 | % | 0.94 | %(5) | 0.95 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 0.91 | %(4) | 0.92 | % | 1.04 | % | 1.23 | % | 1.34 | % | 2.26 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.41 | %(4) | 0.01 | % | (0.17 | )% | 1.64 | % | 0.01 | % | (0.30 | )% | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.29 | %(4) | (0.11 | )% | (0.41 | )% | 1.21 | % | (0.39 | )% | (1.61 | )% | ||||||||||||
Portfolio turnover rate(6) | 7 | %(3) | 13 | % | 24 | % | 26 | % | 38 | % | 61 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%. |
(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. |
(7) | Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8. |
The accompanying notes are an integral part of these financial statements.
Page 37
Financial Highlights
Chautauqua Global Growth Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2022 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.18 | $ | 19.74 | $ | 14.36 | $ | 11.22 | $ | 13.37 | $ | 10.08 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(1) | 0.01 | (0.05 | ) | (0.06 | ) | 0.19 | (0.03 | ) | (0.07 | ) | ||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | (5.23 | ) | 2.57 | 5.44 | 3.15 | (1.96 | ) | 3.83 | ||||||||||||||||
Total from investment operations | (5.22 | ) | 2.52 | 5.38 | 3.34 | (1.99 | ) | 3.76 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.08 | ) | (0.05 | ) | (0.14 | ) | — | — | |||||||||||||||
Distributions from net realized gains | — | — | — | (0.06 | ) | (0.16 | ) | (0.47 | ) | |||||||||||||||
Total distributions | — | (0.08 | ) | (0.05 | ) | (0.20 | ) | (0.16 | ) | (0.47 | ) | |||||||||||||
Paid in capital from redemption fees(7) | — | 0.00 | (2) | 0.05 | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | ||||||||||||||
Net asset value, end of period | $ | 16.96 | $ | 22.18 | $ | 19.74 | $ | 14.36 | $ | 11.22 | $ | 13.37 | ||||||||||||
Total return | (23.53 | )%(3) | 12.64 | % | 37.94 | % | 29.73 | % | (14.86 | )% | 37.29 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 0.7 | $ | 1.6 | $ | 1.7 | $ | 1.6 | $ | 0.7 | $ | 0.7 | ||||||||||||
Ratio of expenses to average net assets | 1.05 | %(4) | 1.05 | % | 1.05 | % | 1.05 | % | 1.19 | %(5) | 1.20 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.16 | %(4) | 1.17 | % | 1.29 | % | 1.48 | % | 1.59 | % | 2.51 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.16 | %(4) | (0.24 | )% | (0.42 | )% | 1.39 | % | (0.24 | )% | (0.55 | )% | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.04 | %(4) | (0.36 | )% | (0.66 | )% | 0.96 | % | (0.64 | )% | (1.86 | )% | ||||||||||||
Portfolio turnover rate(6) | 7 | %(3) | 13 | % | 24 | % | 26 | % | 38 | % | 61 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | 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%. |
(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. |
(7) | Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8. |
The accompanying notes are an integral part of these financial statements.
Page 38
Notes to the Financial Statements
June 30, 2022 (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 Mid Cap Growth Fund, the Baird Small/Mid Cap Growth Fund, the Baird Equity Opportunity Fund, the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund (each a “Fund” and collectively the “Funds”), five of the fifteen active funds in the series comprising the Company. Pursuant to the 1940 Act, the Funds are “diversified” series of the Company except for the Baird Equity Opportunity Fund, which is a non-diversified fund. The investment advisor to the Funds is Robert W. Baird & Co. Incorporated (“Baird” or the “Advisor”). The investment subadvisor to the Baird Equity Opportunity Fund is Greenhouse Funds LLLP (“Greenhouse” or the “Subadvisor”). 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 Mid Cap Growth Fund(1) | December 29, 2000 | December 29, 2000 | |
Baird Small/Mid Cap Growth Fund | October 31, 2018 | October 31, 2018 | |
Baird Equity Opportunity Fund(2) | 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 |
(1) | Effective April 30, 2022, the Fund changed its name from the Baird MidCap Fund to the Baird Mid Cap Growth Fund. |
(2) | Formerly known as the Baird SmallCap Value Fund. Greenhouse was appointed as subadvisor to and assumed portfolio management of the Baird Equity Opportunity Fund on December 12, 2021, and the Baird Small/Mid Cap Value Fund was reorganized into the Baird Equity Opportunity Fund on December 13, 2021. See Note 10 for more information. |
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 Mid Cap Growth 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 Equity Opportunity Fund seeks to provide long-term capital appreciation through investments in equity securities of small- and mid-capitalization companies.
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. As of June 30, 2022, the Advisor, in its capacity as sponsor of the Baird Profit Sharing & Savings Plan and the Baird Non-Qualified Compensation Plan, and the Baird Foundation, an entity related to the Advisor, on a combined basis, owned a controlling ownership in the Baird Equity Opportunity Fund.
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. Per GAAP, 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. | |
Put and call options purchased for the Baird Equity Opportunity Fund will be valued at the last sale price or, in the absence of such a price, at the mean between bid and asked prices. See Note 2(d) for additional information regarding financial derivative instruments. |
Page 39
Notes to the Financial Statements
June 30, 2022 (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) | Financial Derivative Instruments – Financial derivative instruments, such as option contracts, derive their value from the performance of an underlying asset or index. The Baird Equity Opportunity Fund (the “Fund”) may purchase and sell (write) put options and call options on securities or indices in standardized contracts listed on securities exchanges. The Fund may also purchase and sell (write) over-the-counter (“OTC”) put options and call options. |
A call option gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security or index at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligations under the option contract. A put option gives the purchaser the right to sell the underlying security or index at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security or index. In contrast to an option on a particular security, an option on an index provides the holder with the right to make or receive a cash settlement upon exercise of the option. The amount of this settlement will be equal to the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple. | |
Writing Put and Call Options | |
As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received. | |
By writing a call option on a security, the Fund foregoes the opportunity to profit from an increase in the market price of the underlying security above the exercise price except insofar as the premium represents such a profit, and it is not able to sell the underlying security until the option expires or is exercised or the Fund effects a closing purchase transaction by purchasing an option of the same series. Except to the extent that a written call option on an index is covered by an option on the same index purchased by the Fund, movements in the index may result in a loss to the Fund; however, such losses may be mitigated by changes in the value of securities held by the Fund during the period the option was outstanding. | |
If a call option on a security is exercised, the Fund may deliver the underlying security held by the Fund or purchase the underlying security in the open market. In either event, the proceeds of the sale will be increased by the net premium originally received, and the Fund will realize a gain or loss. | |
At June 30, 2022, the Baird Equity Opportunity Fund pledged securities with a fair value of $1,879,800 as collateral for option contracts. | |
e) | 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, 2021, or for any other tax years which are open for exam. As of December 31, 2021, open tax years include the tax years ended December 31, 2018 through 2021. 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. | |
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) | 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. |
h) | 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. |
Page 40
Notes to the Financial Statements
June 30, 2022 (Unaudited)
2. | Significant Accounting Policies (cont.) |
i) | 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 Funds 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. |
j) | 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. |
k) | New Regulatory and Accounting Pronouncements – In August 2021, FASB issued Accounting Standards Update (“ASU”) 2021-06, which includes updates to Financial Services – Investment Companies (Topic 946): Amendments to SEC Paragraphs Pursuant to SEC Final Rule Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses (“ASU 2021-06”). Among other revisions, the ASU 2021-06 added to the Accounting Standards Codification the text of SEC Regulation S-X Rule 6-11, Financial Statements of Funds Acquired or To Be Acquired, which governs the financial reporting for fund acquisitions by investment companies and business development companies. The amendments are effective as of the beginning of the registrant’s fiscal year beginning after December 31, 2020 (the “mandatory compliance date”). Acquisitions and dispositions that are probable or consummated after the mandatory compliance date must be evaluated for significance using the final amendments. Management has evaluated ASU 2021-06 and has adopted the relevant provisions of the disclosure framework. |
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 has evaluated Rule 2a-5 and will adopt required provisions by the compliance date. | |
In November 2020, the SEC adopted Rule 18f-4 under the 1940 Act and issued Release No. IC-34084, Use of Derivatives by Registered Investment Companies and Business Development Companies (“Rule 18f-4”), to govern the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4 will replace existing SEC and staff guidance with a new framework for the use of derivatives by registered investment companies. Unless a fund qualifies as a “limited derivatives user,” as defined in Rule 18f-4, Rule 18f-4 will require registered investment companies that trade derivatives and other instruments that create future payment or delivery obligations to adopt a value at-risk leverage limit and implement a derivatives risk management program. The compliance date for Rule 18f-4 is August 19, 2022. Management has evaluated Rule 18f-4 and will adopt required provisions by the compliance date. | |
3. | Capital Share Transactions |
The following table summarizes the capital share transactions of each Fund for the past two fiscal periods:
Baird Mid Cap Growth Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 13,326,213 | $ | 318,230,747 | 12,401,472 | $ | 383,737,973 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 9,745,081 | 276,370,483 | ||||||||||||
Shares redeemed | (9,752,016 | ) | (226,587,888 | ) | (16,358,498 | ) | (494,976,770 | ) | ||||||||
Net increase | 3,574,197 | $ | 91,642,859 | 5,788,055 | $ | 165,131,686 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 79,123,340 | 73,335,285 | ||||||||||||||
End of period | 82,697,537 | 79,123,340 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 889,903 | $ | 19,491,747 | 1,635,445 | $ | 47,599,926 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 1,329,656 | 34,557,773 | ||||||||||||
Shares redeemed | (1,828,230 | ) | (40,247,611 | ) | (1,959,561 | ) | (55,712,979 | ) | ||||||||
Net increase (decrease) | (938,327 | ) | $ | (20,755,864 | ) | 1,005,540 | $ | 26,444,720 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 8,644,275 | 7,638,735 | ||||||||||||||
End of period | 7,705,948 | 8,644,275 | ||||||||||||||
Total net increase | $ | 70,886,995 | $ | 191,576,406 |
Page 41
Notes to the Financial Statements
June 30, 2022 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Small/Mid Cap Growth Fund
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,129,335 | $ | 34,892,834 | 5,865,374 | $ | 113,153,475 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 251,655 | 4,766,350 | ||||||||||||
Shares redeemed | (527,066 | ) | (8,329,220 | ) | (816,667 | ) | (15,919,773 | ) | ||||||||
Net increase | 1,602,269 | $ | 26,563,614 | 5,300,362 | $ | 102,000,052 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 8,242,285 | 2,941,923 | ||||||||||||||
End of period | 9,844,554 | 8,242,285 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 12,201 | $ | 184,375 | 5,507 | $ | 108,852 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 1,403 | 26,278 | ||||||||||||
Shares redeemed | (435 | ) | (7,382 | ) | (1,438 | ) | (28,670 | ) | ||||||||
Net increase | 11,766 | $ | 176,993 | 5,472 | $ | 106,460 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 43,789 | 38,317 | ||||||||||||||
End of period | 55,555 | 43,789 | ||||||||||||||
Total net increase | $ | 26,740,607 | $ | 102,106,512 | ||||||||||||
Baird Equity Opportunity Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 465,541 | $ | 7,504,469 | 553,251 | $ | 9,425,497 | ||||||||||
Shares issued in connection with reorganization (Note 10) | — | — | 1,496,876 | 25,764,804 | ||||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 94,369 | 1,588,236 | ||||||||||||
Shares issued in exchange for Investor Class shares(1) | — | — | 18,299 | 315,192 | ||||||||||||
Shares redeemed | (302,383 | ) | (4,931,020 | ) | (671,143 | ) | (11,698,999 | ) | ||||||||
Net increase | 163,158 | $ | 2,573,449 | 1,491,652 | $ | 25,394,730 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 3,447,169 | 1,955,517 | ||||||||||||||
End of period | 3,610,327 | 3,447,169 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | — | $ | — | 1,703 | $ | 28,245 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 537 | 9,021 | ||||||||||||
Shares exchanged for Institutional Class shares(1) | — | — | (18,335 | ) | (315,192 | ) | ||||||||||
Shares redeemed | — | — | (2,807 | ) | (48,284 | ) | ||||||||||
Net decrease | — | $ | — | (18,902 | ) | $ | (326,210 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 145 | 19,047 | ||||||||||||||
End of period | 145 | 145 | ||||||||||||||
Total net increase | $ | 2,573,449 | $ | 25,068,520 |
(1) | Investor Class shares converted to Institutional Class shares in December 2021. |
Page 42
Notes to the Financial Statements
June 30, 2022 (Unaudited)
3. | Capital Share Transactions (cont.) |
Chautauqua International Growth Fund
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 11,358,176 | $ | 181,502,135 | 8,651,399 | $ | 161,248,569 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 97,773 | 1,813,689 | ||||||||||||
Shares redeemed | (6,387,764 | ) | (97,904,819 | ) | (2,024,941 | ) | (37,597,545 | ) | ||||||||
Redemption fees | — | — | — | 46,105 | ||||||||||||
Net increase | 4,970,412 | $ | 83,597,316 | 6,724,231 | $ | 125,510,818 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 25,105,662 | 18,381,431 | ||||||||||||||
End of period | 30,076,074 | 25,105,662 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 22,791 | $ | 360,041 | 26,138 | $ | 477,963 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 141 | 2,606 | ||||||||||||
Shares redeemed | (5,741 | ) | (85,914 | ) | (33,445 | ) | (631,399 | ) | ||||||||
Redemption fees | — | — | — | 96 | ||||||||||||
Net increase (decrease) | 17,050 | $ | 274,127 | (7,166 | ) | $ | (150,734 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 32,729 | 39,895 | ||||||||||||||
End of period | 49,779 | 32,729 | ||||||||||||||
Total net increase | $ | 83,871,443 | $ | 125,360,084 | ||||||||||||
Chautauqua Global Growth Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,137,679 | $ | 41,491,614 | 8,197,289 | $ | 176,454,925 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 46,030 | 1,028,304 | ||||||||||||
Shares redeemed | (1,169,709 | ) | (23,032,486 | ) | (1,085,967 | ) | (23,131,403 | ) | ||||||||
Redemption fees | — | — | — | 11,794 | ||||||||||||
Net increase | 967,970 | $ | 18,459,128 | 7,157,352 | $ | 154,363,620 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 14,077,681 | 6,920,329 | ||||||||||||||
End of period | 15,045,651 | 14,077,681 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 3,822 | $ | 73,019 | 23,122 | $ | 495,908 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 241 | 5,337 | ||||||||||||
Shares redeemed | (33,146 | ) | (717,222 | ) | (36,619 | ) | (783,153 | ) | ||||||||
Redemption fees | — | — | — | 107 | ||||||||||||
Net decrease | (29,324 | ) | $ | (644,203 | ) | (13,256 | ) | $ | (281,801 | ) | ||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 71,705 | 84,961 | ||||||||||||||
End of period | 42,381 | 71,705 | ||||||||||||||
Total net increase | $ | 17,814,925 | $ | 154,081,819 |
4. | Investment Transactions and Income Tax Information |
During the six months ended June 30, 2022, purchases and sales of investment securities (excluding short-term investments) were as follows:
Chautauqua | Chautauqua | |||||||||||||||||||
Baird Mid Cap | Baird Small/Mid | Baird Equity | International | Global | ||||||||||||||||
Growth Fund | Cap Growth Fund | Opportunity Fund | Growth Fund | Growth Fund | ||||||||||||||||
Purchases: | $ | 379,711,730 | $ | 58,116,644 | $ | 27,099,932 | $ | 161,312,610 | $ | 45,119,149 | ||||||||||
Sales: | 297,234,494 | 30,950,328 | 24,614,508 | 66,387,323 | 19,402,363 |
The Funds did not purchase or sell U.S. Government securities during the six months ended June 30, 2022.
Page 43
Notes to the Financial Statements
June 30, 2022 (Unaudited)
4. | Investment Transactions and Income Tax Information (cont.) |
As of December 31, 2021, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:
Baird | Baird | Baird Equity | Chautauqua | Chautauqua | ||||||||||||||||
Mid Cap | Small/Mid Cap | Opportunity | International | Global | ||||||||||||||||
Growth Fund | Growth Fund | Fund | Growth Fund | Growth Fund | ||||||||||||||||
Cost of investments | $ | 1,467,402,473 | $ | 141,244,894 | $ | 57,141,218 | $ | 348,857,000 | $ | 252,910,555 | ||||||||||
Gross unrealized appreciation | 1,125,882,567 | 30,985,860 | 4,640,247 | 142,690,772 | 77,914,990 | |||||||||||||||
Gross unrealized depreciation | (25,939,675 | ) | (5,380,288 | ) | (64,602 | ) | (24,883,823 | ) | (15,268,361 | ) | ||||||||||
Net unrealized appreciation | 1,099,942,892 | 25,605,572 | 4,575,645 | 117,806,949 | 62,646,629 | |||||||||||||||
Undistributed ordinary income | 5,429,689 | — | — | 2,547,951 | 344,676 | |||||||||||||||
Undistributed long-term capital gains | 25,642,077 | 1,000,155 | 14,047,005 | 1,777,754 | — | |||||||||||||||
Distributable earnings | 31,071,766 | 1,000,155 | 14,047,005 | 4,325,705 | 344,676 | |||||||||||||||
Other accumulated gains (losses) | — | — | 21,754 | (8,522 | ) | (307 | ) | |||||||||||||
Total distributable earnings | $ | 1,131,014,658 | $ | 26,605,727 | $ | 18,644,404 | $ | 122,124,132 | $ | 62,990,998 |
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, 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 and net operating losses. These reclassifications have no effect on net assets or NAV per share.
For the year ended December 31, 2021, the following table shows the reclassifications made:
Fund | Total Distributable Earnings | Paid In Capital | |||||||
Baird Mid Cap Growth Fund | $ | (36,995,794 | ) | $ | 36,995,794 | ||||
Baird Small/Mid Cap Growth Fund | 225,832 | (225,832 | ) | ||||||
Baird Equity Opportunity Fund | (833 | ) | 833 |
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, 2022, the Funds did not pay any distributions. During the year ended December 31, 2021, the tax components of distributions paid were as follows:
Year Ended December 31, 2021 | ||||||||||||
Ordinary | Long-Term | |||||||||||
Fund | Income | Capital Gains | Total | |||||||||
Baird Mid Cap Growth Fund | $ | 32,637,096 | $ | 341,775,664 | $ | 374,412,760 | ||||||
Baird Small/Mid Cap Growth Fund | 265,469 | 4,579,807 | 4,845,276 | |||||||||
Baird Equity Opportunity Fund | 328,711 | 1,317,547 | 1,646,258 | |||||||||
Chautauqua International Growth Fund | 2,203,513 | — | 2,203,513 | |||||||||
Chautauqua Global Growth Fund | 1,103,537 | — | 1,103,537 |
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, 2021.
During the year ended December 31, 2021, the Baird Equity Opportunity Fund, Chautauqua International Growth Fund, and Chautauqua Global Growth Fund utilized $399,158, $3,112,101, and $931,567 of long-term capital loss carryover, respectively. During the year ended December 31, 2021, the Baird Equity Opportunity Fund utilized $1,713,951 of short-term capital loss carryover. At December 31, 2021, there were no accumulated net realized capital loss carryovers without expiration for the Funds.
5. | Investment Advisory and Other Agreements |
The Funds have entered into an Investment Advisory Agreement with Baird for the provision of investment advisory services. In addition, Baird has entered into a Subadvisory Agreement with Greenhouse related to the Baird Equity Opportunity Fund. 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 Mid Cap Growth Fund | 0.75% |
Baird Small/Mid Cap Growth Fund | 0.75% |
Baird Equity Opportunity Fund | 1.25% |
Chautauqua International Growth Fund | 0.75% |
Chautauqua Global Growth Fund | 0.75% |
Page 44
Notes to the Financial Statements
June 30, 2022 (Unaudited)
5. | Investment Advisory and Other Agreements (cont.) |
Under the Subadvisory Agreement, Baird is obligated to pay Greenhouse its subadvisory fee out of the advisory fee paid to Baird by the Baird Equity Opportunity Fund.
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 Mid Cap Growth Fund | 0.85% | 1.10% |
Baird Small/Mid Cap Growth Fund | 0.85% | 1.10% |
Baird Equity Opportunity Fund | 1.25% | 1.50% |
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, 2023 for the Baird Mid Cap Growth, Baird Small/Mid Cap Growth, Chautauqua International Growth, and Chautauqua Global Growth Funds. The Expense Cap/Reimbursement Agreement is in effect through at least April 30, 2025 for the Baird Equity Opportunity Fund.
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 for all Funds other than the Baird Equity Opportunity Fund. 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. The Advisor is not entitled to recoup any fees waived and/or expenses reimbursed by the Baird Equity Opportunity Fund under the agreement or under prior agreements.
Six Months | ||||||||||||||||
Ended | Fiscal Year Ended December 31, | |||||||||||||||
June 30, | ||||||||||||||||
Recoverable amounts reimbursed during: | 2022 | 2021 | 2020 | 2019 | ||||||||||||
Subject to recovery on or before: | 2025 | 2024 | 2023 | 2022 | ||||||||||||
Fund: | ||||||||||||||||
Baird Small/Mid Cap Growth Fund | $ | 97,959 | $ | 161,354 | $ | 174,146 | $ | 79,204 | ||||||||
Chautauqua International Growth Fund | 125,089 | 265,579 | 211,480 | 126,235 | ||||||||||||
Chautauqua Global Growth Fund | 157,559 | 295,197 | 209,336 | 107,398 |
For the six months ended June 30, 2022, the Advisor waived the following amount pursuant to the Expense Cap/Reimbursement Agreement between the Advisor and the Company on behalf of the Baird Equity Opportunity Fund:
Fund | Waived Amount |
Baird Equity Opportunity Fund | $142,804 |
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, 2022 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 fifteen 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, 2022, the Prime Rate was 4.75%. The LOC matures on May 22, 2023, 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, 2022, the Funds borrowed from the LOC as follows:
Amount | Interest Charges | Borrowing | |
Fund | Borrowed | Accrued | Rate |
Chautauqua International Growth Fund | $8,678,000 | $482 | 2.00% |
No other borrowings occurred during the six months ended June 30, 2022, nor were any other borrowings outstanding under the LOC as of June 30, 2022.
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, 2022, the Funds incurred fees pursuant to the Plan as follows:
Fund | |
Baird Mid Cap Growth Fund | $215,522 |
Baird Small/Mid Cap Growth Fund | 940 |
Baird Equity Opportunity Fund | 3 |
Chautauqua International Growth Fund | 795 |
Chautauqua Global Growth Fund | 1,016 |
Page 45
Notes to the Financial Statements
June 30, 2022 (Unaudited)
8. | Redemption Fees |
At a meeting held on November 16, 2021, the Board, on behalf of the Chautauqua International Growth and Chautauqua Global Growth Funds, approved the elimination of the 2.00% redemption fee charged by the Funds for both Investor Class and Institutional Class shares. This change became effective on December 1, 2021. Prior to that date, a redemption fee of 2.00% was 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 was paid directly to the Funds and was 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 year ended December 31, 2021, the Funds charged redemption fees as follows:
Fund | |
Chautauqua International Growth Fund | $46,201 |
Chautauqua Global Growth Fund | 11,901 |
The Baird Mid Cap Growth Fund, Baird Small/Mid Cap Growth Fund and Baird Equity Opportunity Fund do not charge redemption fees.
9. | Other Derivative Information |
Derivative and Other Financial Instruments
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 may be held 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. These contracts are not subject to a master netting agreement.
The following table presents the fair value of derivative instruments for the Baird Equity Opportunity Fund as of June 30, 2022 as presented on the Fund’s Statement of Assets and Liabilities:
Fair Value | |||||||||||
Statement of | |||||||||||
Assets and | |||||||||||
Derivatives Not Accounted for as Hedging Instruments | Liabilities Location | Assets | Liabilities | ||||||||
Baird Equity Opportunity Fund | |||||||||||
Option Contracts | |||||||||||
Purchased option contracts | Investments, at value | $ | 84,656 | $ | — | ||||||
Written option contracts | Written option contracts, at value | — | 147,735 | ||||||||
Total Option Contracts | $ | 84,656 | $ | 147,735 |
The following table presents the results of the derivative trading and information related to volume for the six months ended June 30, 2022. 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 Change | ||||||||
in Unrealized | ||||||||
Net | Appreciation | |||||||
Realized | (Depreciation) | |||||||
Baird Equity Opportunity Fund | ||||||||
Option Contracts | ||||||||
Purchased option contracts(a) | $ | 181,649 | $ | (122,065 | ) | |||
Written option contracts | 91,940 | (4,359 | ) | |||||
Total Option Contracts | $ | 273,589 | $ | (126,424 | ) |
(a) | Purchased options are included in the net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments. |
The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts during the six months ended June 30, 2022 were:
Average Notional | ||||||||
Purchased | Written | |||||||
Baird Equity Opportunity Fund | ||||||||
Option contracts | $ | 3,627,569 | $ | 3,498,198 |
Please refer to the Fund’s prospectus for a full listing of risks associated with these investments.
10. | Reorganization |
On September 7, 2021, the Board approved the retention of Greenhouse as subadvisor to the Baird SmallCap Value Fund, subject to approval by the shareholders of the Baird SmallCap Value Fund. In connection with the proposed retention of Greenhouse, the Board also approved the reclassification of the Fund from a “diversified” to a “non-diversified” fund within the meaning of the 1940 Act, subject to shareholder approval, and a change in the name of the Fund to Baird Equity Opportunity Fund. Also on September 7, 2021, the Board approved a Plan of Reorganization (the “Reorganization”) of the Baird Small/Mid Cap Value Fund with and into the Baird SmallCap Value Fund, subject to approval of shareholders of the Baird Small/Mid Cap Value Fund.
Page 46
Notes to the Financial Statements
June 30, 2022 (Unaudited)
10. | Reorganization (cont.) |
At a special meeting held on December 7, 2021, shareholders of the Baird SmallCap Value Fund approved the appointment of Greenhouse as subadvisor and the reclassification of the Baird SmallCap Value Fund as non-diversified within the meaning of the 1940 Act. Also at a separate special meeting held on December 7, 2021, shareholders of the Baird Small/Mid Cap Value Fund approved the Reorganization of the Fund with and into the Baird SmallCap Value Fund. The shareholders of the Baird SmallCap Value Fund approved an increase in the management fee from 0.85% to 1.25%. The cost of the Reorganization was borne by the Advisor.
The Reorganization allowed shareholders of the Baird Small/Mid Cap Value Fund to continue to pursue their investment goals through a similar fund that invests in small- and mid-cap companies. The retention of a new sub-advisor for the combined Fund has the potential for improved net of fee performance. The Reorganization may benefit Fund shareholders by resulting in a combined Fund with a larger asset base and greater prospects for long-term viability.
Effective December 13, 2021 (the “Merger Date”), the Baird SmallCap Value Fund (the “Acquiring Fund”) acquired all the net assets of the Baird Small/Mid Cap Value Fund (the “Target Fund”). Under Section 368 of the Internal Revenue Code of 1986, as amended, the Reorganization qualified as a tax-free merger to shareholders of the Target Fund. The acquisition was accomplished by an exchange of 1,496,876 Institutional shares of the Acquiring Fund (valued at $25,764,804, representing the Target Fund’s total net assets) for the Institutional and Investor shares outstanding of 1,823,023 and 20,227, respectively, of the Target Fund. The value, cost and unrealized appreciation of investments of the Target Fund pre-merger amounted to $27,280,503, $20,535,579 and $6,744,924, respectively. The aggregate net assets of the Acquiring Fund before and immediately after the acquisition were $30,315,385 and $56,080,189, respectively.
The Target Fund’s balances were as follows:
Target Fund on Merger Date | ||||
Paid-in capital | $ | 19,064,548 | ||
Total distributable earnings | 6,700,256 | |||
Total Net Assets | $ | 25,764,804 |
For financial reporting purposes, the Acquiring Fund is deemed to be the accounting survivor and as a result, the Statement of Operations and Financial Highlights reflect the operations of the Acquiring Fund only. The assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Because the Acquiring Fund has been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund and the Acquiring Fund that have been included in the Acquiring Fund’s Statement of Operations since the Merger Date.
In connection with the Reorganization, the Acquiring Fund was renamed the Baird Equity Opportunity Fund.
Assuming the Reorganization had been completed on January 1, 2021, the beginning of the reporting period, the unaudited pro forma results of operations for the year ended December 31, 2021 would have been as follows:
(Unaudited) | ||||
Net investment income | $ | 725,433 | ||
Net realized and unrealized gain on investments | 10,282,967 | |||
Net increase in net assets resulting from operations | $ | 11,008,400 |
11. | Subsequent Events |
In preparing these financial statements, management has evaluated events after June 30, 2022. There were no subsequent events since June 30, 2022, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.
Page 47
Statement Regarding Liquidity Risk Management Program
June 30, 2022 (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 28, 2022, the Board reviewed the Committee’s annual written report (the “Report”) for the period January 1, 2021 to December 31, 2021 (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 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 48
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 or by accessing the Funds’ website at www.bairdfunds.com.
Page 49
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
David J. Lubar
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 Mid Cap Growth Fund, Baird Small/Mid Cap Growth Fund, Baird Equity Opportunity 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 |
(2) |
(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 2, 2022
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 2, 2022
By (Signature and Title) /s/Dustin J. Hutter
Dustin J. Hutter, Treasurer (Principal Financial Officer)
Date September 2, 2022