UNITED STATES
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, 2024
Item 1. Reports to Stockholders.
| | |
| Baird Ultra Short Bond Fund | |
| Investor Class Shares | BUBSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Ultra Short Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $20 | 0.40% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $6,645,668,615 |
Number of Holdings | 376 |
Portfolio Turnover | 44% |
Average Credit Quality | A+ |
Effective Duration | 0.53 years |
| |
Weighted Average Maturity | 0.56 years |
30-Day SEC Yield | 4.88% |
30-Day SEC Yield Unsubsidized | 4.73% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Ultra Short Bond Fund | PAGE 1 | TSR_SAR_057071714 |
50.617.917.67.54.60.70.20.944.01.317.237.40.1
| | |
| Baird Ultra Short Bond Fund | |
| Institutional Class Shares | BUBIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Ultra Short Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $8 | 0.15% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $6,645,668,615 |
Number of Holdings | 376 |
Portfolio Turnover | 44% |
Average Credit Quality | A+ |
Effective Duration | 0.53 years |
| |
Weighted Average Maturity | 0.56 years |
30-Day SEC Yield | 5.13% |
30-Day SEC Yield Unsubsidized | 4.98% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Ultra Short Bond Fund | PAGE 1 | TSR_SAR_057071722 |
50.617.917.67.54.60.70.20.944.01.317.237.40.1
| | |
| Baird Short-Term Bond Fund | |
| Investor Class Shares | BSBSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Short-Term Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $10,353,722,233 |
Number of Holdings | 467 |
Portfolio Turnover | 47% |
Average Credit Quality | AA- |
| |
Effective Duration | 1.85 years |
Weighted Average Maturity | 2.02 years |
30-Day SEC Yield | 4.53% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Short-Term Bond Fund | PAGE 1 | TSR_SAR_057071730 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Short-Term Bond Fund | PAGE 2 | TSR_SAR_057071730 |
49.130.96.14.33.81.30.14.447.57.015.928.80.60.2
| | |
| Baird Short-Term Bond Fund | |
| Institutional Class Shares | BSBIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Short-Term Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $10,353,722,233 |
Number of Holdings | 467 |
Portfolio Turnover | 47% |
Average Credit Quality | AA- |
| |
Effective Duration | 1.85 years |
Weighted Average Maturity | 2.02 years |
30-Day SEC Yield | 4.78% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Short-Term Bond Fund | PAGE 1 | TSR_SAR_057071409 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Short-Term Bond Fund | PAGE 2 | TSR_SAR_057071409 |
49.130.96.14.33.81.30.14.447.57.015.928.80.60.2
| | |
| Baird Intermediate Bond Fund | |
| Investor Class Shares | BIMSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Intermediate Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $9,866,903,814 |
Number of Holdings | 745 |
Portfolio Turnover | 26% |
Average Credit Quality | AA- |
| |
Effective Duration | 3.76 years |
Weighted Average Maturity | 4.36 years |
30-Day SEC Yield | 4.34% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Intermediate Bond Fund | PAGE 1 | TSR_SAR_057071706 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Intermediate Bond Fund | PAGE 2 | TSR_SAR_057071706 |
46.837.84.63.83.21.40.40.20.01.860.14.513.022.30.1
| | |
| Baird Intermediate Bond Fund | |
| Institutional Class Shares | BIMIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Intermediate Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $9,866,903,814 |
Number of Holdings | 745 |
Portfolio Turnover | 26% |
Average Credit Quality | AA- |
| |
Effective Duration | 3.76 years |
Weighted Average Maturity | 4.36 years |
30-Day SEC Yield | 4.59% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Intermediate Bond Fund | PAGE 1 | TSR_SAR_057071805 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Intermediate Bond Fund | PAGE 2 | TSR_SAR_057071805 |
46.837.84.63.83.21.40.40.20.01.860.14.513.022.30.1
| | |
| Baird Aggregate Bond Fund | |
| Investor Class Shares | BAGSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Aggregate Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $46,399,392,040 |
Number of Holdings | 1,810 |
Portfolio Turnover | 17% |
Average Credit Quality | AA |
| |
Effective Duration | 6.13 years |
Weighted Average Maturity | 8.23 years |
30-Day SEC Yield | 4.22% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Aggregate Bond Fund | PAGE 1 | TSR_SAR_057071862 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Aggregate Bond Fund | PAGE 2 | TSR_SAR_057071862 |
35.627.421.64.84.12.90.90.50.22.062.93.212.221.50.2
| | |
| Baird Aggregate Bond Fund | |
| Institutional Class Shares | BAGIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Aggregate Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $46,399,392,040 |
Number of Holdings | 1,810 |
Portfolio Turnover | 17% |
Average Credit Quality | AA |
| |
Effective Duration | 6.13 years |
Weighted Average Maturity | 8.23 years |
30-Day SEC Yield | 4.47% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Aggregate Bond Fund | PAGE 1 | TSR_SAR_057071854 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Aggregate Bond Fund | PAGE 2 | TSR_SAR_057071854 |
35.627.421.64.84.12.90.90.50.22.062.93.212.221.50.2
| | |
| Baird Core Plus Bond Fund | |
| Investor Class Shares | BCOSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Core Plus Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $30,371,634,739 |
Number of Holdings | 1,630 |
Portfolio Turnover | 19% |
Average Credit Quality | AA |
| |
Effective Duration | 5.90 years |
Weighted Average Maturity | 7.97 years |
30-Day SEC Yield | 4.41% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Core Plus Bond Fund | PAGE 1 | TSR_SAR_057071888 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Core Plus Bond Fund | PAGE 2 | TSR_SAR_057071888 |
43.123.117.95.44.32.70.90.70.31.654.72.612.327.62.50.3
| | |
| Baird Core Plus Bond Fund | |
| Institutional Class Shares | BCOIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Core Plus Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $30,371,634,739 |
Number of Holdings | 1,630 |
Portfolio Turnover | 19% |
Average Credit Quality | AA |
| |
Effective Duration | 5.90 years |
Weighted Average Maturity | 7.97 years |
30-Day SEC Yield | 4.66% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Core Plus Bond Fund | PAGE 1 | TSR_SAR_057071870 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Core Plus Bond Fund | PAGE 2 | TSR_SAR_057071870 |
43.123.117.95.44.32.70.90.70.31.654.72.612.327.62.50.3
| | |
| Baird Short-Term Municipal Bond Fund | |
| Investor Class Shares | BTMSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Short-Term Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $1,537,883,393 |
Number of Holdings | 1,056 |
Portfolio Turnover | 16% |
Average Credit Quality | A+ |
| |
Effective Duration | 2.13 years |
Weighted Average Maturity | 2.45 years |
30-Day SEC Yield | 3.30% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Short-Term Municipal Bond Fund | PAGE 1 | TSR_SAR_057071623 |
62.720.315.20.71.120.538.821.711.41.16.5
| | |
| Baird Short-Term Municipal Bond Fund | |
| Institutional Class Shares | BTMIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Short-Term Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $1,537,883,393 |
Number of Holdings | 1,056 |
Portfolio Turnover | 16% |
Average Credit Quality | A+ |
| |
Effective Duration | 2.13 years |
Weighted Average Maturity | 2.45 years |
30-Day SEC Yield | 3.55% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Short-Term Municipal Bond Fund | PAGE 1 | TSR_SAR_057071631 |
62.720.315.20.71.120.538.821.711.41.16.5
| | |
| Baird Strategic Municipal Bond Fund | |
| Investor Class Shares | BSNSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Strategic Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $1,224,285,632 |
Number of Holdings | 1,151 |
Portfolio Turnover | 22% |
Average Credit Quality | A+ |
| |
Effective Duration | 3.95 years |
Weighted Average Maturity | 4.25 years |
30-Day SEC Yield | 3.41% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Strategic Municipal Bond Fund | PAGE 1 | TSR_SAR_057071524 |
76.716.85.70.812.645.922.512.51.74.8
| | |
| Baird Strategic Municipal Bond Fund | |
| Institutional Class Shares | BSNIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Strategic Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $1,224,285,632 |
Number of Holdings | 1,151 |
Portfolio Turnover | 22% |
Average Credit Quality | A+ |
| |
Effective Duration | 3.95 years |
Weighted Average Maturity | 4.25 years |
30-Day SEC Yield | 3.66% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Strategic Municipal Bond Fund | PAGE 1 | TSR_SAR_057071516 |
76.716.85.70.812.645.922.512.51.74.8
| | |
| Baird Quality Intermediate Municipal Bond Fund | |
| Investor Class Shares | BMBSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Quality Intermediate Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $1,049,246,273 |
Number of Holdings | 602 |
Portfolio Turnover | 8% |
Average Credit Quality | AA+ |
| |
Effective Duration | 4.12 years |
Weighted Average Maturity | 4.48 years |
30-Day SEC Yield | 3.07% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Quality Intermediate Municipal Bond Fund | PAGE 1 | TSR_SAR_057071508 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Quality Intermediate Municipal Bond Fund | PAGE 2 | TSR_SAR_057071508 |
48.932.517.31.367.831.21.0
| | |
| Baird Quality Intermediate Municipal Bond Fund | |
| Institutional Class Shares | BMBIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Quality Intermediate Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $1,049,246,273 |
Number of Holdings | 602 |
Portfolio Turnover | 8% |
Average Credit Quality | AA+ |
| |
Effective Duration | 4.12 years |
Weighted Average Maturity | 4.48 years |
30-Day SEC Yield | 3.32% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Quality Intermediate Municipal Bond Fund | PAGE 1 | TSR_SAR_057071607 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Quality Intermediate Municipal Bond Fund | PAGE 2 | TSR_SAR_057071607 |
48.932.517.31.367.831.21.0
| | |
| Baird Core Intermediate Municipal Bond Fund | |
| Investor Class Shares | BMNSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Core Intermediate Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $3,459,174,556 |
Number of Holdings | 2,406 |
Portfolio Turnover | 13% |
Average Credit Quality | AA- |
| |
Effective Duration | 4.55 years |
Weighted Average Maturity | 4.81 years |
30-Day SEC Yield | 3.43% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Core Intermediate Municipal Bond Fund | PAGE 1 | TSR_SAR_057071649 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Core Intermediate Municipal Bond Fund | PAGE 2 | TSR_SAR_057071649 |
66.923.29.00.90.013.453.019.810.00.63.2
| | |
| Baird Core Intermediate Municipal Bond Fund | |
| Institutional Class Shares | BMNIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Core Intermediate Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $3,459,174,556 |
Number of Holdings | 2,406 |
Portfolio Turnover | 13% |
Average Credit Quality | AA- |
| |
Effective Duration | 4.55 years |
Weighted Average Maturity | 4.81 years |
30-Day SEC Yield | 3.68% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Core Intermediate Municipal Bond Fund | PAGE 1 | TSR_SAR_057071656 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Core Intermediate Municipal Bond Fund | PAGE 2 | TSR_SAR_057071656 |
66.923.29.00.90.013.453.019.810.00.63.2
| | |
| Baird Municipal Bond Fund | |
| Investor Class Shares | BMQSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $27 | 0.55% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $238,702,581 |
Number of Holdings | 468 |
Portfolio Turnover | 25% |
Average Credit Quality | A |
| |
Effective Duration | 6.10 years |
Weighted Average Maturity | 7.11 years |
30-Day SEC Yield | 3.56% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Municipal Bond Fund | PAGE 1 | TSR_SAR_057071490 |
75.121.82.80.38.450.521.812.11.55.7
| | |
| Baird Municipal Bond Fund | |
| Institutional Class Shares | BMQIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Municipal Bond Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $15 | 0.30% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $238,702,581 |
Number of Holdings | 468 |
Portfolio Turnover | 25% |
Average Credit Quality | A |
| |
Effective Duration | 6.10 years |
Weighted Average Maturity | 7.11 years |
30-Day SEC Yield | 3.81% |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Sector Breakdown (% of total investments)
Credit Rating Breakdown (% of total investments)*
| * | The credit rating quality profile is calculated on a market value-weighted basis as of the end of the period using the highest credit quality rating for each security held by the Fund given by 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). |
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Municipal Bond Fund | PAGE 1 | TSR_SAR_057071482 |
75.121.82.80.38.450.521.812.11.55.7
| | |
| Baird Mid Cap Growth Fund | |
| Investor Class Shares | BMDSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Mid Cap Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $51 | 1.06% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $2,229,654,959 |
Number of Holdings | 59 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
| |
Top 10 Securities | (% of total investments) |
First American Government Obligations Fund | 3.0% |
Dexcom, Inc. | 2.9% |
Monolithic Power Systems, Inc. | 2.6% |
ICON PLC | 2.5% |
CDW Corp. | 2.5% |
IDEXX Laboratories, Inc. | 2.5% |
Tyler Technologies, Inc. | 2.4% |
Diamondback Energy, Inc. | 2.4% |
Copart, Inc. | 2.3% |
Burlington Stores, Inc. | 2.3% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Mid Cap Growth Fund | PAGE 1 | TSR_SAR_057071821 |
25.023.616.712.89.64.92.42.03.0
| | |
| Baird Mid Cap Growth Fund | |
| Institutional Class Shares | BMDIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Mid Cap Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $39 | 0.81% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $2,229,654,959 |
Number of Holdings | 59 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
| |
Top 10 Securities | (% of total investments) |
First American Government Obligations Fund | 3.0% |
Dexcom, Inc. | 2.9% |
Monolithic Power Systems, Inc. | 2.6% |
ICON PLC | 2.5% |
CDW Corp. | 2.5% |
IDEXX Laboratories, Inc. | 2.5% |
Tyler Technologies, Inc. | 2.4% |
Diamondback Energy, Inc. | 2.4% |
Copart, Inc. | 2.3% |
Burlington Stores, Inc. | 2.3% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Mid Cap Growth Fund | PAGE 1 | TSR_SAR_057071813 |
25.023.616.712.89.64.92.42.03.0
| | |
| Baird Small/Mid Cap Growth Fund | |
| Investor Class Shares | BSGSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Small/Mid Cap Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $54 | 1.10% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $164,712,797 |
Number of Holdings | 63 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
| |
Top 10 Securities | (% of total investments) |
BWX Technologies, Inc. | 3.2% |
Descartes Systems Group, Inc. | 2.7% |
Kadant, Inc. | 2.6% |
Tyler Technologies, Inc. | 2.6% |
Shift4 Payments, Inc. | 2.5% |
Watsco, Inc. | 2.4% |
Insulet Corp. | 2.4% |
Kinsale Capital Group, Inc. | 2.3% |
Matador Resources Co. | 2.3% |
IDEX Corp. | 2.2% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Small/Mid Cap Growth Fund | PAGE 1 | TSR_SAR_057071532 |
25.821.818.413.47.75.83.71.61.8
| | |
| Baird Small/Mid Cap Growth Fund | |
| Institutional Class Shares | BSGIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Small/Mid Cap Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $41 | 0.85% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $164,712,797 |
Number of Holdings | 63 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
| |
Top 10 Securities | (% of total investments) |
BWX Technologies, Inc. | 3.2% |
Descartes Systems Group, Inc. | 2.7% |
Kadant, Inc. | 2.6% |
Tyler Technologies, Inc. | 2.6% |
Shift4 Payments, Inc. | 2.5% |
Watsco, Inc. | 2.4% |
Insulet Corp. | 2.4% |
Kinsale Capital Group, Inc. | 2.3% |
Matador Resources Co. | 2.3% |
IDEX Corp. | 2.2% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Small/Mid Cap Growth Fund | PAGE 1 | TSR_SAR_057071540 |
25.821.818.413.47.75.83.71.61.8
| | |
| Baird Equity Opportunity Fund | |
| Investor Class Shares | BSVSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Equity Opportunity Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $76 | 1.50% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $64,158,134 |
Number of Holdings | 43 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
| |
Top 10 Securities | (% of total investments) |
Cadre Holdings, Inc. | 5.6% |
Chefs’ Warehouse, Inc. | 5.5% |
Universal Display Corp. | 5.5% |
Sportradar Group AG | 5.4% |
Fluor Corp. | 5.3% |
Envestnet, Inc. | 4.6% |
Merit Medical Systems, Inc. | 4.5% |
Madison Square Garden Sports Corp. | 4.3% |
Valmont Industries, Inc. | 4.0% |
AvidXchange Holdings, Inc. | 4.0% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Equity Opportunity Fund | PAGE 1 | TSR_SAR_057071755 |
26.520.014.913.58.35.85.55.00.5
| | |
| Baird Equity Opportunity Fund | |
| Institutional Class Shares | BSVIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Equity Opportunity Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $63 | 1.25% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $64,158,134 |
Number of Holdings | 43 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
| |
Top 10 Securities | (% of total investments) |
Cadre Holdings, Inc. | 5.6% |
Chefs’ Warehouse, Inc. | 5.5% |
Universal Display Corp. | 5.5% |
Sportradar Group AG | 5.4% |
Fluor Corp. | 5.3% |
Envestnet, Inc. | 4.6% |
Merit Medical Systems, Inc. | 4.5% |
Madison Square Garden Sports Corp. | 4.3% |
Valmont Industries, Inc. | 4.0% |
AvidXchange Holdings, Inc. | 4.0% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Equity Opportunity Fund | PAGE 1 | TSR_SAR_057071748 |
26.520.014.913.58.35.85.55.00.5
| | |
| Baird Chautauqua International Growth Fund | |
| Investor Class Shares | CCWSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Chautauqua International Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $54 | 1.05% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $942,926,034 |
Number of Holdings | 32 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Geographic Breakdown (% of total investments)
| |
Top 10 Securities (% of total investments) | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
Waste Connections, Inc. | 5.1% |
Constellation Software, Inc. | 5.0% |
ASML Holding NV | 5.0% |
Novo Nordisk AS | 4.9% |
Tata Consultancy Services Ltd. | 4.6% |
HDFC Bank Ltd. | 4.4% |
Recruit Holdings Co. Ltd. | 4.0% |
Prosus NV | 3.9% |
Keyence Corp. | 3.8% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Chautauqua International Growth Fund | PAGE 1 | TSR-SAR-057071565 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Chautauqua International Growth Fund | PAGE 2 | TSR-SAR-057071565 |
14.112.411.010.79.08.58.16.65.514.129.418.715.213.711.63.42.72.33.0
| | |
| Baird Chautauqua International Growth Fund | |
| Institutional Class Shares | CCWIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Chautauqua International Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $41 | 0.80% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $942,926,034 |
Number of Holdings | 32 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Geographic Breakdown (% of total investments)
| |
Top 10 Securities (% of total investments) | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
Waste Connections, Inc. | 5.1% |
Constellation Software, Inc. | 5.0% |
ASML Holding NV | 5.0% |
Novo Nordisk AS | 4.9% |
Tata Consultancy Services Ltd. | 4.6% |
HDFC Bank Ltd. | 4.4% |
Recruit Holdings Co. Ltd. | 4.0% |
Prosus NV | 3.9% |
Keyence Corp. | 3.8% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Chautauqua International Growth Fund | PAGE 1 | TSR_SAR-057071557 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Chautauqua International Growth Fund | PAGE 2 | TSR_SAR-057071557 |
14.112.411.010.79.08.58.16.65.514.129.418.715.213.711.63.42.72.33.0
| | |
| Baird Chautauqua Global Growth Fund | |
| Investor Class Shares | CCGSX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Chautauqua Global Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class Shares | $56 | 1.05% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $365,661,820 |
Number of Holdings | 44 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Geographic Breakdown (% of total investments)
| |
Top 10 Securities (% of total investments) | |
NVIDIA Corp. | 5.1% |
Alphabet, Inc. | 4.5% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.3% |
Novo Nordisk AS | 4.2% |
Mastercard, Inc. | 4.0% |
ASML Holding NV | 4.0% |
Constellation Software, Inc. | 3.8% |
Regeneron Pharmaceuticals, Inc. | 3.7% |
Waste Connections, Inc. | 3.5% |
Amazon.com, Inc. | 3.4% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Chautauqua Global Growth Fund | PAGE 1 | TSR-SAR-057071573 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Chautauqua Global Growth Fund | PAGE 2 | TSR-SAR-057071573 |
41.28.98.16.46.26.05.44.34.19.429.218.716.213.510.46.61.81.62.0
| | |
| Baird Chautauqua Global Growth Fund | |
| Institutional Class Shares | CCGIX |
| Semi-Annual Shareholder Report | June 30, 2024 |
This semi-annual shareholder report contains important information about the Baird Chautauqua Global Growth Fund for the period of January 1, 2024, to June 30, 2024. You can find additional information about the Fund at https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346. You can also request this information by contacting us at 1-866-442-2473.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class Shares | $43 | 0.80% |
Key Fund Statistics (as of June 30, 2024)
| |
Net Assets | $365,661,820 |
Number of Holdings | 44 |
Visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346 for performance information.
What did the Fund invest in? (as of June 30, 2024)
Geographic Breakdown (% of total investments)
| |
Top 10 Securities (% of total investments) | |
NVIDIA Corp. | 5.1% |
Alphabet, Inc. | 4.5% |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.3% |
Novo Nordisk AS | 4.2% |
Mastercard, Inc. | 4.0% |
ASML Holding NV | 4.0% |
Constellation Software, Inc. | 3.8% |
Regeneron Pharmaceuticals, Inc. | 3.7% |
Waste Connections, Inc. | 3.5% |
Amazon.com, Inc. | 3.4% |
Sector Breakdown (% of total investments)
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Baird Funds, Inc. documents not be householded, please contact Baird Funds, Inc. at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Baird Funds, Inc. or your financial intermediary.
| Baird Chautauqua Global Growth Fund | PAGE 1 | TSR-SAR-057071581 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.bairdassetmanagement.com/baird-funds/investor-resources/#horzTab-11346.
| Baird Chautauqua Global Growth Fund | PAGE 2 | TSR-SAR-057071581 |
41.28.98.16.46.26.05.44.34.19.429.218.716.213.510.46.61.81.62.0
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 Schedule 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, Baird Chautauqua International Growth Fund, Baird Chautauqua Global Growth Fund (collectively, the “Equity Funds”), 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 (collectively, the “Bond Funds”) are included within the financial statements filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Core Financial Statements and Other Information Baird Funds
June 30, 2024 (Unaudited)
Table of Contents
| | | | |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies
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This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
TABLE OF CONTENTS
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
CORPORATE BONDS - 50.1%
|
Financials - 22.3%
|
ABN AMRO Bank NV,
4.75%, 07/28/2025(a) | | | $ 43,684,000 | | | $ 43,075,505 |
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust
| | | | | | |
2.88%, 08/14/2024 (Callable 07/17/2024) | | | 2,300,000 | | | 2,290,783 |
1.65%, 10/29/2024 (Callable 09/29/2024) | | | 18,762,000 | | | 18,507,805 |
1.75%, 10/29/2024 (Callable 08/01/2024) | | | 17,885,000 | | | 17,645,790 |
3.50%, 01/15/2025 (Callable 11/15/2024) | | | 1,125,000 | | | 1,110,895 |
6.50%, 07/15/2025 (Callable 06/15/2025) | | | 1,000,000 | | | 1,007,647 |
Air Lease Corp.
| | | | | | |
4.25%, 09/15/2024 (Callable 08/01/2024) | | | 27,933,000 | | | 27,838,581 |
2.30%, 02/01/2025 (Callable 01/01/2025) | | | 1,324,000 | | | 1,295,693 |
3.25%, 03/01/2025 (Callable 01/01/2025) | | | 1,815,000 | | | 1,782,973 |
3.38%, 07/01/2025 (Callable 06/01/2025) | | | 16,500,000 | | | 16,122,903 |
Aircastle Ltd., 5.25%, 08/11/2025 (Callable 07/11/2025)(a) | | | 40,664,000 | | | 40,350,901 |
Ally Financial, Inc.,
4.63%, 03/30/2025 | | | 4,029,000 | | | 3,991,578 |
Aviation Capital Group LLC
| | | | | | |
5.50%, 12/15/2024
(Callable 11/15/2024)(a) | | | 22,176,000 | | | 22,117,773 |
4.13%, 08/01/2025
(Callable 06/01/2025)(a) | | | 10,518,000 | | | 10,317,489 |
Banco Bilbao Vizcaya Argentaria SA, 5.86% to 09/14/2025 then 1 yr. CMT Rate + 2.30%, 09/14/2026
(Callable 09/14/2025) | | | 4,600,000 | | | 4,600,244 |
Banco Santander SA,
5.15%, 08/18/2025 | | | 12,700,000 | | | 12,601,198 |
Bank of America Corp.
|
3.37% to 01/23/2025 then 3 mo. Term SOFR + 1.07%, 01/23/2026
(Callable 01/23/2025) | | | 15,000,000 | | | 14,792,419 |
1.32% to 06/19/2025 then SOFR + 1.15%, 06/19/2026
(Callable 06/19/2025) | | | 12,817,000 | | | 12,281,367 |
4.83% to 07/22/2025 then SOFR + 1.75%, 07/22/2026
(Callable 07/22/2025) | | | 11,445,000 | | | 11,334,654 |
Bank of Ireland Group PLC,
6.25% to 09/16/2025 then 1 yr. CMT Rate + 2.65%, 09/16/2026 (Callable 09/16/2025)(a) | | | 15,805,000 | | | 15,881,703 |
| | | | | | | |
| | | | | | | |
Barclays PLC, 2.85% to 05/07/2025 then SOFR + 2.71%, 05/07/2026 (Callable 05/07/2025) | | | $ 35,484,000 | | | $ 34,596,340 |
BGC Group, Inc.,
3.75%, 10/01/2024
(Callable 09/01/2024) | | | 13,500,000 | | | 13,396,431 |
BNP Paribas SA
|
4.25%, 10/15/2024 | | | 17,087,000 | | | 16,996,083 |
2.82% to 11/19/2024 then 3 mo. Term SOFR + 1.37%, 11/19/2025 (Callable 11/19/2024)(a) | | | 8,940,000 | | | 8,828,692 |
2.22% to 06/09/2025 then SOFR + 2.07%, 06/09/2026 (Callable 06/09/2025)(a) | | | 21,400,000 | | | 20,686,870 |
BPCE SA
|
5.15%, 07/21/2024(a) | | | 3,735,000 | | | 3,731,544 |
4.50%, 03/15/2025(a) | | | 47,548,000 | | | 46,911,588 |
Brixmor Operating Partnership LP, 3.85%, 02/01/2025 (Callable 11/01/2024) | | | 31,355,000 | | | 31,013,971 |
Citigroup, Inc.,
6.05% (SOFR + 0.69%), 10/30/2024 (Callable 09/30/2024) | | | 52,580,000 | | | 52,628,373 |
Citizens Bank NA/Providence RI, 5.28% to 01/26/2025 then SOFR + 1.02%, 01/26/2026 (Callable 01/26/2025) | | | 19,100,000 | | | 18,984,913 |
CNO Global Funding,
1.65%, 01/06/2025(a) | | | 2,850,000 | | | 2,784,928 |
Cooperatieve Rabobank UA
|
4.38%, 08/04/2025 | | | 1,770,000 | | | 1,742,153 |
1.34% to 06/24/2025 then 1 yr. CMT Rate + 1.00%, 06/24/2026 (Callable 06/24/2025)(a) | | | 13,931,000 | | | 13,344,080 |
Credit Agricole SA,
4.38%, 03/17/2025(a) | | | 16,326,000 | | | 16,134,874 |
Credit Agricole SA/London,
1.91% to 06/16/2025 then SOFR + 1.68%, 06/16/2026 (Callable 06/16/2025)(a) | | | 21,256,000 | | | 20,461,821 |
Danske Bank AS
|
3.24% to 12/20/2024 then 3 mo. LIBOR US + 1.59%, 12/20/2025 (Callable 12/20/2024)(a)(b) | | | 1,914,000 | | | 1,888,648 |
6.47% (1 yr. CMT Rate + 2.10%), 01/09/2026 (Callable 01/09/2025)(a) | | | 8,351,000 | | | 8,373,486 |
1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026 (Callable 09/11/2025)(a) | | | 12,800,000 | | | 12,167,157 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Deutsche Bank AG/New York NY
|
3.96% to 11/26/2024 then SOFR + 2.58%, 11/26/2025 (Callable 11/26/2024) | | | $ 41,239,000 | | | $ 40,886,743 |
6.12% to 07/14/2025 then SOFR + 3.19%, 07/14/2026 (Callable 07/14/2025) | | | 11,400,000 | | | 11,410,029 |
Discover Bank, 2.45%,
09/12/2024 (Callable 08/12/2024) | | | 31,674,000 | | | 31,452,921 |
Discover Financial Services, 3.75%, 03/04/2025 (Callable 12/04/2024) | | | 2,200,000 | | | 2,170,923 |
Fifth Third Bank NA, 5.85% to 10/27/2024 then SOFR + 1.23%, 10/27/2025 (Callable
10/27/2024) | | | 2,520,000 | | | 2,517,787 |
Goldman Sachs Group, Inc.
| | | | | | |
5.84% (SOFR + 0.49%), 10/21/2024 (Callable 09/21/2024) | | | 16,930,000 | | | 16,931,862 |
3.27% to 09/29/2024 then 3 mo. Term SOFR + 1.46%, 09/29/2025 (Callable 09/29/2024) | | | 25,767,000 | | | 25,600,969 |
Healthpeak OP LLC,
3.40%, 02/01/2025 (Callable 11/01/2024) | | | 428,000 | | | 421,643 |
Host Hotels & Resorts LP,
4.00%, 06/15/2025 (Callable 03/15/2025) | | | 3,625,000 | | | 3,564,448 |
HSBC Holdings PLC
| | | | | | |
1.65% to 04/18/2025 then SOFR + 1.54%, 04/18/2026 (Callable 04/18/2025) | | | 24,500,000 | | | 23,711,810 |
2.10% to 06/04/2025 then SOFR + 1.93%, 06/04/2026 (Callable 06/04/2025) | | | 8,625,000 | | | 8,338,653 |
Huntington National Bank,
5.70% to 11/18/2024 then SOFR + 1.22%, 11/18/2025 (Callable 11/18/2024) | | | 8,770,000 | | | 8,756,620 |
Jackson National Life Global Funding, 1.75%,
01/12/2025(a) | | | 3,500,000 | | | 3,422,147 |
Jefferies Financial Group,
Inc., 6.05%, 03/12/2025 (Callable 09/12/2024) | | | 37,775,000 | | | 37,749,993 |
JPMorgan Chase & Co.
| | | | | | |
2.30% to 10/15/2024 then SOFR + 1.16%, 10/15/2025 (Callable 10/15/2024) | | | 1,546,000 | | | 1,530,464 |
2.08% to 04/22/2025 then SOFR + 1.85%, 04/22/2026 (Callable 04/22/2025) | | | 39,952,000 | | | 38,795,810 |
| | | | | | | |
| | | | | | | |
Kilroy Realty LP, 3.45%,
12/15/2024 (Callable 09/15/2024) | | | $ 1,505,000 | | | $ 1,486,550 |
Kimco Realty OP LLC
| | | | | | |
3.30%, 02/01/2025 (Callable 12/01/2024) | | | 6,352,000 | | | 6,255,735 |
3.85%, 06/01/2025 (Callable 03/01/2025) | | | 3,703,000 | | | 3,640,978 |
Kite Realty Group Trust,
4.00%, 03/15/2025 (Callable 12/15/2024) | | | 4,696,000 | | | 4,625,252 |
Liberty Mutual Insurance Co., 8.50%, 05/15/2025(a) | | | 1,063,000 | | | 1,083,798 |
Lincoln National Corp.,
3.35%, 03/09/2025 | | | 17,005,000 | | | 16,737,899 |
Lloyds Banking Group PLC, 3.87% to 07/09/2024 then 1 yr. CMT Rate + 3.50%, 07/09/2025 (Callable 07/09/2024) | | | 48,385,000 | | | 48,362,996 |
Macquarie Bank Ltd.,
4.88%, 06/10/2025(a) | | | 15,355,000 | | | 15,198,673 |
Macquarie Group Ltd.,
6.21%, 11/22/2024(a) | | | 7,177,000 | | | 7,186,716 |
Mitsubishi UFJ Financial Group, Inc.
| | | | | | |
4.79% to 07/18/2024 then 1 yr. CMT Rate + 1.70%, 07/18/2025 (Callable 07/18/2024) | | | 11,011,000 | | | 11,004,532 |
0.95% to 07/19/2024 then 1 yr. CMT Rate + 0.55%, 07/19/2025 (Callable 07/19/2024) | | | 4,025,000 | | | 4,014,851 |
Morgan Stanley
| | | | | | |
2.72% to 07/22/2024 then SOFR + 1.15%, 07/22/2025 (Callable 08/01/2024) | | | 24,219,000 | | | 24,173,508 |
2.19% to 04/28/2025 then SOFR + 1.99%, 04/28/2026 (Callable 04/28/2025) | | | 41,615,000 | | | 40,414,167 |
Nomura Holdings, Inc.
| | | | | | |
2.65%, 01/16/2025 | | | 8,119,000 | | | 7,979,788 |
1.85%, 07/16/2025 | | | 46,543,000 | | | 44,714,947 |
Nuveen Finance LLC, 4.13%, 11/01/2024(a) | | | 950,000 | | | 944,061 |
Old Republic International Corp., 4.88%, 10/01/2024 (Callable 09/01/2024) | | | 21,360,000 | | | 21,294,766 |
Omega Healthcare Investors, Inc., 4.50%, 01/15/2025 (Callable 10/15/2024) | | | 17,767,000 | | | 17,624,353 |
Peachtree Corners Funding Trust, 3.98%, 02/15/2025(a) | | | 23,992,000 | | | 23,644,150 |
Reliance Standard Life Global Funding II
| | | | | | |
2.50%, 10/30/2024(a) | | | 6,195,000 | | | 6,116,957 |
2.75%, 05/07/2025(a) | | | 6,895,000 | | | 6,723,472 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Retail Opportunity Investments Partnership LP, 4.00%, 12/15/2024 (Callable 09/15/2024) | | | $ 4,939,000 | | | $ 4,887,397 |
Santander UK Group Holdings PLC, 1.53% to 08/21/2025 then 1 yr. CMT Rate + 1.25%, 08/21/2026 (Callable 08/21/2025) | | | 14,300,000 | | | 13,609,248 |
Societe Generale SA
| | | | | | |
2.63%, 10/16/2024(a) | | | 1,000,000 | | | 990,662 |
2.23% to 01/21/2025 then 1 yr. CMT Rate + 1.05%, 01/21/2026 (Callable 01/21/2025)(a) | | | 52,299,000 | | | 51,154,769 |
Standard Chartered PLC
| |
1.82% to 11/23/2024 then 1 yr. CMT Rate + 0.95%, 11/23/2025 (Callable 11/23/2024)(a) | | | 10,747,000 | | | 10,573,098 |
2.82% to 01/30/2025 then 3 mo. LIBOR US + 1.21%, 01/30/2026 (Callable 01/30/2025)(a)(b) | | | 4,710,000 | | | 4,626,369 |
3.97% to 03/30/2025 then 1 yr. CMT Rate + 1.65%, 03/30/2026 (Callable 03/30/2025)(a) | | | 29,095,000 | | | 28,680,217 |
Stifel Financial Corp.,
4.25%, 07/18/2024 | | | 25,478,000 | | | 25,456,592 |
Synchrony Financial
| | | | | | |
4.25%, 08/15/2024 (Callable 08/01/2024) | | | 3,172,000 | | | 3,164,359 |
4.88%, 06/13/2025 (Callable 05/13/2025) | | | 12,238,000 | | | 12,114,627 |
4.50%, 07/23/2025 (Callable 04/23/2025) | | | 37,803,000 | | | 37,166,303 |
UBS Group AG, 2.59% to 09/11/2024 then SOFR + 1.56%, 09/11/2025 (Callable 09/11/2024)(a) | | | 47,432,000 | | | 47,116,787 |
WEA Finance LLC/Westfield UK & Europe Finance PLC, 3.75%, 09/17/2024 (Callable 07/17/2024)(a) | | | 10,245,000 | | | 10,168,622 |
Wells Fargo & Co.
| | | | | | |
2.41% to 10/30/2024 then 3 mo. Term SOFR + 1.09%, 10/30/2025 (Callable 10/30/2024) | | | 16,813,000 | | | 16,621,996 |
3.91% to 04/25/2025 then SOFR + 1.32%, 04/25/2026 (Callable 04/25/2025) | | | 18,655,000 | | | 18,375,050 |
| | | | | | | |
| | | | | | | |
2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026 (Callable 04/30/2025) | | | $ 26,273,000 | | | $25,512,225 |
| | | 1,484,329,145 |
Industrials - 24.4%
| | | | | | |
Allegion US Holding Co.,
Inc., 3.20%, 10/01/2024 (Callable 08/01/2024) | | | 18,562,000 | | | 18,428,540 |
Amcor Flexibles North America, Inc., 4.00%, 05/17/2025 (Callable 04/17/2025) | | | 19,920,000 | | | 19,630,958 |
Anglo American Capital PLC
| | | | | | |
3.63%, 09/11/2024(a) | | | 9,925,000 | | | 9,875,800 |
4.88%, 05/14/2025(a) | | | 4,892,000 | | | 4,854,523 |
Arrow Electronics, Inc., 3.25%, 09/08/2024 (Callable 07/17/2024) | | | 13,600,000 | | | 13,521,946 |
AutoNation, Inc.
| | | | | | |
3.50%, 11/15/2024 (Callable 09/15/2024) | | | 19,759,000 | | | 19,575,625 |
4.50%, 10/01/2025 (Callable 07/01/2025) | | | 3,110,000 | | | 3,061,323 |
Baxalta, Inc., 4.00%, 06/23/2025 (Callable 03/23/2025) | | | 12,083,000 | | | 11,906,543 |
Baxter International, Inc., 1.32%, 11/29/2024 | | | 3,250,000 | | | 3,191,060 |
Bayer US Finance II LLC, 2.85%, 04/15/2025 (Callable 01/15/2025)(a) | | | 2,677,000 | | | 2,600,938 |
Bayer US Finance LLC, 3.38%, 10/08/2024(a) | | | 4,400,000 | | | 4,368,221 |
Boardwalk Pipelines LP, 4.95%, 12/15/2024 (Callable 09/15/2024) | | | 42,805,000 | | | 42,640,427 |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025 (Callable 11/15/2024) | | | 331,000 | | | 326,277 |
Brunswick Corp./DE, 0.85%, 08/18/2024 (Callable 07/17/2024) | | | 46,577,000 | | | 46,242,455 |
Canadian Natural Resources Ltd., 3.90%, 02/01/2025 (Callable 11/01/2024) | | | 3,096,000 | | | 3,060,433 |
Carrier Global Corp., 2.24%, 02/15/2025 (Callable 01/15/2025) | | | 25,458,000 | | | 24,917,882 |
CDW LLC/CDW Finance Corp.
| | | | | | |
5.50%, 12/01/2024 (Callable 08/01/2024) | | | 6,632,000 | | | 6,615,476 |
4.13%, 05/01/2025 (Callable 08/01/2024) | | | 5,158,000 | | | 5,072,509 |
Celanese US Holdings LLC
| | | | | | |
5.90%, 07/05/2024 | | | 1,405,000 | | | 1,404,927 |
6.05%, 03/15/2025 | | | 5,320,000 | | | 5,326,761 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 07/23/2025 (Callable 04/23/2025) | | | $ 52,607,000 | | | $ 52,095,985 |
CNH Industrial Capital LLC, 3.95%, 05/23/2025 | | | 4,525,000 | | | 4,457,583 |
Cox Communications, Inc., 3.15%, 08/15/2024 (Callable 08/01/2024)(a) | | | 22,255,000 | | | 22,170,377 |
CRH America, Inc., 3.88%, 05/18/2025 (Callable 02/15/2025)(a) | | | 11,607,000 | | | 11,408,723 |
Crown Castle, Inc., 3.20%, 09/01/2024 (Callable 08/01/2024) | | | 8,084,000 | | | 8,043,355 |
DCP Midstream Operating LP, 5.38%, 07/15/2025 (Callable 04/15/2025) | | | 4,848,000 | | | 4,829,803 |
Discovery Communications LLC
| | | | | | |
3.45%, 03/15/2025 (Callable 12/15/2024) | | | 2,675,000 | | | 2,630,409 |
3.95%, 06/15/2025 (Callable 03/15/2025) | | | 8,605,000 | | | 8,454,533 |
Element Fleet Management Corp., 3.85%, 06/15/2025 (Callable 05/15/2025)(a) | | | 6,122,000 | | | 6,003,297 |
Energy Transfer LP, 5.75%, 04/01/2025 (Callable 07/17/2024) | | | 28,237,000 | | | 28,153,379 |
EnLink Midstream Partners LP, 4.15%, 06/01/2025 (Callable 03/01/2025) | | | 13,300,000 | | | 13,070,685 |
Equifax, Inc., 2.60%, 12/01/2024 (Callable 11/01/2024) | | | 6,556,000 | | | 6,469,207 |
Equinix, Inc., 2.63%, 11/18/2024 (Callable 10/18/2024) | | | 5,908,000 | | | 5,838,308 |
Fiserv, Inc., 3.85%, 06/01/2025 (Callable 03/01/2025) | | | 21,326,000 | | | 20,961,736 |
Flex Ltd., 4.75%, 06/15/2025 (Callable 03/15/2025) | | | 16,757,000 | | | 16,601,131 |
Florida Gas Transmission Co. LLC, 4.35%, 07/15/2025 (Callable 04/15/2025)(a) | | | 22,751,000 | | | 22,398,286 |
Ford Motor Credit Co. LLC
| | | | | | |
2.30%, 02/10/2025 (Callable 01/10/2025) | | | 46,993,000 | | | 45,946,825 |
4.13%, 08/04/2025 | | | 1,625,000 | | | 1,594,507 |
Fortune Brands Innovations, Inc., 4.00%, 06/15/2025 (Callable 03/15/2025) | | | 19,078,000 | | | 18,757,921 |
Freeport-McMoRan, Inc., 4.55%, 11/14/2024 (Callable 08/14/2024) | | | 37,172,000 | | | 36,979,449 |
| | | | | | | |
| | | | | | | |
Fresenius Medical Care US Finance II, Inc., 4.75%, 10/15/2024 (Callable 08/01/2024)(a) | | | $ 17,636,000 | | | $ 17,537,283 |
General Motors Financial Co., Inc.
| | | | | | |
1.20%, 10/15/2024 | | | 9,165,000 | | | 9,045,671 |
3.50%, 11/07/2024 (Callable 09/07/2024) | | | 7,945,000 | | | 7,878,222 |
4.00%, 01/15/2025 (Callable 10/15/2024) | | | 13,176,000 | | | 13,046,990 |
2.90%, 02/26/2025 (Callable 01/26/2025) | | | 1,367,000 | | | 1,341,287 |
3.80%, 04/07/2025 | | | 2,000,000 | | | 1,969,755 |
2.75%, 06/20/2025 (Callable 05/20/2025) | | | 10,000,000 | | | 9,719,899 |
4.30%, 07/13/2025 (Callable 04/13/2025) | | | 2,875,000 | | | 2,836,597 |
Genpact Luxembourg Sarl, 3.38%, 12/01/2024 (Callable 11/01/2024) | | | 41,306,000 | | | 40,784,880 |
Genuine Parts Co., 1.75%, 02/01/2025 (Callable 07/12/2024) | | | 2,916,000 | | | 2,844,076 |
Glencore Funding LLC
| | | | | | |
4.00%, 04/16/2025(a) | | | 4,968,000 | | | 4,899,639 |
1.63%, 09/01/2025 (Callable 08/01/2025)(a) | | | 11,435,000 | | | 10,906,866 |
Global Payments, Inc.
| | | | | | |
1.50%, 11/15/2024 (Callable 10/15/2024) | | | 8,217,000 | | | 8,091,931 |
2.65%, 02/15/2025 (Callable 01/15/2025) | | | 5,732,000 | | | 5,620,412 |
Harman International Industries, Inc., 4.15%, 05/15/2025 (Callable 02/15/2025) | | | 51,556,000 | | | 50,864,244 |
HCA, Inc.
| | | | | | |
5.38%, 02/01/2025 | | | 30,269,000 | | | 30,166,682 |
5.25%, 04/15/2025 | | | 11,917,000 | | | 11,860,860 |
Hewlett Packard Enterprise Co., 5.90%, 10/01/2024 | | | 36,450,000 | | | 36,445,405 |
Hexcel Corp., 4.95%, 08/15/2025 (Callable 05/15/2025) | | | 1,732,000 | | | 1,713,449 |
Howmet Aerospace, Inc.
| | | | | | |
5.13%, 10/01/2024 (Callable 07/01/2024) | | | 1,030,000 | | | 1,030,000 |
6.88%, 05/01/2025 (Callable 04/01/2025) | | | 6,262,000 | | | 6,308,307 |
Hyatt Hotels Corp., 1.80%, 10/01/2024 (Callable 07/17/2024) | | | 27,711,000 | | | 27,418,248 |
Hyundai Capital America
| | | | | | |
1.00%, 09/17/2024(a) | | | 23,472,000 | | | 23,227,966 |
2.65%, 02/10/2025 (Callable 01/10/2025)(a) | | | 18,880,000 | | | 18,523,964 |
6.00%, 07/11/2025(a) | | | 1,370,000 | | | 1,374,464 |
JDE Peet’s NV, 0.80%, 09/24/2024 (Callable 08/01/2024)(a) | | | 7,397,000 | | | 7,295,558 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Keysight Technologies, Inc., 4.55%, 10/30/2024 (Callable 08/01/2024) | | | $ 12,755,000 | | | $ 12,718,934 |
Kinder Morgan Energy Partners LP, 4.25%, 09/01/2024 (Callable 08/01/2024) | | | 8,684,000 | | | 8,658,076 |
Kinder Morgan, Inc., 4.30%, 06/01/2025 (Callable 03/01/2025) | | | 31,567,000 | | | 31,155,952 |
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024 (Callable 08/01/2024) | | | 5,501,000 | | | 5,474,340 |
Legrand France SA, 8.50%, 02/15/2025 | | | 6,284,000 | | | 6,389,964 |
Microchip Technology, Inc., 0.98%, 09/01/2024 | | | 26,107,000 | | | 25,885,756 |
MPLX LP
| | | | | | |
4.88%, 12/01/2024 (Callable 09/01/2024) | | | 5,755,000 | | | 5,730,362 |
4.00%, 02/15/2025 (Callable 11/15/2024) | | | 28,265,000 | | | 27,958,808 |
4.88%, 06/01/2025 (Callable 03/01/2025) | | | 11,999,000 | | | 11,892,910 |
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/2024(a) | | | 33,017,000 | | | 32,663,467 |
Nissan Motor Co. Ltd., 3.52%, 09/17/2025 (Callable 08/17/2025)(a) | | | 8,309,000 | | | 8,062,199 |
Nutrien Ltd., 5.90%, 11/07/2024 | | | 13,613,000 | | | 13,616,713 |
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/2025 (Callable 04/01/2025) | | | 6,250,000 | | | 6,101,833 |
Occidental Petroleum Corp., 2.90%, 08/15/2024 (Callable 07/15/2024) | | | 20,054,000 | | | 19,956,425 |
ONEOK, Inc., 2.75%, 09/01/2024 (Callable 08/01/2024) | | | 9,389,000 | | | 9,333,212 |
Oracle Corp., 2.50%, 04/01/2025 (Callable 03/01/2025) | | | 9,119,000 | | | 8,907,746 |
Owens Corning, 4.20%, 12/01/2024 (Callable 09/01/2024) | | | 7,620,000 | | | 7,568,194 |
Penske Truck Leasing Co. Lp/PTL Finance Corp.
| | | | | | |
2.70%, 11/01/2024 (Callable 10/01/2024)(a) | | | 4,510,000 | | | 4,459,298 |
3.95%, 03/10/2025 (Callable 01/10/2025)(a) | | | 1,416,000 | | | 1,398,665 |
4.00%, 07/15/2025 (Callable 06/15/2025)(a) | | | 2,358,000 | | | 2,317,261 |
Plains All American Pipeline LP / PAA Finance Corp., 3.60%, 11/01/2024 (Callable 08/01/2024) | | | 4,515,000 | | | 4,481,165 |
Qorvo, Inc., 1.75%, 12/15/2024 (Callable 07/12/2024) | | | 14,201,000 | | | 13,899,917 |
| | | | | | | |
| | | | | | | |
Quanta Services, Inc., 0.95%, 10/01/2024 (Callable 07/12/2024) | | | $ 10,846,000 | | | $ 10,706,633 |
Reliance Industries Ltd., 4.13%, 01/28/2025(a) | | | 16,328,000 | | | 16,185,810 |
Reliance, Inc., 1.30%, 08/15/2025 (Callable 07/15/2025) | | | 6,000,000 | | | 5,714,279 |
Revvity, Inc., 0.85%, 09/15/2024 (Callable 07/12/2024) | | | 23,033,000 | | | 22,773,076 |
Royalty Pharma PLC, 1.20%, 09/02/2025 (Callable 08/02/2025) | | | 13,162,000 | | | 12,500,020 |
Ryder System, Inc.
| | | | | | |
2.50%, 09/01/2024 (Callable 08/01/2024) | | | 38,820,000 | | | 38,580,154 |
4.63%, 06/01/2025 (Callable 05/01/2025) | | | 5,564,000 | | | 5,507,146 |
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025 (Callable 12/01/2024) | | | 7,768,000 | | | 7,752,068 |
Sonoco Products Co., 1.80%, 02/01/2025 (Callable 07/12/2024) | | | 18,438,000 | | | 17,996,606 |
Suntory Holdings Ltd., 2.25%, 10/16/2024 (Callable 09/16/2024)(a) | | | 3,975,000 | | | 3,933,469 |
TD SYNNEX Corp., 1.25%, 08/09/2024 (Callable 07/12/2024) | | | 47,494,000 | | | 47,241,058 |
Thomas Jefferson University, 2.07%, 11/01/2024 | | | 625,000 | | | 614,934 |
TransCanada PipeLines Ltd., 1.00%, 10/12/2024 (Callable 09/12/2024) | | | 46,371,000 | | | 45,737,638 |
Trimble, Inc., 4.75%, 12/01/2024 (Callable 09/01/2024) | | | 5,350,000 | | | 5,325,862 |
VICI Properties LP / VICI Note Co., Inc.
| | | | | | |
3.50%, 02/15/2025 (Callable 07/12/2024)(a) | | | 2,975,000 | | | 2,934,671 |
4.63%, 06/15/2025 (Callable 03/15/2025)(a) | | | 7,323,000 | | | 7,227,263 |
Volkswagen Group of America Finance LLC
| | | | | | |
2.85%, 09/26/2024(a) | | | 10,432,000 | | | 10,356,634 |
3.35%, 05/13/2025(a) | | | 16,083,000 | | | 15,772,690 |
3.95%, 06/06/2025(a) | | | 11,632,000 | | | 11,451,540 |
West Fraser Timber Co. Ltd., 4.35%, 10/15/2024 (Callable 08/01/2024)(a) | | | 2,600,000 | | | 2,580,460 |
Western Midstream Operating LP, 3.10%, 02/01/2025 (Callable 01/01/2025) | | | 32,578,000 | | | 32,016,346 |
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/2025 (Callable 05/15/2025) | | | 45,851,000 | | | 44,742,746 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Williams Cos., Inc., 3.90%, 01/15/2025 (Callable 10/15/2024) | | | $ 16,940,000 | | | $16,778,960 |
Woodside Finance Ltd., 3.65%, 03/05/2025 (Callable 12/05/2024)(a) | | | 30,400,000 | | | 29,969,022 |
WPP Finance 2010, 3.75%, 09/19/2024 | | | 936,000 | | | 930,693 |
WRKCo, Inc., 3.00%, 09/15/2024 (Callable 08/01/2024) | | | 6,691,000 | | | 6,649,716 |
| | | 1,626,851,469 |
Utilities - 3.4%
|
Ameren Corp., 2.50%, 09/15/2024 (Callable 08/15/2024) | | | 2,005,000 | | | 1,990,337 |
Appalachian Power Co., 3.40%, 06/01/2025 (Callable 03/01/2025) | | | 3,748,000 | | | 3,669,141 |
Aquarion Co., 4.00%, 08/15/2024 (Callable 08/01/2024)(a) | | | 962,000 | | | 958,736 |
Avangrid, Inc.
| | | | | | |
3.15%, 12/01/2024 (Callable 10/01/2024) | | | 8,605,000 | | | 8,510,171 |
3.20%, 04/15/2025 (Callable 03/15/2025) | | | 11,588,000 | | | 11,345,933 |
Black Hills Corp., 1.04%, 08/23/2024 (Callable 07/17/2024) | | | 39,065,000 | | | 38,781,597 |
CenterPoint Energy, Inc., 2.50%, 09/01/2024 (Callable 08/01/2024) | | | 9,603,000 | | | 9,545,944 |
Constellation Energy Generation LLC, 3.25%, 06/01/2025 (Callable 05/01/2025) | | | 3,488,000 | | | 3,410,434 |
DTE Energy Co.
| | | | | | |
2.53%, 10/01/2024(c) | | | 7,409,000 | | | 7,341,175 |
4.22%, 11/01/2024(c) | | | 23,529,000 | | | 23,392,322 |
EDP Finance BV, 3.63%,
07/15/2024(a) | | | 23,218,000 | | | 23,195,267 |
Enel Finance International NV
| | | | | | |
2.65%, 09/10/2024(a) | | | 1,800,000 | | | 1,787,938 |
4.50%, 06/15/2025(a) | | | 1,700,000 | | | 1,677,617 |
Evergy, Inc., 2.45%, 09/15/2024 (Callable 08/15/2024) | | | 13,600,000 | | | 13,504,180 |
FirstEnergy Corp., 2.05%, 03/01/2025 (Callable 02/01/2025) | | | 1,100,000 | | | 1,069,910 |
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (Callable 10/15/2024)(a) | | | 7,770,000 | | | 7,697,336 |
Georgia Power Co., 2.20%, 09/15/2024 (Callable 08/15/2024) | | | 5,603,000 | | | 5,560,317 |
NextEra Energy Capital Holdings, Inc., 5.75%, 09/01/2025 | | | 26,090,000 | | | 26,146,541 |
| | | | | | | |
| | | | | | | |
Niagara Mohawk Power Corp., 3.51%, 10/01/2024 (Callable 08/01/2024)(a) | | | $ 4,450,000 | | | $4,419,347 |
NiSource, Inc., 0.95%, 08/15/2025 (Callable 07/15/2025) | | | 12,733,000 | | | 12,093,670 |
Puget Energy, Inc., 3.65%, 05/15/2025 (Callable 02/15/2025) | | | 22,450,000 | | | 22,008,262 |
| | | 228,106,175 |
TOTAL CORPORATE BONDS
(Cost $3,334,109,013) | | | | | | 3,339,286,789 |
ASSET-BACKED SECURITIES - 17.5%
| | | |
Affirm, Inc., Series 2021-Z1, Class A, 1.07%, 08/15/2025 (Callable 07/15/2024)(a) | | | 347,549 | | | 346,749 |
Ally Bank Auto Credit-Linked Notes Series 2024-A, Series 2024-A, Class A2, 5.68%, 05/17/2032 (Callable 02/15/2028)(a) | | | 8,837,000 | | | 8,834,778 |
American Express Travel Related Services Co., Inc., Series 2022-2, Class A, 3.39%, 05/15/2027 | | | 48,628,000 | | | 47,757,559 |
ARI Fleet Lease Trust, Series
2023-A, Class A2, 5.41%, 02/17/2032 (Callable 07/15/2026)(a) | | | 20,672,591 | | | 20,626,808 |
Bank of America Auto Trust
| | | | | | |
Series 2023-1A, Class A2, 5.83%, 05/15/2026 (Callable 11/15/2026)(a) | | | 23,349,206 | | | 23,364,700 |
Series 2024-1A, Class A2, 5.57%, 12/15/2026 (Callable 08/15/2027)(a) | | | 10,500,000 | | | 10,504,929 |
Capital One Financial Corp.
| | | | | | |
Series 2021-A1, Class A1, 0.55%, 07/15/2026 | | | 7,650,000 | | | 7,632,840 |
Series 2021-A3, Class A3, 1.04%, 11/15/2026 | | | 72,033,000 | | | 70,800,911 |
Series 2022-A1, Class A1, 2.80%, 03/15/2027 | | | 32,270,000 | | | 31,659,623 |
Capital One Prime Auto Receivables Trust
| | | | | | |
Series 2022-1, Class A3, 3.17%, 04/15/2027 (Callable 03/15/2026) | | | 14,659,353 | | | 14,394,057 |
Series 2022-2, Class A2A, 3.74%, 09/15/2025 (Callable 06/15/2026) | | | 380,574 | | | 380,288 |
CarMax Auto Owner Trust
| | | | | | |
Series 2022-1, Class A3, 1.47%, 12/15/2026 (Callable 03/15/2026) | | | 27,828,263 | | | 27,099,343 |
Series 2023-1, Class A2A, 5.23%, 01/15/2026 (Callable 12/15/2026) | | | 1,364,278 | | | 1,363,761 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
|
Series 2023-1, Class A3, 4.75%, 10/15/2027 (Callable 12/15/2026) | | | $ 35,881,000 | | | $ 35,589,887 |
Series 2023-4, Class A2A, 6.08%, 12/15/2026 (Callable 03/15/2027) | | | 18,646,003 | | | 18,703,101 |
Chase Auto Owner Trust, Series 2024-3A, Class A2, 5.53%, 09/27/2027 (Callable 05/25/2028)(a) | | | 21,750,000 | | | 21,753,284 |
Citizens Auto Receivables Trust
| | | | | | |
Series 2023-1, Class A2A, 6.13%, 07/15/2026 (Callable 02/15/2027)(a) | | | 31,000,330 | | | 31,040,969 |
Series 2024-1, Class A2A, 5.43%, 10/15/2026 (Callable 07/15/2027)(a) | | | 13,200,000 | | | 13,183,991 |
Series 2024-2, Class A2A, 5.54%, 11/16/2026 (Callable 08/15/2027)(a) | | | 12,264,000 | | | 12,258,763 |
Dell Equipment Finance Trust
| | | | | | |
Series 2023-1, Class A2, 5.65%, 09/22/2028 (Callable 10/22/2025)(a) | | | 16,064,698 | | | 16,065,765 |
Series 2023-2, Class A2, 5.84%, 01/22/2029 (Callable 02/22/2026)(a) | | | 8,003,507 | | | 8,006,356 |
Discover Card Execution Note Trust
| | | | | | |
Series 2021-A1, Class A1, 0.58%, 09/15/2026 | | | 1,875,000 | | | 1,855,117 |
Series 2022-A1, Class A1, 1.96%, 02/15/2027 | | | 31,077,000 | | | 30,374,977 |
Series 2022-A2, Class A, 3.32%, 05/15/2027 | | | 63,975,000 | | | 62,792,313 |
DLLAA LLC, Series 2023-1A, Class A2, 5.93%, 07/20/2026 (Callable 11/20/2027)(a) | | | 4,465,832 | | | 4,471,785 |
DLLAD LLC
| | | | | | |
Series 2023-1A, Class A2, 5.19%, 04/20/2026 (Callable 10/20/2027)(a) | | | 3,890,604 | | | 3,882,937 |
Series 2024-1A, Class A2, 5.50%, 08/20/2027 (Callable 12/20/2028)(a) | | | 7,750,000 | | | 7,753,724 |
DLLMT LLC, Series 2023-1A, Class A2, 5.78%, 11/20/2025 (Callable 01/20/2027)(a) | | | 22,643,310 | | | 22,651,778 |
DLLST LLC, Series 2024-1A, Class A2, 5.33%, 01/20/2026 (Callable 08/20/2027)(a) | | | 5,225,000 | | | 5,211,811 |
Fifth Third Auto Trust, Series 2023-1, Class A2A, 5.80%, 11/16/2026 (Callable 02/15/2027) | | | 12,784,037 | | | 12,794,662 |
| | | | | | | |
| | | | | | | |
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04%, 08/15/2031 (Callable 02/15/2025)(a) | | | $ 51,383,000 | | | $ 50,238,475 |
Ford Credit Floorplan LLC
| | | | | | |
Series 2019-4, Class A, 2.44%, 09/15/2026 | | | 25,410,000 | | | 25,239,001 |
Series 2020-2, Class A, 1.06%, 09/15/2027 | | | 16,692,000 | | | 15,827,388 |
Ford Motor Co., Series 2018-1, Class A, 3.19%, 07/15/2031 (Callable 01/15/2025)(a) | | | 27,365,000 | | | 26,995,091 |
GM Financial Consumer Automobile Receivables Trust
| | | | | | |
Series 2023-1, Class A2A, 5.19%, 03/16/2026 (Callable 09/16/2026) | | | 5,834,589 | | | 5,829,337 |
Series 2023-2, Class A2A, 5.10%, 05/18/2026 (Callable 11/16/2026) | | | 2,973,353 | | | 2,969,091 |
GM Financial Leasing Trust
| | | | | | |
Series 2023-1, Class A2A, 5.27%, 06/20/2025 (Callable 08/20/2025) | | | 1,998,484 | | | 1,998,174 |
Series 2023-1, Class A3, 5.16%, 04/20/2026 (Callable 08/20/2025) | | | 2,055,000 | | | 2,050,493 |
Series 2023-2, Class A2A, 5.44%, 10/20/2025 (Callable 11/20/2025) | | | 2,116,484 | | | 2,115,536 |
Honda Auto Receivables Owner Trust
| | | | | | |
Series 2023-1, Class A2, 5.22%, 10/21/2025 (Callable 06/21/2026) | | | 2,471,340 | | | 2,468,922 |
Series 2023-3, Class A2, 5.71%, 03/18/2026 (Callable 11/18/2026) | | | 14,648,795 | | | 14,654,057 |
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031 (Callable 11/20/2026)(a) | | | 11,600,000 | | | 11,629,689 |
Huntington Bank Auto Credit-Linked Notes Series 2024-1, Series 2024-1, Class B1, 6.15%, 05/20/2032 (Callable 02/20/2028)(a) | | | 7,000,000 | | | 7,000,551 |
Huntington Funding LLC, Series 2024-1A, Class A2, 5.50%, 03/15/2027 (Callable 07/15/2027)(a) | | | 21,025,000 | | | 21,004,017 |
Hyundai Auto Lease Securitization Trust
| | | | | | |
Series 2023-A, Class A2A, 5.20%, 04/15/2025 (Callable 06/15/2025)(a) | | | 370,573 | | | 370,525 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
|
Series 2023-B, Class A3, 5.15%, 06/15/2026 (Callable 11/15/2025)(a) | | | $ 14,310,000 | | | $ 14,266,847 |
Series 2023-C, Class A3, 5.80%, 12/15/2026 (Callable 04/15/2026)(a) | | | 68,183,000 | | | 68,446,949 |
Hyundai Auto Receivables Trust
| | | | | | |
Series 2021-B, Class A3, 0.38%, 01/15/2026 (Callable 11/15/2025) | | | 1,702,588 | | | 1,687,077 |
Series 2022-C, Class A2A, 5.35%, 11/17/2025 (Callable 01/15/2027) | | | 590,167 | | | 590,048 |
Series 2023-A, Class A2A, 5.19%, 12/15/2025 (Callable 12/15/2026) | | | 4,585,032 | | | 4,581,021 |
IPFS Corp.
| | | | | | |
Series 2022-A, Class A, 2.47%, 02/15/2027(a) | | | 17,914,000 | | | 17,556,739 |
Series 2022-C, Class A, 3.89%, 05/15/2027(a) | | | 14,701,000 | | | 14,476,251 |
JPMorgan Chase Bank NA | | | | | | |
Series 2021-1, Class B, 0.88%, 09/25/2028 (Callable 04/25/2025)(a) | | | 814,453 | | | 811,013 |
Series 2021-2, Class B, 0.89%, 12/26/2028 (Callable 09/25/2025)(a) | | | 435,172 | | | 430,327 |
Series 2021-3, Class B, 0.76%, 02/26/2029 (Callable 04/25/2025)(a) | | | 2,577,334 | | | 2,517,710 |
Kubota Credit Owner Trust, Series 2024-1A, Class A2, 5.39%, 01/15/2027 (Callable 01/15/2028)(a) | | | 31,225,000 | | | 31,155,987 |
Marlette Funding Trust, Series 2023-3A, Class A, 6.49%, 09/15/2033 (Callable 09/15/2027)(a) | | | 5,105,485 | | | 5,109,419 |
Mercedes-Benz Auto Receivables Trust, Series 2021-1, Class A3, 0.46%, 06/15/2026 (Callable 11/15/2025) | | | 5,681,921 | | | 5,576,988 |
Nissan Auto Receivables Owner Trust, Series 2022-B, Class A2, 4.50%, 08/15/2025 (Callable 10/15/2026) | | | 394,911 | | | 394,646 |
PHH Arval, Series 2023-2A, Class A1, 6.16%, 10/15/2035 (Callable 10/15/2026)(a) | | | 14,055,984 | | | 14,138,263 |
Royal Bank of Canada, Series
2022-4A, Class A, 4.31%, 09/15/2027(a) | | | 30,320,000 | | | 29,889,987 |
Santander Holdings USA, Inc.
| | | | | | |
Series 2021-1A, Class B, 1.83%, 12/15/2031 (Callable 09/15/2025)(a) | | | 3,536,279 | | | 3,506,634 |
| | | | | | | |
| | | | | | | |
Series 2022-A, Class B, 5.28%, 05/15/2032 (Callable 12/15/2025)(a) | | | $ 10,523,340 | | | $10,468,412 |
SBNA Auto Lease Trust
| | | | | | |
Series 2024-A, Class A2, 5.45%, 01/20/2026 (Callable 11/20/2026)(a) | | | 10,378,619 | | | 10,366,696 |
Series 2024-B, Class A2, 5.67%, 11/20/2026 (Callable 04/20/2027)(a) | | | 8,000,000 | | | 8,006,542 |
SCF Equipment Leasing LLC, Series 2022-2A, Class A2, 6.24%, 07/20/2028 (Callable 08/20/2029)(a) | | | 4,696,738 | | | 4,699,623 |
SFS Auto Receivables Securitization Trust, Series 2023-1A, Class A2A, 5.89%, 03/22/2027 (Callable 08/20/2027)(a) | | | 8,703,536 | | | 8,711,490 |
Synchrony Bank, Series 2022-A1, Class A, 3.37%, 04/15/2028 (Callable 04/15/2025) | | | 52,645,000 | | | 51,715,437 |
Towd Point Mortgage Trust, Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 07/25/2024)(a)(d) | | | 7,989,443 | | | 7,643,141 |
US Bancorp, Series 2023-1, Class B, 6.79%, 08/25/2032 (Callable 09/25/2026)(a) | | | 5,714,593 | | | 5,738,098 |
Verizon Master Trust
| | | | | | |
Series 2022-6, Class A, 3.67%, 01/22/2029 (Callable 07/20/2025) | | | 24,273,000 | | | 23,817,563 |
Series 2022-7, Class A1A, 5.23%, 11/22/2027 (Callable 11/20/2024) | | | 48,935,000 | | | 48,846,917 |
World Omni Auto Receivables Trust, | | | | | | |
Series 2022-D, Class A2A,
5.51%, 03/16/2026 (Callable 08/15/2026) | | | 1,714,589 | | | 1,714,527 |
TOTAL ASSET-BACKED SECURITIES
(Cost $1,159,720,278) | | | | | | 1,160,412,265 |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.4%
| |
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2015-UBS7, Class A4, 3.71%, 09/15/2048 (Callable 09/15/2025) | | | 1,000,000 | | | 972,414 |
BBCMS Trust, Series 2022-C14, Class A1, 1.73%, 02/15/2055 (Callable 02/15/2032) | | | 8,096,119 | | | 7,685,429 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Citigroup Commercial Mortgage Trust
| | | | | | |
Series 2014-GC25, Class A4, 3.64%, 10/10/2047 (Callable 10/10/2024) | | | $ 13,292,000 | | | $ 13,233,890 |
Series 2015-GC27, Class A5, 3.14%, 02/10/2048 (Callable 01/10/2025) | | | 2,260,848 | | | 2,234,205 |
Series 2015-GC29, Class A4, 3.19%, 04/10/2048 (Callable 04/10/2025) | | | 12,665,000 | | | 12,392,274 |
Series 2015-GC33, Class A4, 3.78%, 09/10/2058 (Callable 05/10/2026) | | | 9,000,588 | | | 8,718,029 |
Series 2015-P1, Class A5, 3.72%, 09/15/2048 (Callable 05/15/2026) | | | 8,200,736 | | | 7,995,249 |
Commercial Mortgage Pass Through Certificates
| | | | | | |
Series 2014-CR17, Class A5, 3.98%, 05/10/2047 (Callable 07/10/2024) | | | 1,134,498 | | | 1,120,886 |
Series 2014-UBS3, Class A4, 3.82%, 06/10/2047 (Callable 07/10/2024) | | | 5,144,449 | | | 5,131,069 |
Series 2014-UBS4, Class A5, 3.69%, 08/10/2047 (Callable 07/10/2029) | | | 39,907,000 | | | 39,813,406 |
Series 2015-CR23, Class A4, 3.50%, 05/10/2048 (Callable 05/10/2025) | | | 13,226,524 | | | 12,957,760 |
Series 2015-CR27, Class A4, 3.61%, 10/10/2048 (Callable 10/10/2025) | | | 2,605,000 | | | 2,532,399 |
Series 2015-LC23, Class A4, 3.77%, 10/10/2048 (Callable 11/10/2025) | | | 6,700,000 | | | 6,527,846 |
Computershare Corporate Trust
| | | | | | |
Series 2015-C27, Class A5, 3.45%, 02/15/2048 (Callable 03/15/2025) | | | 27,518,000 | | | 27,025,497 |
Series 2015-C28, Class A4, 3.54%, 05/15/2048 (Callable 05/15/2025) | | | 12,035,000 | | | 11,789,555 |
Series 2015-C31, Class A4, 3.70%, 11/15/2048 (Callable 11/15/2025) | | | 2,000,000 | | | 1,945,130 |
Series 2015-LC20, Class A5, 3.18%, 04/15/2050 (Callable 05/15/2025) | | | 4,820,000 | | | 4,719,852 |
Series 2015-LC22, Class A4, 3.84%, 09/15/2058 (Callable 09/15/2025) | | | 15,295,000 | | | 14,897,492 |
Series 2015-SG1, Class A4, 3.79%, 09/15/2048 (Callable 08/15/2025) | | | 7,298,748 | | | 7,126,047 |
| | | | | | | |
| | | | | | | |
CSAIL Commercial Mortgage Trust
| | | | | | |
Series 2015-C2, Class A4, 3.50%, 06/15/2057 (Callable 05/15/2025) | | | $ 3,034,000 | | | $ 2,972,905 |
Series 2015-C3, Class A4, 3.72%, 08/15/2048 (Callable 08/15/2025) | | | 14,090,820 | | | 13,715,948 |
Series 2015-C4, Class A4, 3.81%, 11/15/2048 (Callable 11/15/2025) | | | 7,500,000 | | | 7,297,216 |
GS Mortgage Securities Corp. II
| | | | | | |
Series 2014-GC22, Class A5, 3.86%, 06/10/2047 (Callable 07/10/2024) | | | 2,984,726 | | | 2,977,565 |
Series 2014-GC24, Class A5, 3.93%, 09/10/2047 (Callable 09/10/2024) | | | 6,825,343 | | | 6,797,686 |
Series 2014-GC26, Class A5, 3.63%, 11/10/2047 (Callable 12/10/2024) | | | 52,905,000 | | | 52,427,108 |
Series 2015-GC32, Class A4, 3.76%, 07/10/2048 (Callable 07/10/2025) | | | 3,658,000 | | | 3,576,130 |
Series 2015-GC34, Class A4, 3.51%, 10/10/2048 (Callable 10/10/2025) | | | 8,490,000 | | | 8,126,387 |
Series 2015-GS1, Class A3, 3.73%, 11/10/2048 (Callable 11/10/2025) | | | 500,000 | | | 482,344 |
JP Morgan Chase Commercial Mortgage Securities, Series 2015-JP1, Class A5, 3.91%, 01/15/2049 (Callable 12/15/2025) | | | 4,803,000 | | | 4,657,372 |
JPMBB Commercial Mortgage Securities Trust
| | | | | | |
Series 2014-C23, Class A5, 3.93%, 09/15/2047 (Callable 08/15/2027) | | | 6,742,008 | | | 6,711,810 |
Series 2014-C24, Class A5, 3.64%, 11/15/2047 (Callable 08/15/2027) | | | 25,565,000 | | | 25,347,117 |
Series 2014-C25, Class A5, 3.67%, 11/15/2047 (Callable 11/15/2024) | | | 13,425,000 | | | 13,258,950 |
Series 2014-C26, Class A4, 3.49%, 01/15/2048 (Callable 01/15/2025) | | | 5,488,000 | | | 5,429,261 |
Series 2015-C27, Class A4, 3.18%, 02/15/2048 (Callable 09/15/2026) | | | 8,575,000 | | | 8,363,297 |
Series 2015-C30, Class A5, 3.82%, 07/15/2048 (Callable 07/15/2025) | | | 12,178,000 | | | 11,789,827 |
Series 2015-C32, Class A5, 3.60%, 11/15/2048 (Callable 10/15/2025) | | | 8,750,000 | | | 8,422,257 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
|
Mcp Holding Co. LLC, Series 2015-GC30, Class A4, 3.38%, 05/10/2050 (Callable 05/10/2025) | | | $ 7,667,127 | | | $ 7,481,655 |
Morgan Stanley Bank of America Merrill Lynch Trust
| | | | | | |
Series 2014-C19, Class A4, 3.53%, 12/15/2047 (Callable 10/15/2026) | | | 10,700,000 | | | 10,604,186 |
Series 2015-C22, Class A4, 3.31%, 04/15/2048 (Callable 04/15/2025) | | | 5,865,000 | | | 5,738,790 |
Series 2015-C23, Class A4, 3.72%, 07/15/2050 (Callable 06/15/2025) | | | 31,541,000 | | | 30,838,664 |
Series 2015-C27, Class A4, 3.75%, 12/15/2047 (Callable 11/15/2025) | | | 1,500,000 | | | 1,455,291 |
WF-RBS Commercial Mortgage Trust
| | | | | | |
Series 2014-C21, Class A5, 3.68%, 08/15/2047 (Callable 08/15/2024) | | | 1,880,133 | | | 1,871,335 |
Series 2014-C22, Class A5, 3.75%, 09/15/2057 (Callable 08/15/2027) | | | 20,596,000 | | | 20,322,032 |
Series 2014-C23, Class A5, 3.92%, 10/15/2057 (Callable 08/15/2027) | | | 13,563,000 | | | 13,407,822 |
Series 2014-C24, Class A5, 3.61%, 11/15/2047 (Callable 11/15/2024) | | | 20,026,000 | | | 19,851,387 |
Series 2014-C25, Class A5, 3.63%, 11/15/2047 (Callable 12/15/2024) | | | 10,208,211 | | | 10,107,126 |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $484,190,486) | | | | | | 492,849,897 |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%
|
Arroyo Mortgage Trust
| | | | | | |
Series 2019-1, Class A1, 3.81%, 01/25/2049 (Callable 07/25/2024)(a)(e) | | | 3,507,989 | | | 3,336,911 |
Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 07/25/2024)(a)(e) | | | 6,180,521 | | | 5,870,432 |
Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 07/25/2024)(a)(e) | | | 11,735,498 | | | 10,761,811 |
Starwood Mortgage Residential Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065 (Callable 07/25/2024)(a)(e) | | | 6,975,529 | | | 6,210,357 |
| | | | | | | |
| | | | | | | |
Towd Point Mortgage Trust
| | | | | | |
Series 2017-3, Class A1, 2.75%, 07/25/2057 (Callable 12/25/2026)(a)(e) | | | $ 843,763 | | | $ 831,564 |
Series 2017-4, Class A1, 2.75%, 06/25/2057 (Callable 09/25/2031)(a)(e) | | | 1,535,866 | | | 1,467,391 |
Series 2017-6, Class A1, 2.75%, 10/25/2057 (Callable 05/25/2029)(a)(e) | | | 7,265,724 | | | 7,004,422 |
Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 02/25/2030)(a)(e) | | | 8,096,713 | | | 7,932,033 |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $46,475,923) | | | | | | 43,414,921 |
MUNICIPAL BONDS - 0.2%
| | | | | | |
City of Middletown OH, 6.05%, 04/29/2025 | | | 4,400,000 | | | 4,402,570 |
City of West Carrollton OH, 6.90%, 05/01/2025 | | | 4,790,000 | | | 4,791,740 |
County of Okeechobee FL, 3.80%, 07/01/2039(e) | | | 1,055,000 | | | 1,054,999 |
Michigan Finance Authority, 2.99%, 09/01/2049 (Callable 08/01/2024)(e) | | | 2,560,000 | | | 2,547,779 |
New York State Housing Finance Agency, 1.60%, 11/01/2024 (Callable 07/22/2024) | | | 2,205,000 | | | 2,185,887 |
TOTAL MUNICIPAL BONDS
(Cost $14,957,294) | | | | | | 14,982,975 |
SHORT-TERM INVESTMENTS - 23.4%
|
Commercial Paper - 4.6%
| | | | | | |
Bayer Corporation, 6.40%, 07/10/2024(f) | | | 25,000,000 | | | 24,953,568 |
Beth Israel Deaconess Medical Center, 6.15%, 08/06/2024(f) | | | 41,925,000 | | | 41,652,805 |
Catholic Health Initiatives, 6.16%, 07/02/2024(f) | | | 46,275,000 | | | 46,245,338 |
Dentsply Sirona, Inc., 6.08%, 07/05/2024(f) | | | 26,075,000 | | | 26,044,630 |
FMC Corporation, 6.08%, 07/12/2024(f) | | | 29,175,000 | | | 29,105,877 |
FMC Corporation, 6.13%, 07/15/2024(f) | | | 18,850,000 | | | 18,795,713 |
HSBC Bank USA, N.A., 6.57%, 09/09/2024(f) | | | 15,450,000 | | | 15,277,643 |
L3HARRIS Technologies, Inc., 6.37%, 08/23/2024(f) | | | 44,100,000 | | | 43,719,453 |
Targa Resources Corp., 6.20%, 07/26/2024(f) | | | 10,000,000 | | | 9,953,629 |
Walgreens Boots Alliance, Inc., 6.43%, 07/01/2024(f) | | | 47,450,000 | | | 47,425,314 |
| | | | | | 303,173,970 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
Money Market Funds - 1.0%
| | | | | | |
First American Government Obligations Fund - Class U, 5.25%(g) | | | 64,459,271 | | | $64,459,271 |
| | | Par | | | |
U.S. Treasury Bills - 17.8%
|
5.33%, 08/20/2024(f) | | | 169,000,000 | | | 167,768,296 |
5.23%, 09/19/2024(f) | | | 45,000,000 | | | 44,478,625 |
5.16%, 10/03/2024(f) | | | 220,000,000 | | | 217,027,250 |
5.31%, 10/17/2024(f) | | | 205,000,000 | | | 201,798,925 |
4.71%, 12/26/2024(f) | | | 310,000,000 | | | 302,159,842 |
5.10%, 02/20/2025(f) | | | 150,000,000 | | | 145,149,375 |
5.00%, 03/20/2025(f) | | | 108,600,000 | | | 104,685,874 |
| | | | | | 1,183,068,187 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,552,123,000) | | | | | | 1,550,701,428 |
TOTAL INVESTMENTS - 99.3%
(Cost $6,591,575,994) | | | | | | $6,601,648,275 |
Other Assets in Excess of Liabilities - 0.7% | | | | | | 44,020,340 |
TOTAL NET ASSETS - 100.0% | | | | | | $6,645,668,615 |
| | | | | | | |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
CMT - Constant Maturity Treasury Rate
LIBOR - London Interbank Offered Rate
PLC - Public Limited Company
SA - Sociedad Anónima
SOFR - Secured Overnight Financing Rate
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $1,489,734,676 or 22.4% of the Fund’s net assets.
|
(b)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
|
(c)
| Step coupon bond. The rate disclosed is as of June 30, 2024.
|
(d)
| Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.
|
(e)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.
|
(f)
| The rate shown is the effective yield as of June 30, 2024.
|
(g)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Ultra Short Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Corporate Bonds | | | $— | | | $3,339,286,789 | | | $ — | | | $3,339,286,789 |
Asset-Backed Securities | | | — | | | 1,160,412,265 | | | — | | | 1,160,412,265 |
Non-Agency Commercial Mortgage-Backed Securities | | | — | | | 492,849,897 | | | — | | | 492,849,897 |
Non-Agency Residential Mortgage-Backed Securities | | | — | | | 43,414,921 | | | — | | | 43,414,921 |
Municipal Bonds | | | — | | | 14,982,975 | | | — | | | 14,982,975 |
Commercial Paper | | | — | | | 303,173,970 | | | — | | | 303,173,970 |
Money Market Funds | | | 64,459,271 | | | — | | | — | | | 64,459,271 |
U.S. Treasury Bills | | | — | | | 1,183,068,187 | | | — | | | 1,183,068,187 |
Total Investments | | | $64,459,271 | | | $6,537,189,004 | | | $— | | | $6,601,648,275 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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 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.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
CORPORATE BONDS - 50.5%
|
Financials - 25.8%(a)
|
ABN AMRO Bank NV
|
4.75%, 07/28/2025(b) | | | $ 34,188,000 | | | $ 33,711,779 |
4.80%, 04/18/2026(b) | | | 12,400,000 | | | 12,166,536 |
6.58% to 10/13/2025 then 1 yr. CMT Rate + 1.55%, 10/13/2026 (Callable 10/13/2025)(b) | | | 5,000,000 | | | 5,050,276 |
AEGON Funding Co. LLC, 5.50%, 04/16/2027 (Callable 03/16/2027)(b) | | | 50,000,000 | | | 49,787,850 |
AerCap Ireland Capital DAC/ AerCap Global Aviation Trust
| | | | | | |
4.45%, 10/01/2025 (Callable 08/01/2025) | | | 18,937,000 | | | 18,672,404 |
6.10%, 01/15/2027 (Callable 12/15/2026) | | | 5,000,000 | | | 5,073,340 |
6.45%, 04/15/2027 (Callable 03/15/2027) | | | 15,773,000 | | | 16,132,974 |
4.63%, 10/15/2027 (Callable 08/15/2027) | | | 7,300,000 | | | 7,112,681 |
AIB Group PLC, 7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026 (Callable 10/14/2025)(b) | | | 7,000,000 | | | 7,150,872 |
Air Lease Corp.
| | | | | | |
5.30%, 06/25/2026 | | | 15,000,000 | | | 14,947,387 |
1.88%, 08/15/2026 (Callable 07/15/2026) | | | 1,679,000 | | | 1,556,952 |
2.20%, 01/15/2027 (Callable 12/15/2026) | | | 2,817,000 | | | 2,600,583 |
Aircastle Ltd., 6.50%, 07/18/2028 (Callable 06/18/2028)(b) | | | 22,700,000 | | | 23,125,486 |
Aon North America, Inc., 5.13%, 03/01/2027 (Callable 02/01/2027) | | | 14,225,000 | | | 14,200,290 |
ASB Bank Ltd., 5.35%, 06/15/2026(b) | | | 46,375,000 | | | 46,389,324 |
Assurant, Inc., 6.10%, 02/27/2026 (Callable 01/27/2026) | | | 26,073,000 | | | 26,361,015 |
Australia & New Zealand Banking Group Ltd., 4.40%,
05/19/2026(b) | | | 13,000,000 | | | 12,725,683 |
Aviation Capital Group LLC
| | | | | | |
1.95%, 09/20/2026 (Callable 08/20/2026)(b) | | | 11,983,000 | | | 11,043,660 |
3.50%, 11/01/2027 (Callable 07/01/2027)(b) | | | 13,000,000 | | | 12,169,044 |
6.25%, 04/15/2028 (Callable 03/15/2028)(b) | | | 5,000,000 | | | 5,100,495 |
Banco Santander SA, 4.18% to 03/24/2027 then 1 yr. CMT Rate + 2.00%, 03/24/2028 (Callable 03/24/2027) | | | 15,000,000 | | | 14,457,653 |
| | | | | | | |
| | | | | | | |
Bank of America Corp., 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 (Callable 04/27/2027) | | | $ 15,069,000 | | | $ 14,707,946 |
Bank of Ireland Group PLC
| | | | | | |
6.25% to 09/16/2025 then 1 yr. CMT Rate + 2.65%, 09/16/2026 (Callable 09/16/2025)(b) | | | 27,350,000 | | | 27,482,732 |
2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)(b) | | | 23,084,000 | | | 21,260,595 |
Bank of Montreal, 5.37%, 06/04/2027 | | | 14,375,000 | | | 14,435,268 |
Bank of New York Mellon Corp., 4.95% to 04/26/2026 then SOFR + 1.03%, 04/26/2027 (Callable 04/26/2026) | | | 7,475,000 | | | 7,429,038 |
Bank of Nova Scotia
| | | | | | |
4.50%, 12/16/2025 | | | 6,000,000 | | | 5,904,365 |
4.75%, 02/02/2026 | | | 18,600,000 | | | 18,404,802 |
Banque Federative du Credit Mutuel SA, 4.94%,
01/26/2026(b) | | | 16,675,000 | | | 16,536,739 |
Barclays PLC
| | | | | | |
2.85% to 05/07/2025 then SOFR + 2.71%, 05/07/2026 (Callable 05/07/2025) | | | 27,787,000 | | | 27,091,886 |
5.30% to 08/09/2025 then 1 yr. CMT Rate + 2.30%, 08/09/2026 (Callable 08/09/2025) | | | 8,000,000 | | | 7,946,990 |
6.50% to 09/13/2026 then SOFR + 1.88%, 09/13/2027 (Callable 09/13/2026) | | | 7,500,000 | | | 7,624,600 |
5.67% to 03/12/2027 then SOFR + 1.49%, 03/12/2028 (Callable 03/12/2027) | | | 10,000,000 | | | 10,015,254 |
BGC Group, Inc., 4.38%, 12/15/2025 (Callable 09/15/2025) | | | 7,083,000 | | | 6,893,030 |
BNP Paribas SA
| | | | | | |
2.22% to 06/09/2025 then SOFR + 2.07%, 06/09/2026 (Callable 06/09/2025)(b) | | | 12,500,000 | | | 12,083,452 |
4.63%, 03/13/2027(b) | | | 1,300,000 | | | 1,265,451 |
2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 (Callable 01/20/2027)(b) | | | 7,000,000 | | | 6,506,968 |
BPCE SA
| | | | | | |
4.63%, 07/11/2024(b) | | | 5,294,000 | | | 5,290,174 |
5.15%, 07/21/2024(b) | | | 17,675,000 | | | 17,658,644 |
4.50%, 03/15/2025(b) | | | 6,970,000 | | | 6,876,709 |
2.05% to 10/19/2026 then SOFR + 1.09%, 10/19/2027 (Callable 10/19/2026)(b) | | | 2,432,000 | | | 2,232,624 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
6.61% to 10/19/2026 then SOFR + 1.98%, 10/19/2027 (Callable 10/19/2026)(b) | | | $ 15,000,000 | | | $ 15,231,924 |
Brighthouse Financial Global Funding, 5.55%,
04/09/2027(b) | | | 30,000,000 | | | 29,885,447 |
Canadian Imperial Bank of Commerce, 5.24%,
06/28/2027 | | | 50,000,000 | | | 49,920,447 |
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (Callable 01/14/2027)(b) | | | 15,000,000 | | | 14,458,703 |
Capital One Financial Corp., 4.99% to 07/24/2025 then SOFR + 2.16%, 07/24/2026 (Callable 07/24/2025) | | | 28,000,000 | | | 27,756,571 |
Centene Corp., 4.25%, 12/15/2027 (Callable 07/17/2024) | | | 40,757,000 | | | 38,914,232 |
Charles Schwab Corp., 5.88%, 08/24/2026 (Callable 07/24/2026) | | | 30,000,000 | | | 30,344,786 |
Citigroup, Inc.
| | | | | | |
5.61% to 09/29/2025 then SOFR + 1.55%, 09/29/2026 (Callable 09/29/2025) | | | 15,000,000 | | | 14,991,672 |
3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028 (Callable 02/24/2027) | | | 15,000,000 | | | 14,156,057 |
CNO Global Funding
| | | | | | |
1.65%, 01/06/2025(b) | | | 15,000,000 | | | 14,657,513 |
5.88%, 06/04/2027(b) | | | 35,000,000 | | | 35,114,478 |
Cooperatieve Rabobank UA
| | | | | | |
1.98% to 12/15/2026 then 1 yr. CMT Rate + 0.73%, 12/15/2027 (Callable 12/15/2026)(b) | | | 7,000,000 | | | 6,420,154 |
3.65% to 04/06/2027 then 1 yr. CMT Rate + 1.22%, 04/06/2028 (Callable 04/06/2027)(b) | | | 26,068,000 | | | 24,881,309 |
Corebridge Global Funding, 5.75%, 07/02/2026(b) | | | 39,000,000 | | | 39,139,869 |
Credit Agricole SA
| | | | | | |
4.38%, 03/17/2025(b) | | | 20,341,000 | | | 20,102,872 |
5.59%, 07/05/2026(b) | | | 26,000,000 | | | 26,116,666 |
Danske Bank AS
| | | | | | |
3.24% to 12/20/2024 then 3 mo. LIBOR US + 1.59%, 12/20/2025 (Callable 12/20/2024)(b)(c) | | | 6,743,000 | | | 6,653,687 |
6.47% (1 yr. CMT Rate + 2.10%), 01/09/2026 (Callable 01/09/2025)(b) | | | 18,000,000 | | | 18,048,467 |
| | | | | | | |
| | | | | | | |
1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026 (Callable 09/11/2025)(b) | | | $ 15,000,000 | | | $ 14,258,387 |
6.26% to 09/22/2025 then 1 yr. CMT Rate + 1.18%, 09/22/2026 (Callable 09/22/2025)(b) | | | 5,000,000 | | | 5,034,979 |
5.43% to 03/01/2027 then 1 yr. CMT Rate + 0.95%, 03/01/2028 (Callable 03/01/2027)(b) | | | 5,000,000 | | | 5,003,143 |
4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)(b) | | | 1,392,000 | | | 1,347,445 |
Deutsche Bank AG/New York NY
| | | | | | |
3.96% to 11/26/2024 then SOFR + 2.58%, 11/26/2025 (Callable 11/26/2024) | | | 12,200,000 | | | 12,095,789 |
7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026) | | | 11,130,000 | | | 11,400,884 |
2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | | | 20,057,000 | | | 18,517,985 |
5.71% to 02/08/2027 then SOFR + 1.59%, 02/08/2028 (Callable 02/08/2027) | | | 4,000,000 | | | 3,994,711 |
Digital Realty Trust LP, 5.55%, 01/15/2028 (Callable 12/15/2027) | | | 30,129,000 | | | 30,395,962 |
Discover Bank
| | | | | | |
4.25%, 03/13/2026 | | | 6,955,000 | | | 6,782,221 |
3.45%, 07/27/2026 (Callable 04/27/2026) | | | 7,500,000 | | | 7,162,902 |
5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028 | | | 16,000,000 | | | 15,979,829 |
Discover Financial Services, 4.50%, 01/30/2026 (Callable 11/30/2025) | | | 9,500,000 | | | 9,310,996 |
DNB Bank ASA, 5.90% to 10/09/2025 then SOFR + 1.95%, 10/09/2026 (Callable
10/09/2025)(b) | | | 47,550,000 | | | 47,691,288 |
Federation des Caisses Desjardins du Quebec
| | | | | | |
4.40%, 08/23/2025(b) | | | 34,475,000 | | | 34,054,094 |
4.55%, 08/23/2027(b) | | | 12,700,000 | | | 12,408,141 |
5.70%, 03/14/2028(b) | | | 5,000,000 | | | 5,057,603 |
First-Citizens Bank & Trust Co., 2.97% to 09/27/2024 then 3 mo. Term SOFR + 1.72%, 09/27/2025 (Callable 09/27/2024) | | | 2,340,000 | | | 2,314,200 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
FNB Corp./PA, 5.15%, 08/25/2025 (Callable 07/25/2025) | | | $ 20,000,000 | | | $ 19,718,346 |
HSBC Holdings PLC
| | | | | | |
5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 (Callable 08/14/2026) | | | 16,800,000 | | | 16,925,967 |
4.04% to 03/13/2027 then 3 mo. Term SOFR + 1.81%, 03/13/2028 (Callable 03/13/2027) | | | 22,494,000 | | | 21,670,660 |
5.60% to 05/17/2027 then SOFR + 1.06%, 05/17/2028 (Callable 05/17/2027) | | | 7,000,000 | | | 7,027,370 |
ING Groep NV
| | | | | | |
1.73% to 04/01/2026 then SOFR + 1.01%, 04/01/2027 (Callable 04/01/2026) | | | 12,000,000 | | | 11,222,997 |
6.08% to 09/11/2026 then SOFR + 1.56%, 09/11/2027 (Callable 09/11/2026) | | | 23,317,000 | | | 23,575,779 |
4.02% to 03/28/2027 then SOFR + 1.83%, 03/28/2028 (Callable 03/28/2027) | | | 15,300,000 | | | 14,753,768 |
Jackson National Life Global Funding
| | | | | | |
5.50%, 01/09/2026(b) | | | 15,000,000 | | | 14,933,493 |
5.60%, 04/10/2026(b) | | | 35,000,000 | | | 34,919,855 |
Jefferies Financial Group, Inc.
| | | | | | |
4.85%, 01/15/2027 | | | 23,000,000 | | | 22,695,014 |
6.45%, 06/08/2027 | | | 2,380,000 | | | 2,436,529 |
JPMorgan Chase & Co.
| | | | | | |
1.05% to 11/19/2025 then SOFR + 0.80%, 11/19/2026 (Callable 11/19/2025) | | | 4,300,000 | | | 4,039,725 |
6.07% to 10/22/2026 then SOFR + 1.33%, 10/22/2027 (Callable 10/22/2026) | | | 10,000,000 | | | 10,174,955 |
5.04% to 01/23/2027 then SOFR + 1.19%, 01/23/2028 (Callable 01/23/2027) | | | 15,000,000 | | | 14,918,820 |
5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 (Callable 04/22/2027) | | | 27,200,000 | | | 27,420,242 |
KeyCorp, 6.62% (SOFR + 1.25%), 05/23/2025 (Callable 02/23/2025) | | | 7,000,000 | | | 6,974,240 |
Kimco Realty OP LLC, 3.85%, 06/01/2025 (Callable 03/01/2025) | | | 3,950,000 | | | 3,883,841 |
Liberty Mutual Insurance Co.
| | | | | | |
8.50%, 05/15/2025(b) | | | 2,093,000 | | | 2,133,950 |
7.88%, 10/15/2026(b) | | | 9,330,000 | | | 9,673,832 |
| | | | | | | |
| | | | | | | |
Lloyds Banking Group PLC, 5.99% to 08/07/2026 then 1 yr. CMT Rate + 1.48%, 08/07/2027 (Callable 08/07/2026) | | | $ 27,500,000 | | | $ 27,662,772 |
LPL Holdings, Inc.
| | | | | | |
5.70%, 05/20/2027 (Callable 04/20/2027) | | | 30,000,000 | | | 30,118,613 |
4.63%, 11/15/2027 (Callable 07/05/2024)(b) | | | 20,927,000 | | | 20,249,506 |
M&T Bank Corp., 4.00%, 07/15/2024 (Callable 05/02/2024) | | | 14,505,000 | | | 14,489,505 |
Macquarie Bank Ltd., 4.88%, 06/10/2025(b) | | | 16,375,000 | | | 16,208,288 |
Macquarie Group Ltd.
| | | | | | |
5.11% to 08/09/2025 then SOFR + 2.21%, 08/09/2026 (Callable 08/09/2025)(b) | | | 12,000,000 | | | 11,935,219 |
1.63% to 09/23/2026 then SOFR + 0.91%, 09/23/2027 (Callable 09/23/2026)(b) | | | 25,000,000 | | | 22,940,437 |
Met Tower Global Funding, 5.40%, 06/20/2026(b) | | | 47,200,000 | | | 47,309,851 |
Morgan Stanley
| | | | | | |
5.05% to 01/28/2026 then SOFR + 1.30%, 01/28/2027 (Callable 01/28/2026) | | | 19,000,000 | | | 18,892,559 |
5.65% to 04/13/2027 then SOFR + 1.01%, 04/13/2028 (Callable 04/13/2027) | | | 25,000,000 | | | 25,247,620 |
Morgan Stanley Bank NA, 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 (Callable 05/26/2027) | | | 19,800,000 | | | 19,935,501 |
Mutual of Omaha Cos. Global Funding
| | | | | | |
5.80%, 07/27/2026(b) | | | 25,000,000 | | | 25,119,163 |
5.35%, 04/09/2027(b) | | | 23,450,000 | | | 23,445,166 |
National Bank of Canada, 5.60% to 07/02/2026 then SOFR + 1.04%, 07/02/2027 (Callable 07/02/2026) | | | 51,450,000 | | | 51,435,740 |
Nationwide Building Society
| | | | | | |
4.00%, 09/14/2026(b) | | | 34,021,000 | | | 32,692,334 |
6.56% to 10/18/2026 then SOFR + 1.91%, 10/18/2027 (Callable 10/18/2026)(b) | | | 18,400,000 | | | 18,774,024 |
NatWest Group PLC
| | | | | | |
5.85% to 03/02/2026 then 1 yr. CMT Rate + 1.35%, 03/02/2027 (Callable 03/02/2026) | | | 30,000,000 | | | 30,070,123 |
5.58% to 03/01/2027 then 1 yr. CMT Rate + 1.10%, 03/01/2028 (Callable 03/01/2027) | | | 10,000,000 | | | 10,007,827 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
NatWest Markets PLC, 1.60%, 09/29/2026(b) | | | $ 10,500,000 | | | $ 9,642,233 |
Nomura Holdings, Inc., 1.65%, 07/14/2026 | | | 6,600,000 | | | 6,100,548 |
Nordea Bank Abp, 4.75%, 09/22/2025(b) | | | 20,000,000 | | | 19,854,020 |
Old Republic International Corp., 3.88%, 08/26/2026 (Callable 07/26/2026) | | | 7,000,000 | | | 6,768,151 |
Pricoa Global Funding I, 5.55%, 08/28/2026(b) | | | 10,000,000 | | | 10,072,046 |
Principal Life Global Funding II, 5.00%, 01/16/2027(b) | | | 15,850,000 | | | 15,795,147 |
Protective Life Global Funding, 5.21%, 04/14/2026(b) | | | 20,000,000 | | | 19,939,927 |
Prudential Insurance Co. of America, 8.30%,
07/01/2025(b) | | | 7,000,000 | | | 7,150,845 |
Reliance Standard Life Global Funding II
| | | | | | |
2.50%, 10/30/2024(b) | | | 9,418,000 | | | 9,299,355 |
5.24%, 02/02/2026(b) | | | 36,000,000 | | | 35,614,534 |
Royal Bank of Canada
| | | | | | |
4.88%, 01/12/2026 | | | 32,300,000 | | | 32,059,821 |
5.20%, 07/20/2026 | | | 20,000,000 | | | 19,974,140 |
Santander Holdings USA, Inc., 6.12% to 05/31/2026 then SOFR + 1.23%, 05/31/2027 (Callable 05/31/2026) | | | 15,000,000 | | | 15,061,944 |
Santander UK Group Holdings PLC
| | | | | | |
1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 (Callable 06/14/2026) | | | 8,409,000 | | | 7,773,572 |
2.47% to 01/11/2027 then SOFR + 1.22%, 01/11/2028 (Callable 01/11/2027) | | | 5,000,000 | | | 4,612,840 |
Skandinaviska Enskilda Banken AB, 5.13%, 03/05/2027(b) | | | 10,000,000 | | | 9,997,251 |
SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026 (Callable 09/15/2026)(b) | | | 18,155,000 | | | 16,719,058 |
Societe Generale SA
| | | | | | |
2.23% to 01/21/2025 then 1 yr. CMT Rate + 1.05%, 01/21/2026 (Callable 01/21/2025)(b) | | | 10,000,000 | | | 9,781,214 |
1.79% to 06/09/2026 then 1 yr. CMT Rate + 1.00%, 06/09/2027 (Callable 06/09/2026)(b) | | | 10,000,000 | | | 9,224,013 |
2.80% to 01/19/2027 then 1 yr. CMT Rate + 1.30%, 01/19/2028 (Callable 01/19/2027)(b) | | | 5,000,000 | | | 4,613,887 |
| | | | | | | |
| | | | | | | |
5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028 (Callable 01/19/2027)(b) | | | $ 25,000,000 | | | $ 24,685,004 |
Standard Chartered PLC
| | | | | | |
6.19% to 07/06/2026 then 1 yr. CMT Rate + 1.85%, 07/06/2027 (Callable 07/06/2026)(b) | | | 8,000,000 | | | 8,076,718 |
2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)(b) | | | 5,000,000 | | | 4,631,241 |
Sumitomo Mitsui Financial Group, Inc.
| | | | | | |
5.46%, 01/13/2026 | | | 20,125,000 | | | 20,122,928 |
3.01%, 10/19/2026 | | | 12,000,000 | | | 11,400,294 |
Sumitomo Mitsui Trust Bank Ltd.
| | | | | | |
5.65%, 03/09/2026(b) | | | 22,400,000 | | | 22,534,858 |
5.20%, 03/07/2027(b) | | | 10,000,000 | | | 9,998,091 |
Svenska Handelsbanken AB, 5.50%, 06/15/2028(b) | | | 3,555,000 | | | 3,577,593 |
Swedbank AB, 5.47%, 06/15/2026(b) | | | 47,475,000 | | | 47,616,181 |
Synchrony Bank
| | | | | | |
5.40%, 08/22/2025 (Callable 07/22/2025) | | | 5,000,000 | | | 4,962,474 |
5.63%, 08/23/2027 (Callable 07/23/2027) | | | 6,367,000 | | | 6,307,408 |
Synchrony Financial
| | | | | | |
3.70%, 08/04/2026 (Callable 05/04/2026) | | | 2,266,000 | | | 2,162,348 |
3.95%, 12/01/2027 (Callable 09/01/2027) | | | 39,000,000 | | | 36,420,629 |
Synovus Financial Corp., 5.20%, 08/11/2025 (Callable 07/11/2025) | | | 31,353,000 | | | 30,895,674 |
Toronto-Dominion Bank, 5.53%, 07/17/2026 | | | 20,000,000 | | | 20,070,072 |
UBS Group AG
| | | | | | |
4.13%, 09/24/2025(b) | | | 9,454,000 | | | 9,269,756 |
4.49% to 05/12/2025 then 1 yr. CMT Rate + 1.55%, 05/12/2026 (Callable 05/12/2025)(b) | | | 12,000,000 | | | 11,858,479 |
2.19% to 06/05/2025 then SOFR + 2.04%, 06/05/2026 (Callable 06/05/2025)(b) | | | 5,000,000 | | | 4,831,892 |
5.71% (1 yr. CMT Rate + 1.55%), 01/12/2027 (Callable 01/12/2026)(b) | | | 9,000,000 | | | 9,004,733 |
6.44% to 08/11/2027 then SOFR + 3.70%, 08/11/2028 (Callable 08/11/2027)(b) | | | 13,300,000 | | | 13,636,324 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
US Bancorp
| | | | | | |
5.73% to 10/21/2025 then SOFR + 1.43%, 10/21/2026 (Callable 10/21/2025) | | | $ 20,000,000 | | | $ 20,034,091 |
6.79% to 10/26/2026 then SOFR + 1.88%, 10/26/2027 (Callable 10/26/2026) | | | 25,000,000 | | | 25,740,255 |
WEA Finance LLC / Westfield UK & Europe Finance PLC, 3.75%, 09/17/2024 (Callable 07/17/2024)(b) | | | 6,912,000 | | | 6,860,470 |
Wells Fargo & Co., 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 (Callable
04/22/2027) | | | 31,500,000 | | | 31,772,574 |
Westpac New Zealand Ltd., 5.13%, 02/26/2027(b) | | | 25,000,000 | | | 24,922,189 |
WP Carey, Inc., 4.25%, 10/01/2026 (Callable 07/01/2026) | | | 11,997,000 | | | 11,686,071 |
| | | | | | 2,655,555,488 |
Industrials - 22.3%
|
Advance Auto Parts, Inc.
| | | | | | |
5.90%, 03/09/2026 | | | 10,000,000 | | | 10,001,141 |
1.75%, 10/01/2027 (Callable 08/01/2027) | | | 5,000,000 | | | 4,373,729 |
AGCO Corp., 5.45%, 03/21/2027 (Callable 02/21/2027) | | | 12,000,000 | | | 12,028,535 |
Aker BP ASA, 2.00%, 07/15/2026 (Callable 06/15/2026)(b) | | | 538,000 | | | 500,540 |
Anglo American Capital PLC
| | | | | | |
5.38%, 04/01/2025 (Callable 03/01/2025)(b) | | | 13,250,000 | | | 13,193,016 |
4.88%, 05/14/2025(b) | | | 956,000 | | | 948,676 |
4.00%, 09/11/2027(b) | | | 3,184,000 | | | 3,050,382 |
4.50%, 03/15/2028 (Callable 12/15/2027)(b) | | | 24,300,000 | | | 23,555,892 |
ArcelorMittal SA
| | | | | | |
6.13%, 06/01/2025 | | | 1,413,000 | | | 1,422,296 |
4.55%, 03/11/2026 | | | 12,000,000 | | | 11,799,174 |
6.55%, 11/29/2027 (Callable 10/29/2027) | | | 8,234,000 | | | 8,489,697 |
Ashtead Capital, Inc.
| | | | | | |
1.50%, 08/12/2026 (Callable 07/12/2026)(b) | | | 33,034,000 | | | 30,111,205 |
4.38%, 08/15/2027 (Callable 07/17/2024)(b) | | | 2,052,000 | | | 1,975,558 |
AT&T, Inc., 4.25%, 03/01/2027 (Callable 12/01/2026) | | | 9,477,000 | | | 9,255,730 |
AutoNation, Inc., 4.50%, 10/01/2025 (Callable 07/01/2025) | | | 25,000,000 | | | 24,608,704 |
Bayer US Finance II LLC, 5.50%, 08/15/2025(b) | | | 4,000,000 | | | 3,976,293 |
| | | | | | | |
| | | | | | | |
Bayer US Finance LLC, 6.13%, 11/21/2026 (Callable 10/21/2026)(b) | | | $ 10,000,000 | | | $ 10,106,671 |
Bayport Polymers LLC, 4.74%, 04/14/2027 (Callable 03/14/2027)(b) | | | 2,500,000 | | | 2,405,845 |
Berry Global, Inc., 4.88%, 07/15/2026 (Callable 08/01/2024)(b) | | | 19,285,000 | | | 18,935,718 |
Boeing Co., 6.26%, 05/01/2027 (Callable 04/01/2027)(b) | | | 7,000,000 | | | 7,047,321 |
Brambles USA, Inc., 4.13%, 10/23/2025 (Callable 07/25/2025)(b) | | | 30,041,000 | | | 29,455,087 |
Broadcom, Inc., 3.15%, 11/15/2025 (Callable 10/15/2025) | | | 5,000,000 | | | 4,844,632 |
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025 (Callable 07/17/2025) | | | 5,006,000 | | | 4,787,876 |
Campbell Soup Co., 5.20%, 03/19/2027 | | | 7,000,000 | | | 7,010,509 |
CCL Industries, Inc., 3.25%, 10/01/2026 (Callable 07/01/2026)(b) | | | 5,780,000 | | | 5,476,265 |
CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025 (Callable 08/01/2024) | | | 19,810,000 | | | 19,481,659 |
Celanese US Holdings LLC, 6.17%, 07/15/2027 (Callable 06/15/2027) | | | 34,151,000 | | | 34,660,388 |
CF Industries, Inc., 4.50%, 12/01/2026(b) | | | 11,758,000 | | | 11,478,022 |
Charter Communications Operating LLC /Charter Communications Operating Capital
| | | | | | |
4.91%, 07/23/2025 (Callable 04/23/2025) | | | 2,824,000 | | | 2,796,568 |
6.15%, 11/10/2026 (Callable 10/10/2026) | | | 13,850,000 | | | 13,983,848 |
CNH Industrial Capital LLC, 5.45%, 10/14/2025 | | | 15,000,000 | | | 14,986,777 |
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026 (Callable 07/15/2026)(b) | | | 7,000,000 | | | 7,055,754 |
Concentrix Corp., 6.65%, 08/02/2026 (Callable 07/02/2026) | | | 45,900,000 | | | 46,375,733 |
Crown Castle, Inc., 1.05%, 07/15/2026 (Callable 06/15/2026) | | | 20,300,000 | | | 18,580,733 |
CVS Pass-Through Trust
| | | | | | |
5.88%, 01/10/2028 | | | 3,706,329 | | | 3,627,076 |
6.04%, 12/10/2028 | | | 16,471,427 | | | 16,512,293 |
6.94%, 01/10/2030 | | | 6,225,710 | | | 6,292,634 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
CVS Pass-Through Trust Series 2009, 8.35%,
07/10/2031 (b) | | | $2,607,157 | | | $ 2,811,083 |
Daimler Truck Finance North America LLC
| | | | | | |
5.15%, 01/16/2026(b) | | | 11,825,000 | | | 11,760,876 |
5.13%, 09/25/2027 (Callable 08/25/2027)(b) | | | 20,000,000 | | | 19,906,705 |
DCP Midstream Operating LP, 5.63%, 07/15/2027 (Callable 04/15/2027) | | | 22,291,000 | | | 22,542,398 |
Diamondback Energy, Inc., 5.20%, 04/18/2027 (Callable 03/18/2027) | | | 7,300,000 | | | 7,301,539 |
DXC Technology Co., 1.80%, 09/15/2026 (Callable 08/15/2026) | | | 51,950,000 | | | 47,687,067 |
eBay, Inc., 5.90%, 11/22/2025 (Callable 10/22/2025) | | | 20,000,000 | | | 20,113,979 |
Element Fleet Management Corp.
| | | | | | |
3.85%, 06/15/2025 (Callable 05/15/2025)(b) | | | 14,147,000 | | | 13,872,696 |
6.27%, 06/26/2026 (Callable 05/26/2026)(b) | | | 17,790,000 | | | 17,998,165 |
5.64%, 03/13/2027 (Callable 02/13/2027)(b) | | | 20,000,000 | | | 20,048,218 |
Enbridge, Inc., 5.90%, 11/15/2026 (Callable 10/15/2026) | | | 7,000,000 | | | 7,080,025 |
Energy Transfer LP
| | | | | | |
6.05%, 12/01/2026 (Callable 11/01/2026) | | | 7,000,000 | | | 7,089,334 |
4.20%, 04/15/2027 (Callable 01/15/2027) | | | 5,028,000 | | | 4,876,217 |
5.63%, 05/01/2027 (Callable 07/17/2024)(b) | | | 14,600,000 | | | 14,534,720 |
5.50%, 06/01/2027 (Callable 03/01/2027) | | | 14,000,000 | | | 14,039,778 |
Ferguson Finance PLC, 4.25%, 04/20/2027 (Callable 03/20/2027)(b) | | | 3,100,000 | | | 3,006,659 |
Flex Ltd.
| | | | | | |
3.75%, 02/01/2026 (Callable 01/01/2026) | | | 28,600,000 | | | 27,755,140 |
6.00%, 01/15/2028 (Callable 12/15/2027) | | | 4,845,000 | | | 4,909,117 |
FMC Corp.
| | | | | | |
5.15%, 05/18/2026 (Callable 04/18/2026) | | | 37,735,000 | | | 37,471,736 |
3.20%, 10/01/2026 (Callable 08/01/2026) | | | 4,550,000 | | | 4,313,538 |
Ford Motor Credit Co. LLC
| | | | | | |
4.54%, 08/01/2026 (Callable 06/01/2026) | | | 26,417,000 | | | 25,712,317 |
| | | | | | | |
| | | | | | | | |
5.80%, 03/05/2027 (Callable 02/05/2027) | | | $ 21,000,000 | | | $ 21,000,473 | |
7.35%, 11/04/2027 (Callable 10/04/2027) | | | 5,000,000 | | | 5,209,971 | |
Freeport-McMoRan, Inc., 4.13%, 03/01/2028 (Callable 08/01/2024) | | | 5,372,000 | | | 5,146,237 | |
Fresenius Medical Care US Finance II, Inc., 4.75%, 10/15/2024 (Callable 08/01/2024)(b) | | | 18,720,000 | | | 18,615,215 | |
Fresenius Medical Care US Finance III, Inc., 1.88%, 12/01/2026 (Callable 11/01/2026)(b) | | | 22,190,000 | | | 20,224,898 | |
General Motors Financial Co., Inc.
| | | | | | | |
5.40%, 04/06/2026 | | | 10,000,000 | | | 9,977,248 | |
5.35%, 07/15/2027 | | | 30,000,000 | | | 29,915,782 | |
Genpact Luxembourg Sarl, 3.38%, 12/01/2024 (Callable 11/01/2024) | | | 1,184,000 | | | 1,169,063 | |
Glencore Funding LLC
| | | | | | | |
1.63%, 09/01/2025 (Callable 08/01/2025)(b) | | | 20,000,000 | | | 19,076,285 | |
5.34%, 04/04/2027(b) | | | 29,875,000 | | | 29,814,163 | |
Global Payments, Inc., 2.15%, 01/15/2027 (Callable 12/15/2026) | | | 10,000,000 | | | 9,261,593 | |
Gray Oak Pipeline LLC
| | | | | | | |
2.60%, 10/15/2025 (Callable 09/15/2025)(b) | | | 30,525,000 | | | 29,304,044 | |
3.45%, 10/15/2027 (Callable 08/15/2027)(b) | | | 11,895,000 | | | 11,190,325 | | | | | | |
Gulfstream Natural Gas System LLC
| | | | | | |
4.60%, 09/15/2025 (Callable 06/15/2025)(b) | | | 27,407,000 | | | 27,019,446 | |
6.19%, 11/01/2025(b) | | | 13,720,000 | | | 13,731,921 | |
HCA, Inc., 5.38%, 09/01/2026 (Callable 03/01/2026) | | | 4,250,000 | | | 4,239,399 | |
Hexcel Corp., 4.20%, 02/15/2027 (Callable 11/15/2026) | | | 25,000,000 | | | 23,998,636 | |
HF Sinclair Corp.
| | | | | | | |
5.88%, 04/01/2026 (Callable 01/01/2026) | | | 32,216,000 | | | 32,284,478 | |
6.38%, 04/15/2027 (Callable 07/12/2024)(b) | | | 7,395,000 | | | 7,410,645 | |
5.00%, 02/01/2028 (Callable 07/12/2024)(b) | | | 10,644,000 | | | 10,311,850 | |
Hyatt Hotels Corp., 5.75%, 01/30/2027 (Callable 12/30/2026) | | | 20,000,000 | | | 20,197,460 | |
Hyundai Capital America
| | | | | | | |
1.80%, 10/15/2025 (Callable 09/15/2025)(b) | | | 5,557,000 | | | 5,294,281 | |
5.50%, 03/30/2026(b) | | | 20,000,000 | | | 19,978,910 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
5.65%, 06/26/2026(b) | | | $ 20,000,000 | | | $ 20,044,484 |
5.28%, 06/24/2027(b) | | | 5,000,000 | | | 4,977,939 |
Icon Investments Six DAC, 5.81%, 05/08/2027 (Callable 04/08/2027) | | | 20,000,000 | | | 20,200,357 |
Illumina, Inc., 5.80%, 12/12/2025 (Callable 11/12/2025) | | | 42,700,000 | | | 42,746,643 |
Infor, Inc., 1.75%, 07/15/2025 (Callable 06/15/2025)(b) | | | 8,145,000 | | | 7,809,126 |
International Flavors & Fragrances, Inc.
| | | | | | |
1.23%, 10/01/2025 (Callable 09/01/2025)(b) | | | 22,000,000 | | | 20,807,637 |
1.83%, 10/15/2027 (Callable 08/15/2027)(b) | | | 15,000,000 | | | 13,392,421 |
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 2.50%, 01/15/2027 (Callable 12/15/2026) | | | 7,700,000 | | | 7,164,449 |
Kimberly-Clark de Mexico SAB de CV, 3.25%, 03/12/2025(b) | | | 5,000,000 | | | 4,902,150 |
Kyndryl Holdings, Inc., 2.05%, 10/15/2026 (Callable 09/15/2026) | | | 55,000,000 | | | 50,721,599 |
L3Harris Technologies, Inc., 5.40%, 01/15/2027 | | | 20,000,000 | | | 20,080,850 |
Lennox International, Inc., 1.35%, 08/01/2025 (Callable 07/01/2025) | | | 5,000,000 | | | 4,773,280 |
LG Energy Solution Ltd., 5.38%, 07/02/2027(b) | | | 30,000,000 | | | 29,829,506 |
Lowe’s Cos., Inc., 4.40%, 09/08/2025 | | | 7,000,000 | | | 6,909,766 |
Mercedes-Benz Finance North America LLC, 5.38%,
11/26/2025(b) | | | 10,000,000 | | | 10,006,816 |
Molex Electronic Technologies LLC, 3.90%, 04/15/2025 (Callable 01/15/2025)(b) | | | 2,090,000 | | | 2,057,166 |
Mondelez International Holdings Netherlands BV, 4.25%, 09/15/2025(b) | | | 12,000,000 | | | 11,829,457 |
Mylan, Inc., 4.55%, 04/15/2028 (Callable 01/15/2028) | | | 4,200,000 | | | 4,045,963 |
National Fuel Gas Co., 5.50%, 10/01/2026 | | | 18,750,000 | | | 18,718,357 |
NGPL PipeCo LLC, 4.88%, 08/15/2027 (Callable 02/15/2027)(b) | | | 5,000,000 | | | 4,889,861 |
Nissan Motor Acceptance Co. LLC
| | | | | | |
1.13%, 09/16/2024(b) | | | 12,000,000 | | | 11,871,509 |
6.95%, 09/15/2026(b) | | | 5,000,000 | | | 5,120,150 |
| | | | | | | |
| | | | | | | |
Nissan Motor Co. Ltd., 3.52%, 09/17/2025 (Callable 08/17/2025)(b) | | | $5,291,000 | | | $ 5,133,842 |
Nutrien Ltd., 5.95%,
11/07/2025 | | | 8,000,000 | | | 8,042,692 |
Occidental Petroleum Corp.
| | | | | | |
3.40%, 04/15/2026 (Callable 01/15/2026) | | | 10,839,000 | | | 10,403,805 |
3.00%, 02/15/2027 (Callable 11/15/2026) | | | 5,920,000 | | | 5,541,634 |
8.50%, 07/15/2027 (Callable 01/15/2027) | | | 22,992,000 | | | 24,631,376 |
OCI NV, 4.63%, 10/15/2025 (Callable 08/01/2024)(b) | | | 16,287,000 | | | 16,003,498 |
ONEOK, Inc., 5.55%, 11/01/2026 (Callable 10/01/2026) | | | 10,000,000 | | | 10,040,802 |
Oracle Corp., 5.80%,
11/10/2025 | | | 12,000,000 | | | 12,056,859 |
Owens Corning, 5.50%, 06/15/2027 (Callable 05/15/2027) | | | 15,000,000 | | | 15,129,899 |
Penske Truck Leasing Co. Lp/PTL Finance Corp.
| | | | | | |
5.75%, 05/24/2026 (Callable 04/24/2026)(b) | | | 14,275,000 | | | 14,309,427 |
5.35%, 01/12/2027 (Callable 12/12/2026)(b) | | | 12,000,000 | | | 11,977,673 |
4.20%, 04/01/2027 (Callable 01/01/2027)(b) | | | 1,825,000 | | | 1,772,823 |
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 (Callable 09/15/2024) | | | 10,881,000 | | | 10,736,899 |
Pioneer Natural Resources Co., 5.10%, 03/29/2026 | | | 7,000,000 | | | 6,984,534 |
POSCO, 5.63%, 01/17/2026(b) | | | 10,000,000 | | | 10,010,415 |
PRA Health Sciences, Inc., 2.88%, 07/15/2026 (Callable 08/01/2024)(b) | | | 18,106,000 | | | 17,208,214 |
Premier Health Partners, 2.91%, 11/15/2026 (Callable 05/15/2026) | | | 1,954,000 | | | 1,803,143 |
PVH Corp., 4.63%, 07/10/2025 (Callable 06/10/2025) | | | 25,839,000 | | | 25,535,450 |
Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/2027 (Callable 03/26/2027)(b) | | | 8,750,000 | | | 8,241,787 |
Regal Rexnord Corp.
| | | | | | |
6.05%, 02/15/2026 | | | 30,375,000 | | | 30,449,426 |
6.05%, 04/15/2028 (Callable 03/15/2028) | | | 2,400,000 | | | 2,428,833 |
Renesas Electronics Corp.
| | | | | | |
1.54%, 11/26/2024 (Callable 10/26/2024)(b) | | | 34,180,000 | | | 33,565,208 |
2.17%, 11/25/2026 (Callable 10/25/2026)(b) | | | 809,000 | | | 748,683 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Royalty Pharma PLC, 1.20%, 09/02/2025 (Callable 08/02/2025) | | | $1,000,000 | | | $ 949,705 |
RTX Corp., 5.75%, 11/08/2026 (Callable 10/08/2026) | | | 15,000,000 | | | 15,160,320 |
Ryder System, Inc., 5.30%, 03/15/2027 (Callable 02/15/2027) | | | 12,350,000 | | | 12,365,025 |
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 (Callable 12/31/2025) | | | 11,000,000 | | | 11,044,059 |
Schlumberger Holdings Corp., 5.00%, 05/29/2027 (Callable 04/29/2027)(b) | | | 27,775,000 | | | 27,691,456 |
Silgan Holdings, Inc., 1.40%, 04/01/2026 (Callable 03/01/2026)(b) | | | 7,000,000 | | | 6,490,511 |
SK Hynix, Inc.
| | | | | | |
6.25%, 01/17/2026(b) | | | 13,000,000 | | | 13,128,193 |
5.50%, 01/16/2027(b) | | | 15,000,000 | | | 14,957,706 |
Smith & Nephew PLC, 5.15%, 03/20/2027 (Callable 02/20/2027) | | | 10,000,000 | | | 9,966,680 |
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/2025 | | | 5,852,000 | | | 5,968,984 |
Solventum Corp., 5.45%, 02/25/2027 (Callable 01/25/2027)(b) | | | 39,814,000 | | | 39,775,159 |
Southern Copper Corp., 3.88%, 04/23/2025 | | | 15,534,000 | | | 15,286,848 |
Sprint Capital Corp., 6.88%, 11/15/2028 | | | 3,647,000 | | | 3,866,192 |
Sprint LLC, 7.63%, 03/01/2026 (Callable 11/01/2025) | | | 6,189,000 | | | 6,359,693 |
Tapestry, Inc., 7.05%,
11/27/2025 | | | 4,000,000 | | | 4,066,476 |
TD SYNNEX Corp., 1.75%, 08/09/2026 (Callable 07/09/2026) | | | 15,740,000 | | | 14,520,560 |
T-Mobile USA, Inc., 2.63%, 04/15/2026 (Callable 07/12/2024) | | | 6,000,000 | | | 5,706,329 |
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)(b) | | | 23,688,000 | | | 22,082,023 |
United Rentals North America, Inc., 3.88%, 11/15/2027 (Callable 07/12/2024) | | | 6,000,000 | | | 5,664,683 |
Universal Health Services, Inc., 1.65%, 09/01/2026 (Callable 08/01/2026) | | | 6,698,000 | | | 6,160,257 |
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026 (Callable 03/15/2026) | | | 45,815,000 | | | 44,421,863 |
| | | | | | | |
| | | | | | | |
Var Energi ASA, 7.50%, 01/15/2028 (Callable 12/15/2027)(b) | | | $8,395,000 | | | $ 8,828,256 |
Viterra Finance BV, 2.00%, 04/21/2026 (Callable 03/21/2026)(b) | | | 49,121,000 | | | 45,926,302 |
Volkswagen Group of America Finance LLC, 5.70%,
09/12/2026(b) | | | 35,000,000 | | | 35,181,459 |
Vontier Corp., 1.80%, 04/01/2026 (Callable 03/01/2026) | | | 16,952,000 | | | 15,844,919 |
Warnermedia Holdings, Inc., 3.76%, 03/15/2027 (Callable 02/15/2027) | | | 17,197,000 | | | 16,327,179 |
Weir Group PLC, 2.20%, 05/13/2026 (Callable 04/13/2026)(b) | | | 50,194,000 | | | 47,110,013 |
Western Digital Corp., 4.75%, 02/15/2026 (Callable 11/15/2025) | | | 52,570,000 | | | 51,468,184 |
Western Midstream Operating LP, 3.10%, 02/01/2025 (Callable 01/01/2025) | | | 1,692,000 | | | 1,662,829 |
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/2025 (Callable 05/15/2025) | | | 30,724,000 | | | 29,981,378 |
Weyerhaeuser Co., 4.75%, 05/15/2026 | | | 28,250,000 | | | 27,924,890 |
| | | | | | 2,325,940,146 |
Utilities - 2.4%
|
Algonquin Power & Utilities Corp., 5.37%, 06/15/2026 (d) | | | 30,000,000 | | | 29,854,623 |
Alliant Energy Finance LLC, 5.40%, 06/06/2027 (Callable 05/06/2027)(b) | | | 25,000,000 | | | 25,065,241 |
Ameren Corp., 5.70%, 12/01/2026 (Callable 11/01/2026) | | | 20,000,000 | | | 20,158,364 |
Brooklyn Union Gas Co., 4.63%, 08/05/2027 (Callable 07/05/2027)(b) | | | 1,000,000 | | | 968,979 |
Enel Finance America LLC, 7.10%, 10/14/2027 (Callable 09/14/2027)(b) | | | 5,332,000 | | | 5,599,489 |
Enel Finance International NV
| | | | | | |
4.50%, 06/15/2025(b) | | | 25,000,000 | | | 24,670,840 |
6.80%, 10/14/2025(b) | | | 10,000,000 | | | 10,156,553 |
Eversource Energy, 5.00%, 01/01/2027 | | | 12,000,000 | | | 11,903,734 |
Fells Point Funding Trust, 3.05%, 01/31/2027 (Callable 12/31/2026)(b) | | | 11,439,000 | | | 10,768,400 |
FirstEnergy Pennsylvania Electric Co.
| | | | | | |
4.00%, 04/15/2025(b) | | | 5,173,000 | | | 5,090,592 |
5.15%, 03/30/2026(b) | | | 7,000,000 | | | 6,952,757 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Utilities - (Continued)
|
KeySpan Gas East Corp., 2.74%, 08/15/2026 (Callable 05/15/2026)(b) | | | $21,525,000 | | | $ 20,294,987 |
NextEra Energy Capital Holdings, Inc., 5.75%, 09/01/2025 | | | 25,000,000 | | | 25,054,178 |
Pennsylvania-American Water Co., 7.80%, 09/01/2026(b) | | | 8,000,000 | | | 8,213,789 |
Puget Energy, Inc., 3.65%, 05/15/2025 (Callable 02/15/2025) | | | 16,855,000 | | | 16,523,352 |
Spire, Inc., 5.30%, 03/01/2026 | | | 20,000,000 | | | 19,954,788 |
Transelec SA, 4.25%, 01/14/2025 (Callable 10/14/2024)(b) | | | 5,000,000 | | | 4,951,183 |
| | | | | | 246,181,849 |
TOTAL CORPORATE BONDS
(Cost $5,238,017,967) | | | | | | 5,227,677,483 |
U.S. TREASURY SECURITIES - 31.8%
|
United States Treasury Note/Bond
| | | | | | |
4.00%, 02/15/2026 | | | 1,261,325,000 | | | 1,244,277,411 |
4.63%, 03/15/2026 | | | 260,250,000 | | | 259,345,225 |
4.50%, 07/15/2026 | | | 587,575,000 | | | 585,050,261 |
4.38%, 08/15/2026 | | | 319,575,000 | | | 317,477,789 |
1.13%, 10/31/2026 | | | 41,950,000 | | | 38,713,623 |
4.63%, 11/15/2026 | | | 116,450,000 | | | 116,395,414 |
4.13%, 02/15/2027 | | | 572,975,000 | | | 566,394,737 |
4.25%, 03/15/2027 | | | 167,975,000 | | | 166,629,888 |
TOTAL U.S. TREASURY SECURITIES
(Cost $3,298,527,434) | | | | | | 3,294,284,348 |
ASSET-BACKED SECURITIES - 6.3%
|
Bank of America Auto Trust
| | | | | | |
Series 2023-1A, Class A3, 5.53%, 02/15/2028 (Callable 11/15/2026)(b) | | | 47,800,000 | | | 47,897,378 |
Series 2024-1A, Class A3, 5.35%, 11/15/2028 (Callable 08/15/2027)(b) | | | 18,725,000 | | | 18,780,458 |
Chase Auto Owner Trust
| | | | | | |
Series 2023-AA, Class A3, 5.68%, 01/25/2029 (Callable 09/25/2027)(b) | | | 24,285,000 | | | 24,487,085 |
Series 2024-2A, Class A3, 5.52%, 06/25/2029 (Callable 06/25/2027)(b) | | | 19,525,000 | | | 19,644,458 |
Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83%, 02/15/2028 (Callable 04/15/2027)(b) | | | 27,275,000 | | | 27,444,359 |
DLLAD LLC, Series 2024-1A, Class A3, 5.30%, 07/20/2029 (Callable 12/20/2028)(b) | | | 26,925,000 | | | 27,016,319 |
| | | | | | | |
| | | | | | | |
First National Master Note Trust, Series 2023-2, Class A, 5.77%, 09/15/2029 | | | $ 28,000,000 | | | $ 28,356,784 |
Ford Credit Floorplan LLC, Series 2023-1, Class A1, 4.92%, 05/15/2028(b) | | | 85,463,000 | | | 84,890,023 |
General Motors Co.
| | | | | | |
Series 2023-1, Class A1, 5.34%, 06/15/2028(b) | | | 45,897,000 | | | 45,953,536 |
Series 2024-1A, Class A1, 5.13%, 03/15/2029(b) | | | 750,000 | | | 749,686 |
Genesis Sales Finance Master Trust, Series 2021-AA, Class A, 1.20%, 12/21/2026 (Callable 07/20/2024)(b) | | | 1,080,000 | | | 1,060,023 |
IPFS Corp.
| | | | | | |
Series 2023-A, Class A, 5.80%, 03/15/2028(b) | | | 21,000,000 | | | 21,131,582 |
Series 2024-B, Class A, 4.95%, 02/15/2029(b) | | | 29,416,000 | | | 29,175,474 |
Series 2024-D, Class A, 5.34%, 04/15/2029(b) | | | 10,000,000 | | | 10,028,086 |
JPMorgan Chase Bank NA
| | | | | | |
Series 2021-1, Class B, 0.88%, 09/25/2028 (Callable 04/25/2025)(b) | | | 646,468 | | | 643,738 |
Series 2021-2, Class B, 0.89%, 12/26/2028 (Callable 09/25/2025)(b) | | | 1,940,255 | | | 1,918,657 |
Series 2021-3, Class B, 0.76%, 02/26/2029 (Callable 04/25/2025)(b) | | | 6,474,016 | | | 6,324,247 |
MMAF Equipment Finance LLC, Series 2023-A, Class A3, 5.54%, 12/13/2029(b) | | | 6,575,000 | | | 6,622,146 |
Navient Student Loan Trust
| | | | | | |
Series 2019-BA, Class A2A, 3.39%, 12/15/2059 (Callable 12/15/2029)(b) | | | 3,243,034 | | | 3,113,949 |
Series 2019-EA, Class A2A, 2.64%, 05/15/2068 (Callable 12/15/2026)(b) | | | 1,671,428 | | | 1,590,363 |
Series 2019-FA, Class A2, 2.60%, 08/15/2068 (Callable 03/15/2027)(b) | | | 7,300,762 | | | 6,844,235 |
Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 07/15/2028)(b) | | | 7,904,086 | | | 6,983,426 |
Series 2021-GA, Class A, 1.58%, 04/15/2070 (Callable 11/15/2029)(b) | | | 21,335,519 | | | 18,627,591 |
Nelnet Student Loan Trust
| | | | | | |
Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 09/20/2029)(b) | | | 6,311,730 | | | 5,716,954 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
| |
Series 2021-BA, Class AFX, 1.42%, 04/20/2062 (Callable 07/20/2029)(b) | | | $8,713,652 | | | $ 7,956,129 | |
Series 2021-DA, Class AFX, 1.63%, 04/20/2062 (Callable 01/20/2032)(b) | | | 8,793,531 | | | 8,054,824 | |
Santander Holdings USA, Inc.
| | | | | | | |
Series 2022-A, Class B, 5.28%, 05/15/2032 (Callable 12/15/2025)(b) | | | 2,567,391 | | | 2,553,990 | |
Series 2023-B, Class B, 5.64%, 12/15/2033 (Callable 07/15/2027)(b) | | | 3,250,000 | | | 3,250,229 | |
SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56%, 11/22/2027 (Callable 04/20/2027)(b) | | | 29,175,000 | | | 29,249,075 | |
SFS Auto Receivables Securitization Trust, Series 2023-1A, Class A3, 5.47%, 10/20/2028 (Callable 08/20/2027)(b) | | | 27,100,000 | | | 27,137,360 | |
Synchrony Bank, Series 2023-A1, Class A, 5.54%, 07/15/2029 | | | 47,699,000 | | | 48,017,711 | | | | | | |
Towd Point Mortgage Trust
| |
Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 07/25/2024)(b)(e) | | | 9,478,835 | | | 9,067,976 | |
Series 2020-MH1, Class A1A, 2.18%, 02/25/2060 (Callable 07/25/2024)(b)(e) | | | 6,095,355 | | | 5,827,168 | |
Verizon Master Trust, Series
2023-1, Class A, 4.49%, 01/22/2029 (Callable 01/20/2026) | | | 23,150,000 | | | 22,862,940 | |
WF Card Issuance Trust, Series 2024-A1, Class A, 4.94%, 02/15/2029 | | | 43,500,000 | | | 43,430,852 | |
TOTAL ASSET-BACKED SECURITIES
(Cost $657,517,707) | | | | | | 652,408,811 | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%
| |
BBCMS Trust, Series 2021-C9, Class ASB, 1.96%, 02/15/2054 (Callable 02/15/2031) | | | 13,500,000 | | | 12,071,250 | |
CFCRE Commercial Mortgage Trust
| | | | | | | |
Series 2016-C7, Class A3, 3.84%, 12/10/2054 (Callable 12/10/2026) | | | 2,750,000 | | | 2,620,046 | |
Series 2017-C8, Class A4, 3.57%, 06/15/2050 (Callable 05/15/2027) | | | 27,927,000 | | | 26,300,646 | |
Citigroup Commercial Mortgage Trust
| | | | | | | |
| | | | | | | | |
| | | | | | | |
Series 2015-GC31, Class A4, 3.76%, 06/10/2048 (Callable 06/10/2025) | | | $ 41,915,000 | | | $ 40,740,722 |
Series 2016-C3, Class A4, 3.15%, 11/15/2049 (Callable 11/15/2026) | | | 14,394,000 | | | 13,556,151 |
Series 2016-C3, Class AAB, 2.98%, 11/15/2049 (Callable 11/15/2026) | | | 699,247 | | | 682,204 |
Commercial Mortgage Pass Through Certificates
| | | | | | |
Series 2015-CR23, Class A4, 3.50%, 05/10/2048 (Callable 05/10/2025) | | | 12,400,000 | | | 12,148,031 |
Series 2015-CR24, Class A5, 3.70%, 08/10/2048 (Callable 06/10/2026) | | | 5,170,000 | | | 5,052,221 |
Series 2015-LC21, Class A4, 3.71%, 07/10/2048 (Callable 01/10/2026) | | | 30,235,955 | | | 29,614,528 |
Computershare Corporate Trust
| | | | | | |
Series 2015-C31, Class A4, 3.70%, 11/15/2048 (Callable 11/15/2025) | | | 24,395,000 | | | 23,725,718 |
Series 2015-C31, Class ASB, 3.49%, 11/15/2048 (Callable 11/15/2025) | | | 649,751 | | | 641,004 |
Series 2016-C34, Class A4, 3.10%, 06/15/2049 (Callable 05/15/2026) | | | 5,260,000 | | | 5,033,232 |
CSAIL Commercial Mortgage Trust
| | | | | | |
Series 2015-C2, Class A4, 3.50%, 06/15/2057 (Callable 05/15/2025) | | | 16,723,632 | | | 16,386,873 |
Series 2015-C3, Class A4, 3.72%, 08/15/2048 (Callable 08/15/2025) | | | 37,619,067 | | | 36,618,249 |
Series 2016-C5, Class A5, 3.76%, 11/15/2048 (Callable 11/15/2025) | | | 4,253,000 | | | 4,128,732 |
GS Mortgage Securities Corp. II
| | | | | | |
Series 2014-GC22, Class A5, 3.86%, 06/10/2047 (Callable 07/10/2024) | | | 5,120,677 | | | 5,108,393 |
Series 2015-GS1, Class A2, 3.47%, 11/10/2048 (Callable 11/10/2025) | | | 2,049,833 | | | 1,987,746 |
Series 2016-GS2, Class A4, 3.05%, 05/10/2049 (Callable 05/10/2026) | | | 5,008,000 | | | 4,777,596 |
JP Morgan Chase Commercial Mortgage Securities, Series 2016-JP2, Class A4, 2.82%, 08/15/2049 (Callable 07/15/2026) | | | 2,065,000 | | | 1,952,638 |
JPMBB Commercial Mortgage Securities Trust
| | | | | | |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Series 2014-C22, Class A4, 3.80%, 09/15/2047 (Callable 10/15/2024) | | | $ 17,008,191 | | | $ 16,958,114 |
Series 2014-C24, Class A5, 3.64%, 11/15/2047 (Callable 08/15/2027) | | | 10,800,000 | | | 10,707,955 |
Series 2014-C25, Class A5, 3.67%, 11/15/2047 (Callable 11/15/2024) | | | 9,543,000 | | | 9,424,966 |
Series 2015-C27, Class A4, 3.18%, 02/15/2048 (Callable 09/15/2026) | | | 28,374,055 | | | 27,673,545 |
Series 2015-C28, Class A4, 3.23%, 10/15/2048 (Callable 04/15/2025) | | | 15,000,000 | | | 14,716,773 |
Series 2015-C31, Class A3, 3.80%, 08/15/2048 (Callable 08/15/2025) | | | 17,494,940 | | | 17,079,425 |
Series 2015-C31, Class ASB, 3.54%, 08/15/2048 (Callable 08/15/2025) | | | 2,163,231 | | | 2,132,398 |
Series 2015-C33, Class ASB, 3.56%, 12/15/2048 (Callable 11/15/2025) | | | 1,114,149 | | | 1,096,225 |
Series 2016-C1, Class A5, 3.58%, 03/17/2049 (Callable 02/15/2026) | | | 23,313,790 | | | 22,474,300 |
JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A4, 3.14%, 06/15/2049 (Callable 05/15/2026) | | | 9,010,000 | | | 8,521,925 |
Morgan Stanley Bank of America Merrill Lynch Trust
| | | | | | |
Series 2014-C18, Class A4, 3.92%, 10/15/2047 (Callable 07/15/2026) | | | 10,288,973 | | | 10,236,853 |
Series 2015-C21, Class A4, 3.34%, 03/15/2048 (Callable 03/15/2031) | | | 10,702,782 | | | 10,488,768 |
Series 2015-C27, Class ASB, 3.56%, 12/15/2047 (Callable 11/15/2025) | | | 961,418 | | | 951,600 |
Series 2016-C28, Class A4, 3.54%, 01/15/2049 (Callable 02/15/2028) | | | 28,125,000 | | | 27,126,667 |
Series 2016-C30, Class ASB, 2.73%, 09/15/2049 (Callable 10/15/2026) | | | 1,201,307 | | | 1,173,415 |
Series 2016-C31, Class A5, 3.10%, 11/15/2049 (Callable 11/15/2026) | | | 2,800,000 | | | 2,616,254 |
Morgan Stanley Capital I, Inc., Series 2016-UBS9, Class A4, 3.59%, 03/15/2049 (Callable 02/15/2031) | | | 10,284,000 | | | 9,847,293 |
| | | | | | | |
| | | | | | | |
WF-RBS Commercial Mortgage Trust
| | | | | | |
Series 2014-C23, Class A5, 3.92%, 10/15/2057 (Callable 08/15/2027) | | | $ 17,125,000 | | | $ 16,929,068 |
Series 2014-C23, Class ASB, 3.64%, 10/15/2057 (Callable 08/15/2027) | | | 2 | | | 2 |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $450,365,590) | | | 453,301,526 |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 3.9%
|
Arroyo Mortgage Trust
| | | | | | |
Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 07/25/2024)(b)(f) | | | 3,666,456 | | | 3,482,502 |
Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 07/25/2024)(b)(f) | | | 4,874,783 | | | 4,470,325 |
Series 2020-1, Class A1A, 1.66%, 03/25/2055 (Callable 07/25/2024)(b) | | | 3,099,422 | | | 2,874,248 |
Series 2022-1, Class A1A, 2.50%, 12/25/2056 (Callable 01/25/2025)(b)(d) | | | 10,080,690 | | | 9,378,316 |
CIM Trust, Series 2023-R4, Class A1, 5.00%, 05/25/2062 (Callable 04/25/2028)(b)(f) | | | 27,329,990 | | | 26,812,759 |
Citigroup Mortgage Loan Trust, Inc., Series 2018-RP2, Class A1, 3.25%, 02/25/2058 (Callable 12/25/2041)(b)(f) | | | 3,649,912 | | | 3,529,219 |
COLT Funding LLC, Series 2020-RPL1, Class A1, 1.39%, 01/25/2065 (Callable 07/25/2024)(b)(f) | | | 16,120,240 | | | 13,485,822 |
Countrywide Alternative Loan Trust
| | | | | | |
Series 2004-J2, Class 3A3, 5.50%, 04/25/2034 (Callable 07/25/2024) | | | 23,030 | | | 22,550 |
Series 2006-28CB, Class A17, 6.00%, 10/25/2036 (Callable 07/25/2024) | | | 391,838 | | | 190,866 |
Credit Suisse Mortgage Capital Certificates, Series 2019-RPL1, Class A1A, 3.65%, 07/25/2058 (Callable 02/25/2038)(b)(f) | | | 15,837,940 | | | 15,262,098 |
FirstKey Homes 2020-SFR1 Trust, Series 2020-SFR1, Class A, 1.34%, 08/17/2037(b) | | | 28,404,145 | | | 27,025,286 |
FirstKey Homes 2020-SFR2 Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037(b) | | | 70,688,722 | | | 66,950,718 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
FirstKey Homes Trust, Series 2022-SFR3, Class A, 4.25%, 07/17/2038(b) | | | $6,530,227 | | | $ 6,351,099 |
GCAT, Series 2022-HX1, Class A1, 2.89%, 12/27/2066 (Callable 06/25/2042)(b)(f) | | | 25,646,863 | | | 23,247,981 |
Home Partners of America Trust, Series 2019-2, Class A, 2.70%, 10/19/2039 (Callable 10/17/2024)(b) | | | 32,685,576 | | | 30,026,941 |
MASTR Alternative Loans Trust
| | | | | | |
Series 2003-5, Class 4A1, 5.50%, 07/25/2033 (Callable 07/25/2024) | | | 1,037,576 | | | 1,021,026 |
Series 2003-5, Class 7A1, 5.00%, 07/25/2024 (Callable 07/25/2024) | | | 2,026 | | | 156 |
MFRA Trust, Series 2022-NQM1, Class A1, 4.11%, 12/25/2066 (Callable 03/25/2025)(b)(f) | | | 20,008,664 | | | 19,164,889 |
Mill City Mortgage Trust, Series 2018-2, Class A1, 3.50%, 05/25/2058 (Callable 05/25/2034)(b)(f) | | | 166,931 | | | 164,454 |
New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75%, 07/25/2059 (Callable 04/25/2039)(b)(f) | | | 28,854,045 | | | 27,080,320 |
Onslow Bay Mortgage Loan Trust, Series 2023-NQM9, Class A1, 7.16%, 10/25/2063 (Callable 10/25/2026)(b)(d) | | | 8,899,154 | | | 9,068,814 |
Renaissance NIM Trust, Series 2007-2, Class AF2, Pool 2007-2, 5.68%, 06/25/2037 (Callable 10/25/2030)(d) | | | 1,914,212 | | | 466,851 |
Rithm Capital Corp., Series 2020-RPL1, Class A1, 2.75%, 11/25/2059 (Callable 01/25/2043)(b)(f) | | | 48,058,571 | | | 44,859,701 |
Structured Asset Securities Corp., Series 2004-4XS, Class 1A6, 4.85%, 02/25/2034 (Callable 07/25/2024)(d) | | | 5,325 | | | 5,147 |
Thornburg Mortgage Securities Trust, Series 2003-5, Class 3A, 5.15%, 10/25/2043 (Callable 07/25/2024)(f) | | | 1,248,373 | | | 1,175,773 |
Towd Point Mortgage Trust
| | | | | | |
Series 2017-3, Class A1, 2.75%, 07/25/2057 (Callable 12/25/2026)(b)(f) | | | 2,869,897 | | | 2,828,406 |
Series 2017-4, Class A1, 2.75%, 06/25/2057 (Callable 09/25/2031)(b)(f) | | | 8,671,001 | | | 8,284,416 |
| | | | | | | |
| | | | | | | |
Series 2017-6, Class A1, 2.75%, 10/25/2057 (Callable 05/25/2029)(b)(f) | | | $ 20,250,561 | | | $ 19,522,278 |
Series 2018-3, Class A1, 3.75%, 05/25/2058 (Callable 09/25/2029)(b)(f) | | | 2,838,971 | | | 2,742,161 |
Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 02/25/2030)(b)(f) | | | 1,780,390 | | | 1,744,178 |
Series 2019-4, Class A1, 2.90%, 10/25/2059 (Callable 06/25/2031)(b)(f) | | | 3,768,975 | | | 3,522,610 |
Series 2020-1, Class A1, 2.71%, 01/25/2060 (Callable 01/25/2031)(b)(f) | | | 3,268,726 | | | 3,054,400 |
Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 01/25/2030)(b) | | | 27,354,956 | | | 24,210,299 |
WaMu Mortgage Pass Through Certificates, Series 2004-AR3, Class A1, 5.77%, 06/25/2034 (Callable 07/25/2024)(f) | | | 1,112,125 | | | 994,248 |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $420,052,057) | | | | | | 403,020,857 |
MUNICIPAL BONDS - 1.3%
|
Alaska Industrial Development & Export Authority, 0.00%, 03/01/2025 (g) | | | 1,555,000 | | | 1,491,878 |
Arlington Higher Education Finance Corp., 3.00%, 08/15/2044 (Callable 08/15/2024)(f) | | | 32,010,000 | | | 30,577,725 |
Bloomington Redevelopment District, 2.40%, 08/01/2024 | | | 95,000 | | | 94,753 |
City of Brockton MA, 5.41%, 08/01/2027 | | | 35,040,000 | | | 35,252,128 |
County of Broward FL Professional Sports Facilities Tax Revenue, 6.00%, 09/01/2028 | | | 17,495,000 | | | 17,930,085 |
Illinois Housing Development Authority, 4.00%, 02/01/2034 (Callable 08/01/2025) | | | 855,000 | | | 847,016 |
Massachusetts Educational Financing Authority, 2.00%, 07/01/2037 (Callable 07/01/2031)(h) | | | 870,000 | | | 743,755 |
Minnesota Housing Finance Agency, 4.34%, 01/01/2047 (Callable 01/01/2032) | | | 1,865,000 | | | 1,787,583 |
New Hampshire Housing Finance Authority, 4.00%, 07/01/2036 (Callable 08/01/2024) | | | 170,000 | | | 170,000 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
New Jersey Economic Development Authority, 6.31%, 07/01/2026 | | | $4,765,000 | | | $ 4,772,290 |
Peralta Community College District, 0.00%, 08/05/2031 (Callable 08/05/2025) | | | 24,275,000 | | | 22,855,082 |
Tennergy Corp./TN
| | | | | | |
5.97%, 06/01/2026 | | | 1,150,000 | | | 1,150,337 |
5.95%, 06/01/2027 | | | 800,000 | | | 801,023 |
Utah Housing Corp., 3.88%, 01/01/2050 (Callable 07/01/2029) | | | 3,845,000 | | | 3,693,893 |
Virginia Small Business Financing Authority, 6.50%, 07/01/2050 (Callable 08/01/2024)(b)(f) | | | 10,000,000 | | | 9,986,548 |
Westvaco Corp., 7.67%,
01/15/2027(b) | | | 3,900,000 | | | 4,015,686 |
TOTAL MUNICIPAL BONDS
(Cost $142,358,947) | | | | | | 136,169,782 |
OTHER GOVERNMENT RELATED SECURITIES - 0.1%
|
Korea Electric Power Corp., 5.38%, 04/06/2026(b) | | | 15,000,000 | | | 15,011,419 |
TOTAL OTHER GOVERNMENT RELATED SECURITIES
(Cost $14,975,850) | | | | | | 15,011,419 |
| | | Shares | | | |
SHORT-TERM INVESTMENTS - 4.6%
|
Money Market Funds - 4.6%
|
First American Government Obligations Fund - Class U, 5.25%(i) | | | 475,011,299 | | | 475,011,299 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $475,011,299) | | | 475,011,299 |
TOTAL INVESTMENTS - 102.9%
(Cost $10,696,826,851) | | | $10,656,885,525 |
Liabilities in Excess of Other Assets - (2.9)% | | | (303,163,292) |
TOTAL NET ASSETS - 100.0% | | | | | | $10,353,722,233 |
| | | | | | | |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
CMT - Constant Maturity Treasury Rate
LIBOR - London Interbank Offered Rate
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SOFR - Secured Overnight Financing Rate
(a)
| To the extent that the Fund invests more heavily in a particular industry, sector, or geographic region of the economy, its performance will be especially sensitive to developments that significantly affect those industries, sectors, or geographic regions.
|
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $3,444,218,886 or 33.3% of the Fund’s net assets.
|
(c)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
|
(d)
| Step coupon bond. The rate disclosed is as of June 30, 2024.
|
(e)
| Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.
|
(f)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.
|
(g)
| Zero coupon bonds make no periodic interest payments.
|
(h)
| Security subject to the Alternative Minimum Tax ("AMT"). As of June 30, 2024, the total value of securities subject to the AMT was $743,755 or 0.0% of net assets.
|
(i)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Corporate Bonds | | | $ — | | | $ 5,227,677,483 | | | $ — | | | $ 5,227,677,483 |
U.S. Treasury Securities | | | — | | | 3,294,284,348 | | | — | | | 3,294,284,348 |
Asset-Backed Securities | | | — | | | 652,408,811 | | | — | | | 652,408,811 |
Non-Agency Commercial Mortgage-Backed Securities | | | — | | | 453,301,526 | | | — | | | 453,301,526 |
Non-Agency Residential Mortgage-Backed Securities | | | — | | | 403,020,857 | | | — | | | 403,020,857 |
Municipal Bonds | | | — | | | 136,169,782 | | | — | | | 136,169,782 |
Other Government Related Securities | | | — | | | 15,011,419 | | | — | | | 15,011,419 |
Money Market Funds | | | 475,011,299 | | | — | | | — | | | 475,011,299 |
Total Investments | | | $ 475,011,299 | | | $10,181,874,226 | | | $ — | | | $10,656,885,525 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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 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.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
U.S. TREASURY SECURITIES - 46.8%
|
United States Treasury Note/Bond
|
4.38%, 08/15/2026 | | | $480,250,000 | | | $ 477,098,359 |
1.13%, 10/31/2026 | | | 288,320,000 | | | 266,076,562 |
4.63%, 11/15/2026 | | | 384,825,000 | | | 384,644,613 |
4.13%, 02/15/2027 | | | 786,200,000 | | | 777,170,981 |
1.13%, 08/31/2028 | | | 481,075,000 | | | 421,485,592 |
2.38%, 03/31/2029 | | | 243,175,000 | | | 222,457,630 |
2.75%, 05/31/2029 | | | 331,900,000 | | | 308,329,916 |
3.88%, 12/31/2029 | | | 545,300,000 | | | 532,349,125 |
4.13%, 08/31/2030 | | | 417,100,000 | | | 411,788,490 |
4.00%, 01/31/2031 | | | 316,825,000 | | | 310,451,371 |
1.25%, 08/15/2031 | | | 57,450,000 | | | 46,624,266 |
2.88%, 05/15/2032 | | | 106,375,000 | | | 95,841,382 |
3.50%, 02/15/2033 | | | 353,475,000 | | | 331,299,965 |
4.38%, 05/15/2034 | | | 38,050,000 | | | 38,061,891 |
TOTAL U.S. TREASURY SECURITIES
|
(Cost $4,662,163,495) | | | | | | 4,623,680,143 |
CORPORATE BONDS - 37.8%
|
Financials - 18.5%
|
ABN AMRO Bank NV
| | | | | | |
4.75%, 07/28/2025(a) | | | 26,048,000 | | | 25,685,164 |
1.54% to 06/16/2026 then 1 yr. CMT Rate + 0.80%, 06/16/2027 (Callable 06/16/2026)(a) | | | 12,200,000 | | | 11,251,597 |
6.34% to 09/18/2026 then 1 yr. CMT Rate + 1.65%, 09/18/2027 (Callable 09/18/2026)(a) | | | 5,000,000 | | | 5,066,044 |
AEGON Funding Co. LLC,
5.50%, 04/16/2027 (Callable 03/16/2027)(a) | | | 10,000,000 | | | 9,957,570 |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
| | | | | | |
2.45%, 10/29/2026 (Callable 09/29/2026) | | | 10,000,000 | | | 9,328,335 |
6.45%, 04/15/2027 (Callable 03/15/2027) | | | 5,399,000 | | | 5,522,217 |
AIB Group PLC
| | | | | | |
6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028)(a) | | | 5,000,000 | | | 5,161,110 |
5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035 (Callable 03/28/2034)(a) | | | 16,000,000 | | | 15,894,977 |
AIG SunAmerica Global
Financing X,
6.90%, 03/15/2032(a) | | | 14,000,000 | | | 15,201,392 |
American International Group, Inc., 5.13%, 03/27/2033 (Callable 12/27/2032) | | | 1,250,000 | | | 1,231,166 |
AmFam Holdings, Inc.,
2.81%, 03/11/2031 (Callable 12/11/2030)(a) | | | 9,000,000 | | | 6,879,018 |
| | | | | | | |
| | | | | | | |
Arthur J Gallagher & Co.
| | | | | | |
6.50%, 02/15/2034 (Callable 11/15/2033) | | | $7,000,000 | | | $ 7,407,013 |
5.45%, 07/15/2034 (Callable 04/15/2034) | | | 10,000,000 | | | 9,918,152 |
Australia & New Zealand Banking Group Ltd., 6.74%,
12/08/2032(a) | | | 5,000,000 | | | 5,318,089 |
Aviation Capital Group LLC
| | | | | | |
6.25%, 04/15/2028 (Callable 03/15/2028)(a) | | | 15,000,000 | | | 15,301,486 |
6.75%, 10/25/2028 (Callable 09/25/2028)(a) | | | 6,850,000 | | | 7,138,780 |
5.38%, 07/15/2029 (Callable 06/15/2029)(a) | | | 4,000,000 | | | 3,953,394 |
Banco Santander SA
| | | | | | |
5.18%, 11/19/2025 | | | 5,000,000 | | | 4,951,714 |
1.72% to 09/14/2026 then 1 yr. CMT Rate + 0.90%, 09/14/2027 (Callable 09/14/2026) | | | 4,500,000 | | | 4,126,600 |
6.61%, 11/07/2028 | | | 6,600,000 | | | 6,931,868 |
5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 (Callable 03/14/2029) | | | 4,000,000 | | | 3,969,995 |
2.75%, 12/03/2030 | | | 4,000,000 | | | 3,328,343 |
3.23% to 11/22/2031 then 1 yr. CMT Rate + 1.60%, 11/22/2032 (Callable 08/22/2031) | | | 2,000,000 | | | 1,666,534 |
6.92%, 08/08/2033 | | | 4,000,000 | | | 4,175,918 |
6.35%, 03/14/2034 | | | 5,000,000 | | | 5,003,571 |
Bank of America Corp.
| |
3.09% to 10/01/2024 then 3 mo. Term SOFR + 1.35%, 10/01/2025 (Callable 10/01/2024) | | | 3,295,000 | | | 3,271,993 |
5.08% to 01/20/2026 then SOFR + 1.29%, 01/20/2027 (Callable 01/20/2026) | | | 7,500,000 | | | 7,454,987 |
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | | | 5,000,000 | | | 4,634,628 |
3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028 (Callable 01/20/2027) | | | 375,000 | | | 361,438 |
3.71% to 04/24/2027 then 3 mo. Term SOFR + 1.77%, 04/24/2028 (Callable 04/24/2027) | | | 5,050,000 | | | 4,836,952 |
4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 (Callable 04/27/2027) | | | 7,675,000 | | | 7,491,107 |
4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028 (Callable 07/22/2027) | | | 10,000,000 | | | 9,919,626 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
6.20% to 11/10/2027 then SOFR + 1.99%, 11/10/2028 (Callable 11/10/2027) | | | $ 5,000,000 | | | $ 5,149,141 |
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | | | 1,689,000 | | | 1,588,207 |
3.97% to 03/05/2028 then 3 mo. Term SOFR + 1.33%, 03/05/2029 (Callable 03/05/2028) | | | 10,568,000 | | | 10,104,518 |
2.09% to 06/14/2028 then SOFR + 1.06%, 06/14/2029 (Callable 06/14/2028) | | | 4,350,000 | | | 3,859,077 |
4.27% to 07/23/2028 then 3 mo. Term SOFR + 1.57%, 07/23/2029 (Callable 07/23/2028) | | | 5,295,000 | | | 5,101,803 |
5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 (Callable 04/25/2033) | | | 10,650,000 | | | 10,538,220 |
Bank of Ireland Group PLC,
2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)(a) | | | 11,243,000 | | | 10,354,915 |
Bank of Nova Scotia
| | | | | | |
4.50%, 12/16/2025 | | | 7,000,000 | | | 6,888,426 |
5.25%, 06/12/2028 | | | 5,000,000 | | | 5,025,166 |
4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037 (Callable 02/04/2032) | | | 2,371,000 | | | 2,135,428 |
Banque Federative du Credit Mutuel SA
| |
4.75%, 07/13/2027(a) | | | 14,850,000 | | | 14,659,306 |
5.79%, 07/13/2028(a) | | | 2,500,000 | | | 2,549,457 |
Barclays PLC
| | | | | | |
3.65%, 03/16/2025 | | | 275,000 | | | 270,790 |
4.34%, 01/10/2028 (Callable 01/10/2027) | | | 8,790,000 | | | 8,460,604 |
6.49% to 09/13/2028 then SOFR + 2.22%, 09/13/2029 (Callable 09/13/2028) | | | 10,000,000 | | | 10,351,976 |
6.22% to 05/09/2033 then SOFR + 2.98%, 05/09/2034 (Callable 05/09/2033) | | | 6,500,000 | | | 6,660,097 |
6.69% to 09/13/2033 then SOFR + 2.62%, 09/13/2034 (Callable 09/13/2033) | | | 8,100,000 | | | 8,587,105 |
BNP Paribas SA
| | | | | | |
2.82% to 11/19/2024 then 3 mo. Term SOFR + 1.37%, 11/19/2025 (Callable 11/19/2024)(a) | | | 5,000,000 | | | 4,937,747 |
4.38%, 05/12/2026(a) | | | 8,288,000 | | | 8,063,782 |
| | | | | | | |
| | | | | | | |
1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027 (Callable 01/13/2026)(a) | | | $ 4,250,000 | | | $ 3,967,190 |
5.34% (1 yr. CMT Rate + 1.50%), 06/12/2029 (Callable 06/12/2028)(a) | | | 5,000,000 | | | 4,995,368 |
2.16% to 09/15/2028 then SOFR + 1.22%, 09/15/2029 (Callable 09/15/2028)(a) | | | 2,000,000 | | | 1,745,430 |
5.18% to 01/09/2029 then SOFR + 1.52%, 01/09/2030 (Callable 01/09/2029)(a) | | | 4,625,000 | | | 4,576,558 |
2.87% to 04/19/2031 then 3 mo. Term SOFR + 1.39%, 04/19/2032 (Callable 04/19/2031)(a) | | | 5,000,000 | | | 4,191,385 |
3.13% to 01/20/2032 then SOFR + 1.56%, 01/20/2033 (Callable 01/20/2032)(a) | | | 7,000,000 | | | 5,890,708 |
Boston Properties LP,
3.20%, 01/15/2025 (Callable 10/15/2024) | | | 12,400,000 | | | 12,215,094 |
BPCE SA
| | | | | | |
4.63%, 07/11/2024(a) | | | 10,500,000 | | | 10,492,412 |
4.88%, 04/01/2026(a) | | | 3,386,000 | | | 3,318,386 |
6.71% to 10/19/2028 then SOFR + 2.27%, 10/19/2029 (Callable 10/19/2028)(a) | | | 5,000,000 | | | 5,183,519 |
3.12% to 10/19/2031 then SOFR + 1.73%, 10/19/2032 (Callable 10/19/2031)(a) | | | 11,500,000 | | | 9,357,609 |
5.75% to 07/19/2032 then SOFR + 2.87%, 07/19/2033 (Callable 07/19/2032)(a) | | | 6,200,000 | | | 6,136,015 |
6.51% to 01/18/2034 then 1 yr. CMT Rate + 2.79%, 01/18/2035 (Callable 01/18/2034)(a) | | | 4,000,000 | | | 4,004,307 |
5.94% to 05/30/2034 then SOFR + 1.85%, 05/30/2035 (Callable 05/30/2034)(a) | | | 5,000,000 | | | 4,980,092 |
Brown & Brown, Inc.
| | | | | | |
4.20%, 09/15/2024 (Callable 08/01/2024) | | | 10,461,000 | | | 10,417,161 |
4.50%, 03/15/2029 (Callable 12/15/2028) | | | 8,747,000 | | | 8,443,987 |
2.38%, 03/15/2031 (Callable 12/15/2030) | | | 3,500,000 | | | 2,890,055 |
4.20%, 03/17/2032 (Callable 12/17/2031) | | | 10,000,000 | | | 9,127,253 |
Canadian Imperial Bank of Commerce
| | | |
5.62%, 07/17/2026 | | | 15,525,000 | | | 15,605,068 |
5.24%, 06/28/2027 | | | 6,475,000 | | | 6,464,698 |
6.09%, 10/03/2033 (Callable 07/03/2033) | | | 13,375,000 | | | 13,859,482 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (Callable 01/14/2027)(a) | | | $ 5,000,000 | | | $ 4,819,568 |
Capital One Financial Corp.
| | | | | | |
3.65%, 05/11/2027 (Callable 04/11/2027) | | | 3,275,000 | | | 3,131,762 |
5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029 (Callable 02/01/2028) | | | 3,000,000 | | | 2,986,127 |
7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 (Callable 10/30/2030) | | | 12,000,000 | | | 13,210,447 |
Centene Corp., 2.45%, 07/15/2028 (Callable 05/15/2028) | | | 5,450,000 | | | 4,838,672 |
Citigroup, Inc.
| | | | | | |
3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 (Callable 01/10/2027) | | | 14,000,000 | | | 13,513,976 |
3.52% to 10/27/2027 then 3 mo. Term SOFR + 1.41%, 10/27/2028 (Callable 10/27/2027) | | | 3,000,000 | | | 2,835,567 |
5.17% to 02/13/2029 then SOFR + 1.36%, 02/13/2030 (Callable 02/13/2029) | | | 5,000,000 | | | 4,970,874 |
3.06% to 01/25/2032 then SOFR + 1.35%, 01/25/2033 (Callable 01/25/2032) | | | 10,000,000 | | | 8,494,088 |
3.79% to 03/17/2032 then SOFR + 1.94%, 03/17/2033 (Callable 03/17/2032) | | | 7,425,000 | | | 6,615,887 |
6.27% to 11/17/2032 then SOFR + 2.34%, 11/17/2033 (Callable 11/17/2032) | | | 5,000,000 | | | 5,236,665 |
Citizens Financial Group, Inc.
| | | | | | |
2.85%, 07/27/2026 (Callable 04/27/2026) | | | 300,000 | | | 283,315 |
6.65% to 04/25/2034 then SOFR + 2.33%, 04/25/2035 (Callable 04/25/2034) | | | 3,000,000 | | | 3,100,939 |
CNA Financial Corp.
| | | | | | |
4.50%, 03/01/2026 (Callable 12/01/2025) | | | 5,370,000 | | | 5,286,478 |
2.05%, 08/15/2030 (Callable 05/15/2030) | | | 4,875,000 | | | 4,060,781 |
5.13%, 02/15/2034 (Callable 11/15/2033) | | | 3,300,000 | | | 3,194,904 |
CNO Global Funding,
2.65%, 01/06/2029(a) | | | 15,000,000 | | | 13,131,900 |
Commonwealth Bank of Australia
| |
2.69%, 03/11/2031(a) | | | 22,000,000 | | | 18,248,797 |
3.78%, 03/14/2032(a) | | | 20,000,000 | | | 17,510,103 |
Cooperatieve Rabobank UA
| |
4.38%, 08/04/2025 | | | 7,700,000 | | | 7,578,856 |
| | | | | | | |
| | | | | | | |
3.75%, 07/21/2026 | | | $ 1,826,000 | | | $ 1,757,716 |
3.65% to 04/06/2027 then 1 yr. CMT Rate + 1.22%, 04/06/2028 (Callable 04/06/2027)(a) | | | 7,700,000 | | | 7,349,474 |
Corebridge Financial, Inc.,
3.85%, 04/05/2029 (Callable 02/05/2029) | | | 13,825,000 | | | 12,957,314 |
Corebridge Global Funding,
5.20%, 06/24/2029(a) | | | 3,000,000 | | | 2,988,585 |
Credit Agricole SA
| | | | | | |
5.59%, 07/05/2026(a) | | | 8,200,000 | | | 8,236,795 |
1.25% to 01/26/2026 then SOFR + 0.89%, 01/26/2027 (Callable 01/26/2026)(a) | | | 4,000,000 | | | 3,729,843 |
6.32% to 10/03/2028 then SOFR + 1.86%, 10/03/2029 (Callable 10/03/2028)(a) | | | 14,250,000 | | | 14,635,084 |
6.25% to 01/10/2034 then SOFR + 2.67%, 01/10/2035 (Callable 01/10/2034)(a) | | | 7,500,000 | | | 7,545,055 |
Danske Bank AS
| | | | | | |
1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026 (Callable 09/11/2025)(a) | | | 5,000,000 | | | 4,752,796 |
4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)(a) | | | 25,000,000 | | | 24,199,793 |
5.71% to 03/01/2029 then 1 yr. CMT Rate + 1.40%, 03/01/2030 (Callable 03/01/2029)(a) | | | 12,650,000 | | | 12,685,286 |
Deutsche Bank AG/New York NY
| | | | | | |
7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026) | | | 10,000,000 | | | 10,243,382 |
2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | | | 3,450,000 | | | 3,185,274 |
5.71% to 02/08/2027 then SOFR + 1.59%, 02/08/2028 (Callable 02/08/2027) | | | 18,700,000 | | | 18,675,272 |
6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029 (Callable 11/20/2028) | | | 5,000,000 | | | 5,199,936 |
3.04% to 05/28/2031 then SOFR + 1.72%, 05/28/2032 (Callable 05/28/2031) | | | 5,000,000 | | | 4,197,790 |
Discover Bank
| | | | | | |
3.45%, 07/27/2026 (Callable 04/27/2026) | | | 300,000 | | | 286,516 |
4.65%, 09/13/2028 (Callable 06/13/2028) | | | 10,000,000 | | | 9,602,962 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Discover Financial Services
| | | | | | |
3.75%, 03/04/2025 (Callable 12/04/2024) | | | $ 250,000 | | | $ 246,696 |
4.10%, 02/09/2027 (Callable 11/09/2026) | | | 12,000,000 | | | 11,536,705 |
6.70%, 11/29/2032 (Callable 08/29/2032) | | | 6,275,000 | | | 6,547,922 |
7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034 (Callable 11/02/2033) | | | 5,000,000 | | | 5,624,466 |
Equitable Holdings, Inc.,
4.57%, 02/15/2029 (Callable 11/15/2028)(a) | | | 1,284,000 | | | 1,234,312 |
Extra Space Storage LP
| | | | | | |
3.88%, 12/15/2027 (Callable 09/15/2027) | | | 8,000,000 | | | 7,633,263 |
4.00%, 06/15/2029 (Callable 03/15/2029) | | | 1,500,000 | | | 1,406,479 |
5.50%, 07/01/2030 (Callable 05/01/2030) | | | 7,000,000 | | | 7,052,827 |
Federation des Caisses Desjardins du Quebec
| | | | | | |
5.70%, 03/14/2028(a) | | | 3,275,000 | | | 3,312,730 |
5.25%, 04/26/2029(a) | | | 9,300,000 | | | 9,277,867 |
Fifth Third Bancorp
| | | | | | |
6.34% to 07/27/2028 then SOFR + 2.34%, 07/27/2029 (Callable 07/27/2028) | | | 5,000,000 | | | 5,125,441 |
4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 (Callable 07/28/2029) | | | 3,000,000 | | | 2,885,427 |
Goldman Sachs Group, Inc.
| | | | | | |
3.27% to 09/29/2024 then 3 mo. Term SOFR + 1.46%, 09/29/2025 (Callable 09/29/2024) | | | 3,500,000 | | | 3,477,448 |
1.09% to 12/09/2025 then SOFR + 0.79%, 12/09/2026 (Callable 12/09/2025) | | | 2,000,000 | | | 1,869,588 |
1.95% to 10/21/2026 then SOFR + 0.91%, 10/21/2027 (Callable 10/21/2026) | | | 15,700,000 | | | 14,497,861 |
2.64% to 02/24/2027 then SOFR + 1.11%, 02/24/2028 (Callable 02/24/2027) | | | 2,000,000 | | | 1,865,382 |
3.62% to 03/15/2027 then SOFR + 1.85%, 03/15/2028 (Callable 03/15/2027) | | | 26,125,000 | | | 24,980,112 |
3.69% to 06/05/2027 then 3 mo. Term SOFR + 1.77%, 06/05/2028 (Callable 06/05/2027) | | | 5,025,000 | | | 4,807,025 |
| | | | | | | |
| | | | | | | |
4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 (Callable 05/01/2028) | | | $ 3,100,000 | | | $ 2,984,136 |
2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 (Callable 07/21/2031) | | | 5,000,000 | | | 4,106,154 |
Guardian Life Global Funding
| | | | | | |
5.55%, 10/28/2027(a) | | | 15,000,000 | | | 15,203,292 |
5.74%, 10/02/2028(a) | | | 22,200,000 | | | 22,783,861 |
Hartford Financial Services Group, Inc., 2.80%, 08/19/2029 (Callable 05/19/2029) | | | 4,600,000 | | | 4,084,788 |
Health Care Service Corp. A Mutual Legal Reserve Co.
| | | | | | |
2.20%, 06/01/2030 (Callable 03/01/2030)(a) | | | 10,275,000 | | | 8,680,192 |
5.45%, 06/15/2034 (Callable 03/15/2034)(a) | | | 7,500,000 | | | 7,412,248 |
High Street Funding Trust I,
4.11%, 02/15/2028 (Callable 11/15/2027)(a) | | | 5,000,000 | | | 4,720,424 |
HSBC Holdings PLC
| |
4.29% to 09/12/2025 then 3 mo. Term SOFR + 1.61%, 09/12/2026 (Callable 09/12/2025) | | | 7,485,000 | | | 7,353,472 |
5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 (Callable 08/14/2026) | | | 15,000,000 | | | 15,112,471 |
4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 (Callable 06/19/2028) | | | 10,000,000 | | | 9,666,709 |
3.97% to 05/22/2029 then 3 mo. Term SOFR + 1.87%, 05/22/2030 (Callable 05/22/2029) | | | 1,500,000 | | | 1,402,165 |
Humana, Inc., 5.38%, 04/15/2031 (Callable 02/15/2031) | | | 9,100,000 | | | 9,051,683 |
Huntington Bancshares, Inc./OH, 4.44% to 08/04/2027 then SOFR + 1.97%, 08/04/2028 (Callable 08/04/2027) | | | 4,837,000 | | | 4,685,400 |
Huntington National Bank,
4.27%, 11/25/2026 | | | 5,450,000 | | | 5,176,605 |
ING Groep NV
| | | | | | |
4.02% to 03/28/2027 then SOFR + 1.83%, 03/28/2028 (Callable 03/28/2027) | | | 3,833,000 | | | 3,696,156 |
6.11% to 09/11/2033 then SOFR + 2.09%, 09/11/2034 (Callable 09/11/2033) | | | 10,000,000 | | | 10,309,970 |
Invesco Finance PLC,
3.75%, 01/15/2026 | | | 300,000 | | | 292,023 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Jackson National Life Global Funding
| | | | | | |
5.60%, 04/10/2026(a) | | | $ 10,000,000 | | | $ 9,977,101 |
5.25%, 04/12/2028(a) | | | 7,281,000 | | | 7,141,631 |
Jefferies Financial Group, Inc.
| |
4.85%, 01/15/2027 | | | 1,700,000 | | | 1,677,458 |
6.45%, 06/08/2027 | | | 3,325,000 | | | 3,403,974 |
JPMorgan Chase & Co.
| | | | | | |
2.30% to 10/15/2024 then SOFR + 1.16%, 10/15/2025 (Callable 10/15/2024) | | | 13,000,000 | | | 12,869,358 |
2.01% to 03/13/2025 then 3 mo. Term SOFR + 1.59%, 03/13/2026 (Callable 03/13/2025) | | | 7,625,000 | | | 7,427,557 |
1.05% to 11/19/2025 then SOFR + 0.80%, 11/19/2026 (Callable 11/19/2025) | | | 5,000,000 | | | 4,697,354 |
1.58% to 04/22/2026 then SOFR + 0.89%, 04/22/2027 (Callable 04/22/2026) | | | 7,000,000 | | | 6,532,459 |
1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | | | 5,000,000 | | | 4,592,456 |
3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028) | | | 13,150,000 | | | 12,435,465 |
6.09% to 10/23/2028 then SOFR + 1.57%, 10/23/2029 (Callable 10/23/2028) | | | 10,000,000 | | | 10,332,205 |
5.58% to 04/22/2029 then SOFR + 1.16%, 04/22/2030 (Callable 04/22/2029) | | | 25,000,000 | | | 25,396,023 |
2.52% to 04/22/2030 then SOFR + 2.04%, 04/22/2031 (Callable 04/22/2030) | | | 1,500,000 | | | 1,296,490 |
1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | | | 150,000 | | | 122,008 |
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | | | 5,000,000 | | | 4,222,953 |
5.35% to 06/01/2033 then SOFR + 1.85%, 06/01/2034 (Callable 06/01/2033) | | | 7,000,000 | | | 6,968,980 |
Kemper Corp., 3.80%, 02/23/2032 (Callable 11/23/2031) | | | 4,000,000 | | | 3,425,772 |
KeyBank NA, 3.40%,
05/20/2026 | | | 2,200,000 | | | 2,089,403 |
Kite Realty Group LP,
5.50%, 03/01/2034 (Callable 12/01/2033) | | | 5,000,000 | | | 4,888,410 |
| | | | | | | |
| | | | | | | |
Liberty Mutual Group, Inc.,
4.57%, 02/01/2029(a) | | | $ 1,559,000 | | | $ 1,519,833 |
Lloyds Banking Group PLC
| | | | | | |
1.63% to 05/11/2026 then 1 yr. CMT Rate + 0.85%, 05/11/2027 (Callable 05/11/2026) | | | 8,850,000 | | | 8,221,200 |
3.75% to 03/18/2027 then 1 yr. CMT Rate + 1.80%, 03/18/2028 (Callable 03/18/2027) | | | 10,000,000 | | | 9,562,847 |
LPL Holdings, Inc.
| | | | | | |
5.70%, 05/20/2027 (Callable 04/20/2027) | | | 5,000,000 | | | 5,019,769 |
4.63%, 11/15/2027 (Callable 07/05/2024)(a) | | | 10,800,000 | | | 10,450,359 |
4.00%, 03/15/2029 (Callable 08/01/2024)(a) | | | 18,668,000 | | | 17,401,670 |
M&T Bank Corp., 4.00%, 07/15/2024 (Callable 05/02/2024) | | | 5,000,000 | | | 4,994,659 |
Macquarie Group Ltd.
| | | | | | |
5.11% to 08/09/2025 then SOFR + 2.21%, 08/09/2026 (Callable 08/09/2025)(a) | | | 5,000,000 | | | 4,973,008 |
2.69% to 06/23/2031 then SOFR + 1.44%, 06/23/2032 (Callable 06/23/2031)(a) | | | 5,000,000 | | | 4,144,616 |
2.87% to 01/14/2032 then SOFR + 1.53%, 01/14/2033 (Callable 01/14/2032)(a) | | | 4,350,000 | | | 3,594,857 |
4.44% to 06/21/2032 then SOFR + 2.41%, 06/21/2033 (Callable 06/21/2032)(a) | | | 5,000,000 | | | 4,614,967 |
Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030 (Callable 08/15/2030) | | | 550,000 | | | 468,506 |
Massachusetts Mutual Life Insurance Co., 5.63%, 05/15/2033(a) | | | 10,000,000 | | | 9,818,032 |
MBIA Insurance Corp.,
16.85% (3 mo. Term SOFR + 11.52%), 01/15/2033 (Callable 01/15/2028)(a)(b) | | | 500,000 | | | 25,000 |
Metropolitan Life Insurance Co., 7.80%, 11/01/2025(a) | | | 390,000 | | | 399,848 |
Mitsubishi UFJ Financial Group, Inc.
| | | | | | |
1.54% to 07/20/2026 then 1 yr. CMT Rate + 0.75%, 07/20/2027 (Callable 07/20/2026) | | | 5,000,000 | | | 4,626,869 |
5.35% to 09/13/2027 then 1 yr. CMT Rate + 1.90%, 09/13/2028 (Callable 09/13/2027) | | | 5,000,000 | | | 5,015,349 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
2.49% to 10/13/2031 then 1 yr. CMT Rate + 0.97%, 10/13/2032 (Callable 10/13/2031) | | | $ 6,000,000 | | | $ 4,965,304 |
Mizuho Financial Group, Inc.,
5.41% to 09/13/2027 then 1 yr. CMT Rate + 2.05%, 09/13/2028 (Callable 09/13/2027) | | | 7,000,000 | | | 7,018,555 |
Morgan Stanley
| | | | | | |
2.19% to 04/28/2025 then SOFR + 1.99%, 04/28/2026 (Callable 04/28/2025) | | | 10,000,000 | | | 9,711,442 |
3.13%, 07/27/2026 | | | 4,750,000 | | | 4,541,184 |
6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | | | 15,000,000 | | | 15,476,325 |
3.62% to 04/01/2030 then SOFR + 3.12%, 04/01/2031 (Callable 04/01/2030) | | | 525,000 | | | 481,748 |
2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | | | 18,750,000 | | | 15,317,033 |
2.51% to 10/20/2031 then SOFR + 1.20%, 10/20/2032 (Callable 10/20/2031) | | | 8,200,000 | | | 6,777,317 |
Mutual of Omaha Cos. Global Funding, 5.35%, 04/09/2027(a) | | | 13,750,000 | | | 13,747,166 |
National Australia Bank Ltd.,
2.33%, 08/21/2030(a) | | | 7,850,000 | | | 6,493,145 |
National Australia Bank Ltd./
New York, 3.38%, 01/14/2026 | | | 500,000 | | | 486,905 |
National Securities Clearing Corp., 5.10%, 11/21/2027 (Callable 10/21/2027)(a) | | | 6,825,000 | | | 6,837,676 |
Nationwide Building Society,
4.00%, 09/14/2026(a) | | | 20,675,000 | | | 19,867,552 |
Nationwide Mutual Insurance Co., 8.25%, 12/01/2031(a) | | | 9,017,000 | | | 10,076,002 |
NatWest Group PLC
| |
5.81% to 09/13/2028 then 1 yr. CMT Rate + 1.95%, 09/13/2029 (Callable 09/13/2028) | | | 2,000,000 | | | 2,026,138 |
5.08% to 01/27/2029 then 3 mo. LIBOR US + 1.91%, 01/27/2030 (Callable 01/27/2029)(c) | | | 4,700,000 | | | 4,617,231 |
4.45% to 05/08/2029 then 3 mo. LIBOR US + 1.87%, 05/08/2030 (Callable 05/08/2029)(c) | | | 6,850,000 | | | 6,545,748 |
NatWest Markets PLC,
5.42%, 05/17/2027(a) | | | 8,000,000 | | | 7,995,352 |
New York Life Global Funding, 5.00%, 01/09/2034(a) | | | 4,140,000 | | | 4,069,776 |
| | | | | | | |
| | | | | | | |
Nomura Holdings, Inc.
| | | | | | |
1.65%, 07/14/2026 | | | $ 13,725,000 | | | $ 12,686,367 |
3.10%, 01/16/2030 | | | 5,000,000 | | | 4,420,154 |
Peachtree Corners Funding Trust, 3.98%, 02/15/2025(a) | | | 6,556,000 | | | 6,460,947 |
Phillips Edison Grocery Center Operating Partnership I LP, 5.75%, 07/15/2034 (Callable 04/15/2034) | | | 7,000,000 | | | 6,912,802 |
Principal Financial Group, Inc., 3.10%, 11/15/2026 (Callable 08/15/2026) | | | 850,000 | | | 808,941 |
Principal Life Global Funding II, 3.00%, 04/18/2026(a) | | | 7,000,000 | | | 6,715,674 |
Prologis LP, 4.75%, 06/15/2033 (Callable 03/15/2033) | | | 5,000,000 | | | 4,820,942 |
Protective Life Corp.,
3.40%, 01/15/2030 (Callable 10/15/2029)(a) | | | 1,400,000 | | | 1,247,212 |
Protective Life Global Funding, 5.21%, 04/14/2026(a) | | | 4,775,000 | | | 4,760,657 |
Prudential Insurance Co. of America, 8.30%, 07/01/2025(a) | | | 8,600,000 | | | 8,785,324 |
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(a) | | | 11,775,000 | | | 10,915,365 |
Sammons Financial Group, Inc., 4.75%, 04/08/2032 (Callable 01/08/2032)(a) | | | 14,000,000 | | | 12,451,949 |
Santander UK Group Holdings PLC | |
2.47% to 01/11/2027 then SOFR + 1.22%, 01/11/2028 (Callable 01/11/2027) | | | 5,600,000 | | | 5,166,380 |
6.53% to 01/10/2028 then SOFR + 2.60%, 01/10/2029 (Callable 01/10/2028) | | | 5,000,000 | | | 5,136,317 |
SMBC Aviation Capital Finance DAC
|
1.90%, 10/15/2026 (Callable 09/15/2026)(a) | | | 2,000,000 | | | 1,841,813 |
5.55%, 04/03/2034 (Callable 01/03/2034)(a) | | | 5,000,000 | | | 4,890,734 |
Societe Generale SA
| |
2.63%, 01/22/2025(a) | | | 3,355,000 | | | 3,289,858 |
4.25%, 04/14/2025(a) | | | 5,846,000 | | | 5,747,327 |
2.23% to 01/21/2025 then 1 yr. CMT Rate + 1.05%, 01/21/2026 (Callable 01/21/2025)(a) | | | 3,968,000 | | | 3,881,186 |
1.49% to 12/14/2025 then 1 yr. CMT Rate + 1.10%, 12/14/2026 (Callable 12/14/2025)(a) | | | 7,415,000 | | | 6,931,906 |
1.79% to 06/09/2026 then 1 yr. CMT Rate + 1.00%, 06/09/2027 (Callable 06/09/2026)(a) | | | 10,000,000 | | | 9,224,013 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
5.63% to 01/19/2029 then 1 yr. CMT Rate + 1.75%, 01/19/2030 (Callable 01/19/2029)(a) | | | $ 2,000,000 | | | $ 1,972,670 |
Standard Chartered PLC
| |
2.82% to 01/30/2025 then 3 mo. LIBOR US + 1.21%, 01/30/2026 (Callable 01/30/2025)(a)(c) | | | 19,825,000 | | | 19,472,986 |
3.97% to 03/30/2025 then 1 yr. CMT Rate + 1.65%, 03/30/2026 (Callable 03/30/2025)(a) | | | 4,500,000 | | | 4,435,847 |
1.46% to 01/14/2026 then 1 yr. CMT Rate + 1.00%, 01/14/2027 (Callable 01/14/2026)(a) | | | 4,500,000 | | | 4,214,902 |
2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)(a) | | | 5,000,000 | | | 4,631,241 |
5.91% to 05/14/2034 then 1 yr. CMT Rate + 1.45%, 05/14/2035 (Callable 05/14/2034)(a) | | | 4,500,000 | | | 4,460,347 |
State Street Corp.,
2.90% to 03/30/2025 then SOFR + 2.60%, 03/30/2026 (Callable 03/30/2025) | | | 275,000 | | | 269,080 |
Stifel Financial Corp.,
4.00%, 05/15/2030 (Callable 02/15/2030) | | | 15,245,000 | | | 14,033,798 |
Sumitomo Mitsui Financial Group, Inc.
| | | |
5.46%, 01/13/2026 | | | 8,100,000 | | | 8,099,166 |
3.54%, 01/17/2028 | | | 2,094,000 | | | 1,984,210 |
5.85%, 07/13/2030 | | | 12,000,000 | | | 12,318,356 |
Svenska Handelsbanken AB,
5.50%, 06/15/2028(a) | | | 14,000,000 | | | 14,088,975 |
Swedbank AB, 5.41%, 03/14/2029 (a) | | | 7,000,000 | | | 7,002,574 |
Synchrony Bank, 5.63%, 08/23/2027 (Callable 07/23/2027) | | | 12,500,000 | | | 12,383,005 |
Synchrony Financial
| | | | | | |
4.50%, 07/23/2025 (Callable 04/23/2025) | | | 775,000 | | | 761,947 |
3.70%, 08/04/2026 (Callable 05/04/2026) | | | 3,000,000 | | | 2,862,774 |
Toronto-Dominion Bank,
4.46%, 06/08/2032 | | | 13,000,000 | | | 12,251,099 |
Trinity Acquisition PLC,
4.40%, 03/15/2026 (Callable 12/15/2025) | | | 1,125,000 | | | 1,103,618 |
| | | | | | | |
| | | | | | | |
Truist Financial Corp.,
7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029 (Callable 10/30/2028) | | | $ 4,000,000 | | | $ 4,247,456 |
Trustage Financial Group, Inc., 4.63%, 04/15/2032 (Callable 01/15/2032)(a) | | | 15,000,000 | | | 13,165,367 |
UBS Group AG
| | | | | | |
4.49% to 08/05/2024 then 1 yr. CMT Rate + 1.60%, 08/05/2025 (Callable 08/05/2024)(a) | | | 5,000,000 | | | 4,992,121 |
2.59% to 09/11/2024 then SOFR + 1.56%, 09/11/2025 (Callable 09/11/2024)(a) | | | 12,395,000 | | | 12,312,628 |
5.71% (1 yr. CMT Rate + 1.55%), 01/12/2027 (Callable 01/12/2026)(a) | | | 12,400,000 | | | 12,406,521 |
1.49% to 08/10/2026 then 1 yr. CMT Rate + 0.85%, 08/10/2027 (Callable 08/10/2026)(a) | | | 5,000,000 | | | 4,587,289 |
4.28%, 01/09/2028 (Callable 01/09/2027)(a) | | | 500,000 | | | 479,498 |
4.75% to 05/12/2027 then 1 yr. CMT Rate + 1.75%, 05/12/2028 (Callable 05/12/2027)(a) | | | 1,500,000 | | | 1,469,057 |
3.87% to 01/12/2028 then 3 mo. LIBOR US + 1.41%, 01/12/2029 (Callable 01/12/2028)(a)(c) | | | 7,750,000 | | | 7,315,294 |
Voya Financial, Inc.,
3.65%, 06/15/2026 | | | 2,910,000 | | | 2,808,164 |
Wells Fargo & Co.
| | | | | | |
3.20% to 06/17/2026 then 3 mo. Term SOFR + 1.43%, 06/17/2027 (Callable 06/17/2026) | | | 600,000 | | | 574,389 |
3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | | | 15,000,000 | | | 14,307,714 |
2.39% to 06/02/2027 then SOFR + 2.10%, 06/02/2028 (Callable 06/02/2027) | | | 10,864,000 | | | 10,005,617 |
4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028 (Callable 07/25/2027) | | | 5,000,000 | | | 4,930,924 |
5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 (Callable 07/25/2028) | | | 8,000,000 | | | 8,072,577 |
6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 (Callable 10/23/2028) | | | 8,000,000 | | | 8,301,702 |
5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 (Callable 04/24/2033) | | | 5,175,000 | | | 5,115,837 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Western & Southern Financial Group, Inc., 5.75%, 07/15/2033 (a) | | | $ 4,250,000 | | | $ 4,341,481 |
Westpac Banking Corp.
| | | | | | |
2.89% to 02/04/2025 then 5 yr. CMT Rate + 1.35%, 02/04/2030 (Callable 02/04/2025) | | | 2,300,000 | | | 2,254,799 |
5.41% to 08/10/2032 then 1 yr. CMT Rate + 2.68%, 08/10/2033 (Callable 08/10/2032) | | | 4,000,000 | | | 3,906,583 |
Willis North America, Inc.
| | | | | | |
4.65%, 06/15/2027 (Callable 05/15/2027) | | | 8,000,000 | | | 7,860,045 |
4.50%, 09/15/2028 (Callable 06/15/2028) | | | 8,800,000 | | | 8,548,580 |
2.95%, 09/15/2029 (Callable 06/15/2029) | | | 2,000,000 | | | 1,791,529 |
| | | 1,819,507,879 |
Industrials - 16.8%
|
Adventist Health System/West, 2.95%, 03/01/2029 (Callable 12/01/2028) | | | 250,000 | | | 224,473 |
Agilent Technologies, Inc.
| | | | | | |
3.05%, 09/22/2026 (Callable 06/22/2026) | | | 1,495,000 | | | 1,422,162 |
2.10%, 06/04/2030 (Callable 03/04/2030) | | | 250,000 | | | 210,881 |
Air Products and Chemicals, Inc., 2.05%, 05/15/2030 (Callable 02/15/2030) | | | 275,000 | | | 235,613 |
Aker BP ASA
| | | | | | |
2.00%, 07/15/2026 (Callable 06/15/2026)(a) | | | 14,122,000 | | | 13,138,700 |
5.60%, 06/13/2028 (Callable 05/13/2028)(a) | | | 2,500,000 | | | 2,522,052 |
Albemarle Corp., 4.65%, 06/01/2027 (Callable 05/01/2027) | | | 7,000,000 | | | 6,887,292 |
Allegion PLC, 3.50%, 10/01/2029 (Callable 07/01/2029) | | | 3,160,000 | | | 2,917,882 |
Allegion US Holding Co., Inc.
| |
3.20%, 10/01/2024 (Callable 08/01/2024) | | | 4,998,000 | | | 4,962,065 |
5.41%, 07/01/2032 (Callable 04/01/2032) | | | 2,000,000 | | | 1,995,185 |
Amcor Flexibles
North America, Inc.,
2.63%, 06/19/2030 (Callable 03/19/2030) | | | 7,025,000 | | | 6,027,119 |
Amcor Group Finance PLC,
5.45%, 05/23/2029 (Callable 04/23/2029) | | | 4,425,000 | | | 4,439,562 |
| | | | | | | |
| | | | | | | |
American Tower Corp.,
5.25%, 07/15/2028 (Callable 06/15/2028) | | | $ 7,800,000 | | | $ 7,783,477 |
Amgen, Inc., 5.25%, 03/02/2033 (Callable 12/02/2032) | | | 11,600,000 | | | 11,566,194 |
Anglo American Capital PLC
| | | | | | |
4.00%, 09/11/2027(a) | | | 1,497,000 | | | 1,434,178 |
2.25%, 03/17/2028 (Callable 01/17/2028)(a) | | | 6,500,000 | | | 5,820,159 |
2.63%, 09/10/2030 (Callable 06/10/2030)(a) | | | 300,000 | | | 255,961 |
5.50%, 05/02/2033 (Callable 02/02/2033)(a) | | | 4,500,000 | | | 4,405,182 |
Anheuser-Busch InBev Worldwide, Inc., 6.63%, 08/15/2033 | | | 8,085,000 | | | 8,903,122 |
Antofagasta PLC,
6.25%, 05/02/2034 (Callable 02/02/2034)(a) | | | 10,000,000 | | | 10,357,000 |
ArcelorMittal SA
| |
4.55%, 03/11/2026 | | | 11,355,000 | | | 11,164,969 |
6.55%, 11/29/2027 (Callable 10/29/2027) | | | 10,000,000 | | | 10,310,538 |
Ashtead Capital, Inc.
| | | | | | |
1.50%, 08/12/2026 (Callable 07/12/2026)(a) | | | 10,075,000 | | | 9,183,580 |
4.00%, 05/01/2028 (Callable 07/12/2024)(a) | | | 7,166,000 | | | 6,771,059 |
4.25%, 11/01/2029 (Callable 11/01/2024)(a) | | | 2,000,000 | | | 1,875,129 |
5.50%, 08/11/2032 (Callable 05/11/2032)(a) | | | 11,225,000 | | | 10,951,093 |
5.95%, 10/15/2033 (Callable 07/15/2033)(a) | | | 3,075,000 | | | 3,080,805 |
AT&T, Inc.
| | | | | | |
4.35%, 03/01/2029 (Callable 12/01/2028) | | | 2,425,000 | | | 2,350,262 |
4.30%, 02/15/2030 (Callable 11/15/2029) | | | 9,604,000 | | | 9,200,988 |
2.25%, 02/01/2032 (Callable 11/01/2031) | | | 8,975,000 | | | 7,280,520 |
2.55%, 12/01/2033 (Callable 09/01/2033) | | | 3,778,000 | | | 3,004,065 |
Avery Dennison Corp.,
5.75%, 03/15/2033 (Callable 12/15/2032) | | | 2,000,000 | | | 2,050,526 |
Berry Global, Inc.,
5.50%, 04/15/2028 (Callable 03/15/2028) | | | 2,775,000 | | | 2,769,141 |
Boardwalk Pipelines LP
| | | | | | |
5.95%, 06/01/2026 (Callable 03/01/2026) | | | 12,095,000 | | | 12,156,452 |
4.80%, 05/03/2029 (Callable 02/03/2029) | | | 1,750,000 | | | 1,711,498 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
3.40%, 02/15/2031 (Callable 11/15/2030) | | | $ 225,000 | | | $ 197,006 |
5.63%, 08/01/2034 (Callable 05/01/2034) | | | 10,000,000 | | | 9,826,796 |
British Telecommunications PLC, 9.63%, 12/15/2030 | | | 19,931,000 | | | 24,335,913 |
Broadcom Corp. / Broadcom Cayman Finance Ltd.,
3.88%, 01/15/2027 (Callable 10/15/2026) | | | 5,000,000 | | | 4,837,756 |
Broadcom, Inc.
| | | | | | |
3.15%, 11/15/2025 (Callable 10/15/2025) | | | 5,000,000 | | | 4,844,632 |
4.75%, 04/15/2029 (Callable 01/15/2029) | | | 250,000 | | | 246,573 |
4.15%, 11/15/2030 (Callable 08/15/2030) | | | 8,000,000 | | | 7,555,575 |
2.45%, 02/15/2031 (Callable 11/15/2030)(a) | | | 10,000,000 | | | 8,421,107 |
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026 (Callable 03/27/2026) | | | 250,000 | | | 240,246 |
Bunge Ltd. Finance Corp.,
3.75%, 09/25/2027 (Callable 06/25/2027) | | | 5,225,000 | | | 4,991,242 |
Carlisle Cos., Inc.,
3.75%, 12/01/2027 (Callable 09/01/2027) | | | 275,000 | | | 262,032 |
Carrier Global Corp.,
2.24%, 02/15/2025 (Callable 01/15/2025) | | | 1,921,000 | | | 1,880,244 |
CBRE Services, Inc.,
5.50%, 04/01/2029 (Callable 03/01/2029) | | | 10,000,000 | | | 10,051,921 |
Celanese US Holdings LLC,
6.05%, 03/15/2025 | | | 2,705,000 | | | 2,708,438 |
CF Industries, Inc.,
4.50%, 12/01/2026(a) | | | 5,950,000 | | | 5,808,320 |
CH Robinson Worldwide, Inc., 4.20%, 04/15/2028 (Callable 01/15/2028) | | | 12,600,000 | | | 12,180,405 |
Charter Communications Operating LLC
|
3.75%, 02/15/2028 (Callable 11/15/2027) | | | 6,105,000 | | | 5,674,074 |
4.20%, 03/15/2028 (Callable 12/15/2027) | | | 12,070,000 | | | 11,406,585 |
6.38%, 10/23/2035 (Callable 04/23/2035) | | | 1,790,000 | | | 1,745,249 |
Charter Communications Operating LLC / Charter Communications Operating Capital
| | | | | | |
4.91%, 07/23/2025 (Callable 04/23/2025) | | | 347,000 | | | 343,629 |
2.25%, 01/15/2029 (Callable 11/15/2028) | | | 2,200,000 | | | 1,880,300 |
| | | | | | | |
| | | | | | | |
5.05%, 03/30/2029 (Callable 12/30/2028) | | | $ 4,155,000 | | | $ 3,995,833 |
4.40%, 04/01/2033 (Callable 01/01/2033) | | | 3,710,000 | | | 3,270,524 |
6.55%, 06/01/2034 (Callable 03/01/2034) | | | 3,000,000 | | | 3,000,998 |
Cheniere Energy Partners LP
| | | | | | |
5.95%, 06/30/2033 (Callable 12/30/2032) | | | 4,000,000 | | | 4,055,776 |
5.75%, 08/15/2034 (Callable 02/15/2034)(a) | | | 5,000,000 | | | 5,019,920 |
Cheniere Energy, Inc.,
5.65%, 04/15/2034 (Callable 10/15/2033)(a) | | | 6,600,000 | | | 6,605,214 |
Choice Hotels International, Inc., 5.85%, 08/01/2034 (Callable 05/01/2034) | | | 2,250,000 | | | 2,217,619 |
Cigna Group, 4.50%, 02/25/2026 (Callable 11/27/2025) | | | 196,000 | | | 193,025 |
CK Hutchison International 21 Ltd., 2.50%, 04/15/2031 (Callable 01/15/2031)(a) | | | 5,000,000 | | | 4,204,471 |
CNH Industrial Capital LLC
| | | | | | |
1.88%, 01/15/2026 (Callable 12/15/2025) | | | 250,000 | | | 236,603 |
4.55%, 04/10/2028 (Callable 03/10/2028) | | | 6,800,000 | | | 6,649,345 |
CNH Industrial NV,
3.85%, 11/15/2027 (Callable 08/15/2027) | | | 2,518,000 | | | 2,411,345 |
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/2030 (Callable 10/22/2029) | | | 8,875,000 | | | 7,882,424 |
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025 (Callable 03/01/2025) | | | 880,000 | | | 869,190 |
Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 (Callable 07/15/2028)(a) | | | 9,125,000 | | | 9,332,260 |
CommonSpirit Health,
2.76%, 10/01/2024 (Callable 07/22/2024) | | | 525,000 | | | 520,770 |
Conagra Brands, Inc.,
8.25%, 09/15/2030 | | | 1,140,000 | | | 1,309,154 |
Concentrix Corp.,
6.60%, 08/02/2028 (Callable 07/02/2028) | | | 4,000,000 | | | 4,048,884 |
Constellation Brands, Inc.,
3.50%, 05/09/2027 (Callable 02/09/2027) | | | 3,625,000 | | | 3,460,873 |
Constellation Software, Inc./Canada, 5.46%, 02/16/2034 (Callable 11/16/2033)(a) | | | 5,000,000 | | | 5,000,613 |
Cox Communications, Inc.
| | | | | | |
3.85%, 02/01/2025 (Callable 11/01/2024)(a) | | | 2,800,000 | | | 2,766,214 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
3.35%, 09/15/2026 (Callable 06/15/2026)(a) | | | $ 2,527,000 | | | $ 2,415,823 |
5.70%, 06/15/2033 (Callable 03/15/2033)(a) | | | 2,000,000 | | | 1,989,193 |
Crown Castle, Inc., 5.60%, 06/01/2029 (Callable 05/01/2029) | | | 3,000,000 | | | 3,025,615 |
CVS Health Corp.
| | | | | | |
3.63%, 04/01/2027 (Callable 02/01/2027) | | | 2,500,000 | | | 2,398,078 |
4.30%, 03/25/2028 (Callable 12/25/2027) | | | 5,818,000 | | | 5,617,968 |
5.25%, 02/21/2033 (Callable 11/21/2032) | | | 8,550,000 | | | 8,348,828 |
5.30%, 06/01/2033 (Callable 03/01/2033) | | | 8,475,000 | | | 8,282,275 |
CVS Pass-Through Trust
| | | | | | |
6.04%, 12/10/2028 | | | 6,046,513 | | | 6,061,515 |
5.77%, 01/10/2033(a) | | | 159,923 | | | 158,499 |
5.93%, 01/10/2034(a) | | | 7,856,778 | | | 7,786,270 |
CVS Pass-Through Trust Series 2014, 4.16%,
08/11/2036(a) | | | 2,430,788 | | | 2,114,020 |
Daimler Truck Finance North America LLC
| | | | | | |
3.65%, 04/07/2027(a) | | | 13,825,000 | | | 13,233,551 |
5.13%, 09/25/2029 (Callable 08/25/2029)(a) | | | 16,275,000 | | | 16,155,756 |
Dell International LLC / EMC Corp.
| | | | | | |
6.02%, 06/15/2026 (Callable 03/15/2026) | | | 3,346,000 | | | 3,381,008 |
4.90%, 10/01/2026 (Callable 08/01/2026) | | | 425,000 | | | 420,841 |
DENTSPLY SIRONA, Inc.,
3.25%, 06/01/2030 (Callable 03/01/2030) | | | 10,900,000 | | | 9,524,132 |
Diageo Capital PLC,
2.00%, 04/29/2030 (Callable 01/29/2030) | | | 3,275,000 | | | 2,791,525 |
Diamondback Energy, Inc.,
5.40%, 04/18/2034 (Callable 01/18/2034) | | | 3,000,000 | | | 2,970,143 |
Discovery Communications LLC, 3.63%, 05/15/2030 (Callable 02/15/2030) | | | 1,015,000 | | | 893,145 |
DuPont de Nemours, Inc.,
4.49%, 11/15/2025 (Callable 09/15/2025) | | | 4,450,000 | | | 4,387,019 |
DXC Technology Co.,
1.80%, 09/15/2026 (Callable 08/15/2026) | | | 12,000,000 | | | 11,015,300 |
Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | | | 10,000,000 | | | 9,959,978 |
| | | | | | | |
| | | | | | | |
Element Fleet Management Corp.
| | | | | | |
6.27%, 06/26/2026 (Callable 05/26/2026)(a) | | | $ 9,000,000 | | | $ 9,105,311 |
5.64%, 03/13/2027 (Callable 02/13/2027)(a) | | | 10,000,000 | | | 10,024,109 |
6.32%, 12/04/2028 (Callable 11/04/2028)(a) | | | 3,281,000 | | | 3,391,891 |
Emerson Electric Co.,
1.95%, 10/15/2030 (Callable 07/15/2030) | | | 12,600,000 | | | 10,645,228 |
Energy Transfer LP
| | | | | | |
4.20%, 04/15/2027 (Callable 01/15/2027) | | | 475,000 | | | 460,661 |
5.50%, 06/01/2027 (Callable 03/01/2027) | | | 18,231,000 | | | 18,282,799 |
6.00%, 02/01/2029 (Callable 08/01/2024)(a) | | | 4,000,000 | | | 4,027,464 |
5.25%, 04/15/2029 (Callable 01/15/2029) | | | 14,264,000 | | | 14,207,544 |
8.25%, 11/15/2029 (Callable 08/15/2029) | | | 1,500,000 | | | 1,682,379 |
3.75%, 05/15/2030 (Callable 02/15/2030) | | | 275,000 | | | 252,974 |
7.38%, 02/01/2031 (Callable 02/01/2026)(a) | | | 3,000,000 | | | 3,130,467 |
Eni SpA, 5.50%, 05/15/2034 (Callable 02/15/2034)(a) | | | 4,000,000 | | | 3,963,201 |
EQT Corp., 5.75%, 02/01/2034 (Callable 11/01/2033) | | | 5,425,000 | | | 5,377,401 |
EQT Midstream Partners LP,
4.13%, 12/01/2026 (Callable 09/01/2026) | | | 5,000,000 | | | 4,819,237 |
Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034 (Callable 03/15/2034) | | | 3,000,000 | | | 2,995,126 |
Equinix, Inc.
|
1.80%, 07/15/2027 (Callable 05/15/2027) | | | 7,000,000 | | | 6,324,825 |
3.90%, 04/15/2032 (Callable 01/15/2032) | | | 11,000,000 | | | 10,002,132 |
Evernorth Health, Inc.,
4.50%, 02/25/2026 (Callable 11/27/2025) | | | 11,738,000 | | | 11,536,674 |
Ferguson Finance PLC
|
4.50%, 10/24/2028 (Callable 07/24/2028)(a) | | | 6,230,000 | | | 6,081,481 |
4.65%, 04/20/2032 (Callable 01/20/2032)(a) | | | 8,000,000 | | | 7,571,490 |
Fidelity National Information Services, Inc.
| | | | | | |
1.65%, 03/01/2028 (Callable 01/01/2028) | | | 5,000,000 | | | 4,403,986 |
5.10%, 07/15/2032 (Callable 04/15/2032) | | | 4,750,000 | | | 4,690,605 |
Fiserv, Inc.
|
2.25%, 06/01/2027 (Callable 04/01/2027) | | | 16,000,000 | | | 14,763,610 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.20%, 10/01/2028 (Callable 07/01/2028) | | | $ 1,035,000 | | | $ 994,562 |
3.50%, 07/01/2029 (Callable 04/01/2029) | | | 700,000 | | | 647,171 |
5.63%, 08/21/2033 (Callable 05/21/2033) | | | 5,325,000 | | | 5,369,879 |
Flex Intermediate Holdco LLC, 3.36%, 06/30/2031 (Callable 12/30/2030)(a) | | | 3,515,000 | | | 2,924,697 |
Flex Ltd.
| |
3.75%, 02/01/2026 (Callable 01/01/2026) | | | 6,765,000 | | | 6,565,158 |
4.88%, 05/12/2030 (Callable 02/12/2030) | | | 4,073,000 | | | 3,942,344 |
Florida Gas Transmission Co. LLC
| |
2.55%, 07/01/2030 (Callable 04/01/2030)(a) | | | 7,000,000 | | | 6,065,016 |
2.30%, 10/01/2031 (Callable 07/01/2031)(a) | | | 10,225,000 | | | 8,312,932 |
Flowers Foods, Inc.,
2.40%, 03/15/2031 (Callable 12/15/2030) | | | 300,000 | | | 249,931 |
Ford Motor Credit Co. LLC
| |
5.80%, 03/05/2027 (Callable 02/05/2027) | | | 10,000,000 | | | 10,000,225 |
7.35%, 11/04/2027 (Callable 10/04/2027) | | | 10,000,000 | | | 10,419,941 |
6.80%, 11/07/2028 (Callable 10/07/2028) | | | 5,000,000 | | | 5,166,468 |
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029 (Callable 06/15/2029) | | | 2,725,000 | | | 2,468,890 |
Fox Corp., 6.50%, 10/13/2033 (Callable 07/13/2033) | | | 3,000,000 | | | 3,142,553 |
Freeport-McMoRan, Inc.,
5.40%, 11/14/2034 (Callable 05/14/2034) | | | 691,000 | | | 679,649 |
Fresenius Medical Care US Finance III, Inc.
| | | | | | |
1.88%, 12/01/2026 (Callable 11/01/2026)(a) | | | 20,000,000 | | | 18,228,840 |
3.75%, 06/15/2029 (Callable 03/15/2029)(a) | | | 500,000 | | | 452,427 |
General Motors Co.,
6.13%, 10/01/2025 (Callable 09/01/2025) | | | 5,861,000 | | | 5,891,499 |
General Motors Financial Co., Inc.
| | | | | | |
2.90%, 02/26/2025 (Callable 01/26/2025) | | | 4,000,000 | | | 3,924,762 |
5.40%, 05/08/2027 | | | 11,100,000 | | | 11,093,886 |
6.00%, 01/09/2028 (Callable 12/09/2027) | | | 2,475,000 | | | 2,515,575 |
5.80%, 01/07/2029 (Callable 12/07/2028) | | | 15,000,000 | | | 15,133,498 |
| | | | | | | |
| | | | | | | |
Genpact Luxembourg Sarl,
3.38%, 12/01/2024 (Callable 11/01/2024) | | | $ 7,525,000 | | | $ 7,430,064 |
Genpact Luxembourg SARL/Genpact USA, Inc., 1.75%, 04/10/2026 (Callable 03/10/2026) | | | 21,600,000 | | | 20,146,770 |
Glencore Funding LLC
| | | | | | |
4.00%, 03/27/2027 (Callable 12/27/2026)(a) | | | 4,850,000 | | | 4,675,212 |
3.88%, 10/27/2027 (Callable 07/27/2027)(a) | | | 1,150,000 | | | 1,097,435 |
5.40%, 05/08/2028 (Callable 04/08/2028)(a) | | | 12,200,000 | | | 12,196,882 |
4.88%, 03/12/2029 (Callable 12/12/2028)(a) | | | 175,000 | | | 172,509 |
5.37%, 04/04/2029 (Callable 03/04/2029)(a) | | | 6,000,000 | | | 5,972,142 |
2.50%, 09/01/2030 (Callable 06/01/2030)(a) | | | 6,343,000 | | | 5,363,389 |
6.38%, 10/06/2030 (Callable 08/06/2030)(a) | | | 3,725,000 | | | 3,882,600 |
2.63%, 09/23/2031 (Callable 06/23/2031)(a) | | | 8,350,000 | | | 6,851,308 |
6.50%, 10/06/2033 (Callable 07/06/2033)(a) | | | 3,000,000 | | | 3,125,040 |
Global Payments, Inc.
| | | | | | |
2.15%, 01/15/2027 (Callable 12/15/2026) | | | 4,535,000 | | | 4,200,132 |
2.90%, 05/15/2030 (Callable 02/15/2030) | | | 275,000 | | | 239,403 |
Graphic Packaging International LLC, 1.51%, 04/15/2026 (Callable 03/15/2026)(a) | | | 300,000 | | | 277,923 |
Hexcel Corp., 4.20%, 02/15/2027 (Callable 11/15/2026) | | | 300,000 | | | 287,984 |
Hubbell, Inc., 3.35%, 03/01/2026 (Callable 12/01/2025) | | | 225,000 | | | 217,757 |
Hyatt Hotels Corp., 5.25%, 06/30/2029 (Callable 05/30/2029) | | | 15,000,000 | | | 14,877,206 |
Hyundai Capital America
| | | | | | |
2.65%, 02/10/2025 (Callable 01/10/2025)(a) | | | 525,000 | | | 515,100 |
1.30%, 01/08/2026 (Callable 12/08/2025)(a) | | | 5,825,000 | | | 5,465,783 |
1.65%, 09/17/2026 (Callable 08/17/2026)(a) | | | 15,000,000 | | | 13,813,835 |
6.10%, 09/21/2028 (Callable 08/21/2028)(a) | | | 7,975,000 | | | 8,189,283 |
Icon Investments Six DAC,
6.00%, 05/08/2034 (Callable 02/08/2034) | | | 11,550,000 | | | 11,799,120 |
IDEX Corp., 3.00%, 05/01/2030 (Callable 02/01/2030) | | | 1,100,000 | | | 970,050 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Ingersoll Rand, Inc., 5.40%, 08/14/2028 (Callable 07/14/2028) | | | $ 7,000,000 | | | $ 7,065,241 |
Ingredion, Inc., 2.90%, 06/01/2030 (Callable 03/01/2030) | | | 550,000 | | | 484,840 |
Intel Corp., 5.20%, 02/10/2033 (Callable 11/10/2032) | | | 5,000,000 | | | 4,992,190 |
International Business Machines Corp., 3.30%, 05/15/2026 | | | 6,900,000 | | | 6,668,632 |
International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (Callable 08/15/2027)(a) | | | 10,000,000 | | | 8,928,281 |
JB Hunt Transport Services, Inc., 3.88%, 03/01/2026 (Callable 01/01/2026) | | | 3,500,000 | | | 3,420,775 |
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl
| | | | | | |
5.75%, 04/01/2033 (Callable 01/01/2033) | | | 8,000,000 | | | 7,980,890 |
6.75%, 03/15/2034 (Callable 12/15/2033)(a) | | | 10,275,000 | | | 10,892,610 |
Keurig Dr Pepper, Inc.,
3.95%, 04/15/2029 (Callable 02/15/2029) | | | 7,000,000 | | | 6,652,373 |
Kinder Morgan, Inc.
| | | | | | |
4.30%, 06/01/2025 (Callable 03/01/2025) | | | 300,000 | | | 296,094 |
8.05%, 10/15/2030 | | | 6,846,000 | | | 7,706,900 |
7.80%, 08/01/2031 | | | 15,425,000 | | | 17,439,321 |
Kraft Heinz Foods Co.,
3.88%, 05/15/2027 (Callable 02/15/2027) | | | 8,129,000 | | | 7,860,394 |
Kyndryl Holdings, Inc.
| | | | | | |
2.05%, 10/15/2026 (Callable 09/15/2026) | | | 5,900,000 | | | 5,441,044 |
2.70%, 10/15/2028 (Callable 08/15/2028) | | | 2,730,000 | | | 2,427,196 |
Lear Corp., 3.80%, 09/15/2027 (Callable 06/15/2027) | | | 410,000 | | | 391,443 |
Lennar Corp., 4.75%, 11/29/2027 (Callable 05/29/2027) | | | 4,500,000 | | | 4,437,286 |
Lennox International, Inc.
| | | | | | |
1.35%, 08/01/2025 (Callable 07/01/2025) | | | 7,000,000 | | | 6,682,591 |
1.70%, 08/01/2027 (Callable 06/01/2027) | | | 475,000 | | | 427,349 |
LYB International Finance III LLC, 2.25%, 10/01/2030 (Callable 07/01/2030) | | | 5,000,000 | | | 4,223,636 |
Marathon Petroleum Corp.,
5.13%, 12/15/2026 (Callable 09/15/2026) | | | 150,000 | | | 149,435 |
Marriott International, Inc./MD, 5.00%, 10/15/2027 (Callable 09/15/2027) | | | 10,000,000 | | | 9,973,092 |
| | | | | | | |
| | | | | | | |
Martin Marietta Materials, Inc., 2.50%, 03/15/2030 (Callable 12/15/2029) | | | $ 200,000 | | | $ 173,778 |
Metropolitan Detroit Area Hospital Services, Inc., 4.48%, 12/01/2029 (a) | | | 9,240,000 | | | 8,912,289 |
Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 (Callable 01/01/2029)(a) | | | 2,975,000 | | | 2,887,767 |
Mohawk Industries, Inc.,
5.85%, 09/18/2028 (Callable 08/18/2028) | | | 7,500,000 | | | 7,650,917 |
Molex Electronic Technologies LLC, 3.90%, 04/15/2025 (Callable 01/15/2025)(a) | | | 1,050,000 | | | 1,033,504 |
MPLX LP
| | | | | | |
4.88%, 06/01/2025 (Callable 03/01/2025) | | | 10,219,000 | | | 10,128,648 |
1.75%, 03/01/2026 (Callable 02/01/2026) | | | 300,000 | | | 281,913 |
4.13%, 03/01/2027 (Callable 12/01/2026) | | | 275,000 | | | 267,030 |
2.65%, 08/15/2030 (Callable 05/15/2030) | | | 3,950,000 | | | 3,403,847 |
nVent Finance Sarl,
4.55%, 04/15/2028 (Callable 01/15/2028) | | | 4,991,000 | | | 4,846,003 |
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.70%, 05/01/2025 (Callable 04/01/2025) | | | 550,000 | | | 536,961 |
Occidental Petroleum Corp.
| | | | | | |
7.50%, 10/15/2026 | | | 1,288,000 | | | 1,329,976 |
8.88%, 07/15/2030 (Callable 01/15/2030) | | | 1,000,000 | | | 1,151,598 |
7.50%, 05/01/2031 | | | 2,000,000 | | | 2,206,462 |
Ochsner LSU Health System of North Louisiana, 2.51%, 05/15/2031 (Callable 11/15/2030) | | | 5,000,000 | | | 3,508,712 |
Oracle Corp.
| | | | | | |
2.80%, 04/01/2027 (Callable 02/01/2027) | | | 11,050,000 | | | 10,374,322 |
2.30%, 03/25/2028 (Callable 01/25/2028) | | | 3,000,000 | | | 2,712,312 |
6.15%, 11/09/2029 (Callable 09/09/2029) | | | 3,000,000 | | | 3,137,725 |
Orange SA, 9.00%, 03/01/2031 | | | 4,125,000 | | | 4,920,141 |
PeaceHealth Obligated Group, 1.38%, 11/15/2025 (Callable 08/15/2025) | | | 550,000 | | | 518,152 |
Penske Truck Leasing Co. Lp / PTL Finance Corp.
| | | | | | |
2.70%, 11/01/2024 (Callable 10/01/2024)(a) | | | 8,000,000 | | | 7,910,064 |
3.95%, 03/10/2025 (Callable 01/10/2025)(a) | | | 12,000,000 | | | 11,853,094 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.00%, 07/15/2025 (Callable 06/15/2025)(a) | | | $ 6,500,000 | | | $ 6,387,699 |
5.88%, 11/15/2027 (Callable 10/15/2027)(a) | | | 7,200,000 | | | 7,303,392 |
5.70%, 02/01/2028 (Callable 01/01/2028)(a) | | | 2,900,000 | | | 2,925,638 |
5.55%, 05/01/2028 (Callable 04/01/2028)(a) | | | 4,425,000 | | | 4,455,870 |
Phillips 66, 2.15%, 12/15/2030 (Callable 09/15/2030) | | | 10,000,000 | | | 8,353,006 |
Phillips 66 Co., 3.15%, 12/15/2029 (Callable 09/15/2029) | | | 500,000 | | | 452,427 |
Premier Health Partners,
2.91%, 11/15/2026 (Callable 05/15/2026) | | | 17,527,000 | | | 16,173,841 |
Renesas Electronics Corp.,
2.17%, 11/25/2026 (Callable 10/25/2026)(a) | | | 5,450,000 | | | 5,043,659 |
Republic Services, Inc.,
4.88%, 04/01/2029 (Callable 03/01/2029) | | | 4,350,000 | | | 4,313,885 |
Rogers Communications, Inc.
| | | | | | |
3.80%, 03/15/2032 (Callable 12/15/2031) | | | 15,000,000 | | | 13,402,520 |
5.30%, 02/15/2034 (Callable 11/15/2033) | | | 4,900,000 | | | 4,808,150 |
Roper Technologies, Inc.
| | | | | | |
3.80%, 12/15/2026 (Callable 09/15/2026) | | | 1,450,000 | | | 1,401,577 |
2.00%, 06/30/2030 (Callable 03/30/2030) | | | 14,675,000 | | | 12,259,731 |
Ryder System, Inc.
| | | | | | |
2.85%, 03/01/2027 (Callable 02/01/2027) | | | 3,775,000 | | | 3,556,721 |
5.25%, 06/01/2028 (Callable 05/01/2028) | | | 6,000,000 | | | 6,011,889 |
Sabine Pass Liquefaction LLC
| | | | | | |
5.88%, 06/30/2026 (Callable 12/31/2025) | | | 10,280,000 | | | 10,321,175 |
4.50%, 05/15/2030 (Callable 11/15/2029) | | | 10,450,000 | | | 10,025,012 |
5.90%, 09/15/2037 (Callable 03/15/2037) | | | 3,000,000 | | | 3,070,262 |
Samarco Mineracao SA,
9.00% (9.00% PIK), 06/30/2031 (Callable 07/17/2024)(a) | | | 1,830,214 | | | 1,701,777 |
Sherwin-Williams Co.,
3.30%, 02/01/2025 (Callable 11/01/2024) | | | 3,851,000 | | | 3,793,348 |
Smith & Nephew PLC,
2.03%, 10/14/2030 (Callable 07/14/2030) | | | 5,250,000 | | | 4,335,905 |
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/2025 | | | 7,800,000 | | | 7,955,925 |
| | | | | | | |
| | | | | | | |
Sodexo, Inc., 1.63%, 04/16/2026 (Callable 03/16/2026)(a) | | | $ 15,000,000 | | | $ 13,957,978 |
Solventum Corp., 5.60%, 03/23/2034 (Callable 12/23/2033)(a) | | | 10,000,000 | | | 9,821,748 |
Southern Natural Gas Co. LLC
| | | | | | |
7.35%, 02/15/2031 | | | 8,020,000 | | | 8,546,956 |
8.00%, 03/01/2032 | | | 2,523,000 | | | 2,865,072 |
Sprint Capital Corp.,
6.88%, 11/15/2028 | | | 13,000,000 | | | 13,781,326 |
Stanley Black & Decker, Inc., 6.00%, 03/06/2028 (Callable 02/06/2028) | | | 2,000,000 | | | 2,062,091 |
Steel Dynamics, Inc.,
2.80%, 12/15/2024 (Callable 11/15/2024) | | | 325,000 | | | 320,546 |
Stellantis Finance US, Inc., 1.71%, 01/29/2027 (Callable 12/29/2026)(a) | | | 575,000 | | | 523,952 |
Sysco Corp., 5.95%, 04/01/2030 (Callable 01/01/2030) | | | 4,232,000 | | | 4,404,203 |
Targa Resources Corp.,
5.20%, 07/01/2027 (Callable 06/01/2027) | | | 5,000,000 | | | 4,990,361 |
TC PipeLines LP
| | | | | | |
4.38%, 03/13/2025 (Callable 12/13/2024) | | | 5,500,000 | | | 5,446,486 |
3.90%, 05/25/2027 (Callable 02/25/2027) | | | 13,850,000 | | | 13,267,583 |
Timken Co.
| | | | | | |
4.50%, 12/15/2028 (Callable 09/15/2028) | | | 225,000 | | | 218,100 |
4.13%, 04/01/2032 (Callable 01/01/2032) | | | 8,000,000 | | | 7,271,901 |
T-Mobile USA, Inc.
| | | | | | |
3.38%, 04/15/2029 (Callable 07/12/2024) | | | 4,000,000 | | | 3,693,894 |
3.88%, 04/15/2030 (Callable 01/15/2030) | | | 23,206,000 | | | 21,693,587 |
Toll Road Investors Partnership II LP
| | | |
0.00%, 02/15/2026(a)(d) | | | 6,590,000 | | | 5,804,933 |
0.00%, 02/15/2028(a)(d) | | | 750,000 | | | 565,544 |
Trane Technologies Co. LLC,
6.39%, 11/15/2027 | | | 1,195,000 | | | 1,232,713 |
TransCanada PipeLines Ltd.,
5.60%, 03/31/2034 | | | 1,335,000 | | | 1,341,353 |
Transcontinental Gas Pipe Line Co. LLC, 7.25%, 12/01/2026 | | | 4,748,000 | | | 4,910,407 |
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)(a) | | | 10,000,000 | | | 9,322,029 |
TSMC Arizona Corp.,
2.50%, 10/25/2031 (Callable 07/25/2031) | | | 8,175,000 | | | 6,920,323 |
Tyson Foods, Inc.,
4.00%, 03/01/2026 (Callable 01/01/2026) | | | 3,000,000 | | | 2,928,687 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Vale Overseas Ltd.
|
3.75%, 07/08/2030 (Callable 04/08/2030) | | | $ 9,500,000 | | | $ 8,546,383 |
6.13%, 06/12/2033 (Callable 03/12/2033) | | | 20,000,000 | | | 20,153,980 |
Valero Energy Corp.,
2.15%, 09/15/2027 (Callable 07/15/2027) | | | 300,000 | | | 273,444 |
Var Energi ASA
|
5.00%, 05/18/2027 (Callable 04/18/2027)(a) | | | 10,000,000 | | | 9,785,326 |
8.00%, 11/15/2032 (Callable 08/15/2032)(a) | | | 15,000,000 | | | 16,791,825 |
Verisk Analytics, Inc.,
4.13%, 03/15/2029 (Callable 12/15/2028) | | | 3,000,000 | | | 2,883,979 |
Verizon Communications, Inc.
|
4.13%, 03/16/2027 | | | 3,196,000 | | | 3,115,434 |
3.00%, 03/22/2027 (Callable 01/22/2027) | | | 13,000,000 | | | 12,299,721 |
2.10%, 03/22/2028 (Callable 01/22/2028) | | | 5,750,000 | | | 5,171,153 |
4.33%, 09/21/2028 | | | 2,351,000 | | | 2,285,989 |
4.02%, 12/03/2029 (Callable 09/03/2029) | | | 5,628,000 | | | 5,319,231 |
2.36%, 03/15/2032 (Callable 12/15/2031) | | | 2,309,000 | | | 1,887,553 |
Viterra Finance BV
|
2.00%, 04/21/2026 (Callable 03/21/2026)(a) | | | 25,000,000 | | | 23,374,067 |
4.90%, 04/21/2027 (Callable 03/21/2027)(a) | | | 10,500,000 | | | 10,335,824 |
3.20%, 04/21/2031 (Callable 01/21/2031)(a) | | | 1,605,000 | | | 1,386,265 |
VMware LLC, 1.40%, 08/15/2026 (Callable 07/15/2026) | | | 900,000 | | | 828,700 |
Volkswagen Group of America Finance LLC, 6.20%, 11/16/2028 (Callable 10/16/2028)(a) | | | 6,000,000 | | | 6,191,752 |
Vontier Corp.
|
1.80%, 04/01/2026 (Callable 03/01/2026) | | | 6,300,000 | | | 5,888,567 |
2.40%, 04/01/2028 (Callable 02/01/2028) | | | 16,375,000 | | | 14,514,800 |
Walgreens Boots Alliance, Inc.
| | | | | | |
3.45%, 06/01/2026 (Callable 03/01/2026) | | | 106,000 | | | 99,734 |
3.20%, 04/15/2030 (Callable 01/15/2030) | | | 6,335,000 | | | 5,303,136 |
Warnermedia Holdings, Inc.
| | | | | | |
6.41%, 03/15/2026 (Callable 07/12/2024) | | | 6,000,000 | | | 5,999,980 |
4.05%, 03/15/2029 (Callable 01/15/2029) | | | 4,985,000 | | | 4,603,612 |
| | | | | | | |
| | | | | | | |
Waste Connections, Inc.,
3.20%, 06/01/2032 (Callable 03/01/2032) | | | $ 875,000 | | | $ 760,305 |
Western Digital Corp.,
2.85%, 02/01/2029 (Callable 12/01/2028) | | | 10,000,000 | | | 8,678,201 |
Western Midstream Operating LP
| | | | | | |
4.50%, 03/01/2028 (Callable 12/01/2027) | | | 7,195,000 | | | 6,938,213 |
4.05%, 02/01/2030 (Callable 11/01/2029) | | | 2,000,000 | | | 1,860,096 |
Westinghouse Air Brake Technologies Corp.
| | | | | | |
3.20%, 06/15/2025 (Callable 05/15/2025) | | | 5,000,000 | | | 4,879,146 |
3.45%, 11/15/2026 (Callable 08/15/2026) | | | 11,050,000 | | | 10,560,168 |
4.70%, 09/15/2028 (Callable 06/15/2028) | | | 1,500,000 | | | 1,470,469 |
Williams Cos., Inc.,
7.50%, 01/15/2031 | | | 6,650,000 | | | 7,347,151 |
Wipro IT Services LLC,
1.50%, 06/23/2026 (Callable 05/23/2026)(a) | | | 9,000,000 | | | 8,362,939 |
Woodside Finance Ltd.,
4.50%, 03/04/2029 (Callable 12/04/2028)(a) | | | 10,000,000 | | | 9,652,595 |
WRKCo, Inc.
| | | | | | |
4.65%, 03/15/2026 (Callable 01/15/2026) | | | 275,000 | | | 270,984 |
3.90%, 06/01/2028 (Callable 03/01/2028) | | | 8,275,000 | | | 7,873,093 |
Yara International ASA, 3.80%, 06/06/2026 (Callable 03/06/2026)(a) | | | 1,150,000 | | | 1,110,422 |
| | | 1,657,522,136 |
Utilities - 2.5%
|
Alliant Energy Finance LLC,
5.95%, 03/30/2029 (Callable 02/28/2029)(a) | | | 7,000,000 | | | 7,165,596 |
Ausgrid Finance Pty Ltd.,
4.35%, 08/01/2028 (Callable 05/01/2028)(a) | | | 4,400,000 | | | 4,224,916 |
Avangrid, Inc., 3.80%, 06/01/2029 (Callable 03/01/2029) | | | 10,975,000 | | | 10,210,143 |
Black Hills Corp., 6.00%, 01/15/2035 (Callable 10/15/2034) | | | 15,000,000 | | | 15,088,723 |
DTE Electric Co.,
2.63%, 03/01/2031 (Callable 12/01/2030) | | | 275,000 | | | 237,145 |
DTE Energy Co.
| | | | | | |
4.88%, 06/01/2028 (Callable 05/01/2028) | | | 18,000,000 | | | 17,717,263 |
5.10%, 03/01/2029 (Callable 02/01/2029) | | | 15,000,000 | | | 14,877,259 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Utilities - (Continued)
|
5.85%, 06/01/2034 (Callable 03/01/2034) | | | $ 12,000,000 | | | $ 12,173,732 |
Duquesne Light Holdings, Inc., 2.78%, 01/07/2032 (Callable 10/07/2031)(a) | | | 12,400,000 | | | 10,064,675 |
East Ohio Gas Co.,
2.00%, 06/15/2030 (Callable 03/15/2030)(a) | | | 550,000 | | | 455,722 |
Enel Finance International NV
| | | | | | |
4.63%, 06/15/2027 (Callable 05/15/2027)(a) | | | 10,000,000 | | | 9,806,545 |
3.50%, 04/06/2028(a) | | | 14,675,000 | | | 13,728,516 |
5.50%, 06/26/2034 (Callable 03/26/2034)(a) | | | 25,000,000 | | | 24,360,840 |
Engie SA, 5.25%, 04/10/2029 (Callable 03/10/2029)(a) | | | 12,000,000 | | | 11,963,894 |
Entergy Corp., 2.80%, 06/15/2030 (Callable 03/15/2030) | | | 13,250,000 | | | 11,572,697 |
Eversource Energy, 1.65%, 08/15/2030 (Callable 05/15/2030) | | | 275,000 | | | 221,761 |
Fells Point Funding Trust,
3.05%, 01/31/2027 (Callable 12/31/2026)(a) | | | 325,000 | | | 305,947 |
FirstEnergy Corp.,
2.05%, 03/01/2025 (Callable 02/01/2025) | | | 6,450,000 | | | 6,273,566 |
ITC Holdings Corp.
| | | | | | |
3.35%, 11/15/2027 (Callable 08/15/2027) | | | 275,000 | | | 259,282 |
2.95%, 05/14/2030 (Callable 02/14/2030)(a) | | | 15,717,000 | | | 13,840,138 |
5.40%, 06/01/2033 (Callable 03/01/2033)(a) | | | 4,275,000 | | | 4,213,894 |
5.65%, 05/09/2034 (Callable 02/09/2034)(a) | | | 4,400,000 | | | 4,400,648 |
KeySpan Corp., 8.00%, 11/15/2030 | | | 2,000,000 | | | 2,222,964 |
Liberty Utilities Co.,
5.58%, 01/31/2029 (Callable 12/31/2028)(a) | | | 10,000,000 | | | 10,041,699 |
National Grid PLC
| | | | | | |
5.60%, 06/12/2028 (Callable 05/12/2028) | | | 5,000,000 | | | 5,048,687 |
5.42%, 01/11/2034 (Callable 10/11/2033) | | | 5,125,000 | | | 5,010,603 |
National Grid USA,
5.80%, 04/01/2035 | | | 9,700,000 | | | 9,685,312 |
Oncor Electric Delivery Co. LLC, 2.75%, 05/15/2030 (Callable 02/15/2030) | | | 6,000,000 | | | 5,300,266 |
Pacific Gas and Electric Co.
| | | | | | |
3.45%, 07/01/2025 | | | 259,500 | | | 253,154 |
3.75%, 07/01/2028 | | | 259,500 | | | 243,662 |
| | | | | | | |
| | | | | | | |
Puget Energy, Inc.,
2.38%, 06/15/2028 (Callable 04/15/2028) | | | $ 325,000 | | | $ 290,069 |
RWE Finance US LLC,
5.88%, 04/16/2034 (Callable 01/16/2034)(a) | | | 10,000,000 | | | 10,011,168 |
Southern Co., 5.70%, 03/15/2034 (Callable 09/15/2033) | | | 8,100,000 | | | 8,235,166 |
| | | 249,505,652 |
TOTAL CORPORATE BONDS
(Cost $3,862,296,961) | | | | | | 3,726,535,667 |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 4.6%
|
Angel Oak Mortgage Trust 2024-2, Series 2024-3, Class A1, 4.80%, 11/26/2068 (Callable 03/25/2027)(a)(e) | | | 22,035,718 | | | 21,426,397 |
Arroyo Mortgage Trust
| | | | | | |
Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 07/25/2024)(a)(f) | | | 1,051,497 | | | 998,741 |
Series 2022-1, Class A1A, 2.50%, 12/25/2056 (Callable 01/25/2025)(a)(e) | | | 16,435,529 | | | 15,290,380 |
Banc of America Funding Corp., Series 2004-2, Class 1CB1, 5.75%, 09/20/2034 (Callable 11/20/2024) | | | 491,849 | | | 450,809 |
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-5, Class 2A, 4.36%, 07/25/2034 (Callable 07/25/2024)(f) | | | 292,684 | | | 261,267 |
BRAVO Residential Funding Trust
| | | | | | |
Series 2023-RPL1, Class A1, 5.00%, 05/25/2063 (Callable 03/25/2043)(a)(f) | | | 28,698,444 | | | 28,321,642 |
Series 2024-RPL1, Class A1, 3.25%, 10/25/2063 (Callable 07/25/2044)(a)(f) | | | 53,425,000 | | | 48,215,506 |
Chase Home Lending Mortgage Trust 2023-RPL3
| | | | | | |
Series 2024-RPL2, Class A1A, 3.25%, 08/25/2064 (Callable 01/25/2043)(a)(f) | | | 46,865,371 | | | 40,726,607 |
Series 2024-RPL3, Class A1A, 3.25%, 09/25/2064(a)(f) | | | 28,075,000 | | | 24,529,128 |
CIM Trust, Series 2023-R4, Class A1, 5.00%, 05/25/2062 (Callable 04/25/2028)(a)(f) | | | 32,443,484 | | | 31,829,478 |
FirstKey Homes 2020-SFR2 Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037(a) | | | 38,449,952 | | | 36,416,726 |
FirstKey Homes Trust
| | | | | | |
Series 2021-SFR2, Class A, 1.38%, 09/17/2038(a) | | | 21,266,749 | | | 19,420,027 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Series 2022-SFR1, Class A, 4.15%, 05/19/2039(a) | | | $ 21,040,285 | | | $ 20,280,830 |
Series 2022-SFR3, Class A, 4.25%, 07/17/2038(a) | | | 21,709,268 | | | 21,113,767 |
Home Partners of America Trust
| | | | | | |
Series 2019-1, Class A, 2.91%, 09/17/2039 (Callable 09/17/2024)(a) | | | 15,813,942 | | | 14,700,587 |
Series 2021-3, Class A, 2.20%, 01/17/2041(a) | | | 31,573,373 | | | 27,677,519 |
MASTR Alternative Loans Trust, Series 2003-5, Class 4A1, 5.50%, 07/25/2033 (Callable 07/25/2024) | | | 135,376 | | | 133,217 |
MFRA Trust, Series 2022-NQM1, Class A1, 4.11%, 12/25/2066 (Callable 03/25/2025)(a)(f) | | | 24,592,114 | | | 23,555,052 |
Mill City Mortgage Trust
| | | | | | |
Series 2018-3, Class A1, 3.50%, 08/25/2058 (Callable 06/25/2036)(a)(f) | | | 120,871 | | | 116,964 |
Series 2019-1, Class A1, 3.25%, 10/25/2069 (Callable 05/25/2033)(a)(f) | | | 159,877 | | | 153,180 |
New Residential Mortgage Loan Trust
| | | | | | |
Series 2017-2A, Class A3, 4.00%, 03/25/2057 (Callable 05/25/2030)(a)(f) | | | 1,095,609 | | | 1,030,563 |
Series 2019-RPL3, Class A1, 2.75%, 07/25/2059 (Callable 04/25/2039)(a)(f) | | | 3,695,028 | | | 3,467,886 |
Progress Residential Trust, Series 2024-SFR2, Class A, 3.30%, 04/17/2041(a) | | | 20,000,000 | | | 18,310,600 |
RALI Trust, Series 2004-QS6, Class A1, 5.00%, 07/25/2024 (Callable 07/25/2024) | | | 1,181 | | | 1,092 |
Thornburg Mortgage Securities Trust, Series 2003-5, Class 3A, 5.15%, 10/25/2043 (Callable 07/25/2024)(f) | | | 749,024 | | | 705,464 |
Towd Point Mortgage Trust
| | | | | | |
Series 2017-6, Class A1, 2.75%, 10/25/2057 (Callable 05/25/2029)(a)(f) | | | 26,541 | | | 25,587 |
Series 2018-4, Class A1, 3.00%, 06/25/2058 (Callable 01/25/2031)(a)(f) | | | 135,455 | | | 124,684 |
Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 02/25/2030)(a)(f) | | | 81,211 | | | 79,559 |
Series 2019-1, Class A1, 3.75%, 03/25/2058 (Callable 09/25/2029)(a)(f) | | | 3,315,707 | | | 3,156,133 |
| | | | | | | |
| | | | | | | |
Series 2019-4, Class A1, 2.90%, 10/25/2059 (Callable 06/25/2031)(a)(f) | | | $ 10,845,780 | | | $ 10,136,829 |
Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 01/25/2030)(a) | | | 10,632,513 | | | 9,410,226 |
Series 2022-2, Class A1, 3.75%, 07/01/2062 (Callable 12/25/2033)(a)(f) | | | 5,237,219 | | | 4,840,676 |
Series 2022-3, Class A1, 3.75%, 08/01/2062 (Callable 01/25/2030)(a)(f) | | | 9,032,896 | | | 8,471,836 |
Series 2024-1, Class A1, 4.37%, 03/25/2064 (Callable 08/25/2034)(a)(f) | | | 14,408,646 | | | 14,360,348 |
WaMu Mortgage Pass Through Certificates
| | | | | | |
Series 2004-AR3, Class A1, 5.77%, 06/25/2034 (Callable 07/25/2024)(f) | | | 673,207 | | | 601,851 |
Series 2004-CB2, Class 3A, 6.00%, 08/25/2034 (Callable 07/25/2024) | | | 826,534 | | | 809,792 |
TOTAL NON-AGENCY RESIDENTIAL
MORTGAGE-BACKED SECURITIES
|
(Cost $460,978,846) | | | | | | 451,150,950 |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.8%
|
BANK-2017
|
Series 2017-BNK4, Class A4, 3.63%, 05/15/2050 (Callable 04/15/2027) | | | 575,000 | | | 545,170 |
Series 2017-BNK5, Class A5, 3.39%, 06/15/2060 (Callable 07/15/2027) | | | 5,665,000 | | | 5,343,549 |
Series 2017-BNK7, Class A5, 3.44%, 09/15/2060 (Callable 09/15/2027) | | | 950,000 | | | 894,506 |
Series 2017-BNK7, Class ASB, 3.27%, 09/15/2060 (Callable 09/15/2027) | | | 769,031 | | | 744,934 |
Series 2017-BNK8, Class A4, 3.49%, 11/15/2050 (Callable 11/15/2027) | | | 575,000 | | | 529,072 |
Series 2017-BNK9, Class A4, 3.54%, 11/15/2054 (Callable 12/15/2029) | | | 9,275,000 | | | 8,712,128 |
BANK-2018, Series 2018-BN10, Class A5, 3.69%, 02/15/2061 (Callable 02/15/2028) | | | 895,000 | | | 844,532 |
BANK-2022
| | | | | | |
Series 2022-BNK40, Class ASB, 3.51%, 03/15/2064 (Callable 03/15/2032)(f) | | | 16,205,000 | | | 14,985,977 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Series 2022-BNK44, Class A5, 5.94%, 11/15/2055 (Callable 11/15/2032)(f) | | | $ 13,475,000 | | | $ 13,880,099 |
BANK5 Trust, Series 2024-5YR7, Class A3, 5.77%, 06/15/2057 (Callable 06/15/2029) | | | 23,600,000 | | | 23,926,999 |
Benchmark Mortgage Trust, Series 2022-B33, Class ASB, 3.47%, 03/15/2055 (Callable 03/15/2032) | | | 6,407,000 | | | 5,940,719 |
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 (Callable 05/10/2026) | | | 103,989 | | | 102,166 |
Citigroup Commercial Mortgage Trust
| | | |
Series 2014-GC23, Class A4, 3.62%, 07/10/2047 (Callable 07/10/2024) | | | 2,187,910 | | | 2,184,369 |
Series 2015-GC35, Class A4, 3.82%, 11/10/2048 (Callable 11/10/2025) | | | 15,860,000 | | | 15,346,041 |
Series 2017-C4, Class A3, 3.21%, 10/12/2050 (Callable 11/12/2027) | | | 6,018,075 | | | 5,643,912 |
Series 2017-P8, Class A3, 3.20%, 09/15/2050 (Callable 09/15/2027) | | | 2,350,000 | | | 2,215,001 |
Series 2017-P8, Class A4, 3.47%, 09/15/2050 (Callable 09/15/2027) | | | 350,000 | | | 328,693 |
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2018-CD7, Class A4, 4.28%, 08/15/2051 (Callable 08/15/2028) | | | 2,495,000 | | | 2,381,971 |
Commercial Mortgage Pass Through Certificates, Series 2017-COR2, Class A3, 3.51%, 09/10/2050 (Callable 09/10/2027) | | | 19,610,172 | | | 18,353,060 |
Computershare Corporate Trust
| | | | | | |
Series 2014-LC18, Class ASB, 3.24%, 12/15/2047 (Callable 01/15/2025) | | | 999,016 | | | 993,830 |
Series 2015-C26, Class ASB, 2.99%, 02/15/2048 (Callable 02/15/2025) | | | 7,748 | | | 7,698 |
Series 2015-C31, Class A4, 3.70%, 11/15/2048 (Callable 11/15/2025) | | | 18,194,000 | | | 17,694,844 |
Series 2015-P2, Class A4, 3.81%, 12/15/2048 (Callable 12/15/2025) | | | 34,843,144 | | | 33,903,844 |
Series 2015-P2, Class ASB, 3.66%, 12/15/2048 (Callable 12/15/2025) | | | 3,528,783 | | | 3,473,629 |
| | | | | | | |
| | | | | | | |
Series 2016-C36, Class A4, 3.07%, 11/15/2059 (Callable 10/15/2026) | | | $ 4,966,000 | | | $ 4,677,260 |
Series 2017-C40, Class A3, 3.32%, 10/15/2050 (Callable 10/15/2027) | | | 8,800,000 | | | 8,309,230 |
Series 2019-C50, Class ASB, 3.64%, 05/15/2052 (Callable 05/15/2029) | | | 3,972,453 | | | 3,852,313 |
Series 2019-C54, Class A4, 3.15%, 12/15/2052 (Callable 11/15/2029) | | | 14,625,000 | | | 13,050,255 |
CSAIL Commercial Mortgage Trust
|
Series 2016-C6, Class A5, 3.09%, 01/15/2049 (Callable 05/15/2026) | | | 7,545,000 | | | 7,189,909 |
Series 2016-C7, Class A5, 3.50%, 11/15/2049 (Callable 11/15/2026) | | ��� | 1,640,000 | | | 1,546,248 |
Series 2017-C8, Class A4, 3.39%, 06/15/2050 (Callable 06/15/2027) | | | 5,500,000 | | | 5,110,270 |
Series 2018-CX12, Class A3, 3.96%, 08/15/2051 (Callable 08/15/2028) | | | 5,025,000 | | | 4,803,488 |
Series 2021-C20, Class ASB, 2.44%, 03/15/2054 (Callable 03/15/2031) | | | 6,866,000 | | | 6,235,150 |
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 07/10/2051 (Callable 07/10/2028)(f) | | | 9,372,252 | | | 8,834,658 |
JP Morgan Chase Commercial Mortgage Securities
| | | | | | |
Series 2016-JP2, Class A4, 2.82%, 08/15/2049 (Callable 07/15/2026) | | | 7,168,000 | | | 6,777,969 |
Series 2017-JP6, Class A5, 3.49%, 07/15/2050 (Callable 06/15/2027) | | | 18,900,000 | | | 17,586,552 |
JPMBB Commercial Mortgage Securities Trust
| | | | | | |
Series 2014-C23, Class A5, 3.93%, 09/15/2047 (Callable 08/15/2027) | | | 404,520 | | | 402,709 |
Series 2014-C25, Class ASB, 3.41%, 11/15/2047 (Callable 11/15/2024) | | | 9,498 | | | 9,463 |
Series 2014-C26, Class A4, 3.49%, 01/15/2048 (Callable 01/15/2025) | | | 14,480,202 | | | 14,325,219 |
Series 2015-C30, Class A5, 3.82%, 07/15/2048 (Callable 07/15/2025) | | | 250,000 | | | 242,031 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
JPMDB Commercial Mortgage Securities Trust
| | | | | | |
Series 2016-C4, Class A3, 3.14%, 12/15/2049 (Callable 04/15/2027) | | | $ 17,200,000 | | | $ 15,972,316 |
Series 2017-C7, Class A5, 3.41%, 10/15/2050 (Callable 11/15/2027) | | | 5,300,000 | | | 4,943,017 |
Morgan Stanley ABS Capital I, Inc., Series 2022-L8, Class ASB, 3.92%, 04/15/2055 (Callable 04/15/2032)(f) | | | 9,422,000 | | | 8,866,169 |
Morgan Stanley Bank of America Merrill Lynch Trust
| | | | | | |
Series 2015-C27, Class A4, 3.75%, 12/15/2047 (Callable 11/15/2025) | | | 29,745,000 | | | 28,858,418 |
Series 2017-C34, Class A4, 3.54%, 11/15/2052 (Callable 10/15/2027) | | | 14,450,000 | | | 13,454,879 |
Morgan Stanley Capital I Trust 2014-MP, Series 2016-BNK2, Class A4, 3.05%, 11/15/2049 (Callable 11/15/2026) | | | 15,521,000 | | | 14,436,245 |
Morgan Stanley Capital I, Inc., Series 2016-UB12, Class A4, 3.60%, 12/15/2049 (Callable 12/15/2026) | | | 9,607,210 | | | 9,054,846 |
WF-RBS Commercial Mortgage Trust, Series 2014-C24, Class ASB, 3.32%, 11/15/2047 (Callable 11/15/2024) | | | 122 | | | 122 |
TOTAL NON-AGENCY COMMERCIAL
MORTGAGE-BACKED SECURITIES
|
(Cost $396,311,208) | | | | | | 377,515,479 |
ASSET-BACKED SECURITIES - 3.2%
|
Chase Auto Owner Trust
| | | | | | |
Series 2023-AA, Class A3, 5.68%, 01/25/2029 (Callable 09/25/2027)(a) | | | 27,475,000 | | | 27,703,629 |
Series 2024-2A, Class A3, 5.52%, 06/25/2029 (Callable 06/25/2027)(a) | | | 27,425,000 | | | 27,592,792 |
DLLAD LLC, Series 2023-1A, Class A3, 4.79%, 01/20/2028 (Callable 10/20/2027)(a) | | | 29,500,000 | | | 29,203,822 |
First National Master Note Trust
| | | | | | |
Series 2023-2, Class A, 5.77%, 09/15/2029 | | | 23,275,000 | | | 23,571,577 |
Series 2024-1, Class A, 5.34%, 05/15/2030 | | | 10,500,000 | | | 10,542,086 |
General Motors Co., Series 2023-2, Class A, 5.34%, 06/15/2030(a) | | | 25,952,000 | | | 26,169,652 |
| | | | | | | |
| | | | | | | |
GM Financial Revolving Receivables Trust, Series 2024-1, Class A, 4.98%, 12/11/2036 (Callable 03/11/2029)(a) | | | $ 18,425,000 | | | $ 18,352,009 |
IPFS Corp.
| | | | | | |
Series 2023-C, Class A, 5.52%, 10/15/2028(a) | | | 16,975,000 | | | 17,055,550 |
Series 2024-D, Class A, 5.34%, 04/15/2029(a) | | | 9,075,000 | | | 9,100,488 |
Kubota Credit Owner Trust, Series 2024-1A, Class A3, 5.19%, 07/17/2028 (Callable 01/15/2028)(a) | | | 26,850,000 | | | 26,778,770 |
Navient Student Loan Trust
| | | | | | |
Series 2021-GA, Class A, 1.58%, 04/15/2070 (Callable 11/15/2029)(a) | | | 13,746,145 | | | 12,001,470 |
Series 2022-A, Class A, 2.23%, 07/15/2070 (Callable 01/15/2030)(a) | | | 1,979,418 | | | 1,745,884 |
Series 2022-BA, Class A, 4.16%, 10/15/2070 (Callable 04/15/2030)(a) | | | 15,376,366 | | | 14,667,259 |
Nelnet Student Loan Trust
| | | | | | |
Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 09/20/2029)(a) | | | 4,057,541 | | | 3,675,185 |
Series 2021-DA, Class AFX, 1.63%, 04/20/2062 (Callable 01/20/2032)(a) | | | 944,011 | | | 864,709 |
Royal Bank of Canada, Series 2022-4A, Class A, 4.31%,
09/15/2027 (a) | | | 10,775,000 | | | 10,622,184 |
SBA Depositor LLC, 1.84%, 04/15/2027 (Callable 04/15/2026)(a) | | | 16,200,000 | | | 14,570,683 |
SBNA Auto Lease Trust, Series 2023-A, Class A3, 6.51%, 04/20/2027 (Callable 08/20/2026)(a) | | | 17,375,000 | | | 17,570,947 |
Texas Electric Market Stabilization Funding N LLC, 4.27%, 08/01/2034(a) | | | 14,737,520 | | | 14,148,988 |
Towd Point Mortgage Trust, Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 07/25/2024)(a)(g) | | | 3,936,720 | | | 3,766,084 |
Verizon Master Trust, Series 2023-1, Class A, 4.49%, 01/22/2029 (Callable 01/20/2026) | | | 9,327,000 | | | 9,211,345 |
TOTAL ASSET-BACKED SECURITIES
|
(Cost $323,327,796) | | | | | | 318,915,113 |
MUNICIPAL BONDS - 1.4%
|
California Community Choice Financing Authority, 6.13%, 04/01/2030 | | | 2,510,000 | | | 2,534,858 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
City of College Park GA,
5.97%, 01/01/2031 | | | $ 2,095,000 | | | $ 2,150,889 |
Colorado Housing and Finance Authority, 6.25%, 11/01/2054 (Callable 05/01/2033) | | | 5,640,000 | | | 5,785,119 |
County of Miami-Dade FL,
2.54%, 10/01/2033 (Callable 10/01/2030) | | | 2,800,000 | | | 2,284,182 |
Florida Development Finance Corp., 3.22%, 02/01/2032 (Callable 08/01/2031) | | | 5,250,000 | | | 4,380,693 |
GBG LLC, 2.25%, 09/01/2030(a) | | | 763,829 | | | 675,664 |
Homewood Educational Building Authority
| | | | | | |
6.81%, 10/01/2028 | | | 2,265,000 | | | 2,327,569 |
6.81%, 10/01/2028 | | | 1,370,000 | | | 1,407,845 |
Illinois Housing Development Authority, 6.50%, 04/01/2054 (Callable 10/01/2032) | | | 18,350,000 | | | 19,143,798 |
Massachusetts Educational Financing Authority
| | | |
1.92%, 07/01/2027 | | | 10,000,000 | | | 9,142,978 |
2.16%, 07/01/2028 | | | 10,000,000 | | | 8,984,277 |
6.07%, 07/01/2033 | | | 7,445,000 | | | 7,540,347 |
Massachusetts Housing Finance Agency, 5.56%, 12/01/2052 (Callable 06/01/2032) | | | 6,330,000 | | | 6,319,070 |
Minnesota Housing Finance Agency, 6.50%, 07/01/2054 (Callable 01/01/2033) | | | 4,125,000 | | | 4,252,384 |
Nevada Housing Division,
6.25%, 10/01/2054 (Callable 04/01/2033) | | | 2,575,000 | | | 2,642,826 |
New Hampshire Business Finance Authority
| | | | | | |
3.25%, 04/01/2028 (Callable 01/01/2028) | | | 7,000,000 | | | 5,237,646 |
3.30%, 04/01/2032 (Callable 01/01/2032) | | | 13,600,000 | | | 10,886,805 |
New Jersey Higher Education Student Assistance Authority
| | | | | | |
5.00%, 12/01/2027(h) | | | 1,600,000 | | | 1,647,149 |
5.00%, 12/01/2028(h) | | | 1,225,000 | | | 1,267,227 |
5.00%, 12/01/2028(h) | | | 1,205,000 | | | 1,246,538 |
New York State Dormitory Authority, 3.00%, 08/01/2036 (Callable 08/01/2031) | | | 3,480,000 | | | 2,787,303 |
Niagara Area Development Corp.
| | | | | | |
3.00%, 05/01/2025 | | | 1,000,000 | | | 976,305 |
3.20%, 05/01/2026 | | | 1,995,000 | | | 1,906,225 |
3.27%, 05/01/2027 | | | 2,060,000 | | | 1,933,416 |
3.37%, 05/01/2028 | | | 2,130,000 | | | 1,967,201 |
3.42%, 05/01/2029 | | | 2,200,000 | | | 1,992,850 |
| | | | | | | |
| | | | | | | | |
San Diego Convention Center Expansion Financing Authority
| | | | | | | |
1.99%, 04/15/2026 | | | $ 3,440,000 | | | $ 3,242,327 | |
2.36%, 04/15/2028 | | | 1,325,000 | | | 1,202,895 | |
South Dakota Housing Development Authority, 2.70%, 11/01/2036 (Callable 11/01/2025) | | | 145,000 | | | 142,422 | |
Tennessee Housing Development Agency, 6.25%, 01/01/2055 (Callable 01/01/2033) | | | 10,000,000 | | | 10,264,598 | |
Westvaco Corp., 7.67%,
01/15/2027(a) | | | 8,400,000 | | | 8,649,169 | |
TOTAL MUNICIPAL BONDS
(Cost $144,530,569) | | | | | | 134,922,575 | |
OTHER GOVERNMENT RELATED SECURITIES - 0.4%
| |
Electricite de France SA,
5.65%, 04/22/2029 (Callable 03/22/2029)(a) | | | 25,000,000 | | | 25,218,444 | |
NBN Co. Ltd., 2.63%, 05/05/2031 (Callable 02/05/2031)(a) | | | 20,487,000 | | | 17,581,463 | |
TOTAL OTHER GOVERNMENT
RELATED SECURITIES
| |
(Cost $44,775,965) | | | | | | 42,799,907 | |
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.2%
| |
Federal Home Loan Mortgage Corp.
| | | | | | | |
Series K071, Class A2,
3.29%, 11/25/2027 (Callable 02/25/2028) | | | 7,375,000 | | | 7,008,709 | |
Series K092, Class A2,
3.30%, 04/25/2029 (Callable 07/25/2029) | | | 11,943,000 | | | 11,215,449 | |
TOTAL AGENCY COMMERCIAL
MORTGAGE-BACKED SECURITIES
| |
(Cost $18,914,206) | | | | | | 18,224,158 | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.0%(i)
| |
Federal Home Loan Mortgage Corp., Pool C00635, 6.00%, 07/01/2028 | | | 720 | | | 733 | |
TOTAL AGENCY RESIDENTIAL
MORTGAGE-BACKED SECURITIES
| |
(Cost $707) | | | | | | 733 | |
| | | Shares | | | | |
SHORT-TERM INVESTMENTS - 1.8%
| | | | |
Money Market Funds - 1.8%
| | | | | | |
First American Government Obligations Fund - Class U, 5.25%(j) | | | 177,837,939 | | | 177,837,939 | |
TOTAL SHORT-TERM INVESTMENTS
| |
(Cost $177,837,939) | | | | | | 177,837,939 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
TOTAL INVESTMENTS - 100.0%
|
(Cost $10,091,137,692) | | | | | | $ 9,871,582,664 |
Liabilities in Excess of Other Assets – (0.0)%(i) | | | | | | (4,678,850) |
TOTAL NET ASSETS - 100.0% | | | | | | $ 9,866,903,814 |
| | | | | | | |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
CMT - Constant Maturity Treasury Rate
LIBOR - London Interbank Offered Rate
NV - Naamloze Vennootschap
PIK - Payment in Kind
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SOFR - Secured Overnight Financing Rate
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $2,223,704,406 or 22.5% of the Fund’s net assets.
|
(b)
| Issuer is currently in default.
|
(c)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
|
(d)
| Zero coupon bonds make no periodic interest payments.
|
(e)
| Step coupon bond. The rate disclosed is as of June 30, 2024.
|
(f)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.
|
(g)
| Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.
|
(h)
| Security subject to the Alternative Minimum Tax (“AMT”). As of June 30, 2024, the total value of securities subject to the AMT was $4,160,914 or 0.0% of net assets. |
(i)
| Represents less than 0.05% of net assets. |
(j)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Intermediate Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
U.S. Treasury Securities | | | $— | | | $4,623,680,143 | | | $ — | | | $4,623,680,143 |
Corporate Bonds | | | — | | | 3,726,535,667 | | | — | | | 3,726,535,667 |
Non-Agency Residential Mortgage-Backed Securities | | | — | | | 451,150,950 | | | — | | | 451,150,950 |
Non-Agency Commercial Mortgage-Backed Securities | | | — | | | 377,515,479 | | | — | | | 377,515,479 |
Asset-Backed Securities | | | — | | | 318,915,113 | | | — | | | 318,915,113 |
Municipal Bonds | | | — | | | 134,922,575 | | | — | | | 134,922,575 |
Other Government Related Securities | | | — | | | 42,799,907 | | | — | | | 42,799,907 |
Agency Commercial Mortgage-Backed Securities | | | — | | | 18,224,158 | | | — | | | 18,224,158 |
Agency Residential Mortgage-Backed Securities | | | — | | | 733 | | | — | | | 733 |
Money Market Funds | | | 177,837,939 | | | — | | | — | | | 177,837,939 |
Total Investments | | | $177,837,939 | | | $9,693,744,725 | | | $— | | | $9,871,582,664 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited)
| | | | | | | |
CORPORATE BONDS - 36.0%
|
Financials - 15.8%
|
ABN AMRO Bank NV
|
4.75%, 07/28/2025(a) | | | $ 62,453,000 | | | $ 61,583,062 |
4.80%, 04/18/2026(a) | | | 42,935,000 | | | 42,126,630 |
1.54% to 06/16/2026 then 1 yr. CMT Rate + 0.80%, 06/16/2027 (Callable 06/16/2026)(a) | | | 16,900,000 | | | 15,586,229 |
6.34% to 09/18/2026 then 1 yr. CMT Rate + 1.65%, 09/18/2027 (Callable 09/18/2026)(a) | | | 31,025,000 | | | 31,434,801 |
3.32% to 03/13/2032 then 5 yr. CMT Rate + 1.90%, 03/13/2037 (Callable 12/13/2031)(a) | | | 5,000,000 | | | 4,097,316 |
AEGON Funding Co. LLC, 5.50%, 04/16/2027 (Callable 03/16/2027)(a) | | | 31,625,000 | | | 31,490,815 |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
| |
2.45%, 10/29/2026 (Callable 09/29/2026) | | | 9,350,000 | | | 8,721,993 |
6.45%, 04/15/2027 (Callable 03/15/2027) | | | 19,546,000 | | | 19,992,082 |
5.75%, 06/06/2028 (Callable 05/06/2028) | | | 30,000,000 | | | 30,312,890 |
3.00%, 10/29/2028 (Callable 08/29/2028) | | | 17,441,000 | | | 15,849,868 |
3.30%, 01/30/2032 (Callable 10/30/2031) | | | 10,000,000 | | | 8,592,164 |
Agree LP
| |
2.90%, 10/01/2030 (Callable 07/01/2030) | | | 5,000,000 | | | 4,309,633 |
4.80%, 10/01/2032 (Callable 07/01/2032) | | | 7,000,000 | | | 6,564,096 |
AIB Group PLC
| |
7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026 (Callable 10/14/2025)(a) | | | 34,199,000 | | | 34,936,096 |
6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028)(a) | | | 20,885,000 | | | 21,557,954 |
5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035 (Callable 03/28/2034)(a) | | | 35,500,000 | | | 35,266,979 |
AIG SunAmerica Global Financing X, 6.90%, 03/15/2032(a) | | | 25,000,000 | | | 27,145,343 |
Air Lease Corp.
| |
2.30%, 02/01/2025 (Callable 01/01/2025) | | | 15,000,000 | | | 14,679,301 |
5.85%, 12/15/2027 (Callable 11/15/2027) | | | 10,000,000 | | | 10,125,151 |
Aircastle Ltd.
| |
6.50%, 07/18/2028 (Callable 06/18/2028)(a) | | | 9,482,000 | | | 9,659,729 |
| | | | | | | |
| | | | | | | |
5.95%, 02/15/2029 (Callable 01/15/2029)(a) | | | $ 15,000,000 | | | $ 14,995,689 |
American International Group, Inc.
| |
5.13%, 03/27/2033 (Callable 12/27/2032) | | | 10,500,000 | | | 10,341,799 |
6.82%, 11/15/2037 | | | 1,410,000 | | | 1,540,249 |
AmFam Holdings, Inc., 2.81%, 03/11/2031 (Callable 12/11/2030)(a) | | | 5,000,000 | | | 3,821,677 |
Aon Corp. / Aon Global Holdings PLC, 3.90%, 02/28/2052 (Callable 08/28/2051) | | | 5,000,000 | | | 3,702,081 |
Aon Global Ltd.
| | | | | | |
3.88%, 12/15/2025 (Callable 09/15/2025) | | | 9,126,000 | | | 8,918,095 |
4.45%, 05/24/2043 (Callable 02/24/2043) | | | 1,274,000 | | | 1,053,644 |
Aon North America, Inc., 5.75%, 03/01/2054 (Callable 09/01/2053) | | | 10,600,000 | | | 10,367,386 |
Arthur J Gallagher & Co.
| | | | | | |
3.50%, 05/20/2051 (Callable 11/20/2050) | | | 5,625,000 | | | 3,876,860 |
5.75%, 03/02/2053 (Callable 09/02/2052) | | | 5,000,000 | | | 4,847,931 |
5.75%, 07/15/2054 (Callable 01/15/2054) | | | 9,000,000 | | | 8,739,516 |
ASB Bank Ltd.
| | | | | | |
5.35%, 06/15/2026(a) | | | 23,625,000 | | | 23,632,297 |
5.28% to 06/17/2027 then 5 yr. CMT Rate + 2.25%, 06/17/2032 (Callable 06/17/2027)(a) | | | 4,000,000 | | | 3,941,500 |
Australia & New Zealand Banking Group Ltd.
| |
2.95% to 07/22/2025 then 5 yr. CMT Rate + 1.29%, 07/22/2030 (Callable 07/22/2025)(a) | | | 5,000,000 | | | 4,843,309 |
6.74%, 12/08/2032(a) | | | 38,113,000 | | | 40,537,668 |
2.57% to 11/25/2030 then 5 yr. CMT Rate + 1.70%, 11/25/2035 (Callable 11/25/2030)(a) | | | 15,000,000 | | | 12,315,473 |
Aviation Capital Group LLC
| |
6.25%, 04/15/2028 (Callable 03/15/2028)(a) | | | 31,000,000 | | | 31,623,072 |
5.38%, 07/15/2029 (Callable 06/15/2029)(a) | | | 5,000,000 | | | 4,941,742 |
6.38%, 07/15/2030 (Callable 05/15/2030)(a) | | | 6,500,000 | | | 6,719,130 |
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/2025 | | | 25,000,000 | | | 23,676,518 |
Banco Santander SA
| | | | | | |
2.75%, 05/28/2025 | | | 7,000,000 | | | 6,818,227 |
5.18%, 11/19/2025 | | | 25,983,000 | | | 25,732,078 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
1.72% to 09/14/2026 then 1 yr. CMT Rate + 0.90%, 09/14/2027 (Callable 09/14/2026) | | | $ 11,325,000 | | | $ 10,385,276 |
4.38%, 04/12/2028 | | | 13,400,000 | | | 12,894,612 |
6.61%, 11/07/2028 | | | 15,000,000 | | | 15,754,245 |
5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 (Callable 03/14/2029) | | | 15,000,000 | | | 14,887,481 |
3.49%, 05/28/2030 | | | 5,000,000 | | | 4,476,803 |
2.75%, 12/03/2030 | | | 19,250,000 | | | 16,017,651 |
3.23% to 11/22/2031 then 1 yr. CMT Rate + 1.60%, 11/22/2032 (Callable 08/22/2031) | | | 35,000,000 | | | 29,164,338 |
6.92%, 08/08/2033 | | | 9,800,000 | | | 10,230,999 |
6.35%, 03/14/2034 | | | 36,300,000 | | | 36,325,924 |
Bank of America Corp.
| |
5.08% to 01/20/2026 then SOFR + 1.29%, 01/20/2027 (Callable 01/20/2026) | | | 12,500,000 | | | 12,424,978 |
3.56% to 04/23/2026 then 3 mo. Term SOFR + 1.32%, 04/23/2027 (Callable 04/23/2026) | | | 9,000,000 | | | 8,702,739 |
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | | | 35,000,000 | | | 32,442,394 |
4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 (Callable 04/27/2027) | | | 16,000,000 | | | 15,616,639 |
6.20% to 11/10/2027 then SOFR + 1.99%, 11/10/2028 (Callable 11/10/2027) | | | 11,425,000 | | | 11,765,786 |
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | | | 37,683,000 | | | 35,434,218 |
3.97% to 03/05/2028 then 3 mo. Term SOFR + 1.33%, 03/05/2029 (Callable 03/05/2028) | | | 14,230,000 | | | 13,605,913 |
2.09% to 06/14/2028 then SOFR + 1.06%, 06/14/2029 (Callable 06/14/2028) | | | 15,000,000 | | | 13,307,163 |
4.27% to 07/23/2028 then 3 mo. Term SOFR + 1.57%, 07/23/2029 (Callable 07/23/2028) | | | 39,571,000 | | | 38,127,187 |
3.19% to 07/23/2029 then 3 mo. Term SOFR + 1.44%, 07/23/2030 (Callable 07/23/2029) | | | 5,000,000 | | | 4,540,122 |
| | | | | | | |
| | | | | | | |
2.50% to 02/13/2030 then 3 mo. Term SOFR + 1.25%, 02/13/2031 (Callable 02/13/2030) | | | $ 13,000,000 | | | $ 11,236,539 |
2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | | | 60,000,000 | | | 51,876,934 |
1.90% to 07/23/2030 then SOFR + 1.53%, 07/23/2031 (Callable 07/23/2030) | | | 10,000,000 | | | 8,236,904 |
1.92% to 10/24/2030 then SOFR + 1.37%, 10/24/2031 (Callable 10/24/2030) | | | 5,000,000 | | | 4,090,547 |
2.69% to 04/22/2031 then SOFR + 1.32%, 04/22/2032 (Callable 04/22/2031) | | | 15,000,000 | | | 12,676,818 |
2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032 (Callable 07/21/2031) | | | 5,000,000 | | | 4,093,132 |
2.97% to 02/04/2032 then SOFR + 1.33%, 02/04/2033 (Callable 02/04/2032) | | | 10,000,000 | | | 8,462,750 |
5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033 (Callable 07/22/2032) | | | 5,000,000 | | | 4,887,106 |
5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 (Callable 04/25/2033) | | | 16,500,000 | | | 16,326,820 |
5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 (Callable 01/23/2034) | | | 10,000,000 | | | 9,989,885 |
7.75%, 05/14/2038 | | | 1,138,000 | | | 1,353,235 |
Bank of Ireland Group PLC
| |
6.25% to 09/16/2025 then 1 yr. CMT Rate + 2.65%, 09/16/2026 (Callable 09/16/2025)(a) | | | 8,864,000 | | | 8,907,018 |
2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)(a) | | | 20,000,000 | | | 18,420,200 |
5.60% (SOFR + 1.62%), 03/20/2030 (Callable 03/20/2029)(a) | | | 28,500,000 | | | 28,353,822 |
Bank of Montreal
| |
5.37%, 06/04/2027 | | | 18,000,000 | | | 18,075,466 |
3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 (Callable 01/10/2032) | | | 6,800,000 | | | 5,564,566 |
Bank of Nova Scotia
| | | | | | |
4.50%, 12/16/2025 | | | 8,500,000 | | | 8,364,517 |
5.40%, 06/04/2027 | | | 40,000,000 | | | 40,185,035 |
5.25%, 06/12/2028 | | | 10,000,000 | | | 10,050,332 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037 (Callable 02/04/2032) | | | $ 17,800,000 | | | $ 16,031,469 |
Banque Federative du Credit Mutuel SA
| |
4.75%, 07/13/2027(a) | | | 22,290,000 | | | 22,003,766 |
5.79%, 07/13/2028(a) | | | 12,000,000 | | | 12,237,393 |
Barclays PLC
| |
3.65%, 03/16/2025 | | | 8,100,000 | | | 7,976,009 |
2.85% to 05/07/2025 then SOFR + 2.71%, 05/07/2026 (Callable 05/07/2025) | | | 10,000,000 | | | 9,749,842 |
4.34%, 01/10/2028 (Callable 01/10/2027) | | | 20,000,000 | | | 19,250,522 |
6.49% to 09/13/2028 then SOFR + 2.22%, 09/13/2029 (Callable 09/13/2028) | | | 17,000,000 | | | 17,598,360 |
5.69% to 03/12/2029 then SOFR + 1.74%, 03/12/2030 (Callable 03/12/2029) | | | 18,000,000 | | | 18,048,251 |
6.22% to 05/09/2033 then SOFR + 2.98%, 05/09/2034 (Callable 05/09/2033) | | | 34,000,000 | | | 34,837,430 |
6.69% to 09/13/2033 then SOFR + 2.62%, 09/13/2034 (Callable 09/13/2033) | | | 32,225,000 | | | 34,162,895 |
Belrose Funding Trust, 2.33%, 08/15/2030 (Callable 05/15/2030)(a) | | | 13,950,000 | | | 11,363,335 |
BNP Paribas SA
| |
2.82% to 11/19/2024 then 3 mo. Term SOFR + 1.37%, 11/19/2025 (Callable 11/19/2024)(a) | | | 17,100,000 | | | 16,887,095 |
4.38%, 05/12/2026(a) | | | 45,131,000 | | | 43,910,053 |
2.22% to 06/09/2025 then SOFR + 2.07%, 06/09/2026 (Callable 06/09/2025)(a) | | | 15,000,000 | | | 14,500,142 |
1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027 (Callable 01/13/2026)(a) | | | 28,350,000 | | | 26,463,491 |
4.63%, 03/13/2027(a) | | | 2,325,000 | | | 2,263,210 |
2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 (Callable 01/20/2027)(a) | | | 2,175,000 | | | 2,021,808 |
1.90% to 09/30/2027 then SOFR + 1.61%, 09/30/2028 (Callable 09/30/2027)(a) | | | 27,000,000 | | | 24,105,083 |
5.34% (1 yr. CMT Rate + 1.50%), 06/12/2029 (Callable 06/12/2028)(a) | | | 13,025,000 | | | 13,012,932 |
2.16% to 09/15/2028 then SOFR + 1.22%, 09/15/2029 (Callable 09/15/2028)(a) | | | 19,538,000 | | | 17,051,106 |
| | | | | | | |
| | | | | | | |
5.18% to 01/09/2029 then SOFR + 1.52%, 01/09/2030 (Callable 01/09/2029)(a) | | | $ 6,500,000 | | | $ 6,431,919 |
2.87% to 04/19/2031 then 3 mo. Term SOFR + 1.39%, 04/19/2032 (Callable 04/19/2031)(a) | | | 32,075,000 | | | 26,887,735 |
3.13% to 01/20/2032 then SOFR + 1.56%, 01/20/2033 (Callable 01/20/2032)(a) | | | 10,000,000 | | | 8,415,297 |
2.59% to 08/12/2030 then 5 yr. CMT Rate + 2.05%, 08/12/2035 (Callable 08/12/2030)(a) | | | 14,000,000 | | | 11,442,907 |
BPCE SA
| | | | | | |
5.15%, 07/21/2024(a) | | | 31,285,000 | | | 31,256,049 |
2.38%, 01/14/2025(a) | | | 12,000,000 | | | 11,763,347 |
4.50%, 03/15/2025(a) | | | 55,492,000 | | | 54,749,261 |
1.65% to 10/06/2025 then SOFR + 1.52%, 10/06/2026 (Callable 10/06/2025)(a) | | | 25,000,000 | | | 23,655,473 |
5.72% to 01/18/2029 then 1 yr. CMT Rate + 1.96%, 01/18/2030 (Callable 01/18/2029)(a) | | | 5,400,000 | | | 5,388,662 |
2.28% to 01/20/2031 then SOFR + 1.31%, 01/20/2032 (Callable 01/20/2031)(a) | | | 12,850,000 | | | 10,371,158 |
3.12% to 10/19/2031 then SOFR + 1.73%, 10/19/2032 (Callable 10/19/2031)(a) | | | 43,420,000 | | | 35,331,077 |
7.00% to 10/19/2033 then SOFR + 2.59%, 10/19/2034 (Callable 10/19/2033)(a) | | | 10,000,000 | | | 10,690,114 |
6.51% to 01/18/2034 then 1 yr. CMT Rate + 2.79%, 01/18/2035 (Callable 01/18/2034)(a) | | | 12,500,000 | | | 12,513,458 |
5.94% to 05/30/2034 then SOFR + 1.85%, 05/30/2035 (Callable 05/30/2034)(a) | | | 16,000,000 | | | 15,936,294 |
Brown & Brown, Inc.
| |
4.50%, 03/15/2029 (Callable 12/15/2028) | | | 23,825,000 | | | 22,999,655 |
2.38%, 03/15/2031 (Callable 12/15/2030) | | | 36,789,000 | | | 30,377,778 |
4.20%, 03/17/2032 (Callable 12/17/2031) | | | 15,000,000 | | | 13,690,880 |
4.95%, 03/17/2052 (Callable 09/17/2051) | | | 9,500,000 | | | 8,080,478 |
Canadian Imperial Bank of Commerce
| | | | | | |
5.62%, 07/17/2026 | | | 15,000,000 | | | 15,077,361 |
6.09%, 10/03/2033 (Callable 07/03/2033) | | | 20,000,000 | | | 20,724,460 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Cantor Fitzgerald LP
| | | | | | |
4.50%, 04/14/2027 (Callable 01/14/2027)(a) | | | $ 17,450,000 | | | $ 16,820,291 |
7.20%, 12/12/2028 (Callable 11/12/2028)(a) | | | 9,250,000 | | | 9,513,359 |
Capital One Financial Corp.
| |
3.65%, 05/11/2027 (Callable 04/11/2027) | | | 26,750,000 | | | 25,580,043 |
6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 (Callable 06/08/2028) | | | 36,205,000 | | | 37,044,357 |
3.27% to 03/01/2029 then SOFR + 1.79%, 03/01/2030 (Callable 03/01/2029) | | | 23,862,000 | | | 21,538,987 |
7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 (Callable 10/30/2030) | | | 8,000,000 | | | 8,806,965 |
5.82% to 02/01/2033 then SOFR + 2.60%, 02/01/2034 (Callable 02/01/2033) | | | 12,700,000 | | | 12,569,670 |
6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035 (Callable 02/01/2034) | | | 7,950,000 | | | 7,996,181 |
Centene Corp.
| | | | | | |
3.00%, 10/15/2030 (Callable 07/15/2030) | | | 13,061,000 | | | 11,168,055 |
2.50%, 03/01/2031 (Callable 12/01/2030) | | | 35,000,000 | | | 28,723,828 |
2.63%, 08/01/2031 (Callable 05/01/2031) | | | 12,000,000 | | | 9,854,612 |
Charles Schwab Corp., 2.90%, 03/03/2032 (Callable 12/03/2031) | | | 5,000,000 | | | 4,276,889 |
Citigroup, Inc.
| |
3.70%, 01/12/2026 | | | 4,500,000 | | | 4,382,533 |
3.11% to 04/08/2025 then SOFR + 2.84%, 04/08/2026 (Callable 04/08/2025) | | | 20,000,000 | | | 19,594,245 |
3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 (Callable 01/10/2027) | | | 40,600,000 | | | 39,190,529 |
3.67% to 07/24/2027 then 3 mo. Term SOFR + 1.65%, 07/24/2028 (Callable 07/24/2027) | | | 3,142,000 | | | 2,995,048 |
3.52% to 10/27/2027 then 3 mo. Term SOFR + 1.41%, 10/27/2028 (Callable 10/27/2027) | | | 11,500,000 | | | 10,869,672 |
4.41% to 03/31/2030 then SOFR + 3.91%, 03/31/2031 (Callable 03/31/2030) | | | 26,105,000 | | | 24,879,901 |
| | | | | | | |
| | | | | | | |
2.57% to 06/03/2030 then SOFR + 2.11%, 06/03/2031 (Callable 06/03/2030) | | | $ 25,000,000 | | | $ 21,458,090 |
2.56% to 05/01/2031 then SOFR + 1.17%, 05/01/2032 (Callable 05/01/2031) | | | 6,000,000 | | | 5,000,144 |
2.52% to 11/03/2031 then SOFR + 1.18%, 11/03/2032 (Callable 11/03/2031) | | | 11,085,000 | | | 9,107,764 |
3.79% to 03/17/2032 then SOFR + 1.94%, 03/17/2033 (Callable 03/17/2032) | | | 18,000,000 | | | 16,038,514 |
6.27% to 11/17/2032 then SOFR + 2.34%, 11/17/2033 (Callable 11/17/2032) | | | 29,000,000 | | | 30,372,654 |
Citizens Bank NA/Providence RI, 3.75%, 02/18/2026 (Callable 11/18/2025) | | | 12,120,000 | | | 11,716,314 |
Citizens Financial Group, Inc.
| | | | | | |
2.85%, 07/27/2026 (Callable 04/27/2026) | | | 10,000,000 | | | 9,443,849 |
5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030 (Callable 01/23/2029) | | | 10,000,000 | | | 9,968,754 |
3.25%, 04/30/2030 (Callable 01/30/2030) | | | 28,025,000 | | | 24,682,604 |
6.65% to 04/25/2034 then SOFR + 2.33%, 04/25/2035 (Callable 04/25/2034) | | | 10,000,000 | | | 10,336,463 |
CNA Financial Corp.
| |
4.50%, 03/01/2026 (Callable 12/01/2025) | | | 14,000,000 | | | 13,782,251 |
3.45%, 08/15/2027 (Callable 05/15/2027) | | | 12,000,000 | | | 11,368,827 |
3.90%, 05/01/2029 (Callable 02/01/2029) | | | 7,000,000 | | | 6,630,500 |
2.05%, 08/15/2030 (Callable 05/15/2030) | | | 1,000,000 | | | 832,981 |
5.50%, 06/15/2033 (Callable 03/15/2033) | | | 14,225,000 | | | 14,184,096 |
CNO Global Funding
| |
5.88%, 06/04/2027(a) | | | 37,000,000 | | | 37,121,020 |
2.65%, 01/06/2029(a) | | | 10,000,000 | | | 8,754,600 |
Comerica Bank
| | | | | | |
4.00%, 07/27/2025 | | | 10,000,000 | | | 9,776,447 |
5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033 (Callable 08/25/2032) | | | 15,325,000 | | | 13,752,697 |
Commonwealth Bank of Australia
| |
2.69%, 03/11/2031(a) | | | 41,000,000 | | | 34,009,122 |
3.78%, 03/14/2032(a) | | | 10,000,000 | | | 8,755,052 |
5.84%, 03/13/2034(a) | | | 16,000,000 | | | 15,980,599 |
3.61% to 09/12/2029 then 5 yr. CMT Rate + 2.05%, 09/12/2034 (Callable 09/12/2029)(a) | | | 10,000,000 | | | 9,007,525 |
3.74%, 09/12/2039(a) | | | 23,500,000 | | | 18,668,330 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Cooperatieve Rabobank UA
| | | | | | |
4.38%, 08/04/2025 | | | $ 20,397,000 | | | $ 20,076,095 |
3.75%, 07/21/2026 | | | 20,829,000 | | | 20,050,094 |
Corebridge Global Funding
| |
5.20%, 01/12/2029(a) | | | 5,000,000 | | | 4,976,584 |
5.20%, 06/24/2029(a) | | | 10,000,000 | | | 9,961,951 |
Credit Agricole SA
| | | | | | |
4.38%, 03/17/2025(a) | | | 4,204,000 | | | 4,154,785 |
1.25% to 01/26/2026 then SOFR + 0.89%, 01/26/2027 (Callable 01/26/2026)(a) | | | 20,000,000 | | | 18,649,217 |
6.32% to 10/03/2028 then SOFR + 1.86%, 10/03/2029 (Callable 10/03/2028)(a) | | | 22,000,000 | | | 22,594,515 |
3.25%, 01/14/2030(a) | | | 6,800,000 | | | 5,983,211 |
4.00% to 01/10/2028 then 5 yr. Swap Rate USD + 1.64%, 01/10/2033 (Callable 01/10/2028)(a) | | | 8,000,000 | | | 7,424,153 |
5.51%, 07/05/2033(a) | | | 32,000,000 | | | 32,294,529 |
6.25% to 01/10/2034 then SOFR + 2.67%, 01/10/2035 (Callable 01/10/2034)(a) | | | 7,000,000 | | | 7,042,051 |
Credit Suisse USA LLC, 7.13%, 07/15/2032 | | | 5,063,000 | | | 5,569,074 |
Danske Bank AS
| |
1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026 (Callable 09/11/2025)(a) | | | 20,000,000 | | | 19,011,183 |
4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)(a) | | | 8,530,000 | | | 8,256,970 |
Deutsche Bank AG/New York NY
| | | | | | |
2.13% to 11/24/2025 then SOFR + 1.87%, 11/24/2026 (Callable 11/24/2025) | | | 22,755,000 | | | 21,594,570 |
7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026) | | | 32,425,000 | | | 33,214,165 |
2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | | | 19,435,000 | | | 17,943,713 |
6.72% to 01/18/2028 then SOFR + 3.18%, 01/18/2029 (Callable 01/18/2028) | | | 10,000,000 | | | 10,319,823 |
6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029 (Callable 11/20/2028) | | | 15,151,000 | | | 15,756,845 |
3.04% to 05/28/2031 then SOFR + 1.72%, 05/28/2032 (Callable 05/28/2031) | | | 14,000,000 | | | 11,753,813 |
| | | | | | | |
| | | | | | | |
3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033 (Callable 10/07/2031) | | | $ 39,625,000 | | | $ 32,592,672 |
Digital Realty Trust LP, 5.55%, 01/15/2028 (Callable 12/15/2027) | | | 9,775,000 | | | 9,861,613 |
Discover Bank
| | | | | | |
3.45%, 07/27/2026 (Callable 04/27/2026) | | | 22,000,000 | | | 21,011,180 |
5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028 | | | 5,564,000 | | | 5,556,985 |
4.65%, 09/13/2028 (Callable 06/13/2028) | | | 32,508,000 | | | 31,217,310 |
Discover Financial Services
| | | | | | |
4.10%, 02/09/2027 (Callable 11/09/2026) | | | 38,019,000 | | | 36,551,165 |
7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034 (Callable 11/02/2033) | | | 23,000,000 | | | 25,872,545 |
DNB Bank ASA
| |
1.13% to 09/16/2025 then 1 yr. CMT Rate + 0.85%, 09/16/2026 (Callable 09/16/2025)(a) | | | 2,000,000 | | | 1,892,749 |
1.54% to 05/25/2026 then 1 yr. CMT Rate + 0.72%, 05/25/2027 (Callable 05/25/2026)(a) | | | 15,000,000 | | | 13,905,727 |
Elevance Health, Inc.
| | | | | | |
5.10%, 01/15/2044 | | | 1,584,000 | | | 1,469,942 |
4.38%, 12/01/2047 (Callable 06/01/2047) | | | 8,650,000 | | | 7,180,104 |
5.13%, 02/15/2053 (Callable 08/15/2052) | | | 8,150,000 | | | 7,496,486 |
Equitable Holdings, Inc.,
4.57%, 02/15/2029 (Callable 11/15/2028)(a) | | | 2,009,000 | | | 1,931,256 |
Extra Space Storage LP
| |
3.50%, 07/01/2026 (Callable 04/01/2026) | | | 6,819,000 | | | 6,560,164 |
5.70%, 04/01/2028 (Callable 03/01/2028) | | | 10,000,000 | | | 10,111,837 |
5.50%, 07/01/2030 (Callable 05/01/2030) | | | 10,000,000 | | | 10,075,467 |
2.55%, 06/01/2031 (Callable 03/01/2031) | | | 10,000,000 | | | 8,323,533 |
Federation des Caisses Desjardins du Quebec
| | | | | | |
4.55%, 08/23/2027(a) | | | 11,000,000 | | | 10,747,209 |
5.70%, 03/14/2028(a) | | | 18,000,000 | | | 18,207,372 |
Fifth Third Bancorp, 4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 (Callable
07/28/2029) | | | 7,525,000 | | | 7,237,613 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Five Corners Funding Trust II, 2.85%, 05/15/2030 (Callable 02/15/2030)(a) | | | $ 30,000,000 | | | $ 26,414,209 |
Five Corners Funding Trust III, 5.79%, 02/15/2033 (Callable 11/15/2032)(a) | | | 8,000,000 | | | 8,134,737 |
Five Corners Funding Trust IV, 6.00%, 02/15/2053 (Callable 08/15/2052)(a) | | | 10,000,000 | | | 10,065,906 |
FMR LLC, 4.95%, 02/01/2033 (a) | | | 1,750,000 | | | 1,701,316 |
Globe Life, Inc., 4.55%, 09/15/2028 (Callable 06/15/2028) | | | 5,000,000 | | | 4,762,485 |
Goldman Sachs Bank USA/New York NY, 5.41% to 05/21/2026 then SOFR + 0.75%, 05/21/2027 (Callable 05/21/2026) | | | 30,000,000 | | | 29,950,349 |
Goldman Sachs Capital I,
6.35%, 02/15/2034 | | | 1,053,000 | | | 1,087,035 |
Goldman Sachs Group, Inc.
| |
1.09% to 12/09/2025 then SOFR + 0.79%, 12/09/2026 (Callable 12/09/2025) | | | 10,000,000 | | | 9,347,938 |
2.64% to 02/24/2027 then SOFR + 1.11%, 02/24/2028 (Callable 02/24/2027) | | | 89,350,000 | | | 83,335,939 |
3.69% to 06/05/2027 then 3 mo. Term SOFR + 1.77%, 06/05/2028 (Callable 06/05/2027) | | | 6,775,000 | | | 6,481,113 |
3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 (Callable 04/23/2028) | | | 10,000,000 | | | 9,488,350 |
4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 (Callable 05/01/2028) | | | 13,348,000 | | | 12,849,111 |
3.80%, 03/15/2030 (Callable 12/15/2029) | | | 30,000,000 | | | 28,047,947 |
1.99% to 01/27/2031 then SOFR + 1.09%, 01/27/2032 (Callable 01/27/2031) | | | 10,000,000 | | | 8,115,478 |
2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 (Callable 04/22/2031) | | | 9,625,000 | | | 8,092,295 |
2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 (Callable 07/21/2031) | | | 30,000,000 | | | 24,636,922 |
Guardian Life Global Funding, 5.55%, 10/28/2027(a) | | | 16,350,000 | | | 16,571,588 |
Guardian Life Insurance Co. of America
| | | | | | |
3.70%, 01/22/2070 (Callable 07/22/2069)(a) | | | 15,062,000 | | | 9,958,325 |
4.85%, 01/24/2077(a) | | | 24,727,000 | | | 20,635,157 |
| | | | | | | |
| | | | | | | |
Hanover Insurance Group, Inc., 2.50%, 09/01/2030 (Callable 06/01/2030) | | | $ 10,550,000 | | | $ 8,889,772 |
Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (Callable 03/01/2030)(a) | | | 6,125,000 | | | 5,174,324 |
Healthpeak OP LLC, 5.25%, 12/15/2032 (Callable 09/15/2032) | | | 4,000,000 | | | 3,927,466 |
High Street Funding Trust II, 4.68%, 02/15/2048 (Callable 11/15/2047)(a) | | | 2,000,000 | | | 1,609,008 |
HSBC Bank USA NA, 7.00%, 01/15/2039 | | | 4,200,000 | | | 4,716,598 |
HSBC Holdings PLC
| |
1.65% to 04/18/2025 then SOFR + 1.54%, 04/18/2026 (Callable 04/18/2025) | | | 10,375,000 | | | 10,041,225 |
4.29% to 09/12/2025 then 3 mo. Term SOFR + 1.61%, 09/12/2026 (Callable 09/12/2025) | | | 7,450,000 | | | 7,319,087 |
4.38%, 11/23/2026 | | | 5,000,000 | | | 4,872,420 |
6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029 (Callable 03/09/2028) | | | 8,250,000 | | | 8,439,009 |
4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 (Callable 06/19/2028) | | | 35,000,000 | | | 33,833,481 |
2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | | | 13,200,000 | | | 11,603,642 |
3.97% to 05/22/2029 then 3 mo. Term SOFR + 1.87%, 05/22/2030 (Callable 05/22/2029) | | | 9,000,000 | | | 8,412,989 |
2.80% to 05/24/2031 then SOFR + 1.19%, 05/24/2032 (Callable 05/24/2031) | | | 16,000,000 | | | 13,388,675 |
Huntington Bancshares, Inc./OH
| |
4.44% to 08/04/2027 then SOFR + 1.97%, 08/04/2028 (Callable 08/04/2027) | | | 9,500,000 | | | 9,202,254 |
5.02% to 05/17/2032 then SOFR + 2.05%, 05/17/2033 (Callable 05/17/2032) | | | 3,775,000 | | | 3,570,790 |
5.71% to 02/02/2034 then SOFR + 1.87%, 02/02/2035 (Callable 02/02/2034) | | | 10,150,000 | | | 9,992,395 |
Huntington National Bank
| | | | | | |
4.27%, 11/25/2026 | | | 4,600,000 | | | 4,369,245 |
5.65%, 01/10/2030 (Callable 11/10/2029) | | | 1,500,000 | | | 1,501,365 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
ING Groep NV, 5.55% to 03/19/2034 then SOFR + 1.77%, 03/19/2035 (Callable 03/19/2034) | | | $ 16,000,000 | | | $ 15,796,196 |
Invesco Finance PLC, 3.75%, 01/15/2026 | | | 4,900,000 | | | 4,769,710 |
Jackson National Life Global Funding
| | | | | | |
5.60%, 04/10/2026(a) | | | 11,300,000 | | | 11,274,125 |
5.55%, 07/02/2027(a) | | | 30,000,000 | | | 29,914,371 |
Jefferies Financial Group, Inc.
| |
4.15%, 01/23/2030 | | | 10,000,000 | | | 9,289,155 |
6.20%, 04/14/2034 (Callable 01/14/2034) | | | 10,000,000 | | | 10,128,194 |
6.25%, 01/15/2036 | | | 1,390,000 | | | 1,403,632 |
JPMorgan Chase & Co.
| |
2.01% to 03/13/2025 then 3 mo. Term SOFR + 1.59%, 03/13/2026 (Callable 03/13/2025) | | | 50,000,000 | | | 48,705,292 |
2.08% to 04/22/2025 then SOFR + 1.85%, 04/22/2026 (Callable 04/22/2025) | | | 30,000,000 | | | 29,131,816 |
1.05% to 11/19/2025 then SOFR + 0.80%, 11/19/2026 (Callable 11/19/2025) | | | 25,000,000 | | | 23,486,771 |
1.58% to 04/22/2026 then SOFR + 0.89%, 04/22/2027 (Callable 04/22/2026) | | | 50,000,000 | | | 46,660,420 |
1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | | | 11,875,000 | | | 10,907,083 |
5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 (Callable 04/22/2027) | | | 3,000,000 | | | 3,024,291 |
4.85% to 07/25/2027 then SOFR + 1.99%, 07/25/2028 (Callable 07/25/2027) | | | 29,000,000 | | | 28,702,902 |
5.30% to 07/24/2028 then SOFR + 1.45%, 07/24/2029 (Callable 07/24/2028) | | | 10,000,000 | | | 10,033,558 |
6.09% to 10/23/2028 then SOFR + 1.57%, 10/23/2029 (Callable 10/23/2028) | | | 30,000,000 | | | 30,996,614 |
3.70% to 05/06/2029 then 3 mo. Term SOFR + 1.42%, 05/06/2030 (Callable 05/06/2029) | | | 15,000,000 | | | 14,025,459 |
2.52% to 04/22/2030 then SOFR + 2.04%, 04/22/2031 (Callable 04/22/2030) | | | 28,000,000 | | | 24,201,146 |
1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | | | 22,000,000 | | | 17,894,470 |
| | | | | | | |
| | | | | | | |
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | | | $ 10,000,000 | | | $ 8,445,906 |
5.35% to 06/01/2033 then SOFR + 1.85%, 06/01/2034 (Callable 06/01/2033) | | | 15,000,000 | | | 14,933,529 |
5.77% to 04/22/2034 then SOFR + 1.49%, 04/22/2035 (Callable 04/22/2034) | | | 14,000,000 | | | 14,364,111 |
5.60%, 07/15/2041 | | | 4,106,000 | | | 4,176,197 |
Kemper Corp., 3.80%, 02/23/2032 (Callable 11/23/2031) | | | 8,000,000 | | | 6,851,545 |
KeyBank NA, 3.40%, 05/20/2026 | | | 18,965,000 | | | 18,011,608 |
KeyBank NA/Cleveland OH
| | | | | | |
4.90%, 08/08/2032 | | | 6,000,000 | | | 5,347,162 |
5.00%, 01/26/2033 (Callable 10/26/2032) | | | 5,000,000 | | | 4,611,696 |
Liberty Mutual Group, Inc.
| |
4.57%, 02/01/2029(a) | | | 2,087,000 | | | 2,034,568 |
3.95%, 10/15/2050 (Callable 04/15/2050)(a) | | | 2,231,000 | | | 1,622,100 |
5.50%, 06/15/2052 (Callable 12/15/2051)(a) | | | 5,000,000 | | | 4,643,702 |
Liberty Mutual Insurance Co., 7.70%, 10/15/2097(a) | | | 465,000 | | | 513,825 |
Lincoln National Corp., 3.05%, 01/15/2030 (Callable 10/15/2029) | | | 24,650,000 | | | 21,911,605 |
Lloyds Banking Group PLC
| |
2.44% to 02/05/2025 then 1 yr. CMT Rate + 1.00%, 02/05/2026 (Callable 02/05/2025) | | | 15,725,000 | | | 15,407,359 |
1.63% to 05/11/2026 then 1 yr. CMT Rate + 0.85%, 05/11/2027 (Callable 05/11/2026) | | | 10,000,000 | | | 9,289,492 |
3.57% to 11/07/2027 then 3 mo. LIBOR US + 1.21%, 11/07/2028 (Callable 11/07/2027)(b) | | | 10,000,000 | | | 9,407,107 |
5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035 (Callable 01/05/2034) | | | 12,000,000 | | | 11,951,657 |
LPL Holdings, Inc.
| | | | | | |
6.75%, 11/17/2028 (Callable 10/17/2028) | | | 23,030,000 | | | 24,184,669 |
6.00%, 05/20/2034 (Callable 02/20/2034) | | | 14,800,000 | | | 14,777,791 |
LXP Industrial Trust
| |
6.75%, 11/15/2028 (Callable 10/15/2028) | | | 11,974,000 | | | 12,417,844 |
2.70%, 09/15/2030 (Callable 06/15/2030) | | | 14,800,000 | | | 12,486,777 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
2.38%, 10/01/2031 (Callable 07/01/2031) | | | $ 5,747,000 | | | $ 4,578,630 |
M&T Bank Corp., 4.00%, 07/15/2024 (Callable 05/02/2024) | | | 11,400,000 | | | 11,387,822 |
Macquarie Airfinance Holdings Ltd., 6.40%, 03/26/2029 (Callable 02/26/2029)(a) | | | 5,000,000 | | | 5,084,580 |
Macquarie Bank Ltd.
| |
4.88%, 06/10/2025(a) | | | 23,717,000 | | | 23,475,540 |
3.62%, 06/03/2030(a) | | | 12,550,000 | | | 11,169,500 |
Macquarie Group Ltd.
| | | | | | |
5.11% to 08/09/2025 then SOFR + 2.21%, 08/09/2026 (Callable 08/09/2025)(a) | | | 22,000,000 | | | 21,881,234 |
1.34% to 01/12/2026 then SOFR + 1.07%, 01/12/2027 (Callable 01/12/2026)(a) | | | 19,000,000 | | | 17,784,924 |
2.87% to 01/14/2032 then SOFR + 1.53%, 01/14/2033 (Callable 01/14/2032)(a) | | | 25,000,000 | | | 20,660,100 |
4.44% to 06/21/2032 then SOFR + 2.41%, 06/21/2033 (Callable 06/21/2032)(a) | | | 9,000,000 | | | 8,306,941 |
6.26% to 12/07/2033 then SOFR + 2.30%, 12/07/2034 (Callable 12/07/2033)(a) | | | 12,500,000 | | | 12,939,758 |
Manulife Financial Corp.
| | | | | | |
4.15%, 03/04/2026 | | | 10,000,000 | | | 9,784,139 |
5.38%, 03/04/2046 | | | 5,150,000 | | | 4,958,200 |
Maple Grove Funding Trust I, 4.16%, 08/15/2051 (Callable 02/15/2051)(a) | | | 28,600,000 | | | 19,325,950 |
Marsh & McLennan Cos., Inc.
| | | | | | |
2.25%, 11/15/2030 (Callable 08/15/2030) | | | 5,000,000 | | | 4,259,146 |
5.88%, 08/01/2033 | | | 8,429,000 | | | 8,837,912 |
4.35%, 01/30/2047 (Callable 07/30/2046) | | | 3,450,000 | | | 2,908,699 |
5.45%, 03/15/2053 (Callable 09/15/2052) | | | 3,700,000 | | | 3,599,495 |
Massachusetts Mutual Life Insurance Co.
| |
5.67%, 12/01/2052 (Callable 06/01/2052)(a) | | | 20,000,000 | | | 19,553,208 |
5.08% (3 mo. LIBOR US + 3.19%), 02/15/2069 (Callable 02/15/2049)(a)(b) | | | 40,670,000 | | | 35,711,977 |
3.73%, 10/15/2070(a) | | | 16,676,000 | | | 11,263,360 |
4.90%, 04/01/2077(a) | | | 11,175,000 | | | 9,282,323 |
MBIA Insurance Corp.,
16.85% (3 mo. Term SOFR + 11.52%), 01/15/2033 (Callable 01/15/2028)(a)(c) | | | 714,000 | | | 35,700 |
| | | | | | | |
| | | | | | | |
MetLife, Inc., 4.88%, 11/13/2043 | | | $ 3,375,000 | | | $ 3,075,045 |
Metropolitan Life Global Funding I
| |
2.95%, 04/09/2030(a) | | | 22,375,000 | | | 19,910,359 |
1.55%, 01/07/2031(a) | | | 650,000 | | | 518,051 |
5.15%, 03/28/2033(a) | | | 19,475,000 | | | 19,233,098 |
Metropolitan Life Insurance Co., 7.80%, 11/01/2025(a) | | | 6,300,000 | | | 6,459,076 |
Mitsubishi UFJ Financial Group, Inc.
| | | | | | |
1.54% to 07/20/2026 then 1 yr. CMT Rate + 0.75%, 07/20/2027 (Callable 07/20/2026) | | | 10,000,000 | | | 9,253,739 |
5.02% to 07/20/2027 then 1 yr. CMT Rate + 1.95%, 07/20/2028 (Callable 07/20/2027) | | | 6,700,000 | | | 6,662,629 |
5.35% to 09/13/2027 then 1 yr. CMT Rate + 1.90%, 09/13/2028 (Callable 09/13/2027) | | | 13,600,000 | | | 13,641,749 |
5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031 (Callable 02/22/2030) | | | 3,525,000 | | | 3,560,222 |
5.43% to 04/17/2034 then 1 yr. CMT Rate + 1.00%, 04/17/2035 (Callable 04/17/2034) | | | 7,000,000 | | | 6,971,349 |
Mizuho Financial Group, Inc.
| | | | | | |
1.23% to 05/22/2026 then 1 yr. CMT Rate + 0.67%, 05/22/2027 (Callable 05/22/2026) | | | 8,000,000 | | | 7,394,962 |
5.41% to 09/13/2027 then 1 yr. CMT Rate + 2.05%, 09/13/2028 (Callable 09/13/2027) | | | 6,725,000 | | | 6,742,826 |
1.98% to 09/08/2030 then 3 mo. Term SOFR + 1.53%, 09/08/2031 (Callable 09/08/2030) | | | 10,000,000 | | | 8,180,857 |
Morgan Stanley
| | | | | | |
2.72% to 07/22/2024 then SOFR + 1.15%, 07/22/2025 (Callable 08/01/2024) | | | 19,000,000 | | | 18,964,311 |
3.59% (3 mo. LIBOR US + 134.00%), 07/22/2028 (Callable 07/22/2027)(b) | | | 12,000,000 | | | 11,410,825 |
6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | | | 62,625,000 | | | 64,613,657 |
3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029 (Callable 01/24/2028) | | | 1,000,000 | | | 951,908 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
5.12% to 02/01/2028 then SOFR + 1.73%, 02/01/2029 (Callable 02/01/2028) | | | $ 8,300,000 | | | $ 8,267,187 |
3.62% to 04/01/2030 then SOFR + 3.12%, 04/01/2031 (Callable 04/01/2030) | | | 10,000,000 | | | 9,176,145 |
1.93% to 04/28/2031 then SOFR + 1.02%, 04/28/2032 (Callable 04/28/2031) | | | 25,000,000 | | | 20,086,639 |
2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | | | 25,000,000 | | | 20,422,711 |
6.34% to 10/18/2032 then SOFR + 2.56%, 10/18/2033 (Callable 10/18/2032) | | | 20,000,000 | | | 21,229,792 |
5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034 (Callable 07/21/2033) | | | 8,000,000 | | | 7,959,703 |
Mutual of Omaha Cos. Global Funding, 5.35%, 04/09/2027 (a) | | | 12,000,000 | | | 11,997,526 |
Mutual of Omaha Insurance Co., 6.14% to 01/16/2054 then 10 yr. CMT Rate + 2.95%, 01/16/2064 (Callable 10/16/2053)(a) | | | 9,500,000 | | | 9,388,376 |
National Australia Bank Ltd.
| | | | | | | |
2.33%, 08/21/2030(a) | | | 83,282,000 | | | 68,886,892 |
2.99%, 05/21/2031(a) | | | 19,911,000 | | | 16,749,460 |
6.43%, 01/12/2033(a) | | | 28,262,000 | | | 29,439,148 |
3.93% to 08/02/2029 then 5 yr. CMT Rate + 1.88%, 08/02/2034 (Callable 08/02/2029)(a) | | | 10,000,000 | | | 9,184,127 |
3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037 (Callable 01/12/2032)(a) | | | 10,000,000 | | | 8,452,649 |
National Bank of Canada, 5.60%, 12/18/2028 | | | 13,000,000 | | | 13,137,306 |
Nationwide Building Society
| |
4.00%, 09/14/2026(a) | | | 73,507,000 | | | 70,636,235 |
4.30% to 03/08/2028 then 3 mo. LIBOR US + 1.45%, 03/08/2029 (Callable 03/08/2028)(a)(b) | | | 2,798,000 | | | 2,678,321 |
3.96% to 07/18/2029 then 3 mo. LIBOR US + 1.86%, 07/18/2030 (Callable 07/18/2029)(a)(b) | | | 27,327,000 | | | 25,278,129 |
Nationwide Financial Services, Inc., 3.90%, 11/30/2049 (Callable 05/30/2049)(a) | | | 10,000,000 | | | 7,492,048 |
Nationwide Mutual Insurance Co.
| | | | | | |
9.38%, 08/15/2039(a) | | | 15,895,000 | | | 20,120,300 |
4.35%, 04/30/2050 (Callable 10/30/2049)(a) | | | 25,000,000 | | | 19,196,751 |
| | | | | | | |
| | | | | | | |
NatWest Group PLC
| | | | | | |
5.85% to 03/02/2026 then 1 yr. CMT Rate + 1.35%, 03/02/2027 (Callable 03/02/2026) | | | $ 13,000,000 | | | $ 13,030,387 |
1.64% to 06/14/2026 then 1 yr. CMT Rate + 0.90%, 06/14/2027 (Callable 06/14/2026) | | | 35,000,000 | | | 32,397,546 |
3.07% to 05/22/2027 then 1 yr. CMT Rate + 2.55%, 05/22/2028 (Callable 05/22/2027) | | | 18,301,000 | | | 17,124,913 |
5.52% to 09/30/2027 then 1 yr. CMT Rate + 2.27%, 09/30/2028 (Callable 09/30/2027) | | | 10,000,000 | | | 10,003,417 |
4.89% to 05/18/2028 then 3 mo. LIBOR US + 1.75%, 05/18/2029 (Callable 05/18/2028)(b) | | | 10,000,000 | | | 9,775,147 |
5.81% to 09/13/2028 then 1 yr. CMT Rate + 1.95%, 09/13/2029 (Callable 09/13/2028) | | | 45,500,000 | | | 46,094,636 |
5.08% to 01/27/2029 then 3 mo. LIBOR US + 1.91%, 01/27/2030 (Callable 01/27/2029)(b) | | | 7,000,000 | | | 6,876,726 |
4.45% to 05/08/2029 then 3 mo. LIBOR US + 1.87%, 05/08/2030 (Callable 05/08/2029)(b) | | | 35,000,000 | | | 33,445,430 |
6.02% to 03/02/2033 then 1 yr. CMT Rate + 2.10%, 03/02/2034 (Callable 03/02/2033) | | | 4,700,000 | | | 4,804,341 |
5.78% to 03/01/2034 then 1 yr. CMT Rate + 1.50%, 03/01/2035 (Callable 03/01/2034) | | | 12,000,000 | | | 12,038,071 |
NatWest Markets PLC, 5.42%, 05/17/2027(a) | | | 38,500,000 | | | 38,477,633 |
New York Life Global Funding, 5.00%, 06/06/2029(a) | | | 18,000,000 | | | 17,942,537 |
New York Life Insurance Co.
| |
6.75%, 11/15/2039(a) | | | 12,026,000 | | | 13,356,862 |
3.75%, 05/15/2050 (Callable 11/15/2049)(a) | | | 17,000,000 | | | 12,692,607 |
4.45%, 05/15/2069 (Callable 11/15/2068)(a) | | | 15,000,000 | | | 12,067,782 |
NNN REIT, Inc., 5.50%, 06/15/2034 (Callable 03/15/2034) | | | 6,800,000 | | | 6,736,273 |
Nomura Holdings, Inc.
| | | | | | |
1.65%, 07/14/2026 | | | 32,975,000 | | | 30,479,631 |
5.59%, 07/02/2027 | | | 20,000,000 | | | 20,004,373 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
5.39%, 07/06/2027 | | | $ 10,000,000 | | | $ 9,997,811 |
2.17%, 07/14/2028 | | | 16,055,000 | | | 14,173,545 |
2.71%, 01/22/2029 | | | 8,000,000 | | | 7,119,758 |
3.10%, 01/16/2030 | | | 2,000,000 | | | 1,768,061 |
Old Republic International Corp., 5.75%, 03/28/2034 (Callable 12/28/2033) | | | 15,000,000 | | | 14,954,533 |
Peachtree Corners Funding Trust, 3.98%, 02/15/2025(a) | | | 12,295,000 | | | 12,116,740 |
Penn Mutual Life Insurance Co., 3.80%, 04/29/2061(a) | | | 17,038,000 | | | 10,913,288 |
Pine Street Trust III, 6.22%, 05/15/2054 (Callable 11/15/2053)(a) | | | 10,000,000 | | | 9,990,436 |
Principal Life Global Funding II
| | | | | | |
3.00%, 04/18/2026(a) | | | 13,400,000 | | | 12,855,720 |
5.50%, 06/28/2028(a) | | | 40,500,000 | | | 40,616,887 |
5.10%, 01/25/2029(a) | | | 13,725,000 | | | 13,645,231 |
Prologis LP
| | | | | | |
4.75%, 06/15/2033 (Callable 03/15/2033) | | | 19,425,000 | | | 18,729,359 |
5.13%, 01/15/2034 (Callable 10/15/2033) | | | 21,575,000 | | | 21,320,667 |
Protective Life Corp.
| |
4.30%, 09/30/2028 (Callable 06/30/2028)(a) | | | 10,000,000 | | | 9,624,160 |
8.45%, 10/15/2039 | | | 2,650,000 | | | 3,271,926 |
Protective Life Global Funding
| | | | | | |
5.21%, 04/14/2026(a) | | | 32,900,000 | | | 32,801,179 |
5.22%, 06/12/2029(a) | | | 15,000,000 | | | 14,975,860 |
Prudential Financial, Inc.
| |
6.63%, 12/01/2037 | | | 5,000,000 | | | 5,560,022 |
3.94%, 12/07/2049 (Callable 06/07/2049) | | | 11,426,000 | | | 8,660,117 |
Raymond James Financial, Inc., 4.65%, 04/01/2030 (Callable 01/01/2030) | | | 9,700,000 | | | 9,480,818 |
Realty Income Corp.
| |
4.70%, 12/15/2028 (Callable 11/15/2028) | | | 6,625,000 | | | 6,503,998 |
5.63%, 10/13/2032 (Callable 07/13/2032) | | | 6,725,000 | | | 6,809,317 |
Regions Financial Corp., 2.25%, 05/18/2025 (Callable 04/18/2025) | | | 21,650,000 | | | 20,996,106 |
Reliance Standard Life Global Funding II, 2.50%, 10/30/2024(a) | | | 22,800,000 | | | 22,512,772 |
Royal Bank of Canada, 4.65%, 01/27/2026 | | | 7,773,000 | | | 7,663,220 |
Sammons Financial Group, Inc.
| |
3.35%, 04/16/2031 (Callable 01/16/2031)(a) | | | 14,350,000 | | | 11,910,165 |
| | | | | | | |
| | | | | | | |
4.75%, 04/08/2032 (Callable 01/08/2032)(a) | | | $ 23,000,000 | | | $ 20,456,773 |
Santander UK Group Holdings PLC
| |
1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 (Callable 06/14/2026) | | | 9,500,000 | | | 8,782,130 |
6.53% to 01/10/2028 then SOFR + 2.60%, 01/10/2029 (Callable 01/10/2028) | | | 27,600,000 | | | 28,352,471 |
Skandinaviska Enskilda Banken AB, 5.38%, 03/05/2029(a) | | | 10,000,000 | | | 10,014,469 |
SMBC Aviation Capital Finance DAC
| |
1.90%, 10/15/2026 (Callable 09/15/2026)(a) | | | 6,725,000 | | | 6,193,096 |
5.45%, 05/03/2028 (Callable 04/03/2028)(a) | | | 7,000,000 | | | 7,003,876 |
5.70%, 07/25/2033 (Callable 04/25/2033)(a) | | | 33,475,000 | | | 33,246,850 |
5.55%, 04/03/2034 (Callable 01/03/2034)(a) | | | 32,800,000 | | | 32,083,212 |
Societe Generale SA
| | | | | | |
2.63%, 01/22/2025(a) | | | 41,125,000 | | | 40,326,496 |
2.23% to 01/21/2025 then 1 yr. CMT Rate + 1.05%, 01/21/2026 (Callable 01/21/2025)(a) | | | 21,032,000 | | | 20,571,849 |
1.49% to 12/14/2025 then 1 yr. CMT Rate + 1.10%, 12/14/2026 (Callable 12/14/2025)(a) | | | 28,800,000 | | | 26,923,654 |
2.80% to 01/19/2027 then 1 yr. CMT Rate + 1.30%, 01/19/2028 (Callable 01/19/2027)(a) | | | 2,225,000 | | | 2,053,180 |
5.63% to 01/19/2029 then 1 yr. CMT Rate + 1.75%, 01/19/2030 (Callable 01/19/2029)(a) | | | 13,000,000 | | | 12,822,355 |
2.89% to 06/09/2031 then 1 yr. CMT Rate + 1.30%, 06/09/2032 (Callable 06/09/2031)(a) | | | 6,775,000 | | | 5,527,014 |
3.34% to 01/21/2032 then 1 yr. CMT Rate + 1.60%, 01/21/2033 (Callable 01/21/2032)(a) | | | 10,000,000 | | | 8,284,933 |
6.22% to 06/15/2032 then 1 yr. CMT Rate + 3.20%, 06/15/2033 (Callable 06/15/2032)(a) | | | 9,150,000 | | | 9,009,087 |
6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, 01/19/2035 (Callable 01/19/2034)(a) | | | 17,000,000 | | | 16,829,856 |
3.63%, 03/01/2041(a) | | | 12,000,000 | | | 8,162,971 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Standard Chartered PLC
| | | | | | |
2.82% to 01/30/2025 then 3 mo. LIBOR US + 1.21%, 01/30/2026 (Callable 01/30/2025)(a)(b) | | | $ 21,000,000 | | | $ 20,627,123 |
1.46% to 01/14/2026 then 1 yr. CMT Rate + 1.00%, 01/14/2027 (Callable 01/14/2026)(a) | | | 20,658,000 | | | 19,349,208 |
2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)(a) | | | 24,000,000 | | | 22,229,958 |
7.77% to 11/16/2027 then 1 yr. CMT Rate + 3.45%, 11/16/2028 (Callable 11/16/2027)(a) | | | 8,000,000 | | | 8,513,382 |
6.30% to 01/09/2028 then 1 yr. CMT Rate + 2.45%, 01/09/2029 (Callable 01/09/2028)(a) | | | 4,000,000 | | | 4,082,222 |
4.64% to 04/01/2030 then 1 yr. CMT Rate + 3.85%, 04/01/2031 (Callable 04/01/2030)(a) | | | 14,700,000 | | | 13,995,871 |
6.30% to 07/06/2033 then 1 yr. CMT Rate + 2.58%, 07/06/2034 (Callable 07/06/2033)(a) | | | 13,850,000 | | | 14,278,025 |
5.91% to 05/14/2034 then 1 yr. CMT Rate + 1.45%, 05/14/2035 (Callable 05/14/2034)(a) | | | 26,000,000 | | | 25,770,895 |
Stifel Financial Corp., 4.00%, 05/15/2030 (Callable 02/15/2030) | | | 51,140,000 | | | 47,076,969 |
Sumitomo Mitsui Financial Group, Inc.
| | | | | | |
2.13%, 07/08/2030 | | | 7,575,000 | | | 6,332,691 |
5.85%, 07/13/2030 | | | 20,000,000 | | | 20,530,594 |
5.77%, 01/13/2033 | | | 33,650,000 | | | 34,553,518 |
Svenska Handelsbanken AB, 5.50%, 06/15/2028(a) | | | 15,250,000 | | | 15,346,919 |
Swedbank AB
| |
6.14%, 09/12/2026(a) | | | 24,400,000 | | | 24,701,693 |
5.41%, 03/14/2029(a) | | | 29,250,000 | | | 29,260,755 |
Synchrony Bank, 5.63%, 08/23/2027 (Callable 07/23/2027) | | | 18,250,000 | | | 18,079,188 |
Synchrony Financial
| |
4.25%, 08/15/2024 (Callable 08/01/2024) | | | 26,864,000 | | | 26,799,291 |
4.50%, 07/23/2025 (Callable 04/23/2025) | | | 23,127,000 | | | 22,737,484 |
3.70%, 08/04/2026 (Callable 05/04/2026) | | | 23,023,000 | | | 21,969,881 |
| | | | | | | |
| | | | | | | |
3.95%, 12/01/2027 (Callable 09/01/2027) | | | $ 44,825,000 | | | $ 41,860,375 |
2.88%, 10/28/2031 (Callable 07/28/2031) | | | 5,000,000 | | | 4,009,573 |
Toronto-Dominion Bank, 4.46%, 06/08/2032 | | | 19,000,000 | | | 17,905,452 |
Travelers Cos., Inc., 5.45%, 05/25/2053 (Callable 11/25/2052) | | | 4,000,000 | | | 4,002,915 |
Trinity Acquisition PLC
| | | | | | |
4.40%, 03/15/2026 (Callable 12/15/2025) | | | 27,305,000 | | | 26,786,043 |
6.13%, 08/15/2043 | | | 22,561,000 | | | 22,063,970 |
Truist Bank, 3.30%, 05/15/2026 (Callable 04/15/2026) | | | 3,925,000 | | | 3,760,856 |
Truist Financial Corp.
| | | | | | |
7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029 (Callable 10/30/2028) | | | 8,000,000 | | | 8,494,912 |
5.12% to 01/26/2033 then SOFR + 1.85%, 01/26/2034 (Callable 01/26/2033) | | | 12,000,000 | | | 11,493,191 |
Trustage Financial Group, Inc., 4.63%, 04/15/2032 (Callable 01/15/2032)(a) | | | 2,205,000 | | | 1,935,309 |
UBS Group AG
| | | | | | |
2.59% to 09/11/2024 then SOFR + 1.56%, 09/11/2025 (Callable 09/11/2024)(a) | | | 12,250,000 | | | 12,168,592 |
4.55%, 04/17/2026 | | | 7,000,000 | | | 6,878,716 |
2.19% to 06/05/2025 then SOFR + 2.04%, 06/05/2026 (Callable 06/05/2025)(a) | | | 15,000,000 | | | 14,495,676 |
5.71% (1 yr. CMT Rate + 1.55%), 01/12/2027 (Callable 01/12/2026)(a) | | | 4,078,000 | | | 4,080,144 |
1.36% to 01/30/2026 then 1 yr. CMT Rate + 1.08%, 01/30/2027 (Callable 01/30/2026)(a) | | | 21,397,000 | | | 19,982,359 |
1.31% to 02/02/2026 then SOFR + 0.98%, 02/02/2027 (Callable 02/02/2026)(a) | | | 40,000,000 | | | 37,292,000 |
1.49% to 08/10/2026 then 1 yr. CMT Rate + 0.85%, 08/10/2027 (Callable 08/10/2026)(a) | | | 9,000,000 | | | 8,257,121 |
4.28%, 01/09/2028 (Callable 01/09/2027)(a) | | | 17,403,000 | | | 16,689,400 |
4.25%, 03/23/2028 (Callable 03/23/2027)(a) | | | 17,150,000 | | | 16,411,987 |
3.87% to 01/12/2028 then 3 mo. LIBOR US + 1.41%, 01/12/2029 (Callable 01/12/2028)(a)(b) | | | 34,500,000 | | | 32,564,859 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
4.19% to 04/01/2030 then SOFR + 3.73%, 04/01/2031 (Callable 04/01/2030)(a) | | | $ 20,000,000 | | | $ 18,670,497 |
2.10% to 02/11/2031 then 1 yr. CMT Rate + 1.00%, 02/11/2032 (Callable 02/11/2031)(a) | | | 43,570,000 | | | 35,011,177 |
3.09% to 05/14/2031 then SOFR + 1.73%, 05/14/2032 (Callable 05/14/2031)(a) | | | 10,000,000 | | | 8,530,055 |
6.54% to 08/12/2032 then SOFR + 3.92%, 08/12/2033 (Callable 08/12/2032)(a) | | | 6,000,000 | | | 6,296,329 |
UnitedHealth Group, Inc.
| | | | | | |
2.75%, 05/15/2040 (Callable 11/15/2039) | | | 7,000,000 | | | 5,029,485 |
4.75%, 05/15/2052 (Callable 11/15/2051) | | | 8,275,000 | | | 7,326,378 |
Wells Fargo & Co.
| |
3.00%, 04/22/2026 | | | 3,000,000 | | | 2,876,094 |
3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | | | 3,199,000 | | | 3,051,358 |
5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 (Callable 04/22/2027) | | | 10,000,000 | | | 10,086,532 |
2.39% to 06/02/2027 then SOFR + 2.10%, 06/02/2028 (Callable 06/02/2027) | | | 64,086,000 | | | 59,022,458 |
4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028 (Callable 07/25/2027) | | | 13,000,000 | | | 12,820,402 |
5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 (Callable 07/25/2028) | | | 30,225,000 | | | 30,499,206 |
3.35% to 03/02/2032 then SOFR + 1.50%, 03/02/2033 (Callable 03/02/2032) | | | 5,000,000 | | | 4,336,028 |
5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 (Callable 04/24/2033) | | | 23,925,000 | | | 23,651,479 |
6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 (Callable 10/23/2033) | | | 25,000,000 | | | 26,651,409 |
5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 (Callable 01/23/2034) | | | 10,650,000 | | | 10,612,652 |
3.07% to 04/30/2040 then SOFR + 2.53%, 04/30/2041 (Callable 04/30/2040) | | | 25,000,000 | | | 18,332,053 |
3.90%, 05/01/2045 | | | 5,000,000 | | | 3,947,820 |
5.01% to 04/04/2050 then 3 mo. Term SOFR + 4.50%, 04/04/2051 (Callable 04/04/2050) | | | 7,000,000 | | | 6,376,420 |
| | | | | | | |
| | | | | | | |
Wells Fargo Bank NA, 5.85%, 02/01/2037 | | | $ 10,000,000 | | | $10,260,805 |
Western & Southern Financial Group, Inc., 5.75%, 07/15/2033(a) | | | 8,300,000 | | | 8,478,658 |
Westpac Banking Corp.
| | | | | | |
2.89% to 02/04/2025 then 5 yr. CMT Rate + 1.35%, 02/04/2030 (Callable 02/04/2025) | | | 11,425,000 | | | 11,200,470 |
4.32% to 11/23/2026 then 5 yr. Mid Swap Rate USD + 2.24%, 11/23/2031 (Callable 11/23/2026) | | | 8,350,000 | | | 8,059,061 |
5.41% to 08/10/2032 then 1 yr. CMT Rate + 2.68%, 08/10/2033 (Callable 08/10/2032) | | | 5,000,000 | | | 4,883,229 |
6.82%, 11/17/2033 | | | 4,350,000 | | | 4,679,972 |
4.11% to 07/24/2029 then 5 yr. CMT Rate + 2.00%, 07/24/2034 (Callable 07/24/2029) | | | 10,000,000 | | | 9,239,803 |
2.67% to 11/15/2030 then 5 yr. CMT Rate + 1.75%, 11/15/2035 (Callable 11/15/2030) | | | 13,600,000 | | | 11,237,951 |
4.42%, 07/24/2039 | | | 10,000,000 | | | 8,826,947 |
Willis North America, Inc.
| | | | | | |
4.65%, 06/15/2027 (Callable 05/15/2027) | | | 8,525,000 | | | 8,375,860 |
2.95%, 09/15/2029 (Callable 06/15/2029) | | | 7,500,000 | | | 6,718,235 |
5.35%, 05/15/2033 (Callable 02/15/2033) | | | 11,425,000 | | | 11,202,323 |
5.05%, 09/15/2048 (Callable 03/15/2048) | | | 10,200,000 | | | 8,846,125 |
5.90%, 03/05/2054 (Callable 09/05/2053) | | | 23,750,000 | | | 23,014,713 |
WP Carey, Inc., 5.38%, 06/30/2034 (Callable 03/30/2034) | | | 10,000,000 | | | 9,726,176 |
| | | 7,309,116,557 |
Industrials - 18.8%
| | | | | | |
AbbVie, Inc.
| |
2.95%, 11/21/2026 (Callable 09/21/2026) | | | 9,625,000 | | | 9,174,998 |
4.55%, 03/15/2035 (Callable 09/15/2034) | | | 26,098,000 | | | 24,755,476 |
4.50%, 05/14/2035 (Callable 11/14/2034) | | | 17,395,000 | | | 16,407,992 |
4.30%, 05/14/2036 (Callable 11/14/2035) | | | 6,000,000 | | | 5,523,232 |
4.05%, 11/21/2039 (Callable 05/21/2039) | | | 12,700,000 | | | 11,031,193 |
Adventist Health System/West
| |
2.95%, 03/01/2029 (Callable 12/01/2028) | | | 19,250,000 | | | 17,284,421 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
3.63%, 03/01/2049 (Callable 09/01/2048) | | | $ 9,000,000 | | | $ 6,367,942 |
AGCO Corp., 5.80%, 03/21/2034 (Callable 12/21/2033) | | | 13,500,000 | | | 13,447,355 |
Agilent Technologies, Inc., 2.10%, 06/04/2030 (Callable 03/04/2030) | | | 14,000,000 | | | 11,809,347 |
Air Products and Chemicals, Inc., 2.70%, 05/15/2040 (Callable 11/15/2039) | | | 10,425,000 | | | 7,437,045 |
Aker BP ASA
| | | | | | |
2.00%, 07/15/2026 (Callable 06/15/2026)(a) | | | 11,348,000 | | | 10,557,851 |
5.60%, 06/13/2028 (Callable 05/13/2028)(a) | | | 15,500,000 | | | 15,636,722 |
6.00%, 06/13/2033 (Callable 03/13/2033)(a) | | | 16,500,000 | | | 16,669,656 |
Alcon Finance Corp.
| | | | | | |
2.75%, 09/23/2026 (Callable 07/23/2026)(a) | | | 14,770,000 | | | 13,972,155 |
3.80%, 09/23/2049 (Callable 03/23/2049)(a) | | | 7,000,000 | | | 5,262,676 |
Allegion PLC, 3.50%, 10/01/2029 (Callable 07/01/2029) | | | 21,494,000 | | | 19,847,140 |
Allegion US Holding Co., Inc.
| | | | | | |
3.20%, 10/01/2024 (Callable 08/01/2024) | | | 29,750,000 | | | 29,536,099 |
3.55%, 10/01/2027 (Callable 07/01/2027) | | | 11,975,000 | | | 11,340,695 |
5.41%, 07/01/2032 (Callable 04/01/2032) | | | 12,675,000 | | | 12,644,483 |
5.60%, 05/29/2034 (Callable 02/28/2034) | | | 10,000,000 | | | 10,004,946 |
Amcor Group Finance PLC,
5.45%, 05/23/2029 (Callable 04/23/2029) | | | 19,500,000 | | | 19,564,171 |
Amgen, Inc.
| | | | | | |
3.15%, 02/21/2040 (Callable 08/21/2039) | | | 13,350,000 | | | 9,976,283 |
4.40%, 05/01/2045 (Callable 11/01/2044) | | | 12,300,000 | | | 10,349,602 |
4.20%, 02/22/2052 (Callable 08/22/2051) | | | 4,000,000 | | | 3,162,902 |
5.65%, 03/02/2053 (Callable 09/02/2052) | | | 36,925,000 | | | 36,365,306 |
Anglo American Capital PLC
| |
4.88%, 05/14/2025(a) | | | 3,376,000 | | | 3,350,137 |
4.75%, 04/10/2027(a) | | | 10,000,000 | | | 9,815,136 |
4.50%, 03/15/2028 (Callable 12/15/2027)(a) | | | 2,570,000 | | | 2,491,302 |
5.63%, 04/01/2030 (Callable 01/01/2030)(a) | | | 10,439,000 | | | 10,506,525 |
2.63%, 09/10/2030 (Callable 06/10/2030)(a) | | | 35,000,000 | | | 29,862,106 |
| | | | | | | |
| | | | | | | |
5.75%, 04/05/2034 (Callable 01/05/2034)(a) | | | $ 30,000,000 | | | $ 29,937,958 |
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/2046 (Callable 08/01/2045) | | | 52,184,000 | | | 48,111,542 |
Anheuser-Busch InBev Worldwide, Inc.
| | | | | | |
4.75%, 01/23/2029 (Callable 10/23/2028) | | | 4,075,000 | | | 4,051,889 |
4.38%, 04/15/2038 (Callable 10/15/2037) | | | 7,000,000 | | | 6,371,837 |
5.45%, 01/23/2039 (Callable 07/23/2038) | | | 20,000,000 | | | 20,274,935 |
AP Moller - Maersk AS, 4.50%, 06/20/2029 (Callable 03/20/2029)(a) | | | 8,000,000 | | | 7,805,566 |
Apple, Inc., 2.65%, 05/11/2050 (Callable 11/11/2049) | | | 10,000,000 | | | 6,382,115 |
AptarGroup, Inc., 3.60%, 03/15/2032 (Callable 12/15/2031) | | | 7,500,000 | | | 6,537,906 |
ArcelorMittal SA
| |
4.55%, 03/11/2026 | | | 13,000,000 | | | 12,782,439 |
6.55%, 11/29/2027 (Callable 10/29/2027) | | | 14,600,000 | | | 15,053,385 |
6.80%, 11/29/2032 (Callable 08/29/2032) | | | 25,000,000 | | | 26,336,586 |
6.00%, 06/17/2034 (Callable 03/17/2034) | | | 14,000,000 | | | 13,989,374 |
7.00%, 10/15/2039 | | | 15,906,000 | | | 17,083,838 |
Ashtead Capital, Inc.
| |
4.00%, 05/01/2028 (Callable 07/12/2024)(a) | | | 8,010,000 | | | 7,568,543 |
5.50%, 08/11/2032 (Callable 05/11/2032)(a) | | | 38,369,000 | | | 37,432,737 |
5.55%, 05/30/2033 (Callable 02/28/2033)(a) | | | 15,000,000 | | | 14,615,455 |
5.95%, 10/15/2033 (Callable 07/15/2033)(a) | | | 10,000,000 | | | 10,018,879 |
5.80%, 04/15/2034 (Callable 01/15/2034)(a) | | | 11,000,000 | | | 10,916,377 |
AT&T, Inc.
| |
2.55%, 12/01/2033 (Callable 09/01/2033) | | | 22,965,000 | | | 18,260,551 |
5.40%, 02/15/2034 (Callable 11/15/2033) | | | 12,000,000 | | | 12,000,122 |
4.90%, 08/15/2037 (Callable 02/14/2037) | | | 20,000,000 | | | 18,720,777 |
3.50%, 09/15/2053 (Callable 03/15/2053) | | | 10,000,000 | | | 6,788,378 |
3.55%, 09/15/2055 (Callable 03/15/2055) | | | 60,110,000 | | | 40,525,591 |
3.80%, 12/01/2057 (Callable 06/01/2057) | | | 19,423,000 | | | 13,569,605 |
3.65%, 09/15/2059 (Callable 03/15/2059) | | | 49,359,000 | | | 33,101,226 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 06/15/2033 (Callable 03/15/2033)(a) | | | $ 15,000,000 | | | $ 14,624,490 |
BAE Systems PLC
| |
1.90%, 02/15/2031 (Callable 11/15/2030)(a) | | | 18,500,000 | | | 15,028,036 |
5.50%, 03/26/2054 (Callable 09/26/2053)(a) | | | 7,200,000 | | | 7,039,753 |
Bayer US Finance II LLC
| |
5.50%, 08/15/2025(a) | | | 14,400,000 | | | 14,314,657 |
4.25%, 12/15/2025 (Callable 10/15/2025)(a) | | | 14,440,000 | | | 14,126,338 |
Bayer US Finance LLC, 6.25%, 01/21/2029 (Callable 12/21/2028)(a) | | | 15,000,000 | | | 15,316,132 |
Bayport Polymers LLC, 4.74%, 04/14/2027 (Callable 03/14/2027)(a) | | | 61,325,000 | | | 59,015,375 |
Beam Suntory, Inc., 6.63%, 07/15/2028 | | | 11,220,000 | | | 11,866,616 |
Becle SAB de CV, 2.50%, 10/14/2031 (Callable 07/14/2031)(a) | | | 39,193,000 | | | 31,249,363 |
Becton Dickinson & Co.
| |
2.82%, 05/20/2030 (Callable 02/20/2030) | | | 15,000,000 | | | 13,263,392 |
4.88%, 05/15/2044 (Callable 11/15/2043) | | | 6,815,000 | | | 5,831,619 |
Bell Telephone Co. of Canada or Bell Canada
| | | | | | |
5.10%, 05/11/2033 (Callable 02/11/2033) | | | 11,000,000 | | | 10,787,563 |
4.46%, 04/01/2048 (Callable 10/01/2047) | | | 1,225,000 | | | 1,023,517 |
Berry Global, Inc.
| |
5.50%, 04/15/2028 (Callable 03/15/2028) | | | 19,345,000 | | | 19,304,155 |
5.80%, 06/15/2031 (Callable 04/15/2031)(a) | | | 31,000,000 | | | 30,954,704 |
Bimbo Bakeries USA, Inc., 4.00%, 05/17/2051 (Callable 11/17/2050)(a) | | | 20,009,000 | | | 15,078,912 |
Boardwalk Pipelines LP
| |
4.95%, 12/15/2024 (Callable 09/15/2024) | | | 27,631,000 | | | 27,524,767 |
5.95%, 06/01/2026 (Callable 03/01/2026) | | | 28,506,000 | | | 28,650,832 |
4.45%, 07/15/2027 (Callable 04/15/2027) | | | 14,877,000 | | | 14,467,839 |
4.80%, 05/03/2029 (Callable 02/03/2029) | | | 16,918,000 | | | 16,545,784 |
3.40%, 02/15/2031 (Callable 11/15/2030) | | | 5,825,000 | | | 5,100,265 |
| | | | | | | |
| | | | | | | |
3.60%, 09/01/2032 (Callable 06/01/2032) | | | $ 25,550,000 | | | $ 22,031,679 |
5.63%, 08/01/2034 (Callable 05/01/2034) | | | 9,825,000 | | | 9,654,827 |
Boeing Co.
| | | | | | |
2.20%, 02/04/2026 (Callable 07/12/2024) | | | 47,500,000 | | | 44,644,069 |
5.04%, 05/01/2027 (Callable 03/01/2027) | | | 5,140,000 | | | 5,026,749 |
5.15%, 05/01/2030 (Callable 02/01/2030) | | | 26,150,000 | | | 25,111,479 |
Bon Secours Mercy Health, Inc.
| | | | | | |
3.46%, 06/01/2030 (Callable 12/01/2029) | | | 8,000,000 | | | 7,390,609 |
3.21%, 06/01/2050 (Callable 12/01/2049) | | | 10,800,000 | | | 7,323,903 |
BP Capital Markets America, Inc.
| |
4.81%, 02/13/2033 (Callable 11/13/2032) | | | 7,600,000 | | | 7,367,831 |
4.89%, 09/11/2033 (Callable 06/11/2033) | | | 8,350,000 | | | 8,119,593 |
Bristol-Myers Squibb Co., 3.70%, 03/15/2052 (Callable 09/15/2051) | | | 10,000,000 | | | 7,327,892 |
British Telecommunications PLC, 9.63%, 12/15/2030 | | | 55,630,000 | | | 67,924,685 |
Broadcom, Inc.
| | | | | | |
3.15%, 11/15/2025 (Callable 10/15/2025) | | | 23,600,000 | | | 22,866,661 |
4.00%, 04/15/2029 (Callable 02/15/2029)(a) | | | 6,000,000 | | | 5,716,424 |
4.75%, 04/15/2029 (Callable 01/15/2029) | | | 43,900,000 | | | 43,298,304 |
5.00%, 04/15/2030 (Callable 01/15/2030) | | | 11,000,000 | | | 11,004,517 |
4.15%, 11/15/2030 (Callable 08/15/2030) | | | 6,000,000 | | | 5,666,681 |
4.15%, 04/15/2032 (Callable 01/15/2032)(a) | | | 18,000,000 | | | 16,607,362 |
3.47%, 04/15/2034 (Callable 01/15/2034)(a) | | | 15,000,000 | | | 12,787,409 |
3.14%, 11/15/2035 (Callable 08/15/2035)(a) | | | 12,000,000 | | | 9,609,451 |
3.50%, 02/15/2041 (Callable 08/15/2040)(a) | | | 21,000,000 | | | 16,097,593 |
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029 (Callable 09/01/2029) | | | 11,300,000 | | | 10,069,737 |
Brunswick Corp./DE, 5.85%, 03/18/2029 (Callable 02/18/2029) | | | 20,000,000 | | | 20,011,279 |
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026 (Callable 05/15/2026) | | | 11,550,000 | | | 11,048,506 |
Burlington Northern Santa Fe LLC, 4.15%, 04/01/2045 (Callable 10/01/2044) | | | 3,000,000 | | | 2,483,530 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Cameron LNG LLC, 3.30%, 01/15/2035 (Callable 09/15/2034)(a) | | | $ 20,000,000 | | | $ 16,468,486 |
Canadian Natural Resources Ltd., 6.50%, 02/15/2037 | | | 982,000 | | | 1,019,005 |
Canadian Pacific Railway Co.
| | | | | | |
4.70%, 05/01/2048 (Callable 11/01/2047) | | | 10,075,000 | | | 8,720,307 |
3.50%, 05/01/2050 (Callable 11/01/2049) | | | 12,000,000 | | | 8,639,749 |
Cargill, Inc., 4.75%, 04/24/2033 (Callable 01/24/2033)(a) | | | 10,200,000 | | | 9,927,804 |
Carlisle Cos., Inc., 2.75%, 03/01/2030 (Callable 12/01/2029) | | | 16,000,000 | | | 14,092,315 |
Carrier Global Corp.
| |
2.49%, 02/15/2027 (Callable 12/15/2026) | | | 25,975,000 | | | 24,319,093 |
2.72%, 02/15/2030 (Callable 11/15/2029) | | | 6,861,000 | | | 6,061,330 |
2.70%, 02/15/2031 (Callable 11/15/2030) | | | 18,500,000 | | | 15,903,784 |
5.90%, 03/15/2034 (Callable 12/15/2033) | | | 15,000,000 | | | 15,655,031 |
3.38%, 04/05/2040 (Callable 10/05/2039) | | | 10,000,000 | | | 7,735,516 |
6.20%, 03/15/2054 (Callable 09/15/2053) | | | 4,950,000 | | | 5,299,676 |
CBRE Services, Inc., 5.95%, 08/15/2034 (Callable 05/15/2034) | | | 20,000,000 | | | 20,247,109 |
CCL Industries, Inc., 3.05%, 06/01/2030 (Callable 03/01/2030)(a) | | | 20,000,000 | | | 17,703,179 |
CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026 (Callable 11/01/2026) | | | 9,000,000 | | | 8,407,360 |
Celanese US Holdings LLC
| |
6.33%, 07/15/2029 (Callable 05/15/2029) | | | 8,675,000 | | | 8,922,178 |
6.55%, 11/15/2030 (Callable 09/15/2030) | | | 15,000,000 | | | 15,674,898 |
Cellnex Finance Co. SA, 3.88%, 07/07/2041 (Callable 04/07/2041)(a) | | | 51,774,000 | | | 40,892,208 |
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/2027 (Callable 08/02/2027) | | | 12,000,000 | | | 11,220,238 |
CF Industries, Inc., 5.15%, 03/15/2034 | | | 3,000,000 | | | 2,876,791 |
Charter Communications Operating LLC
| |
3.75%, 02/15/2028 (Callable 11/15/2027) | | | 5,000,000 | | | 4,647,071 |
| | | | | | | |
| | | | | | | |
6.38%, 10/23/2035 (Callable 04/23/2035) | | | $ 84,921,000 | | | $ 82,797,935 |
Charter Communications Operating LLC / Charter Communications Operating Capital
| |
4.91%, 07/23/2025 (Callable 04/23/2025) | | | 12,618,000 | | | 12,495,431 |
5.05%, 03/30/2029 (Callable 12/30/2028) | | | 36,857,000 | | | 35,445,107 |
6.55%, 06/01/2034 (Callable 03/01/2034) | | | 45,140,000 | | | 45,155,012 |
3.50%, 06/01/2041 (Callable 12/01/2040) | | | 22,225,000 | | | 14,926,700 |
3.50%, 03/01/2042 (Callable 09/01/2041) | | | 11,050,000 | | | 7,351,359 |
4.40%, 12/01/2061 (Callable 06/01/2061) | | | 24,375,000 | | | 15,899,189 |
Cheniere Energy Partners LP
| | | | | | |
5.95%, 06/30/2033 (Callable 12/30/2032) | | | 26,000,000 | | | 26,362,544 |
5.75%, 08/15/2034 (Callable 02/15/2034)(a) | | | 11,750,000 | | | 11,796,812 |
Choice Hotels International, Inc., 5.85%, 08/01/2034 (Callable 05/01/2034) | | | 10,750,000 | | | 10,595,289 |
Church & Dwight Co., Inc., 5.00%, 06/15/2052 (Callable 12/15/2051) | | | 6,725,000 | | | 6,248,704 |
Cia Cervecerias Unidas SA, 3.35%, 01/19/2032 (Callable 10/19/2031)(a) | | | 25,000,000 | | | 21,739,248 |
Cigna Group
| | | | | | |
4.50%, 02/25/2026 (Callable 11/27/2025) | | | 6,397,000 | | | 6,299,893 |
2.40%, 03/15/2030 (Callable 12/15/2029) | | | 13,034,000 | | | 11,276,957 |
4.80%, 08/15/2038 (Callable 02/15/2038) | | | 5,000,000 | | | 4,594,225 |
CNH Industrial Capital LLC, 1.88%, 01/15/2026 (Callable 12/15/2025) | | | 20,000,000 | | | 18,928,211 |
CNH Industrial NV, 3.85%, 11/15/2027 (Callable 08/15/2027) | | | 23,656,000 | | | 22,654,004 |
Columbia Pipeline Group, Inc.
| | | | | | |
4.50%, 06/01/2025 (Callable 03/01/2025) | | | 6,199,000 | | | 6,122,849 |
5.80%, 06/01/2045 (Callable 12/01/2044) | | | 10,776,000 | | | 10,511,988 |
Columbia Pipelines Operating Co. LLC
| |
6.04%, 11/15/2033 (Callable 08/15/2033)(a) | | | 17,300,000 | | | 17,679,171 |
6.50%, 08/15/2043 (Callable 02/15/2043)(a) | | | 10,000,000 | | | 10,414,793 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Comcast Corp.
| | | | | | |
3.55%, 05/01/2028 (Callable 02/01/2028) | | | $ 9,125,000 | | | $ 8,668,328 |
3.20%, 07/15/2036 (Callable 01/15/2036) | | | 6,000,000 | | | 4,848,091 |
3.97%, 11/01/2047 (Callable 05/01/2047) | | | 8,622,000 | | | 6,724,897 |
5.35%, 05/15/2053 (Callable 11/15/2052) | | | 19,000,000 | | | 18,213,488 |
2.99%, 11/01/2063 (Callable 05/01/2063) | | | 14,646,000 | | | 8,595,380 |
CommonSpirit Health, 3.35%, 10/01/2029 (Callable 04/01/2029) | | | 17,635,000 | | | 16,187,196 |
Conagra Brands, Inc.
| |
7.13%, 10/01/2026 | | | 6,441,000 | | | 6,682,206 |
7.00%, 10/01/2028 | | | 4,300,000 | | | 4,574,116 |
5.30%, 11/01/2038 (Callable 05/01/2038) | | | 5,000,000 | | | 4,705,617 |
Concentrix Corp., 6.60%, 08/02/2028 (Callable 07/02/2028) | | | 25,000,000 | | | 25,305,527 |
Constellation Brands, Inc., 4.90%, 05/01/2033 (Callable 02/01/2033) | | | 7,950,000 | | | 7,675,313 |
Corning, Inc., 4.38%, 11/15/2057 (Callable 05/15/2057) | | | 9,000,000 | | | 7,058,953 |
Cox Communications, Inc.
| | | | | | |
3.35%, 09/15/2026 (Callable 06/15/2026)(a) | | | 25,300,000 | | | 24,186,907 |
5.70%, 06/15/2033 (Callable 03/15/2033)(a) | | | 5,900,000 | | | 5,868,120 |
4.80%, 02/01/2035 (Callable 08/01/2034)(a) | | | 14,000,000 | | | 12,661,694 |
3.60%, 06/15/2051 (Callable 12/15/2050)(a) | | | 21,000,000 | | | 14,248,358 |
Crown Castle, Inc., 5.10%, 05/01/2033 (Callable 02/01/2033) | | | 20,400,000 | | | 19,677,656 |
CSL Finance PLC, 4.05%, 04/27/2029 (Callable 02/27/2029)(a) | | | 7,500,000 | | | 7,172,963 |
CSX Corp., 4.65%, 03/01/2068 (Callable 09/01/2067) | | | 9,000,000 | | | 7,536,147 |
CVS Health Corp.
| | | | | | |
3.63%, 04/01/2027 (Callable 02/01/2027) | | | 3,000,000 | | | 2,877,694 |
3.25%, 08/15/2029 (Callable 05/15/2029) | | | 8,000,000 | | | 7,257,233 |
5.30%, 06/01/2033 (Callable 03/01/2033) | | | 6,500,000 | | | 6,352,187 |
4.78%, 03/25/2038 (Callable 09/25/2037) | | | 40,059,000 | | | 35,765,335 |
| | | | | | | |
| | | | | | | |
2.70%, 08/21/2040 (Callable 02/21/2040) | | | $ 5,000,000 | | | $ 3,322,059 |
5.13%, 07/20/2045 (Callable 01/20/2045) | | | 44,155,000 | | | 38,859,177 |
5.05%, 03/25/2048 (Callable 09/25/2047) | | | 42,300,000 | | | 36,445,980 |
5.88%, 06/01/2053 (Callable 12/01/2052) | | | 9,000,000 | | | 8,624,328 |
6.05%, 06/01/2054 (Callable 12/01/2053) | | | 11,000,000 | | | 10,787,739 |
DCP Midstream Operating LP, 5.13%, 05/15/2029 (Callable 02/15/2029) | | | 10,000,000 | | | 9,951,512 |
Dell International LLC / EMC Corp.
| | | | | | |
6.02%, 06/15/2026 (Callable 03/15/2026) | | | 30,055,000 | | | 30,369,451 |
5.30%, 10/01/2029 (Callable 07/01/2029) | | | 6,000,000 | | | 6,033,851 |
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030 (Callable 03/01/2030) | | | 27,000,000 | | | 23,591,886 |
Deutsche Telekom International Finance BV, 8.75%, 06/15/2030 | | | 8,661,000 | | | 10,096,296 |
Dignity Health, 5.27%, 11/01/2064 | | | 2,921,000 | | | 2,657,618 |
Dollar General Corp., 3.50%, 04/03/2030 (Callable 01/03/2030) | | | 7,000,000 | | | 6,393,854 |
DuPont de Nemours, Inc.
| |
4.49%, 11/15/2025 (Callable 09/15/2025) | | | 10,000,000 | | | 9,858,470 |
5.32%, 11/15/2038 (Callable 05/15/2038) | | | 17,538,000 | | | 18,040,450 |
DXC Technology Co.
| | | | | | |
1.80%, 09/15/2026 (Callable 08/15/2026) | | | 29,000,000 | | | 26,620,308 |
2.38%, 09/15/2028 (Callable 07/15/2028) | | | 79,050,000 | | | 68,779,606 |
Eagle Materials, Inc., 2.50%, 07/01/2031 (Callable 04/01/2031) | | | 8,700,000 | | | 7,337,990 |
Eastern Gas Transmission & Storage, Inc.
| | | | | | |
4.80%, 11/01/2043 (Callable 05/01/2043) | | | 4,017,000 | | | 3,526,328 |
4.60%, 12/15/2044 (Callable 06/15/2044) | | | 3,674,000 | | | 3,088,194 |
Element Fleet Management Corp.
| |
3.85%, 06/15/2025 (Callable 05/15/2025)(a) | | | 18,492,000 | | | 18,133,448 |
6.27%, 06/26/2026 (Callable 05/26/2026)(a) | | | 40,000,000 | | | 40,468,050 |
5.64%, 03/13/2027 (Callable 02/13/2027)(a) | | | 10,000,000 | | | 10,024,109 |
6.32%, 12/04/2028 (Callable 11/04/2028)(a) | | | 9,225,000 | | | 9,536,785 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Enbridge Energy Partners LP
| | | | | | |
7.50%, 04/15/2038 | | | $ 4,500,000 | | | $ 5,151,881 |
7.38%, 10/15/2045 (Callable 04/15/2045) | | | 20,000,000 | | | 22,783,857 |
Enbridge, Inc., 6.20%, 11/15/2030 (Callable 09/15/2030) | | | 8,725,000 | | | 9,160,929 |
Energy Transfer LP
| | | | | | |
3.90%, 07/15/2026 (Callable 04/15/2026) | | | 10,000,000 | | | 9,683,111 |
5.50%, 06/01/2027 (Callable 03/01/2027) | | | 7,019,000 | | | 7,038,943 |
4.00%, 10/01/2027 (Callable 07/01/2027) | | | 2,000,000 | | | 1,920,137 |
6.00%, 02/01/2029 (Callable 08/01/2024)(a) | | | 44,900,000 | | | 45,208,283 |
5.25%, 04/15/2029 (Callable 01/15/2029) | | | 22,666,000 | | | 22,576,289 |
3.75%, 05/15/2030 (Callable 02/15/2030) | | | 2,775,000 | | | 2,552,736 |
7.38%, 02/01/2031 (Callable 02/01/2026)(a) | | | 10,450,000 | | | 10,904,460 |
4.90%, 03/15/2035 (Callable 09/15/2034) | | | 4,550,000 | | | 4,225,980 |
6.63%, 10/15/2036 | | | 15,094,000 | | | 15,941,229 |
5.80%, 06/15/2038 (Callable 12/15/2037) | | | 9,539,000 | | | 9,336,873 |
7.50%, 07/01/2038 | | | 20,729,000 | | | 23,548,989 |
6.05%, 06/01/2041 (Callable 12/01/2040) | | | 1,611,000 | | | 1,583,309 |
6.50%, 02/01/2042 (Callable 08/01/2041) | | | 7,603,000 | | | 7,864,166 |
5.95%, 10/01/2043 (Callable 04/01/2043) | | | 3,550,000 | | | 3,433,877 |
6.13%, 12/15/2045 (Callable 06/15/2045) | | | 5,797,000 | | | 5,683,438 |
5.40%, 10/01/2047 (Callable 04/01/2047) | | | 7,425,000 | | | 6,642,315 |
6.00%, 06/15/2048 (Callable 12/15/2047) | | | 13,000,000 | | | 12,526,489 |
6.25%, 04/15/2049 (Callable 10/15/2048) | | | 3,850,000 | | | 3,829,928 |
Eni SpA
| |
4.25%, 05/09/2029 (Callable 02/09/2029)(a) | | | 18,250,000 | | | 17,538,284 |
5.95%, 05/15/2054 (Callable 11/15/2053)(a) | | | 11,000,000 | | | 10,803,968 |
Enterprise Products Operating LLC, 5.75%, 03/01/2035 | | | 4,930,000 | | | 5,043,340 |
EQT Corp.
| |
5.70%, 04/01/2028 (Callable 03/01/2028) | | | 10,000,000 | | | 10,097,350 |
7.00%, 02/01/2030 (Callable 11/01/2029) | | | 5,493,000 | | | 5,829,320 |
EQT Midstream Partners LP
| | | | | | |
| | |
| | | | | | | |
4.00%, 08/01/2024 (Callable 05/02/2024) | | | $ 1,123,000 | | | $ 1,119,246 |
4.13%, 12/01/2026 (Callable 09/01/2026) | | | 10,000,000 | | | 9,638,473 |
Equifax, Inc., 5.10%, 06/01/2028 (Callable 05/01/2028) | | | 15,000,000 | | | 14,939,056 |
Equinix, Inc.
| |
3.20%, 11/18/2029 (Callable 08/18/2029) | | | 2,000,000 | | | 1,802,031 |
2.15%, 07/15/2030 (Callable 04/15/2030) | | | 7,675,000 | | | 6,434,918 |
ERAC USA Finance LLC, 3.30%, 12/01/2026 (Callable 09/01/2026)(a) | | | 20,225,000 | | | 19,325,081 |
FedEx Corp., 4.95%, 10/17/2048 (Callable 04/17/2048) | | | 15,000,000 | | | 13,241,023 |
Ferguson Finance PLC
| | | | | | |
4.50%, 10/24/2028 (Callable 07/24/2028)(a) | | | 43,025,000 | | | 41,999,311 |
3.25%, 06/02/2030 (Callable 03/02/2030)(a) | | | 28,100,000 | | | 25,351,898 |
4.65%, 04/20/2032 (Callable 01/20/2032)(a) | | | 28,125,000 | | | 26,618,520 |
Fidelity National Information Services, Inc.
| | | | | | |
5.10%, 07/15/2032 (Callable 04/15/2032) | | | 4,500,000 | | | 4,443,731 |
3.10%, 03/01/2041 (Callable 09/01/2040) | | | 7,100,000 | | | 5,098,301 |
4.50%, 08/15/2046 (Callable 02/15/2046) | | | 23,740,000 | | | 19,527,220 |
Fiserv, Inc.
| | | | | | |
3.20%, 07/01/2026 (Callable 05/01/2026) | | | 11,650,000 | | | 11,179,613 |
4.20%, 10/01/2028 (Callable 07/01/2028) | | | 5,000,000 | | | 4,804,648 |
3.50%, 07/01/2029 (Callable 04/01/2029) | | | 4,307,000 | | | 3,981,950 |
2.65%, 06/01/2030 (Callable 03/01/2030) | | | 28,900,000 | | | 25,140,883 |
5.63%, 08/21/2033 (Callable 05/21/2033) | | | 17,000,000 | | | 17,143,274 |
4.40%, 07/01/2049 (Callable 01/01/2049) | | | 11,000,000 | | | 8,926,998 |
Flex Intermediate Holdco LLC, 3.36%, 06/30/2031 (Callable 12/30/2030)(a) | | | 16,000,000 | | | 13,312,988 |
Flex Ltd.
| | | | | | |
3.75%, 02/01/2026 (Callable 01/01/2026) | | | 15,000,000 | | | 14,556,892 |
6.00%, 01/15/2028 (Callable 12/15/2027) | | | 20,000,000 | | | 20,264,673 |
4.88%, 06/15/2029 (Callable 03/15/2029) | | | 30,627,000 | | | 29,667,355 |
4.88%, 05/12/2030 (Callable 02/12/2030) | | | 21,830,000 | | | 21,129,726 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Florida Gas Transmission Co. LLC, 2.55%, 07/01/2030 (Callable 04/01/2030)(a) | | | $ 18,500,000 | | | $ 16,028,971 |
Flowserve Corp., 2.80%, 01/15/2032 (Callable 10/15/2031) | | | 9,625,000 | | | 7,899,033 |
FMC Corp., 3.20%, 10/01/2026 (Callable 08/01/2026) | | | 5,000,000 | | | 4,740,152 |
Ford Motor Credit Co. LLC
| |
3.66%, 09/08/2024 | | | 5,565,000 | | | 5,538,546 |
5.80%, 03/05/2027 (Callable 02/05/2027) | | | 10,000,000 | | | 10,000,225 |
6.80%, 11/07/2028 (Callable 10/07/2028) | | | 15,000,000 | | | 15,499,405 |
Fortune Brands Innovations, Inc.
| |
3.25%, 09/15/2029 (Callable 06/15/2029) | | | 15,000,000 | | | 13,590,220 |
5.88%, 06/01/2033 (Callable 03/01/2033) | | | 24,000,000 | | | 24,319,367 |
Fox Corp., 6.50%, 10/13/2033 (Callable 07/13/2033) | | | 7,000,000 | | | 7,332,623 |
Freeport-McMoRan, Inc.
| |
4.25%, 03/01/2030 (Callable 03/01/2025) | | | 8,000,000 | | | 7,554,006 |
4.63%, 08/01/2030 (Callable 08/01/2025) | | | 5,000,000 | | | 4,810,058 |
5.45%, 03/15/2043 (Callable 09/15/2042) | | | 21,975,000 | | | 20,872,497 |
Fresenius Medical Care US Finance II, Inc., 4.75%, 10/15/2024 (Callable 08/01/2024)(a) | | | 14,530,000 | | | 14,448,668 |
Fresenius Medical Care US Finance III, Inc.
| | | | | | |
1.88%, 12/01/2026 (Callable 11/01/2026)(a) | | | 4,200,000 | | | 3,828,056 |
3.75%, 06/15/2029 (Callable 03/15/2029)(a) | | | 24,200,000 | | | 21,897,460 |
2.38%, 02/16/2031 (Callable 11/16/2030)(a) | | | 25,000,000 | | | 19,741,410 |
3.00%, 12/01/2031 (Callable 09/01/2031)(a) | | | 10,000,000 | | | 8,100,579 |
GE Capital Funding LLC, 4.55%, 05/15/2032 (Callable 02/15/2032) | | | 10,716,000 | | | 10,228,786 |
General Motors Co., 6.13%, 10/01/2025 (Callable 09/01/2025) | | | 21,479,000 | | | 21,590,770 |
General Motors Financial Co., Inc.
| |
6.05%, 10/10/2025 | | | 22,125,000 | | | 22,204,770 |
1.25%, 01/08/2026 (Callable 12/08/2025) | | | 19,000,000 | | | 17,786,270 |
5.40%, 04/06/2026 | | | 20,000,000 | | | 19,954,495 |
2.35%, 02/26/2027 (Callable 01/26/2027) | | | 11,000,000 | | | 10,175,508 |
| | | | | | | |
| | | | | | | |
5.80%, 06/23/2028 (Callable 05/23/2028) | | | $ 30,000,000 | | | $ 30,367,592 |
5.80%, 01/07/2029 (Callable 12/07/2028) | | | 10,000,000 | | | 10,088,999 |
5.55%, 07/15/2029 (Callable 06/15/2029) | | | 21,000,000 | | | 20,999,238 |
Genpact Luxembourg Sarl, 3.38%, 12/01/2024 (Callable 11/01/2024) | | | 59,575,000 | | | 58,823,397 |
Genpact Luxembourg SARL/Genpact USA, Inc.
| | | | | | |
1.75%, 04/10/2026 (Callable 03/10/2026) | | | 25,000,000 | | | 23,318,021 |
6.00%, 06/04/2029 (Callable 05/04/2029) | | | 6,400,000 | | | 6,473,408 |
Genuine Parts Co., 6.88%, 11/01/2033 (Callable 08/01/2033) | | | 26,375,000 | | | 28,962,335 |
Gilead Sciences, Inc., 4.60%, 09/01/2035 (Callable 03/01/2035) | | | 4,600,000 | | | 4,346,121 |
Glencore Finance Canada Ltd., 5.55%, 10/25/2042(a) | | | 5,000,000 | | | 4,664,310 |
Glencore Funding LLC
| |
4.00%, 04/16/2025(a) | | | 4,450,000 | | | 4,388,767 |
4.00%, 03/27/2027 (Callable 12/27/2026)(a) | | | 25,550,000 | | | 24,629,207 |
3.88%, 10/27/2027 (Callable 07/27/2027)(a) | | | 2,000,000 | | | 1,908,582 |
4.88%, 03/12/2029 (Callable 12/12/2028)(a) | | | 11,000,000 | | | 10,843,434 |
5.37%, 04/04/2029 (Callable 03/04/2029)(a) | | | 17,200,000 | | | 17,120,141 |
2.50%, 09/01/2030 (Callable 06/01/2030)(a) | | | 61,437,000 | | | 51,948,691 |
5.70%, 05/08/2033 (Callable 02/08/2033)(a) | | | 20,000,000 | | | 19,924,816 |
3.88%, 04/27/2051 (Callable 10/27/2050)(a) | | | 6,000,000 | | | 4,284,622 |
3.38%, 09/23/2051 (Callable 03/23/2051)(a) | | | 6,000,000 | | | 3,889,935 |
Global Payments, Inc.
| | | | | | |
4.80%, 04/01/2026 (Callable 01/01/2026) | | | 6,990,000 | | | 6,901,299 |
2.15%, 01/15/2027 (Callable 12/15/2026) | | | 6,840,000 | | | 6,334,929 |
3.20%, 08/15/2029 (Callable 05/15/2029) | | | 7,500,000 | | | 6,738,075 |
2.90%, 05/15/2030 (Callable 02/15/2030) | | | 14,467,000 | | | 12,594,336 |
Grupo Bimbo SAB de CV
| |
4.88%, 06/27/2044(a) | | | 8,250,000 | | | 7,386,993 |
4.70%, 11/10/2047 (Callable 05/10/2047)(a) | | | 25,000,000 | | | 21,530,433 |
4.00%, 09/06/2049(a) | | | 7,300,000 | | | 5,608,424 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Gulfstream Natural Gas System LLC, 4.60%, 09/15/2025 (Callable 06/15/2025)(a) | | | $ 5,000,000 | | | $ 4,929,296 |
HCA, Inc.
| |
4.50%, 02/15/2027 (Callable 08/15/2026) | | | 15,000,000 | | | 14,657,370 |
4.13%, 06/15/2029 (Callable 03/15/2029) | | | 15,000,000 | | | 14,203,634 |
3.50%, 09/01/2030 (Callable 03/01/2030) | | | 14,405,000 | | | 12,993,838 |
3.63%, 03/15/2032 (Callable 12/15/2031) | | | 16,000,000 | | | 14,093,810 |
4.63%, 03/15/2052 (Callable 09/15/2051) | | | 20,000,000 | | | 16,145,710 |
5.90%, 06/01/2053 (Callable 12/01/2052) | | | 8,275,000 | | | 8,058,421 |
6.00%, 04/01/2054 (Callable 10/01/2053) | | | 13,925,000 | | | 13,758,346 |
HF Sinclair Corp., 4.50%, 10/01/2030 (Callable 07/01/2030) | | | 8,000,000 | | | 7,504,703 |
HP, Inc., 3.00%, 06/17/2027 (Callable 04/17/2027) | | | 35,000,000 | | | 32,914,025 |
Hubbell, Inc., 3.15%, 08/15/2027 (Callable 05/15/2027) | | | 11,700,000 | | | 11,031,564 |
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 (Callable 06/16/2028) | | | 35,513,000 | | | 31,230,775 |
Hyundai Capital America
| |
1.30%, 01/08/2026 (Callable 12/08/2025)(a) | | | 10,000,000 | | | 9,383,319 |
1.65%, 09/17/2026 (Callable 08/17/2026)(a) | | | 22,550,000 | | | 20,766,798 |
5.28%, 06/24/2027(a) | | | 26,000,000 | | | 25,885,281 |
5.68%, 06/26/2028 (Callable 05/26/2028)(a) | | | 36,375,000 | | | 36,759,456 |
6.10%, 09/21/2028 (Callable 08/21/2028)(a) | | | 40,000,000 | | | 41,074,771 |
Infor, Inc., 1.75%, 07/15/2025 (Callable 06/15/2025)(a) | | | 17,375,000 | | | 16,658,510 |
Ingredion, Inc., 2.90%, 06/01/2030 (Callable 03/01/2030) | | | 26,775,000 | | | 23,602,908 |
Intel Corp.
| |
5.20%, 02/10/2033 (Callable 11/10/2032) | | | 5,000,000 | | | 4,992,190 |
4.90%, 08/05/2052 (Callable 02/05/2052) | | | 10,000,000 | | | 8,814,374 |
5.70%, 02/10/2053 (Callable 08/10/2052) | | | 7,175,000 | | | 7,052,096 |
International Business Machines Corp., 4.15%, 05/15/2039 | | | 11,325,000 | | | 9,736,357 |
International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (Callable 08/15/2027)(a) | | | 10,000,000 | | | 8,928,281 |
| | | | | | | |
| | | | | | | |
IQVIA, Inc., 5.70%, 05/15/2028 (Callable 04/15/2028) | | | $ 8,475,000 | | | $ 8,557,038 |
J M Smucker Co.
| |
2.38%, 03/15/2030 (Callable 12/15/2029) | | | 9,125,000 | | | 7,882,214 |
6.50%, 11/15/2053 (Callable 05/15/2053) | | | 3,950,000 | | | 4,244,648 |
JAB Holdings BV
| | | | | | |
2.20%, 11/23/2030 (Callable 08/23/2030)(a) | | | 7,426,000 | | | 5,979,728 |
4.50%, 04/08/2052 (Callable 10/08/2051)(a) | | | 20,750,000 | | | 15,168,220 |
Jacobs Engineering Group, Inc.
| |
6.35%, 08/18/2028 (Callable 07/18/2028) | | | 21,000,000 | | | 21,662,229 |
5.90%, 03/01/2033 (Callable 12/01/2032) | | | 16,784,000 | | | 16,775,173 |
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl
| | | | | | |
3.00%, 02/02/2029 (Callable 12/02/2028) | | | 10,000,000 | | | 8,921,365 |
3.00%, 05/15/2032 (Callable 02/15/2032) | | | 18,525,000 | | | 15,250,213 |
5.75%, 04/01/2033 (Callable 01/01/2033) | | | 35,975,000 | | | 35,889,067 |
6.75%, 03/15/2034 (Callable 12/15/2033)(a) | | | 12,750,000 | | | 13,516,377 |
Johnson Controls International PLC
| |
3.90%, 02/14/2026 (Callable 11/14/2025) | | | 3,645,000 | | | 3,556,747 |
6.00%, 01/15/2036 | | | 892,000 | | | 925,384 |
4.50%, 02/15/2047 (Callable 08/15/2046) | | | 4,400,000 | | | 3,676,038 |
4.95%, 07/02/2064 (Callable 01/02/2064)(d) | | | 4,029,000 | | | 3,454,710 |
Jones Lang LaSalle, Inc., 6.88%, 12/01/2028 (Callable 11/01/2028) | | | 8,000,000 | | | 8,420,973 |
Kellanova, 2.10%, 06/01/2030 (Callable 03/01/2030) | | | 20,000,000 | | | 16,932,053 |
Keurig Dr Pepper, Inc., 3.95%, 04/15/2029 (Callable 02/15/2029) | | | 17,650,000 | | | 16,773,484 |
Keysight Technologies, Inc., 4.60%, 04/06/2027 (Callable 01/06/2027) | | | 36,562,000 | | | 35,909,966 |
Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/2031 (Callable 04/01/2031)(a) | | | 19,321,000 | | | 16,384,923 |
Kinder Morgan Energy Partners LP
| |
7.30%, 08/15/2033 | | | 8,103,000 | | | 8,991,818 |
5.80%, 03/15/2035 | | | 2,150,000 | | | 2,159,426 |
6.50%, 02/01/2037 | | | 6,400,000 | | | 6,703,673 |
6.95%, 01/15/2038 | | | 14,008,000 | | | 15,195,999 |
6.50%, 09/01/2039 | | | 5,359,000 | | | 5,564,295 |
7.50%, 11/15/2040 | | | 7,917,000 | | | 8,908,236 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Kinder Morgan, Inc.
| | | | | | |
8.05%, 10/15/2030 | | | $ 3,670,000 | | | $ 4,131,511 |
7.80%, 08/01/2031 | | | 16,745,000 | | | 18,931,697 |
7.75%, 01/15/2032 | | | 44,035,000 | | | 49,696,669 |
Kinross Gold Corp., 6.88%, 09/01/2041 (Callable 03/01/2041) | | | 3,000,000 | | | 3,204,593 |
Kraft Heinz Foods Co.
| |
3.00%, 06/01/2026 (Callable 03/01/2026) | | | 9,249,000 | | | 8,857,907 |
5.00%, 07/15/2035 (Callable 01/15/2035) | | | 10,613,000 | | | 10,295,970 |
7.13%, 08/01/2039(a) | | | 1,425,000 | | | 1,604,760 |
Kyndryl Holdings, Inc.
| |
2.05%, 10/15/2026 (Callable 09/15/2026) | | | 17,000,000 | | | 15,677,585 |
2.70%, 10/15/2028 (Callable 08/15/2028) | | | 50,000,000 | | | 44,454,147 |
L3Harris Technologies, Inc., 5.40%, 07/31/2033 (Callable 04/30/2033) | | | 20,500,000 | | | 20,435,348 |
Lafarge SA, 7.13%, 07/15/2036 | | | 13,596,000 | | | 15,055,074 |
Leidos, Inc.
| | | | | | |
4.38%, 05/15/2030 (Callable 02/15/2030) | | | 47,279,000 | | | 44,695,971 |
2.30%, 02/15/2031 (Callable 11/15/2030) | | | 8,175,000 | | | 6,735,495 |
7.13%, 07/01/2032 | | | 5,000,000 | | | 5,423,215 |
5.75%, 03/15/2033 (Callable 12/15/2032) | | | 23,000,000 | | | 23,200,698 |
LG Energy Solution Ltd., 5.50%, 07/02/2034(a) | | | 18,000,000 | | | 17,559,996 |
LKQ Corp., 5.75%, 06/15/2028 (Callable 05/15/2028) | | | 12,000,000 | | | 12,113,042 |
Lowe's Cos., Inc., 5.85%, 04/01/2063 (Callable 10/01/2062) | | | 3,450,000 | | | 3,362,905 |
LYB International Finance III LLC
| | | | | | |
2.25%, 10/01/2030 (Callable 07/01/2030) | | | 5,925,000 | | | 5,005,009 |
5.50%, 03/01/2034 (Callable 12/01/2033) | | | 15,000,000 | | | 14,841,187 |
Marathon Petroleum Corp., 4.75%, 09/15/2044 (Callable 03/15/2044) | | | 1,500,000 | | | 1,278,918 |
Marriott International, Inc./MD
| | | | | | |
5.00%, 10/15/2027 (Callable 09/15/2027) | | | 12,950,000 | | | 12,915,154 |
4.90%, 04/15/2029 (Callable 03/15/2029) | | | 10,000,000 | | | 9,893,321 |
Marshfield Clinic Health System, Inc., 2.70%, 02/15/2030 (Callable 08/15/2029) | | | 23,125,000 | | | 19,842,977 |
| | | | | | | |
| | | | | | | |
Martin Marietta Materials, Inc.
| | | | | | |
2.50%, 03/15/2030 (Callable 12/15/2029) | | | $ 6,200,000 | | | $ 5,387,125 |
6.25%, 05/01/2037 | | | 893,000 | | | 919,390 |
MasTec, Inc., 5.90%, 06/15/2029 (Callable 05/15/2029) | | | 10,000,000 | | | 10,042,160 |
Mercedes-Benz Finance North America LLC, 5.25%, 11/29/2027(a) | | | 8,225,000 | | | 8,268,502 |
Microsoft Corp., 2.92%, 03/17/2052 (Callable 09/17/2051) | | | 3,125,000 | | | 2,121,391 |
Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 (Callable 01/01/2029)(a) | | | 26,022,000 | | | 25,258,981 |
Mohawk Industries, Inc.
| |
5.85%, 09/18/2028 (Callable 08/18/2028) | | | 12,650,000 | | | 12,904,547 |
3.63%, 05/15/2030 (Callable 02/15/2030) | | | 10,000,000 | | | 9,161,503 |
Molex Electronic Technologies LLC, 3.90%, 04/15/2025 (Callable 01/15/2025)(a) | | | 9,365,000 | | | 9,217,873 |
Molson Coors Beverage Co., 3.00%, 07/15/2026 (Callable 04/15/2026) | | | 9,889,000 | | | 9,466,757 |
Mosaic Co.
| | | | | | |
5.45%, 11/15/2033 (Callable 05/15/2033) | | | 2,000,000 | | | 1,980,136 |
4.88%, 11/15/2041 (Callable 05/15/2041) | | | 5,000,000 | | | 4,361,619 |
MPLX LP
| |
4.00%, 02/15/2025 (Callable 11/15/2024) | | | 6,000,000 | | | 5,935,003 |
4.88%, 06/01/2025 (Callable 03/01/2025) | | | 18,665,000 | | | 18,499,971 |
1.75%, 03/01/2026 (Callable 02/01/2026) | | | 17,125,000 | | | 16,092,525 |
4.13%, 03/01/2027 (Callable 12/01/2026) | | | 11,700,000 | | | 11,360,906 |
2.65%, 08/15/2030 (Callable 05/15/2030) | | | 22,125,000 | | | 19,065,850 |
5.00%, 03/01/2033 (Callable 12/01/2032) | | | 10,000,000 | | | 9,553,876 |
5.50%, 06/01/2034 (Callable 03/01/2034) | | | 25,000,000 | | | 24,620,128 |
4.50%, 04/15/2038 (Callable 10/15/2037) | | | 8,725,000 | | | 7,607,848 |
Mylan, Inc.
| | | | | | |
4.55%, 04/15/2028 (Callable 01/15/2028) | | | 16,705,000 | | | 16,092,338 |
5.20%, 04/15/2048 (Callable 10/15/2047) | | | 9,000,000 | | | 7,302,248 |
Norfolk Southern Corp., 3.05%, 05/15/2050 (Callable 11/15/2049) | | | 17,000,000 | | | 11,051,209 |
Nova Southeastern University, Inc., 4.81%, 04/01/2053 | | | 7,200,000 | | | 5,880,113 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Nutrien Ltd., 4.20%, 04/01/2029 (Callable 01/01/2029) | | | $ 7,000,000 | | | $ 6,698,006 |
nVent Finance Sarl
| |
4.55%, 04/15/2028 (Callable 01/15/2028) | | | 32,634,000 | | | 31,685,924 |
5.65%, 05/15/2033 (Callable 02/15/2033) | | | 5,000,000 | | | 4,978,787 |
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.65%, 02/15/2032 (Callable 11/15/2031) | | | 10,000,000 | | | 8,311,634 |
Occidental Petroleum Corp.
| |
8.88%, 07/15/2030 (Callable 01/15/2030) | | | 29,260,000 | | | 33,695,762 |
7.50%, 05/01/2031 | | | 28,703,000 | | | 31,666,039 |
7.88%, 09/15/2031 | | | 6,320,000 | | | 7,087,924 |
Ochsner LSU Health System of North Louisiana, 2.51%, 05/15/2031 (Callable 11/15/2030) | | | 26,620,000 | | | 18,680,384 |
OCI NV, 6.70%, 03/16/2033 (Callable 12/16/2032)(a) | | | 10,000,000 | | | 9,867,284 |
ONEOK, Inc.
| |
3.20%, 03/15/2025 (Callable 12/15/2024) | | | 5,000,000 | | | 4,905,685 |
3.95%, 03/01/2050 (Callable 09/01/2049) | | | 5,100,000 | | | 3,700,357 |
Oracle Corp.
| | | | | | |
2.80%, 04/01/2027 (Callable 02/01/2027) | | | 26,225,000 | | | 24,621,411 |
6.25%, 11/09/2032 (Callable 08/09/2032) | | | 18,000,000 | | | 19,051,395 |
3.85%, 07/15/2036 (Callable 01/15/2036) | | | 7,500,000 | | | 6,322,373 |
4.50%, 07/08/2044 (Callable 01/08/2044) | | | 3,000,000 | | | 2,499,103 |
4.00%, 11/15/2047 (Callable 05/15/2047) | | | 10,250,000 | | | 7,760,064 |
3.95%, 03/25/2051 (Callable 09/25/2050) | | | 3,300,000 | | | 2,439,939 |
6.90%, 11/09/2052 (Callable 05/09/2052) | | | 65,175,000 | | | 72,950,564 |
Orange SA, 9.00%, 03/01/2031 | | | 29,044,000 | | | 34,642,566 |
PeaceHealth Obligated Group, 3.22%, 11/15/2050 (Callable 05/15/2050) | | | 7,200,000 | | | 4,756,097 |
Penske Truck Leasing Co. Lp / PTL Finance Corp.
| | | | | | |
2.70%, 11/01/2024 (Callable 10/01/2024)(a) | | | 5,275,000 | | | 5,215,698 |
4.00%, 07/15/2025 (Callable 06/15/2025)(a) | | | 31,150,000 | | | 30,611,817 |
5.88%, 11/15/2027 (Callable 10/15/2027)(a) | | | 12,000,000 | | | 12,172,320 |
| | | | | | | |
| | | | | | | |
5.55%, 05/01/2028 (Callable 04/01/2028)(a) | | | $ 24,065,000 | | | $ 24,232,884 |
6.05%, 08/01/2028 (Callable 07/01/2028)(a) | | | 25,000,000 | | | 25,604,649 |
5.35%, 03/30/2029 (Callable 02/28/2029)(a) | | | 7,500,000 | | | 7,496,273 |
5.25%, 07/01/2029 (Callable 06/01/2029)(a) | | | 20,000,000 | | | 19,831,229 |
3.35%, 11/01/2029 (Callable 08/01/2029)(a) | | | 2,199,000 | | | 1,997,224 |
Perrigo Finance Unlimited Co.
| |
4.38%, 03/15/2026 (Callable 12/15/2025) | | | 4,875,000 | | | 4,714,297 |
5.15%, 06/15/2030 (Callable 03/15/2030) | | | 10,000,000 | | | 9,193,166 |
Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 (Callable 11/19/2052) | | | 18,650,000 | | | 17,988,261 |
Phillips 66
| |
2.15%, 12/15/2030 (Callable 09/15/2030) | | | 12,000,000 | | | 10,023,607 |
5.88%, 05/01/2042 | | | 6,000,000 | | | 6,046,125 |
4.88%, 11/15/2044 (Callable 05/15/2044) | | | 26,130,000 | | | 23,136,159 |
Phillips 66 Co.
| |
3.55%, 10/01/2026 (Callable 07/01/2026) | | | 7,000,000 | | | 6,759,242 |
3.15%, 12/15/2029 (Callable 09/15/2029) | | | 12,000,000 | | | 10,858,236 |
Pilgrim’s Pride Corp.
| | | | | | |
6.25%, 07/01/2033 (Callable 04/01/2033) | | | 39,117,000 | | | 39,846,649 |
6.88%, 05/15/2034 (Callable 02/15/2034) | | | 18,000,000 | | | 19,156,842 |
Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/2029 (Callable 09/15/2029) | | | 10,000,000 | | | 9,131,086 |
Premier Health Partners, 2.91%, 11/15/2026 (Callable 05/15/2026) | | | 33,267,000 | | | 30,698,646 |
Quanta Services, Inc., 2.90%, 10/01/2030 (Callable 07/01/2030) | | | 8,275,000 | | | 7,289,986 |
Regal Rexnord Corp.
| | | | | | |
6.30%, 02/15/2030 (Callable 12/15/2029) | | | 5,000,000 | | | 5,111,720 |
6.40%, 04/15/2033 (Callable 01/15/2033) | | | 15,129,000 | | | 15,479,766 |
Reliance Industries Ltd., 2.88%, 01/12/2032(a) | | | 26,000,000 | | | 22,023,805 |
Reliance, Inc.
| | | | | | |
2.15%, 08/15/2030 (Callable 05/15/2030) | | | 10,000,000 | | | 8,365,477 |
6.85%, 11/15/2036 | | | 6,100,000 | | | 6,652,652 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Republic Services, Inc., 5.00%, 04/01/2034 (Callable 01/01/2034) | | | $ 10,000,000 | | | $ 9,787,846 |
Revvity, Inc.
| |
3.30%, 09/15/2029 (Callable 06/15/2029) | | | 24,200,000 | | | 22,025,309 |
3.63%, 03/15/2051 (Callable 09/15/2050) | | | 12,000,000 | | | 8,326,546 |
Rio Tinto Alcan, Inc., 5.75%, 06/01/2035 | | | 446,000 | | | 464,929 |
Roche Holdings, Inc., 2.61%, 12/13/2051 (Callable 06/13/2051)(a) | | | 7,000,000 | | | 4,277,753 |
Rogers Communications, Inc.
| | | | | | |
3.80%, 03/15/2032 (Callable 12/15/2031) | | | 13,000,000 | | | 11,615,518 |
4.50%, 03/15/2042 (Callable 09/15/2041) | | | 8,750,000 | | | 7,408,758 |
5.45%, 10/01/2043 (Callable 04/01/2043) | | | 16,560,000 | | | 15,690,975 |
RPM International, Inc., 2.95%, 01/15/2032 (Callable 10/15/2031) | | | 7,350,000 | | | 6,148,326 |
RTX Corp.
| |
3.50%, 03/15/2027 (Callable 12/15/2026) | | | 9,578,000 | | | 9,177,597 |
2.25%, 07/01/2030 (Callable 04/01/2030) | | | 24,375,000 | | | 20,817,501 |
4.35%, 04/15/2047 (Callable 10/15/2046) | | | 9,175,000 | | | 7,565,676 |
3.13%, 07/01/2050 (Callable 01/01/2050) | | | 6,000,000 | | | 3,939,884 |
Ryder System, Inc.
| | | | | | |
5.65%, 03/01/2028 (Callable 02/01/2028) | | | 14,110,000 | | | 14,317,116 |
5.25%, 06/01/2028 (Callable 05/01/2028) | | | 12,000,000 | | | 12,023,778 |
Sabine Pass Liquefaction LLC
| |
5.63%, 03/01/2025 (Callable 12/01/2024) | | | 12,722,000 | | | 12,695,907 |
5.88%, 06/30/2026 (Callable 12/31/2025) | | | 60,000,000 | | | 60,240,319 |
4.50%, 05/15/2030 (Callable 11/15/2029) | | | 43,842,000 | | | 42,059,003 |
5.90%, 09/15/2037 (Callable 03/15/2037) | | | 10,000,000 | | | 10,234,207 |
Samarco Mineracao SA, 9.00% (9.00% PIK), 06/30/2031 (Callable 07/17/2024)(a) | | | 4,943,962 | | | 4,597,016 |
Santos Finance Ltd.
| |
3.65%, 04/29/2031 (Callable 01/29/2031)(a) | | | 9,000,000 | | | 7,863,719 |
| | | | | | | |
| | | | | | | |
6.88%, 09/19/2033 (Callable 06/19/2033)(a) | | | $ 19,600,000 | | | $ 20,732,566 |
Shell International Finance BV, 4.13%, 05/11/2035 | | | 10,000,000 | | | 9,170,924 |
SK Hynix, Inc., 1.50%, 01/19/2026(a) | | | 21,852,000 | | | 20,516,025 |
SK Telecom Co. Ltd., 6.63%, 07/20/2027(a) | | | 1,339,000 | | | 1,389,267 |
Smith & Nephew PLC
| | | | | | |
2.03%, 10/14/2030 (Callable 07/14/2030) | | | 27,625,000 | | | 22,815,118 |
5.40%, 03/20/2034 (Callable 12/20/2033) | | | 15,000,000 | | | 14,767,787 |
Smithfield Foods, Inc.
| |
3.00%, 10/15/2030 (Callable 07/15/2030)(a) | | | 10,000,000 | | | 8,490,315 |
2.63%, 09/13/2031 (Callable 06/13/2031)(a) | | | 20,000,000 | | | 16,000,705 |
Sodexo, Inc., 1.63%, 04/16/2026 (Callable 03/16/2026)(a) | | | 7,000,000 | | | 6,513,723 |
Solvay Finance America LLC, 5.85%, 06/04/2034 (Callable 03/04/2034)(a) | | | 10,000,000 | | | 10,016,476 |
Solventum Corp.
| |
5.60%, 03/23/2034 (Callable 12/23/2033)(a) | | | 30,000,000 | | | 29,465,244 |
5.90%, 04/30/2054 (Callable 10/30/2053)(a) | | | 15,000,000 | | | 14,337,895 |
Southern Copper Corp., 7.50%, 07/27/2035 | | | 5,000,000 | | | 5,819,520 |
Spectra Energy Partners LP, 4.50%, 03/15/2045 (Callable 09/15/2044) | | | 12,000,000 | | | 9,807,120 |
Stanley Black & Decker, Inc., 6.00%, 03/06/2028 (Callable 02/06/2028) | | | 2,852,000 | | | 2,940,542 |
Steel Dynamics, Inc., 3.25%, 01/15/2031 (Callable 10/15/2030) | | | 7,000,000 | | | 6,197,758 |
Stellantis Finance US, Inc., 1.71%, 01/29/2027 (Callable 12/29/2026)(a) | | | 13,750,000 | | | 12,529,288 |
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/2051 (Callable 09/15/2050) | | | 7,500,000 | | | 5,481,286 |
Suntory Holdings Ltd., 2.25%, 10/16/2024 (Callable 09/16/2024)(a) | | | 8,500,000 | | | 8,411,191 |
Sysco Corp.
| | | | | | |
3.30%, 07/15/2026 (Callable 04/15/2026) | | | 11,550,000 | | | 11,107,554 |
5.95%, 04/01/2030 (Callable 01/01/2030) | | | 4,000,000 | | | 4,162,763 |
6.60%, 04/01/2050 (Callable 10/01/2049) | | | 12,455,000 | | | 13,862,357 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050 (Callable 01/09/2050) | | | $ 10,000,000 | | | $ 6,626,911 |
Targa Resources Corp.
| |
5.20%, 07/01/2027 (Callable 06/01/2027) | | | 15,000,000 | | | 14,971,083 |
6.13%, 03/15/2033 (Callable 12/15/2032) | | | 22,200,000 | | | 22,799,085 |
TC PipeLines LP
| | | | | | |
4.38%, 03/13/2025 (Callable 12/13/2024) | | | 31,115,000 | | | 30,812,255 |
3.90%, 05/25/2027 (Callable 02/25/2027) | | | 30,327,000 | | | 29,051,696 |
TD SYNNEX Corp., 1.75%, 08/09/2026 (Callable 07/09/2026) | | | 34,843,000 | | | 32,143,575 |
Telecom Italia Capital SA
| | | | | | |
7.20%, 07/18/2036(a) | | | 4,102,000 | | | 4,227,521 |
7.20%, 07/18/2036 | | | 1,373,000 | | | 1,314,648 |
Teledyne FLIR LLC, 2.50%, 08/01/2030 (Callable 05/01/2030) | | | 7,000,000 | | | 5,960,060 |
Telefonica Emisiones SA
| | | | | | |
4.67%, 03/06/2038 | | | 10,760,000 | | | 9,491,109 |
5.21%, 03/08/2047 | | | 33,100,000 | | | 29,235,561 |
4.90%, 03/06/2048 | | | 29,050,000 | | | 24,529,281 |
5.52%, 03/01/2049 (Callable 09/01/2048) | | | 3,775,000 | | | 3,490,382 |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026 | | | 15,000,000 | | | 14,078,061 |
Textron, Inc., 3.00%, 06/01/2030 (Callable 03/01/2030) | | | 19,675,000 | | | 17,321,226 |
Time Warner Cable LLC
| |
6.55%, 05/01/2037 | | | 893,000 | | | 845,675 |
6.75%, 06/15/2039 | | | 2,767,000 | | | 2,676,702 |
Timken Co.
| | | | | | |
4.50%, 12/15/2028 (Callable 09/15/2028) | | | 6,550,000 | | | 6,349,130 |
4.13%, 04/01/2032 (Callable 01/01/2032) | | | 9,185,000 | | | 8,349,052 |
T-Mobile USA, Inc.
| |
3.38%, 04/15/2029 (Callable 07/12/2024) | | | 10,350,000 | | | 9,557,950 |
3.88%, 04/15/2030 (Callable 01/15/2030) | | | 119,330,000 | | | 111,552,864 |
2.55%, 02/15/2031 (Callable 11/15/2030) | | | 20,000,000 | | | 16,977,491 |
3.50%, 04/15/2031 (Callable 04/15/2026) | | | 7,000,000 | | | 6,288,913 |
4.38%, 04/15/2040 (Callable 10/15/2039) | | | 24,900,000 | | | 21,577,297 |
5.65%, 01/15/2053 (Callable 07/15/2052) | | | 13,000,000 | | | 12,807,313 |
| | | | | | | |
| | | | | | | |
3.60%, 11/15/2060 (Callable 05/15/2060) | | | $ 19,500,000 | | | $ 13,180,670 |
Trane Technologies Financing Ltd., 5.25%, 03/03/2033 (Callable 12/03/2032) | | | 11,625,000 | | | 11,708,808 |
TransCanada PipeLines Ltd.
| | | | | | |
6.20%, 10/15/2037 | | | 8,400,000 | | | 8,674,623 |
7.63%, 01/15/2039 | | | 21,077,000 | | | 24,585,028 |
Transcontinental Gas Pipe Line Co. LLC
| |
7.25%, 12/01/2026 | | | 3,500,000 | | | 3,619,718 |
4.60%, 03/15/2048 (Callable 09/15/2047) | | | 5,150,000 | | | 4,384,722 |
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)(a) | | | 20,000,000 | | | 18,644,059 |
Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 (Callable 12/15/2031) | | | 10,000,000 | | | 8,200,271 |
TTX Co.
| | | | | | |
3.90%, 02/01/2045 (Callable 08/01/2044)(a) | | | 13,250,000 | | | 10,496,380 |
4.60%, 02/01/2049 (Callable 08/01/2048)(a) | | | 8,325,000 | | | 7,365,227 |
Tyson Foods, Inc., 5.10%, 09/28/2048 (Callable 03/28/2048) | | | 10,000,000 | | | 8,721,303 |
United Rentals North America, Inc., 6.00%, 12/15/2029 (Callable 12/15/2025)(a) | | | 15,000,000 | | | 15,066,285 |
Universal Health Services, Inc.
| |
1.65%, 09/01/2026 (Callable 08/01/2026) | | | 24,000,000 | | | 22,073,182 |
2.65%, 10/15/2030 (Callable 07/15/2030) | | | 10,000,000 | | | 8,537,461 |
UPMC
| | | | | | |
3.60%, 04/03/2025 | | | 36,950,000 | | | 36,433,498 |
5.04%, 05/15/2033 (Callable 02/15/2033) | | | 9,275,000 | | | 9,063,042 |
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026 (Callable 03/15/2026) | | | 37,757,000 | | | 36,608,890 |
Vale Overseas Ltd.
| | | | | | |
3.75%, 07/08/2030 (Callable 04/08/2030) | | | 28,721,000 | | | 25,837,966 |
6.13%, 06/12/2033 (Callable 03/12/2033) | | | 42,450,000 | | | 42,776,823 |
8.25%, 01/17/2034 | | | 13,526,000 | | | 15,837,201 |
6.88%, 11/21/2036 | | | 45,171,000 | | | 48,474,807 |
6.88%, 11/10/2039 | | | 16,643,000 | | | 17,746,631 |
6.40%, 06/28/2054 (Callable 12/28/2053) | | | 14,850,000 | | | 14,682,195 |
Valero Energy Corp.
| |
2.15%, 09/15/2027 (Callable 07/15/2027) | | | 14,150,000 | | | 12,897,462 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.00%, 04/01/2029 (Callable 01/01/2029) | | | $ 15,475,000 | | | $ 14,724,097 |
6.63%, 06/15/2037 | | | 2,100,000 | | | 2,238,549 |
Var Energi ASA
| | | | | | |
5.00%, 05/18/2027 (Callable 04/18/2027)(a) | | | 23,850,000 | | | 23,338,003 |
7.50%, 01/15/2028 (Callable 12/15/2027)(a) | | | 65,430,000 | | | 68,806,767 |
8.00%, 11/15/2032 (Callable 08/15/2032)(a) | | | 15,000,000 | | | 16,791,825 |
Verizon Communications, Inc.
| | | | | | |
3.00%, 03/22/2027 (Callable 01/22/2027) | | | 5,000,000 | | | 4,730,662 |
4.33%, 09/21/2028 | | | 3,077,000 | | | 2,991,913 |
2.55%, 03/21/2031 (Callable 12/21/2030) | | | 4,430,000 | | | 3,763,764 |
2.36%, 03/15/2032 (Callable 12/15/2031) | | | 5,650,000 | | | 4,618,741 |
4.50%, 08/10/2033 | | | 16,325,000 | | | 15,347,327 |
4.27%, 01/15/2036 | | | 17,148,000 | | | 15,535,147 |
5.25%, 03/16/2037 | | | 28,793,000 | | | 28,442,601 |
4.81%, 03/15/2039 | | | 36,839,000 | | | 34,161,931 |
2.65%, 11/20/2040 (Callable 05/20/2040) | | | 10,000,000 | | | 6,887,756 |
3.40%, 03/22/2041 (Callable 09/22/2040) | | | 3,850,000 | | | 2,944,062 |
4.86%, 08/21/2046 | | | 2,500,000 | | | 2,267,225 |
3.70%, 03/22/2061 (Callable 09/22/2060) | | | 26,725,000 | | | 18,856,617 |
Viatris, Inc.
| |
3.85%, 06/22/2040 (Callable 12/22/2039) | | | 13,083,000 | | | 9,553,211 |
4.00%, 06/22/2050 (Callable 12/22/2049) | | | 40,600,000 | | | 27,322,902 |
VICI Properties LP, 4.75%, 02/15/2028 (Callable 01/15/2028) | | | 20,000,000 | | | 19,534,924 |
Viterra Finance BV
| |
2.00%, 04/21/2026 (Callable 03/21/2026)(a) | | | 23,641,000 | | | 22,103,453 |
4.90%, 04/21/2027 (Callable 03/21/2027)(a) | | | 45,000,000 | | | 44,296,387 |
3.20%, 04/21/2031 (Callable 01/21/2031)(a) | | | 80,020,000 | | | 69,114,607 |
5.25%, 04/21/2032 (Callable 01/21/2032)(a) | | | 16,631,000 | | | 16,219,499 |
VMware LLC, 1.40%, 08/15/2026 (Callable 07/15/2026) | | | 18,850,000 | | | 17,356,656 |
Vodafone Group PLC
| |
7.88%, 02/15/2030 | | | 3,100,000 | | | 3,498,782 |
5.00%, 05/30/2038 | | | 6,800,000 | | | 6,520,311 |
4.38%, 02/19/2043 | | | 15,554,000 | | | 13,559,545 |
| | | | | | | |
| | | | | | | |
5.63%, 02/10/2053 (Callable 08/10/2052) | | | $ 10,000,000 | | | $ 9,573,135 |
5.75%, 02/10/2063 (Callable 08/10/2062) | | | 5,000,000 | | | 4,744,695 |
Volkswagen Group of America Finance LLC
| | | | | | |
1.25%, 11/24/2025 (Callable 10/24/2025)(a) | | | 30,000,000 | | | 28,303,707 |
6.20%, 11/16/2028 (Callable 10/16/2028)(a) | | | 30,000,000 | | | 30,958,761 |
Vontier Corp.
| |
2.40%, 04/01/2028 (Callable 02/01/2028) | | | 4,921,000 | | | 4,361,974 |
2.95%, 04/01/2031 (Callable 01/01/2031) | | | 5,275,000 | | | 4,387,000 |
Vulcan Materials Co., 4.70%, 03/01/2048 (Callable 09/01/2047) | | | 3,446,000 | | | 2,991,130 |
Walgreens Boots Alliance, Inc.
| |
3.45%, 06/01/2026 (Callable 03/01/2026) | | | 2,080,000 | | | 1,957,037 |
3.20%, 04/15/2030 (Callable 01/15/2030) | | | 13,575,000 | | | 11,363,864 |
Walmart, Inc., 4.50%, 04/15/2053 (Callable 10/15/2052) | | | 13,925,000 | | | 12,325,207 |
Warnermedia Holdings, Inc.
| |
6.41%, 03/15/2026 (Callable 07/12/2024) | | | 7,000,000 | | | 6,999,977 |
4.05%, 03/15/2029 (Callable 01/15/2029) | | | 5,000,000 | | | 4,617,465 |
4.28%, 03/15/2032 (Callable 12/15/2031) | | | 68,000,000 | | | 59,352,275 |
5.05%, 03/15/2042 (Callable 09/15/2041) | | | 9,000,000 | | | 7,320,680 |
5.14%, 03/15/2052 (Callable 09/15/2051) | | | 5,000,000 | | | 3,893,041 |
Weir Group PLC, 2.20%, 05/13/2026 (Callable 04/13/2026)(a) | | | 38,555,000 | | | 36,186,130 |
Western Digital Corp., 4.75%, 02/15/2026 (Callable 11/15/2025) | | | 4,000,000 | | | 3,916,164 |
Western Midstream Operating LP
| |
3.10%, 02/01/2025 (Callable 01/01/2025) | | | 20,000,000 | | | 19,655,194 |
3.95%, 06/01/2025 (Callable 03/01/2025) | | | 8,000,000 | | | 7,848,956 |
4.05%, 02/01/2030 (Callable 11/01/2029) | | | 10,500,000 | | | 9,765,505 |
6.15%, 04/01/2033 (Callable 01/01/2033) | | | 4,550,000 | | | 4,664,232 |
Westinghouse Air Brake Technologies Corp.
| | | | | | |
3.20%, 06/15/2025 (Callable 05/15/2025) | | | 10,295,000 | | | 10,046,162 |
3.45%, 11/15/2026 (Callable 08/15/2026) | | | 28,315,000 | | | 27,059,833 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.70%, 09/15/2028 (Callable 06/15/2028) | | | $ 4,739,000 | | | $4,645,701 |
WestRock MWV LLC, 8.20%, 01/15/2030 | | | 7,963,000 | | | 9,083,743 |
Williams Cos., Inc.
| | | | | | |
7.75%, 06/15/2031 | | | 3,400,000 | | | 3,753,057 |
8.75%, 03/15/2032 | | | 5,750,000 | | | 6,870,327 |
6.30%, 04/15/2040 | | | 8,142,000 | | | 8,435,311 |
4.85%, 03/01/2048 (Callable 09/01/2047) | | | 7,000,000 | | | 6,054,267 |
Woodside Finance Ltd.
| |
3.65%, 03/05/2025 (Callable 12/05/2024)(a) | | | 12,300,000 | | | 12,125,624 |
4.50%, 03/04/2029 (Callable 12/04/2028)(a) | | | 42,480,000 | | | 41,004,221 |
Yara International ASA, 3.80%, 06/06/2026 (Callable 03/06/2026)(a) | | | 23,500,000 | | | 22,691,228 |
Zimmer Biomet Holdings, Inc., 5.75%, 11/30/2039 | | | 11,967,000 | | | 12,047,088 |
| | | 8,693,490,345 |
Utilities - 1.4%
| |
Ameren Corp., 3.50%, 01/15/2031 (Callable 10/15/2030) | | | 20,000,000 | | | 18,030,647 |
American Electric Power Co., Inc., 3.25%, 03/01/2050 (Callable 09/01/2049) | | | 10,175,000 | | | 6,669,152 |
Avangrid, Inc., 3.20%, 04/15/2025 (Callable 03/15/2025) | | | 10,500,000 | | | 10,280,661 |
Berkshire Hathaway Energy Co.
| |
3.70%, 07/15/2030 (Callable 04/15/2030) | | | 18,425,000 | | | 17,132,631 |
2.85%, 05/15/2051 (Callable 11/15/2050) | | | 13,675,000 | | | 8,334,446 |
4.60%, 05/01/2053 (Callable 11/01/2052) | | | 21,825,000 | | | 18,119,755 |
Commonwealth Edison Co., 3.85%, 03/15/2052 (Callable 09/15/2051) | | | 6,050,000 | | | 4,474,595 |
Constellation Energy Generation LLC
| | | | | | |
5.60%, 03/01/2028 (Callable 02/01/2028) | | | 12,600,000 | | | 12,760,763 |
5.80%, 03/01/2033 (Callable 12/01/2032) | | | 5,000,000 | | | 5,101,650 |
Consumers Energy Co., 3.50%, 08/01/2051 (Callable 02/01/2051) | | | 9,400,000 | | | 6,893,235 |
Dominion Energy, Inc., 3.38%, 04/01/2030 (Callable 01/01/2030) | | | 10,000,000 | | | 9,032,945 |
DTE Electric Co., 5.40%, 04/01/2053 (Callable 10/01/2052) | | | 9,375,000 | | | 9,141,658 |
| | | | | | | |
| | | | | | | |
DTE Energy Co.
| | | | | | |
4.88%, 06/01/2028 (Callable 05/01/2028) | | | $ 19,000,000 | | | $ 18,701,556 |
5.10%, 03/01/2029 (Callable 02/01/2029) | | | 12,500,000 | | | 12,397,716 |
Duke Energy Corp.
| |
2.65%, 09/01/2026 (Callable 06/01/2026) | | | 10,000,000 | | | 9,453,353 |
6.10%, 09/15/2053 (Callable 03/15/2053) | | | 13,600,000 | | | 13,802,856 |
Duke Energy Indiana LLC, 5.40%, 04/01/2053 (Callable 10/01/2052) | | | 7,000,000 | | | 6,627,778 |
Duke Energy Ohio, Inc., 5.25%, 04/01/2033 (Callable 01/01/2033) | | | 5,000,000 | | | 4,956,534 |
Duke Energy Progress LLC, 4.00%, 04/01/2052 (Callable 10/01/2051) | | | 9,600,000 | | | 7,290,214 |
Duquesne Light Holdings, Inc.
| |
3.62%, 08/01/2027 (Callable 05/01/2027)(a) | | | 5,000,000 | | | 4,701,237 |
2.53%, 10/01/2030 (Callable 07/01/2030)(a) | | | 2,550,000 | | | 2,145,243 |
2.78%, 01/07/2032 (Callable 10/07/2031)(a) | | | 2,810,000 | | | 2,280,785 |
Enel Finance International NV
| |
3.50%, 04/06/2028(a) | | | 8,000,000 | | | 7,484,029 |
6.80%, 09/15/2037(a) | | | 8,440,000 | | | 8,993,509 |
4.75%, 05/25/2047(a) | | | 66,700,000 | | | 55,778,135 |
Engie SA, 5.88%, 04/10/2054 (Callable 10/10/2053)(a) | | | 6,300,000 | | | 6,067,659 |
Entergy Corp., 2.95%, 09/01/2026 (Callable 06/01/2026) | | | 13,075,000 | | | 12,405,639 |
Essential Utilities, Inc., 2.70%, 04/15/2030 (Callable 01/15/2030) | | | 14,100,000 | | | 12,259,339 |
Evergy Missouri West, Inc., 5.65%, 06/01/2034 (Callable 03/01/2034)(a) | | | 13,700,000 | | | 13,775,968 |
Eversource Energy, 1.65%, 08/15/2030 (Callable 05/15/2030) | | | 9,925,000 | | | 8,003,539 |
Exelon Corp.
| | | | | | |
4.05%, 04/15/2030 (Callable 01/15/2030) | | | 8,900,000 | | | 8,351,803 |
4.95%, 06/15/2035 (Callable 12/15/2034) | | | 3,500,000 | | | 3,257,928 |
4.10%, 03/15/2052 (Callable 09/15/2051) | | | 5,000,000 | | | 3,843,611 |
Fells Point Funding Trust, 3.05%, 01/31/2027 (Callable 12/31/2026)(a) | | | 28,100,000 | | | 26,452,666 |
FirstEnergy Corp.
| |
2.25%, 09/01/2030 (Callable 06/01/2030) | | | 4,300,000 | | | 3,599,319 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
3.40%, 03/01/2050 (Callable 09/01/2049) | | | $ 15,000,000 | | | $ 10,033,578 |
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (Callable 03/01/2028)(a) | | | 8,125,000 | | | 8,117,667 |
FirstEnergy Transmission LLC, 2.87%, 09/15/2028 (Callable 07/15/2028)(a) | | | 10,000,000 | | | 9,132,422 |
Interstate Power and Light Co., 2.30%, 06/01/2030 (Callable 03/01/2030) | | | 9,350,000 | | | 7,984,591 |
ITC Holdings Corp.
| | | | | | |
3.35%, 11/15/2027 (Callable 08/15/2027) | | | 25,581,000 | | | 24,118,866 |
2.95%, 05/14/2030 (Callable 02/14/2030)(a) | | | 10,000,000 | | | 8,805,840 |
5.65%, 05/09/2034 (Callable 02/09/2034)(a) | | | 7,000,000 | | | 7,001,030 |
KeySpan Corp., 8.00%, 11/15/2030 | | | 6,500,000 | | | 7,224,633 |
Liberty Utilities Co., 5.58%, 01/31/2029 (Callable 12/31/2028)(a) | | | 11,350,000 | | | 11,397,328 |
Liberty Utilities Finance GP 1, 2.05%, 09/15/2030 (Callable 06/15/2030)(a) | | | 10,000,000 | | | 8,179,327 |
Massachusetts Electric Co., 5.87%, 02/26/2054 (Callable 08/26/2053)(a) | | | 10,000,000 | | | 9,905,767 |
MidAmerican Energy Co., 5.85%, 09/15/2054 (Callable 03/15/2054) | | | 9,850,000 | | | 10,086,458 |
National Grid PLC
| |
5.60%, 06/12/2028 (Callable 05/12/2028) | | | 10,000,000 | | | 10,097,374 |
5.42%, 01/11/2034 (Callable 10/11/2033) | | | 12,410,000 | | | 12,132,992 |
National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032 | | | 4,659,000 | | | 5,366,651 |
Niagara Mohawk Power Corp., 5.66%, 01/17/2054 (Callable 07/17/2053)(a) | | | 7,000,000 | | | 6,717,687 |
NiSource, Inc.
| | | | | | |
5.20%, 07/01/2029 (Callable 06/01/2029) | | | 15,000,000 | | | 14,941,586 |
3.60%, 05/01/2030 (Callable 02/01/2030) | | | 6,835,000 | | | 6,272,241 |
5.35%, 04/01/2034 (Callable 01/01/2034) | | | 13,475,000 | | | 13,216,040 |
5.25%, 02/15/2043 (Callable 08/15/2042) | | | 5,779,000 | | | 5,298,010 |
3.95%, 03/30/2048 (Callable 09/30/2047) | | | 11,750,000 | | | 8,812,874 |
| | | | | | | |
| | | | | | | |
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053 (Callable 10/01/2052) | | | $5,550,000 | | | $5,430,827 |
Oncor Electric Delivery Co. LLC, 2.75%, 05/15/2030 (Callable 02/15/2030) | | | 9,500,000 | | | 8,392,087 |
RWE Finance US LLC, 6.25%, 04/16/2054 (Callable 10/16/2053)(a) | | | 20,000,000 | | | 19,748,870 |
Southern Co.
| |
5.70%, 10/15/2032 (Callable 04/15/2032) | | | 7,000,000 | | | 7,139,596 |
4.25%, 07/01/2036 (Callable 01/01/2036) | | | 5,525,000 | | | 4,898,249 |
Southern Co. Gas Capital Corp.
| |
5.15%, 09/15/2032 (Callable 03/15/2032) | | | 16,425,000 | | | 16,324,217 |
3.15%, 09/30/2051 (Callable 03/30/2051) | | | 7,850,000 | | | 4,941,430 |
Tucson Electric Power Co., 5.50%, 04/15/2053 (Callable 10/15/2052) | | | 5,400,000 | | | 5,201,138 |
Xcel Energy, Inc., 3.40%, 06/01/2030 (Callable 12/01/2029) | | | 15,000,000 | | | 13,464,960 |
| | | 668,986,890 |
TOTAL CORPORATE BONDS
(Cost $17,855,802,010) | | | | | | 16,671,593,792 |
U.S. TREASURY SECURITIES - 27.7%
|
United States Treasury Note/Bond
| | | | | | |
4.38%, 08/15/2026 | | | 232,100,000 | | | 230,576,844 |
1.13%, 10/31/2026 | | | 1,813,125,000 | | | 1,673,306,758 |
4.63%, 11/15/2026 | | | 139,150,000 | | | 139,084,773 |
4.13%, 02/15/2027 | | | 858,950,000 | | | 849,085,492 |
4.25%, 03/15/2027 | | | 142,775,000 | | | 141,631,685 |
4.63%, 06/15/2027 | | | 225,000,000 | | | 225,632,813 |
1.13%, 08/31/2028 | | | 277,425,000 | | | 243,061,145 |
2.38%, 03/31/2029 | | | 954,550,000 | | | 873,226,816 |
2.75%, 05/31/2029 | | | 482,275,000 | | | 448,025,942 |
3.88%, 12/31/2029 | | | 578,750,000 | | | 565,004,688 |
4.13%, 08/31/2030 | | | 636,600,000 | | | 628,493,294 |
4.00%, 01/31/2031 | | | 655,250,000 | | | 642,068,211 |
4.25%, 02/28/2031 | | | 143,175,000 | | | 142,330,491 |
3.50%, 02/15/2033 | | | 432,750,000 | | | 405,601,697 |
4.38%, 05/15/2034 | | | 145,400,000 | | | 145,445,438 |
1.38%, 11/15/2040 | | | 240,100,000 | | | 151,497,472 |
2.25%, 05/15/2041 | | | 396,825,000 | | | 287,109,086 |
2.38%, 02/15/2042 | | | 964,450,000 | | | 702,089,461 |
3.38%, 08/15/2042 | | | 806,775,000 | | | 681,409,733 |
3.88%, 02/15/2043 | | | 3,000,000 | | | 2,711,719 |
2.88%, 05/15/2043 | | | 1,045,495,000 | | | 811,892,211 |
3.88%, 05/15/2043 | | | 788,925,000 | | | 711,819,904 |
2.50%, 02/15/2045 | | | 1,126,525,000 | | | 803,573,162 |
2.88%, 05/15/2049 | | | 275,000,000 | | | 203,134,767 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
U.S. TREASURY SECURITIES - (Continued)
|
2.25%, 08/15/2049 | | | $71,750,000 | | | $ 46,374,043 |
1.38%, 08/15/2050 | | | 233,250,000 | | | 119,367,509 |
2.38%, 05/15/2051 | | | 354,200,000 | | | 233,273,906 |
2.88%, 05/15/2052 | | | 1,012,950,000 | | | 742,421,129 |
TOTAL U.S. TREASURY SECURITIES
| |
(Cost $13,766,919,345) | | | | | | 12,849,250,189 |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 21.8%
|
Federal Home Loan Mortgage Corp.
| | | | | | |
Pool A89870, 4.50%,
11/01/2039 | | | 1,286,079 | | | 1,250,864 |
Pool A90316, 4.50%,
12/01/2039 | | | 6,134,119 | | | 5,966,146 |
Pool A91387, 5.00%,
03/01/2040 | | | 270,645 | | | 267,972 |
Pool A93996, 4.50%,
09/01/2040 | | | 874,603 | | | 850,644 |
Pool A96413, 4.00%,
01/01/2041 | | | 8,289,401 | | | 7,832,749 |
Pool A97620, 4.50%,
03/01/2041 | | | 629,629 | | | 612,380 |
Pool C00785, 6.50%,
06/01/2029 | | | 28,866 | | | 29,412 |
Pool C03490, 4.50%,
08/01/2040 | | | 211,747 | | | 205,948 |
Pool C03829, 4.00%,
03/01/2042 | | | 2,623,182 | | | 2,478,756 |
Pool C09004, 3.50%,
07/01/2042 | | | 3,459,175 | | | 3,163,476 |
Pool C09013, 3.00%,
09/01/2042 | | | 7,635,500 | | | 6,745,144 |
Pool C09015, 3.00%,
10/01/2042 | | | 2,094,123 | | | 1,849,275 |
Pool C09028, 3.50%,
01/01/2043 | | | 7,151,790 | | | 6,512,436 |
Pool C91430, 3.00%,
03/01/2032 | | | 828,402 | | | 781,089 |
Pool C91484, 3.00%,
08/01/2032 | | | 5,497,483 | | | 5,171,656 |
Pool C91557, 3.00%,
09/01/2032 | | | 36,898,392 | | | 34,661,795 |
Pool C91619, 3.00%,
04/01/2033 | | | 755,095 | | | 703,630 |
Pool C91922, 3.50%,
03/01/2037 | | | 2,480,522 | | | 2,341,882 |
Pool C91923, 4.00%,
03/01/2037 | | | 1,390,528 | | | 1,340,220 |
Pool G01916, 5.00%,
09/01/2035 | | | 3,530,366 | | | 3,489,635 |
Pool G04834, 5.00%,
03/01/2036 | | | 1,433,765 | | | 1,417,224 |
Pool G05364, 5.00%,
08/01/2033 | | | 1,655,777 | | | 1,640,361 |
| | | | | | | |
| | | | | | | |
Pool G06959, 3.50%,
10/01/2041 | | | $ 2,668,385 | | | $ 2,456,496 |
Pool G07304, 3.50%,
12/01/2042 | | | 4,003,468 | | | 3,666,500 |
Pool G07477, 4.00%,
01/01/2041 | | | 4,233,066 | | | 3,999,997 |
Pool G07530, 3.50%,
05/01/2043 | | | 4,881,198 | | | 4,493,331 |
Pool G07801, 4.00%,
10/01/2044 | | | 3,434,220 | | | 3,221,417 |
Pool G07849, 3.50%,
05/01/2044 | | | 17,040,663 | | | 15,523,238 |
Pool G07995, 5.50%,
01/01/2039 | | | 3,628,489 | | | 3,646,373 |
Pool G08105, 5.50%,
01/01/2036 | | | 59,098 | | | 59,391 |
Pool G08168, 6.00%,
12/01/2036 | | | 54,290 | | | 55,588 |
Pool G08269, 5.50%,
05/01/2038 | | | 170,218 | | | 171,063 |
Pool G08372, 4.50%,
11/01/2039 | | | 1,064,236 | | | 1,035,093 |
Pool G08518, 3.00%,
02/01/2043 | | | 1,183,807 | | | 1,045,388 |
Pool G08528, 3.00%,
04/01/2043 | | | 3,034,133 | | | 2,679,341 |
Pool G08534, 3.00%,
06/01/2043 | | | 25,788,115 | | | 22,772,485 |
Pool G08540, 3.00%,
08/01/2043 | | | 2,023,919 | | | 1,787,237 |
Pool G08577, 4.00%,
03/01/2044 | | | 1,513,255 | | | 1,420,465 |
Pool G08595, 4.00%,
07/01/2044 | | | 1,160,061 | | | 1,088,176 |
Pool G08609, 3.50%,
10/01/2044 | | | 19,483,221 | | | 17,683,267 |
Pool G08622, 3.00%,
01/01/2045 | | | 7,005,912 | | | 6,142,908 |
Pool G08672, 4.00%,
10/01/2045 | | | 1,716,328 | | | 1,608,988 |
Pool G08677, 4.00%,
11/01/2045 | | | 3,889,174 | | | 3,645,942 |
Pool G08681, 3.50%,
12/01/2045 | | | 2,881,119 | | | 2,613,358 |
Pool G08694, 4.00%,
02/01/2046 | | | 5,027,096 | | | 4,659,965 |
Pool G08706, 3.50%,
05/01/2046 | | | 2,167,732 | | | 1,964,736 |
Pool G08721, 3.00%,
09/01/2046 | | | 43,768,737 | | | 38,288,362 |
Pool G08759, 4.50%,
04/01/2047 | | | 10,463,010 | | | 10,088,926 |
Pool G08780, 4.00%,
09/01/2047 | | | 5,821,011 | | | 5,441,121 |
Pool G30974, 3.50%,
01/01/2034 | | | 5,216,776 | | | 4,991,348 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Pool G60038, 3.50%,
01/01/2044 | | | $ 3,845,968 | | | $ 3,507,028 |
Pool G60039, 3.00%,
04/01/2043 | | | 7,008,475 | | | 6,188,684 |
Pool G60181, 4.50%,
01/01/2045 | | | 10,723,671 | | | 10,377,061 |
Pool G60365, 5.00%,
02/01/2038 | | | 812,232 | | | 802,246 |
Pool G60393, 3.50%,
01/01/2046 | | | 11,780,352 | | | 10,690,740 |
Pool G60551, 4.00%,
04/01/2046 | | | 3,573,659 | | | 3,350,223 |
Pool G60602, 3.50%,
11/01/2043 | | | 2,583,100 | | | 2,365,792 |
Pool G60722, 3.00%,
10/01/2046 | | | 27,930,389 | | | 24,444,810 |
Pool G60774, 3.00%,
10/01/2045 | | | 13,930,745 | | | 12,303,365 |
Pool G60932, 3.50%,
02/01/2044 | | | 12,102,547 | | | 11,040,728 |
Pool G60988, 3.00%,
05/01/2047 | | | 25,691,470 | | | 22,484,745 |
Pool G60994, 3.50%,
01/01/2045 | | | 11,265,714 | | | 10,277,329 |
Pool G61581, 4.00%,
08/01/2048 | | | 9,593,047 | | | 8,942,951 |
Pool G67700, 3.50%,
08/01/2046 | | | 12,690,597 | | | 11,510,190 |
Pool G67701, 3.00%,
10/01/2046 | | | 45,894,234 | | | 40,210,029 |
Pool G67702, 4.00%,
01/01/2047 | | | 21,623,463 | | | 20,279,375 |
Pool G67708, 3.50%,
03/01/2048 | | | 57,445,569 | | | 51,976,921 |
Pool Q08998, 3.50%,
06/01/2042 | | | 1,379,124 | | | 1,264,938 |
Pool Q10378, 3.00%,
08/01/2042 | | | 5,186,757 | | | 4,590,021 |
Pool Q13205, 3.00%,
11/01/2042 | | | 18,549,464 | | | 16,409,581 |
Pool Q14875, 3.00%,
01/01/2043 | | | 8,872,635 | | | 7,840,749 |
Pool Q16902, 4.00%,
04/01/2043 | | | 9,300,973 | | | 8,813,768 |
Pool Q17640, 3.00%,
04/01/2043 | | | 2,544,259 | | | 2,246,765 |
Pool Q28765, 4.00%,
05/01/2044 | | | 6,904,868 | | | 6,524,550 |
Pool Q45864, 3.00%,
02/01/2047 | | | 16,151,116 | | | 14,071,589 |
Pool QB5689, 2.50%,
11/01/2050 | | | 20,627,234 | | | 17,146,464 |
Pool QC3874, 2.50%,
07/01/2051 | | | 31,225,939 | | | 25,908,454 |
| | | | | | | |
| | | | | | | |
Pool QC6017, 2.50%,
08/01/2051 | | | $ 16,486,130 | | | $ 13,770,869 |
Pool QC7500, 3.00%,
09/01/2051 | | | 15,212,009 | | | 13,182,473 |
Pool QC9160, 3.00%,
10/01/2051 | | | 10,458,302 | | | 8,929,399 |
Pool QD0744, 2.50%,
11/01/2051 | | | 8,806,429 | | | 7,304,375 |
Pool QE5105, 4.50%,
07/01/2052 | | | 32,970,384 | | | 31,374,009 |
Pool QK0430, 2.00%,
09/01/2040 | | | 22,872,466 | | | 19,319,951 |
Pool RA4375, 2.50%,
02/01/2051 | | | 38,556,062 | | | 32,100,479 |
Pool RA4562, 2.50%,
02/01/2051 | | | 19,260,767 | | | 16,023,381 |
Pool RA4637, 2.50%,
02/01/2051 | | | 54,029,827 | | | 44,907,404 |
Pool RA5764, 2.00%,
09/01/2051 | | | 106,331,339 | | | 84,250,251 |
Pool RA7679, 5.00%,
07/01/2052 | | | 96,101,202 | | | 93,105,148 |
Pool RB5086, 2.50%,
11/01/2040 | | | 55,718,158 | | | 48,575,462 |
Pool RB5089, 1.50%,
12/01/2040 | | | 41,834,626 | | | 33,872,501 |
Pool RB5090, 2.00%,
12/01/2040 | | | 77,536,132 | | | 65,155,303 |
Pool RB5105, 2.00%,
03/01/2041 | | | 49,704,317 | | | 41,982,361 |
Pool RB5145, 2.00%,
02/01/2042 | | | 43,864,617 | | | 36,663,552 |
Pool RC1535, 2.00%,
08/01/2035 | | | 39,859,331 | | | 35,290,052 |
Pool SB0743, 3.00%,
01/01/2034 | | | 33,701,565 | | | 31,804,002 |
Pool SB0794, 1.50%,
06/01/2036 | | | 19,117,461 | | | 16,435,429 |
Pool SB0967, 2.00%,
01/01/2037 | | | 30,519,408 | | | 27,132,853 |
Pool SB1138, 1.50%,
06/01/2036 | | | 24,103,991 | | | 20,759,962 |
Pool SB8500, 2.50%,
07/01/2035 | | | 4,711,947 | | | 4,278,388 |
Pool SC0052, 3.00%,
02/01/2040 | | | 8,784,095 | | | 7,944,635 |
Pool SC0208, 2.00%,
11/01/2041 | | | 70,391,301 | | | 59,192,410 |
Pool SC0242, 2.50%,
02/01/2042 | | | 10,338,019 | | | 8,932,910 |
Pool SC0392, 4.00%,
06/01/2038 | | | 51,598,282 | | | 49,695,489 |
Pool SD0039, 4.00%,
02/01/2046 | | | 24,453,053 | | | 23,077,478 |
Pool SD0295, 3.00%,
02/01/2049 | | | 36,457,527 | | | 31,974,689 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Pool SD0580, 3.00%,
04/01/2051 | | | $ 30,661,127 | | | $ 26,327,587 |
Pool SD0614, 2.50%,
05/01/2051 | | | 36,988,300 | | | 30,456,815 |
Pool SD0649, 2.50%,
06/01/2051 | | | 15,591,362 | | | 12,829,210 |
Pool SD2164, 5.50%,
01/01/2053 | | | 101,565,867 | | | 100,829,397 |
Pool SD2176, 6.00%,
01/01/2053 | | | 35,341,654 | | | 35,845,360 |
Pool SD2230, 2.00%,
08/01/2051 | | | 47,353,758 | | | 37,368,241 |
Pool SD2903, 2.00%,
03/01/2051 | | | 191,839,315 | | | 151,426,058 |
Pool SD3431, 5.50%,
06/01/2053 | | | 49,746,467 | | | 49,127,449 |
Pool SD3595, 6.00%,
08/01/2053 | | | 25,179,512 | | | 25,860,644 |
Pool SD3860, 6.50%,
09/01/2053 | | | 47,700,593 | | | 48,915,199 |
Pool SD3906, 6.00%,
10/01/2053 | | | 74,072,526 | | | 74,789,333 |
Pool SD4957, 2.00%,
03/01/2051 | | | 40,084,446 | | | 31,458,173 |
Pool SD7507, 3.00%,
11/01/2049 | | | 41,616,901 | | | 36,189,351 |
Pool SD7516, 4.00%,
05/01/2050 | | | 69,131,912 | | | 64,372,547 |
Pool SD7525, 2.50%,
10/01/2050 | | | 7,984,066 | | | 6,663,633 |
Pool SD7526, 2.50%,
10/01/2050 | | | 8,272,494 | | | 6,893,186 |
Pool SD7538, 2.00%,
04/01/2051 | | | 69,870,564 | | | 56,261,332 |
Pool SD7541, 2.00%,
05/01/2051 | | | 29,246,552 | | | 23,291,828 |
Pool SD7548, 2.50%,
11/01/2051 | | | 123,763,150 | | | 103,110,863 |
Pool SD7553, 3.00%,
03/01/2052 | | | 114,190,809 | | | 98,811,823 |
Pool SD7555, 3.00%,
08/01/2052 | | | 95,952,781 | | | 83,045,415 |
Pool SF5020, 3.50%,
01/01/2047 | | | 23,593,720 | | | 21,588,200 |
Pool SI2074, 2.00%,
09/01/2050 | | | 49,170,312 | | | 38,812,206 |
Pool SI2076, 2.00%,
09/01/2050 | | | 33,278,240 | | | 26,264,340 |
Pool SI2077, 2.00%,
09/01/2050 | | | 16,234,413 | | | 12,817,895 |
Pool Z40130, 3.00%,
01/01/2046 | | | 39,242,270 | | | 34,658,803 |
Pool ZA2494, 3.50%,
02/01/2038 | | | 27,253,183 | | | 25,466,443 |
| | | | | | | |
| | | | | | | |
Pool ZL3549, 3.50%,
08/01/2042 | | | $ 22,971,480 | | | $ 20,949,867 |
Pool ZL3711, 3.50%,
09/01/2042 | | | 35,683,817 | | | 32,567,433 |
Pool ZL4646, 3.00%,
01/01/2043 | | | 12,405,706 | | | 10,940,649 |
Pool ZM8767, 4.50%,
10/01/2048 | | | 7,611,872 | | | 7,279,461 |
Pool ZS4693, 3.00%,
12/01/2046 | | | 25,129,968 | | | 21,928,264 |
Pool ZS4724, 4.50%,
06/01/2047 | | | 64,989,129 | | | 62,520,365 |
Pool ZS4732, 4.50%,
08/01/2047 | | | 17,306,349 | | | 16,656,989 |
Pool ZS7942, 3.00%,
02/01/2033 | | | 21,519,063 | | | 20,330,796 |
Pool ZS8577, 2.50%,
08/01/2030 | | | 68,296,807 | | | 64,141,569 |
Pool ZT0531, 3.50%,
04/01/2047 | | | 42,743,351 | | | 38,688,610 |
Pool ZT1257, 3.00%,
01/01/2046 | | | 50,032,066 | | | 44,128,363 |
Pool ZT2262, 3.00%,
06/01/2048 | | | 35,184,185 | | | 30,044,393 |
Pool ZT2407, 3.50%,
03/01/2043 | | | 33,907,780 | | | 31,025,867 |
Federal National Mortgage Association
| |
Pool 254903, 5.00%,
10/01/2033 | | | 5,729,347 | | | 5,651,502 |
Pool 254949, 5.00%,
11/01/2033 | | | 15,589 | | | 15,377 |
Pool 257203, 5.00%,
05/01/2028 | | | 35,937 | | | 35,638 |
Pool 555285, 6.00%,
03/01/2033 | | | 13,761 | | | 14,092 |
Pool 725025, 4.50%,
10/01/2033 | | | 4,862,028 | | | 4,708,384 |
Pool 725425, 5.50%,
04/01/2034 | | | 2,000,261 | | | 2,007,559 |
Pool 725773, 5.50%,
09/01/2034 | | | 54,256 | | | 54,454 |
Pool 735060, 6.00%,
11/01/2034 | | | 15,173 | | | 15,466 |
Pool 735228, 5.50%,
02/01/2035 | | | 181,969 | | | 182,634 |
Pool 735676, 5.00%,
07/01/2035 | | | 1,530,349 | | | 1,509,551 |
Pool 735925, 5.00%,
10/01/2035 | | | 736,369 | | | 726,727 |
Pool 745275, 5.00%,
02/01/2036 | | | 1,057,754 | | | 1,044,717 |
Pool 745946, 5.50%,
11/01/2036 | | | 70,859 | | | 71,119 |
Pool 890355, 3.50%,
09/01/2041 | | | 6,247,824 | | | 5,744,688 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Pool AB0524, 4.00%,
04/01/2039 | | | $ 3,812,401 | | | $ 3,612,224 |
Pool AB1614, 4.00%,
10/01/2040 | | | 11,282,618 | | | 10,647,433 |
Pool AB3745, 4.00%,
10/01/2041 | | | 2,132,535 | | | 2,012,440 |
Pool AB6496, 3.00%,
10/01/2042 | | | 9,510,396 | | | 8,396,340 |
Pool AB8612, 3.00%,
03/01/2043 | | | 14,085,359 | | | 12,421,853 |
Pool AC5442, 4.50%,
11/01/2039 | | | 60,726 | | | 58,987 |
Pool AD0249, 5.50%,
04/01/2037 | | | 445,176 | | | 446,377 |
Pool AD8522, 4.00%,
08/01/2040 | | | 431,510 | | | 407,218 |
Pool AE0828, 3.50%,
02/01/2041 | | | 4,279,078 | | | 3,934,516 |
Pool AH0936, 3.50%,
12/01/2040 | | | 2,615,657 | | | 2,404,906 |
Pool AI7784, 4.50%,
07/01/2041 | | | 2,568,421 | | | 2,494,830 |
Pool AJ1407, 4.00%,
09/01/2041 | | | 591,854 | | | 558,523 |
Pool AJ7689, 4.00%,
12/01/2041 | | | 2,568,138 | | | 2,423,507 |
Pool AK2400, 4.00%,
02/01/2042 | | | 14,886,171 | | | 14,039,155 |
Pool AL0160, 4.50%,
05/01/2041 | | | 2,406,795 | | | 2,333,323 |
Pool AL5097, 4.50%,
09/01/2043 | | | 3,786,208 | | | 3,659,163 |
Pool AL6340, 5.00%,
06/01/2039 | | | 3,691,947 | | | 3,641,778 |
Pool AL7521, 5.00%,
06/01/2039 | | | 5,122,299 | | | 5,052,760 |
Pool AL7822, 4.00%,
07/01/2043 | | | 10,291,838 | | | 9,699,882 |
Pool AL7954, 5.00%,
07/01/2041 | | | 4,112,982 | | | 4,057,102 |
Pool AL8819, 3.50%,
10/01/2043 | | | 19,654,411 | | | 17,856,708 |
Pool AL9043, 3.50%,
09/01/2046 | | | 4,079,001 | | | 3,693,922 |
Pool AL9555, 4.00%,
02/01/2045 | | | 6,124,687 | | | 5,780,096 |
Pool AL9633, 3.00%,
11/01/2043 | | | 10,063,454 | | | 8,879,441 |
Pool AL9764, 4.50%,
02/01/2046 | | | 10,352,573 | | | 10,056,190 |
Pool AO2970, 3.00%,
05/01/2042 | | | 2,549,603 | | | 2,254,900 |
Pool AO8044, 3.50%,
07/01/2042 | | | 37,932,817 | | | 34,849,220 |
| | | | | | | |
| | | | | | | |
Pool AP0489, 3.50%,
08/01/2042 | | | $ 2,785,247 | | | $ 2,547,599 |
Pool AR9195, 3.00%,
03/01/2043 | | | 2,732,151 | | | 2,409,521 |
Pool AS0303, 3.00%,
08/01/2043 | | | 1,958,935 | | | 1,727,576 |
Pool AS4257, 4.00%,
01/01/2045 | | | 2,282,051 | | | 2,136,971 |
Pool AS5831, 4.00%,
09/01/2045 | | | 1,716,247 | | | 1,606,839 |
Pool AS6013, 4.00%,
10/01/2045 | | | 2,249,624 | | | 2,106,214 |
Pool AS6227, 4.00%,
11/01/2045 | | | 8,614,192 | | | 8,022,435 |
Pool AS7150, 3.00%,
05/01/2046 | | | 6,090,881 | | | 5,331,353 |
Pool AS7244, 3.50%,
05/01/2046 | | | 10,813,891 | | | 9,791,490 |
Pool AS8073, 2.50%,
10/01/2046 | | | 11,684,607 | | | 9,783,838 |
Pool AS8470, 3.00%,
12/01/2046 | | | 12,712,614 | | | 11,099,807 |
Pool AS9917, 4.00%,
07/01/2047 | | | 33,672,610 | | | 31,757,054 |
Pool AT2721, 3.00%,
05/01/2043 | | | 14,324,705 | | | 12,633,095 |
Pool AT2725, 3.00%,
05/01/2043 | | | 6,727,829 | | | 5,933,301 |
Pool AT5900, 3.00%,
06/01/2043 | | | 2,913,871 | | | 2,569,749 |
Pool AU1628, 3.00%,
07/01/2043 | | | 1,220,054 | | | 1,075,974 |
Pool AU8844, 4.00%,
11/01/2043 | | | 3,569,082 | | | 3,349,135 |
Pool AW8165, 4.00%,
01/01/2042 | | | 3,363,286 | | | 3,173,991 |
Pool AX5316, 4.50%,
01/01/2042 | | | 4,010,636 | | | 3,895,820 |
Pool AY3374, 3.50%,
04/01/2045 | | | 9,882,492 | | | 8,956,668 |
Pool AZ7903, 4.00%,
06/01/2041 | | | 4,432,958 | | | 4,183,536 |
Pool AZ9565, 3.50%,
12/01/2045 | | | 11,237,932 | | | 10,184,819 |
Pool BC1445, 3.00%,
07/01/2046 | | | 4,292,705 | | | 3,754,714 |
Pool BE5069, 3.00%,
11/01/2046 | | | 8,964,068 | | | 7,850,473 |
Pool BF0212, 4.50%,
02/01/2041 | | | 20,049,383 | | | 19,504,912 |
Pool BF0231, 3.00%,
04/01/2042 | | | 22,081,564 | | | 19,890,182 |
Pool BF0241, 3.50%,
05/01/2052 | | | 40,927,891 | | | 36,842,044 |
Pool BF0345, 3.00%,
10/01/2043 | | | 42,205,294 | | | 37,592,660 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Pool BF0386, 3.00%,
02/01/2049 | | | $10,890,924 | | | $ 9,482,661 |
Pool BF0414, 3.00%,
11/01/2059 | | | 43,813,422 | | | 37,006,741 |
Pool BF0500, 3.00%,
12/01/2054 | | | 85,578,547 | | | 72,186,825 |
Pool BF0546, 2.50%,
07/01/2061 | | | 8,951,752 | | | 7,180,478 |
Pool BF0617, 2.50%,
03/01/2062 | | | 43,454,450 | | | 34,155,834 |
Pool BF0656, 4.00%,
06/01/2062 | | | 128,022,630 | | | 115,486,310 |
Pool BH2594, 3.50%,
08/01/2047 | | | 4,600,162 | | | 4,162,784 |
Pool BH4101, 3.50%,
10/01/2047 | | | 4,353,467 | | | 3,927,875 |
Pool BH7071, 4.50%,
12/01/2047 | | | 2,172,121 | | | 2,074,983 |
Pool BH9277, 3.50%,
02/01/2048 | | | 21,693,381 | | | 19,612,840 |
Pool BM1031, 3.00%, 09/01/2043 | | | 36,373,785 | | | 32,076,718 |
Pool BM1066, 4.00%, 02/01/2047 | | | 2,142,653 | | | 2,006,057 |
Pool BM1428, 3.50%, 09/01/2043 | | | 16,863,557 | | | 15,316,982 |
Pool BM1753, 4.00%, 05/01/2037 | | | 12,609,223 | | | 12,112,634 |
Pool BM2003, 4.00%, 10/01/2047 | | | 11,145,423 | | | 10,423,292 |
Pool BM2005, 4.00%, 12/01/2047 | | | 13,609,254 | | | 12,719,737 |
Pool BM2007, 4.00%, 09/01/2048 | | | 2,967,696 | | | 2,761,919 |
Pool BM3108, 4.50%, 08/01/2046 | | | 7,664,403 | | | 7,406,959 |
Pool BM3286, 4.50%,
11/01/2047 | | | 3,733,772 | | | 3,612,516 |
Pool BM3972, 2.50%, 04/01/2038 | | | 20,122,747 | | | 18,076,407 |
Pool BM3974, 4.00%, 05/01/2038 | | | 7,835,598 | | | 7,532,709 |
Pool BM4148, 4.00%, 07/01/2048 | | | 11,457,331 | | | 10,731,577 |
Pool BM4746, 3.50%, 02/01/2044 | | | 34,268,629 | | | 31,254,726 |
Pool BM4973, 3.50%, 05/01/2043 | | | 14,181,263 | | | 12,962,595 |
Pool BM5460, 3.50%, 01/01/2035 | | | 18,307,934 | | | 17,477,093 |
Pool BM5478, 4.50%, 01/01/2049 | | | 7,612,956 | | | 7,325,836 |
Pool BM5538, 5.00%,
11/01/2048 | | | 14,405,197 | | | 14,202,905 |
| | | | | | | |
| | | | | | | |
Pool BM5628, 4.50%,
11/01/2048 | | | $ 11,077,258 | | | $ 10,641,209 |
Pool BM5784, 3.50%, 05/01/2047 | | | 877,099 | | | 793,894 |
Pool BM5787, 4.00%, 08/01/2047 | | | 16,746,439 | | | 15,694,340 |
Pool BM5803, 4.50%, 04/01/2039 | | | 9,675,633 | | | 9,477,076 |
Pool BM5900, 3.00%,
11/01/2046 | | | 18,785,011 | | | 16,569,129 |
Pool BM6825, 3.50%, 06/01/2045 | | | 10,038,181 | | | 9,186,514 |
Pool BM7089, 3.00%, 02/01/2052 | | | 76,874,590 | | | 65,399,520 |
Pool BQ1226, 2.00%,
09/01/2050 | | | 41,173,632 | | | 32,443,809 |
Pool BQ3361, 2.00%,
09/01/2050 | | | 40,690,414 | | | 32,094,757 |
Pool BQ9497, 3.00%,
11/01/2050 | | | 5,699,413 | | | 4,950,054 |
Pool BT6883, 2.00%,
09/01/2051 | | | 11,418,539 | | | 9,110,120 |
Pool BU7102, 2.50%,
12/01/2051 | | | 44,011,194 | | | 36,068,187 |
Pool CA4447, 2.50%,
11/01/2034 | | | 12,887,815 | | | 11,760,550 |
Pool CA4509, 2.50%,
11/01/2034 | | | 10,434,942 | | | 9,522,171 |
Pool CA5146, 3.00%,
02/01/2050 | | | 65,705,143 | | | 56,964,149 |
Pool CA5964, 2.00%,
06/01/2040 | | | 37,218,452 | | | 31,397,964 |
Pool CA6256, 2.50%,
07/01/2050 | | | 93,076,694 | | | 77,459,217 |
Pool CA6307, 2.50%,
07/01/2050 | | | 32,319,009 | | | 26,635,659 |
Pool CA6308, 3.00%,
07/01/2050 | | | 47,905,794 | | | 41,899,833 |
Pool CA7604, 3.00%,
11/01/2050 | | | 61,058,553 | | | 53,387,198 |
Pool CA8230, 2.50%,
12/01/2050 | | | 73,125,347 | | | 60,788,863 |
Pool CB0290, 2.00%,
04/01/2051 | | | 154,393,082 | | | 121,739,201 |
Pool CB1806, 2.50%,
10/01/2051 | | | 35,821,663 | | | 29,640,076 |
Pool CB2162, 3.00%,
11/01/2051 | | | 111,107,304 | | | 95,943,429 |
Pool CB2345, 2.00%,
12/01/2051 | | | 23,639,230 | | | 18,878,717 |
Pool CB4135, 5.00%,
07/01/2052 | | | 105,985,202 | | | 102,613,453 |
Pool CB4140, 5.00%,
07/01/2052 | | | 64,724,414 | | | 62,720,961 |
Pool CB5025, 5.50%,
11/01/2052 | | | 46,502,230 | | | 46,300,543 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Pool FM2568, 3.00%,
05/01/2038 | | | $ 11,211,546 | | | $ 10,371,204 |
Pool FM2743, 3.00%,
02/01/2034 | | | 20,476,851 | | | 19,338,182 |
Pool FM2972, 4.00%,
12/01/2044 | | | 93,628,441 | | | 87,863,878 |
Pool FM3117, 3.00%,
05/01/2050 | | | 35,121,424 | | | 30,547,520 |
Pool FM3160, 4.50%,
02/01/2049 | | | 7,995,829 | | | 7,632,812 |
Pool FM3946, 4.00%,
01/01/2049 | | | 2,863,917 | | | 2,672,705 |
Pool FM4481, 1.50%,
10/01/2035 | | | 28,085,325 | | | 24,183,638 |
Pool FM4561, 2.50%,
10/01/2050 | | | 37,325,602 | | | 31,032,763 |
Pool FM4875, 2.50%,
11/01/2050 | | | 6,150,062 | | | 5,150,387 |
Pool FM4908, 2.50%,
11/01/2050 | | | 51,339,372 | | | 42,510,985 |
Pool FM5024, 2.50%,
12/01/2050 | | | 50,232,011 | | | 41,367,150 |
Pool FM5262, 3.50%,
10/01/2040 | | | 8,846,677 | | | 8,199,705 |
Pool FM5368, 1.50%,
12/01/2035 | | | 52,661,437 | | | 45,345,599 |
Pool FM5535, 2.50%,
01/01/2041 | | | 23,267,718 | | | 20,280,244 |
Pool FM6058, 3.50%,
02/01/2037 | | | 4,811,798 | | | 4,579,866 |
Pool FM6422, 1.50%,
03/01/2036 | | | 2,538,685 | | | 2,185,876 |
Pool FM6990, 3.00%,
08/01/2040 | | | 25,416,664 | | | 23,000,202 |
Pool FM7064, 2.50%,
01/01/2051 | | | 31,077,524 | | | 25,863,311 |
Pool FM7381, 2.50%,
05/01/2051 | | | 33,569,501 | | | 27,908,199 |
Pool FM7466, 2.50%,
05/01/2051 | | | 71,472,919 | | | 59,854,459 |
Pool FM7830, 2.50%,
04/01/2051 | | | 17,598,563 | | | 14,630,726 |
Pool FM7911, 2.50%,
06/01/2051 | | | 24,412,081 | | | 20,427,761 |
Pool FM7962, 2.50%,
07/01/2051 | | | 63,148,123 | | | 52,841,949 |
Pool FM8150, 2.00%,
07/01/2051 | | | 41,230,498 | | | 32,901,314 |
Pool FM8215, 2.50%,
03/01/2051 | | | 18,629,003 | | | 15,503,393 |
Pool FM8318, 2.50%,
07/01/2051 | | | 21,341,883 | | | 17,640,237 |
Pool FM8322, 2.00%,
08/01/2051 | | | 14,682,148 | | | 11,715,179 |
| | | | | | | |
| | | | | | | |
Pool FM8644, 4.00%,
06/01/2039 | | | $ 7,420,142 | | | $ 7,182,746 |
Pool FM8804, 2.50%,
09/01/2051 | | | 116,609,979 | | | 96,408,484 |
Pool FM9243, 3.00%,
10/01/2051 | | | 59,022,010 | | | 50,549,173 |
Pool FM9284, 2.50%,
11/01/2051 | | | 27,005,319 | | | 22,399,337 |
Pool FM9479, 2.50%,
11/01/2051 | | | 93,422,365 | | | 77,217,292 |
Pool FM9495, 2.00%,
11/01/2051 | | | 54,707,685 | | | 43,552,221 |
Pool FM9599, 2.50%,
11/01/2051 | | | 31,194,010 | | | 26,222,362 |
Pool FM9671, 2.00%,
12/01/2051 | | | 97,625,431 | | | 77,725,844 |
Pool FM9700, 2.00%,
12/01/2051 | | | 33,702,682 | | | 26,883,869 |
Pool FM9732, 2.50%,
12/01/2051 | | | 97,491,912 | | | 80,570,099 |
Pool FM9781, 2.50%,
12/01/2051 | | | 21,673,137 | | | 17,970,508 |
Pool FM9807, 2.00%,
12/01/2051 | | | 30,723,245 | | | 24,458,505 |
Pool FM9877, 2.50%,
12/01/2051 | | | 120,939,028 | | | 100,606,228 |
Pool FP0057, 4.00%,
08/01/2050 | | | 25,033,971 | | | 23,691,636 |
Pool FS0192, 2.50%,
01/01/2052 | | | 41,417,754 | | | 34,357,482 |
Pool FS0216, 2.00%,
01/01/2037 | | | 27,633,041 | | | 24,525,174 |
Pool FS0493, 3.00%,
02/01/2052 | | | 22,539,761 | | | 19,449,944 |
Pool FS0585, 3.00%,
02/01/2052 | | | 28,378,111 | | | 24,488,104 |
Pool FS0739, 3.50%,
02/01/2052 | | | 28,817,125 | | | 25,641,753 |
Pool FS1005, 2.00%,
02/01/2042 | | | 36,251,479 | | | 30,315,256 |
Pool FS1009, 2.00%,
02/01/2042 | | | 37,944,143 | | | 31,832,862 |
Pool FS1093, 3.50%,
04/01/2052 | | | 79,897,071 | | | 71,075,986 |
Pool FS1115, 2.50%,
05/01/2051 | | | 61,104,711 | | | 51,486,958 |
Pool FS1120, 3.00%,
03/01/2052 | | | 63,789,921 | | | 54,911,640 |
Pool FS1226, 4.00%,
05/01/2049 | | | 6,451,521 | | | 6,004,190 |
Pool FS1365, 2.50%,
03/01/2042 | | | 44,957,891 | | | 38,758,805 |
Pool FS1974, 1.50%,
02/01/2036 | | | 36,584,309 | | | 31,497,546 |
Pool FS2111, 4.50%,
10/01/2045 | | | 95,061,748 | | | 91,987,056 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Pool FS2166, 4.50%,
07/01/2052 | | | $ 13,937,475 | | | $ 13,260,011 |
Pool FS2488, 2.50%,
10/01/2034 | | | 39,097,372 | | | 35,680,593 |
Pool FS2917, 3.00%,
11/01/2033 | | | 31,714,287 | | | 30,021,987 |
Pool FS2918, 3.00%,
09/01/2033 | | | 23,196,011 | | | 21,866,107 |
Pool FS4603, 2.00%,
05/01/2042 | | | 122,727,368 | | | 103,367,748 |
Pool FS4654, 2.00%,
07/01/2051 | | | 76,342,782 | | | 60,263,258 |
Pool FS4973, 3.50%,
06/01/2032 | | | 52,541,126 | | | 50,176,534 |
Pool FS5120, 6.00%,
07/01/2053 | | | 11,309,378 | | | 11,579,243 |
Pool FS5760, 3.50%,
11/01/2048 | | | 51,150,692 | | | 46,357,377 |
Pool FS5788, 6.50%,
09/01/2053 | | | 27,101,471 | | | 27,854,123 |
Pool FS5799, 2.50%,
09/01/2050 | | | 29,574,825 | | | 24,380,270 |
Pool FS5815, 3.00%,
04/01/2048 | | | 81,324,404 | | | 71,733,425 |
Pool FS5816, 3.50%,
07/01/2047 | | | 35,948,495 | | | 32,821,007 |
Pool MA0140, 4.50%,
08/01/2029 | | | 316,014 | | | 311,123 |
Pool MA0171, 4.50%,
09/01/2029 | | | 351,229 | | | 345,793 |
Pool MA0583, 4.00%,
12/01/2040 | | | 2,702,270 | | | 2,550,128 |
Pool MA0949, 3.50%,
01/01/2032 | | | 13,184,184 | | | 12,597,366 |
Pool MA1200, 3.00%, 10/01/2032 | | | 691,326 | | | 649,546 |
Pool MA1275, 3.00%, 12/01/2032 | | | 1,387,525 | | | 1,299,352 |
Pool MA1608, 3.50%, 10/01/2033 | | | 7,193,819 | | | 6,838,488 |
Pool MA1764, 4.00%, 01/01/2034 | | | 2,289,226 | | | 2,214,722 |
Pool MA1922, 4.00%, 06/01/2034 | | | 3,001,304 | | | 2,896,250 |
Pool MA1960, 4.00%, 07/01/2034 | | | 29,779,020 | | | 28,792,805 |
Pool MA2019, 4.00%, 09/01/2034 | | | 3,370,363 | | | 3,258,582 |
Pool MA2287, 3.00%, 06/01/2035 | | | 4,550,576 | | | 4,209,196 |
Pool MA2804, 3.00%, 11/01/2036 | | | 13,688,317 | | | 12,603,995 |
Pool MA2841, 2.50%, 12/01/2036 | | | 7,444,426 | | | 6,685,464 |
| | | | | | | |
| | | | | | | |
Pool MA3183, 4.00%, 11/01/2047 | | | $ 8,609,673 | | | $ 8,018,075 |
Pool MA3281, 4.00%, 02/01/2038 | | | 9,638,520 | | | 9,236,288 |
Pool MA3305, 3.50%, 03/01/2048 | | | 19,484,516 | | | 17,528,517 |
Pool MA3333, 4.00%, 04/01/2048 | | | 29,613,928 | | | 27,582,028 |
Pool MA3468, 4.50%, 09/01/2048 | | | 8,511,604 | | | 8,134,563 |
Pool MA4047, 2.00%, 06/01/2050 | | | 120,397,082 | | | 95,187,912 |
Pool MA4119, 2.00%, 09/01/2050 | | | 41,291,656 | | | 32,612,161 |
Pool MA4159, 2.50%, 10/01/2050 | | | 63,751,288 | | | 52,514,120 |
Pool MA4175, 1.50%, 11/01/2040 | | | 129,383,949 | | | 104,761,590 |
Pool MA4182, 2.00%, 11/01/2050 | | | 215,199,932 | | | 169,897,597 |
Pool MA4202, 1.50%, 12/01/2040 | | | 40,466,934 | | | 32,765,918 |
Pool MA4206, 2.00%, 12/01/2035 | | | 42,901,535 | | | 37,983,458 |
Pool MA4208, 2.00%, 12/01/2050 | | | 61,229,707 | | | 48,327,176 |
Pool MA4501, 2.00%, 12/01/2041 | | | 118,782,037 | | | 99,355,227 |
Pool MA4540, 2.00%, 02/01/2042 | | | 12,634,185 | | | 10,562,503 |
Pool MA4570, 2.00%, 03/01/2042 | | | 64,909,746 | | | 54,239,222 |
Series 1998-66, Class C, 6.00%, 12/25/2028 | | | 452 | | | 449 |
Freddie Mac Seasoned Credit Risk Transfer Trust
| |
Series 2019-4, Class MA, 3.00%, 02/25/2059 (Callable 09/25/2043) | | | 29,492,304 | | | 26,608,367 |
Series 2020-2, Class MT, 2.00%, 11/25/2059 (Callable 05/25/2047) | | | 52,535,094 | | | 41,507,264 |
Series 2020-3, Class MT, 2.00%, 05/25/2060 (Callable 07/25/2046) | | | 34,804,139 | | | 27,551,802 |
Series 2021-3, Class MTU, 2.50%, 03/25/2061 (Callable 12/25/2044) | | | 64,130,031 | | | 51,507,708 |
Series 2022-1, Class MTU, 3.25%, 11/25/2061 (Callable 10/25/2049) | | | 51,146,381 | | | 44,058,091 |
Ginnie Mae II Pool
| |
Pool 784551, 3.00%,
11/20/2046 | | | 18,230,547 | | | 16,188,705 |
Pool 785025, 3.50%,
02/20/2050 | | | 56,833,022 | | | 51,277,889 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Pool 785433, 2.50%,
04/20/2051 | | | $ 59,972,745 | | | $ 50,206,308 |
Pool 785447, 2.50%,
03/20/2051 | | | 45,886,350 | | | 38,229,742 |
Pool 785531, 2.50%,
06/20/2051 | | | 30,903,882 | | | 25,871,087 |
Pool 785558, 2.50%,
07/20/2051 | | | 104,022,850 | | | 87,155,092 |
Pool 785575, 2.50%,
08/20/2051 | | | 88,356,103 | | | 73,203,231 |
Pool 785615, 2.50%,
08/20/2051 | | | 34,132,022 | | | 28,568,584 |
Pool 786333, 4.00%,
04/20/2052 | | | 24,190,540 | | | 22,354,380 |
Pool 786812, 5.50%,
07/20/2053 | | | 18,878,581 | | | 19,034,830 |
Pool 787312, 2.50%,
03/20/2052 | | | 127,160,083 | | | 106,258,785 |
Pool 787313, 2.50%,
09/20/2051 | | | 90,118,799 | | | 75,028,489 |
Pool MA0154, 3.50%, 06/20/2042 | | | 26,332,478 | | | 24,143,729 |
Pool MA0220, 3.50%, 07/20/2042 | | | 39,730,740 | | | 36,434,310 |
Pool MA0318, 3.50%, 08/20/2042 | | | 17,572,688 | | | 16,114,697 |
Pool MA1157, 3.50%, 07/20/2043 | | | 18,444,570 | | | 16,922,706 |
Pool MA1225, 4.00%, 08/20/2043 | | | 26,518,572 | | | 25,194,812 |
Pool MA1286, 4.00%, 09/20/2043 | | | 37,503,187 | | | 35,568,039 |
Pool MA1376, 4.00%, 10/20/2043 | | | 4,034,508 | | | 3,832,271 |
Pool MA1449, 4.00%, 11/20/2043 | | | 37,308,417 | | | 35,379,260 |
Pool MA1677, 3.50%, 02/20/2044 | | | 27,907,837 | | | 25,574,969 |
Pool MA2224, 4.00%, 09/20/2044 | | | 15,691,642 | | | 14,888,778 |
Pool MA2522, 4.00%, 01/20/2045 | | | 3,403,118 | | | 3,226,872 |
Pool MA3375, 3.00%, 01/20/2046 | | | 21,000,738 | | | 18,597,148 |
Pool MA3597, 3.50%, 04/20/2046 | | | 24,393,579 | | | 22,225,944 |
Pool MA3663, 3.50%, 05/20/2046 | | | 15,243,312 | | | 13,886,094 |
Pool MA3736, 3.50%, 06/20/2046 | | | 25,419,791 | | | 23,152,505 |
Pool MA4385, 5.00%, 04/20/2047 | | | 681,198 | | | 676,339 |
| | | | | | | |
| | | | | | | |
Pool MA4509, 3.00%, 06/20/2047 | | | $ 10,887,045 | | | $9,606,859 |
Pool MA4721, 4.50%, 09/20/2047 | | | 3,220,514 | | | 3,116,381 |
Pool MA4777, 3.00%, 10/20/2047 | | | 15,740,630 | | | 13,889,378 |
Pool MA4836, 3.00%, 11/20/2047 | | | 69,050,806 | | | 60,920,809 |
Pool MA4963, 4.00%, 01/20/2048 | | | 4,508,807 | | | 4,223,977 |
Pool MA5765, 5.00%, 02/20/2049 | | | 32,992,819 | | | 32,492,720 |
Pool MA6709, 2.50%, 06/20/2050 | | | 99,929,534 | | | 84,231,154 |
Pool MA7990, 4.00%, 04/20/2052 | | | 17,310,732 | | | 15,996,596 |
Pool MA8571, 6.00%, 01/20/2053 | | | 33,097,250 | | | 33,256,056 |
Government National Mortgage Association (GNMA)
| |
Pool 3474, 6.00%, 11/20/2033 | | | 14,411 | | | 14,808 |
Pool 4747, 5.00%, 07/20/2040 | | | 561,800 | | | 561,267 |
Pool 5202, 3.50%, 10/20/2041 | | | 2,802,366 | | | 2,568,030 |
Pool 778793, 3.50%,
01/15/2042 | | | 4,736,686 | | | 4,370,321 |
Pool AL9364, 3.50%,
03/20/2045 | | | 5,437,304 | | | 4,935,626 |
Pool MA0155, 4.00%, 06/20/2042 | | | 3,072,587 | | | 2,919,256 |
Pool MA0392, 3.50%, 09/20/2042 | | | 81,668,617 | | | 74,904,910 |
Pool MA0699, 3.50%, 01/20/2043 | | | 24,701,861 | | | 22,657,591 |
Pool MA2753, 3.00%, 04/20/2045 | | | 6,356,731 | | | 5,650,232 |
Pool MA2754, 3.50%, 04/20/2045 | | | 7,759,801 | | | 7,083,981 |
Pool MA3035, 4.00%, 08/20/2045 | | | 2,739,789 | | | 2,590,101 |
Pool MA3378, 4.50%, 01/20/2046 | | | 4,597,061 | | | 4,449,952 |
Pool MA3598, 4.00%, 04/20/2046 | | | 2,974,850 | | | 2,803,081 |
Pool MA3664, 4.00%, 05/20/2046 | | | 7,213,870 | | | 6,792,292 |
Pool MA4512, 4.50%, 06/20/2047 | | | 10,446,765 | | | 10,086,446 |
Pool MA4588, 4.50%, 07/20/2047 | | | 2,438,336 | | | 2,354,232 |
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $10,998,578,182) | | | | | | 10,096,923,004 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 4.8%
|
Arroyo Mortgage Trust
| |
Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 07/25/2024)(a)(e) | | | $ 7,930,507 | | | $ 7,272,517 |
Series 2020-1, Class A1A, 1.66%, 03/25/2055 (Callable 07/25/2024)(a) | | | 7,231,985 | | | 6,706,579 |
Bayview Financial Acquisition Trust, Series 2007-B, Class 1A2, 7.33%, 08/28/2047 (Callable 07/28/2024)(d) | | | 753,708 | | | 639,967 |
Bear Stearns Asset Backed Securities Trust, Series 2004-AC2, Class 2A, 5.00%, 05/25/2034 (Callable 07/25/2024) | | | 105,990 | | | 85,791 |
BRAVO Residential Funding Trust, Series 2023-RPL1, Class A1, 5.00%, 05/25/2063 (Callable 03/25/2043)(a)(e) | | | 90,125,137 | | | 88,941,821 |
Chase Home Lending Mortgage Trust 2023-RPL3
| |
Series 2024-RPL1, Class A1A, 3.25%, 03/25/2064 (Callable 10/25/2045)(a)(e) | | | 66,834,916 | | | 58,249,176 |
Series 2024-RPL3, Class A1A, 3.25%, 09/25/2064(a)(e) | | | 59,575,000 | | | 52,050,678 |
Chase Mortgage Finance Corp.
| |
Series 2023-RPL1, Class A1, 3.50%, 06/25/2062 (Callable 02/25/2047)(a)(e) | | | 113,638,285 | | | 102,093,817 |
Series 2023-RPL2, Class A1, 3.25%, 03/25/2063 (Callable 01/25/2049)(a)(e) | | | 61,987,851 | | | 54,692,135 |
Series 2023-RPL3, Class A1, 3.25%, 09/25/2063 (Callable 10/25/2048)(a)(e) | | | 122,955,508 | | | 109,064,118 |
CIM Trust
| |
Series 2022-R2, Class A1, 3.75%, 12/25/2061 (Callable 05/25/2027)(a)(e) | | | 47,353,031 | | | 43,817,403 |
Series 2022-R3, Class A1, 4.50%, 03/25/2062 (Callable 09/25/2027)(a)(e) | | | 54,978,459 | | | 52,872,234 |
Series 2023-R2, Class A1, 5.50%, 08/25/2064 (Callable 03/25/2028)(a)(e) | | | 82,820,271 | | | 82,868,563 |
Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 2A2, 5.50%, 11/25/2035 (Callable 07/25/2024) | | | 6,160 | | | 4,745 |
Countrywide Alternative Loan Trust
| |
Series 2006-28CB, Class A17, 6.00%, 10/25/2036 (Callable 07/25/2024) | | | 393,456 | | | 191,654 |
| | | | | | | |
| | | | | | | |
Series 2006-43CB, Class 2A1, 6.00%, 07/25/2024 (Callable 07/25/2024) | | | $4,283 | | | $4,257 |
Countrywide Asset-Backed Certificates
| |
Series 2004-S1, Class A3, 5.12%, 02/25/2035 (Callable 07/25/2024)(d) | | | 48,378 | | | 47,687 |
Series 2005-10, Class AF6, 4.12%, 02/25/2036 (Callable 07/25/2024)(e) | | | 2,304 | | | 2,251 |
Series 2005-17, Class 1AF5, 5.56%, 05/25/2036 (Callable 07/25/2024)(e) | | | 38,504 | | | 35,494 |
Series 2006-10, Class 1AF3, 5.97%, 09/25/2046 (Callable 07/25/2024)(e) | | | 13,256 | | | 14,916 |
Credit Suisse Management LLC, Series 2003-AR26, Class 8A1, 6.00%, 11/25/2033 (Callable 07/25/2024)(e) | | | 2,047,636 | | | 1,901,258 |
First Horizon Alternative Mortgage Securities, Series 2006-FA6, Class 3A1, 5.75%, 07/25/2024 (Callable 07/25/2024) | | | 1,751 | | | 852 |
FirstKey Homes Trust
| |
Series 2021-SFR1, Class A, 1.54%, 08/17/2038(a) | | | 157,048,578 | | | 144,488,602 |
Series 2021-SFR2, Class A, 1.38%, 09/17/2038(a) | | | 47,240,856 | | | 43,138,644 |
Series 2022-SFR1, Class A, 4.15%, 05/19/2039(a) | | | 120,201,911 | | | 115,863,187 |
Series 2022-SFR3, Class A, 4.25%, 07/17/2038(a) | | | 55,581,707 | | | 54,057,062 |
Home Partners of America Trust, Series 2021-2, Class A, 1.90%, 12/17/2026(a) | | | 104,319,589 | | | 95,808,393 |
Impac CMB Trust, Series 2004-4, Class 2A2, 5.30%, 09/25/2034 (Callable 07/25/2024)(d) | | | 37,377 | | | 40,402 |
Imperial Fund Mortgage Trust, Series 2022-NQM3, Class A1, 4.38%, 05/25/2067 (Callable 04/25/2025)(a)(d) | | | 6,076,256 | | | 5,857,046 |
JP Morgan Mortgage Trust
| |
Series 2006-A7, Class 2A4R, 4.46%, 01/25/2037 (Callable 07/25/2024)(e) | | | 181,268 | | | 135,037 |
Series 2007-A1, Class 5A2, 5.51%, 07/25/2035 (Callable 02/25/2026)(e) | | | 603,127 | | | 584,065 |
Series 2007-A1, Class 5A5, 5.51%, 07/25/2035 (Callable 02/25/2026)(e) | | | 913,231 | | | 885,112 |
Series 2007-A2, Class 2A3, 5.36%, 04/25/2037 (Callable 07/25/2024)(e) | | | 532,354 | | | 384,006 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
METLIFE SECURITIZATION TRUST, Series 2019-1A, Class A1A, 3.75%, 04/25/2058 (Callable 07/25/2039)(a)(e) | | | $ 3,856,160 | | | $ 3,735,644 |
Mill City Mortgage Trust, Series 2021-NMR1, Class A1, 1.13%, 11/25/2060 (Callable 11/25/2032)(a)(e) | | | 11,660,724 | | | 10,897,773 |
MLCC Mortgage Investors, Inc., Series 2004-F, Class A1A, 6.16%, 12/25/2029 (Callable 07/25/2024)(e) | | | 1,463,019 | | | 1,391,214 |
Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A1, 5.92%, 09/25/2034 (Callable 12/25/2026)(e) | | | 602,586 | | | 584,775 |
New Residential Mortgage Loan Trust
| |
Series 2017-2A, Class A3, 4.00%, 03/25/2057 (Callable 05/25/2030)(a)(e) | | | 4,061,611 | | | 3,820,474 |
Series 2017-3A, Class A1, 4.00%, 04/25/2057 (Callable 04/25/2032)(a)(e) | | | 5,699,169 | | | 5,353,465 |
Series 2017-4A, Class A1, 4.00%, 05/25/2057 (Callable 06/25/2033)(a)(e) | | | 8,398,170 | | | 7,887,521 |
Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (Callable 07/25/2033)(a)(e) | | | 4,515,923 | | | 4,258,306 |
Onslow Bay Mortgage Loan Trust
| |
Series 2022-NQM2, Class A1, 2.96%, 01/25/2062 (Callable 02/25/2025)(a)(e) | | | 76,622,931 | | | 70,108,541 |
Series 2024-HYB1, Class A1, 3.56%, 03/25/2053 (Callable 04/25/2040)(a)(e) | | | 37,310,619 | | | 36,162,825 |
Series 2024-HYB2, Class A1, 3.60%, 04/25/2053 (Callable 06/25/2038)(a)(e) | | | 43,818,271 | | | 42,032,799 |
Progress Residential Trust, Series 2021-SFR8, Class A, 1.51%, 10/17/2038(a) | | | 72,875,142 | | | 66,732,861 |
RALI Trust, Series 2004-QS6, Class A1, 5.00%, 07/25/2024 (Callable 07/25/2024) | | | 6,137 | | | 5,674 |
Renaissance NIM Trust, Series 2007-1, Class AF3, 5.61%, 04/25/2037 (Callable 10/25/2030)(d) | | | 2,482,525 | | | 629,075 |
Rithm Capital Corp.
| |
Series 2020-1A, Class A1B, 3.50%, 10/25/2059 (Callable 04/25/2039)(a)(e) | | | 9,088,728 | | | 8,340,842 |
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062 (Callable 07/25/2024)(a)(e) | | | 32,101,136 | | | 29,077,206 |
| | | | | | | |
| | | | | | | |
Starwood Mortgage Residential Trust
| | | | | | |
Series 2021-4, Class A1, 1.16%, 08/25/2056 (Callable 09/25/2024)(a)(e) | | | $ 28,047,574 | | | $ 24,042,105 |
Series 2022-4, Class A1, 5.19%, 05/25/2067 (Callable 06/25/2025)(a)(d) | | | 48,798,196 | | | 48,294,462 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A1, 5.85%, 09/25/2034 (Callable 07/25/2024)(e) | | | 407,839 | | | 392,936 |
Thornburg Mortgage Securities Trust, Series 2003-5, Class 3A, 5.15%, 10/25/2043 (Callable 07/25/2024)(e) | | | 2,902,858 | | | 2,734,039 |
Towd Point Mortgage Trust
| |
Series 2017-6, Class A1, 2.75%, 10/25/2057 (Callable 05/25/2029)(a)(e) | | | 10,404,113 | | | 10,029,943 |
Series 2018-1, Class A1, 3.00%, 01/25/2058 (Callable 05/25/2027)(a)(e) | | | 846,811 | | | 823,057 |
Series 2018-4, Class A1, 3.00%, 06/25/2058 (Callable 01/25/2031)(a)(e) | | | 11,378,205 | | | 10,473,463 |
Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 02/25/2030)(a)(e) | | | 6,267,847 | | | 6,140,364 |
Series 2019-1, Class A1, 3.75%, 03/25/2058 (Callable 09/25/2029)(a)(e) | | | 19,647,382 | | | 18,701,814 |
Series 2019-4, Class A1, 2.90%, 10/25/2059 (Callable 06/25/2031)(a)(e) | | | 55,957,132 | | | 52,299,405 |
Series 2020-2, Class A1A, 1.64%, 04/25/2060 (Callable 04/25/2032)(a)(e) | | | 127,798,409 | | | 113,319,258 |
Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 01/25/2030)(a) | | | 60,294,177 | | | 53,362,909 |
Series 2022-2, Class A1, 3.75%, 07/01/2062 (Callable 12/25/2033)(a)(e) | | | 148,489,492 | | | 137,246,402 |
Series 2022-3, Class A1, 3.75%, 08/01/2062 (Callable 01/25/2030)(a)(e) | | | 146,444,170 | | | 137,348,098 |
Series 2023-1, Class A1, 3.75%, 01/25/2063 (Callable 10/25/2034)(a) | | | 59,098,775 | | | 55,651,933 |
Series 2024-1, Class A1, 4.37%, 03/25/2064 (Callable 08/25/2034)(a)(e) | | | 142,045,233 | | | 141,569,098 |
WaMu Mortgage Pass Through Certificates
| | | | | | |
Series 2004-AR14, Class A1, 5.40%, 01/25/2035 (Callable 07/25/2024)(e) | | | 2,647,676 | | | 2,353,462 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Series 2004-CB2, Class 3A, 6.00%, 08/25/2034 (Callable 07/25/2024) | | | $ 2,043,583 | | | $2,002,189 |
Series 2004-CB3, Class 2A, 6.50%, 10/25/2034 (Callable 07/25/2024) | | | 905,687 | | | 896,710 |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES
|
(Cost $2,298,821,738) | | | | | | 2,231,500,111 |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%
|
BANK-2017
| | | | | | |
Series 2017-BNK4, Class A3, 3.36%, 05/15/2050 (Callable 04/15/2027) | | | 30,681,557 | | | 29,230,461 |
Series 2017-BNK4, Class A4, 3.63%, 05/15/2050 (Callable 04/15/2027) | | | 44,535,000 | | | 42,224,636 |
Series 2017-BNK5, Class A5, 3.39%, 06/15/2060 (Callable 07/15/2027) | | | 22,501,000 | | | 21,224,219 |
Series 2017-BNK7, Class A4, 3.18%, 09/15/2060 (Callable 09/15/2027) | | | 21,500,000 | | | 20,219,832 |
Series 2017-BNK7, Class A5, 3.44%, 09/15/2060 (Callable 09/15/2027) | | | 350,000 | | | 329,555 |
Series 2017-BNK8, Class A4, 3.49%, 11/15/2050 (Callable 11/15/2027) | | | 67,663,000 | | | 62,258,438 |
Series 2017-BNK9, Class A4, 3.54%, 11/15/2054 (Callable 12/15/2029) | | | 98,103,000 | | | 92,149,423 |
BANK-2018
| | | | | | |
Series 2018-BN10, Class A5, 3.69%, 02/15/2061 (Callable 02/15/2028) | | | 11,050,000 | | | 10,426,909 |
Series 2018-BN12, Class A4, 4.26%, 05/15/2061 (Callable 05/15/2028)(e) | | | 15,302,008 | | | 14,675,894 |
Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (Callable 08/15/2028)(e) | | | 8,565,000 | | | 8,167,342 |
BANK-2019, Series 2019-BN21, Class A5, 2.85%, 10/17/2052 (Callable 10/15/2029) | | | 39,560,000 | | | 34,672,053 |
BANK-2020, Series 2020-BN29, Class A4, 2.00%, 11/15/2053 (Callable 12/15/2030) | | | 66,985,000 | | | 53,639,920 |
BANK-2022, Series 2022-BNK44, Class A5, 5.94%, 11/15/2055 (Callable 11/15/2032)(e) | | | 56,200,000 | | | 57,889,541 |
BANK5 Trust
| |
Series 2023-5YR3, Class A2, 6.26%, 09/15/2056 (Callable 09/15/2028) | | | 68,852,011 | | | 70,598,428 |
| | | | | | | |
| | | | | | | |
Series 2024-5YR7, Class A3, 5.77%, 06/15/2057 (Callable 06/15/2029) | | | $ 93,975,000 | | | $ 95,277,107 |
BBCMS Trust, Series 2022-C15, Class ASB, 3.68%, 04/15/2055 (Callable 04/15/2032)(e) | | | 7,104,000 | | | 6,654,470 |
Benchmark Mortgage Trust
| | | | | | |
Series 2018-B6, Class A4, 4.26%, 10/10/2051 (Callable 10/10/2028) | | | 20,140,000 | | | 19,010,158 |
Series 2018-B8, Class A5, 4.23%, 01/15/2052 (Callable 12/15/2028) | | | 24,235,000 | | | 22,753,117 |
Series 2019-B14, Class A5, 3.05%, 12/15/2062 (Callable 11/15/2029) | | | 28,769,000 | | | 25,674,940 |
Series 2020-B19, Class A5, 1.85%, 09/15/2053 (Callable 10/15/2030) | | | 43,291,000 | | | 34,923,096 |
Series 2020-B20, Class A5, 2.03%, 10/15/2053 (Callable 10/15/2030) | | | 31,916,000 | | | 25,486,662 |
Series 2020-B21, Class A5, 1.98%, 12/17/2053 (Callable 12/15/2030) | | | 35,697,743 | | | 29,102,749 |
Series 2021-B24, Class A5, 2.58%, 03/15/2054 (Callable 03/15/2031) | | | 26,400,000 | | | 21,839,458 |
Series 2021-B31, Class A5, 2.67%, 12/15/2054 (Callable 12/15/2031) | | | 29,775,000 | | | 24,900,704 |
Series 2023-V3, Class A2, 5.90%, 07/15/2056 (Callable 07/15/2028) | | | 36,950,000 | | | 37,403,229 |
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/2050 (Callable 12/15/2027)(e) | | | 9,000,279 | | | 8,380,334 |
CFCRE Commercial Mortgage Trust
| |
Series 2016-C3, Class A3, 3.87%, 01/10/2048 (Callable 01/10/2026) | | | 18,107,455 | | | 17,595,170 |
Series 2016-C4, Class A4, 3.28%, 05/10/2058 (Callable 05/10/2026) | | | 36,650,980 | | | 35,242,886 |
Citigroup Commercial Mortgage Trust
| | | | | | |
Series 2015-GC29, Class A4, 3.19%, 04/10/2048 (Callable 04/10/2025) | | | 17,480,000 | | | 17,103,589 |
Series 2015-GC33, Class A4, 3.78%, 09/10/2058 (Callable 05/10/2026) | | | 8,600,000 | | | 8,330,017 |
Series 2015-GC35, Class A4, 3.82%, 11/10/2048 (Callable 11/10/2025) | | | 68,175,000 | | | 65,965,721 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Series 2017-P7, Class A4, 3.71%, 04/14/2050 (Callable 04/14/2027) | | | $ 12,275,000 | | | $ 11,538,414 |
Series 2017-P8, Class A4, 3.47%, 09/15/2050 (Callable 09/15/2027) | | | 22,000,000 | | | 20,660,680 |
Series 2019-C7, Class A4, 3.10%, 12/15/2072 (Callable 12/15/2029) | | | 23,480,000 | | | 21,050,825 |
Citigroup/Deutsche Bank Commercial Mortgage Trust
| | | | | | |
Series 2016-C3, Class ASB, 2.76%, 08/10/2049 (Callable 08/10/2026) | | | 4,318,986 | | | 4,193,596 |
Series 2016-CD1, Class A4, 2.72%, 08/10/2049 (Callable 08/10/2027) | | | 48,986,454 | | | 45,149,551 |
Series 2017-C6, Class A5, 3.33%, 06/10/2050 (Callable 06/10/2027) | | | 22,800,000 | | | 21,224,219 |
Series 2017-CD3, Class A4, 3.63%, 02/10/2050 (Callable 08/10/2027) | | | 7,200,000 | | | 6,678,521 |
Series 2018-CD7, Class A4, 4.28%, 08/15/2051 (Callable 08/15/2028) | | | 7,400,000 | | | 7,064,764 |
Series 2020-C9, Class A5, 1.93%, 08/15/2053 (Callable 09/15/2030) | | | 22,555,000 | | | 18,645,028 |
Commercial Mortgage Pass Through Certificates, Series 2014-UBS5, Class A4, 3.84%, 09/10/2047 (Callable 09/10/2024) | | | 15,109,392 | | | 15,048,830 |
Computershare Corporate Trust
| | | | | | |
Series 2015-P2, Class A3, 3.54%, 12/15/2048 (Callable 12/15/2025) | | | 20,519,067 | | | 20,018,041 |
Series 2015-SG1, Class A4, 3.79%, 09/15/2048 (Callable 08/15/2025) | | | 29,009,612 | | | 28,323,192 |
Series 2015-SG1, Class ASB, 3.56%, 09/15/2048 (Callable 08/15/2025) | | | 2,533,681 | | | 2,513,181 |
Series 2016-C34, Class A4, 3.10%, 06/15/2049 (Callable 05/15/2026) | | | 10,250,000 | | | 9,808,105 |
Series 2016-C35, Class A4, 2.93%, 07/15/2048 (Callable 07/15/2026) | | | 25,670,000 | | | 24,302,536 |
Series 2017-C42, Class A4, 3.59%, 12/15/2050 (Callable 12/15/2027) | | | 7,315,000 | | | 6,732,388 |
Series 2017-RC1, Class A4, 3.63%, 01/15/2060 (Callable 03/15/2027) | | | 14,349,000 | | | 13,685,531 |
| | | | | | | |
| | | | | | | |
Series 2019-C50, Class ASB, 3.64%, 05/15/2052 (Callable 05/15/2029) | | | $ 19,377,822 | | | $ 18,791,771 |
Series 2019-C51, Class A4, 3.31%, 06/15/2052 (Callable 06/15/2029) | | | 22,581,000 | | | 20,314,784 |
Series 2019-C52, Class A5, 2.89%, 08/15/2052 (Callable 08/15/2029) | | | 10,000,000 | | | 8,852,206 |
Series 2019-C54, Class A4, 3.15%, 12/15/2052 (Callable 11/15/2029) | | | 30,610,609 | | | 27,314,615 |
CSAIL Commercial Mortgage Trust
| | | | | | |
Series 2016-C7, Class A5, 3.50%, 11/15/2049 (Callable 11/15/2026) | | | 5,000,000 | | | 4,714,172 |
Series 2018-CX11, Class A4, 3.77%, 04/15/2051 (Callable 04/15/2028) | | | 11,440,000 | | | 11,007,884 |
Series 2018-CX11, Class A5, 4.03%, 04/15/2051 (Callable 04/15/2028)(e) | | | 22,023,039 | | | 21,049,751 |
Series 2018-CX12, Class A4, 4.22%, 08/15/2051 (Callable 08/15/2028)(e) | | | 18,608,000 | | | 17,608,306 |
Series 2019-C16, Class A3, 3.33%, 06/15/2052 (Callable 06/15/2029) | | | 30,690,000 | | | 27,780,913 |
Series 2019-C17, Class A5, 3.02%, 09/15/2052 (Callable 09/15/2029) | | | 16,475,000 | | | 14,542,426 |
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051 (Callable 10/15/2028) | | | 19,875,000 | | | 18,591,643 |
GS Mortgage Securities Corp. II
| | | | | | |
Series 2015-GS1, Class A3, 3.73%, 11/10/2048 (Callable 11/10/2025) | | | 30,493,248 | | | 29,416,483 |
Series 2017-GS8, Class A4, 3.47%, 11/10/2050 (Callable 11/10/2027) | | | 23,655,000 | | | 22,052,830 |
JP Morgan Chase Commercial Mortgage Securities, Series 2017-JP7, Class A5, 3.45%, 09/15/2050 (Callable 08/15/2027) | | | 9,000,000 | | | 8,364,030 |
JPMBB Commercial Mortgage Securities Trust
| | | | | | |
Series 2014-C24, Class ASB, 3.37%, 11/15/2047 (Callable 08/15/2027) | | | 193,022 | | | 192,508 |
Series 2014-C25, Class ASB, 3.41%, 11/15/2047 (Callable 11/15/2024) | | | 342,223 | | | 340,961 |
Series 2015-C28, Class A4, 3.23%, 10/15/2048 (Callable 04/15/2025) | | | 16,688,500 | | | 16,373,391 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)
|
Series 2015-C30, Class A5, 3.82%, 07/15/2048 (Callable 07/15/2025) | | | $ 22,658,000 | | | $ 21,935,779 |
JPMDB Commercial Mortgage Securities Trust
| | | | | | |
Series 2016-C2, Class A4, 3.14%, 06/15/2049 (Callable 05/15/2026) | | | 19,890,000 | | | 18,812,551 |
Series 2017-C5, Class A5, 3.69%, 03/15/2050 (Callable 08/15/2027) | | | 24,380,000 | | | 22,974,186 |
Series 2017-C7, Class A5, 3.41%, 10/15/2050 (Callable 11/15/2027) | | | 17,170,000 | | | 16,013,510 |
Morgan Stanley Bank of America Merrill Lynch Trust
| | | | | | |
Series 2016-C30, Class A5, 2.86%, 09/15/2049 (Callable 10/15/2026) | | | 25,169,000 | | | 23,593,207 |
Series 2017-C34, Class A4, 3.54%, 11/15/2052 (Callable 10/15/2027) | | | 41,287,079 | | | 38,443,782 |
Morgan Stanley Capital I Trust 2014-MP, Series 2015-UBS8, Class A4, 3.81%, 12/15/2048 (Callable 12/15/2025) | | | 72,094,000 | | | 69,737,168 |
Morgan Stanley Capital I, Inc.
| | | | | | |
Series 2016-UB12, Class A4, 3.60%, 12/15/2049 (Callable 12/15/2026) | | | 8,500,000 | | | 8,011,295 |
Series 2018-H3, Class A5, 4.18%, 07/15/2051 (Callable 07/15/2028) | | | 22,101,510 | | | 21,007,430 |
Series 2018-H4, Class A3, 4.04%, 12/15/2051 (Callable 01/15/2029) | | | 9,291,667 | | | 8,867,822 |
Series 2018-H4, Class A4, 4.31%, 12/15/2051 (Callable 01/15/2029) | | | 6,750,000 | | | 6,456,247 |
UBS Commercial Mortgage Trust
| |
Series 2017-C2, Class A4, 3.49%, 08/15/2050 (Callable 08/15/2027) | | | 2,500,000 | | | 2,351,832 |
Series 2018-C11, Class A5, 4.24%, 06/15/2051 (Callable 07/15/2028)(e) | | | 16,652,859 | | | 15,776,452 |
Series 2019-C17, Class A4, 2.92%, 10/15/2052 (Callable 10/15/2029) | | | 71,060,966 | | | 62,413,273 |
Series 2019-C18, Class A4, 3.04%, 12/15/2052 (Callable 12/15/2029) | | | 6,280,000 | | | 5,469,548 |
WF-RBS Commercial Mortgage Trust
| | | | | | |
| | |
| | | | | | | |
Series 2014-C21, Class A5, 3.68%, 08/15/2047 (Callable 08/15/2024) | | | $ 16,319,085 | | | $16,242,719 |
Series 2014-C23, Class A5, 3.92%, 10/15/2057 (Callable 08/15/2027) | | | 125,000 | | | 123,570 |
Series 2014-C23, Class ASB, 3.64%, 10/15/2057 (Callable 08/15/2027) | | | 15 | | | 15 |
TOTAL NON-AGENCY COMMERCIAL
MORTGAGE-BACKED SECURITIES
|
(Cost $2,072,258,363) | | | | | | 1,915,526,520 |
ASSET-BACKED SECURITIES - 3.0%
| |
Capital One Financial Corp., Series 2023-A1, Class A, 4.42%, 05/15/2028 | | | 39,098,000 | | | 38,571,029 |
Chase Auto Owner Trust, Series 2024-2A, Class A3, 5.52%, 06/25/2029 (Callable 06/25/2027)(a) | | | 83,500,000 | | | 84,010,870 |
Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (Callable 02/15/2027)(a) | | | 93,925,000 | | | 94,332,240 |
Fifth Third Auto Trust, Series 2023-1, Class A3, 5.53%, 08/15/2028 (Callable 02/15/2027) | | | 70,525,000 | | | 70,703,732 |
First National Master Note Trust
| | | | | | |
Series 2023-1, Class A, 5.13%, 04/15/2029 | | | 63,134,000 | | | 62,878,901 |
Series 2023-2, Class A, 5.77%, 09/15/2029 | | | 52,200,000 | | | 52,865,148 |
Series 2024-1, Class A, 5.34%, 05/15/2030 | | | 41,875,000 | | | 42,042,843 |
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85%, 08/15/2035 (Callable 02/15/2028)(a) | | | 148,461,000 | | | 147,221,602 |
Ford Credit Floorplan LLC, Series 2023-1, Class A1, 4.92%, 05/15/2028(a) | | | 49,875,000 | | | 49,540,618 |
General Motors Co.
| | | | | | |
Series 2023-1, Class A1, 5.34%, 06/15/2028(a) | | | 10,300,000 | | | 10,312,688 |
Series 2023-2, Class A, 5.34%, 06/15/2030(a) | | | 25,000,000 | | | 25,209,668 |
Series 2024-1A, Class A1, 5.13%, 03/15/2029(a) | | | 8,000,000 | | | 7,996,650 |
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91%, 10/11/2035 (Callable 11/11/2027)(a) | | | 64,950,000 | | | 66,746,264 |
IPFS Corp., Series 2023-A, Class A, 5.80%, 03/15/2028 (a) | | | 84,870,000 | | | 85,401,778 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - (Continued)
|
Kubota Credit Owner Trust, Series 2023-2A, Class A3, 5.28%, 01/18/2028 (Callable 04/15/2027)(a) | | | $ 18,750,000 | | | $18,757,911 |
Navient Student Loan Trust
| | | | | | |
Series 2021-GA, Class A, 1.58%, 04/15/2070 (Callable 11/15/2029)(a) | | | 13,490,324 | | | 11,778,117 |
Series 2022-A, Class A, 2.23%, 07/15/2070 (Callable 01/15/2030)(a) | | | 20,853,706 | | | 18,393,363 |
Series 2022-BA, Class A, 4.16%, 10/15/2070 (Callable 04/15/2030)(a) | | | 50,360,557 | | | 48,038,094 |
Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 10/15/2032)(a) | | | 58,305,134 | | | 58,480,189 |
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 09/20/2029)(a) | | | 26,707,185 | | | 24,190,473 |
Royal Bank of Canada, Series 2022-4A, Class A, 4.31%, 09/15/2027(a) | | | 14,500,000 | | | 14,294,354 |
SBA Depositor LLC, 1.84%, 04/15/2027 (Callable 04/15/2026)(a) | | | 94,050,000 | | | 84,590,912 |
SMB Private Education Loan Trust, Series 2024-D, Class A1A, 5.38%, 07/05/2053(a) | | | 116,650,000 | | | 116,116,284 |
Synchrony Bank
| |
Series 2023-A1, Class A, 5.54%, 07/15/2029 | | | 73,400,000 | | | 73,890,437 |
Series 2024-A1, Class A, 5.04%, 03/15/2030 | | | 14,625,000 | | | 14,586,269 |
Towd Point Asset Trust, Series 2021-SL1, Class A1, 1.05%, 11/20/2061(a) | | | 7,657,943 | | | 7,151,366 |
Towd Point Mortgage Trust
| |
Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 07/25/2024)(a)(f) | | | 10,497,921 | | | 10,042,890 |
Series 2020-MH1, Class A1A, 2.18%, 02/25/2060 (Callable 07/25/2024)(a)(f) | | | 16,468,614 | | | 15,744,018 |
Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.82%, 04/25/2035 (Callable 04/25/2027)(a) | | | 25,275,000 | | | 24,441,468 |
TOTAL ASSET-BACKED SECURITIES
|
(Cost $1,388,527,542) | | | | | | 1,378,330,176 |
| | | | | | | |
| | | | | | | |
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%
|
Federal Home Loan Mortgage Corp.
| |
Series K069, Class A2, 3.19%, 09/25/2027 (Callable 10/25/2027)(e) | | | $ 25,488,779 | | | $ 24,218,449 |
Series K071, Class A2, 3.29%, 11/25/2027 (Callable 02/25/2028) | | | 25,529,000 | | | 24,261,061 |
Series K072, Class A2, 3.44%, 12/25/2027 (Callable 12/25/2027) | | | 6,050,000 | | | 5,773,841 |
Series K073, Class A2, 3.35%, 01/25/2028 (Callable 10/25/2028) | | | 1,350,000 | | | 1,283,881 |
Series K074, Class A2, 3.60%, 01/25/2028 (Callable 07/25/2028) | | | 21,722,000 | | | 20,821,154 |
Series K076, Class A2, 3.90%, 04/25/2028 (Callable 05/25/2028) | | | 70,395,000 | | | 68,038,739 |
Series K077, Class A2, 3.85%, 05/25/2028 (Callable 05/25/2028)(e) | | | 41,215,000 | | | 39,747,861 |
Series K078, Class A2, 3.85%, 06/25/2028 (Callable 10/25/2028) | | | 26,488,633 | | | 25,545,020 |
Series K080, Class A2, 3.93%, 07/25/2028 (Callable 08/25/2028)(e) | | | 14,950,000 | | | 14,442,184 |
Series K082, Class A2, 3.92%, 09/25/2028 (Callable 10/25/2028)(e) | | | 56,545,000 | | | 54,588,215 |
Series K083, Class A2, 4.05%, 09/25/2028 (Callable 10/25/2028)(e) | | | 1,000,000 | | | 970,059 |
Series K-1510, Class A2, 3.72%, 01/25/2031 (Callable 01/25/2034) | | | 39,850,000 | | | 37,421,557 |
Series K-1510, Class A3, 3.79%, 01/25/2034 (Callable 01/25/2034) | | | 13,525,000 | | | 12,430,569 |
Series K156, Class A3, 3.70%, 06/25/2033 (Callable 07/25/2033)(e) | | | 11,088,000 | | | 10,135,786 |
Series K752, Class A2, 4.28%, 07/25/2030 (Callable 08/25/2030) | | | 90,425,000 | | | 87,983,445 |
TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $452,686,251) | | | | | | 427,661,821 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - 0.5%
| | | | | | |
Atlanta Independent School System, 5.56%, 03/01/2026 | | | $ 4,465,000 | | | $ 4,480,875 |
California Community Choice Financing Authority
| | | | | | |
5.95%, 08/01/2029 | | | 3,155,000 | | | 3,168,257 |
6.13%, 04/01/2030 | | | 5,000,000 | | | 5,049,517 |
California Qualified School Bond Joint Powers Authority, 7.16%, 03/01/2027 | | | 3,375,000 | | | 3,477,080 |
Colorado Housing and Finance Authority, 6.50%, 11/01/2053 (Callable 05/01/2032) | | | 29,860,000 | | | 31,160,021 |
Dallas Fort Worth International Airport
| |
2.25%, 11/01/2031 (Callable 11/01/2030) | | | 2,500,000 | | | 2,091,282 |
2.42%, 11/01/2032 (Callable 11/01/2030) | | | 5,000,000 | | | 4,134,121 |
2.52%, 11/01/2033 (Callable 11/01/2030) | | | 1,220,000 | | | 992,901 |
Kentucky Housing Corp., 3.50%, 01/01/2040 (Callable 07/01/2025) | | | 1,595,000 | | | 1,555,780 |
Louisiana Housing Corp., 2.10%, 12/01/2038 (Callable 09/01/2024) | | | 719,593 | | | 614,514 |
Maine State Housing Authority, 2.60%, 11/15/2046 (Callable 11/15/2030) | | | 10,000,000 | | | 7,186,152 |
Maryland Community Development Administration, 3.16%, 09/01/2041 (Callable 09/01/2025) | | | 1,775,000 | | | 1,751,743 |
Maryland Economic Development Corp., 4.00%, 04/01/2034 (Callable 01/01/2034) | | | 18,275,000 | | | 14,482,080 |
Massachusetts Educational Financing Authority, 3.85%, 05/25/2033 | | | 8,695,624 | | | 8,351,401 |
Minnesota Housing Finance Agency
| |
2.73%, 08/01/2046 (Callable 07/01/2025) | | | 1,905,889 | | | 1,556,501 |
3.20%, 06/01/2047 (Callable 07/01/2026) | | | 4,208,536 | | | 3,669,449 |
3.00%, 10/01/2047 (Callable 01/01/2027) | | | 5,091,707 | | | 4,402,051 |
New Hampshire Business Finance Authority
| |
3.25%, 04/01/2028 (Callable 01/01/2028) | | | 45,000,000 | | | 33,670,584 |
3.30%, 04/01/2032 (Callable 01/01/2032) | | | 35,000,000 | | | 28,017,514 |
2.87%, 07/01/2035 (Callable 01/01/2035) | | | 17,310,000 | | | 12,899,554 |
| | | | | | | |
| | | | | | | |
New Hampshire Housing Finance Authority, 4.00%, 07/01/2036 (Callable 07/01/2025) | | | $ 1,075,000 | | | $ 1,075,000 |
New Jersey Higher Education Student Assistance Authority
| |
3.50%, 12/01/2039 (Callable 12/01/2028)(g) | | | 11,740,000 | | | 10,856,959 |
3.50%, 12/01/2039 (Callable 12/01/2028)(g) | | | 8,680,000 | | | 8,263,667 |
New York State Dormitory Authority, 2.22%, 07/01/2035 | | | 15,000,000 | | | 12,013,670 |
North Carolina Housing Finance Agency
| |
2.81%, 07/01/2035 (Callable 08/01/2024) | | | 265,000 | | | 263,306 |
6.50%, 01/01/2055 (Callable 07/01/2032) | | | 6,465,000 | | | 6,701,501 |
State Public School Building Authority, 2.97%, 04/01/2027 | | | 5,800,000 | | | 5,480,466 |
Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/2049 | | | 8,800,000 | | | 7,221,178 |
West Contra Costa Unified School District, 6.25%, 08/01/2030 | | | 1,785,000 | | | 1,917,016 |
Western Michigan University Homer Stryker MD School of Medicine, 4.75%, 11/15/2028 | | | 11,980,000 | | | 11,884,922 |
Westvaco Corp., 7.67%, 01/15/2027(a) | | | 8,000,000 | | | 8,237,304 |
TOTAL MUNICIPAL BONDS
(Cost $284,822,150) | | | | | | 246,626,366 |
OTHER GOVERNMENT RELATED SECURITIES - 0.2%
|
Electricite de France SA
| |
5.65%, 04/22/2029 (Callable 03/22/2029)(a) | | | 22,000,000 | | | 22,192,230 |
5.95%, 04/22/2034 (Callable 01/22/2034)(a) | | | 12,000,000 | | | 12,068,640 |
Freeport Indonesia PT, 5.32%, 04/14/2032 (Callable 01/01/2032)(a) | | | 15,000,000 | | | 14,546,358 |
NBN Co. Ltd.
| |
2.63%, 05/05/2031 (Callable 02/05/2031)(a) | | | 18,625,000 | | | 15,983,539 |
2.50%, 01/08/2032 (Callable 10/08/2031)(a) | | | 46,650,000 | | | 38,955,387 |
Petroleos Mexicanos
| |
5.95%, 01/28/2031 (Callable 10/28/2030) | | | 558,000 | | | 449,673 |
6.70%, 02/16/2032 (Callable 11/16/2031) | | | 1,020,000 | | | 854,024 |
6.35%, 02/12/2048 | | | 8,500,000 | | | 5,423,937 |
TOTAL OTHER GOVERNMENT RELATED SECURITIES
(Cost $123,298,436) | | | | | | 110,473,788 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Schedule of Investments,
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
SHORT-TERM INVESTMENTS - 1.9%
|
Money Market Funds - 1.9%
| | | | | | |
First American Government Obligations Fund - Class U, 5.25%(h) | | | 882,138,067 | | | $882,138,067 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $882,138,067) | | | | | | 882,138,067 |
TOTAL INVESTMENTS - 100.9%
(Cost $50,123,852,084) | | | | | | $46,810,023,834 |
Liabilities in Excess of
Other Assets - (0.9)% | | | | | | (410,631,794) |
TOTAL NET ASSETS - 100.0% | | | | | | $46,399,392,040 |
| | | | | | | |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
CMT - Constant Maturity Treasury Rate
LIBOR - London Interbank Offered Rate
NV - Naamloze Vennootschap
PIK - Payment in Kind
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SOFR - Secured Overnight Financing Rate
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $8,964,082,038 or 19.3% of the Fund’s net assets.
|
(b)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
|
(c)
| Issuer is currently in default.
|
(d)
| Step coupon bond. The rate disclosed is as of June 30, 2024.
|
(e)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.
|
(f)
| Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.
|
(g)
| Security subject to the Alternative Minimum Tax ("AMT"). As of June 30, 2024, the total value of securities subject to the AMT was $19,120,626 or 0.0% of net assets.
|
(h)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Aggregate Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Corporate Bonds | | | $— | | | $16,671,593,792 | | | $ — | | | $16,671,593,792 |
U.S. Treasury Securities | | | — | | | 12,849,250,189 | | | — | | | 12,849,250,189 |
Agency Residential Mortgage-Backed Securities | | | — | | | 10,096,923,004 | | | — | | | 10,096,923,004 |
Non-Agency Residential Mortgage-Backed Securities | | | — | | | 2,231,500,111 | | | — | | | 2,231,500,111 |
Non-Agency Commercial Mortgage-Backed Securities | | | — | | | 1,915,526,520 | | | — | | | 1,915,526,520 |
Asset-Backed Securities | | | — | | | 1,378,330,176 | | | — | | | 1,378,330,176 |
Agency Commercial Mortgage-Backed Securities | | | — | | | 427,661,821 | | | — | | | 427,661,821 |
Municipal Bonds | | | — | | | 246,626,366 | | | — | | | 246,626,366 |
Other Government Related Securities | | | — | | | 110,473,788 | | | — | | | 110,473,788 |
Money Market Funds | | | 882,138,067 | | | — | | | — | | | 882,138,067 |
Total Investments | | | $882,138,067 | | | $ 45,927,885,767 | | | $— | | | $ 46,810,023,834 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
CORPORATE BONDS - 43.3%
|
Financials - 17.4%
|
ABN AMRO Bank NV
| | | | | | |
4.75%, 07/28/2025(a) | | | $ 37,818,000 | | | $ 37,291,215 |
4.80%, 04/18/2026(a) | | | 47,025,000 | | | 46,139,624 |
1.54% to 06/16/2026 then 1 yr. CMT Rate + 0.80%, 06/16/2027 (Callable 06/16/2026)(a) | | | 12,250,000 | | | 11,297,710 |
3.32% to 03/13/2032 then 5 yr. CMT Rate + 1.90%, 03/13/2037 (Callable 12/13/2031)(a) | | | 31,325,000 | | | 25,669,683 |
AEGON Funding Co. LLC,
5.50%, 04/16/2027 (Callable 03/16/2027)(a) | | | 10,000,000 | | | 9,957,570 |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
| | | | | | |
2.45%, 10/29/2026 (Callable 09/29/2026) | | | 8,000,000 | | | 7,462,668 |
6.45%, 04/15/2027 (Callable 03/15/2027) | | | 38,501,000 | | | 39,379,675 |
5.75%, 06/06/2028 (Callable 05/06/2028) | | | 10,000,000 | | | 10,104,297 |
3.00%, 10/29/2028 (Callable 08/29/2028) | | | 15,500,000 | | | 14,085,944 |
Agree LP
| | | | | | |
2.90%, 10/01/2030 (Callable 07/01/2030) | | | 12,809,000 | | | 11,040,419 |
5.63%, 06/15/2034 (Callable 03/15/2034) | | | 12,000,000 | | | 11,876,867 |
AIB Group PLC
| | | | | | |
6.61% to 09/13/2028 then
SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028)(a) | | | 15,000,000 | | | 15,483,329 |
5.87% to 03/28/2034 then
SOFR + 1.91%, 03/28/2035 (Callable 03/28/2034)(a) | | | 31,350,000 | | | 31,144,220 |
AIG SunAmerica Global Financing X, 6.90%, 03/15/2032(a) | | | 7,711,000 | | | 8,372,709 |
Air Lease Corp.
| | | | | | |
2.30%, 02/01/2025 (Callable 01/01/2025) | | | 14,150,000 | | | 13,847,474 |
5.85%, 12/15/2027 (Callable 11/15/2027) | | | 10,000,000 | | | 10,125,151 |
Aircastle Ltd.
| | | | | | |
6.50%, 07/18/2028 (Callable 06/18/2028)(a) | | | 5,000,000 | | | 5,093,719 |
5.95%, 02/15/2029 (Callable 01/15/2029)(a) | | | 15,500,000 | | | 15,495,545 |
Ally Financial, Inc.
| | | | | | |
5.80%, 05/01/2025 (Callable 04/01/2025) | | | 10,000,000 | | | 9,990,492 |
6.85% to 01/03/2029 then
SOFR + 2.82%, 01/03/2030 (Callable 01/03/2029) | | | 10,000,000 | | | 10,275,353 |
| | | | | | | |
| | | | | | | |
American International Group, Inc.
| | | | | | |
5.13%, 03/27/2033 (Callable 12/27/2032) | | | $ 6,000,000 | | | $ 5,909,599 |
6.82%, 11/15/2037 | | | 4,173,000 | | | 4,558,482 |
AmFam Holdings, Inc.,
2.81%, 03/11/2031 (Callable 12/11/2030)(a) | | | 5,000,000 | | | 3,821,677 |
Assurant, Inc.
| | | | | | |
4.90%, 03/27/2028 (Callable 12/27/2027) | | | 4,250,000 | | | 4,183,116 |
3.70%, 02/22/2030 (Callable 11/22/2029) | | | 7,000,000 | | | 6,325,711 |
Australia & New Zealand Banking Group Ltd.
| | | | | | |
2.95% to 07/22/2025 then 5 yr. CMT Rate + 1.29%, 07/22/2030 (Callable 07/22/2025)(a) | | | 14,803,000 | | | 14,339,101 |
6.74%, 12/08/2032(a) | | | 33,000,000 | | | 35,099,390 |
2.57% to 11/25/2030 then 5 yr. CMT Rate + 1.70%, 11/25/2035 (Callable 11/25/2030)(a) | | | 13,000,000 | | | 10,673,410 |
Aviation Capital Group LLC
| | | | | | |
6.25%, 04/15/2028 (Callable 03/15/2028)(a) | | | 18,379,000 | | | 18,748,401 |
5.38%, 07/15/2029 (Callable 06/15/2029)(a) | | | 14,500,000 | | | 14,331,052 |
6.38%, 07/15/2030 (Callable 05/15/2030)(a) | | | 36,120,000 | | | 37,337,691 |
Avolon Holdings Funding Ltd.
| | | | | | |
2.88%, 02/15/2025 (Callable 01/15/2025)(a) | | | 10,000,000 | | | 9,796,796 |
6.38%, 05/04/2028 (Callable 04/04/2028)(a) | | | 10,000,000 | | | 10,155,138 |
Banco Santander SA
| | | | | | |
5.18%, 11/19/2025 | | | 11,150,000 | | | 11,042,323 |
1.72% to 09/14/2026 then 1 yr. CMT Rate + 0.90%, 09/14/2027 (Callable 09/14/2026) | | | 10,000,000 | | | 9,170,222 |
6.61%, 11/07/2028 | | | 8,400,000 | | | 8,822,377 |
5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 (Callable 03/14/2029) | | | 10,000,000 | | | 9,924,987 |
2.75%, 12/03/2030 | | | 5,000,000 | | | 4,160,429 |
3.23% to 11/22/2031 then 1 yr. CMT Rate + 1.60%, 11/22/2032 (Callable 08/22/2031) | | | 35,000,000 | | | 29,164,338 |
6.92%, 08/08/2033 | | | 7,842,000 | | | 8,186,887 |
6.35%, 03/14/2034 | | | 35,000,000 | | | 35,024,995 |
Bank of America Corp.
| | | | | | |
5.08% to 01/20/2026 then
SOFR + 1.29%, 01/20/2027 (Callable 01/20/2026) | | | 12,750,000 | | | 12,673,477 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
1.73% to 07/22/2026 then
SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | | | $6,000,000 | | | $5,561,553 |
6.20% to 11/10/2027 then
SOFR + 1.99%, 11/10/2028 (Callable 11/10/2027) | | | 12,000,000 | | | 12,357,937 |
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | | | 19,539,000 | | | 18,372,985 |
5.20% to 04/25/2028 then
SOFR + 1.63%, 04/25/2029 (Callable 04/25/2028) | | | 15,000,000 | | | 14,976,234 |
2.09% to 06/14/2028 then
SOFR + 1.06%, 06/14/2029 (Callable 06/14/2028) | | | 12,000,000 | | | 10,645,731 |
4.27% to 07/23/2028 then 3 mo. Term SOFR + 1.57%, 07/23/2029 (Callable 07/23/2028) | | | 10,000,000 | | | 9,635,134 |
2.50% to 02/13/2030 then 3 mo. Term SOFR + 1.25%, 02/13/2031 (Callable 02/13/2030) | | | 7,000,000 | | | 6,050,444 |
2.59% to 04/29/2030 then
SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | | | 35,000,000 | | | 30,261,545 |
1.90% to 07/23/2030 then
SOFR + 1.53%, 07/23/2031 (Callable 07/23/2030) | | | 10,000,000 | | | 8,236,904 |
5.02% to 07/22/2032 then
SOFR + 2.16%, 07/22/2033 (Callable 07/22/2032) | | | 5,000,000 | | | 4,887,106 |
7.75%, 05/14/2038 | | | 725,000 | | | 862,122 |
Bank of Ireland Group PLC
| | | | | | |
2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)(a) | | | 10,202,000 | | | 9,396,144 |
5.60% (SOFR + 1.62%), 03/20/2030 (Callable 03/20/2029)(a) | | | 35,500,000 | | | 35,317,919 |
Bank of Montreal
| | | | | | |
5.37%, 06/04/2027 | | | 15,000,000 | | | 15,062,888 |
3.80% to 12/15/2027 then 5 yr. Swap Rate USD + 1.43%, 12/15/2032 (Callable 12/15/2027) | | | 5,000,000 | | | 4,697,812 |
3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 (Callable 01/10/2032) | | | 4,675,000 | | | 3,825,639 |
Bank of Nova Scotia
| | | | | | |
5.40%, 06/04/2027 | | | 25,000,000 | | | 25,115,647 |
5.25%, 06/12/2028 | | | 7,000,000 | | | 7,035,232 |
| | | | | | | |
| | | | | | | |
5.65%, 02/01/2034 | | | $7,775,000 | | | $7,899,783 |
4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037 (Callable 02/04/2032) | | | 20,400,000 | | | 18,373,145 |
Banque Federative du Credit Mutuel SA
| | | | | | |
4.75%, 07/13/2027(a) | | | 15,000,000 | | | 14,807,380 |
5.79%, 07/13/2028(a) | | | 6,000,000 | | | 6,118,696 |
Barclays PLC
| | | | | | |
2.85% to 05/07/2025 then
SOFR + 2.71%, 05/07/2026 (Callable 05/07/2025) | | | 10,000,000 | | | 9,749,842 |
4.34%, 01/10/2028 (Callable 01/10/2027) | | | 10,000,000 | | | 9,625,261 |
5.69% to 03/12/2029 then
SOFR + 1.74%, 03/12/2030 (Callable 03/12/2029) | | | 12,125,000 | | | 12,157,503 |
2.65% to 06/24/2030 then 1 yr. CMT Rate + 1.90%, 06/24/2031 (Callable 06/24/2030) | | | 2,150,000 | | | 1,827,006 |
6.22% to 05/09/2033 then
SOFR + 2.98%, 05/09/2034 (Callable 05/09/2033) | | | 18,650,000 | | | 19,109,355 |
6.69% to 09/13/2033 then
SOFR + 2.62%, 09/13/2034 (Callable 09/13/2033) | | | 20,000,000 | | | 21,202,728 |
BGC Group, Inc.
| | | | | | |
4.38%, 12/15/2025 (Callable 09/15/2025) | | | 13,700,000 | | | 13,332,559 |
8.00%, 05/25/2028 (Callable 04/25/2028) | | | 15,000,000 | | | 15,803,878 |
6.60%, 06/10/2029 (Callable 05/10/2029)(a) | | | 25,000,000 | | | 24,877,032 |
BNP Paribas SA
| | | | | | |
4.38%, 09/28/2025(a) | | | 8,200,000 | | | 8,052,077 |
2.82% to 11/19/2024 then 3 mo. Term SOFR + 1.37%, 11/19/2025 (Callable 11/19/2024)(a) | | | 42,500,000 | | | 41,970,850 |
4.38%, 05/12/2026(a) | | | 16,910,000 | | | 16,452,527 |
2.22% to 06/09/2025 then
SOFR + 2.07%, 06/09/2026 (Callable 06/09/2025)(a) | | | 16,500,000 | | | 15,950,157 |
1.32% to 01/13/2026 then
SOFR + 1.00%, 01/13/2027 (Callable 01/13/2026)(a) | | | 8,000,000 | | | 7,467,652 |
1.90% to 09/30/2027 then
SOFR + 1.61%, 09/30/2028 (Callable 09/30/2027)(a) | | | 16,000,000 | | | 14,284,493 |
3.05% to 01/13/2030 then
SOFR + 1.51%, 01/13/2031 (Callable 01/13/2030)(a) | | | 10,500,000 | | | 9,198,062 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
2.87% to 04/19/2031 then 3 mo. Term SOFR + 1.39%, 04/19/2032 (Callable 04/19/2031)(a) | | | $25,000,000 | | | $20,956,925 |
5.74% (SOFR + 1.88%), 02/20/2035 (Callable 02/20/2034)(a) | | | 12,000,000 | | | 11,933,726 |
2.59% to 08/12/2030 then 5 yr. CMT Rate + 2.05%, 08/12/2035 (Callable 08/12/2030)(a) | | | 5,000,000 | | | 4,086,753 |
BPCE SA
| | | | | | |
4.63%, 07/11/2024(a) | | | 3,185,000 | | | 3,182,698 |
5.15%, 07/21/2024(a) | | | 30,902,000 | | | 30,873,404 |
4.50%, 03/15/2025(a) | | | 40,275,000 | | | 39,735,934 |
1.65% to 10/06/2025 then
SOFR + 1.52%, 10/06/2026 (Callable 10/06/2025)(a) | | | 15,000,000 | | | 14,193,284 |
3.12% to 10/19/2031 then
SOFR + 1.73%, 10/19/2032 (Callable 10/19/2031)(a) | | | 30,827,000 | | | 25,084,088 |
7.00% to 10/19/2033 then
SOFR + 2.59%, 10/19/2034 (Callable 10/19/2033)(a) | | | 22,896,000 | | | 24,476,086 |
5.94% to 05/30/2034 then
SOFR + 1.85%, 05/30/2035 (Callable 05/30/2034)(a) | | | 10,000,000 | | | 9,960,184 |
Brighthouse Financial Global Funding, 5.55%, 04/09/2027(a) | | | 20,000,000 | | | 19,923,631 |
Brown & Brown, Inc.,
4.50%, 03/15/2029 (Callable 12/15/2028) | | | 11,840,000 | | | 11,429,839 |
Canadian Imperial Bank of Commerce, 5.62%, 07/17/2026 | | | 5,000,000 | | | 5,025,787 |
Cantor Fitzgerald LP
| | | | | | |
4.50%, 04/14/2027 (Callable 01/14/2027)(a) | | | 5,000,000 | | | 4,819,568 |
7.20%, 12/12/2028 (Callable 11/12/2028)(a) | | | 20,000,000 | | | 20,569,425 |
Capital One Financial Corp.
| | | | | | |
3.75%, 07/28/2026 (Callable 06/28/2026) | | | 5,000,000 | | | 4,826,194 |
3.80%, 01/31/2028 (Callable 12/31/2027) | | | 6,960,000 | | | 6,616,611 |
5.47% to 02/01/2028 then
SOFR + 2.08%, 02/01/2029 (Callable 02/01/2028) | | | 10,000,000 | | | 9,953,755 |
6.31% to 06/08/2028 then
SOFR + 2.64%, 06/08/2029 (Callable 06/08/2028) | | | 4,600,000 | | | 4,706,644 |
5.70% to 02/01/2029 then
SOFR + 1.91%, 02/01/2030 (Callable 02/01/2029) | | | 10,000,000 | | | 10,047,561 |
| | | | | | | |
| | | | | | | |
3.27% to 03/01/2029 then
SOFR + 1.79%, 03/01/2030 (Callable 03/01/2029) | | | $18,250,000 | | | $16,473,326 |
6.38% to 06/08/2033 then
SOFR + 2.86%, 06/08/2034 (Callable 06/08/2033) | | | 15,000,000 | | | 15,389,403 |
Centene Corp.
| | | | | | |
3.00%, 10/15/2030 (Callable 07/15/2030) | | | 10,000,000 | | | 8,550,689 |
2.50%, 03/01/2031 (Callable 12/01/2030) | | | 64,850,000 | | | 53,221,149 |
Charles Schwab Corp.,
2.90%, 03/03/2032 (Callable 12/03/2031) | | | 5,000,000 | | | 4,276,889 |
Citigroup, Inc.
| | | | | | |
3.70%, 01/12/2026 | | | 4,700,000 | | | 4,577,312 |
3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 (Callable 01/10/2027) | | | 21,200,000 | | | 20,464,020 |
5.17% to 02/13/2029 then
SOFR + 1.36%, 02/13/2030 (Callable 02/13/2029) | | | 10,450,000 | | | 10,389,127 |
4.41% to 03/31/2030 then
SOFR + 3.91%, 03/31/2031 (Callable 03/31/2030) | | | 10,000,000 | | | 9,530,704 |
2.57% to 06/03/2030 then
SOFR + 2.11%, 06/03/2031 (Callable 06/03/2030) | | | 50,000,000 | | | 42,916,180 |
2.56% to 05/01/2031 then
SOFR + 1.17%, 05/01/2032 (Callable 05/01/2031) | | | 5,000,000 | | | 4,166,787 |
6.27% to 11/17/2032 then
SOFR + 2.34%, 11/17/2033 (Callable 11/17/2032) | | | 5,000,000 | | | 5,236,665 |
Citizens Financial Group, Inc.
| | | | | | |
2.85%, 07/27/2026 (Callable 04/27/2026) | | | 23,400,000 | | | 22,098,608 |
3.25%, 04/30/2030 (Callable 01/30/2030) | | | 40,000,000 | | | 35,229,408 |
CNA Financial Corp.
| | | | | | |
4.50%, 03/01/2026 (Callable 12/01/2025) | | | 21,125,000 | | | 20,796,432 |
5.50%, 06/15/2033 (Callable 03/15/2033) | | | 14,250,000 | | | 14,209,024 |
CNO Financial Group, Inc.,
6.45%, 06/15/2034 (Callable 03/15/2034) | | | 15,000,000 | | | 14,985,640 |
CNO Global Funding
| | | | | | |
5.88%, 06/04/2027(a) | | | 18,000,000 | | | 18,058,875 |
2.65%, 01/06/2029(a) | | | 7,625,000 | | | 6,675,383 |
Comerica Bank,
4.00%, 07/27/2025 | | | 21,425,000 | | | 20,946,038 |
Commonwealth Bank of Australia
| | | | | | |
2.69%, 03/11/2031(a) | | | 32,454,000 | | | 26,920,294 |
3.78%, 03/14/2032(a) | | | 7,250,000 | | | 6,347,412 |
5.84%, 03/13/2034(a) | | | 12,800,000 | | | 12,784,479 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
3.61% to 09/12/2029 then 5 yr. CMT Rate + 2.05%, 09/12/2034 (Callable 09/12/2029)(a) | | | $35,000,000 | | | $31,526,336 |
Compeer Financial FLCA/Compeer Financial PCA, 3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036 (Callable
06/01/2031)(a) | | | 5,500,000 | | | 4,083,647 |
Cooperatieve Rabobank UA
| | | | | | |
4.38%, 08/04/2025 | | | 11,975,000 | | | 11,786,598 |
3.75%, 07/21/2026 | | | 36,000,000 | | | 34,653,770 |
Corebridge Global Funding
| | | | | | |
5.20%, 01/12/2029(a) | | | 5,900,000 | | | 5,872,369 |
5.20%, 06/24/2029(a) | | | 6,000,000 | | | 5,977,171 |
Credit Agricole SA
| | | | | | |
4.38%, 03/17/2025(a) | | | 37,093,000 | | | 36,658,759 |
3.25%, 01/14/2030(a) | | | 13,043,000 | | | 11,476,326 |
5.51%, 07/05/2033(a) | | | 5,000,000 | | | 5,046,020 |
5.37%, 03/11/2034(a) | | | 5,725,000 | | | 5,652,894 |
6.25% to 01/10/2034 then
SOFR + 2.67%, 01/10/2035 (Callable 01/10/2034)(a) | | | 52,000,000 | | | 52,312,377 |
Credit Agricole SA/London,
1.91% to 06/16/2025 then SOFR + 1.68%, 06/16/2026 (Callable 06/16/2025)(a) | | | 7,000,000 | | | 6,738,462 |
Danske Bank AS
| | | | | | |
1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026 (Callable 09/11/2025)(a) | | | 33,945,000 | | | 32,266,730 |
4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)(a) | | | 12,000,000 | | | 11,615,901 |
Deutsche Bank AG/New York NY
| | | | | | |
7.15% to 07/13/2026 then
SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026) | | | 12,000,000 | | | 12,292,058 |
2.31% to 11/16/2026 then
SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | | | 6,000,000 | | | 5,539,608 |
6.72% to 01/18/2028 then
SOFR + 3.18%, 01/18/2029 (Callable 01/18/2028) | | | 5,000,000 | | | 5,159,911 |
6.82% to 11/20/2028 then
SOFR + 2.51%, 11/20/2029 (Callable 11/20/2028) | | | 30,000,000 | | | 31,199,613 |
5.88% to 07/08/2030 then
SOFR + 5.44%, 07/08/2031 (Callable 04/08/2030) | | | 23,869,000 | | | 23,390,493 |
3.55% to 09/18/2030 then
SOFR + 3.04%, 09/18/2031 (Callable 09/18/2030) | | | 10,000,000 | | | 8,802,637 |
| | | | | | | |
| | | | | | | |
3.73% to 01/14/2031 then
SOFR + 2.76%, 01/14/2032 (Callable 10/14/2030) | | | $28,714,000 | | | $24,209,510 |
3.74% to 01/07/2032 then
SOFR + 2.26%, 01/07/2033 (Callable 10/07/2031) | | | 25,000,000 | | | 20,563,200 |
Digital Realty Trust LP
| | | | | | |
4.45%, 07/15/2028 (Callable 04/15/2028) | | | 7,000,000 | | | 6,783,334 |
3.60%, 07/01/2029 (Callable 04/01/2029) | | | 41,950,000 | | | 38,912,280 |
Discover Bank
| | | | | | |
5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028 | | | 28,280,000 | | | 28,244,347 |
4.65%, 09/13/2028 (Callable 06/13/2028) | | | 33,225,000 | | | 31,905,843 |
Discover Financial Services,
7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034 (Callable 11/02/2033) | | | 25,000,000 | | | 28,122,332 |
DNB Bank ASA
| | | | | | |
1.13% to 09/16/2025 then 1 yr. CMT Rate + 0.85%, 09/16/2026 (Callable 09/16/2025)(a) | | | 10,000,000 | | | 9,463,745 |
1.54% to 05/25/2026 then 1 yr. CMT Rate + 0.72%, 05/25/2027 (Callable 05/25/2026)(a) | | | 5,800,000 | | | 5,376,881 |
Elevance Health, Inc.,
5.13%, 02/15/2053 (Callable 08/15/2052) | | | 5,200,000 | | | 4,783,034 |
Equitable Holdings, Inc.,
4.57%, 02/15/2029 (Callable 11/15/2028)(a) | | | 1,284,000 | | | 1,234,312 |
Extra Space Storage LP
| | | | | | |
3.88%, 12/15/2027 (Callable 09/15/2027) | | | 2,575,000 | | | 2,456,957 |
5.70%, 04/01/2028 (Callable 03/01/2028) | | | 3,650,000 | | | 3,690,820 |
2.20%, 10/15/2030 (Callable 07/15/2030) | | | 6,950,000 | | | 5,768,538 |
2.55%, 06/01/2031 (Callable 03/01/2031) | | | 11,000,000 | | | 9,155,886 |
Federation des Caisses Desjardins du Quebec
| | | | | | |
4.55%, 08/23/2027(a) | | | 5,000,000 | | | 4,885,095 |
5.70%, 03/14/2028(a) | | | 22,000,000 | | | 22,253,455 |
Fifth Third Bancorp, 4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 (Callable 07/28/2029) | | | 4,000,000 | | | 3,847,236 |
First Horizon Corp., 4.00%, 05/26/2025 (Callable 04/26/2025) | | | 27,495,000 | | | 26,971,861 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
First Republic Bank,
4.63%, 02/13/2047 (Callable 08/13/2046)(b) | | | $1,850,000 | | | $74,000 |
First-Citizens Bank & Trust Co., 2.97% to 09/27/2024 then 3 mo. Term SOFR + 1.72%, 09/27/2025 (Callable 09/27/2024) | | | 21,219,000 | | | 20,985,044 |
Five Corners Funding Trust II, 2.85%, 05/15/2030 (Callable 02/15/2030)(a) | | | 15,000,000 | | | 13,207,104 |
Five Corners Funding Trust III, 5.79%, 02/15/2033 (Callable 11/15/2032)(a) | | | 5,800,000 | | | 5,897,684 |
Five Corners Funding Trust IV, 6.00%, 02/15/2053 (Callable 08/15/2052)(a) | | | 6,800,000 | | | 6,844,816 |
FMR LLC
| | | | | | |
4.95%, 02/01/2033(a) | | | 4,235,000 | | | 4,117,184 |
6.50%, 12/14/2040(a) | | | 1,820,000 | | | 1,984,795 |
Globe Life, Inc., 4.55%, 09/15/2028 (Callable 06/15/2028) | | | 9,350,000 | | | 8,905,848 |
Goldman Sachs Bank USA/New York NY, 5.41% to 05/21/2026 then SOFR + 0.75%, 05/21/2027 (Callable 05/21/2026) | | | 20,000,000 | | | 19,966,899 |
Goldman Sachs Capital I,
6.35%, 02/15/2034 | | | 125,000 | | | 129,040 |
Goldman Sachs Group, Inc.
| | | | | | |
3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 (Callable 04/23/2028) | | | 17,875,000 | | | 16,960,426 |
4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 (Callable 05/01/2028) | | | 15,050,000 | | | 14,487,498 |
1.99% to 01/27/2031 then
SOFR + 1.09%, 01/27/2032 (Callable 01/27/2031) | | | 30,000,000 | | | 24,346,434 |
2.62% to 04/22/2031 then
SOFR + 1.28%, 04/22/2032 (Callable 04/22/2031) | | | 10,000,000 | | | 8,407,579 |
2.38% to 07/21/2031 then
SOFR + 1.25%, 07/21/2032 (Callable 07/21/2031) | | | 11,332,000 | | | 9,306,187 |
6.75%, 10/01/2037 | | | 300,000 | | | 323,649 |
Guardian Life Insurance Co. of America
| | | | | | |
4.88%, 06/19/2064(a) | | | 6,715,000 | | | 5,896,163 |
3.70%, 01/22/2070 (Callable 07/22/2069)(a) | | | 14,000,000 | | | 9,256,178 |
4.85%, 01/24/2077(a) | | | 16,363,000 | | | 13,655,238 |
Hartford Financial Services Group, Inc., 6.10%, 10/01/2041 | | | 2,925,000 | | | 3,031,091 |
| | | | | | | |
| | | | | | | |
Healthpeak OP LLC,
5.25%, 12/15/2032 (Callable 09/15/2032) | | | $10,000,000 | | | $9,818,666 |
High Street Funding Trust I,
4.11%, 02/15/2028 (Callable 11/15/2027)(a) | | | 9,000,000 | | | 8,496,763 |
High Street Funding Trust II,
4.68%, 02/15/2048 (Callable 11/15/2047)(a) | | | 7,000,000 | | | 5,631,529 |
Host Hotels & Resorts LP,
5.70%, 07/01/2034 (Callable 04/01/2034) | | | 15,000,000 | | | 14,741,524 |
HSBC Holdings PLC
| | | | | | |
5.21% to 08/11/2027 then
SOFR + 2.61%, 08/11/2028 (Callable 08/11/2027) | | | 4,014,000 | | | 3,987,665 |
2.01% to 09/22/2027 then
SOFR + 1.73%, 09/22/2028 (Callable 09/22/2027) | | | 22,654,000 | | | 20,344,853 |
7.39% to 11/03/2027 then
SOFR + 3.35%, 11/03/2028 (Callable 11/03/2027) | | | 15,000,000 | | | 15,862,726 |
6.16% to 03/09/2028 then
SOFR + 1.97%, 03/09/2029 (Callable 03/09/2028) | | | 6,000,000 | | | 6,137,461 |
4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 (Callable 06/19/2028) | | | 19,471,000 | | | 18,822,049 |
2.21% to 08/17/2028 then
SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | | | 10,000,000 | | | 8,790,638 |
3.97% to 05/22/2029 then 3 mo. Term SOFR + 1.87%, 05/22/2030 (Callable 05/22/2029) | | | 4,775,000 | | | 4,463,558 |
2.80% to 05/24/2031 then
SOFR + 1.19%, 05/24/2032 (Callable 05/24/2031) | | | 14,550,000 | | | 12,175,326 |
Humana, Inc., 8.15%, 06/15/2038 | | | 8,983,000 | | | 10,736,966 |
ING Groep NV, 5.55% to 03/19/2034 then SOFR + 1.77%, 03/19/2035 (Callable 03/19/2034) | | | 15,125,000 | | | 14,932,342 |
Invitation Homes Operating Partnership LP,
5.45%, 08/15/2030 (Callable 06/15/2030) | | | 15,000,000 | | | 15,026,418 |
Jackson Financial, Inc.,
3.13%, 11/23/2031 (Callable 08/23/2031) | | | 15,000,000 | | | 12,571,784 |
Jackson National Life Global Funding
| | | | | | |
5.60%, 04/10/2026(a) | | | 7,000,000 | | | 6,983,971 |
5.55%, 07/02/2027(a) | | | 20,000,000 | | | 19,942,914 |
Jefferies Financial Group, Inc.
| | | | | | |
4.85%, 01/15/2027 | | | 14,625,000 | | | 14,431,069 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
6.45%, 06/08/2027 | | | $1,300,000 | | | $1,330,877 |
5.88%, 07/21/2028 (Callable 06/21/2028) | | | 14,000,000 | | | 14,140,591 |
4.15%, 01/23/2030 | | | 30,200,000 | | | 28,053,247 |
6.20%, 04/14/2034 (Callable 01/14/2034) | | | 23,000,000 | | | 23,294,846 |
JPMorgan Chase & Co.
| | | | | | |
1.05% to 11/19/2025 then
SOFR + 0.80%, 11/19/2026 (Callable 11/19/2025) | | | 18,500,000 | | | 17,380,211 |
1.47% to 09/22/2026 then
SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | | | 10,000,000 | | | 9,184,912 |
3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028) | | | 51,000,000 | | | 48,228,797 |
2.52% to 04/22/2030 then
SOFR + 2.04%, 04/22/2031 (Callable 04/22/2030) | | | 30,500,000 | | | 26,361,962 |
1.95% to 02/04/2031 then
SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | | | 5,000,000 | | | 4,066,925 |
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | | | 15,000,000 | | | 12,668,859 |
5.35% to 06/01/2033 then
SOFR + 1.85%, 06/01/2034 (Callable 06/01/2033) | | | 7,500,000 | | | 7,466,764 |
5.77% to 04/22/2034 then
SOFR + 1.49%, 04/22/2035 (Callable 04/22/2034) | | | 6,000,000 | | | 6,156,047 |
Kemper Corp., 3.80%, 02/23/2032
(Callable 11/23/2031) | | | 6,000,000 | | | 5,138,659 |
KeyBank NA, 3.40%, 05/20/2026 | | | 21,575,000 | | | 20,490,400 |
Liberty Mutual Group, Inc.
| | | | | | |
6.50%, 03/15/2035(a) | | | 750,000 | | | 735,416 |
3.95%, 10/15/2050 (Callable 04/15/2050)(a) | | | 900,000 | | | 654,366 |
Liberty Mutual Insurance Co., 7.70%, 10/15/2097(a) | | | 375,000 | | | 414,375 |
Lincoln National Corp.
| | | | | | |
3.40%, 01/15/2031 (Callable 10/15/2030) | | | 4,100,000 | | | 3,609,004 |
6.30%, 10/09/2037 | | | 2,190,000 | | | 2,245,600 |
Lloyds Banking Group PLC
| | | | | | |
3.75%, 01/11/2027 | | | 7,800,000 | | | 7,505,751 |
4.38%, 03/22/2028 | | | 15,000,000 | | | 14,531,206 |
3.57% to 11/07/2027 then 3 mo. LIBOR US + 1.21%, 11/07/2028 (Callable 11/07/2027)(c) | | | 21,550,000 | | | 20,272,316 |
| | | | | | | |
| | | | | | | |
5.87% to 03/06/2028 then 1 yr. CMT Rate + 1.70%, 03/06/2029 (Callable 03/06/2028) | | | $11,300,000 | | | $11,456,344 |
5.72% to 06/05/2029 then 1 yr. CMT Rate + 1.07%, 06/05/2030 (Callable 06/05/2029) | | | 10,000,000 | | | 10,081,261 |
5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035 (Callable 01/05/2034) | | | 30,000,000 | | | 29,879,143 |
LPL Holdings, Inc.
| | | | | | |
6.75%, 11/17/2028 (Callable 10/17/2028) | | | 7,725,000 | | | 8,112,313 |
4.00%, 03/15/2029 (Callable 08/01/2024)(a) | | | 34,895,000 | | | 32,527,924 |
M&T Bank Corp., 4.00%,
07/15/2024 (Callable 05/02/2024) | | | 4,400,000 | | | 4,395,300 |
Macquarie Bank Ltd.
| | | | | | |
4.88%, 06/10/2025(a) | | | 7,800,000 | | | 7,720,589 |
3.62%, 06/03/2030(a) | | | 28,805,000 | | | 25,636,450 |
6.80%, 01/18/2033(a) | | | 10,000,000 | | | 10,468,739 |
Macquarie Group Ltd.
| | | | | | |
2.69% to 06/23/2031 then
SOFR + 1.44%, 06/23/2032 (Callable 06/23/2031)(a) | | | 10,000,000 | | | 8,289,233 |
6.26% to 12/07/2033 then
SOFR + 2.30%, 12/07/2034 (Callable 12/07/2033)(a) | | | 16,977,000 | | | 17,574,262 |
Manulife Financial Corp.
| | | | | | |
4.15%, 03/04/2026 | | | 15,000,000 | | | 14,676,209 |
2.48%, 05/19/2027 (Callable 03/19/2027) | | | 15,225,000 | | | 14,104,916 |
Maple Grove Funding Trust I, 4.16%, 08/15/2051 (Callable 02/15/2051)(a) | | | 15,000,000 | | | 10,135,988 |
Marsh & McLennan Cos., Inc.
| | | | | | |
3.75%, 03/14/2026 (Callable 12/14/2025) | | | 9,225,000 | | | 9,004,436 |
5.45%, 03/15/2053 (Callable 09/15/2052) | | | 4,000,000 | | | 3,891,346 |
Massachusetts Mutual Life Insurance Co.
| | | | | | |
5.08% (3 mo. LIBOR US + 3.19%), 02/15/2069 (Callable 02/15/2049)(a)(c) | | | 26,000,000 | | | 22,830,376 |
3.73%, 10/15/2070(a) | | | 19,253,000 | | | 13,003,926 |
4.90%, 04/01/2077(a) | | | 13,000,000 | | | 10,798,228 |
MBIA Insurance Corp., 16.85%
(3 mo. Term SOFR + 11.52%), 01/15/2033 (Callable 01/15/2028)(a)(b) | | | 700,000 | | | 35,000 |
MetLife, Inc., 4.88%, 11/13/2043 | | | 3,375,000 | | | 3,075,045 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
Metropolitan Life Global Funding I
| | | | | | |
2.95%, 04/09/2030(a) | | | $9,025,000 | | | $8,030,882 |
5.15%, 03/28/2033(a) | | | 12,656,000 | | | 12,498,798 |
Metropolitan Life Insurance Co., 7.80%, 11/01/2025(a) | | | 3,725,000 | | | 3,819,057 |
Mitsubishi UFJ Financial Group, Inc.
| | | | | | |
1.54% to 07/20/2026 then 1 yr. CMT Rate + 0.75%, 07/20/2027 (Callable 07/20/2026) | | | 24,400,000 | | | 22,579,122 |
5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031 (Callable 02/22/2030) | | | 3,000,000 | | | 3,029,976 |
Mizuho Financial Group, Inc.
| | | | | | |
1.23% to 05/22/2026 then 1 yr. CMT Rate + 0.67%, 05/22/2027 (Callable 05/22/2026) | | | 10,000,000 | | | 9,243,702 |
3.17%, 09/11/2027 | | | 22,000,000 | | | 20,651,114 |
4.02%, 03/05/2028 | | | 2,650,000 | | | 2,547,980 |
1.98% to 09/08/2030 then 3 mo. Term SOFR + 1.53%, 09/08/2031 (Callable 09/08/2030) | | | 7,250,000 | | | 5,931,121 |
Morgan Stanley
| | | | | | |
3.13%, 07/27/2026 | | | 13,175,000 | | | 12,595,811 |
3.59% (3 mo. LIBOR US + 134.00%), 07/22/2028 (Callable 07/22/2027)(c) | | | 22,350,000 | | | 21,252,662 |
6.30% to 10/18/2027 then
SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | | | 25,000,000 | | | 25,793,876 |
5.12% to 02/01/2028 then
SOFR + 1.73%, 02/01/2029 (Callable 02/01/2028) | | | 10,000,000 | | | 9,960,466 |
2.24% to 07/21/2031 then
SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | | | 9,705,000 | | | 7,928,096 |
6.34% to 10/18/2032 then
SOFR + 2.56%, 10/18/2033 (Callable 10/18/2032) | | | 5,000,000 | | | 5,307,448 |
5.42% to 07/21/2033 then
SOFR + 1.88%, 07/21/2034 (Callable 07/21/2033) | | | 8,600,000 | | | 8,556,681 |
Morgan Stanley Bank NA,
5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 (Callable 05/26/2027) | | | 17,000,000 | | | 17,116,339 |
National Australia Bank Ltd.
| | | | | | |
2.33%, 08/21/2030(a) | | | 60,200,000 | | | 49,794,564 |
2.99%, 05/21/2031(a) | | | 24,495,000 | | | 20,605,596 |
6.43%, 01/12/2033(a) | | | 12,025,000 | | | 12,525,856 |
| | | | | | | |
| | | | | | | |
3.93% to 08/02/2029 then 5 yr. CMT Rate + 1.88%, 08/02/2034 (Callable 08/02/2029)(a) | | | $5,000,000 | | | $4,592,063 |
3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037 (Callable 01/12/2032)(a) | | | 14,000,000 | | | 11,833,708 |
National Bank of Canada,
5.60%, 12/18/2028 | | | 20,000,000 | | | 20,211,241 |
Nationwide Building Society
| | | | | | |
4.00%, 09/14/2026(a) | | | 63,394,000 | | | 60,918,191 |
4.30% to 03/08/2028 then 3 mo. LIBOR US + 1.45%, 03/08/2029 (Callable 03/08/2028)(a)(c) | | | 3,525,000 | | | 3,374,225 |
3.96% to 07/18/2029 then 3 mo. LIBOR US + 1.86%, 07/18/2030 (Callable 07/18/2029)(a)(c) | | | 17,125,000 | | | 15,841,035 |
Nationwide Financial Services, Inc., 3.90%, 11/30/2049 (Callable 05/30/2049)(a) | | | 17,500,000 | | | 13,111,084 |
Nationwide Mutual Insurance Co.
| | | | | | |
8.25%, 12/01/2031(a) | | | 7,000,000 | | | 7,822,116 |
7.88%, 04/01/2033(a) | | | 5,600,000 | | | 6,213,977 |
9.38%, 08/15/2039(a) | | | 22,409,000 | | | 28,365,888 |
NatWest Group PLC
| | | | | | |
1.64% to 06/14/2026 then 1 yr. CMT Rate + 0.90%, 06/14/2027 (Callable 06/14/2026) | | | 11,725,000 | | | 10,853,178 |
4.89% to 05/18/2028 then 3 mo. LIBOR US + 1.75%, 05/18/2029 (Callable 05/18/2028)(c) | | | 5,150,000 | | | 5,034,201 |
5.81% to 09/13/2028 then 1 yr. CMT Rate + 1.95%, 09/13/2029 (Callable 09/13/2028) | | | 32,500,000 | | | 32,924,741 |
4.45% to 05/08/2029 then 3 mo. LIBOR US + 1.87%, 05/08/2030 (Callable 05/08/2029)(c) | | | 11,000,000 | | | 10,511,421 |
5.78% to 03/01/2034 then 1 yr. CMT Rate + 1.50%, 03/01/2035 (Callable 03/01/2034) | | | 8,000,000 | | | 8,025,381 |
NatWest Markets PLC,
5.42%, 05/17/2027(a) | | | 25,000,000 | | | 24,985,476 |
New York Life Global Funding, 5.00%, 06/06/2029(a) | | | 11,700,000 | | | 11,662,649 |
New York Life Insurance Co.
| | | | | | |
6.75%, 11/15/2039(a) | | | 25,105,000 | | | 27,883,255 |
4.45%, 05/15/2069 (Callable 11/15/2068)(a) | | | 14,500,000 | | | 11,665,522 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
NNN REIT, Inc., 5.50%, 06/15/2034 (Callable 03/15/2034) | | | $5,700,000 | | | $5,646,582 |
Nomura Holdings, Inc.
| | | | | | |
5.59%, 07/02/2027 | | | 15,000,000 | | | 15,003,280 |
2.17%, 07/14/2028 | | | 30,000,000 | | | 26,484,356 |
2.71%, 01/22/2029 | | | 9,600,000 | | | 8,543,710 |
Old Republic International Corp.
| | | | | | |
5.75%, 03/28/2034 (Callable 12/28/2033) | | | 10,000,000 | | | 9,969,689 |
3.85%, 06/11/2051 (Callable 12/11/2050) | | | 12,550,000 | | | 8,850,178 |
Peachtree Corners Funding Trust, 3.98%, 02/15/2025(a) | | | 16,000,000 | | | 15,768,023 |
Pine Street Trust III,
6.22%, 05/15/2054 (Callable 11/15/2053)(a) | | | 10,000,000 | | | 9,990,436 |
Pricoa Global Funding I,
5.10%, 05/30/2028(a) | | | 4,700,000 | | | 4,705,339 |
Principal Life Global Funding II, 5.10%, 01/25/2029(a) | | | 10,000,000 | | | 9,941,880 |
Prologis LP, 5.25%, 06/15/2053 (Callable 12/15/2052) | | | 6,600,000 | | | 6,227,266 |
Protective Life Corp.,
4.30%, 09/30/2028 (Callable 06/30/2028)(a) | | | 4,105,000 | | | 3,950,717 |
Protective Life Global Funding
| | | | | | |
5.21%, 04/14/2026(a) | | | 22,000,000 | | | 21,933,919 |
5.22%, 06/12/2029(a) | | | 15,850,000 | | | 15,824,492 |
Prudential Insurance Co. of America, 8.30%, 07/01/2025(a) | | | 21,011,000 | | | 21,463,773 |
Raymond James Financial, Inc., 4.95%, 07/15/2046 | | | 15,000,000 | | | 13,499,644 |
Regions Bank/Birmingham AL, 6.45%, 06/26/2037 | | | 3,864,000 | | | 3,939,792 |
Reliance Standard Life Global Funding II,
2.50%, 10/30/2024(a) | | | 20,000,000 | | | 19,748,046 |
Retail Opportunity Investments Partnership LP,
6.75%, 10/15/2028 (Callable 09/15/2028) | | | 20,000,000 | | | 20,702,113 |
Rexford Industrial Realty LP,
2.13%, 12/01/2030 (Callable 09/01/2030) | | | 13,000,000 | | | 10,635,673 |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.,
2.88%, 10/15/2026 (Callable 08/01/2024)(a) | | | 10,000,000 | | | 9,338,868 |
Royal Bank of Canada,
4.65%, 01/27/2026 | | | 29,930,000 | | | 29,507,292 |
Sammons Financial Group, Inc., 3.35%, 04/16/2031 (Callable 01/16/2031)(a) | | | 25,000,000 | | | 20,749,417 |
| | | | | | | |
| | | | | | | |
Santander Holdings USA, Inc.
| | | | | | |
3.45%, 06/02/2025 (Callable 05/02/2025) | | | $10,000,000 | | | $9,783,489 |
6.34% to 05/31/2034 then
SOFR + 2.14%, 05/31/2035 (Callable 05/31/2034) | | | 10,000,000 | | | 9,971,309 |
Santander UK Group Holdings PLC, 1.67% to 06/14/2026 then
SOFR + 0.99%, 06/14/2027 (Callable 06/14/2026) | | | 20,000,000 | | | 18,488,695 |
SMBC Aviation Capital Finance DAC
| | | | | | |
5.70%, 07/25/2033 (Callable 04/25/2033)(a) | | | 35,000,000 | | | 34,761,456 |
5.55%, 04/03/2034 (Callable 01/03/2034)(a) | | | 38,630,000 | | | 37,785,807 |
Societe Generale SA
| | | | | | |
2.63%, 01/22/2025(a) | | | 24,600,000 | | | 24,122,355 |
4.25%, 04/14/2025(a) | | | 30,420,000 | | | 29,906,547 |
4.25%, 08/19/2026(a) | | | 10,572,000 | | | 10,130,175 |
2.80% to 01/19/2027 then 1 yr. CMT Rate + 1.30%, 01/19/2028 (Callable 01/19/2027)(a) | | | 8,000,000 | | | 7,382,219 |
6.45% to 01/10/2028 then 1 yr. CMT Rate + 2.55%, 01/10/2029 (Callable 01/10/2028)(a) | | | 9,075,000 | | | 9,218,398 |
5.63% to 01/19/2029 then 1 yr. CMT Rate + 1.75%, 01/19/2030 (Callable 01/19/2029)(a) | | | 3,450,000 | | | 3,402,856 |
2.89% to 06/09/2031 then 1 yr. CMT Rate + 1.30%, 06/09/2032 (Callable 06/09/2031)(a) | | | 7,000,000 | | | 5,710,568 |
6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, 01/19/2035 (Callable 01/19/2034)(a) | | | 4,000,000 | | | 3,959,966 |
3.63%, 03/01/2041(a) | | | 9,200,000 | | | 6,258,278 |
7.13% to 01/19/2054 then 1 yr. CMT Rate + 2.95%, 01/19/2055 (Callable 01/19/2054)(a) | | | 13,000,000 | | | 12,442,942 |
Standard Chartered PLC
| | | | | | |
1.46% to 01/14/2026 then 1 yr. CMT Rate + 1.00%, 01/14/2027 (Callable 01/14/2026)(a) | | | 15,000,000 | | | 14,049,672 |
2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)(a) | | | 18,000,000 | | | 16,672,469 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
6.30% to 01/09/2028 then 1 yr. CMT Rate + 2.45%, 01/09/2029 (Callable 01/09/2028)(a) | | | $4,000,000 | | | $4,082,222 |
4.64% to 04/01/2030 then 1 yr. CMT Rate + 3.85%, 04/01/2031 (Callable 04/01/2030)(a) | | | 7,000,000 | | | 6,664,700 |
6.10% (1 yr. CMT Rate + 2.10%), 01/11/2035 (Callable 01/11/2034)(a) | | | 11,000,000 | | | 11,156,553 |
5.91% to 05/14/2034 then 1 yr. CMT Rate + 1.45%, 05/14/2035 (Callable 05/14/2034)(a) | | | 31,750,000 | | | 31,470,228 |
Stifel Financial Corp.,
4.00%, 05/15/2030 (Callable 02/15/2030) | | | 6,325,000 | | | 5,822,484 |
Sumitomo Mitsui Financial Group, Inc.
| | | | | | |
5.52%, 01/13/2028 | | | 30,000,000 | | | 30,324,197 |
5.80%, 07/13/2028 | | | 10,000,000 | | | 10,212,579 |
5.85%, 07/13/2030 | | | 23,375,000 | | | 23,995,132 |
Svenska Handelsbanken AB,
5.50%, 06/15/2028(a) | | | 22,195,000 | | | 22,336,057 |
Swedbank AB
| | | | | | |
6.14%, 09/12/2026(a) | | | 18,000,000 | | | 18,222,560 |
5.41%, 03/14/2029(a) | | | 19,000,000 | | | 19,006,986 |
Synchrony Bank, 5.63%, 08/23/2027 (Callable 07/23/2027) | | | 10,908,000 | | | 10,805,906 |
Synchrony Financial
| | | | | | |
4.50%, 07/23/2025 (Callable 04/23/2025) | | | 6,787,000 | | | 6,672,690 |
3.95%, 12/01/2027 (Callable 09/01/2027) | | | 43,000,000 | | | 40,156,077 |
2.88%, 10/28/2031 (Callable 07/28/2031) | | | 15,000,000 | | | 12,028,718 |
7.25%, 02/02/2033 (Callable 11/02/2032) | | | 12,000,000 | | | 11,931,748 |
Trinity Acquisition PLC
| | | | | | |
4.40%, 03/15/2026 (Callable 12/15/2025) | | | 15,776,000 | | | 15,476,162 |
6.13%, 08/15/2043 | | | 23,630,000 | | | 23,109,420 |
Truist Financial Corp.
| | | | | | |
4.87% to 01/26/2028 then
SOFR + 1.44%, 01/26/2029 (Callable 01/26/2028) | | | 10,000,000 | | | 9,807,544 |
7.16% to 10/30/2028 then
SOFR + 2.45%, 10/30/2029 (Callable 10/30/2028) | | | 8,000,000 | | | 8,494,912 |
Trustage Financial Group, Inc., 4.63%, 04/15/2032 (Callable 01/15/2032)(a) | | | 3,000,000 | | | 2,633,073 |
| | | | | | | |
| | | | | | | |
UBS Group AG
| | | | | | |
4.13%, 09/24/2025(a) | | | $6,500,000 | | | $6,373,325 |
2.19% to 06/05/2025 then
SOFR + 2.04%, 06/05/2026 (Callable 06/05/2025)(a) | | | 10,000,000 | | | 9,663,784 |
5.71% (1 yr. CMT Rate + 1.55%), 01/12/2027 (Callable 01/12/2026)(a) | | | 30,000,000 | | | 30,015,776 |
1.31% to 02/02/2026 then
SOFR + 0.98%, 02/02/2027 (Callable 02/02/2026)(a) | | | 19,400,000 | | | 18,086,620 |
1.49% to 08/10/2026 then 1 yr. CMT Rate + 0.85%, 08/10/2027 (Callable 08/10/2026)(a) | | | 10,000,000 | | | 9,174,579 |
4.28%, 01/09/2028 (Callable 01/09/2027)(a) | | | 24,750,000 | | | 23,735,140 |
3.87% to 01/12/2028 then 3 mo. LIBOR US + 1.41%, 01/12/2029 (Callable 01/12/2028)(a)(c) | | | 10,850,000 | | | 10,241,412 |
6.25% to 09/22/2028 then 1 yr. CMT Rate + 1.80%, 09/22/2029 (Callable 09/22/2028)(a) | | | 5,000,000 | | | 5,140,806 |
4.19% to 04/01/2030 then
SOFR + 3.73%, 04/01/2031 (Callable 04/01/2030)(a) | | | 20,000,000 | | | 18,670,497 |
2.10% to 02/11/2031 then 1 yr. CMT Rate + 1.00%, 02/11/2032 (Callable 02/11/2031)(a) | | | 12,550,000 | | | 10,084,698 |
4.99% to 08/05/2032 then 1 yr. CMT Rate + 2.40%, 08/05/2033 (Callable 08/05/2032)(a) | | | 3,000,000 | | | 2,861,909 |
UnitedHealth Group, Inc.,
4.63%, 07/15/2035 | | | 12,175,000 | | | 11,656,544 |
US Bancorp, 4.65% to 02/01/2028 then SOFR + 1.23%, 02/01/2029 (Callable 02/01/2028) | | | 3,684,000 | | | 3,604,752 |
Wells Fargo & Co.
| | | | | | |
3.00%, 04/22/2026 | | | 4,000,000 | | | 3,834,792 |
5.71% to 04/22/2027 then
SOFR + 1.07%, 04/22/2028 (Callable 04/22/2027) | | | 10,000,000 | | | 10,086,532 |
3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | | | 22,095,000 | | | 21,043,879 |
4.81% to 07/25/2027 then
SOFR + 1.98%, 07/25/2028 (Callable 07/25/2027) | | | 5,500,000 | | | 5,424,016 |
6.30% to 10/23/2028 then
SOFR + 1.79%, 10/23/2029 (Callable 10/23/2028) | | | 12,800,000 | | | 13,282,724 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Financials - (Continued)
|
3.35% to 03/02/2032 then
SOFR + 1.50%, 03/02/2033 (Callable 03/02/2032) | | | $5,000,000 | | | $4,336,028 |
5.56% to 07/25/2033 then
SOFR + 1.99%, 07/25/2034 (Callable 07/25/2033) | | | 28,000,000 | | | 27,979,278 |
5.50% to 01/23/2034 then
SOFR + 1.78%, 01/23/2035 (Callable 01/23/2034) | | | 7,000,000 | | | 6,975,452 |
3.07% to 04/30/2040 then
SOFR + 2.53%, 04/30/2041 (Callable 04/30/2040) | | | 35,000,000 | | | 25,664,874 |
5.01% to 04/04/2050 then 3 mo. Term SOFR + 4.50%, 04/04/2051 (Callable 04/04/2050) | | | 8,000,000 | | | 7,287,337 |
Westpac Banking Corp.
| | | | | | |
2.89% to 02/04/2025 then 5 yr. CMT Rate + 1.35%, 02/04/2030 (Callable 02/04/2025) | | | 18,059,000 | | | 17,704,095 |
4.32% to 11/23/2026 then 5 yr. Mid Swap Rate USD + 2.24%, 11/23/2031 (Callable 11/23/2026) | | | 10,000,000 | | | 9,651,570 |
5.41% to 08/10/2032 then 1 yr. CMT Rate + 2.68%, 08/10/2033 (Callable 08/10/2032) | | | 3,000,000 | | | 2,929,937 |
6.82%, 11/17/2033 | | | 6,000,000 | | | 6,455,133 |
4.11% to 07/24/2029 then 5 yr. CMT Rate + 2.00%, 07/24/2034 (Callable 07/24/2029) | | | 10,000,000 | | | 9,239,803 |
2.67% to 11/15/2030 then 5 yr. CMT Rate + 1.75%, 11/15/2035 (Callable 11/15/2030) | | | 10,000,000 | | | 8,263,199 |
Willis North America, Inc.
| | | | | | |
2.95%, 09/15/2029 (Callable 06/15/2029) | | | 10,600,000 | | | 9,495,105 |
5.35%, 05/15/2033 (Callable 02/15/2033) | | | 6,000,000 | | | 5,883,058 |
5.05%, 09/15/2048 (Callable 03/15/2048) | | | 15,000,000 | | | 13,009,007 |
5.90%, 03/05/2054 (Callable 09/05/2053) | | | 5,000,000 | | | 4,845,203 |
WP Carey, Inc., 5.38%, 06/30/2034 (Callable 03/30/2034) | | | 5,550,000 | | | 5,398,028 |
| | | | | | 5,273,356,775 |
Industrials - 24.6%
| | | | | | |
1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/2029 (Callable 06/15/2026)(a) | | | 5,000,000 | | | 5,018,123 |
| | | | | | | |
| | | | | | | |
180 Medical, Inc.,
3.88%, 10/15/2029 (Callable 10/07/2024)(a) | | | $500,000 | | | $452,519 |
AAR Escrow Issuer LLC,
6.75%, 03/15/2029 (Callable 03/15/2026)(a) | | | 250,000 | | | 254,846 |
AbbVie, Inc.
| | | | | | |
4.30%, 05/14/2036 (Callable 11/14/2035) | | | 3,825,000 | | | 3,521,060 |
4.05%, 11/21/2039 (Callable 05/21/2039) | | | 11,250,000 | | | 9,771,726 |
Acushnet Co., 7.38%, 10/15/2028 (Callable 10/15/2025)(a) | | | 1,000,000 | | | 1,036,270 |
ADT Security Corp.,
4.13%, 08/01/2029 (Callable 08/01/2028)(a) | | | 2,250,000 | | | 2,075,003 |
Advance Auto Parts, Inc.,
3.90%, 04/15/2030 (Callable 01/15/2030) | | | 5,000,000 | | | 4,519,276 |
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 (Callable 07/15/2025)(a) | | | 1,500,000 | | | 1,505,423 |
Adventist Health System/West
| | | | | | |
2.95%, 03/01/2029 (Callable 12/01/2028) | | | 7,250,000 | | | 6,509,717 |
3.63%, 03/01/2049 (Callable 09/01/2048) | | | 8,900,000 | | | 6,297,187 |
Aker BP ASA
| | | | | | |
2.00%, 07/15/2026 (Callable 06/15/2026)(a) | | | 6,725,000 | | | 6,256,746 |
5.60%, 06/13/2028 (Callable 05/13/2028)(a) | | | 7,000,000 | | | 7,061,746 |
3.10%, 07/15/2031 (Callable 04/15/2031)(a) | | | 20,958,000 | | | 17,829,756 |
Albertsons Cos., Inc. / Safeway,
Inc. / New Albertsons LP / Albertsons LLC
| | | | | | |
3.25%, 03/15/2026 (Callable 08/01/2024)(a) | | | 5,000,000 | | | 4,803,000 |
3.50%, 03/15/2029 (Callable 08/01/2024)(a) | | | 1,500,000 | | | 1,349,313 |
Alcon Finance Corp.
| | | | | | |
3.00%, 09/23/2029 (Callable 06/23/2029)(a) | | | 6,110,000 | | | 5,529,896 |
2.60%, 05/27/2030 (Callable 02/27/2030)(a) | | | 6,475,000 | | | 5,640,891 |
Alimentation Couche-Tard, Inc., 2.95%, 01/25/2030 (Callable 10/25/2029)(a) | | | 6,500,000 | | | 5,812,732 |
Allegion PLC, 3.50%, 10/01/2029 (Callable 07/01/2029) | | | 12,275,000 | | | 11,334,496 |
Alpek SAB de CV
| | | | | | |
4.25%, 09/18/2029 (Callable 06/18/2029)(a) | | | 6,000,000 | | | 5,513,020 |
3.25%, 02/25/2031 (Callable 11/25/2030)(a) | | | 10,000,000 | | | 8,433,531 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Ambipar Lux Sarl,
9.88%, 02/06/2031 (Callable 02/06/2027)(a) | | | $500,000 | | | $484,859 |
Amcor Group Finance PLC,
5.45%, 05/23/2029 (Callable 04/23/2029) | | | 12,500,000 | | | 12,541,136 |
America Movil SAB de CV,
2.88%, 05/07/2030 (Callable 02/07/2030) | | | 28,000,000 | | | 24,673,454 |
Amgen, Inc.
| | | | | | |
3.15%, 02/21/2040 (Callable 08/21/2039) | | | 5,000,000 | | | 3,736,435 |
4.40%, 05/01/2045 (Callable 11/01/2044) | | | 8,000,000 | | | 6,731,448 |
5.65%, 03/02/2053 (Callable 09/02/2052) | | | 21,700,000 | | | 21,371,081 |
Anglo American Capital PLC
| | | | | | |
5.63%, 04/01/2030 (Callable 01/01/2030)(a) | | | 3,000,000 | | | 3,019,405 |
2.63%, 09/10/2030 (Callable 06/10/2030)(a) | | | 16,025,000 | | | 13,672,579 |
5.50%, 05/02/2033 (Callable 02/02/2033)(a) | | | 12,450,000 | | | 12,187,671 |
5.75%, 04/05/2034 (Callable 01/05/2034)(a) | | | 15,000,000 | | | 14,968,979 |
3.95%, 09/10/2050 (Callable 03/10/2050)(a) | | | 10,000,000 | | | 7,380,043 |
6.00%, 04/05/2054 (Callable 10/05/2053)(a) | | | 5,000,000 | | | 4,945,331 |
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,
4.90%, 02/01/2046 (Callable 08/01/2045) | | | 60,675,000 | | | 55,939,900 |
Anheuser-Busch InBev Worldwide, Inc.
| | | |
4.75%, 01/23/2029 (Callable 10/23/2028) | | | 5,000,000 | | | 4,971,644 |
5.45%, 01/23/2039 (Callable 07/23/2038) | | | 9,975,000 | | | 10,112,124 |
Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/2032 (Callable 02/01/2027)(a) | | | 3,000,000 | | | 3,026,994 |
Antofagasta PLC
| | | | | | |
2.38%, 10/14/2030 (Callable 07/14/2030)(a) | | | 6,000,000 | | | 5,017,739 |
6.25%, 05/02/2034 (Callable 02/02/2034)(a) | | | 10,000,000 | | | 10,357,000 |
AP Moller - Maersk AS,
4.50%, 06/20/2029 (Callable 03/20/2029)(a) | | | 20,575,000 | | | 20,074,941 |
AptarGroup, Inc., 3.60%, 03/15/2032 (Callable 12/15/2031) | | | 7,500,000 | | | 6,537,906 |
| | | | | | | |
| | | | | | | |
Aramark Services, Inc.,
5.00%, 02/01/2028 (Callable 08/01/2024)(a) | | | $1,000,000 | | | $967,123 |
ArcelorMittal SA
| | | | | | |
6.13%, 06/01/2025 | | | 6,078,000 | | | 6,117,985 |
4.55%, 03/11/2026 | | | 30,930,000 | | | 30,412,372 |
4.25%, 07/16/2029 | | | 15,000,000 | | | 14,353,767 |
6.80%, 11/29/2032 (Callable 08/29/2032) | | | 24,100,000 | | | 25,388,469 |
6.00%, 06/17/2034 (Callable 03/17/2034) | | | 4,500,000 | | | 4,496,585 |
7.00%, 10/15/2039 | | | 11,096,000 | | | 11,917,658 |
6.35%, 06/17/2054 (Callable 12/17/2053) | | | 16,400,000 | | | 15,927,826 |
Arcosa, Inc., 4.38%, 04/15/2029 (Callable 08/01/2024)(a) | | | 3,000,000 | | | 2,785,873 |
Ashtead Capital, Inc.
| | | | | | |
4.00%, 05/01/2028 (Callable 07/12/2024)(a) | | | 9,000,000 | | | 8,503,981 |
4.25%, 11/01/2029 (Callable 11/01/2024)(a) | | | 4,100,000 | | | 3,844,015 |
2.45%, 08/12/2031 (Callable 05/12/2031)(a) | | | 23,840,000 | | | 19,249,844 |
5.50%, 08/11/2032 (Callable 05/11/2032)(a) | | | 6,450,000 | | | 6,292,610 |
5.55%, 05/30/2033 (Callable 02/28/2033)(a) | | | 5,000,000 | | | 4,871,818 |
5.95%, 10/15/2033 (Callable 07/15/2033)(a) | | | 9,000,000 | | | 9,016,991 |
5.80%, 04/15/2034 (Callable 01/15/2034)(a) | | | 6,700,000 | | | 6,649,066 |
AT&T, Inc.
| | | | | | |
4.30%, 02/15/2030 (Callable 11/15/2029) | | | 10,980,000 | | | 10,519,247 |
2.55%, 12/01/2033 (Callable 09/01/2033) | | | 14,329,000 | | | 11,393,662 |
4.65%, 06/01/2044 (Callable 12/01/2043) | | | 9,700,000 | | | 8,289,003 |
3.55%, 09/15/2055 (Callable 03/15/2055) | | | 40,029,000 | | | 26,987,172 |
3.80%, 12/01/2057 (Callable 06/01/2057) | | | 25,315,000 | | | 17,685,968 |
3.65%, 09/15/2059 (Callable 03/15/2059) | | | 31,734,000 | | | 21,281,515 |
Avery Dennison Corp.,
2.65%, 04/30/2030 (Callable 02/01/2030) | | | 10,175,000 | | | 8,850,654 |
Ball Corp.
| | | | | | |
6.88%, 03/15/2028 (Callable 11/15/2024) | | | 2,000,000 | | | 2,052,742 |
6.00%, 06/15/2029 (Callable 05/15/2026) | | | 5,000,000 | | | 5,026,860 |
2.88%, 08/15/2030 (Callable 05/15/2030) | | | 5,000,000 | | | 4,247,635 |
3.13%, 09/15/2031 (Callable 06/15/2031) | | | 11,000,000 | | | 9,303,531 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Bayer US Finance II LLC
| | | | | | |
4.25%, 12/15/2025 (Callable 10/15/2025)(a) | | | $25,000,000 | | | $24,456,957 |
4.63%, 06/25/2038 (Callable 12/25/2037)(a) | | | 12,000,000 | | | 10,083,499 |
4.40%, 07/15/2044 (Callable 01/15/2044)(a) | | | 5,125,000 | | | 3,910,106 |
Beacon Roofing Supply, Inc.,
6.50%, 08/01/2030 (Callable 08/01/2026)(a) | | | 3,000,000 | | | 3,027,024 |
Becton Dickinson & Co.,
4.88%, 05/15/2044 (Callable 11/15/2043) | | | 5,455,000 | | | 4,667,862 |
Bell Telephone Co. of Canada or Bell Canada, 5.10%, 05/11/2033 (Callable 02/11/2033) | | | 7,000,000 | | | 6,864,813 |
Berry Global, Inc.
| | | | | | |
4.88%, 07/15/2026 (Callable 08/01/2024)(a) | | | 13,027,000 | | | 12,791,060 |
5.80%, 06/15/2031 (Callable 04/15/2031)(a) | | | 11,225,000 | | | 11,208,598 |
5.65%, 01/15/2034 (Callable 10/15/2033)(a) | | | 15,225,000 | | | 14,870,384 |
Bimbo Bakeries USA, Inc.,
4.00%, 05/17/2051 (Callable 11/17/2050)(a) | | | 5,000,000 | | | 3,768,032 |
Boardwalk Pipelines LP
| | | | | | |
5.95%, 06/01/2026 (Callable 03/01/2026) | | | 26,406,000 | | | 26,540,162 |
4.80%, 05/03/2029 (Callable 02/03/2029) | | | 28,916,000 | | | 28,279,813 |
3.60%, 09/01/2032 (Callable 06/01/2032) | | | 15,000,000 | | | 12,934,450 |
Boeing Co.
| | | | | | |
2.20%, 02/04/2026 (Callable 07/12/2024) | | | 25,550,000 | | | 24,013,810 |
5.15%, 05/01/2030 (Callable 02/01/2030) | | | 26,000,000 | | | 24,967,436 |
Bon Secours Mercy Health, Inc., 3.46%, 06/01/2030 (Callable 12/01/2029) | | | 16,330,000 | | | 15,086,082 |
Boost Newco Borrower LLC,
7.50%, 01/15/2031 (Callable 01/15/2027)(a) | | | 1,000,000 | | | 1,042,652 |
Booz Allen Hamilton, Inc.
| | | | | | |
3.88%, 09/01/2028 (Callable 08/01/2024)(a) | | | 1,000,000 | | | 941,698 |
4.00%, 07/01/2029 (Callable 07/12/2024)(a) | | | 500,000 | | | 468,178 |
Boral Finance Pty Ltd.,
3.75%, 05/01/2028 (Callable 02/01/2028)(a) | | | 1,440,000 | | | 1,335,118 |
BP Capital Markets America, Inc., 4.81%, 02/13/2033 (Callable 11/13/2032) | | | 4,575,000 | | | 4,435,240 |
| | | | | | | |
| | | | | | | |
Braskem Netherlands Finance BV, 8.50%, 01/12/2031 (Callable 11/12/2030)(a) | | | $10,000,000 | | | $10,215,000 |
Bristol-Myers Squibb Co.,
3.70%, 03/15/2052 (Callable 09/15/2051) | | | 6,425,000 | | | 4,708,170 |
British Telecommunications PLC, 9.63%, 12/15/2030 | | | 49,000,000 | | | 59,829,399 |
Broadcom, Inc.
| | | | | | |
4.00%, 04/15/2029 (Callable 02/15/2029)(a) | | | 4,000,000 | | | 3,810,949 |
5.00%, 04/15/2030 (Callable 01/15/2030) | | | 9,000,000 | | | 9,003,696 |
4.15%, 11/15/2030 (Callable 08/15/2030) | | | 16,000,000 | | | 15,111,150 |
2.45%, 02/15/2031 (Callable 11/15/2030)(a) | | | 7,250,000 | | | 6,105,302 |
4.15%, 04/15/2032 (Callable 01/15/2032)(a) | | | 12,000,000 | | | 11,071,574 |
3.47%, 04/15/2034 (Callable 01/15/2034)(a) | | | 10,000,000 | | | 8,524,939 |
3.14%, 11/15/2035 (Callable 08/15/2035)(a) | | | 13,250,000 | | | 10,610,436 |
3.50%, 02/15/2041 (Callable 08/15/2040)(a) | | | 16,000,000 | | | 12,264,832 |
Bunge Ltd. Finance Corp.
| | | | | | |
3.25%, 08/15/2026 (Callable 05/15/2026) | | | 13,188,000 | | | 12,615,385 |
3.75%, 09/25/2027 (Callable 06/25/2027) | | | 23,800,000 | | | 22,735,226 |
Burlington Northern Santa Fe LLC, 4.15%, 04/01/2045 (Callable 10/01/2044) | | | 3,100,000 | | | 2,566,315 |
Burlington Resources LLC,
5.95%, 10/15/2036 | | | 845,000 | | | 880,669 |
Cameron LNG LLC,
3.70%, 01/15/2039 (Callable 07/15/2038)(a) | | | 15,000,000 | | | 12,154,384 |
Canadian Pacific Railway Co.
| | | | | | |
4.70%, 05/01/2048 (Callable 11/01/2047) | | | 12,000,000 | | | 10,386,469 |
3.50%, 05/01/2050 (Callable 11/01/2049) | | | 13,000,000 | | | 9,359,728 |
Canpack SA / Canpack US LLC, 3.88%, 11/15/2029 (Callable 11/15/2024)(a) | | | 15,000,000 | | | 13,446,867 |
Carlisle Cos., Inc.
| | | | | | |
3.75%, 12/01/2027 (Callable 09/01/2027) | | | 4,600,000 | | | 4,383,079 |
2.75%, 03/01/2030 (Callable 12/01/2029) | | | 21,832,000 | | | 19,228,964 |
Carrier Global Corp.
| | | | | | |
2.49%, 02/15/2027 (Callable 12/15/2026) | | | 12,845,000 | | | 12,026,131 |
2.70%, 02/15/2031 (Callable 11/15/2030) | | | 14,700,000 | | | 12,637,061 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
CBRE Services, Inc.,
5.95%, 08/15/2034 (Callable 05/15/2034) | | | $5,000,000 | | | $5,061,777 |
CCL Industries, Inc.,
3.05%, 06/01/2030 (Callable 03/01/2030)(a) | | | 19,725,000 | | | 17,459,760 |
CCO Holdings LLC / CCO Holdings Capital Corp.
| | | | | | |
4.75%, 03/01/2030 (Callable 09/01/2024)(a) | | | 15,000,000 | | | 12,991,899 |
4.50%, 08/15/2030 (Callable 02/15/2025)(a) | | | 10,000,000 | | | 8,465,765 |
CDW LLC / CDW Finance Corp., 3.57%, 12/01/2031 (Callable 09/01/2031) | | | 15,000,000 | | | 13,101,173 |
Celanese US Holdings LLC,
6.33%, 07/15/2029 (Callable 05/15/2029) | | | 14,876,000 | | | 15,299,863 |
Cellnex Finance Co. SA,
3.88%, 07/07/2041 (Callable 04/07/2041)(a) | | | 28,000,000 | | | 22,114,996 |
CF Industries, Inc.,
5.38%, 03/15/2044 | | | 10,922,000 | | | 10,022,355 |
Charles River Laboratories International, Inc.,
4.00%, 03/15/2031 (Callable 03/15/2026)(a) | | | 3,000,000 | | | 2,675,699 |
Charter Communications Operating LLC
| | | | | | |
3.75%, 02/15/2028 (Callable 11/15/2027) | | | 5,000,000 | | | 4,647,071 |
6.38%, 10/23/2035 (Callable 04/23/2035) | | | 61,962,000 | | | 60,412,921 |
Charter Communications Operating LLC / Charter Communications Operating Capital
| | | | | | |
4.91%, 07/23/2025 (Callable 04/23/2025) | | | 7,732,000 | | | 7,656,893 |
6.55%, 06/01/2034 (Callable 03/01/2034) | | | 10,000,000 | | | 10,003,326 |
5.38%, 04/01/2038 (Callable 10/01/2037) | | | 6,000,000 | | | 5,224,306 |
3.70%, 04/01/2051 (Callable 10/01/2050) | | | 6,700,000 | | | 4,074,217 |
3.85%, 04/01/2061 (Callable 10/01/2060) | | | 12,075,000 | | | 7,050,812 |
4.40%, 12/01/2061 (Callable 06/01/2061) | | | 10,000,000 | | | 6,522,744 |
Cheniere Energy Partners LP
| | | | | | |
3.25%, 01/31/2032 (Callable 01/31/2027) | | | 3,500,000 | | | 2,987,337 |
5.95%, 06/30/2033 (Callable 12/30/2032) | | | 13,000,000 | | | 13,181,272 |
5.75%, 08/15/2034 (Callable 02/15/2034)(a) | | | 6,000,000 | | | 6,023,904 |
| | | | | | | |
| | | | | | | |
Choice Hotels International, Inc., 5.85%, 08/01/2034 (Callable 05/01/2034) | | | $7,000,000 | | | $6,899,258 |
Cia Cervecerias Unidas SA,
3.35%, 01/19/2032 (Callable 10/19/2031)(a) | | | 20,000,000 | | | 17,391,398 |
Cigna Group
| | | | | | |
4.50%, 02/25/2026 (Callable 11/27/2025) | | | 3,734,000 | | | 3,677,318 |
2.40%, 03/15/2030 (Callable 12/15/2029) | | | 8,559,000 | | | 7,405,208 |
4.80%, 08/15/2038 (Callable 02/15/2038) | | | 7,600,000 | | | 6,983,221 |
CIMIC Finance USA Pty Ltd., 7.00%, 03/25/2034 (Callable 12/25/2033)(a) | | | 10,000,000 | | | 10,121,576 |
Clean Harbors, Inc.
| | | | | | |
5.13%, 07/15/2029 (Callable 08/01/2024)(a) | | | 100,000 | | | 96,057 |
6.38%, 02/01/2031 (Callable 02/01/2026)(a) | | | 1,000,000 | | | 1,002,605 |
CNH Industrial Capital LLC,
1.88%, 01/15/2026 (Callable 12/15/2025) | | | 14,250,000 | | | 13,486,350 |
CNH Industrial NV,
3.85%, 11/15/2027 (Callable 08/15/2027) | | | 26,114,000 | | | 25,007,891 |
Columbia Pipeline Group, Inc.
| | | | | | |
4.50%, 06/01/2025 (Callable 03/01/2025) | | | 2,830,000 | | | 2,795,235 |
5.80%, 06/01/2045 (Callable 12/01/2044) | | | 4,733,000 | | | 4,617,042 |
Columbia Pipelines Operating Co. LLC
| | | | | | |
6.50%, 08/15/2043 (Callable 02/15/2043)(a) | | | 5,000,000 | | | 5,207,397 |
6.54%, 11/15/2053 (Callable 05/15/2053)(a) | | | 3,400,000 | | | 3,582,544 |
Comcast Corp.
| | | | | | |
4.25%, 01/15/2033 | | | 6,500,000 | | | 6,076,718 |
4.40%, 08/15/2035 (Callable 02/15/2035) | | | 13,575,000 | | | 12,569,493 |
3.20%, 07/15/2036 (Callable 01/15/2036) | | | 15,000,000 | | | 12,120,227 |
5.35%, 05/15/2053 (Callable 11/15/2052) | | | 8,000,000 | | | 7,668,837 |
2.94%, 11/01/2056 (Callable 05/01/2056) | | | 2,622,000 | | | 1,581,630 |
2.99%, 11/01/2063 (Callable 05/01/2063) | | | 10,984,000 | | | 6,446,241 |
CommonSpirit Health,
2.78%, 10/01/2030 (Callable 04/01/2030) | | | 20,400,000 | | | 17,668,732 |
Conagra Brands, Inc.,
5.30%, 11/01/2038 (Callable 05/01/2038) | | | 6,625,000 | | | 6,234,942 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Concentrix Corp.,
6.60%, 08/02/2028 (Callable 07/02/2028) | | | $25,927,000 | | | $26,243,855 |
Constellation Brands, Inc.,
4.75%, 12/01/2025 | | | 1,000,000 | | | 989,737 |
Corning, Inc., 4.38%, 11/15/2057 (Callable 05/15/2057) | | | 10,000,000 | | | 7,843,281 |
Cox Communications, Inc.
| | | | | | |
4.80%, 02/01/2035 (Callable 08/01/2034)(a) | | | 13,047,000 | | | 11,799,794 |
4.70%, 12/15/2042(a) | | | 1,670,000 | | | 1,373,741 |
3.60%, 06/15/2051 (Callable 12/15/2050)(a) | | | 22,900,000 | | | 15,537,495 |
Crown Castle, Inc.
| | | | | | |
5.60%, 06/01/2029 (Callable 05/01/2029) | | | 21,800,000 | | | 21,986,133 |
5.10%, 05/01/2033 (Callable 02/01/2033) | | | 5,000,000 | | | 4,822,955 |
CSN Resources SA,
8.88%, 12/05/2030 (Callable 12/05/2026)(a) | | | 15,000,000 | | | 14,903,400 |
CSX Corp.
| | | | | | |
6.22%, 04/30/2040 | | | 475,000 | | | 508,249 |
4.65%, 03/01/2068 (Callable 09/01/2067) | | | 9,000,000 | | | 7,536,147 |
CVS Health Corp.
| | | | | | |
3.25%, 08/15/2029 (Callable 05/15/2029) | | | 11,800,000 | | | 10,704,419 |
5.30%, 06/01/2033 (Callable 03/01/2033) | | | 4,225,000 | | | 4,128,922 |
4.78%, 03/25/2038 (Callable 09/25/2037) | | | 35,075,000 | | | 31,315,538 |
5.05%, 03/25/2048 (Callable 09/25/2047) | | | 32,600,000 | | | 28,088,391 |
5.88%, 06/01/2053 (Callable 12/01/2052) | | | 6,000,000 | | | 5,749,552 |
6.05%, 06/01/2054 (Callable 12/01/2053) | | | 11,000,000 | | | 10,787,739 |
CVS Pass-Through Trust,
7.51%, 01/10/2032(a) | | | 3,497,857 | | | 3,638,981 |
Darling Ingredients, Inc.,
6.00%, 06/15/2030 (Callable 06/15/2025)(a) | | | 1,500,000 | | | 1,474,900 |
DCP Midstream Operating LP
| | | | | | |
5.63%, 07/15/2027 (Callable 04/15/2027) | | | 17,000,000 | | | 17,191,726 |
5.13%, 05/15/2029 (Callable 02/15/2029) | | | 18,264,000 | | | 18,175,442 |
3.25%, 02/15/2032 (Callable 08/15/2031) | | | 10,000,000 | | | 8,565,924 |
Dell International LLC / EMC Corp.
| | | | | | |
6.02%, 06/15/2026 (Callable 03/15/2026) | | | 13,756,000 | | | 13,899,923 |
| | | | | | | |
| | | | | | | |
4.90%, 10/01/2026 (Callable 08/01/2026) | | | $8,395,000 | | | $8,312,852 |
5.30%, 10/01/2029 (Callable 07/01/2029) | | | 5,300,000 | | | 5,329,902 |
3.45%, 12/15/2051 (Callable 06/15/2051) | | | 7,227,000 | | | 4,896,000 |
DENTSPLY SIRONA, Inc.,
3.25%, 06/01/2030 (Callable 03/01/2030) | | | 46,120,000 | | | 40,298,436 |
Deutsche Telekom International Finance BV, 8.75%, 06/15/2030 | | | 28,015,000 | | | 32,657,630 |
Diamondback Energy, Inc.,
5.40%, 04/18/2034 (Callable 01/18/2034) | | | 7,000,000 | | | 6,930,334 |
Dignity Health, 5.27%,
11/01/2064 | | | 7,625,000 | | | 6,937,466 |
DuPont de Nemours, Inc.,
5.32%, 11/15/2038 (Callable 05/15/2038) | | | 10,492,000 | | | 10,792,588 |
DXC Technology Co.
| | | | | | |
1.80%, 09/15/2026 (Callable 08/15/2026) | | | 21,000,000 | | | 19,276,774 |
2.38%, 09/15/2028 (Callable 07/15/2028) | | | 60,000,000 | | | 52,204,635 |
Eagle Materials, Inc.,
2.50%, 07/01/2031 (Callable 04/01/2031) | | | 15,000,000 | | | 12,651,707 |
Eaton Corp., 4.00%, 11/02/2032 | | | 3,660,000 | | | 3,409,427 |
Element Fleet Management Corp.
| | | | | | |
3.85%, 06/15/2025 (Callable 05/15/2025)(a) | | | 23,000,000 | | | 22,554,040 |
6.27%, 06/26/2026 (Callable 05/26/2026)(a) | | | 15,600,000 | | | 15,782,539 |
6.32%, 12/04/2028 (Callable 11/04/2028)(a) | | | 50,400,000 | | | 52,103,410 |
Enbridge Energy Partners LP
| | | | | | |
7.50%, 04/15/2038 | | | 4,500,000 | | | 5,151,881 |
7.38%, 10/15/2045 (Callable 04/15/2045) | | | 23,298,000 | | | 26,540,915 |
Energy Transfer LP
| | | | | | |
4.40%, 03/15/2027 (Callable 12/15/2026) | | | 15,000,000 | | | 14,630,774 |
4.20%, 04/15/2027 (Callable 01/15/2027) | | | 8,650,000 | | | 8,388,878 |
5.63%, 05/01/2027 (Callable 07/17/2024)(a) | | | 9,107,000 | | | 9,066,281 |
5.50%, 06/01/2027 (Callable 03/01/2027) | | | 4,653,000 | | | 4,666,220 |
4.95%, 05/15/2028 (Callable 02/15/2028) | | | 1,620,000 | | | 1,595,448 |
4.95%, 06/15/2028 (Callable 03/15/2028) | | | 4,693,000 | | | 4,630,995 |
6.00%, 02/01/2029 (Callable 08/01/2024)(a) | | | 8,900,000 | | | 8,961,107 |
5.25%, 04/15/2029 (Callable 01/15/2029) | | | 18,925,000 | | | 18,850,096 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.15%, 09/15/2029 (Callable 06/15/2029) | | | $16,585,000 | | | $15,701,115 |
7.38%, 02/01/2031 (Callable 02/01/2026)(a) | | | 12,297,000 | | | 12,831,784 |
6.63%, 10/15/2036 | | | 3,575,000 | | | 3,775,666 |
6.50%, 02/01/2042 (Callable 08/01/2041) | | | 18,727,000 | | | 19,370,280 |
6.10%, 02/15/2042 | | | 1,000,000 | | | 978,280 |
5.95%, 10/01/2043 (Callable 04/01/2043) | | | 2,702,000 | | | 2,613,615 |
5.15%, 03/15/2045 (Callable 09/15/2044) | | | 5,000,000 | | | 4,395,207 |
6.00%, 06/15/2048 (Callable 12/15/2047) | | | 5,000,000 | | | 4,817,880 |
Eni SpA
| | | | | | |
4.25%, 05/09/2029 (Callable 02/09/2029)(a) | | | 18,250,000 | | | 17,538,284 |
5.50%, 05/15/2034 (Callable 02/15/2034)(a) | | | 6,100,000 | | | 6,043,882 |
5.95%, 05/15/2054 (Callable 11/15/2053)(a) | | | 6,000,000 | | | 5,893,074 |
Enterprise Products Operating LLC, 3.95%, 01/31/2060 (Callable 07/31/2059) | | | 14,475,000 | | | 10,572,285 |
EQM Midstream Partners LP,
6.38%, 04/01/2029 (Callable 04/01/2026)(a) | | | 7,000,000 | | | 7,070,749 |
EQT Corp.
| | | | | | |
7.00%, 02/01/2030 (Callable 11/01/2029) | | | 28,813,000 | | | 30,577,134 |
3.63%, 05/15/2031 (Callable 05/15/2030)(a) | | | 100,000 | | | 88,219 |
EQT Midstream Partners LP,
4.13%, 12/01/2026 (Callable 09/01/2026) | | | 14,750,000 | | | 14,216,748 |
Equifax, Inc., 5.10%, 06/01/2028 (Callable 05/01/2028) | | | 15,000,000 | | | 14,939,056 |
Equinix, Inc., 3.20%, 11/18/2029 (Callable 08/18/2029) | | | 15,000,000 | | | 13,515,233 |
EquipmentShare.com, Inc.,
8.63%, 05/15/2032 (Callable 05/15/2027)(a) | | | 500,000 | | | 518,461 |
FedEx Corp.
| | | | | | |
3.90%, 02/01/2035 | | | 7,000,000 | | | 6,229,933 |
4.95%, 10/17/2048 (Callable 04/17/2048) | | | 13,500,000 | | | 11,916,920 |
Ferguson Finance PLC,
4.50%, 10/24/2028 (Callable 07/24/2028)(a) | | | 37,052,000 | | | 36,168,703 |
Fiserv, Inc.
| | | | | | |
3.20%, 07/01/2026 (Callable 05/01/2026) | | | 6,400,000 | | | 6,141,590 |
3.50%, 07/01/2029 (Callable 04/01/2029) | | | 8,810,000 | | | 8,145,107 |
| | | | | | | |
| | | | | | | |
5.63%, 08/21/2033 (Callable 05/21/2033) | | | $10,000,000 | | | $10,084,279 |
4.40%, 07/01/2049 (Callable 01/01/2049) | | | 12,500,000 | | | 10,144,316 |
Flex Intermediate Holdco LLC, 3.36%, 06/30/2031 (Callable 12/30/2030)(a) | | | 30,000,000 | | | 24,961,853 |
Flex Ltd.
| | | | | | |
3.75%, 02/01/2026 (Callable 01/01/2026) | | | 28,300,000 | | | 27,464,002 |
6.00%, 01/15/2028 (Callable 12/15/2027) | | | 10,000,000 | | | 10,132,336 |
4.88%, 05/12/2030 (Callable 02/12/2030) | | | 17,550,000 | | | 16,987,022 |
Flowserve Corp.
| | | | | | |
3.50%, 10/01/2030 (Callable 07/01/2030) | | | 7,075,000 | | | 6,296,034 |
2.80%, 01/15/2032 (Callable 10/15/2031) | | | 5,000,000 | | | 4,103,394 |
FMG Resources August 2006 Pty Ltd.
| | | | | | |
4.38%, 04/01/2031 (Callable 01/01/2031)(a) | | | 1,000,000 | | | 893,729 |
6.13%, 04/15/2032 (Callable 01/15/2032)(a) | | | 10,000,000 | | | 9,886,897 |
Ford Motor Credit Co. LLC
| | | | | | |
3.66%, 09/08/2024 | | | 34,000,000 | | | 33,838,375 |
2.30%, 02/10/2025 (Callable 01/10/2025) | | | 30,000,000 | | | 29,332,130 |
3.38%, 11/13/2025 (Callable 10/13/2025) | | | 30,000,000 | | | 29,034,147 |
2.70%, 08/10/2026 (Callable 07/10/2026) | | | 15,000,000 | | | 14,088,952 |
5.80%, 03/05/2027 (Callable 02/05/2027) | | | 9,000,000 | | | 9,000,203 |
5.80%, 03/08/2029 (Callable 02/08/2029) | | | 18,000,000 | | | 17,936,775 |
Fortune Brands Innovations, Inc.
| | | | | | |
3.25%, 09/15/2029 (Callable 06/15/2029) | | | 14,000,000 | | | 12,684,205 |
5.88%, 06/01/2033 (Callable 03/01/2033) | | | 16,000,000 | | | 16,212,911 |
Foundry JV Holdco LLC
| | | | | | |
6.15%, 01/25/2032 (Callable 11/25/2031)(a) | | | 10,000,000 | | | 10,193,644 |
6.25%, 01/25/2035 (Callable 10/25/2034)(a) | | | 10,000,000 | | | 10,212,020 |
Freeport-McMoRan, Inc.
| | | | | | |
5.00%, 09/01/2027 (Callable 08/01/2024) | | | 12,000,000 | | | 11,865,666 |
4.13%, 03/01/2028 (Callable 08/01/2024) | | | 11,550,000 | | | 11,064,601 |
4.38%, 08/01/2028 (Callable 08/01/2024) | | | 6,545,000 | | | 6,321,744 |
5.25%, 09/01/2029 (Callable 09/01/2024) | | | 14,415,000 | | | 14,322,581 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.25%, 03/01/2030 (Callable 03/01/2025) | | | $29,799,000 | | | $28,137,730 |
4.63%, 08/01/2030 (Callable 08/01/2025) | | | 3,000,000 | | | 2,886,035 |
Fresenius Medical Care US Finance II, Inc., 4.75%, 10/15/2024 (Callable 08/01/2024)(a) | | | 8,075,000 | | | 8,029,800 |
Fresenius Medical Care US
Finance III, Inc.
| | | | | | |
3.75%, 06/15/2029 (Callable 03/15/2029)(a) | | | 34,130,000 | | | 30,882,657 |
2.38%, 02/16/2031 (Callable 11/16/2030)(a) | | | 32,300,000 | | | 25,505,901 |
3.00%, 12/01/2031 (Callable 09/01/2031)(a) | | | 13,625,000 | | | 11,037,038 |
General Motors Co.,
6.13%, 10/01/2025 (Callable 09/01/2025) | | | 15,712,000 | | | 15,793,760 |
General Motors Financial Co., Inc.
| | | | | | |
1.25%, 01/08/2026 (Callable 12/08/2025) | | | 18,125,000 | | | 16,967,166 |
5.40%, 04/06/2026 | | | 10,000,000 | | | 9,977,248 |
2.35%, 02/26/2027 (Callable 01/26/2027) | | | 10,900,000 | | | 10,083,003 |
5.80%, 06/23/2028 (Callable 05/23/2028) | | | 10,000,000 | | | 10,122,531 |
5.80%, 01/07/2029 (Callable 12/07/2028) | | | 15,000,000 | | | 15,133,498 |
5.55%, 07/15/2029 (Callable 06/15/2029) | | | 14,000,000 | | | 13,999,492 |
Genesee & Wyoming, Inc.,
6.25%, 04/15/2032 (Callable 04/15/2027)(a) | | | 4,000,000 | | | 3,985,014 |
Genpact Luxembourg Sarl,
3.38%, 12/01/2024 (Callable 11/01/2024) | | | 36,370,000 | | | 35,911,152 |
Genpact Luxembourg SARL/Genpact USA, Inc.
| | | | | | |
1.75%, 04/10/2026 (Callable 03/10/2026) | | | 29,775,000 | | | 27,771,762 |
6.00%, 06/04/2029 (Callable 05/04/2029) | | | 10,000,000 | | | 10,114,700 |
GFL Environmental, Inc.,
6.75%, 01/15/2031 (Callable 01/15/2027)(a) | | | 3,000,000 | | | 3,060,552 |
Glencore Finance (Canada) Ltd., 6.00%, 11/15/2041(a) | | | 9,400,000 | | | 9,234,459 |
Glencore Finance Canada Ltd., 5.55%, 10/25/2042(a) | | | 3,543,000 | | | 3,305,130 |
Glencore Funding LLC
| | | | | | |
4.00%, 03/27/2027 (Callable 12/27/2026)(a) | | | 17,000,000 | | | 16,387,339 |
4.88%, 03/12/2029 (Callable 12/12/2028)(a) | | | 18,000,000 | | | 17,743,801 |
| | | | | | | |
| | | | | | | |
2.50%, 09/01/2030 (Callable 06/01/2030)(a) | | | $5,615,000 | | | $4,747,821 |
5.70%, 05/08/2033 (Callable 02/08/2033)(a) | | | 12,500,000 | | | 12,453,010 |
6.50%, 10/06/2033 (Callable 07/06/2033)(a) | | | 10,000,000 | | | 10,416,801 |
3.88%, 04/27/2051 (Callable 10/27/2050)(a) | | | 7,500,000 | | | 5,355,778 |
3.38%, 09/23/2051 (Callable 03/23/2051)(a) | | | 4,000,000 | | | 2,593,290 |
5.89%, 04/04/2054 (Callable 10/04/2053)(a) | | | 6,775,000 | | | 6,513,369 |
Global Payments, Inc.
| | | | | | |
4.80%, 04/01/2026 (Callable 01/01/2026) | | | 10,035,000 | | | 9,907,659 |
2.90%, 05/15/2030 (Callable 02/15/2030) | | | 5,000,000 | | | 4,352,781 |
Grand Canyon University,
4.13%, 10/01/2024 | | | 30,000,000 | | | 29,812,500 |
Graphic Packaging International LLC
| | | | | | |
3.50%, 03/15/2028 (Callable 09/15/2027)(a) | | | 5,000,000 | | | 4,610,241 |
3.50%, 03/01/2029 (Callable 09/01/2028)(a) | | | 5,000,000 | | | 4,481,119 |
Gray Oak Pipeline LLC,
2.60%, 10/15/2025 (Callable 09/15/2025)(a) | | | 15,000,000 | | | 14,400,021 |
Grupo Bimbo SAB de CV
| | | | | | |
4.88%, 06/27/2044(a) | | | 9,575,000 | | | 8,573,389 |
4.70%, 11/10/2047 (Callable 05/10/2047)(a) | | | 25,671,000 | | | 22,108,309 |
4.00%, 09/06/2049(a) | | | 19,500,000 | | | 14,981,407 |
Gulfstream Natural Gas System LLC, 4.60%, 09/15/2025 (Callable 06/15/2025)(a) | | | 10,000,000 | | | 9,858,593 |
GYP Holdings III Corp.,
4.63%, 05/01/2029 (Callable 08/01/2024)(a) | | | 2,500,000 | | | 2,313,592 |
HB Fuller Co., 4.00%, 02/15/2027 (Callable 11/15/2026) | | | 6,725,000 | | | 6,470,324 |
HCA, Inc.
| | | | | | |
5.38%, 09/01/2026 (Callable 03/01/2026) | | | 1,000,000 | | | 997,506 |
4.50%, 02/15/2027 (Callable 08/15/2026) | | | 16,500,000 | | | 16,123,107 |
5.20%, 06/01/2028 (Callable 05/01/2028) | | | 10,000,000 | | | 9,960,399 |
5.88%, 02/01/2029 (Callable 08/01/2028) | | | 8,500,000 | | | 8,653,841 |
3.50%, 09/01/2030 (Callable 03/01/2030) | | | 5,000,000 | | | 4,510,183 |
4.38%, 03/15/2042 (Callable 09/15/2041) | | | 3,900,000 | | | 3,198,481 |
4.63%, 03/15/2052 (Callable 09/15/2051) | | | 12,475,000 | | | 10,070,887 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
6.00%, 04/01/2054 (Callable 10/01/2053) | | | $11,000,000 | | | $10,868,353 |
Herc Holdings, Inc.,
6.63%, 06/15/2029 (Callable 06/15/2026)(a) | | | 10,000,000 | | | 10,140,228 |
Hexcel Corp.
| | | | | | |
4.95%, 08/15/2025 (Callable 05/15/2025) | | | 8,303,000 | | | 8,214,069 |
4.20%, 02/15/2027 (Callable 11/15/2026) | | | 19,000,000 | | | 18,238,963 |
HF Sinclair Corp.
| | | | | | |
6.38%, 04/15/2027 (Callable 07/12/2024)(a) | | | 10,957,000 | | | 10,980,181 |
5.00%, 02/01/2028 (Callable 07/12/2024)(a) | | | 22,900,000 | | | 22,185,397 |
4.50%, 10/01/2030 (Callable 07/01/2030) | | | 14,157,000 | | | 13,280,510 |
Holcim Finance US LLC,
3.50%, 09/22/2026 (Callable 06/22/2026)(a) | | | 12,565,000 | | | 12,061,289 |
Hologic, Inc., 3.25%, 02/15/2029 (Callable 08/01/2024)(a) | | | 21,238,000 | | | 19,052,807 |
HP, Inc., 3.00%, 06/17/2027 (Callable 04/17/2027) | | | 25,000,000 | | | 23,510,018 |
Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 (Callable 06/16/2028) | | | 12,000,000 | | | 10,553,017 |
Huntsman International LLC,
2.95%, 06/15/2031 (Callable 03/15/2031) | | | 4,900,000 | | | 4,012,198 |
Hyundai Capital America
| | | | | | |
1.30%, 01/08/2026 (Callable 12/08/2025)(a) | | | 10,000,000 | | | 9,383,319 |
5.50%, 03/30/2026(a) | | | 7,775,000 | | | 7,766,801 |
1.65%, 09/17/2026 (Callable 08/17/2026)(a) | | | 30,000,000 | | | 27,627,670 |
5.28%, 06/24/2027(a) | | | 17,350,000 | | | 17,273,447 |
5.68%, 06/26/2028 (Callable 05/26/2028)(a) | | | 15,000,000 | | | 15,158,538 |
6.10%, 09/21/2028 (Callable 08/21/2028)(a) | | | 10,000,000 | | | 10,268,693 |
5.30%, 01/08/2029 (Callable 12/08/2028)(a) | | | 10,000,000 | | | 9,959,777 |
Infor, Inc., 1.75%, 07/15/2025 (Callable 06/15/2025)(a) | | | 8,375,000 | | | 8,029,642 |
Ingersoll Rand, Inc.,
5.70%, 08/14/2033 (Callable 05/14/2033) | | | 9,700,000 | | | 9,916,382 |
Ingredion, Inc., 2.90%, 06/01/2030 (Callable 03/01/2030) | | | 28,000,000 | | | 24,682,780 |
Intel Corp.
| | | | | | |
5.20%, 02/10/2033 (Callable 11/10/2032) | | | 3,275,000 | | | 3,269,885 |
| | | | | | | |
| | | | | | | |
4.90%, 08/05/2052 (Callable 02/05/2052) | | | $2,600,000 | | | $2,291,737 |
5.70%, 02/10/2053 (Callable 08/10/2052) | | | 5,575,000 | | | 5,479,503 |
International Business Machines Corp., 4.15%, 05/15/2039 | | | 13,000,000 | | | 11,176,392 |
International Flavors & Fragrances, Inc.
| | | | | | |
5.00%, 09/26/2048 (Callable 03/26/2048) | | | 10,000,000 | | | 8,574,791 |
3.47%, 12/01/2050 (Callable 06/01/2050)(a) | | | 8,000,000 | | | 5,251,425 |
IQVIA, Inc.
| | | | | | |
5.00%, 05/15/2027 (Callable 08/01/2024)(a) | | | 2,500,000 | | | 2,439,261 |
6.25%, 02/01/2029 (Callable 01/01/2029) | | | 15,000,000 | | | 15,416,865 |
6.50%, 05/15/2030 (Callable 05/15/2026)(a) | | | 2,000,000 | | | 2,030,078 |
Iron Mountain, Inc.
| | | | | | |
5.25%, 03/15/2028 (Callable 07/12/2024)(a) | | | 20,303,000 | | | 19,645,666 |
5.00%, 07/15/2028 (Callable 07/12/2024)(a) | | | 4,000,000 | | | 3,831,894 |
7.00%, 02/15/2029 (Callable 08/15/2025)(a) | | | 10,000,000 | | | 10,175,910 |
4.50%, 02/15/2031 (Callable 02/15/2026)(a) | | | 10,000,000 | | | 9,026,767 |
J M Smucker Co.,
3.55%, 03/15/2050 (Callable 09/15/2049) | | | 3,350,000 | | | 2,304,305 |
JAB Holdings BV
| | | | | | |
3.75%, 05/28/2051 (Callable 11/28/2050)(a) | | | 8,600,000 | | | 5,555,629 |
4.50%, 04/08/2052 (Callable 10/08/2051)(a) | | | 13,000,000 | | | 9,502,981 |
Jabil, Inc., 5.45%, 02/01/2029 (Callable 01/01/2029) | | | 10,000,000 | | | 9,999,164 |
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 (Callable 07/18/2028) | | | 14,000,000 | | | 14,441,486 |
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl
| | | | | | |
2.50%, 01/15/2027 (Callable 12/15/2026) | | | 15,000,000 | | | 13,956,719 |
3.75%, 12/01/2031 (Callable 12/01/2026) | | | 24,344,000 | | | 21,314,170 |
3.63%, 01/15/2032 (Callable 01/15/2027) | | | 7,000,000 | | | 6,042,947 |
5.75%, 04/01/2033 (Callable 01/01/2033) | | | 3,000,000 | | | 2,992,834 |
6.75%, 03/15/2034 (Callable 12/15/2033)(a) | | | 24,000,000 | | | 25,442,592 |
4.38%, 02/02/2052 (Callable 08/02/2051) | | | 7,825,000 | | | 5,848,089 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Jones Lang LaSalle, Inc.,
6.88%, 12/01/2028 (Callable 11/01/2028) | | | $17,000,000 | | | $17,894,568 |
KB Home, 7.25%, 07/15/2030 (Callable 07/15/2025) | | | 5,000,000 | | | 5,151,075 |
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (Callable 02/15/2026)(a) | | | 2,250,000 | | | 2,306,016 |
Kennametal, Inc., 4.63%, 06/15/2028 (Callable 03/15/2028) | | | 7,900,000 | | | 7,708,996 |
Keysight Technologies, Inc.,
4.60%, 04/06/2027 (Callable 01/06/2027) | | | 50,189,000 | | | 49,293,946 |
Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/2031 (Callable 04/01/2031)(a) | | | 6,000,000 | | | 5,088,222 |
Kinder Morgan Energy Partners LP
| | | | | | |
7.30%, 08/15/2033 | | | 1,675,000 | | | 1,858,731 |
6.50%, 02/01/2037 | | | 6,785,000 | | | 7,106,941 |
6.95%, 01/15/2038 | | | 14,755,000 | | | 16,006,351 |
7.50%, 11/15/2040 | | | 27,248,000 | | | 30,659,544 |
Kinder Morgan, Inc.
| | | | | | |
8.05%, 10/15/2030 | | | 15,384,000 | | | 17,318,573 |
7.80%, 08/01/2031 | | | 16,174,000 | | | 18,286,131 |
Kinetik Holdings LP,
6.63%, 12/15/2028 (Callable 12/15/2025)(a) | | | 6,000,000 | | | 6,095,748 |
Kinross Gold Corp.,
6.88%, 09/01/2041 (Callable 03/01/2041) | | | 5,500,000 | | | 5,875,087 |
Kraft Heinz Foods Co.
| | | | | | |
6.75%, 03/15/2032 | | | 10,000,000 | | | 10,884,152 |
5.00%, 07/15/2035 (Callable 01/15/2035) | | | 5,311,000 | | | 5,152,351 |
5.00%, 06/04/2042 | | | 5,000,000 | | | 4,520,918 |
Kyndryl Holdings, Inc.
| | | | | | |
2.05%, 10/15/2026 (Callable 09/15/2026) | | | 18,100,000 | | | 16,692,017 |
2.70%, 10/15/2028 (Callable 08/15/2028) | | | 7,939,000 | | | 7,058,429 |
6.35%, 02/20/2034 (Callable 11/20/2033) | | | 6,000,000 | | | 6,095,903 |
Lafarge SA, 7.13%, 07/15/2036 | | | 1,500,000 | | | 1,660,975 |
Lear Corp.
| | | | | | |
3.80%, 09/15/2027 (Callable 06/15/2027) | | | 3,167,000 | | | 3,023,658 |
3.50%, 05/30/2030 (Callable 02/28/2030) | | | 15,000,000 | | | 13,531,442 |
Leidos Holdings, Inc.,
5.95%, 12/01/2040 (Callable 06/04/2040) | | | 2,000,000 | | | 1,952,153 |
| | | | | | | |
| | | | | | | |
Leidos, Inc.
| | | | | | |
4.38%, 05/15/2030 (Callable 02/15/2030) | | | $46,222,000 | | | $43,696,718 |
2.30%, 02/15/2031 (Callable 11/15/2030) | | | 7,500,000 | | | 6,179,354 |
5.75%, 03/15/2033 (Callable 12/15/2032) | | | 26,839,000 | | | 27,073,197 |
LG Energy Solution Ltd.,
5.50%, 07/02/2034(a) | | | 12,000,000 | | | 11,706,664 |
LKQ Corp., 5.75%, 06/15/2028 (Callable 05/15/2028) | | | 8,000,000 | | | 8,075,361 |
Lockheed Martin Corp.,
5.20%, 02/15/2055 (Callable 08/15/2054) | | | 2,725,000 | | | 2,608,250 |
Louisiana-Pacific Corp.,
3.63%, 03/15/2029 (Callable 08/01/2024)(a) | | | 25,000,000 | | | 22,685,380 |
Lowe’s Cos., Inc.,
5.85%, 04/01/2063 (Callable 10/01/2062) | | | 10,000,000 | | | 9,747,550 |
LYB International Finance III LLC, 5.50%, 03/01/2034 (Callable 12/01/2033) | | | 10,600,000 | | | 10,487,772 |
Magna International, Inc.,
2.45%, 06/15/2030 (Callable 03/15/2030) | | | 10,000,000 | | | 8,631,727 |
Marathon Petroleum Corp.
| | | | | | |
5.13%, 12/15/2026 (Callable 09/15/2026) | | | 3,000,000 | | | 2,988,705 |
4.75%, 09/15/2044 (Callable 03/15/2044) | | | 3,985,000 | | | 3,397,658 |
Marriott International, Inc./MD, 4.90%, 04/15/2029 (Callable 03/15/2029) | | | 5,000,000 | | | 4,946,661 |
Martin Marietta Materials, Inc.
| | | | | | |
2.50%, 03/15/2030 (Callable 12/15/2029) | | | 5,000,000 | | | 4,344,456 |
6.25%, 05/01/2037 | | | 450,000 | | | 463,298 |
Masco Corp., 6.50%, 08/15/2032 | | | 15,834,000 | | | 16,845,866 |
MasTec, Inc.
| | | | | | |
4.50%, 08/15/2028 (Callable 08/01/2024)(a) | | | 12,948,000 | | | 12,351,248 |
5.90%, 06/15/2029 (Callable 05/15/2029) | | | 15,000,000 | | | 15,063,240 |
Micron Technology, Inc.,
5.38%, 04/15/2028 (Callable 03/15/2028) | | | 25,000,000 | | | 25,106,049 |
Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 (Callable 01/01/2029)(a) | | | 14,660,000 | | | 14,230,138 |
Minera Mexico SAB de CV,
4.50%, 01/26/2050 (Callable 07/26/2049)(a) | | | 8,000,000 | | | 6,171,918 |
Mineral Resources Ltd.,
9.25%, 10/01/2028 (Callable 10/01/2025)(a) | | | 6,000,000 | | | 6,297,192 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Minerva Luxembourg SA, 8.88%, 09/13/2033 (Callable 09/13/2028)(a) | | | $6,000,000 | | | $6,196,542 |
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (Callable 04/01/2027)(a) | | | 2,000,000 | | | 2,014,224 |
Mohawk Industries, Inc.,
3.63%, 05/15/2030 (Callable 02/15/2030) | | | 5,000,000 | | | 4,580,752 |
Molex Electronic Technologies LLC, 3.90%, 04/15/2025 (Callable 01/15/2025)(a) | | | 8,250,000 | | | 8,120,390 |
Molson Coors Beverage Co., 3.00%, 07/15/2026 (Callable 04/15/2026) | | | 23,888,000 | | | 22,868,024 |
Mosaic Co., 5.45%, 11/15/2033 (Callable 05/15/2033) | | | 11,101,000 | | | 10,990,747 |
MPLX LP
| | | | | | |
1.75%, 03/01/2026 (Callable 02/01/2026) | | | 20,000,000 | | | 18,794,190 |
4.25%, 12/01/2027 (Callable 09/01/2027) | | | 6,519,000 | | | 6,307,925 |
5.00%, 03/01/2033 (Callable 12/01/2032) | | | 4,425,000 | | | 4,227,590 |
5.50%, 06/01/2034 (Callable 03/01/2034) | | | 16,800,000 | | | 16,544,726 |
5.50%, 02/15/2049 (Callable 08/15/2048) | | | 8,825,000 | | | 8,140,706 |
4.90%, 04/15/2058 (Callable 10/15/2057) | | | 5,000,000 | | | 4,108,928 |
MSCI, Inc.
| | | | | | |
4.00%, 11/15/2029 (Callable 11/15/2024)(a) | | | 7,562,000 | | | 7,065,449 |
3.63%, 11/01/2031 (Callable 11/01/2026)(a) | | | 10,000,000 | | | 8,774,091 |
Mueller Water Products, Inc.,
4.00%, 06/15/2029 (Callable 08/01/2024)(a) | | | 500,000 | | | 457,789 |
Mylan, Inc., 4.55%, 04/15/2028 (Callable 01/15/2028) | | | 5,000,000 | | | 4,816,623 |
Newell Brands, Inc.
| | | | | | |
4.88%, 06/01/2025 (Callable 05/01/2025) | | | 1,500,000 | | | 1,478,209 |
5.70%, 04/01/2026 (Callable 01/01/2026) | | | 15,000,000 | | | 14,815,550 |
6.38%, 09/15/2027 (Callable 06/15/2027) | | | 5,000,000 | | | 4,930,730 |
NGPL PipeCo LLC,
4.88%, 08/15/2027 (Callable 02/15/2027)(a) | | | 20,000,000 | | | 19,559,443 |
Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/2028 (Callable 08/15/2028)(a) | | | 15,000,000 | | | 15,611,893 |
| | | | | | | |
| | | | | | | |
Nissan Motor Co. Ltd.,
4.35%, 09/17/2027 (Callable 07/17/2027)(a) | | | $10,000,000 | | | $9,547,900 |
Norfolk Southern Corp.,
3.05%, 05/15/2050 (Callable 11/15/2049) | | | 18,000,000 | | | 11,701,280 |
North Mississippi Health Services, Inc., 3.18%, 10/01/2051 (Callable 04/01/2051) | | | 11,800,000 | | | 7,687,842 |
Nova Southeastern University, Inc., 4.81%, 04/01/2053 | | | 4,800,000 | | | 3,920,075 |
Nutrien Ltd.
| | | | | | |
4.00%, 12/15/2026 (Callable 09/15/2026) | | | 10,000,000 | | | 9,675,664 |
4.13%, 03/15/2035 (Callable 09/15/2034) | | | 6,550,000 | | | 5,836,970 |
nVent Finance Sarl
| | | | | | |
4.55%, 04/15/2028 (Callable 01/15/2028) | | | 32,435,000 | | | 31,492,705 |
5.65%, 05/15/2033 (Callable 02/15/2033) | | | 28,950,000 | | | 28,827,177 |
NXP BV / NXP Funding LLC / NXP USA, Inc.
| | | | | | |
4.30%, 06/18/2029 (Callable 03/18/2029) | | | 9,625,000 | | | 9,236,215 |
2.65%, 02/15/2032 (Callable 11/15/2031) | | | 15,000,000 | | | 12,467,451 |
Occidental Petroleum Corp.
| | | | | | |
8.50%, 07/15/2027 (Callable 01/15/2027) | | | 15,000,000 | | | 16,069,530 |
7.15%, 05/15/2028 | | | 7,000,000 | | | 7,368,480 |
8.88%, 07/15/2030 (Callable 01/15/2030) | | | 19,873,000 | | | 22,885,710 |
7.50%, 05/01/2031 | | | 12,000,000 | | | 13,238,772 |
7.88%, 09/15/2031 | | | 12,790,000 | | | 14,344,075 |
6.45%, 09/15/2036 | | | 7,125,000 | | | 7,442,084 |
Ochsner LSU Health System of North Louisiana,
2.51%, 05/15/2031 (Callable 11/15/2030) | | | 36,300,000 | | | 25,473,251 |
OCI NV, 6.70%, 03/16/2033 (Callable 12/16/2032)(a) | | | 10,000,000 | | | 9,867,284 |
ONEOK, Inc.
| | | | | | |
5.00%, 03/01/2026 (Callable 12/01/2025) | | | 10,000,000 | | | 9,916,437 |
4.20%, 03/15/2045 (Callable 09/15/2044) | | | 8,770,000 | | | 6,579,997 |
Oracle Corp.
| | | | | | |
2.80%, 04/01/2027 (Callable 02/01/2027) | | | 46,000,000 | | | 43,187,221 |
6.25%, 11/09/2032 (Callable 08/09/2032) | | | 7,000,000 | | | 7,408,876 |
3.90%, 05/15/2035 (Callable 11/15/2034) | | | 7,425,000 | | | 6,437,072 |
3.85%, 07/15/2036 (Callable 01/15/2036) | | | 7,500,000 | | | 6,322,373 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.00%, 11/15/2047 (Callable 05/15/2047) | | | $2,565,000 | | | $1,941,909 |
3.95%, 03/25/2051 (Callable 09/25/2050) | | | 5,000,000 | | | 3,696,877 |
6.90%, 11/09/2052 (Callable 05/09/2052) | | | 29,065,000 | | | 32,532,538 |
5.55%, 02/06/2053 (Callable 08/06/2052) | | | 2,550,000 | | | 2,412,693 |
Orange SA, 9.00%, 03/01/2031 | | | 33,426,000 | | | 39,869,246 |
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 (Callable 05/15/2029)(a) | | | 5,000,000 | | | 4,993,078 |
Oshkosh Corp., 3.10%, 03/01/2030 (Callable 12/01/2029) | | | 3,500,000 | | | 3,098,840 |
Owens Corning
| | | | | | |
3.40%, 08/15/2026 (Callable 05/15/2026) | | | 5,000,000 | | | 4,800,180 |
7.00%, 12/01/2036 | | | 13,205,000 | | | 14,685,349 |
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 (Callable 09/15/2026)(a) | | | 12,075,000 | | | 12,361,491 |
Penske Truck Leasing Co. Lp / PTL Finance Corp.
| | | | | | |
4.00%, 07/15/2025 (Callable 06/15/2025)(a) | | | 20,000,000 | | | 19,654,457 |
1.20%, 11/15/2025 (Callable 10/15/2025)(a) | | | 22,800,000 | | | 21,476,152 |
5.55%, 05/01/2028 (Callable 04/01/2028)(a) | | | 15,000,000 | | | 15,104,644 |
6.05%, 08/01/2028 (Callable 07/01/2028)(a) | | | 10,000,000 | | | 10,241,860 |
5.35%, 03/30/2029 (Callable 02/28/2029)(a) | | | 7,500,000 | | | 7,496,273 |
5.25%, 07/01/2029 (Callable 06/01/2029)(a) | | | 12,800,000 | | | 12,691,987 |
6.20%, 06/15/2030 (Callable 04/15/2030)(a) | | | 6,000,000 | | | 6,244,479 |
Perrigo Finance Unlimited Co.
| | | | | | |
3.90%, 12/15/2024 (Callable 09/15/2024) | | | 9,944,000 | | | 9,812,308 |
5.15%, 06/15/2030 (Callable 03/15/2030) | | | 25,250,000 | | | 23,212,744 |
Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 (Callable 11/19/2052) | | | 11,825,000 | | | 11,405,426 |
Phillips 66
| | | | | | |
2.15%, 12/15/2030 (Callable 09/15/2030) | | | 6,000,000 | | | 5,011,803 |
4.65%, 11/15/2034 (Callable 05/15/2034) | | | 13,000,000 | | | 12,095,662 |
5.88%, 05/01/2042 | | | 5,000,000 | | | 5,038,438 |
| | | | | | | |
| | | | | | | |
Phillips 66 Co.
| | | | | | |
3.15%, 12/15/2029 (Callable 09/15/2029) | | | $12,550,000 | | | $11,355,905 |
4.68%, 02/15/2045 (Callable 08/15/2044) | | | 2,000,000 | | | 1,705,713 |
Phinia, Inc., 6.75%, 04/15/2029 (Callable 04/15/2026)(a) | | | 100,000 | | | 101,484 |
Pilgrim’s Pride Corp.
| | | | | | |
6.25%, 07/01/2033 (Callable 04/01/2033) | | | 16,935,000 | | | 17,250,889 |
6.88%, 05/15/2034 (Callable 02/15/2034) | | | 8,500,000 | | | 9,046,287 |
Plains All American Pipeline LP / PAA Finance Corp.,
3.55%, 12/15/2029 (Callable 09/15/2029) | | | 10,000,000 | | | 9,131,086 |
Polaris, Inc., 6.95%, 03/15/2029 (Callable 02/15/2029) | | | 15,000,000 | | | 15,689,440 |
POSCO, 5.75%, 01/17/2028(a) | | | 5,000,000 | | | 5,063,793 |
Premier Health Partners,
2.91%, 11/15/2026 (Callable 05/15/2026) | | | 10,000,000 | | | 9,227,957 |
Puma International Financing SA, 7.75%, 04/25/2029 (Callable 04/25/2026)(a) | | | 2,000,000 | | | 2,014,400 |
Quanta Services, Inc.,
2.90%, 10/01/2030 (Callable 07/01/2030) | | | 10,000,000 | | | 8,809,651 |
Rand Parent LLC,
8.50%, 02/15/2030 (Callable 02/15/2026)(a) | | | 6,500,000 | | | 6,580,672 |
Regal Rexnord Corp.
| | | | | | |
6.30%, 02/15/2030 (Callable 12/15/2029) | | | 26,000,000 | | | 26,580,943 |
6.40%, 04/15/2033 (Callable 01/15/2033) | | | 15,332,000 | | | 15,687,473 |
Reliance Industries Ltd.,
2.88%, 01/12/2032(a) | | | 20,400,000 | | | 17,280,216 |
Reliance, Inc., 1.30%, 08/15/2025 (Callable 07/15/2025) | | | 6,100,000 | | | 5,809,517 |
Republic Services, Inc.,
5.00%, 04/01/2034 (Callable 01/01/2034) | | | 5,000,000 | | | 4,893,923 |
Revvity, Inc.
| | | | | | |
3.30%, 09/15/2029 (Callable 06/15/2029) | | | 25,000,000 | | | 22,753,418 |
3.63%, 03/15/2051 (Callable 09/15/2050) | | | 11,775,000 | | | 8,170,423 |
Rogers Communications, Inc.
| | | | | | |
3.80%, 03/15/2032 (Callable 12/15/2031) | | | 13,000,000 | | | 11,615,518 |
4.35%, 05/01/2049 (Callable 11/01/2048) | | | 10,000,000 | | | 7,955,303 |
RTX Corp.
| | | | | | |
4.80%, 12/15/2043 (Callable 06/15/2043) | | | 7,925,000 | | | 7,060,441 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
3.13%, 07/01/2050 (Callable 01/01/2050) | | | $6,000,000 | | | $3,939,884 |
RXO, Inc., 7.50%, 11/15/2027 (Callable 11/15/2024)(a) | | | 7,000,000 | | | 7,175,000 |
Ryder System, Inc.,
5.25%, 06/01/2028 (Callable 05/01/2028) | | | 16,550,000 | | | 16,582,793 |
Sabine Pass Liquefaction LLC
| | | | | | |
5.88%, 06/30/2026 (Callable 12/31/2025) | | | 55,015,000 | | | 55,235,352 |
5.00%, 03/15/2027 (Callable 09/15/2026) | | | 20,300,000 | | | 20,128,790 |
4.50%, 05/15/2030 (Callable 11/15/2029) | | | 21,897,000 | | | 21,006,477 |
Samarco Mineracao SA,
9.00% (9.00% PIK), 06/30/2031 (Callable 07/17/2024)(a) | | | 11,664,936 | | | 10,846,341 |
Santos Finance Ltd.
| | | | | | |
3.65%, 04/29/2031 (Callable 01/29/2031)(a) | | | 21,000,000 | | | 18,348,677 |
6.88%, 09/19/2033 (Callable 06/19/2033)(a) | | | 9,100,000 | | | 9,625,834 |
Schlumberger Holdings Corp., 3.90%, 05/17/2028 (Callable 02/17/2028)(a) | | | 11,096,000 | | | 10,596,921 |
Sealed Air Corp., 5.00%, 04/15/2029 (Callable 04/15/2025)(a) | | | 5,000,000 | | | 4,758,578 |
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/2028 (Callable 02/01/2025)(a) | | | 1,000,000 | | | 997,589 |
Silgan Holdings, Inc.,
4.13%, 02/01/2028 (Callable 07/17/2024) | | | 4,000,000 | | | 3,779,748 |
SK Hynix, Inc.
| | | | | | |
6.25%, 01/17/2026(a) | | | 5,900,000 | | | 5,958,180 |
1.50%, 01/19/2026(a) | | | 13,000,000 | | | 12,205,214 |
SK Telecom Co. Ltd.,
6.63%, 07/20/2027(a) | | | 960,000 | | | 996,039 |
Smith & Nephew PLC
| | | | | | |
2.03%, 10/14/2030 (Callable 07/14/2030) | | | 18,000,000 | | | 14,865,959 |
5.40%, 03/20/2034 (Callable 12/20/2033) | | | 15,000,000 | | | 14,767,787 |
Smithfield Foods, Inc.
| | | | | | |
5.20%, 04/01/2029 (Callable 01/01/2029)(a) | | | 16,566,000 | | | 16,061,881 |
2.63%, 09/13/2031 (Callable 06/13/2031)(a) | | | 18,500,000 | | | 14,800,652 |
Sodexo, Inc., 1.63%, 04/16/2026 (Callable 03/16/2026)(a) | | | 6,725,000 | | | 6,257,827 |
Solvay Finance America LLC, 5.85%, 06/04/2034 (Callable 03/04/2034)(a) | | | 6,000,000 | | | 6,009,886 |
| | | | | | | |
| | | | | | | |
Solventum Corp.
| | | | | | |
5.60%, 03/23/2034 (Callable 12/23/2033)(a) | | | $15,000,000 | | | $14,732,622 |
5.90%, 04/30/2054 (Callable 10/30/2053)(a) | | | 10,000,000 | | | 9,558,596 |
Southern Copper Corp.,
7.50%, 07/27/2035 | | | 19,786,000 | | | 23,029,005 |
Standard Industries, Inc./NJ
| | | | | | |
4.75%, 01/15/2028 (Callable 08/01/2024)(a) | | | 24,408,000 | | | 23,224,034 |
4.38%, 07/15/2030 (Callable 07/15/2025)(a) | | | 7,000,000 | | | 6,324,619 |
3.38%, 01/15/2031 (Callable 07/15/2025)(a) | | | 5,000,000 | | | 4,212,651 |
Stanley Black & Decker, Inc.
| | | | | | |
6.00%, 03/06/2028 (Callable 02/06/2028) | | | 3,000,000 | | | 3,093,136 |
4.85%, 11/15/2048 (Callable 05/15/2048) | | | 4,175,000 | | | 3,530,191 |
Stellantis Finance US, Inc.,
1.71%, 01/29/2027 (Callable 12/29/2026)(a) | | | 3,650,000 | | | 3,325,956 |
Stericycle, Inc., 3.88%, 01/15/2029 (Callable 07/17/2024)(a) | | | 1,000,000 | | | 933,747 |
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/2051 (Callable 09/15/2050) | | | 7,500,000 | | | 5,481,286 |
Summit Materials LLC / Summit Materials Finance Corp.,
7.25%, 01/15/2031 (Callable 01/15/2027)(a) | | | 5,000,000 | | | 5,178,270 |
Sunoco LP, 7.25%, 05/01/2032 (Callable 05/01/2027)(a) | | | 5,000,000 | | | 5,171,795 |
Sunoco LP / Sunoco Finance Corp., 7.00%, 09/15/2028 (Callable 09/15/2025)(a) | | | 10,000,000 | | | 10,250,070 |
Sysco Corp.
| | | | | | |
5.95%, 04/01/2030 (Callable 01/01/2030) | | | 22,570,000 | | | 23,488,391 |
6.00%, 01/17/2034 (Callable 10/17/2033) | | | 9,000,000 | | | 9,446,510 |
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030 (Callable 12/31/2029) | | | 11,825,000 | | | 9,979,318 |
Tapestry, Inc., 7.00%, 11/27/2026 | | | 5,000,000 | | | 5,138,665 |
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
| | | | | | |
6.50%, 07/15/2027 (Callable 08/01/2024) | | | 1,000,000 | | | 1,007,137 |
5.00%, 01/15/2028 (Callable 08/01/2024) | | | 28,000,000 | | | 27,425,101 |
4.88%, 02/01/2031 (Callable 02/01/2026) | | | 10,500,000 | | | 10,019,660 |
4.00%, 01/15/2032 (Callable 07/15/2026) | | | 14,000,000 | | | 12,613,124 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
TC PipeLines LP
| | | | | | |
4.38%, 03/13/2025 (Callable 12/13/2024) | | | $26,205,000 | | | $25,950,029 |
3.90%, 05/25/2027 (Callable 02/25/2027) | | | 23,285,000 | | | 22,305,825 |
TD SYNNEX Corp.
| | | | | | |
1.75%, 08/09/2026 (Callable 07/09/2026) | | | 10,000,000 | | | 9,225,261 |
2.38%, 08/09/2028 (Callable 06/09/2028) | | | 25,000,000 | | | 22,267,386 |
6.10%, 04/12/2034 (Callable 01/12/2034) | | | 10,000,000 | | | 10,027,817 |
Teck Resources Ltd.,
3.90%, 07/15/2030 (Callable 04/15/2030) | | | 10,000,000 | | | 9,277,582 |
Telecom Italia Capital SA
| | | | | | |
7.20%, 07/18/2036(a) | | | 2,378,000 | | | 2,450,767 |
7.20%, 07/18/2036 | | | 797,000 | | | 763,128 |
Telefonica Emisiones SA
| | | | | | |
4.10%, 03/08/2027 | | | 3,768,000 | | | 3,657,567 |
7.05%, 06/20/2036 | | | 4,925,000 | | | 5,358,438 |
5.21%, 03/08/2047 | | | 24,108,000 | | | 21,293,381 |
4.90%, 03/06/2048 | | | 9,475,000 | | | 8,000,514 |
5.52%, 03/01/2049 (Callable 09/01/2048) | | | 12,000,000 | | | 11,095,254 |
Teva Pharmaceutical Finance Netherlands III BV
| | | | | | |
3.15%, 10/01/2026 | | | 53,000,000 | | | 49,742,481 |
4.75%, 05/09/2027 (Callable 02/09/2027) | | | 9,000,000 | | | 8,672,921 |
7.88%, 09/15/2029 (Callable 06/15/2029) | | | 5,000,000 | | | 5,370,330 |
Textron, Inc., 3.00%, 06/01/2030 (Callable 03/01/2030) | | | 15,000,000 | | | 13,205,509 |
Time Warner Cable LLC,
7.30%, 07/01/2038 | | | 7,291,000 | | | 7,378,217 |
Timken Co., 4.50%, 12/15/2028 (Callable 09/15/2028) | | | 6,025,000 | | | 5,840,230 |
T-Mobile USA, Inc.
| | | | | | |
4.75%, 02/01/2028 (Callable 07/12/2024) | | | 17,250,000 | | | 16,986,636 |
3.38%, 04/15/2029 (Callable 07/12/2024) | | | 5,000,000 | | | 4,617,367 |
3.88%, 04/15/2030 (Callable 01/15/2030) | | | 53,473,000 | | | 49,987,985 |
3.50%, 04/15/2031 (Callable 04/15/2026) | | | 60,000,000 | | | 53,904,971 |
4.38%, 04/15/2040 (Callable 10/15/2039) | | | 10,000,000 | | | 8,665,581 |
3.60%, 11/15/2060 (Callable 05/15/2060) | | | 15,000,000 | | | 10,138,977 |
| | | | | | | |
| | | | | | | |
Toll Road Investors Partnership II LP
| | | | | | |
0.00%, 02/15/2025(a)(d) | | | $10,000,000 | | | $9,586,358 |
0.00%, 02/15/2027(a)(d) | | | 32,855,000 | | | 26,558,672 |
0.00%, 02/15/2028(a)(d) | | | 6,000,000 | | | 4,524,353 |
0.00%, 02/15/2029(a)(d) | | | 940,000 | | | 628,930 |
0.00%, 02/15/2030(a)(d) | | | 2,938,000 | | | 2,073,127 |
0.00%, 02/15/2030(a)(d) | | | 2,100,000 | | | 1,349,190 |
0.00%, 02/15/2031(a)(d) | | | 5,396,000 | | | 3,580,376 |
0.00%, 02/15/2036(a)(d) | | | 12,500,000 | | | 5,892,295 |
TopBuild Corp.
| | | | | | |
3.63%, 03/15/2029 (Callable 08/01/2024)(a) | | | 2,500,000 | | | 2,243,787 |
4.13%, 02/15/2032 (Callable 10/15/2026)(a) | | | 1,000,000 | | | 880,615 |
Trane Technologies Financing Ltd., 4.65%, 11/01/2044 (Callable 05/01/2044) | | | 1,300,000 | | | 1,153,729 |
Trane Technologies Global Holding Co. Ltd., 5.75%, 06/15/2043 | | | 4,126,000 | | | 4,202,524 |
TransCanada PipeLines Ltd.,
4.75%, 05/15/2038 (Callable 11/15/2037) | | | 10,000,000 | | | 9,145,516 |
Transcontinental Gas Pipe Line Co. LLC, 4.45%, 08/01/2042 (Callable 02/01/2042) | | | 2,600,000 | | | 2,262,136 |
TransDigm, Inc.
| | | | | | |
6.75%, 08/15/2028 (Callable 02/15/2025)(a) | | | 5,500,000 | | | 5,567,232 |
6.38%, 03/01/2029 (Callable 03/01/2026)(a) | | | 3,000,000 | | | 3,015,129 |
6.88%, 12/15/2030 (Callable 08/18/2026)(a) | | | 15,000,000 | | | 15,312,750 |
6.63%, 03/01/2032 (Callable 03/01/2027)(a) | | | 1,000,000 | | | 1,010,059 |
TreeHouse Foods, Inc.,
4.00%, 09/01/2028 (Callable 07/17/2024) | | | 1,500,000 | | | 1,347,143 |
Trimble, Inc., 6.10%, 03/15/2033 (Callable 12/15/2032) | | | 7,000,000 | | | 7,248,555 |
Trinity Industries, Inc.,
7.75%, 07/15/2028 (Callable 07/15/2025)(a) | | | 5,000,000 | | | 5,176,023 |
Triton Container International Ltd.
| | | | | | |
2.05%, 04/15/2026 (Callable 03/15/2026)(a) | | | 7,425,000 | | | 6,921,607 |
3.15%, 06/15/2031 (Callable 03/15/2031)(a) | | | 30,475,000 | | | 25,329,347 |
Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 (Callable 12/15/2031) | | | 10,000,000 | | | 8,200,271 |
TTX Co., 4.65%, 06/15/2044(a) | | | 7,710,000 | | | 6,690,899 |
Tyco Electronics Group SA,
7.13%, 10/01/2037 | | | 500,000 | | | 576,437 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
Tyson Foods, Inc.,
5.10%, 09/28/2048 (Callable 03/28/2048) | | | $4,650,000 | | | $4,055,406 |
United Rentals North America, Inc.
| | | | | | |
3.88%, 11/15/2027 (Callable 07/12/2024) | | | 5,000,000 | | | 4,720,569 |
4.88%, 01/15/2028 (Callable 07/12/2024) | | | 5,000,000 | | | 4,845,989 |
6.00%, 12/15/2029 (Callable 12/15/2025)(a) | | | 13,700,000 | | | 13,760,540 |
4.00%, 07/15/2030 (Callable 07/15/2025) | | | 10,000,000 | | | 9,043,200 |
3.88%, 02/15/2031 (Callable 08/15/2025) | | | 3,000,000 | | | 2,676,468 |
3.75%, 01/15/2032 (Callable 07/15/2026) | | | 1,000,000 | | | 870,057 |
6.13%, 03/15/2034 (Callable 03/15/2029)(a) | | | 21,700,000 | | | 21,620,854 |
Universal Health Services, Inc.
| | | | | | |
1.65%, 09/01/2026 (Callable 08/01/2026) | | | 16,000,000 | | | 14,715,455 |
2.65%, 10/15/2030 (Callable 07/15/2030) | | | 24,322,000 | | | 20,764,812 |
Utah Acquisition Sub, Inc.
| | | | | | |
3.95%, 06/15/2026 (Callable 03/15/2026) | | | 10,357,000 | | | 10,042,066 |
5.25%, 06/15/2046 (Callable 12/15/2045) | | | 4,000,000 | | | 3,290,373 |
Vale Canada Ltd.,
7.20%, 09/15/2032 | | | 1,600,000 | | | 1,698,816 |
Vale Overseas Ltd.
| | | | | | |
3.75%, 07/08/2030 (Callable 04/08/2030) | | | 25,339,000 | | | 22,795,453 |
6.13%, 06/12/2033 (Callable 03/12/2033) | | | 32,000,000 | | | 32,246,368 |
8.25%, 01/17/2034 | | | 5,201,000 | | | 6,089,700 |
6.88%, 11/21/2036 | | | 29,519,000 | | | 31,678,020 |
6.88%, 11/10/2039 | | | 13,121,000 | | | 13,991,080 |
6.40%, 06/28/2054 (Callable 12/28/2053) | | | 10,000,000 | | | 9,887,000 |
Valero Energy Corp.,
6.63%, 06/15/2037 | | | 5,000,000 | | | 5,329,879 |
Valero Energy Partners LP, 4.50%, 03/15/2028 (Callable 12/15/2027) | | | 20,000,000 | | | 19,490,565 |
Vallourec SACA,
7.50%, 04/15/2032 (Callable 04/15/2027)(a) | | | 1,500,000 | | | 1,553,269 |
Var Energi ASA
| | | | | | |
7.50%, 01/15/2028 (Callable 12/15/2027)(a) | | | 29,950,000 | | | 31,495,686 |
8.00%, 11/15/2032 (Callable 08/15/2032)(a) | | | 22,989,000 | | | 25,735,151 |
| | | | | | | |
| | | | | | | |
Verizon Communications, Inc.
| | | | | | |
3.00%, 03/22/2027 (Callable 01/22/2027) | | | $5,000,000 | | | $4,730,662 |
2.36%, 03/15/2032 (Callable 12/15/2031) | | | 2,500,000 | | | 2,043,691 |
4.50%, 08/10/2033 | | | 15,710,000 | | | 14,769,158 |
4.40%, 11/01/2034 (Callable 05/01/2034) | | | 790,000 | | | 732,047 |
4.27%, 01/15/2036 | | | 10,793,000 | | | 9,777,866 |
5.25%, 03/16/2037 | | | 18,225,000 | | | 18,003,209 |
4.81%, 03/15/2039 | | | 38,575,000 | | | 35,771,776 |
4.86%, 08/21/2046 | | | 2,500,000 | | | 2,267,225 |
3.70%, 03/22/2061 (Callable 09/22/2060) | | | 11,200,000 | | | 7,902,492 |
Viatris, Inc.
| | | | | | |
3.85%, 06/22/2040 (Callable 12/22/2039) | | | 10,000,000 | | | 7,302,003 |
4.00%, 06/22/2050 (Callable 12/22/2049) | | | 22,000,000 | | | 14,805,514 |
Viterra Finance BV
| | | | | | |
2.00%, 04/21/2026 (Callable 03/21/2026)(a) | | | 15,000,000 | | | 14,024,441 |
4.90%, 04/21/2027 (Callable 03/21/2027)(a) | | | 7,725,000 | | | 7,604,213 |
3.20%, 04/21/2031 (Callable 01/21/2031)(a) | | | 55,139,000 | | | 47,624,472 |
5.25%, 04/21/2032 (Callable 01/21/2032)(a) | | | 22,000,000 | | | 21,455,653 |
VMware LLC, 1.80%, 08/15/2028 (Callable 06/15/2028) | | | 15,000,000 | | | 13,137,907 |
Vodafone Group PLC
| | | | | | |
7.88%, 02/15/2030 | | | 16,293,000 | | | 18,388,923 |
6.15%, 02/27/2037 | | | 13,920,000 | | | 14,785,149 |
4.38%, 02/19/2043 | | | 5,054,000 | | | 4,405,937 |
Volkswagen Group of America Finance LLC
| | | | | | |
1.25%, 11/24/2025 (Callable 10/24/2025)(a) | | | 8,300,000 | | | 7,830,692 |
6.20%, 11/16/2028 (Callable 10/16/2028)(a) | | | 19,000,000 | | | 19,607,215 |
Vontier Corp.
| | | | | | |
2.40%, 04/01/2028 (Callable 02/01/2028) | | | 26,883,000 | | | 23,829,091 |
2.95%, 04/01/2031 (Callable 01/01/2031) | | | 15,606,000 | | | 12,978,867 |
Vulcan Materials Co.
| | | | | | |
3.50%, 06/01/2030 (Callable 03/01/2030) | | | 11,050,000 | | | 10,064,620 |
4.70%, 03/01/2048 (Callable 09/01/2047) | | | 500,000 | | | 434,000 |
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026 (Callable 03/01/2026) | | | 5,957,000 | | | 5,604,840 |
Warnermedia Holdings, Inc.
| | | | | | |
6.41%, 03/15/2026 (Callable 07/12/2024) | | | 7,000,000 | | | 6,999,977 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Industrials - (Continued)
|
4.28%, 03/15/2032 (Callable 12/15/2031) | | | $48,550,000 | | | $42,375,778 |
5.05%, 03/15/2042 (Callable 09/15/2041) | | | 6,000,000 | | | 4,880,453 |
Weir Group PLC, 2.20%, 05/13/2026 (Callable 04/13/2026)(a) | | | 34,748,000 | | | 32,613,037 |
Western Digital Corp.,
4.75%, 02/15/2026 (Callable 11/15/2025) | | | 57,075,000 | | | 55,878,764 |
Western Midstream Operating LP
| | | | | | |
4.05%, 02/01/2030 (Callable 11/01/2029) | | | 4,000,000 | | | 3,720,192 |
6.15%, 04/01/2033 (Callable 01/01/2033) | | | 2,500,000 | | | 2,562,765 |
5.25%, 02/01/2050 (Callable 08/01/2049) | | | 10,000,000 | | | 8,764,977 |
Westinghouse Air Brake Technologies Corp.
| | | | | | |
3.45%, 11/15/2026 (Callable 08/15/2026) | | | 36,775,000 | | | 35,144,812 |
4.70%, 09/15/2028 (Callable 06/15/2028) | | | 10,205,000 | | | 10,004,090 |
WestRock MWV LLC,
8.20%, 01/15/2030 | | | 5,012,000 | | | 5,717,408 |
Williams Cos., Inc.
| | | | | | |
7.50%, 01/15/2031 | | | 120,000 | | | 132,580 |
7.75%, 06/15/2031 | | | 3,500,000 | | | 3,863,441 |
8.75%, 03/15/2032 | | | 11,275,000 | | | 13,471,816 |
6.30%, 04/15/2040 | | | 1,590,000 | | | 1,647,279 |
5.75%, 06/24/2044 (Callable 12/24/2043) | | | 2,500,000 | | | 2,447,676 |
Wipro IT Services LLC,
1.50%, 06/23/2026 (Callable 05/23/2026)(a) | | | 17,800,000 | | | 16,540,035 |
Woodside Finance Ltd.,
4.50%, 03/04/2029 (Callable 12/04/2028)(a) | | | 30,000,000 | | | 28,957,784 |
Wrangler Holdco Corp.,
6.63%, 04/01/2032 (Callable 04/01/2027)(a) | | | 10,000,000 | | | 9,955,832 |
Xerox Holdings Corp.,
5.00%, 08/15/2025 (Callable 07/15/2025)(a) | | | 334,000 | | | 327,653 |
XPO, Inc.
| | | | | | |
6.25%, 06/01/2028 (Callable 06/01/2025)(a) | | | 1,000,000 | | | 1,003,000 |
7.13%, 06/01/2031 (Callable 06/01/2026)(a) | | | 500,000 | | | 510,806 |
7.13%, 02/01/2032 (Callable 02/01/2027)(a) | | | 250,000 | | | 256,235 |
Yara International ASA,
3.80%, 06/06/2026 (Callable 03/06/2026)(a) | | | 20,250,000 | | | 19,553,079 |
| | | | | | | |
| | | | | | | |
ZF North America Capital, Inc., 6.75%, 04/23/2030 (Callable 03/23/2030)(a) | | | $17,225,000 | | | $17,542,646 |
Zimmer Biomet Holdings, Inc. | | | | | | |
3.55%, 03/20/2030 (Callable 12/20/2029) | | | 1,000,000 | | | 909,322 |
5.75%, 11/30/2039 | | | 11,375,000 | | | 11,451,126 |
| | | | | | 7,503,018,258 |
Utilities - 1.3%
| | | | | | |
American Transmission Systems, Inc., 2.65%, 01/15/2032 (Callable 10/15/2031)(a) | | | 4,850,000 | | | 4,034,535 |
Appalachian Power Co.,
6.70%, 08/15/2037 | | | 1,400,000 | | | 1,493,049 |
Berkshire Hathaway Energy Co., 2.85%, 05/15/2051 (Callable 11/15/2050) | | | 10,000,000 | | | 6,094,659 |
Consolidated Edison Co. of New York, Inc., 4.63%, 12/01/2054 (Callable 06/01/2054) | | | 7,600,000 | | | 6,427,113 |
Constellation Energy Generation LLC
| | | | | | |
5.80%, 03/01/2033 (Callable 12/01/2032) | | | 10,000,000 | | | 10,203,301 |
5.60%, 06/15/2042 (Callable 12/15/2041) | | | 6,100,000 | | | 5,880,258 |
Consumers Energy Co.,
3.50%, 08/01/2051 (Callable 02/01/2051) | | | 9,425,000 | | | 6,911,568 |
Dominion Resources, Inc.,
5.95%, 06/15/2035 | | | 1,880,000 | | | 1,907,068 |
DTE Electric Co.,
2.63%, 03/01/2031 (Callable 12/01/2030) | | | 15,200,000 | | | 13,107,630 |
DTE Energy Co., 4.88%, 06/01/2028 (Callable 05/01/2028) | | | 11,900,000 | | | 11,713,080 |
Duke Energy Corp.,
6.10%, 09/15/2053 (Callable 03/15/2053) | | | 8,400,000 | | | 8,525,293 |
Duquesne Light Holdings, Inc., 2.53%, 10/01/2030 (Callable 07/01/2030)(a) | | | 8,775,000 | | | 7,382,159 |
Enel Finance International NV
| | | | | | |
3.50%, 04/06/2028(a) | | | 7,000,000 | | | 6,548,525 |
7.50%, 10/14/2032 (Callable 07/14/2032)(a) | | | 20,000,000 | | | 22,121,244 |
6.00%, 10/07/2039(a) | | | 4,286,000 | | | 4,221,837 |
4.75%, 05/25/2047(a) | | | 54,084,000 | | | 45,227,954 |
Engie Energia Chile SA,
3.40%, 01/28/2030 (Callable 10/28/2029)(a) | | | 3,000,000 | | | 2,611,262 |
Evergy Missouri West, Inc.,
5.65%, 06/01/2034 (Callable 03/01/2034)(a) | | | 9,100,000 | | | 9,150,461 |
Exelon Corp.
| | | | | | |
7.60%, 04/01/2032 | | | 1,650,000 | | | 1,849,993 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Utilities - (Continued)
|
5.10%, 06/15/2045 (Callable 12/15/2044) | | | $5,875,000 | | | $5,337,403 |
4.10%, 03/15/2052 (Callable 09/15/2051) | | | 5,000,000 | | | 3,843,611 |
Fells Point Funding Trust,
3.05%, 01/31/2027 (Callable 12/31/2026)(a) | | | 10,300,000 | | | 9,696,172 |
FirstEnergy Corp.
| | | | | | |
2.25%, 09/01/2030 (Callable 06/01/2030) | | | 4,300,000 | | | 3,599,319 |
3.40%, 03/01/2050 (Callable 09/01/2049) | | | 11,325,000 | | | 7,575,351 |
FirstEnergy Transmission LLC, 2.87%, 09/15/2028 (Callable 07/15/2028)(a) | | | 15,000,000 | | | 13,698,633 |
Fortis, Inc./Canada,
3.06%, 10/04/2026 (Callable 07/04/2026) | | | 8,762,000 | | | 8,313,899 |
Indianapolis Power & Light Co., 5.70%, 04/01/2054 (Callable 10/01/2053)(a) | | | 11,000,000 | | | 10,763,670 |
Infraestructura Energetica Nova SAPI de CV, 3.75%,
01/14/2028(a) | | | 5,000,000 | | | 4,660,058 |
ITC Holdings Corp.,
5.65%, 05/09/2034 (Callable 02/09/2034)(a) | | | 14,000,000 | | | 14,002,061 |
KeySpan Corp., 8.00%,
11/15/2030 | | | 8,375,000 | | | 9,308,662 |
Liberty Utilities Finance GP 1, 2.05%, 09/15/2030 (Callable 06/15/2030)(a) | | | 10,600,000 | | | 8,670,087 |
National Grid PLC,
5.60%, 06/12/2028 (Callable 05/12/2028) | | | 5,000,000 | | | 5,048,687 |
Niagara Mohawk Power Corp., 5.66%, 01/17/2054 (Callable 07/17/2053)(a) | | | 8,005,000 | | | 7,682,155 |
NiSource, Inc.
| | | | | | |
5.20%, 07/01/2029 (Callable 06/01/2029) | | | 15,000,000 | | | 14,941,586 |
3.60%, 05/01/2030 (Callable 02/01/2030) | | | 20,800,000 | | | 19,087,435 |
3.95%, 03/30/2048 (Callable 09/30/2047) | | | 11,775,000 | | | 8,831,625 |
Oglethorpe Power Corp.,
6.20%, 12/01/2053 (Callable 06/01/2053) | | | 5,000,000 | | | 5,126,877 |
Ohio Power Co., 5.00%, 06/01/2033 (Callable 03/01/2033) | | | 8,150,000 | | | 7,849,967 |
| | | | | | | |
| | | | | | | |
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053 (Callable 10/01/2052) | | | $3,700,000 | | | $3,620,551 |
Oncor Electric Delivery Co. LLC, 2.75%, 05/15/2030 (Callable 02/15/2030) | | | 9,500,000 | | | 8,392,087 |
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033 (Callable 03/15/2033) | | | 14,050,000 | | | 14,077,424 |
RWE Finance US LLC,
6.25%, 04/16/2054 (Callable 10/16/2053)(a) | | | 13,000,000 | | | 12,836,765 |
| | | | | | 382,375,074 |
TOTAL CORPORATE BONDS
(Cost $14,049,189,261) | | | | | | 13,158,750,107 |
U.S. TREASURY SECURITIES - 23.3%
|
United States Treasury Note/Bond
| | | | | | |
4.50%, 07/15/2026 | | | 131,675,000 | | | 131,109,208 |
4.38%, 08/15/2026 | | | 500,000,000 | | | 496,718,750 |
1.13%, 10/31/2026 | | | 564,025,000 | | | 520,511,351 |
4.63%, 11/15/2026 | | | 340,000,000 | | | 339,840,625 |
4.13%, 02/15/2027 | | | 336,950,000 | | | 333,080,338 |
4.25%, 03/15/2027 | | | 63,225,000 | | | 62,718,706 |
4.63%, 06/15/2027 | | | 125,000,000 | | | 125,351,563 |
2.38%, 03/31/2029 | | | 234,025,000 | | | 214,087,168 |
2.75%, 05/31/2029 | | | 616,900,000 | | | 573,090,464 |
3.88%, 12/31/2029 | | | 288,150,000 | | | 281,306,438 |
4.13%, 08/31/2030 | | | 289,825,000 | | | 286,134,258 |
4.00%, 01/31/2031 | | | 357,775,000 | | | 350,577,572 |
4.38%, 05/15/2034 | | | 47,675,000 | | | 47,689,898 |
1.38%, 11/15/2040 | | | 105,900,000 | | | 66,820,418 |
2.25%, 05/15/2041 | | | 78,175,000 | | | 56,560,834 |
2.38%, 02/15/2042 | | | 520,525,000 | | | 378,925,934 |
3.38%, 08/15/2042 | | | 725,475,000 | | | 612,777,169 |
3.88%, 02/15/2043 | | | 120,500,000 | | | 108,920,703 |
2.88%, 05/15/2043 | | | 691,325,000 | | | 536,857,070 |
3.88%, 05/15/2043 | | | 344,850,000 | | | 311,146,299 |
2.50%, 02/15/2045 | | | 694,850,000 | | | 495,650,617 |
2.88%, 05/15/2049 | | | 194,625,000 | | | 143,764,015 |
2.25%, 08/15/2049 | | | 31,125,000 | | | 20,116,963 |
1.38%, 08/15/2050 | | | 83,250,000 | | | 42,603,838 |
2.38%, 05/15/2051 | | | 189,975,000 | | | 125,116,348 |
2.88%, 05/15/2052 | | | 552,400,000 | | | 404,870,361 |
TOTAL U.S. TREASURY SECURITIES
(Cost $7,614,746,407) | | | | | | 7,066,346,908 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED
SECURITIES - 18.0%
|
Federal Home Loan Mortgage Corp.
| | | | | | |
Pool A89870, 4.50%, 11/01/2039 | | | $186,673 | | | $181,562 |
Pool A93505, 4.50%, 08/01/2040 | | | 634,718 | | | 617,333 |
Pool A96413, 4.00%, 01/01/2041 | | | 4,208,221 | | | 3,976,395 |
Pool C00689, 6.50%, 12/01/2028 | | | 3,238 | | | 3,300 |
Pool C00785, 6.50%, 06/01/2029 | | | 1,428 | | | 1,455 |
Pool C03490, 4.50%, 08/01/2040 | | | 830,829 | | | 808,072 |
Pool C09004, 3.50%, 07/01/2042 | | | 6,566,348 | | | 6,005,041 |
Pool C91466, 3.00%, 07/01/2032 | | | 3,318,173 | | | 3,122,905 |
Pool C91568, 3.00%, 10/01/2032 | | | 2,562,706 | | | 2,409,070 |
Pool C91581, 3.00%, 11/01/2032 | | | 3,970,269 | | | 3,723,611 |
Pool C91594, 3.00%, 01/01/2033 | | | 1,895,956 | | | 1,777,565 |
Pool C91826, 3.00%, 05/01/2035 | | | 5,408,159 | | | 5,009,758 |
Pool C91852, 3.00%, 10/01/2035 | | | 4,583,171 | | | 4,236,142 |
Pool G04222, 5.50%, 04/01/2038 | | | 22,020 | | | 22,128 |
Pool G04834, 5.00%, 03/01/2036 | | | 1,583,358 | | | 1,565,091 |
Pool G06068, 4.00%, 10/01/2040 | | | 7,109,315 | | | 6,717,640 |
Pool G07304, 3.50%, 12/01/2042 | | | 6,333,460 | | | 5,800,379 |
Pool G07601, 3.00%, 07/01/2043 | | | 15,672,642 | | | 13,839,203 |
Pool G07801, 4.00%, 10/01/2044 | | | 5,693,549 | | | 5,340,745 |
Pool G07849, 3.50%, 05/01/2044 | | | 15,959,974 | | | 14,538,782 |
Pool G07995, 5.50%, 01/01/2039 | | | 5,834,100 | | | 5,862,856 |
Pool G08192, 5.50%, 04/01/2037 | | | 38,898 | | | 39,091 |
Pool G08269, 5.50%, 05/01/2038 | | | 35,389 | | | 35,565 |
Pool G08372, 4.50%, 11/01/2039 | | | 617,552 | | | 600,641 |
Pool G08500, 3.50%, 07/01/2042 | | | 9,739,093 | | | 8,913,116 |
Pool G08518, 3.00%, 02/01/2043 | | | 2,210,512 | | | 1,952,042 |
Pool G08528, 3.00%, 04/01/2043 | | | 4,697,646 | | | 4,148,334 |
Pool G08534, 3.00%, 06/01/2043 | | | 3,874,410 | | | 3,421,341 |
Pool G08540, 3.00%, 08/01/2043 | | | 8,966,551 | | | 7,917,981 |
Pool G08606, 4.00%, 09/01/2044 | | | 3,004,606 | | | 2,817,560 |
Pool G08628, 4.00%, 02/01/2045 | | | 3,508,686 | | | 3,289,638 |
Pool G08681, 3.50%, 12/01/2045 | | | 2,881,119 | | | 2,613,358 |
Pool G08682, 4.00%, 12/01/2045 | | | 2,104,910 | | | 1,973,262 |
Pool G08694, 4.00%, 02/01/2046 | | | 2,588,179 | | | 2,399,163 |
Pool G08707, 4.00%, 05/01/2046 | | | 223,312 | | | 209,347 |
Pool G16501, 3.00%, 04/01/2033 | | | 6,117,009 | | | 5,788,081 |
Pool G30615, 3.00%, 12/01/2032 | | | 4,085,297 | | | 3,828,472 |
Pool G30974, 3.50%, 01/01/2034 | | | 6,638,286 | | | 6,351,431 |
Pool G60137, 3.50%, 02/01/2043 | | | 8,047,541 | | | 7,408,181 |
Pool G60393, 3.50%, 01/01/2046 | | | 16,220,992 | | | 14,720,648 |
Pool G60440, 3.50%, 03/01/2046 | | | 2,376,866 | | | 2,157,029 |
Pool G60722, 3.00%, 10/01/2046 | | | 26,434,794 | | | 23,135,858 |
Pool G60774, 3.00%, 10/01/2045 | | | 11,583,401 | | | 10,230,236 |
Pool G60785, 4.00%, 08/01/2046 | | | 3,980,083 | | | 3,731,235 |
Pool G60864, 3.00%, 02/01/2047 | | | 16,203,748 | | | 14,243,847 |
Pool G60988, 3.00%, 05/01/2047 | | | 29,734,855 | | | 26,023,448 |
Pool G60994, 3.50%, 01/01/2045 | | | 8,994,833 | | | 8,205,682 |
Pool G61195, 3.50%, 08/01/2044 | | | 11,005,649 | | | 10,033,266 |
Pool G61225, 4.50%, 12/01/2043 | | | 3,535,085 | | | 3,438,346 |
Pool G61297, 3.50%, 08/01/2047 | | | 7,733,991 | | | 7,019,070 |
| | | | | | | |
| | | | | | | |
Pool G61581, 4.00%, 08/01/2048 | | | $7,848,857 | | | $7,316,960 |
Pool G61849, 4.50%, 11/01/2046 | | | 24,187,775 | | | 23,525,928 |
Pool G67701, 3.00%, 10/01/2046 | | | 38,166,501 | | | 33,439,410 |
Pool G67702, 4.00%, 01/01/2047 | | | 15,617,402 | | | 14,646,644 |
Pool G67710, 3.50%, 03/01/2048 | | | 36,533,564 | | | 33,222,734 |
Pool G67712, 4.00%, 06/01/2048 | | | 25,368,639 | | | 24,006,006 |
Pool Q08998, 3.50%, 06/01/2042 | | | 1,794,571 | | | 1,645,988 |
Pool Q10378, 3.00%, 08/01/2042 | | | 6,186,069 | | | 5,474,362 |
Pool Q11218, 3.50%, 09/01/2042 | | | 3,903,791 | | | 3,564,853 |
Pool Q13205, 3.00%, 11/01/2042 | | | 21,226,372 | | | 18,777,679 |
Pool Q14875, 3.00%, 01/01/2043 | | | 11,569,485 | | | 10,223,955 |
Pool Q16455, 3.00%, 03/01/2043 | | | 7,400,045 | | | 6,534,818 |
Pool Q17640, 3.00%, 04/01/2043 | | | 5,402,850 | | | 4,771,109 |
Pool Q50031, 3.50%, 08/01/2047 | | | 21,179,558 | | | 19,195,191 |
Pool QB1368, 2.50%, 07/01/2050 | | | 27,179,331 | | | 22,684,479 |
Pool QC5811, 2.00%, 08/01/2051 | | | 13,866,130 | | | 11,064,169 |
Pool RA4549, 2.50%, 02/01/2051 | | | 56,518,074 | | | 47,155,686 |
Pool RA5077, 2.50%, 05/01/2051 | | | 22,878,382 | | | 19,072,415 |
Pool RA5764, 2.00%, 09/01/2051 | | | 80,993,560 | | | 64,174,192 |
Pool RB0771, 2.50%, 02/01/2042 | | | 16,025,479 | | | 13,887,823 |
Pool RB0788, 2.50%, 03/01/2042 | | | 20,392,542 | | | 17,620,914 |
Pool RB5089, 1.50%, 12/01/2040 | | | 80,294,628 | | | 65,012,650 |
Pool RB5090, 2.00%, 12/01/2040 | | | 64,030,380 | | | 53,806,126 |
Pool RB5138, 2.00%, 12/01/2041 | | | 98,397,401 | | | 82,296,419 |
Pool SB0084, 3.00%, 02/01/2032 | | | 6,578,827 | | | 6,302,223 |
Pool SB0463, 2.50%, 01/01/2036 | | | 27,465,867 | | | 25,066,195 |
Pool SB8088, 1.50%, 02/01/2036 | | | 45,565,212 | | | 39,175,712 |
Pool SC0208, 2.00%, 11/01/2041 | | | 35,410,286 | | | 29,776,694 |
Pool SD0039, 4.00%, 02/01/2046 | | | 7,323,755 | | | 6,911,767 |
Pool SD0047, 3.50%, 07/01/2045 | | | 7,377,012 | | | 6,720,736 |
Pool SD0295, 3.00%, 02/01/2049 | | | 27,773,840 | | | 24,358,754 |
Pool SD2181, 5.50%, 01/01/2053 | | | 13,245,081 | | | 13,089,511 |
Pool SD2446, 5.50%, 03/01/2053 | | | 48,596,862 | | | 48,228,574 |
Pool SD2903, 2.00%, 03/01/2051 | | | 181,088,065 | | | 142,939,689 |
Pool SD3008, 4.50%, 05/01/2048 | | | 13,548,831 | | | 13,127,301 |
Pool SD4957, 2.00%, 03/01/2051 | | | 52,254,251 | | | 41,009,005 |
Pool SD7516, 4.00%, 05/01/2050 | | | 45,976,516 | | | 42,811,277 |
Pool SD7534, 2.50%, 02/01/2051 | | | 93,535,693 | | | 78,213,416 |
Pool SD7541, 2.00%, 05/01/2051 | | | 67,074,428 | | | 53,417,786 |
Pool SD7548, 2.50%, 11/01/2051 | | | 92,320,291 | | | 76,914,857 |
Pool SD7553, 3.00%, 03/01/2052 | | | 77,761,583 | | | 67,288,811 |
Pool SD7555, 3.00%, 08/01/2052 | | | 24,837,855 | | | 21,496,719 |
Pool SE5001, 2.00%, 06/01/2052 | | | 70,467,031 | | | 56,586,589 |
Pool U69907, 3.50%, 03/01/2043 | | | 18,363,452 | | | 16,915,322 |
Pool V81992, 4.00%, 10/01/2045 | | | 4,940,492 | | | 4,600,981 |
Pool Z40130, 3.00%, 01/01/2046 | | | 40,861,262 | | | 36,088,698 |
Federal National Mortgage Association
| | | | | | |
Pool 251967, 6.50%, 09/01/2028 | | | 2,381 | | | 2,424 |
Pool 252255, 6.50%, 02/01/2029 | | | 5,419 | | | 5,516 |
Pool 257203, 5.00%, 05/01/2028 | | | 7,273 | | | 7,213 |
Pool 310209, 3.50%, 08/01/2043 | | | 55,171,032 | | | 50,756,972 |
Pool 310210, 4.00%, 05/01/2044 | | | 85,391,062 | | | 80,476,851 |
Pool 310213, 3.00%, 03/01/2047 | | | 64,224,222 | | | 54,777,993 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED
SECURITIES - (Continued)
|
Pool 357426, 5.00%, 09/01/2033 | | | $3,503,398 | | | $3,455,806 |
Pool 545407, 5.50%, 01/01/2032 | | | 2,719 | | | 2,749 |
Pool 725025, 4.50%, 10/01/2033 | | | 6,759,229 | | | 6,545,632 |
Pool 725424, 5.50%, 04/01/2034 | | | 236,446 | | | 237,309 |
Pool 725773, 5.50%, 09/01/2034 | | | 10,806 | | | 10,845 |
Pool 735228, 5.50%, 02/01/2035 | | | 9,391 | | | 9,425 |
Pool 735382, 5.00%, 04/01/2035 | | | 391,876 | | | 386,550 |
Pool 735676, 5.00%, 07/01/2035 | | | 1,196,733 | | | 1,180,469 |
Pool 745275, 5.00%, 02/01/2036 | | | 717,631 | | | 708,785 |
Pool 745355, 5.00%, 03/01/2036 | | | 335,401 | | | 332,334 |
Pool 745418, 5.50%, 04/01/2036 | | | 1,085,246 | | | 1,089,221 |
Pool 889579, 6.00%, 05/01/2038 | | | 1,851,805 | | | 1,893,736 |
Pool 890355, 3.50%, 09/01/2041 | | | 9,312,857 | | | 8,562,895 |
Pool AB0110, 5.00%, 02/01/2035 | | | 5,607,533 | | | 5,531,324 |
Pool AB0125, 5.00%, 02/01/2035 | | | 3,740,299 | | | 3,689,473 |
Pool AB0731, 4.00%, 06/01/2039 | | | 3,423,129 | | | 3,252,094 |
Pool AB5188, 3.50%, 05/01/2042 | | | 6,047,222 | | | 5,523,155 |
Pool AB6496, 3.00%, 10/01/2042 | | | 8,797,687 | | | 7,767,119 |
Pool AB9374, 3.50%, 05/01/2043 | | | 7,579,591 | | | 6,886,004 |
Pool AB9673, 3.50%, 06/01/2043 | | | 4,155,779 | | | 3,799,297 |
Pool AC6794, 4.50%, 01/01/2040 | | | 2,730,617 | | | 2,652,424 |
Pool AD6438, 5.00%, 06/01/2040 | | | 3,810,093 | | | 3,767,565 |
Pool AD8522, 4.00%, 08/01/2040 | | | 285,920 | | | 269,825 |
Pool AE0217, 4.50%, 08/01/2040 | | | 1,320,783 | | | 1,282,986 |
Pool AE0218, 4.50%, 08/01/2040 | | | 3,621,009 | | | 3,517,384 |
Pool AE0828, 3.50%, 02/01/2041 | | | 662,805 | | | 609,434 |
Pool AE0949, 4.00%, 02/01/2041 | | | 112,829 | | | 106,480 |
Pool AE5463, 4.00%, 10/01/2040 | | | 495,420 | | | 467,527 |
Pool AH0621, 3.50%, 01/01/2041 | | | 628,803 | | | 578,124 |
Pool AH1107, 4.00%, 12/01/2040 | | | 1,686,040 | | | 1,591,113 |
Pool AH3394, 4.00%, 01/01/2041 | | | 1,162,030 | | | 1,096,604 |
Pool AH7007, 4.00%, 03/01/2041 | | | 2,192,076 | | | 2,068,652 |
Pool AI7784, 4.50%, 07/01/2041 | | | 1,637,808 | | | 1,590,881 |
Pool AJ1407, 4.00%, 09/01/2041 | | | 773,497 | | | 729,936 |
Pool AJ7680, 3.50%, 12/01/2041 | | | 855,522 | | | 786,536 |
Pool AJ7689, 4.00%, 12/01/2041 | | | 3,850,595 | | | 3,633,739 |
Pool AK2400, 4.00%, 02/01/2042 | | | 7,923,341 | | | 7,472,506 |
Pool AL5075, 4.50%, 01/01/2040 | | | 1,108,926 | | | 1,073,875 |
Pool AL5097, 4.50%, 09/01/2043 | | | 4,957,231 | | | 4,790,893 |
Pool AL6441, 4.00%, 02/01/2045 | | | 8,273,356 | | | 7,747,710 |
Pool AL6715, 4.00%, 02/01/2045 | | | 1,018,461 | | | 953,841 |
Pool AL7521, 5.00%, 06/01/2039 | | | 5,054,176 | | | 4,985,561 |
Pool AL7822, 4.00%, 07/01/2043 | | | 10,389,779 | | | 9,792,189 |
Pool AL7941, 4.00%, 12/01/2045 | | | 8,371,972 | | | 7,931,626 |
Pool AL8385, 4.00%, 04/01/2046 | | | 15,847,045 | | | 14,846,250 |
Pool AL9267, 3.00%, 10/01/2046 | | | 12,000,995 | | | 10,491,321 |
Pool AL9555, 4.00%, 02/01/2045 | | | 2,246,633 | | | 2,120,231 |
Pool AL9764, 4.50%, 02/01/2046 | | | 9,514,711 | | | 9,242,314 |
Pool AO2970, 3.00%, 05/01/2042 | | | 1,088,774 | | | 962,925 |
Pool AO4137, 3.50%, 06/01/2042 | | | 2,050,406 | | | 1,878,214 |
Pool AO8044, 3.50%, 07/01/2042 | | | 44,271,746 | | | 40,672,851 |
Pool AP0489, 3.50%, 08/01/2042 | | | 3,509,491 | | | 3,210,048 |
| | | | | | | |
| | | | | | | |
Pool AR9197, 3.00%, 03/01/2043 | | | $2,376,827 | | | $2,096,145 |
Pool AS0303, 3.00%, 08/01/2043 | | | 2,938,403 | | | 2,591,365 |
Pool AS4257, 4.00%, 01/01/2045 | | | 3,893,597 | | | 3,646,064 |
Pool AS4582, 4.00%, 03/01/2045 | | | 3,401,006 | | | 3,184,570 |
Pool AS6312, 4.00%, 12/01/2045 | | | 13,774,158 | | | 12,896,016 |
Pool AS9392, 3.50%, 04/01/2047 | | | 20,886,332 | | | 18,896,044 |
Pool AT0682, 3.00%, 04/01/2043 | | | 869,972 | | | 767,236 |
Pool AT2720, 3.00%, 05/01/2043 | | | 3,294,068 | | | 2,905,069 |
Pool AT2725, 3.00%, 05/01/2043 | | | 8,764,238 | | | 7,729,219 |
Pool AT5900, 3.00%, 06/01/2043 | | | 9,703,820 | | | 8,557,820 |
Pool AU1629, 3.00%, 07/01/2043 | | | 7,816,521 | | | 6,893,390 |
Pool AW8165, 4.00%, 01/01/2042 | | | 7,592,357 | | | 7,165,040 |
Pool AX5316, 4.50%, 01/01/2042 | | | 3,661,333 | | | 3,556,517 |
Pool AZ9565, 3.50%, 12/01/2045 | | | 4,086,814 | | | 3,703,836 |
Pool BF0212, 4.50%, 02/01/2041 | | | 18,304,514 | | | 17,807,428 |
Pool BF0231, 3.00%, 04/01/2042 | | | 22,484,972 | | | 20,253,556 |
Pool BF0534, 3.00%, 09/01/2050 | | | 7,711,346 | | | 6,715,022 |
Pool BM1047, 4.00%, 02/01/2045 | | | 3,946,352 | | | 3,720,183 |
Pool BM1155, 4.00%, 03/01/2047 | | | 10,695,074 | | | 10,017,283 |
Pool BM1428, 3.50%, 09/01/2043 | | | 12,006,448 | | | 10,905,324 |
Pool BM1753, 4.00%, 05/01/2037 | | | 16,665,810 | | | 16,009,459 |
Pool BM2005, 4.00%, 12/01/2047 | | | 16,267,837 | | | 15,204,552 |
Pool BM3108, 4.50%, 08/01/2046 | | | 8,422,085 | | | 8,139,191 |
Pool BM3926, 3.50%, 08/01/2037 | | | 9,664,396 | | | 9,089,139 |
Pool BM3972, 2.50%, 04/01/2038 | | | 20,255,746 | | | 18,195,881 |
Pool BM5387, 4.00%, 08/01/2034 | | | 40,989,472 | | | 39,653,765 |
Pool BM5538, 5.00%, 11/01/2048 | | | 10,729,811 | | | 10,579,132 |
Pool BM5803, 4.50%, 04/01/2039 | | | 5,885,953 | | | 5,765,165 |
Pool BM5919, 3.50%, 08/01/2043 | | | 3,683,214 | | | 3,370,285 |
Pool BM7089, 3.00%, 02/01/2052 | | | 80,175,351 | | | 68,207,577 |
Pool BT6857, 2.00%, 08/01/2051 | | | 9,944,772 | | | 7,934,295 |
Pool CA5146, 3.00%, 02/01/2050 | | | 56,902,914 | | | 49,332,913 |
Pool CA8230, 2.50%, 12/01/2050 | | | 62,098,622 | | | 51,622,383 |
Pool CA8761, 2.50%, 01/01/2036 | | | 45,419,564 | | | 41,336,996 |
Pool CA8868, 3.00%, 02/01/2051 | | | 40,582,290 | | | 35,270,237 |
Pool CB0290, 2.00%, 04/01/2051 | | | 29,923,786 | | | 23,594,955 |
Pool CB4140, 5.00%, 07/01/2052 | | | 83,683,417 | | | 81,093,115 |
Pool FM1255, 3.00%, 01/01/2048 | | | 12,550,058 | | | 10,961,531 |
Pool FM1402, 3.50%, 05/01/2048 | | | 30,645,273 | | | 27,725,194 |
Pool FM1540, 4.00%, 09/01/2049 | | | 2,070,253 | | | 1,918,371 |
Pool FM3003, 4.00%, 05/01/2049 | | | 11,551,289 | | | 10,898,015 |
Pool FM3031, 4.00%, 10/01/2036 | | | 3,765,939 | | | 3,645,845 |
Pool FM3117, 3.00%, 05/01/2050 | | | 81,022,692 | | | 70,471,013 |
Pool FM3612, 2.50%, 06/01/2050 | | | 11,626,325 | | | 9,666,180 |
Pool FM5017, 2.50%, 12/01/2050 | | | 19,409,938 | | | 15,981,642 |
Pool FM5397, 3.00%, 12/01/2050 | | | 37,930,186 | | | 32,884,645 |
Pool FM7064, 2.50%, 01/01/2051 | | | 38,464,955 | | | 32,011,273 |
Pool FM7615, 2.00%, 06/01/2036 | | | 34,697,883 | | | 30,821,444 |
Pool FM7731, 2.50%, 09/01/2050 | | | 52,534,864 | | | 43,847,174 |
Pool FM8215, 2.50%, 03/01/2051 | | | 43,507,196 | | | 36,207,475 |
Pool FM8348, 2.50%, 08/01/2051 | | | 33,743,831 | | | 28,170,985 |
Pool FM8804, 2.50%, 09/01/2051 | | | 84,597,971 | | | 69,942,231 |
Pool FM8869, 2.00%, 09/01/2036 | | | 16,600,510 | | | 14,675,651 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
AGENCY RESIDENTIAL MORTGAGE-BACKED
SECURITIES - (Continued)
|
Pool FM9283, 2.50%, 11/01/2051 | | | $31,514,174 | | | $26,048,001 |
Pool FM9284, 2.50%, 11/01/2051 | | | 44,193,357 | | | 36,655,813 |
Pool FM9294, 3.00%, 10/01/2051 | | | 32,228,137 | | | 27,902,391 |
Pool FM9630, 3.00%, 11/01/2051 | | | 60,320,733 | | | 52,224,085 |
Pool FM9732, 2.50%, 12/01/2051 | | | 76,737,036 | | | 63,417,676 |
Pool FM9770, 2.00%, 12/01/2051 | | | 17,690,921 | | | 14,252,894 |
Pool FM9771, 2.00%, 11/01/2051 | | | 21,217,772 | | | 16,925,171 |
Pool FM9781, 2.50%, 12/01/2051 | | | 58,842,370 | | | 48,789,765 |
Pool FM9873, 2.50%, 12/01/2051 | | | 114,854,897 | | | 94,754,476 |
Pool FM9876, 2.50%, 12/01/2051 | | | 74,873,556 | | | 62,285,726 |
Pool FS0176, 2.50%, 01/01/2052 | | | 104,561,969 | | | 85,691,137 |
Pool FS0316, 1.50%, 11/01/2041 | | | 24,075,446 | | | 19,403,269 |
Pool FS2018, 4.50%, 03/01/2050 | | | 33,949,799 | | | 32,528,918 |
Pool FS2128, 3.50%, 11/01/2049 | | | 43,965,931 | | | 39,850,528 |
Pool FS3136, 3.50%, 08/01/2048 | | | 28,998,613 | | | 26,419,392 |
Pool FS4207, 3.00%, 11/01/2048 | | | 18,306,622 | | | 16,135,799 |
Pool FS4654, 2.00%, 07/01/2051 | | | 108,573,364 | | | 85,705,347 |
Pool FS5120, 6.00%, 07/01/2053 | | | 44,603,438 | | | 45,667,768 |
Pool FS5208, 3.50%, 06/01/2041 | | | 68,178,738 | | | 62,688,818 |
Pool FS5788, 6.50%, 09/01/2053 | | | 43,723,299 | | | 44,937,566 |
Pool FS5832, 6.00%, 10/01/2053 | | | 33,275,775 | | | 33,610,489 |
Pool FS7499, 2.00%, 07/01/2051 | | | 77,521,758 | | | 61,148,948 |
Pool FS7887, 4.00%, 07/01/2052 | | | 36,953,617 | | | 33,877,443 |
Pool FS7969, 1.50%, 10/01/2036 | | | 40,380,446 | | | 34,766,734 |
Pool MA0461, 4.50%, 07/01/2030 | | | 958,888 | | | 942,754 |
Pool MA0561, 4.00%, 11/01/2040 | | | 5,504,837 | | | 5,194,907 |
Pool MA0949, 3.50%, 01/01/2032 | | | 12,012,028 | | | 11,477,382 |
Pool MA1164, 3.50%, 09/01/2042 | | | 5,795,916 | | | 5,285,838 |
Pool MA1237, 3.00%, 11/01/2032 | | | 2,519,867 | | | 2,361,756 |
Pool MA1401, 3.00%, 04/01/2033 | | | 4,432,817 | | | 4,145,202 |
Pool MA1432, 3.00%, 05/01/2033 | | | 4,443,201 | | | 4,147,709 |
Pool MA1764, 4.00%, 01/01/2034 | | | 3,972,829 | | | 3,843,531 |
Pool MA2019, 4.00%, 09/01/2034 | | | 5,447,891 | | | 5,267,206 |
Pool MA2588, 4.00%, 04/01/2036 | | | 2,403,523 | | | 2,316,384 |
Pool MA3183, 4.00%, 11/01/2047 | | | 3,206,370 | | | 2,986,050 |
Pool MA3547, 3.00%, 12/01/2033 | | | 7,547,930 | | | 7,055,908 |
Pool MA4047, 2.00%, 06/01/2050 | | | 74,561,294 | | | 58,949,385 |
Pool MA4158, 2.00%, 10/01/2050 | | | 18,982,883 | | | 14,984,743 |
Pool MA4182, 2.00%, 11/01/2050 | | | 117,856,066 | | | 93,045,859 |
Pool MA4202, 1.50%, 12/01/2040 | | | 91,885,433 | | | 74,399,276 |
Pool MA4208, 2.00%, 12/01/2050 | | | 39,864,174 | | | 31,463,861 |
Pool MA4282, 2.50%, 03/01/2051 | | | 15,581,252 | | | 12,828,578 |
Pool MA4520, 2.00%, 01/01/2042 | | | 82,806,326 | | | 69,262,743 |
Pool MA4569, 1.50%, 03/01/2042 | | | 8,534,482 | | | 6,878,040 |
Pool MA4570, 2.00%, 03/01/2042 | | | 52,589,696 | | | 43,944,467 |
Freddie Mac Seasoned Credit Risk Transfer Trust
| | | |
Series 2019-4, Class MA,
3.00%, 02/25/2059 (Callable
09/25/2043) | | | 28,175,387 | | | 25,420,226 |
Series 2020-3, Class MT,
2.00%, 05/25/2060 (Callable 07/25/2046) | | | 25,362,345 | | | 20,077,449 |
| | | | | | | |
| | | | | | | |
Ginnie Mae II Pool
| | | | | | |
Pool 4922, 4.00%, 01/20/2041 | | | $2,991,847 | | | $2,842,573 |
Pool 784106, 3.50%, 01/20/2046 | | | 13,009,097 | | | 11,858,903 |
Pool 784717, 3.50%, 02/20/2048 | | | 19,501,972 | | | 17,340,443 |
Pool 785558, 2.50%, 07/20/2051 | | | 42,290,735 | | | 35,433,108 |
Pool 785563, 2.50%, 07/20/2051 | | | 38,564,748 | | | 32,059,750 |
Pool 785575, 2.50%, 08/20/2051 | | | 82,087,261 | | | 68,009,481 |
Pool 786812, 5.50%, 07/20/2053 | | | 11,780,886 | | | 11,878,390 |
Pool 787313, 2.50%, 09/20/2051 | | | 53,799,195 | | | 44,790,569 |
Pool MA0154, 3.50%, 06/20/2042 | | | 63,000,619 | | | 57,764,024 |
Pool MA0318, 3.50%, 08/20/2042 | | | 38,932,321 | | | 35,702,139 |
Pool MA0462, 3.50%, 10/20/2042 | | | 45,967,599 | | | 42,160,602 |
Pool MA1376, 4.00%, 10/20/2043 | | | 22,245,877 | | | 21,130,763 |
Pool MA3663, 3.50%, 05/20/2046 | | | 22,187,971 | | | 20,212,420 |
Pool MA3711, 3.00%, 06/20/2031 | | | 7,627,322 | | | 7,243,213 |
Pool MA4721, 4.50%, 09/20/2047 | | | 19,474,528 | | | 18,844,832 |
Pool MA4777, 3.00%, 10/20/2047 | | | 62,670,542 | | | 55,299,870 |
Pool MA4836, 3.00%, 11/20/2047 | | | 51,208,143 | | | 45,178,930 |
Pool MA5765, 5.00%, 02/20/2049 | | | 63,241,763 | | | 62,283,155 |
Pool MA8571, 6.00%, 01/20/2053 | | | 18,898,184 | | | 18,988,861 |
Government National Mortgage Association (GNMA)
| | | | | | |
Pool 2687, 6.00%, 12/20/2028 | | | 4,291 | | | 4,311 |
Pool 2701, 6.50%, 01/20/2029 | | | 2,217 | | | 2,250 |
Pool 3474, 6.00%, 11/20/2033 | | | 4,305 | | | 4,424 |
Pool 4747, 5.00%, 07/20/2040 | | | 193,179 | | | 192,995 |
Pool 5139, 4.00%, 08/20/2041 | | | 1,766,211 | | | 1,678,068 |
Pool 5202, 3.50%, 10/20/2041 | | | 3,486,376 | | | 3,194,842 |
Pool 5259, 4.00%, 12/20/2041 | | | 2,432,766 | | | 2,311,354 |
Pool 5305, 4.00%, 02/20/2042 | | | 4,526,925 | | | 4,301,039 |
Pool MA0155, 4.00%, 06/20/2042 | | | 4,006,297 | | | 3,806,371 |
Pool MA0392, 3.50%, 09/20/2042 | | | 2,613,902 | | | 2,397,421 |
Pool MA2753, 3.00%, 04/20/2045 | | | 3,717,964 | | | 3,304,742 |
Pool MA2754, 3.50%, 04/20/2045 | | | 5,144,895 | | | 4,696,814 |
Pool MA2827, 4.00%, 05/20/2045 | | | 5,011,704 | | | 4,733,472 |
Pool MA2892, 3.50%, 06/20/2045 | | | 5,142,714 | | | 4,694,281 |
Pool MA3173, 3.50%, 10/20/2045 | | | 17,037,180 | | | 15,538,331 |
Pool MA3378, 4.50%, 01/20/2046 | | | 4,856,575 | | | 4,701,161 |
Pool MA3598, 4.00%, 04/20/2046 | | | 6,030,270 | | | 5,682,080 |
Pool MA3664, 4.00%, 05/20/2046 | | | 2,213,854 | | | 2,084,476 |
Pool MA3873, 3.00%, 08/20/2046 | | | 10,659,003 | | | 9,437,779 |
Pool MA4512, 4.50%, 06/20/2047 | | | 5,898,479 | | | 5,695,034 |
Pool MA4588, 4.50%, 07/20/2047 | | | 3,838,468 | | | 3,706,070 |
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $5,908,823,814) | | | | | | 5,467,569,770 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 5.4%
|
A&D Mortgage LLC, Series
2023-NQM3, Class A1, 6.73%, 07/25/2068 (Callable 07/25/2026)(a)(e) | | | $85,380,997 | | | $85,811,744 |
Angel Oak Mortgage Trust 2024-2, Series 2024-3, Class A1,
4.80%, 11/26/2068 (Callable 03/25/2027)(a)(e) | | | 50,418,680 | | | 49,024,528 |
Arroyo Mortgage Trust
| | | | | | |
Series 2019-3, Class A1,
2.96%, 10/25/2048 (Callable 07/25/2024)(a)(f) | | | 8,207,083 | | | 7,526,146 |
Series 2022-1, Class A1B,
3.27%, 12/25/2056 (Callable 01/25/2025)(a)(e) | | | 11,500,000 | | | 10,304,125 |
Banc of America Alternative Loan Trust, Series 2004-6, Class 4A1, 5.00%, 07/25/2024 (Callable 07/25/2024) | | | 218,692 | | | 174,609 |
Banc of America Funding Corp., Series 2007-C, Class 1A3,
4.79%, 05/20/2036 (Callable 07/20/2024)(f) | | | 817,134 | | | 698,568 |
Bayview Financial Acquisition Trust, Series 2007-B, Class 1A2,
7.33%, 08/28/2047 (Callable 07/28/2024)(e) | | | 50,666 | | | 43,020 |
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 7.67% (1 yr. CMT
Rate + 2.30%), 10/25/2035 (Callable 07/25/2024) | | | 190,686 | | | 174,201 |
BRAVO Residential Funding Trust
| | | | | | |
Series 2020-RPL2, Class A1, 2.00%, 05/25/2059 (Callable 05/25/2048)(a)(f) | | | 39,973,345 | | | 36,338,237 |
Series 2024-RPL1, Class A1, 3.25%, 10/25/2063 (Callable 07/25/2044)(a)(f) | | | 131,042,000 | | | 118,264,041 |
Chase Mortgage Finance Corp.
| | | | | | |
Series 2005-A2, Class 1A5, 4.83%, 01/25/2036 (Callable 07/25/2024)(f) | | | 322,226 | | | 286,458 |
Series 2007-A1, Class 2A3, 6.62%, 02/25/2037 (Callable 10/25/2026)(f) | | | 318,305 | | | 291,185 |
Series 2023-RPL1, Class A1, 3.50%, 06/25/2062 (Callable 02/25/2047)(a)(f) | | | 50,706,679 | | | 45,555,408 |
Series 2023-RPL2, Class A1, 3.25%, 03/25/2063 (Callable 01/25/2049)(a)(f) | | | 82,591,167 | | | 72,870,526 |
CIM Trust, Series 2022-R1, Class A1, 3.00%, 01/25/2061 (Callable 02/25/2027)(a)(f) | | | 18,219,352 | | | 16,478,584 |
| | | | | | | |
| | | | | | | |
Citicorp Mortgage Securities, Inc., Series 2006-3, Class 1A4,
6.00%, 06/25/2036 (Callable 07/25/2024) | | | $2,083,813 | | | $1,805,907 |
Citicorp Residential Mortgage Securities, Inc., Series 2007-1, Class A6, 4.78%, 03/25/2037 (Callable 07/25/2024)(e) | | | 27 | | | 27 |
Citigroup Mortgage Loan Trust, Inc.
| | | | | | |
Series 2005-9, Class 2A2,
5.50%, 11/25/2035 (Callable 07/25/2024) | | | 19,519 | | | 15,037 |
Series 2006-AR1, Class 1A1, 7.20% (1 yr. CMT Rate + 2.40%), 10/25/2035 (Callable 07/25/2024) | | | 2,458,038 | | | 2,292,325 |
Series 2018-RP2, Class A1, 3.25%, 02/25/2058 (Callable 12/25/2041)(a)(f) | | | 8,285,721 | | | 8,011,732 |
COLT 2023-2 Mortgage Loan Trust, Series 2024-1, Class A1,
5.84%, 02/25/2069 (Callable 01/25/2027)(a)(e) | | | 38,870,317 | | | 38,733,477 |
Countrywide Alternative Loan Trust
| | | | | | |
Series 2004-18CB, Class 1A1, 6.00%, 09/25/2034 (Callable 07/25/2024) | | | 655,569 | | | 644,187 |
Series 2005-11CB, Class 2A6, 5.50%, 06/25/2025 (Callable 07/25/2024) | | | 2,787,782 | | | 2,193,703 |
Series 2005-29CB, Class A1, 5.50%, 07/25/2035 (Callable 07/25/2024) | | | 1,084,639 | | | 620,370 |
Series 2005-3CB, Class 2A1, 5.00%, 07/25/2024 (Callable 07/25/2024) | | | 64,078 | | | 57,333 |
Series 2005-49CB, Class A5, 5.50%, 11/25/2035 (Callable 07/25/2024) | | | 1,197,765 | | | 770,482 |
Series 2005-6CB, Class 1A4, 5.50%, 04/25/2035 (Callable 07/25/2024) | | | 6,480,265 | | | 5,350,756 |
Series 2005-85CB, Class 2A2, 5.50%, 02/25/2036 (Callable 07/25/2024) | | | 1,559,038 | | | 1,219,703 |
Series 2006-28CB, Class A17, 6.00%, 10/25/2036 (Callable 07/25/2024) | | | 335,512 | | | 163,429 |
Series 2006-43CB, Class 2A1, 6.00%, 07/25/2024 (Callable 07/25/2024) | | | 6,251 | | | 6,213 |
Countrywide Asset-Backed Certificates
| | | | | | |
Series 2005-10, Class AF6, 4.12%, 02/25/2036 (Callable 07/25/2024)(f) | | | 3,769 | | | 3,682 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED
SECURITIES - (Continued)
|
Series 2006-10, Class 1AF3, 5.97%, 09/25/2046 (Callable 07/25/2024)(f) | | | $12,871 | | | $14,483 |
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-6,Class 2A1, 5.50%, 04/25/2035 (Callable 07/25/2024) | | | 148,119 | | | 120,190 |
Credit Suisse Management LLC, Series 2005-7, Class 3A1,
5.00%, 07/25/2024 (Callable 07/25/2024) | | | 11,507 | | | 11,059 |
Deutsche ALT-A Securities, Inc., Series 2005-2, Class 1A7,
5.07%, 04/25/2035 (Callable 07/25/2024)(f) | | | 3,970,291 | | | 3,613,790 |
First Horizon Alternative Mortgage Securities
| | | | | | |
Series 2004-AA1, Class A1, 6.78%, 06/25/2034 (Callable 07/25/2024)(f) | | | 1,484,458 | | | 1,431,134 |
Series 2005-AA2, Class 2A1, 5.79%, 04/25/2035 (Callable 07/25/2024)(f) | | | 677,615 | | | 646,729 |
Series 2006-FA6, Class 3A1, 5.75%, 07/25/2024 (Callable 07/25/2024) | | | 1,512 | | | 736 |
FirstKey Homes Trust
| | | | | | |
Series 2021-SFR1, Class A, 1.54%, 08/17/2038(a) | | | 94,985,185 | | | 87,388,736 |
Series 2021-SFR2, Class A, 1.38%, 09/17/2038(a) | | | 37,276,548 | | | 34,039,598 |
Series 2022-SFR1, Class A, 4.15%, 05/19/2039(a) | | | 42,461,770 | | | 40,929,100 |
Series 2022-SFR2, Class A, 4.25%, 07/17/2039(a) | | | 4,310,343 | | | 4,167,285 |
Series 2022-SFR3, Class A, 4.25%, 07/17/2038(a) | | | 70,486,577 | | | 68,553,081 |
GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A, 3.75%, 10/25/2057 (Callable 08/25/2043)(a) | | | 18,980,191 | | | 18,246,650 |
GSR Mortgage Loan Trust
| | | | | | |
Series 2004-15F, Class 5A1, 5.50%, 12/25/2024 (Callable 12/25/2024) | | | 19,162 | | | 17,033 |
Series 2005-3F, Class 2A4, 6.00%, 03/25/2035 (Callable 08/25/2027) | | | 1,086,546 | | | 868,612 |
Home Partners of America Trust, Series 2021-2, Class A,
1.90%, 12/17/2026(a) | | | 79,489,340 | | | 73,003,987 |
JP Morgan Mortgage Trust
| | | | | | |
Series 2005-A8, Class 2A3, 5.02%, 11/25/2035 (Callable 07/25/2024)(f) | | | 2,073,629 | | | 1,647,327 |
| | | | | | | |
| | | | | | | |
Series 2006-A2, Class 2A1, 5.11%, 04/25/2036 (Callable 07/25/2024)(f) | | | $487,702 | | | $413,609 |
Series 2006-A2, Class 3A3, 5.55%, 04/25/2036 (Callable 07/25/2024)(f) | | | 527,711 | | | 439,739 |
Series 2006-A7, Class 2A4R, 4.46%, 01/25/2037 (Callable 07/25/2024)(f) | | | 740,942 | | | 551,971 |
Series 2007-A2, Class 2A3, 5.36%, 04/25/2037 (Callable 07/25/2024)(f) | | | 1,666,596 | | | 1,202,177 |
Series 2007-A4, Class 2A3, 5.09%, 06/25/2037 (Callable 07/25/2024)(f) | | | 1,713,541 | | | 1,297,038 |
MASTR Alternative Loans Trust
| | | | | | |
Series 2004-2, Class 2A1,
6.00%, 02/25/2034 (Callable 07/25/2024) | | | 950,000 | | | 910,947 |
Series 2004-8, Class 2A1,
6.00%, 09/25/2034 (Callable 07/25/2024) | | | 567,959 | | | 544,059 |
Series 2005-6, Class 1A5,
5.50%, 12/25/2035 (Callable 07/25/2024) | | | 1,134,348 | | | 734,288 |
Merrill Lynch Mortgage Investors, Inc., Series 2005-A5, Class A3, 5.23%, 06/25/2035 (Callable 07/25/2024)(f) | | | 640,018 | | | 592,813 |
Mill City Mortgage Trust
| | | | | | |
Series 2018-2, Class A1,
3.50%, 05/25/2058 (Callable 05/25/2034)(a)(f) | | | 2,463,840 | | | 2,427,289 |
Series 2018-3, Class A1,
3.50%, 08/25/2058 (Callable 06/25/2036)(a)(f) | | | 4,619,476 | | | 4,470,135 |
Series 2019-1, Class A1,
3.25%, 10/25/2069 (Callable 05/25/2033)(a)(f) | | | 11,983,156 | | | 11,481,239 |
New Residential Mortgage Loan Trust
| | | | | | |
Series 2016-1A, Class A1,
3.75%, 03/25/2056 (Callable 08/25/2033)(a)(f) | | | 4,494,252 | | | 4,184,795 |
Series 2017-1A, Class A1,
4.00%, 02/25/2057 (Callable 01/25/2032)(a)(f) | | | 8,886,971 | | | 8,426,106 |
Series 2017-3A, Class A1,
4.00%, 04/25/2057 (Callable 04/25/2032)(a)(f) | | | 7,575,306 | | | 7,115,798 |
Series 2017-6A, Class A1,
4.00%, 08/27/2057 (Callable 09/25/2034)(a)(f) | | | 9,281,479 | | | 8,779,826 |
Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (Callable 07/25/2033)(a)(f) | | | 5,039,685 | | | 4,752,190 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED
SECURITIES - (Continued)
|
Series 2019-RPL2, Class A1, 3.25%, 02/25/2059 (Callable 04/25/2041)(a)(f) | | | $11,023,336 | | | $10,439,614 |
Onslow Bay Mortgage Loan Trust
| | | | | | |
Series 2022-NQM3, Class A1, 3.39%, 01/25/2062 (Callable 03/25/2025)(a)(f) | | | 33,779,013 | | | 31,490,468 |
Series 2022-NQM5, Class A1, 4.31%, 05/25/2062 (Callable 05/25/2025)(a)(e) | | | 59,925,830 | | | 57,925,745 |
Series 2023-NQM9, Class A1, 7.16%, 10/25/2063 (Callable 10/25/2026)(a)(e) | | | 20,979,078 | | | 21,379,038 |
Series 2024-HYB1, Class A1, 3.56%, 03/25/2053 (Callable 04/25/2040)(a)(f) | | | 25,374,980 | | | 24,594,365 |
Progress Residential Trust
| | | | | | |
Series 2024-SFR1, Class A, 3.35%, 02/17/2041(a) | | | 73,500,000 | | | 67,620,492 |
Series 2024-SFR2, Class A, 3.30%, 04/17/2041(a) | | | 20,650,000 | | | 18,905,695 |
RALI Trust
| | | | | | |
Series 2004-QS13, Class CB, 5.00%, 07/25/2024 (Callable 07/25/2024) | | | 3,389 | | | 3,169 |
Series 2005-QA7, Class A22, 5.74%, 07/25/2035 (Callable 07/25/2024)(f) | | | 729,668 | | | 661,153 |
Series 2005-QS11, Class A2, 5.50% (1 mo. Term SOFR + 0.61%), 07/25/2035 (Callable 07/25/2024) | | | 1,868,057 | | | 1,327,249 |
Renaissance NIM Trust
| | | | | | |
Series 2006-2, Class AF3,
5.80%, 08/25/2036 (Callable 07/25/2028)(e) | | | 14,782,419 | | | 5,543,472 |
Series 2006-3, Class AF2,
5.58%, 11/25/2036 (Callable 08/25/2030)(e) | | | 9,847,275 | | | 3,178,768 |
Series 2007-1, Class AF3,
5.61%, 04/25/2037 (Callable 10/25/2030)(e) | | | 278,136 | | | 70,480 |
Series 2007-2, Class AF2, Pool 2007-2, 5.68%, 06/25/2037 (Callable 10/25/2030)(e) | | | 1,435,659 | | | 350,138 |
Rithm Capital Corp.
| | | | | | |
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062 (Callable 07/25/2024)(a)(f) | | | 28,409,505 | | | 25,733,327 |
Series 2023-1, Class A,
3.50%, 01/25/2063 (Callable 10/25/2036)(a)(f) | | | 55,248,410 | | | 50,920,261 |
| | | | | | | |
| | | | | | | |
Starwood Mortgage Residential Trust, Series 2020-3, Class A1, 1.49%, 04/25/2065 (Callable 07/25/2024)(a)(f) | | | $2,555,133 | | | $2,431,657 |
Towd Point Mortgage Trust
| | | | | | |
Series 2017-6, Class A1,
2.75%, 10/25/2057 (Callable 05/25/2029)(a)(f) | | | 6,746,088 | | | 6,503,475 |
Series 2018-4, Class A1,
3.00%, 06/25/2058 (Callable 01/25/2031)(a)(f) | | | 19,081,069 | | | 17,563,832 |
Series 2018-6, Class A1A,
3.75%, 03/25/2058 (Callable 02/25/2030)(a)(f) | | | 3,882,499 | | | 3,803,533 |
Series 2019-1, Class A1,
3.75%, 03/25/2058 (Callable 09/25/2029)(a)(f) | | | 4,932,417 | | | 4,695,035 |
Series 2019-4, Class A1,
2.90%, 10/25/2059 (Callable 06/25/2031)(a)(f) | | | 34,371,280 | | | 32,124,546 |
Series 2020-2, Class A1A,
1.64%, 04/25/2060 (Callable 04/25/2032)(a)(f) | | | 22,828,063 | | | 20,241,716 |
Series 2020-4, Class A1,
1.75%, 10/25/2060 (Callable 01/25/2030)(a) | | | 58,134,710 | | | 51,451,689 |
Series 2022-2, Class A1,
3.75%, 07/01/2062 (Callable 12/25/2033)(a)(f) | | | 98,108,775 | | | 90,680,332 |
Series 2022-3, Class A1,
3.75%, 08/01/2062 (Callable 01/25/2030)(a)(f) | | | 96,008,557 | | | 90,045,187 |
Series 2024-1, Class A1,
4.37%, 03/25/2064 (Callable 08/25/2034)(a)(f) | | | 96,057,639 | | | 95,735,654 |
WaMu Mortgage Pass Through Certificates
| | | | | | |
Series 2004-CB3, Class 1A, 6.00%, 10/25/2034 (Callable 07/25/2024) | | | 411,456 | | | 402,475 |
Series 2004-CB3, Class 2A, 6.50%, 10/25/2034 (Callable 07/25/2024) | | | 1,044,100 | | | 1,033,752 |
Series 2006-AR10, Class 1A1, 4.42%, 09/25/2036 (Callable 07/25/2024)(f) | | | 425,434 | | | 346,781 |
Series 2007-HY3, Class 4A1, 5.09%, 03/25/2037 (Callable 07/25/2024)(f) | | | 5,058,668 | | | 4,480,903 |
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-6, Class 2A4, 5.50%, 08/25/2035 (Callable 07/25/2024) | | | 2,379,637 | | | 1,975,232 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED
SECURITIES - (Continued)
|
Wells Fargo Mortgage Backed Securities Trust
| | | | | | |
Series 2006-AR14, Class 2A3, 6.36%, 10/25/2036 (Callable 07/25/2024)(f) | | | $622,137 | | | $542,671 |
Series 2007-7, Class A49,
6.00%, 06/25/2037 (Callable 07/25/2024) | | | 936,923 | | | 811,241 |
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost $1,713,508,723) | | | | | | 1,643,766,437 |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.3%
|
BANK-2017
| | | | | | |
Series 2017-BNK4, Class A4, 3.63%, 05/15/2050 (Callable 04/15/2027) | | | 30,037,000 | | | 28,478,756 |
Series 2017-BNK5, Class A5, 3.39%, 06/15/2060 (Callable 07/15/2027) | | | 2,070,000 | | | 1,952,541 |
Series 2017-BNK8, Class A4, 3.49%, 11/15/2050 (Callable 11/15/2027) | | | 70,921,751 | | | 65,256,898 |
Series 2017-BNK9, Class A4, 3.54%, 11/15/2054 (Callable 12/15/2029) | | | 32,737,000 | | | 30,750,290 |
BANK-2018, Series 2018-BN10, Class A5, 3.69%, 02/15/2061 (Callable 02/15/2028) | | | 6,400,000 | | | 6,039,115 |
BANK-2021, Series 2021-BN33, Class A5, 2.56%, 05/15/2064 (Callable 05/15/2031) | | | 7,919,000 | | | 6,669,826 |
BANK-2022, Series 2022-BNK44, Class A5, 5.94%, 11/15/2055 (Callable 11/15/2032)(f) | | | 32,650,000 | | | 33,631,557 |
BANK5 Trust
| | | | | | |
Series 2023-5YR3, Class A2, 6.26%, 09/15/2056 (Callable 09/15/2028) | | | 44,060,289 | | | 45,177,869 |
Series 2023-5YR4, Class A3, 6.50%, 12/15/2056 (Callable 12/15/2028) | | | 36,723,657 | | | 38,094,393 |
Series 2024-5YR7, Class A3, 5.77%, 06/15/2057 (Callable 06/15/2029) | | | 73,525,000 | | | 74,543,756 |
BBCMS Trust
| | | | | | |
Series 2017-C1, Class A4,
3.67%, 02/15/2050 (Callable 02/15/2027) | | | 7,837,000 | | | 7,448,786 |
Series 2018-C2, Class A5,
4.31%, 12/15/2051 (Callable 12/15/2028) | | | 14,445,000 | | | 13,858,673 |
| | | | | | | |
| | | | | | | |
Benchmark Mortgage Trust
| | | | | | |
Series 2018-B1, Class A5,
3.67%, 01/15/2051 (Callable 01/15/2028)(f) | | | $10,240,000 | | | $9,600,910 |
Series 2018-B3, Class A5,
4.03%, 04/10/2051 (Callable 04/10/2028) | | | 21,150,000 | | | 20,063,118 |
Series 2020-B19, Class A5, 1.85%, 09/15/2053 (Callable 10/15/2030) | | | 29,825,000 | | | 24,059,998 |
Series 2020-B21, Class A5, 1.98%, 12/17/2053 (Callable 12/15/2030) | | | 46,400,000 | | | 37,827,813 |
Series 2021-B24, Class A5, 2.58%, 03/15/2054 (Callable 03/15/2031) | | | 19,075,000 | | | 15,779,836 |
Series 2023-V3, Class A2,
5.90%, 07/15/2056 (Callable 07/15/2028) | | | 22,950,000 | | | 23,231,505 |
Series 2023-V3, Class A3,
6.36%, 07/15/2056 (Callable 07/15/2028)(f) | | | 10,025,000 | | | 10,345,568 |
BMO Mortgage Trust, Series
2022-C1, Class A5, 3.37%,
02/15/2055(f) | | | 31,900,000 | | | 27,955,906 |
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.28%, 05/10/2058 (Callable 05/10/2026) | | | 8,500,000 | | | 8,173,439 |
Citigroup Commercial Mortgage Trust
| | | | | | |
Series 2015-GC29, Class A4, 3.19%, 04/10/2048 (Callable 04/10/2025) | | | 25,065,000 | | | 24,525,255 |
Series 2016-C2, Class A4,
2.83%, 08/10/2049 (Callable 08/10/2026) | | | 33,387,000 | | | 31,553,019 |
Series 2017-P8, Class A4,
3.47%, 09/15/2050 (Callable 09/15/2027) | | | 35,645,000 | | | 33,474,997 |
Series 2019-GC43, Class A4, 3.04%, 11/10/2052 (Callable 11/10/2029) | | | 7,350,000 | | | 6,436,264 |
Citigroup/Deutsche Bank Commercial Mortgage Trust
| | | | | | |
Series 2017-CD4, Class A4, 3.51%, 05/10/2050 (Callable 05/10/2027)(f) | | | 14,359,780 | | | 13,391,388 |
Series 2020-C9, Class A5,
1.93%, 08/15/2053 (Callable 09/15/2030) | | | 31,100,000 | | | 25,708,728 |
Commercial Mortgage Pass Through Certificates, Series 2014-CR20, Class ASB, 3.31%, 11/10/2047 (Callable 01/10/2029) | | | 586,463 | | | 585,338 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
NON-AGENCY COMMERCIAL MORTGAGE-BACKED
SECURITIES - (Continued)
|
Computershare Corporate Trust
| | | | | | |
Series 2015-C26, Class ASB, 2.99%, 02/15/2048 (Callable 02/15/2025) | | | $1,166,009 | | | $1,158,483 |
Series 2016-BNK1, Class A3, 2.65%, 08/15/2049 (Callable 08/15/2026) | | | 16,807,000 | | | 15,745,382 |
Series 2017-C40, Class A4, 3.58%, 10/15/2050 (Callable 10/15/2027) | | | 48,894,000 | | | 46,123,016 |
Series 2017-C42, Class A4, 3.59%, 12/15/2050 (Callable 12/15/2027) | | | 53,620,521 | | | 49,349,850 |
Series 2017-RC1, Class A4, 3.63%, 01/15/2060 (Callable 03/15/2027) | | | 11,875,000 | | | 11,325,924 |
Series 2018-C46, Class A4, 4.15%, 08/15/2051 (Callable 08/15/2028) | | | 22,000,000 | | | 20,777,121 |
Series 2018-C47, Class A4, 4.44%, 09/15/2061 (Callable 10/15/2028) | | | 10,850,000 | | | 10,452,664 |
CSAIL Commercial Mortgage Trust
| | | | | | |
Series 2017-C8, Class A4,
3.39%, 06/15/2050 (Callable 06/15/2027) | | | 2,500,000 | | | 2,322,850 |
Series 2018-C14, Class A4, 4.42%, 11/15/2051 (Callable 11/15/2028)(f) | | | 21,748,000 | | | 20,823,466 |
Series 2019-C16, Class A3, 3.33%, 06/15/2052 (Callable 06/15/2029) | | | 22,229,000 | | | 20,121,926 |
GS Mortgage Securities Corp. II
| | | | | | |
Series 2017-GS5, Class A4, 3.67%, 03/10/2050 (Callable 03/10/2027) | | | 14,402,969 | | | 13,545,562 |
Series 2017-GS7, Class A4, 3.43%, 08/10/2050 (Callable 08/10/2027) | | | 21,750,000 | | | 20,281,129 |
Series 2017-GS8, Class A4, 3.47%, 11/10/2050 (Callable 11/10/2027) | | | 25,225,000 | | | 23,516,493 |
Series 2019-GC42, Class A4, 3.00%, 09/10/2052 (Callable 09/10/2029) | | | 16,285,000 | | | 14,552,154 |
JP Morgan Chase Commercial Mortgage Securities
| | | | | | |
Series 2016-JP2, Class A4, 2.82%, 08/15/2049 (Callable 07/15/2026) | | | 15,150,000 | | | 14,325,646 |
Series 2017-JP5, Class A5, 3.72%, 03/15/2050 (Callable 04/15/2027) | | | 17,310,000 | | | 16,450,264 |
| | | | | | | |
| | | | | | | |
Series 2017-JP7, Class A5, 3.45%, 09/15/2050 (Callable 08/15/2027) | | | $38,516,184 | | | $35,794,503 |
JPMBB Commercial Mortgage Securities Trust
| | | | | | |
Series 2014-C24, Class ASB, 3.37%, 11/15/2047 (Callable 08/15/2027) | | | 239,830 | | | 239,191 |
Series 2014-C25, Class A5, 3.67%, 11/15/2047 (Callable 11/15/2024) | | | 45,697,000 | | | 45,131,788 |
Series 2015-C30, Class A5, 3.82%, 07/15/2048 (Callable 07/15/2025) | | | 42,110,000 | | | 40,767,748 |
Series 2015-C32, Class A5, 3.60%, 11/15/2048 (Callable 10/15/2025) | | | 20,730,000 | | | 19,953,529 |
JPMDB Commercial Mortgage Securities Trust
| | | | | | |
Series 2016-C4, Class A3,
3.14%, 12/15/2049 (Callable 04/15/2027) | | | 44,268,000 | | | 41,108,283 |
Series 2017-C5, Class A5,
3.69%, 03/15/2050 (Callable 08/15/2027) | | | 22,721,000 | | | 21,410,848 |
Morgan Stanley Bank of America Merrill Lynch Trust
| | | | | | |
Series 2016-C30, Class A5, 2.86%, 09/15/2049 (Callable 10/15/2026) | | | 9,062,000 | | | 8,494,642 |
Series 2016-C32, Class A4, 3.72%, 12/15/2049 (Callable 01/15/2027) | | | 14,175,000 | | | 13,559,238 |
Series 2017-C34, Class A4, 3.54%, 11/15/2052 (Callable 10/15/2027) | | | 30,055,000 | | | 27,985,217 |
Morgan Stanley Capital I, Inc., Series 2017-H1, Class A5,
3.53%, 06/15/2050 (Callable 06/15/2027) | | | 15,078,100 | | | 14,195,455 |
UBS Commercial Mortgage Trust
| | | | | | |
Series 2017-C3, Class A4,
3.43%, 08/15/2050 (Callable 08/15/2027) | | | 5,700,000 | | | 5,268,495 |
Series 2018-C11, Class A5, 4.24%, 06/15/2051 (Callable 07/15/2028)(f) | | | 14,950,000 | | | 14,163,211 |
WF-RBS Commercial Mortgage Trust, Series 2014-C24, Class A5, 3.61%, 11/15/2047 (Callable 11/15/2024) | | | 54,091,000 | | | 53,619,364 |
TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,395,912,024) | | | | | | 1,307,178,984 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
ASSET-BACKED SECURITIES - 2.7%
|
BA Credit Card Trust, Series
2023-A2, Class A2, 4.98%,
11/15/2028 | | | $25,000,000 | | | $24,981,670 |
First National Master Note Trust | | | | | | |
Series 2023-1, Class A,
5.13%, 04/15/2029 | | | 3,250,000 | | | 3,236,868 |
Series 2023-2, Class A,
5.77%, 09/15/2029 | | | 70,000,000 | | | 70,891,961 |
Ford Credit Floorplan LLC, Series 2023-1, Class A1,
4.92%, 05/15/2028(a) | | | 72,425,000 | | | 71,939,434 |
General Motors Co., Series 2024-1A, Class A1, 5.13%,
03/15/2029(a) | | | 1,050,000 | | | 1,049,560 |
GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12%, 04/11/2035 (Callable 05/11/2028)(a) | | | 85,750,000 | | | 85,826,130 |
Huntington Bank Auto Credit-Linked Notes Series 2024-1, Series 2024-1, Class B1,
6.15%, 05/20/2032 (Callable 02/20/2028)(a) | | | 33,000,000 | | | 33,002,597 |
IPFS Corp.
| | | | | | |
Series 2023-A, Class A,
5.80%, 03/15/2028(a) | | | 19,750,000 | | | 19,873,750 |
Series 2023-C, Class A,
5.52%, 10/15/2028(a) | | | 23,091,000 | | | 23,200,571 |
Series 2024-B, Class A,
4.95%, 02/15/2029(a) | | | 35,035,000 | | | 34,748,529 |
Series 2024-D, Class A,
5.34%, 04/15/2029(a) | | | 26,000,000 | | | 26,073,024 |
MMAF Equipment Finance LLC, Series 2024-A, Class A3,
4.95%, 07/14/2031 (Callable 08/13/2030)(a) | | | 21,775,000 | | | 21,627,032 |
Navient Student Loan Trust
| | | | | | |
Series 2021-EA, Class A,
0.97%, 12/16/2069 (Callable 01/15/2030)(a) | | | 8,919,386 | | | 7,755,649 |
Series 2021-GA, Class A,
1.58%, 04/15/2070 (Callable 11/15/2029)(a) | | | 8,445,523 | | | 7,373,608 |
Series 2022-A, Class A,
2.23%, 07/15/2070 (Callable 01/15/2030)(a) | | | 67,660,099 | | | 59,677,486 |
Series 2023-A, Class A,
5.51%, 10/15/2071 (Callable 10/15/2032)(a) | | | 35,735,404 | | | 35,842,696 |
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 09/20/2029)(a) | | | 20,287,704 | | | 18,375,923 |
SBA Depositor LLC,
1.84%, 04/15/2027 (Callable 04/15/2026)(a) | | | 45,100,000 | | | 40,564,063 |
| | | | | | | |
| | | | | | | |
SMB Private Education Loan Trust, Series 2024-D, Class A1A, 5.38%, 07/05/2053(a) | | | $76,175,000 | | | $75,826,473 |
Synchrony Bank
| | | | | | |
Series 2023-A1, Class A,
5.54%, 07/15/2029 | | | 44,300,000 | | | 44,595,999 |
Series 2024-A1, Class A,
5.04%, 03/15/2030 | | | 26,030,000 | | | 25,961,065 |
Texas Electric Market Stabilization Funding N LLC,
4.97%, 02/01/2042(a) | | | 24,000,000 | | | 23,435,152 |
Towd Point Mortgage Trust
| | | | | | |
Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 07/25/2024)(a)(g) | | | 12,203,833 | | | 11,674,859 |
Series 2020-MH1, Class A1A, 2.18%, 02/25/2060 (Callable 07/25/2024)(a)(g) | | | 16,803,235 | | | 16,063,916 |
Verizon Master Trust, Series 2024-2, Class A, 4.83%, 12/22/2031 (Callable 12/20/2028)(a) | | | 35,887,000 | | | 35,562,047 |
TOTAL ASSET-BACKED SECURITIES
(Cost $825,046,534) | | | | | | 819,160,062 |
MUNICIPAL BONDS - 0.9%
|
Arizona Industrial Development Authority
| | | | | | |
4.95%, 04/01/2026 (Callable 07/22/2024)(a)(f) | | | 41,325,000 | | | 40,422,585 |
4.95%, 04/01/2026 (Callable 07/22/2024)(f) | | | 15,830,000 | | | 15,476,538 |
Black Belt Energy Gas District, 6.00%, 02/01/2029 (Callable 11/01/2028) | | | 9,120,000 | | | 9,173,171 |
Brazos Higher Education Authority, Inc.
| | | | | | |
2.08%, 04/01/2026 | | | 1,000,000 | | | 944,356 |
2.18%, 04/01/2027 | | | 1,300,000 | | | 1,197,617 |
2.31%, 04/01/2028 | | | 1,000,000 | | | 902,319 |
2.41%, 04/01/2029 | | | 2,360,000 | | | 2,083,435 |
2.51%, 04/01/2030 | | | 1,175,000 | | | 1,013,975 |
2.76%, 04/01/2040 (Callable 04/01/2030) | | | 125,000 | | | 123,424 |
California Community Choice Financing Authority,
6.13%, 04/01/2030 | | | 4,000,000 | | | 4,039,614 |
Colton Joint Unified School District, 6.01%, 08/01/2026 | | | 1,250,000 | | | 1,274,067 |
County of Hamilton OH,
3.76%, 06/01/2042 | | | 25,725,000 | | | 21,222,713 |
Illinois Housing Development Authority, 5.75%, 10/01/2053 (Callable 10/01/2032) | | | 5,530,000 | | | 5,578,734 |
Illinois International Port District, 5.00%, 01/01/2035 (Callable 01/01/2026)(a) | | | 3,080,000 | | | 2,762,648 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Iowa Finance Authority,
6.25%, 07/01/2054 (Callable 07/01/2033) | | | $10,610,000 | | | $10,902,958 |
Iowa Student Loan Liquidity Corp., 2.99%, 12/01/2039 (Callable 12/01/2029) | | | 490,000 | | | 461,666 |
Maryland Economic Development Corp., 4.00%, 04/01/2034 (Callable 01/01/2034) | | | 39,875,000 | | | 31,599,067 |
Massachusetts Educational Financing Authority
| | | | | | |
2.46%, 07/01/2030 | | | 8,375,000 | | | 7,231,833 |
2.56%, 07/01/2031 | | | 5,000,000 | | | 4,233,936 |
3.78%, 07/01/2035 (Callable 07/01/2029) | | | 4,010,000 | | | 3,870,879 |
Minnesota Housing Finance Agency
| | | | | | |
2.68%, 10/01/2046 (Callable 01/01/2026) | | | 9,503,891 | | | 7,777,971 |
2.65%, 11/01/2046 (Callable 01/01/2026) | | | 9,914,455 | | | 8,104,926 |
6.25%, 07/01/2053 (Callable 01/01/2033) | | | 2,400,000 | | | 2,459,342 |
New Hampshire Business Finance Authority
| | | | | | |
3.25%, 04/01/2028 (Callable 01/01/2028) | | | 33,000,000 | | | 24,691,762 |
3.30%, 04/01/2032 (Callable 01/01/2032) | | | 20,000,000 | | | 16,010,008 |
2.87%, 07/01/2035 (Callable 01/01/2035) | | | 17,375,000 | | | 12,947,992 |
North Carolina Housing Finance Agency
| | | | | | |
2.87%, 07/01/2032 (Callable 08/01/2024) | | | 615,000 | | | 600,851 |
2.81%, 07/01/2035 (Callable 08/01/2024) | | | 460,000 | | | 457,059 |
North Dakota Housing Finance Agency, 6.25%, 01/01/2054 (Callable 07/01/2032) | | | 7,500,000 | | | 7,692,337 |
Ohio Housing Finance Agency, 6.50%, 03/01/2054 (Callable 09/01/2033) | | | 8,320,000 | | | 8,628,924 |
Rhode Island Student Loan Authority
| | | | | | |
2.53%, 12/01/2025 | | | 2,310,000 | | | 2,223,040 |
2.73%, 12/01/2026 | | | 1,490,000 | | | 1,409,975 |
2.88%, 12/01/2027 | | | 1,800,000 | | | 1,680,138 |
5.00%, 12/01/2028(h) | | | 1,265,000 | | | 1,323,155 |
5.00%, 12/01/2029(h) | | | 1,295,000 | | | 1,366,525 |
Western Michigan University Homer Stryker MD School of Medicine, 4.75%, 11/15/2028 | | | 11,975,000 | | | 11,879,962 |
TOTAL MUNICIPAL BONDS (Cost $312,710,779) | | | | | | 273,769,502 |
| | | | | | | |
| | | | | | | |
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%
|
Federal Home Loan Mortgage Corp. | | | | | | |
Series K072, Class A2,
3.44%, 12/25/2027 (Callable 12/25/2027) | | | $12,000,000 | | | $11,452,247 |
Series K074, Class A2,
3.60%, 01/25/2028 (Callable 07/25/2028) | | | 26,320,000 | | | 25,228,467 |
Series K077, Class A2,
3.85%, 05/25/2028 (Callable 05/25/2028)(f) | | | 27,749,000 | | | 26,761,213 |
Series K080, Class A2,
3.93%, 07/25/2028 (Callable 08/25/2028)(f) | | | 34,095,000 | | | 32,936,875 |
Series K122, Class A2,
1.52%, 11/25/2030 (Callable 11/25/2030) | | | 23,000,000 | | | 18,936,493 |
Series K-1517, Class A2,
1.72%, 07/25/2035 (Callable 08/25/2035) | | | 1,000,000 | | | 738,677 |
Series K153, Class A3,
3.12%, 10/25/2031 (Callable 02/25/2032)(f) | | | 15,655,000 | | | 14,062,955 |
Series K-154, Class A2,
4.35%, 01/25/2033 (Callable 02/25/2033)(f) | | | 25,000,000 | | | 24,194,620 |
Series K158, Class A3,
3.90%, 10/25/2033 (Callable 11/25/2033)(f) | | | 18,777,000 | | | 17,485,349 |
Series K752, Class A2,
4.28%, 07/25/2030 (Callable 08/25/2030) | | | 31,575,000 | | | 30,722,447 |
Federal National Mortgage Association, Series 2017-M4, Class A2, 2.64%, 12/25/2026(f) | | | 20,478,637 | | | 19,351,469 |
TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $232,812,305) | | | | | | 221,870,812 |
OTHER GOVERNMENT RELATED SECURITIES - 0.3%
|
Electricite de France SA
| | | | | | |
5.65%, 04/22/2029 (Callable 03/22/2029)(a) | | | 24,450,000 | | | 24,663,638 |
6.25%, 05/23/2033 (Callable 02/23/2033)(a) | | | 7,000,000 | | | 7,241,292 |
5.95%, 04/22/2034 (Callable 01/22/2034)(a) | | | 10,900,000 | | | 10,962,348 |
4.75%, 10/13/2035 (Callable 04/13/2035)(a) | | | 10,000,000 | | | 9,128,236 |
NBN Co. Ltd., 2.63%, 05/05/2031 (Callable 02/05/2031)(a) | | | 5,000,000 | | | 4,290,883 |
Petroleos Mexicanos
| | | | | | |
5.95%, 01/28/2031 (Callable 10/28/2030) | | | 1,005,000 | | | 809,894 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
OTHER GOVERNMENT RELATED SECURITIES - (Continued)
|
6.70%, 02/16/2032 (Callable 11/16/2031) | | | $ 31,343,000 | | | $ 26,242,826 |
TOTAL OTHER GOVERNMENT RELATED SECURITIES
(Cost $87,353,720) | | | | | | 83,339,117 |
| | | | | | | |
| | | | | | | |
COMMON STOCKS - 0.0%(i)
| | | | | | |
Energy - 0.0%(i)
| | | | | | |
Weatherford International
PLC(j) | | | 46,003 | | | 5,633,067 |
TOTAL COMMON STOCKS (Cost $3,790,590) | | | | | | 5,633,067 |
SHORT-TERM INVESTMENTS - 1.7%
|
Money Market Funds - 1.7%
| | | | | | |
First American Government Obligations Fund - Class U, 5.25%(k) | | | 515,116,972 | | | 515,116,972 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $515,116,972) | | | | | | 515,116,972 |
TOTAL INVESTMENTS - 100.6%
(Cost $32,659,011,129) | | | | | | $30,562,501,738 |
Liabilities in Excess of Other Assets - (0.6)% | | | | | | (190,866,999) |
TOTAL NET
ASSETS - 100.0% | | | | | | $30,371,634,739 |
| | | | | | | |
Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
CMT - Constant Maturity Treasury Rate
LIBOR - London Interbank Offered Rate
NV - Naamloze Vennootschap
PCA - Pollution Control Authority
PIK - Payment in Kind
PLC - Public Limited Company
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
SOFR - Secured Overnight Financing Rate
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $7,203,091,606 or 23.7% of the Fund’s net assets.
|
(b)
| Issuer is currently in default.
|
(c)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
|
(d)
| Zero coupon bonds make no periodic interest payments.
|
(e)
| Step coupon bond. The rate disclosed is as of June 30, 2024.
|
(f)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.
|
(g)
| Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.
|
(h)
| Security subject to the Alternative Minimum Tax (“AMT”). As of June 30, 2024, the total value of securities subject to the AMT was $2,689,680 or 0.0% of net assets.
|
(i)
| Represents less than 0.05% of net assets.
|
(j)
| Non-income producing security.
|
(k)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Plus Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Corporate Bonds | | | $— | | | $13,158,750,107 | | | $ — | | | $13,158,750,107 |
U.S. Treasury Securities | | | — | | | 7,066,346,908 | | | — | | | 7,066,346,908 |
Agency Residential Mortgage-Backed Securities | | | — | | | 5,467,569,770 | | | — | | | 5,467,569,770 |
Non-Agency Residential Mortgage-Backed Securities | | | — | | | 1,643,766,437 | | | — | | | 1,643,766,437 |
Non-Agency Commercial Mortgage-Backed Securities | | | — | | | 1,307,178,984 | | | — | | | 1,307,178,984 |
Asset-Backed Securities | | | — | | | 819,160,062 | | | — | | | 819,160,062 |
Municipal Bonds | | | — | | | 273,769,502 | | | — | | | 273,769,502 |
Agency Commercial Mortgage-Backed Securities | | | — | | | 221,870,812 | | | — | | | 221,870,812 |
Other Government Related Securities | | | — | | | 83,339,117 | | | — | | | 83,339,117 |
Common Stocks | | | 5,633,067 | | | — | | | — | | | 5,633,067 |
Money Market Funds | | | 515,116,972 | | | — | | | — | | | 515,116,972 |
Total Investments | | | $520,750,039 | | | $30,041,717,518 | | | $— | | | $30,562,501,738 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
MUNICIPAL BONDS - 100.3%
| | | | | | |
Alabama - 4.0%
| | | | | | |
Alabama Housing Finance Authority
| | | | | | |
3.50%, 08/01/2025 (Callable 08/01/2024)(a) | | | $ 5,000,000 | | | $ 4,995,495 |
5.00%, 05/01/2026(a) | | | 4,000,000 | | | 4,026,167 |
Black Belt Energy Gas District
| | | | | | |
5.25%, 12/01/2028 | | | 3,205,000 | | | 3,318,991 |
4.00%, 10/01/2052 (Callable 09/01/2026)(a) | | | 300,000 | | | 300,401 |
5.25%, 02/01/2053 (Callable 03/01/2029)(a) | | | 3,250,000 | | | 3,429,844 |
5.00%, 05/01/2053(a) | | | 8,000,000 | | | 8,332,097 |
City of Phenix City AL, 2.00%, 04/01/2027 | | | 1,090,000 | | | 1,027,647 |
Health Care Authority of the City of Huntsville, 5.00%, 06/01/2053 (Callable 03/01/2030)(a) | | | 5,500,000 | | | 5,870,268 |
Industrial Development Board of the City of Mobile Alabama, 3.92%, 06/01/2034(a) | | | 8,400,000 | | | 8,429,823 |
Lauderdale County Agriculture Center Authority, 5.00%, 07/01/2024 | | | 495,000 | | | 495,000 |
Macon County Board of Education, 3.25%, 02/01/2026 (Callable 08/01/2024) | | | 375,000 | | | 369,744 |
Pickens County Water Authority, 3.00%, 01/01/2025 | | | 160,000 | | | 159,262 |
Selma Industrial Development Board, 2.00%, 11/01/2033(a) | | | 750,000 | | | 744,564 |
Southeast Alabama Gas Supply District
| | | | | | |
5.00%, 04/01/2026 | | | 1,000,000 | | | 1,010,115 |
5.00%, 04/01/2027 | | | 1,000,000 | | | 1,014,205 |
Southeast Energy Authority A Cooperative District
| | | | | | |
5.50%, 01/01/2053 (Callable 09/01/2029)(a) | | | 1,250,000 | | | 1,339,672 |
5.00%, 05/01/2053 (Callable 05/01/2028)(a) | | | 1,250,000 | | | 1,298,663 |
5.25%, 01/01/2054 (Callable 04/01/2029)(a) | | | 8,000,000 | | | 8,459,353 |
Town of Berry AL Water & Sewer Revenue, 3.25%, 09/01/2028 (Callable 09/01/2026) | | | 610,000 | | | 608,753 |
| | | | | | 55,230,064 |
Alaska - 0.4%
| | | | | | |
Alaska Housing Finance Corp.
| | | | | | |
3.75%, 12/01/2042 (Callable 06/01/2028) | | | 1,630,000 | | | 1,607,141 |
4.00%, 12/01/2048 (Callable 06/01/2027) | | | 1,115,000 | | | 1,107,963 |
University of Alaska
| | | | | | |
4.00%, 10/01/2025 | | | 330,000 | | | 330,473 |
4.00%, 10/01/2026 (Callable 08/01/2024) | | | 1,400,000 | | | 1,400,096 |
| | | | | | | |
| | | | | | | |
5.00%, 10/01/2026 | | | $ 865,000 | | | $ 886,252 |
| | | | | | 5,331,925 |
Arizona - 1.6%
| | | | | | |
Arizona Industrial Development Authority
| | | | | | |
5.00%, 05/01/2025 | | | 405,000 | | | 222,750 |
5.00%, 07/01/2027 (Callable 07/01/2026) | | | 230,000 | | | 234,735 |
5.00%, 11/01/2028 (Callable 05/01/2028) | | | 7,505,000 | | | 7,875,021 |
5.00%, 07/01/2029 (Callable 07/01/2026) | | | 260,000 | | | 265,963 |
5.00%, 07/01/2030 (Callable 07/01/2026) | | | 380,000 | | | 388,835 |
1.76%, 09/01/2030(a)(b) | | | 5,064,280 | | | 4,624,638 |
5.00%, 07/01/2031 (Callable 07/01/2026) | | | 195,000 | | | 199,458 |
3.63%, 05/20/2033 | | | 3,887,958 | | | 3,651,427 |
Chandler Industrial Development Authority, 5.00%, 09/01/2042 (Callable 03/01/2027)(a)(c) | | | 1,000,000 | | | 1,026,451 |
Glendale Industrial Development Authority
| | | | | | |
4.00%, 05/15/2025 (Callable 07/22/2024) | | | 340,000 | | | 336,690 |
4.00%, 05/15/2026 (Callable 07/22/2024) | | | 320,000 | | | 314,669 |
Maricopa County Industrial Development Authority
| | | | | | |
4.00%, 07/01/2024 | | | 135,000 | | | 135,000 |
5.00%, 12/01/2029(d) | | | 3,000,000 | | | 3,214,150 |
Mizuho Floater/Residual Trust, 3.67%, 06/01/2051 (Callable 08/01/2024)(a)(b) | | | 1,100,000 | | | 1,100,000 |
University of Arizona, 5.00%, 06/01/2032 (Callable 06/01/2026) | | | 1,025,000 | | | 1,052,414 |
| | | | | | 24,642,201 |
Arkansas - 0.5%
| | | | | | |
Arkansas Development Finance Authority
| | | | | | |
4.00%, 07/01/2024 | | | 100,000 | | | 100,000 |
4.00%, 07/01/2025 | | | 140,000 | | | 138,856 |
4.00%, 07/01/2026 | | | 190,000 | | | 187,196 |
4.00%, 07/01/2027 | | | 225,000 | | | 220,639 |
4.00%, 07/01/2028 | | | 230,000 | | | 223,367 |
5.00%, 07/01/2054 (Callable 07/01/2033) | | | 3,315,000 | | | 3,443,199 |
Batesville Public Facilities Board
| | | | | | |
5.00%, 06/01/2025 | | | 1,385,000 | | | 1,392,311 |
5.00%, 06/01/2026 | | | 850,000 | | | 851,210 |
City of Brookland AR Sales & Use Tax Revenue, 1.50%, 09/01/2046 (Callable 09/01/2026) | | | 690,000 | | | 661,568 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Arkansas - (Continued)
|
City of Elkins AR Sales & Use Tax Revenue
| | | | | | |
1.50%, 09/01/2046 (Callable 09/01/2026) | | | $ 465,000 | | | $ 447,804 |
1.50%, 09/01/2046 (Callable 09/01/2026) | | | 315,000 | | | 301,272 |
City of Fayetteville AR, 3.05%, 01/01/2047 (Callable 01/01/2027) | | | 170,000 | | | 167,617 |
City of Forrest City AR Sales & Use Tax Revenue, 1.55%, 11/01/2044 (Callable 11/01/2029) | | | 625,000 | | | 568,408 |
City of Hot Springs AR, 4.00%, 12/01/2027 (Callable 08/01/2024) | | | 255,000 | | | 255,142 |
City of Mountain View AR Sales & Use Tax, 1.38%, 11/01/2050 (Callable 11/01/2027) | | | 85,000 | | | 82,864 |
City of Osceola AR Sales & Use Tax, 4.00%, 06/01/2054 (Callable 06/01/2031) | | | 500,000 | | | 498,897 |
City of Pine Bluff AR, 3.00%, 02/01/2047 (Callable 08/01/2027) | | | 265,000 | | | 255,772 |
Conway Health Facilities Board, 5.00%, 08/01/2024 | | | 410,000 | | | 410,237 |
County of Cross AR Sales & Use Tax, 2.25%, 10/01/2030 (Callable 10/01/2024) | | | 130,000 | | | 116,700 |
Jacksonville North Pulaski County School District, 4.00%, 06/01/2029 (Callable 06/01/2027) | | | 1,240,000 | | | 1,256,905 |
| | | | | | 11,579,964 |
California - 3.3%
| | | | | | |
Anaheim Public Financing Authority
| | | | | | |
5.00%, 09/01/2025 | | | 2,610,000 | | | 2,651,806 |
5.00%, 09/01/2026 | | | 1,290,000 | | | 1,331,042 |
California Community Choice Financing Authority
| | | | | | |
5.00%, 10/01/2024 | | | 300,000 | | | 300,161 |
5.00%, 10/01/2025 | | | 710,000 | | | 713,136 |
5.00%, 10/01/2026 | | | 625,000 | | | 629,340 |
5.00%, 10/01/2027 | | | 700,000 | | | 706,818 |
5.00%, 10/01/2028 | | | 475,000 | | | 481,574 |
5.00%, 10/01/2029 | | | 650,000 | | | 662,501 |
California Housing Finance Agency, 5.20%, 12/01/2027 (Callable 06/01/2027)(b) | | | 1,000,000 | | | 1,006,408 |
California Infrastructure & Economic Development Bank
| | | | | | |
4.58% (SIFMA Municipal Swap Index + 0.70%), 12/01/2050 (Callable 06/01/2025) | | | 5,550,000 | | | 5,528,598 |
1.75%, 08/01/2055 (Callable 02/01/2026)(a) | | | 1,265,000 | | | 1,201,903 |
| | | | | | | |
| | | | | | | |
California Municipal Finance Authority
| | | | | | |
4.00%, 10/01/2031 (Callable 10/01/2026) | | | $ 2,285,000 | | | $ 2,298,955 |
4.00%, 10/01/2032 (Callable 10/01/2026) | | | 1,505,000 | | | 1,513,800 |
California Public Finance Authority
| | | | | | |
2.38%, 11/15/2028 (Callable 07/22/2024)(b) | | | 2,830,000 | | | 2,780,783 |
3.13%, 05/15/2029 (Callable 07/22/2024)(b) | | | 1,000,000 | | | 981,112 |
California Statewide Communities Development Authority
| | | | | | |
5.00%, 08/01/2026 (Callable 07/22/2024)(a) | | | 3,300,000 | | | 3,300,017 |
5.00%, 09/01/2026 (Callable 07/22/2024)(a)(b) | | | 1,000,000 | | | 999,404 |
Gonzales Public Financing Authority, 3.95%, 05/01/2044 (Callable 11/01/2025)(a) | | | 2,000,000 | | | 2,003,546 |
Indio Finance Authority, 3.55%, 09/02/2029 (Callable 07/22/2024)(b) | | | 4,681,000 | | | 4,585,836 |
Los Angeles County Development Authority, 3.75%, 12/01/2046 (Callable 02/01/2026)(a) | | | 1,650,000 | | | 1,649,171 |
Los Angeles Unified School District/CA
| | | | | | |
5.00%, 07/01/2029 | | | 4,430,000 | | | 4,851,067 |
5.00%, 07/01/2030 | | | 3,750,000 | | | 4,175,205 |
Mountain View School District School Facilities Improvement District No 2, 0.00%, 07/01/2029 (Callable 07/01/2027)(e) | | | 4,000,000 | | | 3,297,238 |
Sacramento City Unified School District/CA, 0.00%,
07/01/2026(e) | | | 300,000 | | | 281,324 |
San Diego Housing Authority, Inc., 5.00%, 05/01/2057 (Callable 05/01/2026)(a) | | | 1,687,000 | | | 1,726,558 |
Vallejo City Unified School District, 5.90%, 08/01/2025 | | | 75,000 | | | 75,098 |
| | | | | | 49,732,401 |
Colorado - 3.1%
| | | | | | |
Bromley Park Metropolitan District No. 2, 5.00%, 12/01/2025 | | | 315,000 | | | 320,753 |
City & County of Denver CO Airport System Revenue
| | | | | | |
5.25%, 11/15/2026(c) | | | 2,000,000 | | | 2,076,771 |
5.00%, 12/01/2026(c) | | | 5,035,000 | | | 5,175,105 |
5.25%, 11/15/2027(c) | | | 1,500,000 | | | 1,569,798 |
Colorado Bridge Enterprise, 4.00%, 06/30/2025(c) | | | 570,000 | | | 569,502 |
Colorado Educational & Cultural Facilities Authority
| | | | | | |
4.00%, 12/15/2025(b) | | | 505,000 | | | 500,121 |
5.00%, 06/15/2027 (Callable 06/15/2026) | | | 635,000 | | | 648,218 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Colorado - (Continued)
|
Colorado Health Facilities Authority
| | | | | | |
5.00%, 05/15/2025 | | | $ 525,000 | | | $ 526,658 |
5.00%, 05/15/2026 | | | 475,000 | | | 478,770 |
5.00%, 05/15/2027 | | | 400,000 | | | 405,742 |
2.13%, 05/15/2028 (Callable 08/01/2024) | | | 2,905,000 | | | 2,784,892 |
5.25%, 05/15/2028 (Callable 05/15/2027) | | | 250,000 | | | 255,594 |
5.00%, 08/01/2028 | | | 1,245,000 | | | 1,317,122 |
3.50%, 05/15/2030 (Callable 08/01/2024) | | | 3,500,000 | | | 3,269,414 |
5.00%, 12/01/2030 (Callable 06/01/2025) | | | 1,030,000 | | | 1,033,178 |
5.00%, 11/15/2048(a) | | | 195,000 | | | 198,241 |
4.43% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | | | 3,000,000 | | | 2,984,857 |
5.00%, 05/15/2062 (Callable 08/15/2027)(a) | | | 7,515,000 | | | 7,963,310 |
Colorado Housing and Finance Authority
| | | | | | |
5.00%, 07/01/2026 (Callable 01/01/2026)(a) | | | 1,000,000 | | | 1,011,134 |
4.00%, 05/01/2048 (Callable 11/01/2026) | | | 435,000 | | | 432,179 |
4.25%, 11/01/2049 (Callable 11/01/2028) | | | 500,000 | | | 499,427 |
3.25%, 05/01/2052 (Callable 11/01/2030) | | | 4,410,000 | | | 4,288,777 |
Colorado Science and Technology Park Metropolitan District No 1, 5.00%, 12/01/2029 | | | 500,000 | | | 535,082 |
Denver Convention Center Hotel Authority, 5.00%, 12/01/2024 | | | 1,170,000 | | | 1,172,665 |
Denver Health & Hospital Authority, 4.00%, 12/01/2027 (Callable 08/01/2024) | | | 255,000 | | | 253,433 |
E-470 Public Highway Authority, 3.92% (SOFR + 0.35%), 09/01/2039 (Callable 08/30/2024) | | | 7,525,000 | | | 7,521,893 |
Ravenna Metropolitan District
| | | | | | |
5.00%, 12/01/2025 | | | 200,000 | | | 202,686 |
5.00%, 12/01/2026 | | | 240,000 | | | 245,545 |
5.00%, 12/01/2028 | | | 290,000 | | | 302,600 |
5.00%, 12/01/2029 | | | 315,000 | | | 332,220 |
Vauxmont Metropolitan District
| | | | | | |
5.00%, 12/15/2026 (Callable 12/15/2024) | | | 135,000 | | | 139,498 |
5.00%, 12/15/2027 (Callable 12/15/2024) | | | 160,000 | | | 165,831 |
Vista Ridge Metropolitan District, 4.50%, 12/01/2024 | | | 200,000 | | | 200,625 |
| | | | | | 49,381,641 |
| | | | | | | |
| | | | | | | |
Connecticut - 1.3%
| | | | | | |
City of Bridgeport CT
| | | | | | |
5.00%, 08/01/2025 | | | $200,000 | | | $ 203,071 |
5.00%, 02/15/2027 | | | 2,480,000 | | | 2,577,565 |
5.00%, 08/01/2027 | | | 300,000 | | | 314,101 |
City of West Haven CT, 4.00%, 09/15/2027 | | | 245,000 | | | 246,631 |
Connecticut Housing Finance Authority
| | | | | | |
4.00%, 11/15/2045 (Callable 11/15/2027) | | | 75,000 | | | 74,541 |
4.00%, 05/15/2049 (Callable 11/15/2028) | | | 845,000 | | | 839,368 |
3.50%, 11/15/2051 (Callable 05/15/2031) | | | 980,000 | | | 957,335 |
Connecticut State Health & Educational Facilities Authority
| | | | | | |
5.00%, 07/01/2024 | | | 965,000 | | | 965,000 |
5.00%, 07/01/2028 (Callable 08/01/2024) | | | 685,000 | | | 686,529 |
3.20%, 07/01/2037(a) | | | 3,245,000 | | | 3,228,542 |
2.95%, 07/01/2049(a) | | | 1,040,000 | | | 1,022,396 |
2.80%, 07/01/2057(a) | | | 3,430,000 | | | 3,381,691 |
Connecticut State Higher Education Supplement Loan Authority, 5.00%, 11/15/2027(c) | | | 665,000 | | | 687,493 |
East Hartford Housing Authority, 4.25%, 02/01/2027
(Callable 08/01/2024)(a) | | | 1,000,000 | | | 1,000,283 |
State of Connecticut
| | | | | | |
5.00%, 09/15/2026 | | | 1,000,000 | | | 1,039,401 |
5.00%, 06/15/2027 | | | 500,000 | | | 526,371 |
State of Connecticut Special Tax Revenue, 5.00%, 10/01/2026 | | | 1,080,000 | | | 1,123,469 |
Town of Stratford CT
| | | | | | |
5.00%, 05/15/2026 | | | 265,000 | | | 273,636 |
5.00%, 05/15/2028 | | | 400,000 | | | 426,770 |
| | | | | | 19,574,193 |
Delaware - 0.1%
| | | | | | |
Delaware Municipal Electric Corp., 5.00%, 10/01/2025 | | | 140,000 | | | 142,427 |
Delaware State Economic Development Authority, 5.00%, 10/01/2029 (Callable 08/01/2024) | | | 1,000,000 | | | 1,000,162 |
Delaware State Housing Authority, 2.60%, 07/01/2043 (Callable 07/22/2024) | | | 86,825 | | | 76,267 |
| | | | | | 1,218,856 |
District of Columbia - 1.2%
| | | | | | |
District of Columbia, 3.00%, 06/01/2030 | | | 1,915,000 | | | 1,783,822 |
District of Columbia Water & Sewer Authority, 3.00%, 10/01/2057 (Callable 07/01/2027)(a) | | | 12,100,000 | | | 11,839,578 |
Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2028(c) | | | 2,400,000 | | | 2,514,253 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
District of Columbia - (Continued)
|
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, 0.00%, 10/01/2029(e) | | | $ 290,000 | | | $ 238,466 |
| | | | | | 16,376,119 |
Florida - 3.3%
| | | | | | |
Broward County Housing Finance Authority | | | | | | |
3.50%, 04/01/2041 (Callable 10/01/2025)(a) | | | 1,000,000 | | | 991,079 |
4.05%, 09/01/2056(a) | | | 1,750,000 | | | 1,752,135 |
Capital Projects Finance Authority/FL
| | | | | | |
5.00%, 10/01/2025 | | | 1,000,000 | | | 1,006,521 |
5.00%, 10/01/2026 | | | 1,000,000 | | | 1,012,153 |
5.00%, 10/01/2028 | | | 1,000,000 | | | 1,024,478 |
Capital Trust Agency, Inc., 4.00%, 12/15/2024 | | | 75,000 | | | 74,681 |
Capital Trust Authority, 5.00%, 06/15/2034
(Callable 06/15/2029)(b) | | | 610,000 | | | 638,017 |
City of Cape Coral FL Water & Sewer Revenue
| | | | | | |
4.35%, 03/01/2027 | | | 1,200,000 | | | 1,217,369 |
4.45%, 03/01/2028 | | | 1,420,000 | | | 1,450,442 |
City of Jacksonville FL, 5.00%, 11/01/2028 (Callable 11/01/2027) | | | 445,000 | | | 458,405 |
City of Lakeland FL, 5.00%, 11/15/2028 (Callable 11/15/2026) | | | 640,000 | | | 657,651 |
City of Port St Lucie FL, 5.00%, 07/01/2026 | | | 3,005,000 | | | 3,108,310 |
City of Tallahassee FL
| | | | | | |
5.00%, 12/01/2026 (Callable 12/01/2025) | | | 955,000 | | | 965,988 |
5.00%, 12/01/2027 (Callable 12/01/2025) | | | 400,000 | | | 404,428 |
Collier County Industrial Development Authority, 5.00%, 10/01/2054 (Callable 10/01/2028)(a) | | | 1,300,000 | | | 1,379,056 |
County of Broward FL Airport System Revenue, 4.00%, 10/01/2042 (Callable 08/01/2024) | | | 300,000 | | | 298,319 |
County of Lee FL Solid Waste System Revenue, 5.00%, 10/01/2026(c) | | | 2,460,000 | | | 2,492,061 |
County of Miami-Dade FL
| | | | | | |
5.00%, 06/01/2027 (Callable 06/01/2025) | | | 1,500,000 | | | 1,515,256 |
4.50%, 03/01/2033 (Callable 08/01/2024) | | | 240,000 | | | 240,180 |
County of Osceola FL Transportation Revenue, 0.00%, 10/01/2028(e) | | | 500,000 | | | 420,743 |
Florida Development Finance Corp.
| | | | | | |
2.63%, 12/15/2024(b) | | | 190,000 | | | 188,023 |
5.00%, 06/15/2025 | | | 370,000 | | | 370,914 |
5.00%, 06/15/2026 | | | 1,310,000 | | | 1,332,265 |
5.00%, 06/15/2026 | | | 405,000 | | | 411,884 |
| | | | | | | |
| | | | | | | |
5.00%, 11/15/2026 | | | $ 1,000,000 | | | $ 1,030,241 |
5.00%, 06/15/2027 | | | 430,000 | | | 443,036 |
5.00%, 06/15/2027 | | | 390,000 | | | 401,823 |
5.00%, 06/15/2028 (Callable 06/15/2027) | | | 355,000 | | | 365,770 |
5.25%, 06/15/2029 (Callable 06/15/2027)(b) | | | 1,700,000 | | | 1,717,666 |
3.00%, 07/01/2031(b) | | | 1,210,000 | | | 1,126,082 |
Florida Housing Finance Corp.
| | | | | | |
5.00%, 12/01/2026(a) | | | 4,000,000 | | | 4,048,934 |
4.00%, 07/01/2047 (Callable 07/01/2025) | | | 20,000 | | | 19,942 |
Florida Municipal Loan Council, 0.00%, 11/01/2024(e) | | | 100,000 | | | 98,456 |
Herons Glen Recreation District, 2.50%, 05/01/2027 | | | 250,000 | | | 238,378 |
Lee County Industrial Development Authority/FL
| | | | | | |
4.38%, 11/15/2029 (Callable 11/15/2026) | | | 1,550,000 | | | 1,553,485 |
4.75%, 11/15/2029 (Callable 11/15/2026) | | | 1,500,000 | | | 1,503,177 |
Miami Beach Redevelopment Agency, 5.00%, 02/01/2027 (Callable 08/01/2024) | | | 1,000,000 | | | 1,003,316 |
Miami-Dade County Housing Finance Authority
| | | | | | |
3.55%, 01/01/2027(a) | | | 3,750,000 | | | 3,703,507 |
5.00%, 03/01/2027(a) | | | 1,000,000 | | | 1,010,911 |
Orange County Health Facilities Authority
| | | | | | |
4.00%, 08/01/2024 | | | 25,000 | | | 24,996 |
5.00%, 08/01/2028 (Callable 08/01/2024) | | | 2,000,000 | | | 2,001,683 |
Orange County Housing Finance Authority
| | | | | | |
4.00%, 09/01/2040 (Callable 09/01/2024) | | | 15,000 | | | 14,978 |
4.25%, 09/01/2049 (Callable 09/01/2027) | | | 165,000 | | | 164,783 |
Osceola County Expressway Authority, 0.00%, 10/01/2024(e) | | | 380,000 | | | 376,403 |
Pinellas County Housing Authority, 1.00%, 11/01/2027 | | | 1,840,000 | | | 1,720,149 |
Pinellas County Industrial Development Authority, 5.00%, 07/01/2029 | | | 1,275,000 | | | 1,303,021 |
Sarasota County Public Hospital District, 5.25%, 07/01/2024 | | | 75,000 | | | 75,000 |
School Board of Miami-Dade County, 5.00%, 05/01/2029 (Callable 05/01/2025) | | | 4,000,000 | | | 4,039,786 |
Seminole County Industrial Development Authority
| | | | | | |
4.00%, 06/15/2025(b) | | | 100,000 | | | 99,570 |
4.00%, 06/15/2026(b) | | | 155,000 | | | 153,696 |
4.00%, 06/15/2027(b) | | | 240,000 | | | 237,213 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Florida - (Continued)
|
St Johns River Power Park, 5.00%, 10/01/2024 (Callable 08/01/2024) | | | $ 105,000 | | | $ 105,110 |
| | | | | | 51,991,470 |
Georgia - 2.5%
| | | | | | |
Atlanta Development Authority, 5.00%, 07/01/2024 | | | 140,000 | | | 140,000 |
City of Atlanta GA, 4.00%, 07/01/2026 (Callable 08/01/2024) | | | 100,000 | | | 99,523 |
Cobb-Marietta Coliseum & Exhibit Hall Authority, 5.50%, 10/01/2026 | | | 480,000 | | | 491,929 |
Development Authority of Appling County, 3.60%, 09/01/2041 (Callable 07/01/2024)(a) | | | 2,700,000 | | | 2,700,000 |
Development Authority of Burke County
| | | | | | |
1.50%, 01/01/2040(a) | | | 6,695,000 | | | 6,536,590 |
1.70%, 12/01/2049(a) | | | 2,180,000 | | | 2,169,290 |
Development Authority of Monroe County, 2.25%, 07/01/2025 (Callable 08/01/2024) | | | 1,390,000 | | | 1,358,244 |
Forsyth County Hospital Authority, 6.38%, 10/01/2028 | | | 460,000 | | | 492,086 |
Gainesville & Hall County Development Authority, 3.50%, 11/15/2033 (Callable 08/01/2024)(a) | | | 2,600,000 | | | 2,600,000 |
Main Street Natural Gas, Inc.
| | | | | | |
5.00%, 05/15/2025 | | | 1,785,000 | | | 1,792,372 |
5.00%, 09/01/2026 (Callable 06/01/2026) | | | 500,000 | | | 510,717 |
5.00%, 12/01/2027 | | | 1,000,000 | | | 1,034,040 |
5.50%, 09/15/2028 | | | 1,000,000 | | | 1,054,374 |
4.00%, 03/01/2050 (Callable 06/01/2026)(a) | | | 4,680,000 | | | 4,688,834 |
4.00%, 07/01/2052 (Callable 06/01/2027)(a) | | | 3,700,000 | | | 3,715,113 |
4.00%, 08/01/2052 (Callable 05/01/2027)(a)(b) | | | 4,500,000 | | | 4,441,756 |
5.00%, 12/01/2052 (Callable 03/01/2029)(a) | | | 1,650,000 | | | 1,729,888 |
State of Georgia, 5.00%, 12/01/2026 | | | 750,000 | | | 783,378 |
| | | | | | 36,338,134 |
Illinois - 6.2%
| | | | | | |
Adams & Hancock Counties Community Unit School District No 4/IL, 4.00%, 12/01/2026 (Callable 12/01/2025) | | | 275,000 | | | 277,055 |
Chicago Midway International Airport
| | | | | | |
5.00%, 01/01/2027(c) | | | 1,595,000 | | | 1,637,351 |
5.00%, 01/01/2028 (Callable 01/01/2026)(c) | | | 1,750,000 | | | 1,769,364 |
Chicago O’Hare International Airport
| | | | | | |
5.00%, 01/01/2029 (Callable 01/01/2025)(c) | | | 6,100,000 | | | 6,122,104 |
5.00%, 01/01/2029 (Callable 01/01/2025)(c) | | | 2,000,000 | | | 2,007,247 |
| | | | | | | |
| | | | | | | |
City of Chicago IL, 0.00%,
01/01/2027(e) | | | $ 5,660,000 | | | $ 5,120,866 |
City of Chicago IL Waterworks Revenue
| | | | | | |
5.00%, 11/01/2026 (Callable 11/01/2024) | | | 1,410,000 | | | 1,414,238 |
5.00%, 11/01/2028 (Callable 11/01/2026) | | | 1,000,000 | | | 1,028,636 |
5.00%, 11/01/2028 (Callable 11/01/2024) | | | 900,000 | | | 902,906 |
5.00%, 11/01/2029 (Callable 11/01/2026) | | | 1,550,000 | | | 1,593,581 |
City of Galesburg IL
| | | | | | |
5.00%, 10/01/2025 | | | 125,000 | | | 125,624 |
5.00%, 10/01/2026 | | | 145,000 | | | 146,257 |
5.00%, 10/01/2027 | | | 225,000 | | | 228,079 |
5.00%, 10/01/2028 | | | 250,000 | | | 254,527 |
City of Plano IL Special Service Area No 3 & No 4, 4.00%, 03/01/2030 (Callable 03/01/2025) | | | 435,000 | | | 436,958 |
City of Springfield IL, 5.00%, 12/01/2031 (Callable 12/01/2025) | | | 325,000 | | | 330,510 |
Community Unit School District Number 427 DeKalb and Kane Counties Illinois
| | | | | | |
0.00%, 01/01/2026(e) | | | 1,000,000 | | | 942,229 |
0.00%, 01/01/2027(e) | | | 2,980,000 | | | 2,698,789 |
Cook County School District No 144 Prairie Hills, 0.00%,
12/01/2025(e) | | | 730,000 | | | 688,801 |
Cook County School District No 99 Cicero
| | | | | | |
4.00%, 12/01/2026 | | | 1,150,000 | | | 1,155,305 |
4.00%, 12/01/2027 | | | 1,195,000 | | | 1,203,359 |
Cook County School District No. 154, 3.50%, 12/01/2024 | | | 58,000 | | | 57,871 |
Cook County Township High School District No. 201, 0.00%,
12/01/2025(e) | | | 165,000 | | | 155,580 |
County of Cook IL Sales Tax Revenue, 5.00%, 11/15/2032 (Callable 11/15/2027) | | | 1,025,000 | | | 1,072,352 |
Hampshire Special Service Area No 13, 3.00%, 03/01/2026 | | | 90,000 | | | 87,936 |
Illinois Development Finance Authority, 0.00%, 07/15/2025(e) | | | 2,885,000 | | | 2,780,190 |
Illinois Finance Authority
| | | | | | |
5.00%, 11/01/2024 | | | 385,000 | | | 385,555 |
5.00%, 12/01/2026 (Callable 06/01/2026) | | | 500,000 | | | 510,045 |
5.00%, 02/15/2028 (Callable 08/15/2027) | | | 810,000 | | | 823,521 |
4.30%, 08/01/2028(b) | | | 1,215,000 | | | 1,235,786 |
5.00%, 09/01/2029 (Callable 09/01/2026) | | | 1,575,000 | | | 1,607,905 |
4.93% (SOFR + 1.20%), 11/01/2034 (Callable 03/01/2025) | | | 1,940,000 | | | 1,937,869 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.00%, 09/01/2042 (Callable 09/01/2024) | | | $ 570,000 | | | $ 571,136 |
Illinois Housing Development Authority
| | | | | | |
4.00%, 06/01/2026 (Callable 06/01/2025)(a) | | | 1,800,000 | | | 1,800,005 |
2.45%, 06/01/2043 (Callable 08/01/2024) | | | 164,275 | | | 128,288 |
3.87%, 04/01/2045 (Callable 07/01/2024)(a) | | | 500,000 | | | 500,000 |
4.50%, 10/01/2048 (Callable 04/01/2028) | | | 335,000 | | | 336,075 |
4.88% (SIFMA Municipal Swap Index + 1.00%), 05/15/2050 (Callable 11/15/2024) | | | 1,250,000 | | | 1,251,967 |
6.25%, 10/01/2052 (Callable 04/01/2032) | | | 4,615,000 | | | 4,938,083 |
6.25%, 04/01/2054 (Callable 10/01/2032) | | | 2,990,000 | | | 3,302,406 |
3.90%, 07/01/2065 (Callable 07/01/2024)(a) | | | 2,000,000 | | | 2,000,000 |
Joliet Park District
| | | | | | |
5.00%, 02/01/2026 | | | 575,000 | | | 587,221 |
5.00%, 02/01/2027 | | | 605,000 | | | 621,300 |
Kankakee Will Grundy Etc Counties Community College District No 520 Kankakee, 3.50%, 12/01/2026 | | | 2,415,000 | | | 2,388,079 |
Knox & Warren Counties Community Unit School District No 205 Galesburg, 5.00%, 12/01/2038 (Callable 12/01/2027) | | | 2,000,000 | | | 2,072,199 |
Lake County Elementary School District No 6 Zion, 0.00%, 12/01/2024(e) | | | 70,000 | | | 68,601 |
Lake County School District No 38 Big Hollow, 0.00%, 02/01/2025(e) | | | 210,000 | | | 204,640 |
Metropolitan Pier & Exposition Authority, 0.00%, 06/15/2027(e) | | | 1,000,000 | | | 891,515 |
Northern Illinois University
| | | | | | |
5.00%, 04/01/2027 | | | 550,000 | | | 567,021 |
5.00%, 04/01/2028 | | | 650,000 | | | 675,816 |
5.00%, 10/01/2029 | | | 780,000 | | | 825,204 |
Park Ridge Park District, 2.50%, 12/01/2028 | | | 2,500,000 | | | 2,346,027 |
Pike & Adams Counties Community Unit School District No 4, 4.00%, 12/01/2024 | | | 345,000 | | | 345,266 |
Shelby Christian Macon Counties Community School District No. 21
| | | | | | |
4.00%, 12/01/2025 (Callable 08/01/2024) | | | 400,000 | | | 400,049 |
4.00%, 12/01/2026 (Callable 08/01/2024) | | | 435,000 | | | 429,898 |
Southwestern Illinois Community College District No 522
| | | | | | |
5.00%, 12/01/2027 | | | 1,300,000 | | | 1,351,235 |
| | | | | | | |
| | | | | | | |
5.00%, 12/01/2028 | | | $ 1,500,000 | | | $ 1,576,911 |
Southwestern Illinois Development Authority
| | | | | | |
5.00%, 12/01/2028 | | | 315,000 | | | 330,729 |
5.00%, 12/01/2029 | | | 180,000 | | | 191,275 |
5.00%, 12/01/2030 | | | 590,000 | | | 633,057 |
5.00%, 12/01/2031 | | | 910,000 | | | 986,427 |
St Charles Public Library District, 4.00%, 11/01/2028 (Callable 11/01/2024) | | | 455,000 | | | 455,825 |
St Clair County Community Unit School District No 187 Cahokia
| | | | | | |
5.00%, 01/01/2026 | | | 125,000 | | | 127,001 |
5.00%, 01/01/2027 | | | 180,000 | | | 185,856 |
5.00%, 01/01/2028 | | | 200,000 | | | 209,379 |
5.00%, 01/01/2029 | | | 300,000 | | | 318,436 |
5.00%, 01/01/2030 | | | 225,000 | | | 242,253 |
5.00%, 01/01/2031 | | | 250,000 | | | 272,561 |
State of Illinois, 5.00%, 10/01/2025 | | | 4,350,000 | | | 4,424,399 |
State of Illinois Sales Tax Revenue, 5.00%, 06/15/2026 | | | 6,580,000 | | | 6,727,968 |
United City of Yorkville IL
| | | | | | |
3.90%, 03/01/2025 | | | 140,000 | | | 139,941 |
4.05%, 12/01/2027 (Callable 08/01/2024) | | | 120,000 | | | 120,044 |
Upper Illinois River Valley Development Authority, 5.00%, 12/01/2028 | | | 1,050,000 | | | 1,079,036 |
Village of Calumet Park IL, 5.25%, 12/01/2029 (Callable 12/01/2024) | | | 500,000 | | | 503,079 |
Village of Hillside IL, 5.00%, 01/01/2030 (Callable 01/01/2027) | | | 2,690,000 | | | 2,695,325 |
Village of Lyons IL, 5.00%, 12/01/2025 (Callable 08/01/2024) | | | 25,000 | | | 25,026 |
Village of Rantoul IL, 4.30%, 01/01/2025 (Callable 08/01/2024) | | | 125,000 | | | 125,067 |
Village of Romeoville IL
| | | | | | |
5.00%, 10/01/2025 (Callable 04/01/2025) | | | 1,100,000 | | | 1,104,109 |
5.00%, 10/01/2030 (Callable 04/01/2025) | | | 1,000,000 | | | 1,001,678 |
Village of Schaumburg IL
| | | | | | |
5.00%, 12/01/2025 | | | 870,000 | | | 886,079 |
4.00%, 12/01/2026 | | | 915,000 | | | 931,291 |
Village of Stone Park IL
| | | | | | |
4.00%, 02/01/2025 | | | 140,000 | | | 140,200 |
4.00%, 02/01/2026 | | | 220,000 | | | 221,490 |
4.75%, 02/01/2028 (Callable 08/01/2024) | | | 50,000 | | | 50,045 |
Village of Sugar Grove IL, 3.00%, 12/15/2025 (Callable 08/01/2024) | | | 225,000 | | | 222,817 |
Washington County Community Unit School Dist No 10 West Washington, 4.00%, 12/15/2024 | | | 250,000 | | | 250,344 |
| | | | | | 95,518,075 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Indiana - 1.7%
| | | | | | |
Cass County Indiana Building Corp., 5.00%, 01/15/2028 | | | $ 400,000 | | | $ 418,006 |
City of Hobart IN, 3.00%,
07/01/2025 | | | 395,000 | | | 389,319 |
City of Valparaiso IN, 4.00%, 08/01/2026 (Callable 08/01/2024) | | | 375,000 | | | 375,032 |
County of St Joseph IN, 5.00%, 04/01/2027 | | | 1,500,000 | | | 1,546,025 |
Frankton-Lapel Community Schools Building Corp.
| | | | | | |
5.00%, 01/15/2027 | | | 1,325,000 | | | 1,373,714 |
5.00%, 07/15/2027 | | | 1,390,000 | | | 1,452,393 |
Hammond Multi-School Building Corp., 5.00%, 01/15/2025 | | | 525,000 | | | 528,574 |
Indiana Finance Authority
| | | | | | |
5.00%, 09/01/2024 | | | 390,000 | | | 389,825 |
5.00%, 09/15/2024 | | | 815,000 | | | 815,955 |
5.00%, 09/15/2024 | | | 155,000 | | | 155,146 |
5.00%, 09/01/2025 | | | 445,000 | | | 445,545 |
5.00%, 09/15/2025 | | | 325,000 | | | 326,139 |
5.00%, 10/01/2025 | | | 675,000 | | | 679,513 |
5.00%, 07/01/2026 | | | 730,000 | | | 742,597 |
5.00%, 09/01/2026 | | | 1,520,000 | | | 1,529,367 |
5.00%, 09/15/2026 (Callable 09/15/2024) | | | 700,000 | | | 698,053 |
5.00%, 10/01/2028 | | | 260,000 | | | 265,110 |
4.00%, 03/01/2038 (Callable 05/01/2028)(a)(c) | | | 5,000,000 | | | 4,893,529 |
Indiana Housing & Community Development Authority
| | | | | | |
5.00%, 11/01/2025 (Callable 11/01/2024)(a) | | | 1,300,000 | | | 1,303,794 |
3.50%, 01/01/2049 (Callable 01/01/2029) | | | 680,000 | | | 669,484 |
Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/01/2030 (Callable 08/01/2024) | | | 1,025,000 | | | 1,025,751 |
Mount Vernon Community School Corp.
| | | | | | |
5.00%, 07/15/2025 | | | 395,000 | | | 400,603 |
5.00%, 01/15/2026 | | | 1,065,000 | | | 1,087,142 |
MSD of Wabash County Multi-School Building Corp.
| | | | | | |
5.00%, 01/15/2026 | | | 330,000 | | | 337,209 |
5.00%, 07/15/2026 | | | 410,000 | | | 421,831 |
5.00%, 01/15/2027 | | | 445,000 | | | 461,020 |
North Lawrence Community Schools/IN
| | | | | | |
5.00%, 07/15/2026 | | | 600,000 | | | 612,215 |
5.00%, 07/15/2027 | | | 325,000 | | | 334,465 |
Posey County Redevelopment Authority, 5.00%, 07/15/2025 | | | 6,000,000 | | | 6,063,697 |
Tippecanoe County School Building Corp.
| | | | | | |
5.00%, 07/15/2026 | | | 330,000 | | | 339,720 |
| | | | | | | |
| | | | | | | |
5.00%, 01/15/2027 | | | $ 300,000 | | | $ 311,243 |
| | | | | | 30,392,016 |
Iowa - 1.3%
| | | | | | |
City of Coralville IA, 4.00%, 06/01/2025 (Callable 08/01/2024) | | | 455,000 | | | 449,401 |
Clear Creek-Amana Community School District, 4.00%, 06/01/2027 (Callable 06/01/2026) | | | 2,900,000 | | | 2,912,560 |
Iowa Finance Authority
| | | | | | |
5.00%, 02/15/2031 (Callable 07/22/2024) | | | 2,275,000 | | | 2,287,404 |
7.50%, 01/01/2032 (Callable 01/01/2030)(b) | | | 2,250,000 | | | 2,193,615 |
3.50%, 07/01/2046 (Callable 01/01/2026) | | | 50,000 | | | 49,599 |
4.00%, 07/01/2047 (Callable 07/01/2028) | | | 640,000 | | | 635,847 |
4.00%, 07/01/2047 (Callable 07/01/2027) | | | 365,000 | | | 362,765 |
6.00%, 07/01/2052 (Callable 07/01/2032) | | | 3,190,000 | | | 3,381,178 |
Iowa Higher Education Loan Authority
| | | | | | |
3.00%, 04/01/2025 | | | 775,000 | | | 766,972 |
3.00%, 04/01/2026 | | | 800,000 | | | 782,708 |
3.00%, 04/01/2028 | | | 845,000 | | | 810,210 |
Lake Panorama Improvement Zone, 3.00%, 06/01/2025 | | | 430,000 | | | 421,995 |
PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)(a) | | | 6,600,000 | | | 6,730,066 |
| | | | | | 21,784,320 |
Kansas - 0.7%
| | | | | | |
City of Manhattan KS, 4.00%, 06/01/2027 (Callable 06/01/2025) | | | 550,000 | | | 549,372 |
City of Osawatomie KS, 3.75%, 03/01/2027 (Callable 03/01/2025) | | | 2,935,000 | | | 2,903,106 |
City of Park City KS, 3.75%, 09/01/2026 (Callable 09/01/2024) | | | 6,075,000 | | | 6,066,613 |
| | | | | | 9,519,091 |
Kentucky - 1.9%
| | | | | | |
City of Henderson KY, 3.50%, 11/01/2028 | | | 2,430,000 | | | 2,427,744 |
City of Versailles KY, 3.00%, 08/15/2026 (Callable 08/15/2024) | | | 2,570,000 | | | 2,498,517 |
County of Carroll KY, 1.55%, 09/01/2042(a) | | | 750,000 | | | 698,456 |
County of Kenton KY, 5.00%, 04/01/2026 | | | 725,000 | | | 745,600 |
County of Owen KY, 3.88%,
06/01/2040(a) | | | 1,750,000 | | | 1,753,462 |
County of Trimble KY, 4.70%, 06/01/2054 (Callable 03/03/2027)(a)(c) | | | 1,000,000 | | | 1,005,749 |
Frankfort Independent School District Finance Corp., 2.05%, 08/01/2024 | | | 310,000 | | | 309,212 |
Henry County School District Finance Corp., 4.00%, 02/01/2026 | | | 1,210,000 | | | 1,208,980 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Kentucky - (Continued)
|
Kentucky Economic Development Finance Authority
| | | | | | |
0.00%, 12/01/2024(e) | | | $ 210,000 | | | $ 206,842 |
0.00%, 10/01/2025(e) | | | 585,000 | | | 553,852 |
5.00%, 06/01/2026 | | | 240,000 | | | 242,264 |
0.00%, 10/01/2026(e) | | | 100,000 | | | 90,678 |
Kentucky Housing Corp., 5.00%, 09/01/2043 (Callable
03/01/2026)(a) | | | 3,000,000 | | | 3,052,964 |
Kentucky Public Energy Authority
| | | | | | |
4.78% (1 mo. LIBOR US + 1.12%), 12/01/2049 (Callable 03/01/2025)(f) | | | 4,410,000 | | | 4,421,291 |
4.00%, 12/01/2050 (Callable 03/01/2026)(a) | | | 1,925,000 | | | 1,933,198 |
Northern Kentucky University, 3.50%, 09/01/2028 | | | 2,800,000 | | | 2,814,088 |
Perry County School District Finance Corp., 2.00%, 12/01/2029 | | | 2,240,000 | | | 2,149,874 |
Rural Water Financing Agency, 3.10%, 11/01/2024 (Callable 07/17/2024) | | | 1,000,000 | | | 993,265 |
University of Louisville
| | | | | | |
5.00%, 09/01/2026 | | | 845,000 | | | 869,274 |
5.00%, 03/01/2034 (Callable 09/01/2026) | | | 2,000,000 | | | 2,043,156 |
| | | | | | 30,018,466 |
Louisiana - 1.4%
| | | | | | |
Caddo Parish Parishwide School District, 3.00%, 03/01/2029 | | | 150,000 | | | 145,456 |
City of Shreveport LA
| | | | | | |
5.00%, 08/01/2028 (Callable 08/01/2027) | | | 1,615,000 | | | 1,673,122 |
3.13%, 10/01/2030(b) | | | 1,965,000 | | | 1,897,686 |
Ernest N Morial New Orleans Exhibition Hall Authority, 5.00%,
07/15/2024 | | | 1,925,000 | | | 1,925,510 |
Greater Ouachita Water Co.
| | | | | | |
5.00%, 09/01/2025 | | | 170,000 | | | 172,248 |
4.00%, 09/01/2034 | | | 950,000 | | | 955,700 |
Louisiana Housing Corp.
| | | | | | |
3.50%, 07/01/2025 (Callable 07/01/2024)(a) | | | 5,000,000 | | | 5,000,000 |
4.00%, 01/01/2043 (Callable 07/01/2026)(a) | | | 2,500,000 | | | 2,493,986 |
5.00%, 07/01/2046 (Callable 02/01/2026)(a) | | | 2,250,000 | | | 2,280,431 |
Louisiana Local Government Environmental Facilities & Community Development Auth
| | | | | | |
5.00%, 08/01/2024 (Callable 08/01/2024) | | | 185,000 | | | 185,144 |
3.02%, 04/01/2031 (Callable 04/01/2025)(b) | | | 4,360,000 | | | 4,197,139 |
| | | | | | | |
| | | | | | | |
Louisiana Public Facilities Authority
| | | | | | |
5.50%, 05/15/2027 (Callable 05/15/2026) | | | $ 1,550,000 | | | $ 1,595,126 |
5.00%, 10/01/2028 | | | 220,000 | | | 230,654 |
Morehouse Parish Hospital Service District No 1, 4.00%, 10/01/2027 | | | 635,000 | | | 608,721 |
New Orleans Aviation Board, 5.00%, 10/01/2025 | | | 200,000 | | | 203,677 |
St Tammany Parish Wide School District No 12
| | | | | | |
5.00%, 03/01/2026 | | | 415,000 | | | 426,272 |
5.00%, 03/01/2027 | | | 605,000 | | | 632,224 |
| | | | | | 24,623,096 |
Maine - 0.3%
| | | | | | |
Maine State Housing Authority
| | | | | | |
3.50%, 11/15/2045 (Callable 05/15/2025) | | | 135,000 | | | 134,368 |
4.00%, 11/15/2045 (Callable 11/15/2025) | | | 10,000 | | | 9,971 |
4.00%, 11/15/2046 (Callable 05/15/2026) | | | 410,000 | | | 408,173 |
3.50%, 11/15/2047 (Callable 11/15/2026) | | | 365,000 | | | 360,946 |
4.00%, 11/15/2049 (Callable 05/15/2028) | | | 690,000 | | | 686,156 |
4.00%, 11/15/2050 (Callable 05/15/2029) | | | 1,175,000 | | | 1,167,476 |
5.00%, 11/15/2052 (Callable 11/15/2031) | | | 3,510,000 | | | 3,600,074 |
| | | | | | 6,367,164 |
Maryland - 2.8%
| | | | | | |
City of Baltimore MD, 5.00%, 07/01/2024 | | | 30,000 | | | 30,000 |
County of Baltimore MD, 5.00%, 03/01/2026 | | | 2,500,000 | | | 2,574,563 |
County of Frederick MD, 5.00%, 04/01/2027 | | | 1,145,000 | | | 1,203,293 |
County of Prince George’s MD
| | | | | | |
5.00%, 07/15/2026 | | | 1,000,000 | | | 1,036,889 |
7.00%, 08/01/2048 (Callable 11/01/2026) | | | 1,500,000 | | | 1,612,863 |
Howard County Housing Commission, 5.00%, 12/01/2027 | | | 525,000 | | | 548,590 |
Maryland Community Development Administration
| | | | | | |
3.25%, 08/01/2024 | | | 6,000,000 | | | 5,986,255 |
4.05%, 10/01/2024 | | | 2,000,000 | | | 1,996,514 |
4.60%, 12/01/2024 | | | 7,545,000 | | | 7,513,463 |
3.85%, 03/01/2025 | | | 4,000,000 | | | 3,971,530 |
5.00%, 09/01/2052 (Callable 03/01/2031) | | | 2,755,000 | | | 2,824,070 |
Maryland Health & Higher Educational Facilities Authority
| | | | | | |
5.00%, 01/01/2026 | | | 495,000 | | | 499,911 |
5.00%, 01/01/2027 | | | 430,000 | | | 436,708 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Maryland - (Continued)
|
5.00%, 07/01/2027 | | | $ 1,710,000 | | | $ 1,740,200 |
5.00%, 07/01/2045 (Callable 01/01/2027)(a) | | | 3,200,000 | | | 3,308,019 |
Maryland Stadium Authority Built to Learn Revenue, 5.00%,
06/01/2027 | | | 1,515,000 | | | 1,590,657 |
Montgomery County Housing Opportunities Commission, 4.00%, 07/01/2048 (Callable 07/01/2026) | | | 215,000 | | | 213,881 |
State of Maryland, 5.00%, 03/15/2029 (Callable 03/15/2028) | | | 3,350,000 | | | 3,583,425 |
| | | | | | 40,670,831 |
Massachusetts - 0.9%
| | | | | | |
Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030
(Callable 07/01/2026)(e) | | | 9,900,000 | | | 8,081,172 |
Massachusetts Development Finance Agency
| | | | | | |
5.00%, 07/01/2025 | | | 530,000 | | | 530,570 |
4.48% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049 (Callable 07/01/2024)(b) | | | 3,300,000 | | | 3,289,848 |
Massachusetts Educational Financing Authority, 5.00%, 01/01/2026 (Callable 01/01/2025)(c) | | | 1,365,000 | | | 1,371,889 |
Massachusetts Housing Finance Agency
| | | | | | |
4.00%, 12/01/2044 (Callable 06/01/2025) | | | 35,000 | | | 34,890 |
4.00%, 12/01/2048 (Callable 06/01/2027) | | | 380,000 | | | 377,947 |
4.00%, 12/01/2048 (Callable 06/01/2027) | | | 200,000 | | | 198,920 |
4.00%, 06/01/2049 (Callable 12/01/2028) | | | 435,000 | | | 432,322 |
Massachusetts State College Building Authority, 0.00%, 05/01/2027(e) | | | 85,000 | | | 76,903 |
| | | | | | 14,394,461 |
Michigan - 2.3%
| | | | | | |
City of Detroit MI
| | | | | | |
5.25%, 05/01/2025 | | | 1,410,000 | | | 1,422,049 |
5.25%, 05/01/2026 | | | 910,000 | | | 929,348 |
5.25%, 05/01/2027 | | | 290,000 | | | 299,883 |
Detroit Wayne County Stadium Authority, 5.00%, 10/01/2026 (Callable 08/01/2024) | | | 65,000 | | | 65,038 |
Grand Valley State University, 5.00%, 12/01/2032 (Callable 06/01/2026) | | | 1,000,000 | | | 1,016,085 |
Ingham County Brownfield Redevelopment Authority, 4.13%, 08/01/2024 (Callable 08/01/2024) | | | 105,000 | | | 105,063 |
Michigan Finance Authority
| | | | | | |
5.00%, 09/01/2025 | | | 200,000 | | | 202,970 |
4.00%, 05/01/2026 | | | 60,000 | | | 60,492 |
| | | | | | | |
| | | | | | | |
5.00%, 09/01/2026 | | | $ 200,000 | | | $ 203,168 |
5.00%, 11/01/2026 | | | 930,000 | | | 929,544 |
5.00%, 09/01/2027 | | | 280,000 | | | 287,035 |
5.00%, 11/01/2027 | | | 975,000 | | | 975,915 |
5.00%, 04/01/2028 (Callable 10/01/2026) | | | 1,000,000 | | | 1,030,585 |
4.50%, 10/01/2029 (Callable 10/01/2024) | | | 3,000,000 | | | 3,001,413 |
5.00%, 07/01/2033 (Callable 07/23/2024) | | | 2,000,000 | | | 2,001,525 |
5.00%, 11/15/2044 (Callable 05/16/2026)(a) | | | 3,735,000 | | | 3,824,828 |
Michigan State Housing Development Authority
| | | | | | |
4.00%, 06/01/2046 (Callable 12/01/2024) | | | 45,000 | | | 44,858 |
3.50%, 06/01/2047 (Callable 06/01/2026) | | | 1,475,000 | | | 1,460,354 |
5.50%, 06/01/2053 (Callable 12/01/2031) | | | 2,755,000 | | | 2,882,637 |
5.75%, 06/01/2054 (Callable 12/01/2032) | | | 3,760,000 | | | 3,994,810 |
Michigan Strategic Fund, 0.88%, 04/01/2035(a)(c) | | | 1,050,000 | | | 947,140 |
Roseville Community Schools
| | | | | | |
5.00%, 05/01/2025 | | | 2,175,000 | | | 2,202,130 |
5.00%, 05/01/2026 | | | 2,700,000 | | | 2,774,274 |
5.00%, 05/01/2027 | | | 2,265,000 | | | 2,363,398 |
Southeastern Oakland County Resource Recovery Authority, 4.00%, 07/01/2024 | | | 580,000 | | | 580,000 |
Wayne County Airport Authority, 5.00%, 12/01/2025(c) | | | 500,000 | | | 509,048 |
| | | | | | 34,113,590 |
Minnesota - 2.2%
| | | | | | |
City of Burnsville MN, 2.10%, 12/20/2027 (Callable 12/20/2026) | | | 1,040,000 | | | 948,243 |
City of Maple Grove MN, 5.00%, 09/01/2030 (Callable 09/01/2025) | | | 865,000 | | | 872,738 |
City of Mounds View MN, 5.38%, 05/01/2027
(Callable 01/01/2025)(a) | | | 2,080,000 | | | 2,074,962 |
City of Virginia MN, 5.00%, 12/15/2026 (Callable 06/15/2025) | | | 7,500,000 | | | 7,531,403 |
Eastern Carver County Schools Independent School District No 112, 2.50%, 02/01/2029 | | | 1,780,000 | | | 1,650,778 |
Golden Valley Housing & Redevelopment Authority, 4.00%, 02/01/2030 (Callable 08/01/2024) | | | 1,070,000 | | | 1,056,400 |
Housing & Redevelopment Authority of The City of St Paul Minnesota
| | | | | | |
5.00%, 11/15/2025 | | | 465,000 | | | 470,078 |
5.00%, 12/01/2025 | | | 285,000 | | | 287,625 |
2.00%, 09/01/2026 (Callable 09/01/2024) | | | 250,000 | | | 237,658 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Minnesota - (Continued)
|
5.00%, 12/01/2027 | | | $ 1,065,000 | | | $ 1,090,456 |
Minnesota Higher Education Facilities Authority
| | | | | | |
4.00%, 12/01/2024 | | | 100,000 | | | 99,627 |
5.00%, 03/01/2027 (Callable 03/01/2026) | | | 250,000 | | | 252,894 |
5.00%, 10/01/2053 (Callable 04/01/2029)(a) | | | 1,000,000 | | | 1,054,583 |
Minnesota Housing Finance Agency
| | | | | | |
4.00%, 01/01/2038 (Callable 08/01/2024) | | | 165,000 | | | 164,359 |
2.63%, 01/01/2040 (Callable 07/01/2029) | | | 4,530,000 | | | 3,687,482 |
2.80%, 01/01/2044 (Callable 07/01/2029) | | | 1,200,000 | | | 946,451 |
3.50%, 07/01/2046 (Callable 07/01/2025) | | | 1,180,000 | | | 1,168,920 |
4.00%, 01/01/2047 (Callable 01/01/2026) | | | 55,000 | | | 54,755 |
4.00%, 07/01/2047 (Callable 01/01/2027) | | | 435,000 | | | 432,780 |
3.00%, 07/01/2052 (Callable 07/01/2031) | | | 4,575,000 | | | 4,409,435 |
6.00%, 07/01/2053 (Callable 01/01/2033) | | | 2,420,000 | | | 2,596,361 |
Northern Municipal Power Agency, 5.00%, 01/01/2027 (Callable 07/01/2024) | | | 230,000 | | | 230,000 |
Zumbro Education District, 4.00%, 02/01/2025 | | | 330,000 | | | 329,436 |
| | | | | | 31,647,424 |
Mississippi - 0.4%
| | | | | | |
City of Florence MS
| | | | | | |
7.13%, 08/01/2028 | | | 240,000 | | | 267,334 |
7.13%, 08/01/2029 | | | 250,000 | | | 285,004 |
City of Louisville MS
| | | | | | |
5.63%, 09/01/2026 | | | 180,000 | | | 185,898 |
5.63%, 09/01/2027 | | | 190,000 | | | 198,934 |
City of Oxford MS, 3.00%,
09/01/2024 | | | 90,000 | | | 89,581 |
City of Ridgeland MS, 3.00%, 10/01/2024 | | | 1,505,000 | | | 1,499,833 |
Mississippi Development Bank
| | | | | | |
5.00%, 10/01/2024(b) | | | 600,000 | | | 600,124 |
5.00%, 11/01/2024 | | | 720,000 | | | 718,185 |
5.00%, 11/01/2025 | | | 240,000 | | | 244,988 |
5.00%, 09/01/2027 | | | 485,000 | | | 493,935 |
5.00%, 06/01/2028 | | | 1,300,000 | | | 1,374,326 |
5.00%, 09/01/2028 | | | 1,120,000 | | | 1,145,048 |
5.00%, 11/01/2028 (Callable 11/01/2027) | | | 300,000 | | | 295,685 |
5.00%, 06/01/2029 | | | 1,365,000 | | | 1,467,192 |
| | | | | | | |
| | | | | | | |
5.00%, 11/01/2029 (Callable 11/01/2027) | | | $300,000 | | | $ 292,798 |
Mississippi Home Corp.
| | | | | | |
4.00%, 12/01/2048 (Callable 06/01/2028) | | | 210,000 | | | 208,761 |
3.50%, 12/01/2049 (Callable 12/01/2028) | | | 475,000 | | | 467,205 |
| | | | | | 9,834,831 |
Missouri - 1.5%
| | | | | | |
Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | | | 6,400,000 | | | 6,366,344 |
Health & Educational Facilities Authority of the State of Missouri
| | | | | | |
5.00%, 09/01/2024 | | | 295,000 | | | 295,001 |
4.00%, 08/01/2025 | | | 150,000 | | | 147,998 |
5.00%, 08/01/2025 (Callable 08/01/2024) | | | 350,000 | | | 349,511 |
5.00%, 09/01/2026 | | | 620,000 | | | 621,787 |
5.00%, 02/01/2029 (Callable 07/23/2024) | | | 4,775,000 | | | 4,778,342 |
5.00%, 02/01/2029 (Callable 02/01/2026) | | | 1,195,000 | | | 1,217,902 |
Missouri Housing Development Commission
| | | | | | |
3.40%, 11/01/2030 (Callable 11/01/2024) | | | 35,000 | | | 34,108 |
4.75%, 11/01/2052 (Callable 05/01/2032) | | | 3,855,000 | �� | | 3,917,178 |
Missouri Joint Municipal Electric Utility Commission
| | | | | | |
5.00%, 12/01/2027 (Callable 06/01/2025) | | | 2,125,000 | | | 2,149,586 |
5.00%, 06/01/2029 | | | 685,000 | | | 727,275 |
5.00%, 06/01/2029 | | | 645,000 | | | 684,806 |
5.00%, 06/01/2029 | | | 630,000 | | | 665,818 |
Missouri Southern State University
| | | | | | |
5.00%, 10/01/2026 | | | 105,000 | | | 108,014 |
5.00%, 10/01/2027 | | | 100,000 | | | 104,252 |
Northwest Missouri State University, 5.00%, 06/01/2026 | | | 500,000 | | | 510,438 |
St Louis Land Clearance for Redevelopment Authority, 4.25%, 06/01/2026 | | | 1,805,000 | | | 1,794,490 |
| | | | | | 24,472,850 |
Montana - 1.3%
| | | | | | |
City of Forsyth MT
| | | | | | |
3.88%, 07/01/2028 (Callable 04/02/2028) | | | 1,620,000 | | | 1,624,986 |
3.90%, 03/01/2031 (Callable 08/01/2024)(a) | | | 11,055,000 | | | 10,588,103 |
Montana Board of Housing
| | | | | | |
3.50%, 08/01/2025 (Callable 08/01/2024)(a) | | | 4,000,000 | | | 3,996,396 |
4.00%, 12/01/2043 (Callable 12/01/2027) | | | 370,000 | | | 367,847 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Montana - (Continued)
|
4.00%, 06/01/2049 (Callable 12/01/2027) | | | $ 375,000 | | | $ 372,639 |
6.00%, 06/01/2053 (Callable 06/01/2032) | | | 1,970,000 | | | 2,090,342 |
Montana Facility Finance Authority
| | | | | | |
4.00%, 07/01/2025 | | | 155,000 | | | 154,160 |
5.00%, 07/01/2025 | | | 110,000 | | | 111,688 |
4.00%, 07/01/2026 | | | 330,000 | | | 326,551 |
| | | | | | 19,632,712 |
Nebraska - 0.4%
| | | | | | |
Douglas County Hospital Authority No 2, 5.00%, 05/15/2030 (Callable 08/01/2024) | | | 1,500,000 | | | 1,500,405 |
Nebraska Investment Finance Authority, 3.00%, 03/01/2052 (Callable 03/01/2031) | | | 4,380,000 | | | 4,201,345 |
| | | | | | 5,701,750 |
Nevada - 0.4%
| | | | | | |
City of Reno NV, 5.00%, 06/01/2031 (Callable 08/01/2024) | | | 2,590,000 | | | 2,530,107 |
Las Vegas Redevelopment Agency
| | | | | | |
5.00%, 06/15/2026 | | | 1,000,000 | | | 1,015,492 |
3.00%, 06/15/2032 (Callable 06/15/2026) | | | 815,000 | | | 739,735 |
Nevada Housing Division
| | | | | | |
4.00%, 10/01/2049 (Callable 10/01/2028) | | | 740,000 | | | 735,420 |
3.00%, 04/01/2051 (Callable 10/01/2030) | | | 1,210,000 | | | 1,167,673 |
| | | | | | 6,188,427 |
New Hampshire - 0.1%
| | | | | | |
Hollis School District, 2.77%, 06/28/2027
(Callable 07/22/2024)(b) | | | 921,655 | | | 890,870 |
New Hampshire Business Finance Authority, 4.00%, 01/01/2028 (Callable 01/01/2026) | | | 575,000 | | | 568,898 |
| | | | | | 1,459,768 |
New Jersey - 3.1%
| | | | | | |
Atlantic City Board of Education, 3.40%, 08/15/2024(b) | | | 793,000 | | | 791,594 |
Borough of Berlin NJ
| | | | | | |
2.00%, 03/15/2026 | | | 550,000 | | | 531,749 |
2.00%, 03/15/2027 | | | 770,000 | | | 727,330 |
County of Bergen NJ, 1.00%, 03/01/2026 | | | 2,720,000 | | | 2,585,608 |
County of Somerset NJ
| | | | | | |
1.00%, 03/01/2025 | | | 1,505,000 | | | 1,477,203 |
1.00%, 03/01/2025 | | | 95,000 | | | 93,245 |
1.00%, 03/01/2026 | | | 1,715,000 | | | 1,634,807 |
1.00%, 03/01/2026 | | | 110,000 | | | 104,856 |
1.00%, 03/01/2027 | | | 1,785,000 | | | 1,656,998 |
1.00%, 03/01/2027 | | | 115,000 | | | 106,753 |
| | | | | | | |
| | | | | | | |
1.00%, 03/01/2028 | | | $ 1,855,000 | | | $ 1,678,868 |
1.00%, 03/01/2028 | | | 115,000 | | | 104,081 |
New Jersey Economic Development Authority
| | | | | | |
5.25%, 07/01/2025 | | | 6,250,000 | | | 6,320,093 |
5.13% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025 (Callable 03/01/2025) | | | 20,000 | | | 20,022 |
3.13%, 07/01/2029 (Callable 07/01/2027) | | | 935,000 | | | 887,885 |
New Jersey Housing & Mortgage Finance Agency
| | | | | | |
5.00%, 05/01/2025(c) | | | 2,190,000 | | | 2,198,986 |
5.00%, 11/01/2025(c) | | | 1,615,000 | | | 1,625,114 |
3.60%, 05/01/2026 | | | 3,045,000 | | | 3,022,420 |
4.50%, 10/01/2048 (Callable 10/01/2027) | | | 365,000 | | | 366,514 |
4.75%, 10/01/2050 (Callable 04/01/2028) | | | 815,000 | | | 821,133 |
5.00%, 10/01/2053 (Callable 04/01/2031) | | | 3,200,000 | | | 3,286,856 |
New Jersey Transportation Trust Fund Authority
| | | | | | |
0.00%, 12/15/2026(e) | | | 450,000 | | | 411,177 |
0.00%, 12/15/2027(e) | | | 2,245,000 | | | 1,981,758 |
0.00%, 12/15/2027(e) | | | 165,000 | | | 145,406 |
0.00%, 12/15/2028(e) | | | 4,915,000 | | | 4,184,878 |
0.00%, 12/15/2029(e) | | | 3,355,000 | | | 2,754,738 |
Newark Housing Authority, 5.00%, 12/01/2028 (Callable 12/01/2026) | | | 1,500,000 | | | 1,557,771 |
Palmyra School District/NJ
| | | | | | |
1.00%, 07/15/2026 | | | 612,000 | | | 577,406 |
1.00%, 07/15/2027 | | | 645,000 | | | 592,844 |
1.00%, 07/15/2028 | | | 685,000 | | | 613,478 |
1.00%, 07/15/2029 | | | 725,000 | | | 633,962 |
1.00%, 07/15/2030 | | | 900,000 | | | 767,933 |
River Dell Regional School District, 1.00%, 09/01/2028 | | | 735,000 | | | 643,768 |
Salem County Improvement Authority, 4.00%, 08/15/2026 | | | 475,000 | | | 474,554 |
Township of Mahwah NJ, 1.00%, 01/15/2026 | | | 1,320,000 | | | 1,267,997 |
West Morris Regional High School District
| | | | | | |
0.05%, 08/15/2027 | | | 1,015,000 | | | 899,014 |
0.05%, 08/15/2028 | | | 1,050,000 | | | 894,333 |
0.05%, 08/15/2029 | | | 985,000 | | | 809,337 |
| | | | | | 49,252,469 |
New Mexico - 0.3%
| | | | | | |
Los Lunas School District No 1, 2.00%, 07/15/2024 (Callable 05/02/2024) | | | 800,000 | | | 799,095 |
New Mexico Mortgage Finance Authority
| | | | | | |
5.00%, 02/01/2042 (Callable 04/01/2025)(a) | | | 1,073,000 | | | 1,080,780 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
New Mexico - (Continued)
|
3.50%, 03/01/2045 (Callable 03/01/2026) | | | $ 40,000 | | | $ 39,456 |
3.75%, 03/01/2048 (Callable 03/01/2027) | | | 240,000 | | | 237,449 |
4.25%, 07/01/2049 (Callable 01/01/2028) | | | 215,000 | | | 214,733 |
4.25%, 01/01/2050 (Callable 07/01/2028) | | | 1,560,000 | | | 1,558,120 |
Roswell Independent School District, 3.00%, 08/01/2024 | | | 545,000 | | | 544,411 |
| | | | | | 4,474,044 |
New York - 6.0%
| | | | | | |
Albany Capital Resource Corp., 5.00%, 05/01/2027 (Callable 05/01/2026) | | | 1,000,000 | | | 1,014,613 |
Albany County Capital Resource Corp., 2.60%, 07/01/2025 | | | 430,000 | | | 427,355 |
Amherst Industrial Development Agency, 3.90%, 04/01/2026 (Callable 04/01/2025)(a) | | | 8,250,000 | | | 8,236,334 |
BluePath TE Trust, 2.75%, 09/01/2026 (Callable 08/01/2024)(b) | | | 1,420,256 | | | 1,395,787 |
City of Mount Vernon NY, 5.50%, 05/30/2025(b) | | | 1,000,000 | | | 1,003,502 |
City of New York NY, 5.00%, 06/01/2044
(Callable 06/01/2025)(a) | | | 4,500,000 | | | 4,549,894 |
City of Poughkeepsie NY, 4.00%, 04/15/2026 | | | 450,000 | | | 444,592 |
Genesee Valley Central School District
| | | | | | |
5.00%, 06/15/2027 | | | 1,390,000 | | | 1,462,463 |
5.00%, 06/15/2028 | | | 1,460,000 | | | 1,562,655 |
Hempstead Town Local Development Corp., 5.00%, 07/01/2025 (Callable 08/01/2024) | | | 815,000 | | | 815,969 |
Huntington Local Development Corp., 4.00%, 07/01/2027 | | | 2,440,000 | | | 2,378,094 |
Monroe County Industrial Development Corp., 5.00%, 07/01/2028 (Callable 07/01/2027)(a) | | | 3,905,000 | | | 4,004,815 |
New York City Housing Development Corp.
| | | | | | |
2.95%, 11/01/2045 (Callable 05/01/2025)(a) | | | 725,000 | | | 709,354 |
3.00%, 02/15/2048 (Callable 07/22/2024) | | | 8,150,000 | | | 8,121,530 |
3.50%, 02/15/2048 (Callable 07/22/2024) | | | 5,100,000 | | | 5,072,565 |
0.70%, 11/01/2060 (Callable 07/22/2024)(a) | | | 2,590,000 | | | 2,501,898 |
0.60%, 05/01/2061 (Callable 07/22/2024)(a) | | | 1,925,000 | | | 1,858,479 |
3.40%, 11/01/2062 (Callable 05/01/2025)(a) | | | 4,000,000 | | | 3,952,658 |
| | | | | | | |
| | | | | | | |
New York City Municipal Water Finance Authority, 3.25%, 06/15/2049 (Callable 07/01/2024)(a) | | | $ 6,000,000 | | | $ 6,000,000 |
New York State Housing Finance Agency
| | | | | | |
0.70%, 11/01/2024 (Callable 07/22/2024) | | | 2,500,000 | | | 2,457,655 |
1.60%, 11/01/2024 (Callable 07/22/2024) | | | 2,335,000 | | | 2,314,760 |
0.75%, 05/01/2025 (Callable 07/22/2024) | | | 2,465,000 | | | 2,384,734 |
0.75%, 11/01/2025 (Callable 07/22/2024) | | | 5,950,000 | | | 5,656,193 |
1.65%, 05/15/2039 | | | 3,352,382 | | | 2,607,842 |
0.65%, 11/01/2056 (Callable 07/22/2024)(a) | | | 3,675,000 | | | 3,512,585 |
4.50%, 11/01/2062 (Callable 11/01/2025)(a) | | | 1,000,000 | | | 1,012,572 |
Oneida County Local Development Corp., 5.00%, 12/01/2029 (Callable 08/01/2024) | | | 715,000 | | | 715,305 |
Onondaga Civic Development Corp.
| | | | | | |
5.00%, 08/01/2031 | | | 400,000 | | | 415,835 |
5.00%, 08/01/2032 | | | 350,000 | | | 365,458 |
State of New York Mortgage Agency Homeowner Mortgage Revenue, 4.00%, 10/01/2046 (Callable 04/01/2025) | | | 60,000 | | | 59,784 |
Westchester County Local Development Corp., 3.20%, 07/01/2028(b) | | | 5,350,000 | | | 5,350,000 |
| | | | | | 82,365,280 |
North Carolina - 2.9%
| | | | | | |
City of Raleigh NC Combined Enterprise System Revenue, 5.00%, 09/01/2027 | | | 775,000 | | | 820,555 |
County of Forsyth NC, 5.00%, 06/01/2027 | | | 4,915,000 | | | 5,183,059 |
County of Wake NC, 5.00%, 11/01/2027 | | | 1,140,000 | | | 1,211,350 |
Fayetteville State University, 5.00%, 04/01/2030 | | | 265,000 | | | 283,269 |
Inlivian
| | | | | | |
4.00%, 04/01/2025 (Callable 04/01/2024) | | | 4,000,000 | | | 3,997,764 |
5.00%, 06/01/2043 (Callable 12/01/2025)(a) | | | 5,348,000 | | | 5,411,422 |
North Carolina Housing Finance Agency
| | | | | | |
5.00%, 04/01/2029(a) | | | 1,050,000 | | | 1,098,577 |
4.00%, 07/01/2048 (Callable 07/01/2027) | | | 160,000 | | | 159,156 |
4.00%, 07/01/2050 (Callable 07/01/2029) | | | 2,165,000 | | | 2,151,470 |
6.00%, 07/01/2053 (Callable 07/01/2031) | | | 4,120,000 | | | 4,366,348 |
6.25%, 01/01/2055 (Callable 07/01/2032) | | | 2,500,000 | | | 2,712,034 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
North Carolina - (Continued)
|
North Carolina Medical Care Commission, 4.00%, 10/01/2027 | | | $ 1,020,000 | | | $ 1,022,418 |
Raleigh Housing Authority
| | | | | | |
5.00%, 10/01/2026(a) | | | 4,000,000 | | | 4,027,537 |
5.00%, 12/01/2026(a) | | | 4,000,000 | | | 4,040,147 |
Town of Morehead City NC, 4.05%, 01/01/2028(a) | | | 2,000,000 | | | 1,996,678 |
| | | | | | 38,481,784 |
North Dakota - 1.3%
| | | | | | |
City of Horace ND
| | | | | | |
4.00%, 01/01/2025 (Callable 07/22/2024) | | | 2,000,000 | | | 1,997,184 |
3.00%, 05/01/2025 | | | 250,000 | | | 244,881 |
3.00%, 05/01/2025 | | | 205,000 | | | 200,558 |
5.13%, 07/01/2025 (Callable 07/22/2024) | | | 1,000,000 | | | 1,000,498 |
3.00%, 05/01/2026 | | | 345,000 | | | 331,334 |
3.00%, 05/01/2026 | | | 100,000 | | | 95,790 |
3.00%, 05/01/2027 (Callable 05/01/2026) | | | 265,000 | | | 249,335 |
3.00%, 05/01/2028 (Callable 05/01/2027) | | | 305,000 | | | 280,129 |
5.00%, 05/01/2031 | | | 3,465,000 | | | 3,549,832 |
City of Mayville ND, 3.75%, 08/01/2025 (Callable 08/01/2024) | | | 4,000,000 | | | 3,910,498 |
North Dakota Housing Finance Agency
| | | | | | |
4.00%, 07/01/2048 (Callable 01/01/2027) | | | 240,000 | | | 238,631 |
4.00%, 01/01/2051 (Callable 07/01/2029) | | | 1,605,000 | | | 1,594,907 |
3.00%, 07/01/2052 (Callable 01/01/2031) | | | 2,670,000 | | | 2,565,809 |
Williston Parks & Recreation District
| | | | | | |
4.50%, 03/01/2025 (Callable 07/17/2024) | | | 300,000 | | | 297,649 |
4.63%, 03/01/2026 (Callable 07/17/2024) | | | 2,620,000 | | | 2,573,803 |
Williston Public School District No 1/ND, 3.00%, 08/01/2026 (Callable 08/01/2024) | | | 1,015,000 | | | 996,599 |
| | | | | | 20,127,437 |
Ohio - 4.4%
| | | | | | |
Akron Bath Copley Joint Township Hospital District
| | | | | | |
5.00%, 11/15/2025 | | | 150,000 | | | 151,958 |
5.00%, 11/15/2028 | | | 1,240,000 | | | 1,284,325 |
City of Huron OH, 3.13%,
12/01/2024 | | | 115,000 | | | 114,170 |
City of Lorain OH
| | | | | | |
3.00%, 12/01/2024 | | | 130,000 | | | 129,446 |
3.00%, 12/01/2025 | | | 135,000 | | | 133,580 |
3.00%, 12/01/2026 | | | 135,000 | | | 133,019 |
| | | | | | | |
| | | | | | | |
City of Middleburg Heights OH, 5.00%, 08/01/2026 | | | $270,000 | | | $ 276,086 |
City of Waterville OH, 1.00%, 12/01/2026 | | | 1,255,000 | | | 1,180,496 |
Cleveland-Cuyahoga County Port Authority, 5.00%, 08/01/2026 (Callable 08/01/2024) | | | 550,000 | | | 550,364 |
Columbus-Franklin County Finance Authority, 4.00%, 05/15/2035 (Callable 11/15/2032) | | | 1,765,000 | | | 1,689,855 |
County of Allen OH Hospital Facilities Revenue, 5.00%, 10/01/2049 (Callable 02/03/2027)(a) | | | 1,425,000 | | | 1,485,737 |
County of Hamilton OH Sewer System Revenue
| | | | | | |
5.00%, 12/01/2027(d) | | | 1,290,000 | | | 1,364,201 |
5.00%, 12/01/2028(d) | | | 710,000 | | | 764,097 |
County of Montgomery OH
| | | | | | |
5.00%, 11/15/2025 | | | 2,500,000 | | | 2,528,966 |
5.00%, 11/15/2027 | | | 2,015,000 | | | 2,076,238 |
County of Van Wert OH, 6.13%, 12/01/2049 (Callable 12/01/2029) | | | 12,226,000 | | | 13,632,402 |
Cuyahoga Metropolitan Housing Authority, 4.75%, 12/01/2027(a) | | | 2,550,000 | | | 2,564,832 |
Northeast Ohio Medical University, 5.00%, 12/01/2025 | | | 125,000 | | | 126,295 |
Northwest Local School District/Stark Summit & Wayne Counties, 0.00%, 12/01/2026(e) | | | 440,000 | | | 402,389 |
Ohio Air Quality Development Authority, 4.00%, 09/01/2030(a) | | | 6,570,000 | | | 6,577,558 |
Ohio Higher Educational Facility Commission
| | | | | | |
5.00%, 03/01/2025 | | | 550,000 | | | 549,643 |
5.00%, 05/01/2025 | | | 595,000 | | | 602,432 |
5.00%, 05/01/2025 | | | 455,000 | | | 460,684 |
5.00%, 05/01/2026 (Callable 05/01/2025) | | | 750,000 | | | 758,908 |
5.00%, 12/01/2027 | | | 715,000 | | | 716,678 |
Ohio Housing Finance Agency
| | | | | | |
3.35%, 07/01/2025(a) | | | 2,500,000 | | | 2,500,000 |
4.00%, 11/01/2025(a) | | | 7,000,000 | | | 6,983,785 |
6.00%, 02/01/2026 (Callable 02/01/2025)(b) | | | 1,500,000 | | | 1,508,099 |
5.00%, 08/01/2026(a) | | | 175,000 | | | 176,434 |
5.00%, 12/01/2026(a) | | | 1,000,000 | | | 1,011,409 |
4.00%, 03/01/2047 (Callable 09/01/2025) | | | 35,000 | | | 34,809 |
4.50%, 03/01/2050 (Callable 09/01/2028) | | | 1,620,000 | | | 1,625,170 |
3.75%, 09/01/2050 (Callable 03/01/2029) | | | 10,000 | | | 9,880 |
Ohio Water Development Authority, 5.25%, 06/01/2026 | | | 1,775,000 | | | 1,799,933 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Ohio - (Continued)
|
Port of Greater Cincinnati Development Authority
| | | | | | |
5.00%, 04/01/2027 | | | $ 250,000 | | | $ 258,247 |
4.00%, 11/15/2028 | | | 700,000 | | | 704,523 |
Reynoldsburg City School District, 4.94%, 09/01/2032 | | | 5,170,000 | | | 5,313,803 |
State of Ohio, 5.00%, 05/01/2034 (Callable 05/01/2025) | | | 575,000 | | | 582,227 |
Toledo-Lucas County Port Authority
| | | | | | |
3.30%, 05/15/2028 | | | 1,225,000 | | | 1,184,204 |
2.00%, 11/15/2031 | | | 855,000 | | | 751,902 |
University of Akron, 5.00%, 01/01/2034 (Callable 07/01/2026) | | | 2,195,000 | | | 2,238,036 |
Village of Bluffton OH, 5.00%, 12/01/2025 | | | 1,500,000 | | | 1,517,416 |
| | | | | | 68,454,236 |
Oklahoma - 2.3%
| | | | | | |
Caddo County Educational Facilities Authority
| | | | | | |
5.00%, 09/01/2028 | | | 770,000 | | | 798,556 |
5.00%, 09/01/2029 | | | 845,000 | | | 882,984 |
Canadian County Independent School District No 34 El Reno, 4.50%, 07/01/2026(d) | | | 1,695,000 | | | 1,716,220 |
Garfield County Educational Facilities Authority, 5.00%, 09/01/2027 (Callable 09/01/2026) | | | 3,780,000 | | | 3,873,285 |
Grady County School Finance Authority
| | | | | | |
5.00%, 12/01/2024 | | | 565,000 | | | 566,812 |
5.00%, 12/01/2026 | | | 1,015,000 | | | 1,039,418 |
Muskogee Industrial Trust, 5.00%, 09/01/2026 | | | 1,775,000 | | | 1,811,483 |
Oklahoma County Finance Authority, 5.00%, 09/01/2024 | | | 350,000 | | | 350,519 |
Oklahoma County Independent School District No 52 Midwest City-Del City
| | | | | | |
4.00%, 07/01/2027 | | | 4,140,000 | | | 4,212,294 |
4.00%, 07/01/2028 | | | 3,990,000 | | | 4,082,823 |
Oklahoma Development Finance Authority, 5.00%, 08/01/2024 | | | 585,000 | | | 584,837 |
Oklahoma Housing Finance Agency
| | | | | | |
4.00%, 06/01/2028 (Callable 06/01/2025)(a) | | | 1,250,000 | | | 1,249,614 |
5.00%, 03/01/2052 (Callable 03/01/2031) | | | 1,785,000 | | | 1,829,090 |
6.00%, 03/01/2054 (Callable 09/01/2032) | | | 2,615,000 | | | 2,848,230 |
6.50%, 09/01/2054 (Callable 09/01/2032) | | | 1,630,000 | | | 1,821,153 |
Purcell Public Works Authority, 5.00%, 03/01/2027 | | | 880,000 | | | 913,229 |
Sallisaw Municipal Authority
| | | | | | |
4.00%, 06/01/2025 | | | 680,000 | | | 674,438 |
| | | | | | | |
| | | | | | | |
4.00%, 06/01/2026 | | | $ 710,000 | | | $ 700,176 |
4.00%, 06/01/2028 (Callable 06/01/2026) | | | 765,000 | | | 746,710 |
Tulsa County Independent School District No 9 Union, 0.05%, 04/01/2026 | | | 2,250,000 | | | 2,102,690 |
Tulsa Metropolitan Utility Authority
| | | | | | |
0.05%, 04/01/2026 | | | 2,385,000 | | | 2,230,640 |
0.05%, 04/01/2027 | | | 2,465,000 | | | 2,224,272 |
| | | | | | 37,259,473 |
Oregon - 0.4%
| | | | | | |
County of Yamhill OR, 4.00%, 10/01/2024 | | | 425,000 | | | 423,945 |
Oregon State Business Development Commission, 3.80%, 12/01/2040 (Callable 02/01/2028)(a) | | | 2,605,000 | | | 2,617,220 |
State of Oregon
| | | | | | |
5.00%, 08/01/2026 | | | 1,750,000 | | | 1,815,916 |
4.00%, 12/01/2048 (Callable 12/01/2026) | | | 255,000 | | | 253,824 |
State of Oregon Housing & Community Services Department
| | | | | | |
3.88%, 01/01/2033 (Callable 08/01/2024) | | | 235,000 | | | 233,752 |
3.50%, 07/01/2036 (Callable 01/01/2025) | | | 20,000 | | | 19,936 |
4.50%, 01/01/2049 (Callable 07/01/2027) | | | 570,000 | | | 569,713 |
4.50%, 07/01/2049 (Callable 07/01/2027) | | | 180,000 | | | 179,999 |
Yamhill County Hospital Authority, 2.50%, 11/15/2028 (Callable 07/22/2024) | | | 1,830,000 | | | 1,669,777 |
| | | | | | 7,784,082 |
Pennsylvania - 2.0%
| | | | | | |
Bucks County Industrial Development Authority, 5.00%, 07/01/2025 | | | 350,000 | | | 346,994 |
Caernarvon Township Authority
| | | | | | |
4.00%, 09/01/2027 (Callable 09/01/2024) | | | 130,000 | | | 130,017 |
4.00%, 09/01/2028 (Callable 09/01/2024) | | | 165,000 | | | 165,018 |
4.00%, 09/01/2029 (Callable 09/01/2024) | | | 170,000 | | | 170,020 |
4.00%, 09/01/2030 (Callable 09/01/2024) | | | 175,000 | | | 175,019 |
Chester County Industrial Development Authority, 5.00%, 03/01/2027 (Callable 09/01/2026) | | | 1,000,000 | | | 1,009,547 |
City of Bradford PA, 2.50%,
11/01/2025 | | | 395,000 | | | 384,880 |
City of Erie Higher Education Building Authority
| | | | | | |
5.00%, 05/01/2025 | | | 160,000 | | | 160,090 |
5.00%, 05/01/2027 | | | 225,000 | | | 227,028 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Pennsylvania - (Continued)
|
City of Scranton PA
| | | | | | |
5.00%, 09/01/2025 | | | $ 405,000 | | | $ 408,161 |
5.00%, 09/01/2026 | | | 420,000 | | | 426,653 |
5.00%, 09/01/2027 | | | 440,000 | | | 451,054 |
City of York PA, 5.00%, 11/15/2025 | | | 1,505,000 | | | 1,509,143 |
County of Allegheny PA, 4.29% (SOFR + 0.55%), 11/01/2026 (Callable 08/01/2024) | | | 1,520,000 | | | 1,511,960 |
County of Lackawanna PA, 4.00%, 09/01/2026 | | | 1,445,000 | | | 1,451,800 |
Cumberland County Municipal Authority
| | | | | | |
5.00%, 01/01/2029 (Callable 01/01/2025) | | | 490,000 | | | 491,751 |
5.00%, 01/01/2029 (Callable 01/01/2025) | | | 190,000 | | | 191,100 |
Delaware Valley Regional Finance Authority, 4.54% (1 mo. Term
SOFR + 0.88%), 09/01/2048 (Callable 09/01/2024) | | | 2,000,000 | | | 2,000,927 |
East Hempfield Township Industrial Development Authority, 5.00%, 07/01/2029 (Callable 07/01/2024) | | | 1,730,000 | | | 1,730,000 |
Health Care Facilities Authority of Sayre, 4.54% (3 mo. LIBOR US + 0.78%), 12/01/2024 (Callable 08/01/2024)(f) | | | 65,000 | | | 64,954 |
Indiana County Municipal Services Authority
| | | | | | |
5.00%, 10/01/2027 | | | 310,000 | | | 319,109 |
5.00%, 10/01/2028 | | | 325,000 | | | 337,197 |
Latrobe Industrial Development Authority
| | | | | | |
5.00%, 03/01/2027 | | | 395,000 | | | 398,608 |
5.00%, 03/01/2028 | | | 215,000 | | | 217,613 |
5.00%, 03/01/2029 | | | 150,000 | | | 152,303 |
5.00%, 03/01/2030 | | | 125,000 | | | 126,959 |
Lycoming County Authority, 4.75%, 11/01/2043(a) | | | 1,250,000 | | | 1,252,287 |
Montgomery County Industrial Development Authority/PA
| | | | | | |
4.00%, 12/01/2024 | | | 200,000 | | | 199,673 |
4.00%, 12/01/2025 | | | 390,000 | | | 387,906 |
North Penn Water Authority, 4.44% (SIFMA Municipal Swap Index + 0.56%), 11/01/2024 (Callable 07/22/2024) | | | 845,000 | | | 845,014 |
Northeastern Pennsylvania Hospital and Education Authority, 5.00%, 03/01/2027 (Callable 03/01/2026) | | | 635,000 | | | 636,472 |
Pennsylvania Economic Development Financing Authority
| | | | | | |
5.00%, 12/31/2029(c) | | | 3,000,000 | | | 3,149,419 |
5.00%, 06/30/2030(c) | | | 1,500,000 | | | 1,584,142 |
| | | | | | | |
| | | | | | | |
Pennsylvania Economic Development Financing Authority Parking System Revenue
| | | | | | |
5.00%, 01/01/2025 | | | $ 2,000,000 | | | $ 2,008,843 |
5.00%, 01/01/2025 | | | 485,000 | | | 487,144 |
5.00%, 01/01/2026 | | | 1,250,000 | | | 1,270,088 |
Pennsylvania Higher Education Assistance Agency, 5.00%, 06/01/2029(c) | | | 725,000 | | | 759,172 |
Pennsylvania Higher Educational Facilities Authority, 5.00%, 05/01/2025 | | | 575,000 | | | 580,245 |
Pennsylvania Housing Finance Agency
| | | | | | |
4.00%, 10/01/2046 (Callable 04/01/2026) | | | 665,000 | | | 661,838 |
4.00%, 10/01/2049 (Callable 10/01/2028) | | | 2,315,000 | | | 2,303,881 |
4.25%, 10/01/2052 (Callable 04/01/2032) | | | 1,075,000 | | | 1,075,945 |
6.25%, 10/01/2053 (Callable 04/01/2033) | | | 4,000,000 | | | 4,341,322 |
Pennsylvania Turnpike Commission, 5.00%, 12/01/2028 | | | 450,000 | | | 468,037 |
Reading School District, 0.00%, 01/15/2026(e) | | | 670,000 | | | 627,693 |
Scranton-Lackawanna Health and Welfare Authority, 5.00%, 11/01/2025 | | | 40,000 | | | 40,631 |
State Public School Building Authority, 0.00%, 05/15/2028(e) | | | 2,075,000 | | | 1,774,184 |
Township of North Fayette PA, 4.00%, 04/15/2025 (Callable 08/01/2024) | | | 210,000 | | | 210,025 |
Westmoreland County Industrial Development Authority/PA
| | | | | | |
4.00%, 07/01/2024 | | | 450,000 | | | 450,000 |
4.00%, 07/01/2025 | | | 550,000 | | | 548,151 |
4.00%, 07/01/2026 | | | 725,000 | | | 720,428 |
5.00%, 07/01/2029 | | | 1,555,000 | | | 1,593,783 |
Wilkes-Barre Finance Authority, 5.00%, 11/01/2024 | | | 40,000 | | | 40,124 |
| | | | | | 42,574,352 |
Puerto Rico - 0.0%(g)
| | | | | | |
Puerto Rico Public Finance Corp., 6.00%, 08/01/2026 | | | 545,000 | | | 572,083 |
Rhode Island - 0.6%
| | | | | | |
Providence Public Building Authority
| | | | | | |
5.00%, 09/15/2026 | | | 3,230,000 | | | 3,310,054 |
5.00%, 09/15/2028 | | | 2,425,000 | | | 2,547,442 |
Rhode Island Housing & Mortgage Finance Corp., 3.75%, 10/01/2049 (Callable 04/01/2029) | | | 1,025,000 | | | 1,013,310 |
Tobacco Settlement Financing Corp./RI, 5.00%, 06/01/2027 (Callable 06/01/2025) | | | 1,075,000 | | | 1,085,511 |
| | | | | | 7,956,317 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
South Carolina - 1.7%
| | | | | | |
City of Myrtle Beach SC, 5.00%, 10/01/2027 (Callable 10/01/2026) | | | $ 1,000,000 | | | $ 1,029,824 |
Greenville Housing Authority/SC, 5.00%, 07/01/2027 (Callable 07/01/2026)(a) | | | 832,000 | | | 846,145 |
Greenwood Fifty Schools Facilities, Inc., 5.00%, 12/01/2027 (Callable 06/01/2026) | | | 1,125,000 | | | 1,156,640 |
South Carolina Jobs-Economic Development Authority
| | | | | | |
5.25%, 11/15/2028 (Callable 05/15/2025) | | | 2,150,000 | | | 2,158,407 |
5.75%, 11/15/2029 (Callable 05/15/2025) | | | 1,700,000 | | | 1,659,305 |
South Carolina State Housing Finance & Development Authority
| | | | | | |
4.00%, 07/01/2036 (Callable 07/01/2025) | | | 45,000 | | | 44,761 |
4.00%, 07/01/2047 (Callable 01/01/2027) | | | 435,000 | | | 432,907 |
4.50%, 07/01/2048 (Callable 07/01/2027) | | | 195,000 | | | 195,042 |
4.00%, 01/01/2050 (Callable 07/01/2028) | | | 1,385,000 | | | 1,376,028 |
4.00%, 07/01/2050 (Callable 07/01/2029) | | | 1,315,000 | | | 1,306,539 |
3.00%, 01/01/2052 (Callable 07/01/2030) | | | 8,490,000 | | | 8,215,081 |
Spartanburg County School District No 5/SC, 5.00%, 03/01/2027 | | | 2,750,000 | | | 2,881,645 |
Spartanburg Housing Authority, 2.00%, 03/01/2026
(Callable 03/01/2025)(a) | | | 2,671,000 | | | 2,626,309 |
| | | | | | 23,928,633 |
South Dakota - 0.2%
| | | | | | |
City of Rapid City SD Airport Revenue, 5.00%, 12/01/2025 | | | 310,000 | | | 312,458 |
South Dakota Health & Educational Facilities Authority | | | | | | |
3.00%, 09/01/2025 | | | 100,000 | | | 98,564 |
3.00%, 09/01/2027 | | | 105,000 | | | 100,985 |
3.00%, 09/01/2028 | | | 200,000 | | | 189,582 |
South Dakota Housing Development Authority, 6.25%, 05/01/2055 (Callable 05/01/2032) | | | 2,500,000 | | | 2,715,050 |
| | | | | | 3,416,639 |
Tennessee - 1.9%
| | | | | | |
City of Jackson TN
| | | | | | |
5.00%, 04/01/2026 (Callable 04/01/2025) | | | 1,065,000 | | | 1,070,521 |
5.00%, 04/01/2027 (Callable 04/01/2025) | | | 645,000 | | | 649,369 |
5.00%, 04/01/2027 (Callable 04/01/2025) | | | 20,000 | | | 20,168 |
| | | | | | | |
| | | | | | | |
City of Manchester TN, 2.00%, 08/01/2028 | | | $ 1,535,000 | | | $ 1,440,302 |
City of Memphis TN Electric System Revenue, 5.00%, 12/01/2029 (Callable 12/01/2026) | | | 2,165,000 | | | 2,243,643 |
City of Memphis TN Gas Revenue, 5.00%, 12/01/2029 (Callable 12/01/2026) | | | 2,185,000 | | | 2,264,369 |
City of Morristown TN, 2.00%, 03/01/2029 | | | 1,635,000 | | | 1,516,668 |
City of Sevierville TN, 5.00%, 06/01/2027 | | | 2,845,000 | | | 2,995,281 |
Cleveland Housing Authority, 4.00%, 08/01/2026(a)(b) | | | 2,880,000 | | | 2,878,106 |
Johnson City Health & Educational Facilities Board
| | | | | | |
5.00%, 07/01/2025 | | | 1,125,000 | | | 1,138,058 |
0.00%, 07/01/2028(e) | | | 75,000 | | | 63,610 |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd
| | | | | | |
4.00%, 10/01/2028 | | | 125,000 | | | 122,434 |
3.85%, 02/01/2048(a) | | | 2,250,000 | | | 2,245,596 |
Tennergy Corp./TN
| | | | | | |
5.25%, 12/01/2026 | | | 700,000 | | | 711,982 |
5.50%, 12/01/2027 | | | 770,000 | | | 794,727 |
5.50%, 12/01/2028 | | | 1,000,000 | | | 1,038,998 |
5.50%, 12/01/2029 | | | 2,230,000 | | | 2,348,337 |
5.50%, 10/01/2053 (Callable 09/01/2030)(a) | | | 2,500,000 | | | 2,671,127 |
Tennessee Housing Development Agency
| | | | | | |
3.85%, 07/01/2032 (Callable 01/01/2025) | | | 685,000 | | | 678,582 |
4.00%, 07/01/2039 (Callable 07/22/2024) | | | 85,000 | | | 85,000 |
4.00%, 01/01/2043 (Callable 07/01/2027) | | | 330,000 | | | 327,942 |
3.75%, 01/01/2050 (Callable 01/01/2029) | | | 1,610,000 | | | 1,590,239 |
5.00%, 01/01/2053 (Callable 07/01/2031) | | | 30,000 | | | 30,716 |
6.25%, 01/01/2054 (Callable 07/01/2032) | | | 2,000,000 | | | 2,168,140 |
| | | | | | 31,093,915 |
Texas - 14.3%
| | | | | | |
Abilene Convention Center Hotel Development Corp., 3.75%, 10/01/2031(b) | | | 1,120,000 | | | 1,015,767 |
Alief Independent School District, 5.00%, 02/15/2027 | | | 1,035,000 | | | 1,081,955 |
Arlington Higher Education Finance Corp.
| | | | | | |
5.00%, 08/15/2024 | | | 535,000 | | | 535,690 |
5.00%, 08/15/2026 | | | 450,000 | | | 465,942 |
5.00%, 08/15/2027 | | | 530,000 | | | 558,377 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
4.00%, 08/15/2028 | | | $ 370,000 | | | $ 373,760 |
4.88%, 06/15/2056 (Callable 06/15/2025)(a)(b) | | | 1,750,000 | | | 1,769,201 |
Arlington Housing Finance Corp.
| | | | | | |
4.50%, 04/01/2041 (Callable 04/01/2026)(a) | | | 4,000,000 | | | 4,033,830 |
3.50%, 11/01/2043 (Callable 05/01/2025)(a) | | | 6,500,000 | | | 6,477,977 |
Austin-Bergstrom Landhost Enterprises, Inc., 5.00%, 10/01/2024 | | | 1,595,000 | | | 1,596,061 |
Bexar County Housing Finance Corp., 4.05%, 03/01/2028 (Callable 09/01/2025)(a) | | | 4,000,000 | | | 4,003,522 |
Brazoria County Municipal Utility District No 17, 4.00%, 09/01/2024 (Callable 08/01/2024) | | | 175,000 | | | 175,014 |
Brookfield Water Control & Improvement District, 7.00%, 09/01/2028 | | | 415,000 | | | 473,247 |
Central Texas Turnpike System
| | | | | | |
0.00%, 08/15/2026(e) | | | 9,060,000 | | | 8,382,120 |
5.00%, 08/15/2027 (Callable 08/15/2024) | | | 545,000 | | | 545,718 |
Chisum Independent School District
| | | | | | |
5.00%, 08/15/2026 | | | 620,000 | | | 641,191 |
5.00%, 08/15/2027 | | | 325,000 | | | 341,610 |
Cimarron Municipal Utility District, 4.00%, 03/01/2025 | | | 70,000 | | | 70,150 |
City of Dallas Housing Finance Corp.
| | | | | | |
5.00%, 07/01/2042 (Callable 01/01/2027)(a) | | | 2,100,000 | | | 2,150,193 |
3.50%, 02/01/2044 (Callable 06/01/2025)(a) | | | 1,900,000 | | | 1,874,178 |
City of Dallas TX Hotel Occupancy Tax Revenue, 4.00%, 08/15/2030 (Callable 08/15/2026) | | | 1,000,000 | | | 997,655 |
City of Hearne TX, 3.00%,
08/01/2024 | | | 240,000 | | | 239,676 |
City of Houston TX, 5.50%,
12/01/2024 | | | 325,000 | | | 327,517 |
City of Houston TX Hotel Occupancy Tax & Special Revenue, 5.00%, 09/01/2029 (Callable 09/01/2024) | | | 1,500,000 | | | 1,503,206 |
City of Pearland TX, 5.00%, 03/01/2030 (Callable 03/01/2026) | | | 885,000 | | | 904,157 |
City of Temple TX, 5.00%,
08/01/2028 | | | 360,000 | | | 380,973 |
Clifton Higher Education Finance Corp., 5.00%, 08/15/2026 | | | 1,010,000 | | | 1,030,758 |
Collin County Municipal Utility District No 2, 7.00%, 09/01/2029 | | | 2,435,000 | | | 2,645,643 |
Collin County Water Control & Improvement District No 3, 2.00%, 09/15/2024 | | | 350,000 | | | 347,657 |
| | | | | | | |
| | | | | | | |
Colony Municipal Utility District No 1A
| | | | | | |
7.00%, 08/15/2027 | | | $ 280,000 | | | $ 303,568 |
7.00%, 08/15/2028 | | | 295,000 | | | 327,059 |
Comal County Water Control & Improvement District No 6
| | | | | | |
4.00%, 03/01/2025 | | | 510,000 | | | 509,593 |
4.00%, 03/01/2026 | | | 535,000 | | | 540,881 |
4.00%, 03/01/2027 | | | 555,000 | | | 562,091 |
4.00%, 03/01/2028 | | | 580,000 | | | 589,146 |
Cool Water Municipal Utility District, 7.00%, 08/15/2029 | | | 1,325,000 | | | 1,454,458 |
Cotulla Independent School District, 5.00%, 02/15/2028 | | | 1,250,000 | | | 1,328,387 |
County of McLennan TX, 5.00%, 06/01/2025 | | | 240,000 | | | 241,938 |
County of Wise TX, 5.00%,
08/15/2026 | | | 850,000 | | | 870,828 |
Cypress-Fairbanks Independent School District
| | | | | | |
5.00%, 02/15/2027 | | | 2,740,000 | | | 2,869,235 |
5.00%, 02/15/2028 | | | 1,060,000 | | | 1,128,342 |
Dallas Convention Center Hotel Development Corp., 0.00%, 01/01/2025(e) | | | 4,650,000 | | | 4,546,841 |
Dallas County Utility & Reclamation District, 5.00%, 02/15/2026 | | | 290,000 | | | 296,573 |
Decatur Hospital Authority, 5.75%, 09/01/2029 | | | 1,000,000 | | | 1,058,574 |
Denton Independent School District
| | | | | | |
2.00%, 08/01/2044(a) | | | 1,450,000 | | | 1,447,932 |
2.00%, 08/01/2044(a) | | | 1,045,000 | | | 1,043,275 |
2.00%, 08/01/2044(a) | | | 190,000 | | | 189,705 |
Duncanville Independent School District/TX, 5.00%, 02/15/2027 (Callable 02/15/2025) | | | 220,000 | | | 222,340 |
Eanes Independent School District, 5.00%, 08/01/2028 | | | 1,060,000 | | | 1,135,257 |
Fort Bend County Municipal Utility District No 132, 6.75%,
09/01/2029 | | | 985,000 | | | 1,056,395 |
Fort Bend County Municipal Utility District No 139, 4.00%,
09/01/2024 | | | 200,000 | | | 200,035 |
Fort Bend County Municipal Utility District No 215, 6.50%,
09/01/2030 | | | 2,020,000 | | | 2,218,997 |
Fort Bend Independent School District, 4.00%, 08/01/2054(a) | | | 5,000,000 | | | 5,069,206 |
Frisco Independent School District, 0.00%, 08/15/2029(e) | | | 100,000 | | | 83,276 |
Galena Park Independent School District, 0.00%, 08/15/2026(e) | | | 1,000,000 | | | 929,044 |
Goliad Independent School District, 5.00%, 02/15/2026 | | | 1,005,000 | | | 1,032,421 |
Harris County Health Facilities Development Corp.
| | | | | | |
5.75%, 07/01/2027 | | | 3,720,000 | | | 3,825,029 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
5.75%, 07/01/2027 | | | $ 865,000 | | | $ 890,106 |
Harris County Municipal Utility District No 120, 3.25%, 08/01/2025 (Callable 08/01/2024) | | | 350,000 | | | 348,748 |
Harris County Municipal Utility District No 63, 3.00%, 09/01/2025 (Callable 09/01/2024) | | | 100,000 | | | 98,841 |
Housing Options, Inc./TX, 3.90%, 02/01/2026 (Callable
02/01/2025)(a) | | | 8,035,000 | | | 8,021,278 |
Houston Independent School District, 3.50%, 06/01/2039(a) | | | 4,885,000 | | | 4,859,216 |
Katy Development Authority
| | | | | | |
3.00%, 06/01/2028 (Callable 06/01/2027) | | | 375,000 | | | 358,988 |
3.00%, 06/01/2029 (Callable 06/01/2027) | | | 450,000 | | | 426,741 |
Kendall County Water Control & Improvement District No 2A, 7.00%, 09/01/2030 | | | 1,335,000 | | | 1,487,795 |
Kilgore Independent School District, 2.00%, 02/15/2052(a) | | | 155,000 | | | 152,336 |
Klein Independent School District, 5.00%, 08/01/2028 | | | 750,000 | | | 804,140 |
Lake Dallas Independent School District, 0.00%, 08/15/2026(e) | | | 1,000,000 | | | 929,238 |
Lakes Fresh Water Supply District of Denton County
| | | | | | |
6.00%, 09/01/2026 | | | 505,000 | | | 531,877 |
6.50%, 09/01/2026 | | | 300,000 | | | 319,072 |
6.00%, 09/01/2027 | | | 645,000 | | | 694,979 |
6.50%, 09/01/2027 | | | 300,000 | | | 327,712 |
Leander Independent School District
| | | | | | |
5.00%, 08/15/2026 | | | 1,150,000 | | | 1,191,938 |
0.00%, 08/15/2036 (Callable 08/15/2024)(e) | | | 35,000 | | | 19,854 |
0.00%, 08/15/2040 (Callable 08/15/2024)(e) | | | 175,000 | | | 80,774 |
0.00%, 08/15/2041 (Callable 08/15/2024)(e) | | | 435,000 | | | 176,750 |
0.00%, 08/15/2042 (Callable 08/15/2024)(e) | | | 700,000 | | | 292,479 |
Llano Independent School District, 5.00%, 02/15/2027 | | | 1,400,000 | | | 1,462,077 |
Love Field Airport Modernization Corp., 5.00%, 11/01/2034 (Callable 11/01/2025)(c) | | | 3,775,000 | | | 3,811,210 |
Lower Colorado River Authority, 4.75%, 01/01/2028 | | | 90,000 | | | 92,095 |
Manor Independent School District
| | | | | | |
5.00%, 08/01/2026 | | | 100,000 | | | 103,555 |
5.00%, 08/01/2027 | | | 1,015,000 | | | 1,070,188 |
Matagorda County Navigation District No 1, 4.55%, 05/01/2030(c) | | | 2,000,000 | | | 2,020,683 |
| | | | | | | |
| | | | | | | |
Meyer Ranch Municipal Utility District, 6.75%, 08/15/2028 | | | $ 1,080,000 | | | $ 1,154,845 |
Midland Independent School District, 5.00%, 02/15/2028 | | | 2,000,000 | | | 2,126,124 |
Mizuho Floater/Residual Trust, 3.67%, 12/01/2037(a)(b) | | | 10,000,000 | | | 10,000,000 |
Montgomery County Municipal Utility District No 105, 2.00%, 09/01/2027 (Callable 09/01/2025) | | | 435,000 | | | 397,886 |
Montgomery County Municipal Utility District No 112, 3.00%,
10/01/2024 | | | 215,000 | | | 214,327 |
Montgomery County Municipal Utility District No 186, 7.00%,
12/01/2029 | | | 1,120,000 | | | 1,222,150 |
Newark Higher Education Finance Corp., 5.00%, 08/15/2028 (Callable 08/15/2024) | | | 705,000 | | | 706,298 |
North Central Texas Health Facility Development Corp., 5.75%, 06/01/2026 | | | 700,000 | | | 720,271 |
North Texas Tollway Authority, 0.00%, 01/01/2029(e) | | | 7,770,000 | | | 6,655,794 |
Northeast Travis County Utility District/TX, 0.00%,
09/01/2024(e) | | | 470,000 | | | 466,055 |
Northlake Municipal Management District No 1, 6.75%, 03/01/2027 | | | 545,000 | | | 583,475 |
Northside Independent School District
| | | | | | |
5.00%, 08/01/2026 | | | 500,000 | | | 518,185 |
5.00%, 08/01/2027 | | | 500,000 | | | 528,242 |
5.00%, 08/01/2028 | | | 2,880,000 | | | 3,092,474 |
2.00%, 06/01/2052(a) | | | 3,640,000 | | | 3,447,922 |
Paseo del Este Municipal Utility District No 10, 4.00%, 08/15/2024 | | | 180,000 | | | 179,947 |
Port of Port Arthur Navigation District, 3.70%, 04/01/2040 (Callable 07/01/2024)(a) | | | 3,000,000 | | | 3,000,000 |
Prosper Independent School District, 4.00%, 02/15/2050(a) | | | 1,250,000 | | | 1,254,158 |
PSC/TX, 3.75%, 12/01/2040 | | | 6,100,000 | | | 5,843,897 |
San Antonio Independent School District/TX
| | | | | | |
5.00%, 08/15/2027 | | | 1,500,000 | | | 1,582,597 |
5.00%, 08/15/2028 | | | 750,000 | | | 804,994 |
Sedona Lakes Municipal Utility District No 1, 3.00%, 09/01/2024 | | | 105,000 | | | 104,689 |
Sienna Municipal Utility District No 4
| | | | | | |
2.00%, 09/01/2027 (Callable 09/01/2025) | | | 500,000 | | | 457,140 |
2.00%, 09/01/2028 (Callable 09/01/2025) | | | 315,000 | | | 279,862 |
Sienna Municipal Utility District No 6, 6.50%, 09/01/2029 | | | 1,500,000 | | | 1,610,629 |
SMHA Finance Public Facility Corp., 3.70%, 07/01/2028(a) | | | 3,500,000 | | | 3,499,379 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
State of Texas
| | | | | | |
4.00%, 08/01/2028 (Callable 08/01/2025) | | | $ 2,500,000 | | | $ 2,502,636 |
3.20%, 10/01/2028 (Callable 10/01/2025) | | | 3,000,000 | | | 2,955,464 |
Strategic Housing Finance Corp. of Travis County, 3.35%, 03/01/2046 (Callable 10/01/2026)(a) | | | 2,000,000 | | | 1,952,649 |
Tarrant County Cultural Education Facilities Finance Corp.
| | | | | | |
5.00%, 11/15/2024 | | | 335,000 | | | 334,962 |
2.25%, 11/15/2025 | | | 225,000 | | | 217,329 |
5.00%, 11/15/2026 | | | 490,000 | | | 492,084 |
5.00%, 11/15/2028 (Callable 11/15/2027) | | | 1,050,000 | | | 1,058,123 |
5.00%, 11/15/2029 (Callable 11/15/2027) | | | 1,855,000 | | | 1,872,737 |
Tarrant County Housing Finance Corp., 5.00%, 03/01/2027 (Callable 03/01/2026)(a) | | | 1,000,000 | | | 1,015,416 |
Texas Department of Housing & Community Affairs
| | | | | | |
5.00%, 03/01/2041 (Callable 03/01/2025)(a) | | | 2,000,000 | | | 2,011,631 |
4.75%, 03/01/2049 (Callable 09/01/2027) | | | 365,000 | | | 366,879 |
5.50%, 09/01/2052 (Callable 03/01/2032) | | | 2,905,000 | | | 3,057,455 |
Texas Municipal Gas Acquisition & Supply Corp. III
| | | | | | |
5.00%, 12/15/2027 | | | 6,250,000 | | | 6,412,571 |
5.00%, 12/15/2028 | | | 1,500,000 | | | 1,540,140 |
Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 (Callable 07/01/2029)(a) | | | 3,500,000 | | | 3,749,510 |
Texas Municipal Gas Acquisition and Supply Corp. I, 5.20% (3 mo. Term SOFR + 1.63%), 12/15/2026 (Callable 07/01/2024) | | | 8,300,000 | | | 8,297,834 |
Texas Municipal Gas Acquisition and Supply Corp. II, 4.63% (3 mo. Term SOFR + 1.05%), 09/15/2027 | | | 6,315,000 | | | 6,338,429 |
Texas State Affordable Housing Corp.
| | | | | | |
5.00%, 04/01/2043 (Callable 09/01/2025)(a) | | | 1,500,000 | | | 1,524,060 |
4.25%, 03/01/2049 (Callable 03/01/2029) | | | 300,000 | | | 299,550 |
5.50%, 09/01/2053 (Callable 03/01/2033) | | | 2,970,000 | | | 3,109,842 |
Tioga Independent School District Public Facility Corp.
| | | | | | |
4.00%, 08/15/2024 | | | 185,000 | | | 184,880 |
3.25%, 08/15/2026 (Callable 08/15/2024) | | | 195,000 | | | 189,861 |
| | | | | | | |
| | | | | | | |
Travis County Housing Finance Corp., 4.13%, 06/01/2045 (Callable 12/01/2025)(a) | | | $ 4,410,000 | | | $ 4,390,731 |
Viridian Municipal Management District
| | | | | | |
5.00%, 12/01/2025 | | | 170,000 | | | 172,822 |
5.00%, 12/01/2025 | | | 100,000 | | | 101,660 |
4.00%, 12/01/2026 (Callable 08/01/2024) | | | 340,000 | | | 340,005 |
5.00%, 12/01/2026 | | | 200,000 | | | 207,476 |
5.00%, 12/01/2026 | | | 195,000 | | | 202,289 |
5.00%, 12/01/2027 | | | 250,000 | | | 262,737 |
5.00%, 12/01/2028 | | | 250,000 | | | 265,666 |
5.00%, 12/01/2028 | | | 200,000 | | | 212,533 |
Waller Consolidated Independent School District, 6.00%, 02/15/2027 | | | 2,680,000 | | | 2,865,688 |
Waller County Municipal Utility District No 37, 7.25%, 09/01/2030 | | | 575,000 | | | 639,442 |
Williamson County Municipal Utility District No 31, 6.00%,
08/15/2028 | | | 1,030,000 | | | 1,080,828 |
| | | | | | 221,273,100 |
Utah - 0.6%
| | | | | | |
City of Salt Lake City UT Sales and Excise Tax Revenue, 4.00%, 10/01/2027 (Callable 10/01/2025) | | | 1,220,000 | | | 1,227,810 |
County of Emery UT, 4.40%, 11/01/2024
(Callable 07/01/2024)(a) | | | 8,000,000 | | | 8,000,000 |
Duchesne County School District, 5.00%, 06/01/2025 | | | 200,000 | | | 201,974 |
Utah Charter School Finance Authority
| | | | | | |
5.00%, 04/15/2025 | | | 135,000 | | | 136,026 |
3.63%, 06/15/2029 (Callable 06/15/2027)(b) | | | 550,000 | | | 525,943 |
Utah Housing Corp., 4.00%, 01/01/2045 (Callable 01/01/2026) | | | 35,000 | | | 34,854 |
| | | | | | 10,126,607 |
Vermont - 0.8%
| | | | | | |
Mizuho Floater/Residual Trust, 3.67%, 12/01/2036 (Callable 06/01/2033)(a)(b) | | | 6,620,000 | | | 6,620,000 |
Vermont Educational & Health Buildings Financing Agency
| | | | | | |
5.00%, 10/15/2026 | | | 695,000 | | | 693,267 |
5.00%, 10/15/2028 (Callable 10/15/2026) | | | 875,000 | | | 873,181 |
Vermont Housing Finance Agency
| | | | | | |
4.00%, 11/01/2044 (Callable 08/01/2024) | | | 15,000 | | | 14,908 |
4.00%, 11/01/2048 (Callable 05/01/2027) | | | 545,000 | | | 541,693 |
4.00%, 11/01/2049 (Callable 05/01/2028) | | | 1,445,000 | | | 1,435,639 |
3.75%, 11/01/2050 (Callable 05/01/2029) | | | 895,000 | | | 884,661 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Vermont - (Continued)
|
Vermont Student Assistance Corp., 5.00%, 06/15/2025(c) | | | $ 825,000 | | | $ 830,947 |
| | | | | | 11,894,296 |
Virginia - 1.9%
| | | | | | |
Arlington County Industrial Development Authority, 5.00%, 01/01/2026 | | | 3,750,000 | | | 3,808,266 |
Charles City County Economic Development Authority, 2.88%, 02/01/2029 (Callable 11/01/2026) | | | 1,000,000 | | | 947,258 |
Chesapeake Bay Bridge & Tunnel District, 5.50%, 07/01/2025 | | | 685,000 | | | 688,843 |
Fairfax County Redevelopment & Housing Authority, 5.00%, 01/01/2045 (Callable
07/01/2027)(a) | | | 5,000,000 | | | 5,146,256 |
Harrisonburg Redevelopment & Housing Authority, 4.00%, 12/01/2028 (Callable
12/01/2026)(a) | | | 1,650,000 | | | 1,653,409 |
Norfolk Redevelopment & Housing Authority
| | | | | | |
4.00%, 01/01/2025 (Callable 08/01/2024) | | | 1,095,000 | | | 1,090,456 |
5.00%, 05/01/2043 (Callable 05/01/2026)(a) | | | 1,500,000 | | | 1,521,183 |
Portsmouth Redevelopment & Housing Authority, 3.50%, 07/01/2025 (Callable 07/01/2024)(a) | | | 3,591,000 | | | 3,591,000 |
Virginia Beach Development Authority, 5.38%, 09/01/2029 (Callable 09/01/2026) | | | 1,500,000 | | | 1,559,391 |
Virginia Public Building Authority
| | | | | | |
5.00%, 08/01/2029 (Callable 08/01/2026)(c) | | | 3,500,000 | | | 3,577,370 |
5.00%, 08/01/2029 | | | 2,400,000 | | | 2,625,786 |
Virginia Small Business Financing Authority
| | | | | | |
5.00%, 01/01/2028 (Callable 07/01/2027) | | | 1,115,000 | | | 1,156,229 |
5.25%, 10/01/2029 (Callable 10/01/2024) | | | 1,005,000 | | | 1,008,018 |
| | | | | | 28,373,465 |
Washington - 2.9%
| | | | | | |
Central Puget Sound Regional Transit Authority
| | | | | | |
4.75%, 02/01/2028 (Callable 08/01/2024) | | | 185,000 | | | 186,053 |
4.08% (SIFMA Municipal Swap Index + 0.20%), 11/01/2045 (Callable 11/01/2025) | | | 9,000,000 | | | 8,913,240 |
Central Washington University, 4.00%, 05/01/2026 (Callable 08/01/2024) | | | 410,000 | | | 409,993 |
| | | | | | | |
| | | | | | | |
City of Seattle WA Municipal Light & Power Revenue, 4.13% (SIFMA Municipal Swap Index + 0.25%), 05/01/2045 (Callable 05/01/2026) | | | $ 8,840,000 | | | $ 8,639,066 |
County of King WA Sewer Revenue, 0.88%, 01/01/2042 (Callable 04/01/2025)(a) | | | 450,000 | | | 430,941 |
King County Public Hospital District No 1, 5.00%, 12/01/2036 (Callable 12/01/2026) | | | 1,250,000 | | | 1,270,837 |
Pend Oreille County Public Utility District No 1 Box Canyon
| | | | | | |
5.00%, 01/01/2025 | | | 735,000 | | | 737,274 |
5.00%, 01/01/2025 | | | 445,000 | | | 446,399 |
San Juan County School District No 137 Orcas Island, 4.00%, 12/01/2028 (Callable 08/01/2024) | | | 675,000 | | | 675,014 |
Seattle Housing Authority
| | | | | | |
4.00%, 09/01/2025 (Callable 03/01/2025) | | | 6,210,000 | | | 6,228,177 |
1.00%, 06/01/2026 (Callable 07/22/2024) | | | 2,000,000 | | | 1,863,013 |
State of Washington, 5.00%, 07/01/2024 (Callable 05/02/2024) | | | 15,000 | | | 15,000 |
Tacoma Metropolitan Park District
| | | | | | |
5.00%, 12/01/2024 | | | 415,000 | | | 415,740 |
4.00%, 12/01/2026 | | | 195,000 | | | 192,846 |
4.00%, 12/01/2027 (Callable 12/01/2026) | | | 4,630,000 | | | 4,533,549 |
4.00%, 12/01/2027 | | | 2,505,000 | | | 2,463,866 |
Washington Health Care Facilities Authority
| | | | | | |
5.00%, 10/01/2026 | | | 1,520,000 | | | 1,556,685 |
5.00%, 12/01/2026(b) | | | 285,000 | | | 292,937 |
Washington State Housing Finance Commission
| | | | | | |
6.00%, 07/01/2025(b) | | | 555,000 | | | 559,592 |
5.00%, 07/01/2028 | | | 210,000 | | | 219,928 |
6.50%, 07/01/2030 (Callable 07/01/2025)(b) | | | 800,000 | | | 819,605 |
6.75%, 07/01/2035 (Callable 07/01/2025)(b) | | | 1,130,000 | | | 1,160,435 |
| | | | | | 42,030,190 |
West Virginia - 0.6%
| | | | | | |
West Virginia Housing Development Fund, 3.00%, 11/01/2026 | | | 2,445,000 | | | 2,378,151 |
Wyoming County Board of Education
| | | | | | |
5.00%, 06/01/2027 | | | 875,000 | | | 911,094 |
5.00%, 06/01/2028 | | | 1,030,000 | | | 1,091,800 |
5.00%, 06/01/2029 | | | 1,095,000 | | | 1,177,125 |
5.00%, 06/01/2030 | | | 1,010,000 | | | 1,099,809 |
| | | | | | 6,657,979 |
Wisconsin - 4.8%
| | | | | | |
City of Appleton WI Waterworks Revenue, 3.00%, 01/01/2026 (Callable 08/01/2024) | | | 625,000 | | | 615,725 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wisconsin - (Continued)
|
City of Marinette WI Waterworks System Revenue, 4.00%, 05/01/2027 (Callable 08/01/2024) | | | $ 150,000 | | | $ 147,391 |
City of Milwaukee WI Sewerage System Revenue, 4.00%, 06/01/2027 (Callable 06/01/2026) | | | 970,000 | | | 980,590 |
City of Oshkosh WI Storm Water Utility Revenue, 4.00%, 05/01/2029 (Callable 08/01/2024) | | | 125,000 | | | 125,055 |
County of St Croix WI, 2.60%, 03/01/2027 | | | 625,000 | | | 594,987 |
County of Waushara WI, 4.50%, 06/01/2027 (Callable 06/01/2025) | | | 2,500,000 | | | 2,523,764 |
D C Everest Area School District/WI
| | | | | | |
3.63%, 04/01/2038 (Callable 04/01/2027) | | | 1,310,000 | | | 1,323,328 |
3.63%, 04/01/2038 (Callable 04/01/2027) | | | 1,290,000 | | | 1,304,821 |
Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | | | 7,000,000 | | | 7,080,346 |
Palmyra-Eagle Area School District/WI, 3.00%, 03/01/2025 (Callable 08/01/2024) | | | 175,000 | | | 172,506 |
Public Finance Authority
| | | | | | |
5.00%, 10/01/2024(b) | | | 1,605,000 | | | 1,605,587 |
5.00%, 04/01/2025 | | | 60,000 | | | 60,279 |
5.00%, 07/01/2025(c) | | | 265,000 | | | 266,681 |
5.00%, 07/01/2026(c) | | | 465,000 | | | 471,442 |
5.00%, 07/01/2027(b) | | | 290,000 | | | 299,314 |
5.00%, 07/01/2028(c) | | | 1,245,000 | | | 1,284,050 |
5.00%, 07/01/2028(b) | | | 250,000 | | | 260,501 |
9.00%, 11/01/2028 (Callable 11/01/2027)(b) | | | 1,850,000 | | | 1,887,834 |
5.50%, 12/15/2028 (Callable 06/01/2025)(b) | | | 2,900,000 | | | 2,907,394 |
5.00%, 07/01/2029(c) | | | 1,365,000 | | | 1,421,391 |
5.00%, 07/01/2029(b) | | | 480,000 | | | 505,695 |
0.00%, 09/01/2029 (Callable 09/01/2026)(b)(e) | | | 100,000 | | | 69,240 |
5.00%, 10/01/2029(b) | | | 2,850,000 | | | 2,962,733 |
6.13%, 12/15/2029 (Callable 12/15/2027)(b) | | | 2,500,000 | | | 2,453,051 |
5.00%, 07/01/2030(b) | | | 995,000 | | | 1,057,573 |
5.38%, 12/15/2032 (Callable 06/01/2025)(b) | | | 4,500,000 | | | 4,500,000 |
3.30%, 10/01/2046(a) | | | 1,350,000 | | | 1,331,228 |
Village of Kewaskum WI
| | | | | | |
5.00%, 04/01/2026 | | | 175,000 | | | 176,350 |
5.00%, 04/01/2029 | | | 165,000 | | | 171,714 |
5.00%, 04/01/2030 | | | 330,000 | | | 346,207 |
Village of Waunakee WI Waterworks & Electric System Revenue, 3.20%, 10/01/2026 (Callable 08/01/2024) | | | 225,000 | | | 218,683 |
| | | | | | | |
| | | | | | | |
Wisconsin Center District
| | | | | | |
0.00%, 12/15/2024(e) | | | $ 125,000 | | | $ 122,740 |
5.25%, 12/15/2027 | | | 50,000 | | | 51,651 |
0.00%, 12/15/2031(e) | | | 1,000,000 | | | 749,086 |
Wisconsin Health & Educational Facilities Authority
| | | | | | |
5.00%, 02/15/2025 | | | 300,000 | | | 301,692 |
5.00%, 07/01/2025 (Callable 07/22/2024) | | | 660,000 | | | 660,368 |
2.75%, 08/15/2025 (Callable 08/15/2024) | | | 1,440,000 | | | 1,421,846 |
4.00%, 09/15/2025 | | | 765,000 | | | 761,582 |
5.00%, 11/01/2025 | | | 245,000 | | | 243,396 |
5.00%, 02/15/2026 | | | 400,000 | | | 406,129 |
5.00%, 02/15/2026 | | | 855,000 | | | 868,122 |
5.00%, 10/01/2026 | | | 2,000,000 | | | 2,066,591 |
5.00%, 11/01/2026 | | | 710,000 | | | 702,424 |
5.00%, 08/01/2027 (Callable 07/01/2026)(b) | | | 7,000,000 | | | 7,128,260 |
4.00%, 09/15/2027 | | | 830,000 | | | 821,596 |
5.00%, 02/15/2028 | | | 515,000 | | | 534,709 |
5.00%, 02/15/2029 | | | 6,000,000 | | | 6,299,213 |
5.00%, 11/01/2029 (Callable 11/01/2026) | | | 815,000 | | | 801,856 |
3.00%, 02/15/2035 (Callable 08/15/2025) | | | 220,000 | | | 217,912 |
5.00%, 02/15/2051 (Callable 08/15/2026)(a) | | | 5,450,000 | | | 5,539,563 |
5.00%, 02/15/2052 (Callable 08/15/2024)(a) | | | 2,050,000 | | | 2,049,869 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
| | | | | | |
3.50%, 09/01/2046 (Callable 09/01/2025) | | | 90,000 | | | 88,948 |
4.00%, 03/01/2048 (Callable 03/01/2027) | | | 170,000 | | | 169,129 |
4.25%, 03/01/2049 (Callable 09/01/2028) | | | 440,000 | | | 439,556 |
| | | | | | 71,571,698 |
Wyoming - 0.2%
| | | | | | |
Carbon County Specific Purpose Tax Joint Powers Board
| | | | | | |
5.00%, 06/15/2025 | | | 950,000 | | | 960,849 |
5.00%, 06/15/2026 | | | 340,000 | | | 346,342 |
Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 06/15/2025) | | | 2,000,000 | | | 1,989,461 |
Wyoming Community Development Authority
| | | | | | |
4.00%, 12/01/2043 (Callable 06/01/2027) | | | 110,000 | | | 109,658 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wyoming - (Continued)
|
3.75%, 12/01/2049 (Callable 12/01/2028) | | | $710,000 | | | $704,929 |
| | | | | | 4,111,239 |
TOTAL MUNICIPAL BONDS
(Cost $1,558,940,813) | | | | | | 1,541,515,158 |
U.S. TREASURY SECURITIES - 0.7%
|
United States Treasury Note/Bond, 0.50%, 04/30/2027 | | | 12,000,000 | | | 10,723,691 |
TOTAL U.S. TREASURY SECURITIES
|
(Cost $10,647,918) | | | | | | 10,723,691 |
| | | Shares | | | |
SHORT-TERM INVESTMENTS - 1.1%
|
Money Market Funds - 1.1%
| | | | | | |
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.96%(h) | | | 17,497,621 | | | 17,497,621 |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $17,497,621) | | | | | | 17,497,621 |
TOTAL INVESTMENTS - 102.1% (Cost $1,587,086,352) | | | | | | $1,569,736,470 |
Liabilities in Excess of Other
Assets - (2.1)% | | | | | | (31,853,077) |
TOTAL NET ASSETS - 100.0% | | | | | | $1,537,883,393 |
| | | | | | | |
Percentages are stated as a percent of net assets.
LIBOR - London Interbank Offered Rate
SIFMA - Securities Industry and Financial Markets Association
SOFR - Secured Overnight Financing Rate
(a)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024. |
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $100,813,143 or 6.6% of the Fund’s net assets. |
(c)
| Security subject to the Alternative Minimum Tax ("AMT"). As of June 30, 2024, the total value of securities subject to the AMT was $59,375,462 or 3.9% of net assets.
|
(d)
| Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(e)
| Zero coupon bonds make no periodic interest payments. |
(f)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(g)
| Represents less than 0.05% of net assets. |
(h)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Short-Term Municipal Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $1,541,515,158 | | | $— | | | $1,541,515,158 |
U.S. Treasury Securities | | | — | | | 10,723,691 | | | — | | | 10,723,691 |
Money Market Funds | | | 17,497,621 | | | — | | | — | | | 17,497,621 |
Total Investments | | | $17,497,621 | | | $1,552,238,849 | | | $ — | | | $1,569,736,470 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
MUNICIPAL BONDS - 100.2%
|
Alabama - 2.6%
|
Alabama Corrections Institution Finance Authority, 5.00%, 07/01/2037 (Callable 07/01/2032) | | | $ 295,000 | | | $ 327,041 |
Alabama Housing Finance Authority
| | | | | | |
5.00%, 05/01/2026(a) | | | 1,000,000 | | | 1,006,542 |
5.75%, 04/01/2055 (Callable 04/01/2033) | | | 2,950,000 | | | 3,188,345 |
Black Belt Energy Gas District
| | | | | | |
4.00%, 12/01/2052 (Callable 09/01/2029)(a) | | | 1,000,000 | | | 995,625 |
5.00%, 05/01/2053(a) | | | 2,500,000 | | | 2,603,780 |
5.50%, 11/01/2053 (Callable 09/01/2028)(a) | | | 1,200,000 | | | 1,273,680 |
City of Oxford AL,
4.50%, 09/01/2041 (Callable 07/01/2024)(a) | | | 1,000,000 | | | 1,000,000 |
Energy Southeast A Cooperative District
| | | | | | |
5.00%, 12/01/2027 | | | 250,000 | | | 254,982 |
5.00%, 12/01/2028 | | | 1,065,000 | | | 1,089,281 |
5.00%, 12/01/2030 | | | 750,000 | | | 773,271 |
5.00%, 12/01/2031 | | | 1,000,000 | | | 1,034,817 |
Industrial Development Board of the City of Mobile Alabama,
3.92%, 06/01/2034(a) | | | 2,000,000 | | | 2,007,101 |
Jacksonville State University,
5.00%, 12/01/2036 (Callable 12/01/2027) | | | 150,000 | | | 158,905 |
Southeast Alabama Gas Supply District, 5.00%, 04/01/2025 | | | 2,000,000 | | | 2,009,460 |
Southeast Energy Authority A Cooperative District
| | | | | | |
5.50%, 01/01/2053 (Callable 09/01/2029)(a) | | | 250,000 | | | 267,934 |
5.00%, 05/01/2053 (Callable 05/01/2028)(a) | | | 500,000 | | | 519,465 |
5.00%, 01/01/2054 (Callable 03/01/2030)(a) | | | 1,000,000 | | | 1,055,687 |
5.25%, 01/01/2054 (Callable 04/01/2029)(a) | | | 6,200,000 | | | 6,555,997 |
Tender Option Bond Trust Receipts/Certificates,
3.80%, 07/01/2025(a)(b) | | | 2,000,000 | | | 2,000,000 |
University of South Alabama, 5.00%, 04/01/2034 (Callable 04/01/2029) | | | 1,005,000 | | | 1,067,847 |
| | | | | | 29,189,760 |
Alaska - 0.8%
|
Alaska Housing Finance Corp.
| | | | | | |
4.00%, 06/01/2036 (Callable 06/01/2025) | | | 215,000 | | | 216,165 |
6.00%, 06/01/2054 (Callable 06/01/2033) | | | 2,965,000 | | | 3,203,213 |
| | | | | | | |
| | | | | | | |
Alaska Industrial Development & Export Authority
| | | | | | |
5.00%, 01/01/2027 (Callable 07/01/2025)(c) | | | $ 1,845,000 | | | $ 1,852,949 |
4.25%, 04/01/2031 (Callable 08/01/2024) | | | 185,000 | | | 184,997 |
4.00%, 04/01/2032 (Callable 04/01/2029) | | | 1,885,000 | | | 1,854,211 |
Alaska Municipal Bond Bank Authority, 5.00%, 12/01/2028 (Callable 12/01/2026)(c) | | | 615,000 | | | 629,794 |
Borough of Matanuska-Susitna AK
| | | | | | |
5.25%, 09/01/2026 (Callable 09/01/2025) | | | 35,000 | | | 35,719 |
5.25%, 09/01/2028 (Callable 09/01/2025) | | | 165,000 | | | 168,331 |
Southeast Alaska Power Agency, 5.25%, 06/01/2029 (Callable 12/01/2024) | | | 150,000 | | | 150,975 |
University of Alaska,
5.00%, 10/01/2028 (Callable 10/01/2025) | | | 110,000 | | | 110,976 |
| | | | | | 8,407,330 |
Arizona - 2.8%
|
Arizona Industrial Development Authority
| | | | | | |
2.47%, 07/01/2025 | | | 80,000 | | | 78,848 |
3.17%, 10/01/2025 | | | 65,000 | | | 63,414 |
4.00%, 07/15/2026(b) | | | 125,000 | | | 124,363 |
5.00%, 10/01/2028 | | | 110,000 | | | 112,933 |
5.00%, 11/01/2028 (Callable 05/01/2028) | | | 750,000 | | | 786,977 |
4.75%, 12/15/2028 (Callable 12/15/2026)(b) | | | 1,000,000 | | | 1,012,162 |
5.00%, 10/01/2029 | | | 10,000 | | | 10,334 |
1.76%, 09/01/2030(a)(b) | | | 5,135,947 | | | 4,690,082 |
5.00%, 10/01/2030 (Callable 10/01/2029) | | | 140,000 | | | 144,622 |
5.00%, 10/01/2030 (Callable 10/01/2026)(b) | | | 105,000 | | | 100,522 |
3.63%, 05/20/2033 | | | 2,927,404 | | | 2,749,310 |
5.25%, 11/01/2048 (Callable 11/01/2032) | | | 1,500,000 | | | 1,597,892 |
Chandler Industrial Development Authority
| | | | | | |
5.00%, 09/01/2042 (Callable 03/01/2027)(a)(c) | | | 5,075,000 | | | 5,209,239 |
5.00%, 09/01/2052 (Callable 03/05/2027)(a)(c) | | | 1,200,000 | | | 1,231,874 |
City of Phoenix Civic Improvement Corp.
| | | | | | |
5.00%, 07/01/2035 (Callable 07/01/2025) | | | 1,000,000 | | | 1,011,220 |
5.25%, 07/01/2047 (Callable 07/01/2033) | | | 1,000,000 | | | 1,115,779 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Arizona - (Continued)
|
Glendale Industrial Development Authority
| | | | | | |
4.00%, 05/15/2025 (Callable 07/22/2024) | | | $ 75,000 | | | $ 74,270 |
4.00%, 05/15/2027 (Callable 07/22/2024) | | | 175,000 | | | 171,094 |
2.13%, 07/01/2033 (Callable 07/01/2029)(c) | | | 100,000 | | | 80,396 |
Industrial Development Authority of the City of Phoenix Arizona, 2.95%, 07/01/2026 (Callable 07/01/2025) | | | 1,000,000 | | | 973,597 |
Maricopa County Industrial Development Authority
| | | | | | |
4.50%, 07/01/2025(b) | | | 125,000 | | | 123,650 |
5.00%, 07/01/2025 | | | 475,000 | | | 478,419 |
2.10%, 07/01/2026(b) | | | 950,000 | | | 917,382 |
5.00%, 07/01/2026 | | | 680,000 | | | 692,127 |
5.00%, 07/01/2027 | | | 710,000 | | | 729,485 |
5.25%, 07/01/2033 (Callable 07/01/2030)(b) | | | 725,000 | | | 742,531 |
5.00%, 01/01/2036 (Callable 01/01/2025) | | | 1,390,000 | | | 1,422,885 |
5.00%, 12/01/2041 (Callable 06/01/2034)(d) | | | 3,305,000 | | | 3,534,466 |
| | | 29,979,873 |
Arkansas - 0.5%
|
Arkansas Development Finance Authority
| | | | | | |
5.32%, 09/01/2044 (Callable 07/01/2024)(a) | | | 5,000,000 | | | 5,000,000 |
5.00%, 07/01/2054 (Callable 07/01/2033) | | | 1,000,000 | | | 1,038,673 |
Batesville Public Facilities Board, 5.00%, 06/01/2027 | | | 500,000 | | | 500,955 |
City of Heber Springs AR Sales & Use Tax, 1.63%, 06/01/2047 (Callable 06/01/2028) | | | 545,000 | | | 518,922 |
City of Prairie Grove AR,
1.75%, 06/01/2051 (Callable 12/01/2026) | | | 325,000 | | | 305,698 |
City of West Memphis AR Public Utility System Revenue,
3.00%, 12/01/2041 (Callable 12/01/2028) | | | 605,000 | | | 495,927 |
County of Pulaski AR, 5.00%, 03/01/2030 (Callable 09/01/2026) | | | 40,000 | | | 41,180 |
Henderson State University,
3.63%, 11/01/2033 (Callable 08/01/2024) | | | 55,000 | | | 53,968 |
Lonoke School District No 1,
2.25%, 02/01/2030 (Callable 08/01/2024) | | | 255,000 | | | 232,536 |
| | | | | | 8,187,859 |
| | | | | | | |
| | | | | | | |
California - 3.6%
|
Burbank Unified School District, 4.50%, 08/01/2037 (Callable 08/01/2028) | | | $ 25,000 | | | $ 25,946 |
California Community Choice Financing Authority,
5.25%, 01/01/2054 (Callable 10/01/2030)(a) | | | 1,850,000 | | | 1,949,660 |
California Enterprise Development Authority
| | | | | | |
5.00%, 06/01/2026 | | | 200,000 | | | 206,343 |
5.00%, 06/01/2027 | | | 440,000 | | | 461,584 |
5.00%, 06/01/2028 | | | 230,000 | | | 245,557 |
California Health Facilities Financing Authority
| | | | | | |
4.00%, 03/01/2033 (Callable 07/22/2024) | | | 250,000 | | | 246,282 |
5.00%, 08/15/2037 (Callable 08/15/2027) | | | 100,000 | | | 103,187 |
California Housing Finance Agency
| | | | | | |
5.20%, 12/01/2027 (Callable 06/01/2027)(b) | | | 2,500,000 | | | 2,516,020 |
3.75%, 03/25/2035 | | | 3,855,889 | | | 3,843,555 |
4.38%, 09/20/2036 | | | 1,488,979 | | | 1,547,782 |
3.60%, 08/01/2063 (Callable 02/01/2026)(a) | | | 1,000,000 | | | 993,430 |
California Infrastructure & Economic Development Bank
| | | | | | |
4.00%, 11/01/2039 (Callable 11/01/2031) | | | 630,000 | | | 632,373 |
4.58% (SIFMA Municipal Swap Index + 0.70%), 12/01/2050 (Callable 06/01/2025) | | | 200,000 | | | 199,229 |
California Public Finance Authority
| | | | | | |
2.38%, 11/15/2028 (Callable 07/22/2024)(b) | | | 440,000 | | | 432,348 |
3.13%, 05/15/2029 (Callable 07/22/2024)(b) | | | 3,250,000 | | | 3,188,613 |
California Statewide Communities Development Authority
| | | | | | |
5.00%, 08/01/2026 (Callable 07/22/2024)(a) | | | 1,000,000 | | | 1,000,005 |
5.00%, 05/15/2034 (Callable 05/15/2026) | | | 100,000 | | | 101,965 |
Calipatria Unified School District
| | | | | | |
0.00%, 08/01/2025(e) | | | 15,000 | | | 14,197 |
0.00%, 08/01/2027(e) | | | 165,000 | | | 145,697 |
Cathedral City Public Financing Authority, 0.00%, 08/01/2032(e) | | | 1,085,000 | | | 788,760 |
City of Los Angeles Department of Airports
| | | | | | |
5.00%, 05/15/2029(c) | | | 100,000 | | | 105,805 |
5.00%, 05/15/2032 (Callable 05/15/2025)(c) | | | 1,000,000 | | | 1,009,607 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
California - (Continued)
|
City of Sacramento CA Water Revenue, 4.00%, 09/01/2036 (Callable 09/01/2027) | | | $ 100,000 | | | $ 101,405 |
City of Vernon CA Electric System Revenue, 5.00%, 04/01/2025 | | | 3,000,000 | | | 3,025,487 |
Federal Home Loan Mortgage Corp.
| | | | | | |
3.35%, 11/25/2033 | | | 2,609,148 | | | 2,461,649 |
4.03%, 12/25/2036(a) | | | 1,983,826 | | | 1,944,200 |
Freddie Mac Multifamily ML Certificates, 2.25%,
09/25/2037 | | | 5,253,929 | | | 4,250,622 |
Freddie Mac Multifamily Variable Rate Certificate, 2.88%, 07/25/2036 | | | 3,026,011 | | | 2,716,609 |
Golden West Schools Financing Authority, 0.00%, 08/01/2025(e) | | | 150,000 | | | 143,549 |
Inglewood Unified School District School Facilities Financing Authority, 5.25%, 10/15/2026 | | | 1,000,000 | | | 1,012,852 |
Irvine Facilities Financing Authority, 5.25%, 05/01/2043 (Callable 05/01/2026) | | | 2,000,000 | | | 2,049,464 |
Long Beach Bond Finance Authority, 5.17% (3 mo. Term SOFR + 1.43%), 11/15/2026 | | | 700,000 | | | 707,457 |
Los Angeles Department of Water & Power, 5.00%, 07/01/2044 (Callable 07/01/2024) | | | 100,000 | | | 100,000 |
Mayers Memorial Hospital District
| | | | | | |
0.00%, 08/01/2025(e) | | | 130,000 | | | 123,009 |
0.00%, 08/01/2026(e) | | | 230,000 | | | 207,126 |
0.00%, 08/01/2029(e) | | | 165,000 | | | 128,968 |
0.00%, 08/01/2032(e) | | | 210,000 | | | 140,614 |
0.00%, 08/01/2034(e) | | | 260,000 | | | 154,410 |
Moreno Valley Unified School District/CA, 0.00%,
08/01/2025(e) | | | 150,000 | | | 144,268 |
Northern California Energy Authority, 5.00%, 08/01/2025 | | | 600,000 | | | 605,969 |
Oxnard School District, 5.00%, 08/01/2045 (Callable 08/01/2026) | | | 95,000 | | | 96,739 |
Pleasanton Unified School District, 5.25%, 06/01/2041 (Callable 06/01/2025) | | | 100,000 | | | 101,498 |
Sacramento County Water Financing Authority, 4.31% (3 mo. Term SOFR + 0.55%), 06/01/2034 (Callable 08/01/2024) | | | 2,520,000 | | | 2,421,152 |
San Marcos Public Facilities Authority, 5.00%, 09/01/2029 (Callable 09/01/2024) | | | 200,000 | | | 200,459 |
San Ysidro School District,
0.00%, 08/01/2027(e) | | | 50,000 | | | 44,486 |
| | | | | | | |
| | | | | | | |
Simi Valley Unified School District, 4.00%, 08/01/2038 (Callable 08/01/2027) | | | $ 155,000 | | | $ 155,871 |
Southern California Public Power Authority
| | | | | | |
5.00%, 09/01/2028 | | | 500,000 | | | 520,726 |
5.00%, 09/01/2029 | | | 650,000 | | | 681,757 |
Yorba Linda Redevelopment Agency Successor Agency,
0.00%, 09/01/2026(e) | | | 315,000 | | | 287,918 |
| | | | | | 44,286,209 |
Colorado - 3.4%
|
Arkansas River Power Authority
| | | | | | |
5.88%, 10/01/2026 | | | 790,000 | | | 810,956 |
5.00%, 10/01/2029 (Callable 10/01/2028) | | | 725,000 | | | 744,711 |
5.00%, 10/01/2032 (Callable 10/01/2028) | | | 1,000,000 | | | 1,027,857 |
City & County of Denver CO Airport System Revenue
| | | | | | |
5.00%, 11/15/2029(c) | | | 2,000,000 | | | 2,119,651 |
5.00%, 12/01/2031 (Callable 12/01/2028)(c) | | | 1,500,000 | | | 1,563,632 |
City & County of Denver CO Pledged Excise Tax Revenue, 5.00%, 08/01/2044 (Callable 08/01/2026) | | | 1,250,000 | | | 1,268,428 |
Colorado Bridge Enterprise,
4.00%, 06/30/2029 (Callable 12/31/2027)(c) | | | 3,410,000 | | | 3,344,706 |
Colorado Educational & Cultural Facilities Authority
| | | | | | |
5.00%, 10/01/2028 (Callable 10/01/2025) | | | 1,950,000 | | | 1,937,154 |
2.00%, 09/01/2030 (Callable 09/01/2028) | | | 485,000 | | | 434,902 |
5.00%, 10/01/2030 (Callable 10/01/2025) | | | 100,000 | | | 98,769 |
5.00%, 12/01/2038 (Callable 12/01/2028) | | | 1,110,000 | | | 1,145,753 |
Colorado Health Facilities Authority
| | | | | | |
2.13%, 05/15/2028 (Callable 08/01/2024) | | | 750,000 | | | 718,991 |
5.00%, 08/01/2028 | | | 490,000 | | | 518,385 |
2.63%, 05/15/2029 (Callable 08/01/2024) | | | 1,000,000 | | | 943,895 |
5.25%, 05/15/2032 (Callable 05/15/2027) | | | 550,000 | | | 563,649 |
5.25%, 11/01/2034 (Callable 11/01/2032) | | | 1,000,000 | | | 1,141,953 |
5.00%, 08/01/2044 (Callable 08/01/2029) | | | 170,000 | | | 175,045 |
5.00%, 11/15/2059(a) | | | 1,250,000 | | | 1,347,406 |
4.43% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | | | 2,000,000 | | | 1,989,905 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Colorado - (Continued)
|
5.00%, 05/15/2062 (Callable 02/17/2026)(a) | | | $ 4,000,000 | | | $ 4,116,048 |
Colorado Housing and Finance Authority, 3.50%, 11/01/2043 (Callable 05/01/2026)(a) | | | 1,500,000 | | | 1,496,618 |
Colorado Springs School District No 11 Facilities Corp., 5.00%, 12/15/2043 (Callable 12/15/2033) | | | 1,345,000 | | | 1,448,046 |
Denver City & County Housing Authority, 5.00%, 07/01/2027 (Callable 07/01/2026) | | | 2,000,000 | | | 2,056,407 |
Denver Convention Center Hotel Authority, 5.00%, 12/01/2024 | | | 1,500,000 | | | 1,503,416 |
Denver Health & Hospital Authority
| | | | | | |
4.00%, 12/01/2028 (Callable 08/01/2024) | | | 100,000 | | | 98,862 |
5.00%, 12/01/2029 (Callable 12/01/2028) | | | 500,000 | | | 515,598 |
5.00%, 12/01/2030 (Callable 12/01/2028) | | | 350,000 | | | 360,911 |
5.00%, 12/01/2031 (Callable 12/01/2028) | | | 375,000 | | | 386,768 |
Lakes at Centerra Metropolitan District No 2
| | | | | | |
5.13%, 12/01/2037 | | | 1,695,000 | | | 1,747,155 |
5.25%, 12/01/2047 | | | 3,970,000 | | | 4,092,455 |
Prairie Center Metropolitan District No 7, 4.13%, 12/15/2036 (Callable 12/15/2025) | | | 85,000 | | | 77,008 |
Vauxmont Metropolitan District, 3.25%, 12/15/2050 (Callable 12/15/2024) | | | 1,853,000 | | | 1,543,502 |
| | | | | | 41,338,542 |
Connecticut - 1.2%
|
City of New Haven CT, 5.00%, 08/01/2027 | | | 550,000 | | | 574,049 |
Connecticut Housing Finance Authority
| | | | | | |
3.30%, 11/15/2039 (Callable 11/15/2028) | | | 845,000 | | | 752,635 |
3.50%, 11/15/2045 (Callable 05/15/2029) | | | 710,000 | | | 695,523 |
Connecticut State Health & Educational Facilities Authority
| | | | | | |
3.50%, 07/01/2026 | | | 825,000 | | | 806,618 |
5.00%, 07/01/2027 (Callable 07/01/2026) | | | 60,000 | | | 60,488 |
3.88%, 07/01/2033 (Callable 07/03/2024)(a) | | | 1,710,000 | | | 1,710,000 |
2.95%, 07/01/2049(a) | | | 2,000,000 | | | 1,966,147 |
2.80%, 07/01/2057(a) | | | 2,500,000 | | | 2,464,789 |
| | | | | | | |
| | | | | | | |
Connecticut State Higher Education
Supplement Loan Authority
| | | | | | |
5.00%, 11/15/2029(c) | | | $ 1,080,000 | | | $ 1,136,460 |
5.00%, 11/15/2030(c) | | | 1,075,000 | | | 1,139,220 |
5.00%, 11/15/2031(c) | | | 750,000 | | | 801,170 |
5.00%, 11/15/2032(c) | | | 320,000 | | | 344,054 |
East Hartford Housing Authority, 4.25%, 02/01/2027 (Callable 08/01/2024)(a) | | | 1,000,000 | | | 1,000,283 |
Town of Sprague CT
| | | | | | |
4.00%, 09/01/2024 | | | 40,000 | | | 39,976 |
4.00%, 09/01/2025 | | | 55,000 | | | 55,070 |
| | | | | | 13,546,482 |
District of Columbia - 0.7%
|
District of Columbia
| | | | | | |
5.00%, 07/01/2027 | | | 125,000 | | | 128,644 |
5.50%, 02/28/2034(c) | | | 1,000,000 | | | 1,126,945 |
District of Columbia Housing Finance Agency, 4.10%, 09/01/2046(a) | | | 3,000,000 | | | 3,033,190 |
District of Columbia Water & Sewer Authority
| | | | | | |
4.00%, 10/01/2040 (Callable 04/01/2032) | | | 100,000 | | | 101,254 |
3.00%, 10/01/2057 (Callable 07/01/2027)(a) | | | 1,000,000 | | | 978,478 |
Metropolitan Washington Airports
Authority Aviation Revenue
| | | | | | |
5.00%, 10/01/2028 (Callable 10/01/2027)(c) | | | 2,000,000 | | | 2,072,885 |
5.00%, 10/01/2037 (Callable 10/01/2027)(c) | | | 1,000,000 | | | 1,031,541 |
| | | | | | 8,472,937 |
Florida - 4.4%
|
Capital Projects Finance Authority/FL, 5.00%, 10/01/2027 | | | 1,000,000 | | | 1,018,637 |
Capital Trust Agency, Inc.
| | | | | | |
5.25%, 12/01/2024(b) | | | 250,000 | | | 247,909 |
3.38%, 07/01/2031(b) | | | 1,000,000 | | | 962,649 |
City of Apopka FL Utility System Revenue, 4.00%, 10/01/2026 (Callable 08/01/2024) | | | 250,000 | | | 250,121 |
City of Cape Coral FL Water & Sewer Revenue
| | | | | | |
5.00%, 10/01/2036 (Callable 10/01/2033) | | | 325,000 | | | 368,880 |
5.00%, 10/01/2037 (Callable 10/01/2033) | | | 520,000 | | | 586,904 |
5.00%, 10/01/2038 (Callable 10/01/2033) | | | 325,000 | | | 364,883 |
5.65%, 03/01/2054 (Callable 03/01/2033) | | | 3,750,000 | | | 4,168,130 |
City of Fort Lauderdale FL Water & Sewer Revenue, 4.00%, 09/01/2028 (Callable 09/01/2024) | | | 1,250,000 | | | 1,242,509 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Florida - (Continued)
|
City of Jacksonville FL
| | | | | | |
3.88%, 08/01/2036 (Callable 08/01/2024)(a) | | | $ 5,500,000 | | | $ 5,500,000 |
3.88%, 08/01/2036 (Callable 08/01/2024)(a) | | | 1,000,000 | | | 1,000,000 |
City of Tallahassee FL,
5.00%, 12/01/2027 (Callable 12/01/2025) | | | 500,000 | | | 505,535 |
Collier County Educational Facilities Authority, 5.00%, 06/01/2025 | | | 1,450,000 | | | 1,453,633 |
Collier County Industrial Development Authority,
5.00%, 10/01/2054 (Callable 10/01/2030)(a) | | | 1,250,000 | | | 1,346,343 |
County of Miami-Dade FL Rickenbacker Causeway Revenue
| | | | | | |
5.00%, 10/01/2024 | | | 285,000 | | | 285,359 |
5.00%, 10/01/2031 (Callable 10/01/2024) | | | 160,000 | | | 160,456 |
County of Miami-Dade Seaport Department, 4.00%, 10/01/2040 (Callable 10/01/2031)(c) | | | 115,000 | | | 111,515 |
County of Osceola FL Transportation Revenue, 0.00%, 10/01/2029(e) | | | 800,000 | | | 644,905 |
County of Palm Beach FL,
5.00%, 04/01/2029(b) | | | 1,225,000 | | | 1,245,653 |
Florida Development Finance Corp.
| | | | | | |
5.00%, 11/15/2024 | | | 600,000 | | | 602,676 |
4.00%, 06/15/2025 | | | 445,000 | | | 441,991 |
5.25%, 06/15/2029 (Callable 06/15/2027)(b) | | | 2,000,000 | | | 2,020,783 |
5.00%, 08/15/2032(b) | | | 1,365,000 | | | 1,390,302 |
5.00%, 02/01/2035 (Callable 02/01/2032) | | | 1,000,000 | | | 1,018,878 |
Florida Housing Finance Corp., 4.20%, 01/01/2045 (Callable 01/01/2028) | | | 55,000 | | | 53,608 |
Florida Insurance Assistance Interlocal Agency, Inc.,
4.67%, 09/01/2032 (Callable 07/01/2024)(a) | | | 3,000,000 | | | 3,000,000 |
Greater Orlando Aviation Authority, 5.00%, 10/01/2029 (Callable 10/01/2025)(c) | | | 1,005,000 | | | 1,016,680 |
Highlands County Health Facilities Authority
| | | | | | |
3.88%, 11/15/2035 (Callable 08/01/2024)(a) | | | 1,000,000 | | | 1,000,000 |
3.88%, 11/15/2037 (Callable 08/01/2024)(a) | | | 7,000,000 | | | 7,000,000 |
Jacksonville Housing Authority, 5.00%, 02/01/2034 (Callable 02/01/2033) | | | 1,000,000 | | | 1,059,208 |
| | | | | | | |
| | | | | | | |
Lee County Housing Finance Authority, 3.55%, 08/01/2027 (Callable 02/01/2025)(a) | | | $ 1,000,000 | | | $ 991,638 |
Miami-Dade County Housing Finance Authority
| | | | | | |
3.55%, 01/01/2027(a) | | | 2,645,000 | | | 2,612,207 |
3.40%, 04/01/2041 (Callable 04/01/2025)(a) | | | 1,450,000 | | | 1,431,020 |
Orange County Health Facilities Authority, 5.00%, 08/01/2028 (Callable 08/01/2024) | | | 300,000 | | | 300,252 |
Orlando Utilities Commission, 1.25%, 10/01/2046 (Callable 04/01/2028)(a) | | | 1,150,000 | | | 1,008,633 |
Palm Beach County Housing Finance Authority,
5.00%, 04/01/2026(a) | | | 1,000,000 | | | 1,006,158 |
Pasco County School Board,
5.00%, 08/01/2046 (Callable 08/01/2031) | | | 500,000 | | | 533,367 |
Sarasota County Health Facilities Authority, 4.00%, 05/15/2028 (Callable 05/15/2025) | | | 40,000 | | | 39,786 |
School Board of Miami-Dade County, 5.00%, 02/01/2028 (Callable 02/01/2026) | | | 1,000,000 | | | 1,022,772 |
St Johns County Housing Finance Authority
| | | | | | |
3.55%, 07/01/2027 (Callable 01/01/2025)(a) | | | 1,000,000 | | | 991,886 |
5.50%, 12/01/2028 (Callable 06/01/2026)(a)(b) | | | 2,500,000 | | | 2,461,578 |
Sumter County Industrial Development Authority/FL, 5.00%, 07/01/2025 (Callable 08/01/2024) | | | 500,000 | | | 500,404 |
Tradition Community Development District No 1, 4.00%, 05/01/2028 (Callable 08/01/2024) | | | 1,495,000 | | | 1,495,700 |
UCF Stadium Corp.,
5.00%, 03/01/2025 | | | 370,000 | | | 372,589 |
Village Community Development District No 8, 4.50%, 05/01/2039 (Callable 05/01/2030) | | | 1,785,000 | | | 1,841,114 |
Volusia County Educational Facility Authority, 5.00%, 10/15/2029 (Callable 04/15/2025) | | | 500,000 | | | 503,619 |
| | | 57,180,870 |
Georgia - 3.7%
|
Atlanta Development Authority, 5.00%, 07/01/2024 | | | 200,000 | | | 200,000 |
Atlanta Urban Residential Finance Authority, 2.00%, 09/01/2025 (Callable 09/01/2024)(a) | | | 1,000,000 | | | 994,630 |
Bartow County Development Authority
| | | | | | |
3.95%, 12/01/2032(a) | | | 1,000,000 | | | 1,015,981 |
2.88%, 08/01/2043(a) | | | 2,110,000 | | | 2,079,218 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Georgia - (Continued)
|
Carrollton Payroll Development Authority, 5.00%, 07/01/2029 | | | $ 200,000 | | | $ 215,527 |
Clayton County Development Authority, 4.00%, 07/01/2034 (Callable 07/01/2027) | | | 670,000 | | | 672,865 |
DeKalb County Housing Authority, 4.00%, 12/01/2033 (Callable 12/01/2030) | | | 5,000,000 | | | 4,946,671 |
Development Authority of Appling County, 3.60%, 09/01/2041 (Callable 07/01/2024)(a) | | | 6,000,000 | | | 6,000,000 |
Development Authority of Gwinnett County, 5.00%, 07/01/2040 (Callable 07/01/2027) | | | 3,010,000 | | | 3,105,317 |
Gainesville & Hall County Development Authority,
3.50%, 11/15/2033 (Callable 08/01/2024)(a) | | | 4,400,000 | | | 4,400,000 |
Main Street Natural Gas, Inc.
| | | | | | |
5.00%, 12/01/2028 | | | 1,250,000 | | | 1,301,900 |
5.00%, 12/01/2028 | | | 150,000 | | | 156,228 |
4.00%, 08/01/2049 (Callable 09/01/2024)(a) | | | 1,000,000 | | | 1,000,446 |
4.00%, 07/01/2052 (Callable 06/01/2027)(a) | | | 1,100,000 | | | 1,104,493 |
4.00%, 08/01/2052 (Callable 05/01/2027)(a)(b) | | | 2,850,000 | | | 2,813,112 |
5.00%, 12/01/2052 (Callable 03/01/2029)(a) | | | 1,250,000 | | | 1,310,521 |
5.00%, 06/01/2053 (Callable 03/01/2030)(a) | | | 3,885,000 | | | 4,106,909 |
5.00%, 07/01/2053 (Callable 12/01/2029)(a) | | | 1,000,000 | | | 1,060,756 |
5.00%, 05/01/2054 (Callable 06/01/2031)(a) | | | 2,000,000 | | | 2,123,633 |
Private Colleges & Universities Authority, 5.00%, 06/01/2027 | | | 270,000 | | | 278,655 |
South Regional Joint Development Authority, 5.00%, 08/01/2035 (Callable 08/01/2026) | | | 2,020,000 | | | 2,059,441 |
| | | | | | 40,946,303 |
Hawaii - 0.4%
|
City & County of Honolulu HI, 4.00%, 10/01/2031 (Callable 10/01/2025) | | | 3,000,000 | | | 3,005,742 |
State of Hawaii Airports System Revenue, 5.00%, 08/01/2027 (Callable 07/22/2024)(c) | | | 2,685,000 | | | 2,686,524 |
| | | | | | 5,692,266 |
Idaho - 0.7%
|
Idaho Housing & Finance Association
| | | | | | |
3.00%, 05/01/2032 | | | 1,215,000 | | | 1,113,638 |
3.00%, 05/01/2042 (Callable 05/01/2032) | | | 425,000 | | | 338,689 |
| | | | | | | |
| | | | | | | |
5.00%, 05/01/2044 (Callable 05/01/2032) | | | $ 425,000 | | | $ 438,307 |
5.75%, 05/01/2048 (Callable 05/01/2031) | | | 500,000 | | | 534,603 |
5.00%, 05/01/2049 (Callable 05/01/2032) | | | 665,000 | | | 676,238 |
6.00%, 07/01/2054 (Callable 01/01/2033) | | | 5,000,000 | | | 5,476,583 |
5.75%, 05/01/2058 (Callable 05/01/2031) | | | 500,000 | | | 528,664 |
| | | | | | 9,106,722 |
Illinois - 8.1%
|
Central Lake County Joint Action Water Agency, 4.00%, 05/01/2032 (Callable 05/01/2026) | | | 1,080,000 | | | 1,079,712 |
Champaign & Piatt Counties Community Unit School District No 3, 3.50%, 09/01/2029 (Callable 08/01/2024) | | | 180,000 | | | 176,435 |
Chicago Board of Education,
0.00%, 12/01/2025(e) | | | 1,000,000 | | | 943,040 |
Chicago Board of Education Dedicated Capital Improvement Tax, 5.25%, 04/01/2034 (Callable 04/01/2033) | | | 1,000,000 | | | 1,127,609 |
Chicago Midway International Airport
| | | | | | |
5.00%, 01/01/2026(c) | | | 1,250,000 | | | 1,271,145 |
5.00%, 01/01/2027(c) | | | 445,000 | | | 457,350 |
Chicago O’Hare International Airport
| | | | | | |
5.00%, 01/01/2029 (Callable 01/01/2025)(c) | | | 1,500,000 | | | 1,505,435 |
5.00%, 01/01/2029 (Callable 01/01/2025)(c) | | | 1,000,000 | | | 1,003,624 |
5.00%, 01/01/2030 (Callable 01/01/2025) | | | 630,000 | | | 633,506 |
5.00%, 01/01/2032 (Callable 01/01/2026)(c) | | | 1,310,000 | | | 1,328,063 |
5.00%, 01/01/2033 (Callable 01/01/2025)(c) | | | 435,000 | | | 436,500 |
5.00%, 01/01/2034 (Callable 01/01/2026)(c) | | | 975,000 | | | 988,412 |
5.00%, 01/01/2035 (Callable 01/01/2026)(c) | | | 805,000 | | | 815,440 |
5.00%, 01/01/2036 (Callable 01/01/2032)(c) | | | 500,000 | | | 540,637 |
5.50%, 01/01/2055 (Callable 01/01/2032)(c) | | | 1,255,000 | | | 1,344,348 |
Chicago Park District,
5.25%, 01/01/2042 (Callable 01/01/2033) | | | 1,255,000 | | | 1,357,522 |
Chicago Transit Authority Sales Tax Receipts Fund, 5.25%, 12/01/2049 (Callable 12/01/2024) | | | 2,430,000 | | | 2,435,615 |
City of Chicago IL
| | | | | | |
0.00%, 01/01/2029(e) | | | 4,125,000 | | | 3,416,886 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.50%, 01/01/2040 (Callable 01/01/2032) | | | $ 1,000,000 | | | $ 1,081,856 |
City of Chicago IL Wastewater
Transmission Revenue
| | | | | | |
5.25%, 01/01/2042 (Callable 07/01/2032) | | | 1,000,000 | | | 1,106,835 |
5.25%, 01/01/2043 (Callable 07/01/2032) | | | 1,000,000 | | | 1,106,295 |
City of Chicago IL Waterworks Revenue
| | | | | | |
5.00%, 11/01/2027 (Callable 11/01/2026) | | | 100,000 | | | 103,449 |
5.00%, 11/01/2028 (Callable 11/01/2024) | | | 690,000 | | | 692,228 |
5.00%, 11/01/2029 (Callable 11/01/2026) | | | 390,000 | | | 400,966 |
4.00%, 11/01/2032 (Callable 11/01/2024) | | | 125,000 | | | 125,225 |
City of Mount Vernon IL, 4.00%, 12/15/2032 (Callable 06/15/2030) | | | 3,200,000 | | | 3,211,991 |
City of Springfield IL Electric Revenue
| | | | | | |
5.00%, 03/01/2031 (Callable 03/01/2025) | | | 2,000,000 | | | 2,014,730 |
5.00%, 03/01/2033 (Callable 03/01/2025) | | | 1,000,000 | | | 1,006,183 |
Cook County School District No 111 Burbank, 5.00%, 12/01/2032 (Callable 12/01/2027) | | | 1,250,000 | | | 1,295,813 |
Cook County School District No 144 Prairie Hills, 0.00%, 12/01/2027(e) | | | 35,000 | | | 30,424 |
Illinois Finance Authority
| | | | | | |
5.00%, 11/01/2024 | | | 50,000 | | | 50,072 |
5.00%, 12/01/2024 | | | 980,000 | | | 980,930 |
3.00%, 05/01/2025 | | | 135,000 | | | 133,532 |
5.00%, 09/01/2025 | | | 1,185,000 | | | 1,181,541 |
5.00%, 10/01/2025 | | | 150,000 | | | 151,585 |
5.00%, 03/01/2026 | | | 900,000 | | | 913,068 |
5.00%, 04/01/2026 | | | 200,000 | | | 203,874 |
5.00%, 02/15/2027 | | | 420,000 | | | 425,844 |
5.00%, 04/01/2027 | | | 305,000 | | | 314,922 |
5.00%, 08/01/2027 | | | 400,000 | | | 415,286 |
5.00%, 09/01/2027 (Callable 09/01/2026) | | | 500,000 | | | 510,225 |
5.00%, 08/01/2028 | | | 600,000 | | | 629,858 |
5.00%, 02/15/2030 (Callable 08/15/2027) | | | 1,125,000 | | | 1,145,093 |
4.00%, 05/01/2030 (Callable 05/01/2028) | | | 275,000 | | | 272,921 |
5.00%, 05/15/2030 (Callable 05/15/2025) | | | 25,000 | | | 25,032 |
5.00%, 10/01/2030 | | | 750,000 | | | 786,015 |
| | | | | | | |
| | | | | | | |
3.00%, 09/01/2031 (Callable 09/01/2026) | | | $ 1,475,000 | | | $ 1,354,390 |
5.00%, 10/01/2031 (Callable 10/01/2030) | | | 715,000 | | | 749,619 |
5.00%, 02/15/2032 (Callable 08/15/2027) | | | 500,000 | | | 508,346 |
5.00%, 10/01/2032 (Callable 10/01/2030) | | | 750,000 | | | 786,225 |
5.00%, 05/15/2033 (Callable 11/15/2028) | | | 2,000,000 | | | 2,065,286 |
5.00%, 07/01/2033 (Callable 01/01/2027) | | | 200,000 | | | 207,505 |
5.00%, 10/01/2033 (Callable 10/01/2030) | | | 750,000 | | | 786,155 |
5.00%, 10/01/2035 (Callable 10/01/2030) | | | 775,000 | | | 812,800 |
5.00%, 02/15/2037 (Callable 08/15/2027) | | | 1,000,000 | | | 1,009,142 |
4.13%, 11/15/2037 (Callable 11/15/2025) | | | 300,000 | | | 295,272 |
5.25%, 04/01/2039 (Callable 04/01/2034) | | | 1,180,000 | | | 1,294,082 |
5.00%, 11/15/2039 (Callable 05/15/2025) | | | 2,500,000 | | | 2,510,753 |
5.25%, 04/01/2043 (Callable 04/01/2034) | | | 900,000 | | | 1,018,440 |
Illinois Housing Development Authority
| | | | | | |
4.00%, 06/01/2026 (Callable 06/01/2025)(a) | | | 500,000 | | | 500,002 |
1.70%, 04/01/2031 (Callable 04/01/2029) | | | 1,300,000 | | | 1,067,360 |
2.90%, 08/01/2031 (Callable 02/01/2026) | | | 1,000,000 | | | 902,957 |
4.88% (SIFMA Municipal Swap Index + 1.00%), 05/15/2050 (Callable 11/15/2024) | | | 350,000 | | | 350,551 |
4.50%, 10/01/2052 (Callable 10/01/2030) | | | 1,325,000 | | | 1,336,468 |
3.90%, 01/01/2064 (Callable 07/01/2024)(a) | | | 2,000,000 | | | 2,000,000 |
3.90%, 07/01/2065 (Callable 07/01/2024)(a) | | | 3,000,000 | | | 3,000,000 |
Illinois Sports Facilities Authority
| | | | | | |
5.00%, 06/15/2030 (Callable 06/15/2029) | | | 2,250,000 | | | 2,371,175 |
5.00%, 06/15/2030 | | | 1,500,000 | | | 1,599,332 |
5.00%, 06/15/2031 | | | 2,025,000 | | | 2,177,294 |
5.25%, 06/15/2031 (Callable 07/29/2024) | | | 600,000 | | | 601,866 |
Joliet Park District
| | | | | | |
5.00%, 02/01/2025 | | | 475,000 | | | 478,254 |
5.00%, 02/01/2025 | | | 450,000 | | | 453,083 |
5.00%, 02/01/2028 | | | 200,000 | | | 208,019 |
5.00%, 02/01/2029 | | | 200,000 | | | 210,270 |
5.00%, 02/01/2030 | | | 245,000 | | | 259,183 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.00%, 02/01/2031 | | | $ 360,000 | | | $ 384,060 |
5.00%, 02/01/2032 | | | 200,000 | | | 214,483 |
Kane & DeKalb Counties Community Unit School District No 301 Burlington, 4.00%, 01/01/2037 (Callable 01/01/2027) | | | 2,000,000 | | | 1,967,150 |
Kankakee & Will Counties Community Unit School District No 5/IL, 4.00%, 05/01/2027 (Callable 08/01/2024) | | | 415,000 | | | 410,309 |
Lake County Consolidated High School District No 120 Mundelein, 5.50%, 12/01/2039 (Callable 12/01/2032) | | | 160,000 | | | 178,913 |
Madison Bond Etc Counties Community Unit School District No 5 Highland
| | | | | | |
5.50%, 02/01/2032 (Callable 02/01/2030) | | | 575,000 | | | 638,276 |
5.50%, 02/01/2034 (Callable 02/01/2030) | | | 600,000 | | | 666,487 |
5.50%, 02/01/2035 (Callable 02/01/2030) | | | 570,000 | | | 633,306 |
Madison County Community Unit School District No 8 Bethalto, 4.00%, 12/01/2032 (Callable 12/01/2028) | | | 1,000,000 | | | 1,010,194 |
Metropolitan Pier & Exposition Authority
| | | | | | |
0.00%, 06/15/2026(e) | | | 200,000 | | | 185,405 |
0.00%, 06/15/2027(e) | | | 4,400,000 | | | 3,922,666 |
5.50%, 06/15/2029 | | | 905,000 | | | 930,878 |
0.00%, 12/15/2034(e) | | | 2,000,000 | | | 1,307,175 |
Niles Park District, 3.00%, 12/01/2032 (Callable 08/01/2024) | | | 700,000 | | | 665,067 |
Northern Illinois University
| | | | | | |
5.00%, 04/01/2030 | | | 450,000 | | | 477,428 |
5.00%, 10/01/2031 (Callable 04/01/2031) | | | 450,000 | | | 481,097 |
4.00%, 10/01/2032 (Callable 04/01/2031) | | | 500,000 | | | 501,966 |
Peoria Public Building Commission, 0.00%, 12/01/2025(e) | | | 1,000,000 | | | 938,734 |
Piatt Champaign & DeWitt Counties
Community Unit School District No 25
| |
5.00%, 11/01/2032 (Callable 11/01/2026) | | | 1,935,000 | | | 1,981,289 |
5.00%, 11/01/2035 (Callable 11/01/2026) | | | 1,430,000 | | | 1,461,965 |
Rock Island County School District No 41 Rock Island/Milan,
5.50%, 12/01/2038 (Callable 12/01/2031) | | | 125,000 | | | 138,512 |
| | | | | | | |
| | | | | | | |
Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville,
5.00%, 12/01/2036 (Callable 12/01/2029) | | | $ 100,000 | | | $ 105,830 |
Southern Illinois University,
4.00%, 04/01/2030 | | | 1,575,000 | | | 1,561,315 |
St Clair County Community Unit School District No 187 Cahokia
| | | | | | |
5.00%, 01/01/2032 | | | 300,000 | | | 330,819 |
5.00%, 01/01/2033 | | | 260,000 | | | 289,734 |
5.00%, 01/01/2034 | | | 275,000 | | | 309,586 |
5.00%, 01/01/2035 (Callable 01/01/2034) | | | 525,000 | | | 573,476 |
5.00%, 01/01/2035 (Callable 01/01/2034) | | | 250,000 | | | 280,919 |
5.00%, 01/01/2036 (Callable 01/01/2034) | | | 265,000 | | | 288,435 |
5.00%, 01/01/2036 (Callable 01/01/2034) | | | 225,000 | | | 252,112 |
5.00%, 01/01/2037 (Callable 01/01/2034) | | | 225,000 | | | 244,270 |
State of Illinois,
5.00%, 01/01/2026 | | | 50,000 | | | 51,025 |
University of Illinois,
4.00%, 04/01/2034 (Callable 04/01/2025) | | | 650,000 | | | 648,585 |
Upper Illinois River Valley
Development Authority
| | | | | | |
5.00%, 12/01/2025 | | | 125,000 | | | 125,987 |
5.00%, 12/01/2028 | | | 75,000 | | | 77,074 |
4.00%, 01/01/2031 (Callable 01/01/2027)(b) | | | 215,000 | | | 209,924 |
Village of Hoffman Estates IL, 4.00%, 12/01/2027 (Callable 12/01/2025) | | | 500,000 | | | 500,703 |
Wauconda Special Service Area No 1, 5.00%, 03/01/2033 (Callable 03/01/2025) | | | 3,510,000 | | | 3,527,329 |
Will County Community High School District No 210
Lincoln-Way
| | | | | | |
0.00%, 01/01/2028(e) | | | 310,000 | | | 270,055 |
0.00%, 01/01/2032(e) | | | 125,000 | | | 92,449 |
4.00%, 01/01/2034 (Callable 01/01/2029) | | | 150,000 | | | 149,467 |
Will County Township High School District No 204 Joliet,
4.00%, 01/01/2037 (Callable 01/01/2027) | | | 105,000 | | | 105,298 |
| | | | | | 101,180,653 |
Indiana - 1.7%
|
City of Elkhart IN Redevelopment District, 4.00%, 08/01/2028 (Callable 08/01/2025) | | | 200,000 | | | 198,017 |
City of Rockport IN,
3.13%, 07/01/2025 | | | 2,000,000 | | | 1,971,603 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Indiana - (Continued)
|
Clay Multi School Building Corp., 5.00%, 07/15/2024 | | | $ 215,000 | | | $ 215,100 |
Fishers Town Hall Building Corp., 5.50%, 07/15/2038 (Callable 07/15/2032) | | | 140,000 | | | 158,935 |
Hammond Local Public Improvement Bond Bank, 5.50%, 07/15/2036 (Callable 07/15/2030) | | | 1,500,000 | | | 1,590,719 |
Indiana Finance Authority
| | | | | | |
5.00%, 04/01/2028 | | | 870,000 | | | 873,445 |
5.00%, 03/01/2036 (Callable 03/01/2025) | | | 2,000,000 | | | 2,013,261 |
5.75%, 06/01/2037 (Callable 12/01/2033) | | | 600,000 | | | 681,695 |
5.75%, 06/01/2038 (Callable 12/01/2033) | | | 635,000 | | | 717,764 |
5.75%, 06/01/2039 (Callable 12/01/2033) | | | 670,000 | | | 755,932 |
5.75%, 06/01/2040 (Callable 12/01/2033) | | | 710,000 | | | 794,610 |
5.75%, 06/01/2048 (Callable 12/01/2033) | | | 1,630,000 | | | 1,775,018 |
Indiana Health & Educational Facilities Financing Authority, 5.00%, 11/15/2046 (Callable 11/15/2026) | | | 150,000 | | | 152,060 |
Indianapolis Local Public Improvement Bond Bank,
5.00%, 01/01/2030 (Callable 01/01/2025)(c) | | | 1,250,000 | | | 1,255,724 |
Noblesville Community Development Corp.,
5.00%, 08/01/2038 (Callable 02/01/2034) | | | 2,300,000 | | | 2,552,217 |
Noblesville Redevelopment Authority, 5.50%, 07/15/2043 (Callable 07/15/2031) | | | 100,000 | | | 110,222 |
Plainfield Redevelopment Authority
| | | | | | |
5.00%, 02/01/2030 | | | 15,000 | | | 15,677 |
3.25%, 08/01/2032 (Callable 08/01/2024) | | | 145,000 | | | 134,972 |
Posey County Redevelopment Authority, 5.00%, 07/15/2025 | | | 3,000,000 | | | 3,031,848 |
Salem Elementary School Building Corp./IN, 4.38%, 07/15/2032 (Callable 07/15/2031) | | | 1,495,000 | | | 1,528,832 |
Town of Plainfield IN Redevelopment District,
3.00%, 07/01/2031 (Callable 07/01/2027) | | | 435,000 | | | 411,142 |
| | | | | | 20,938,793 |
Iowa - 1.9%
|
City of Coralville IA,
4.50%, 06/01/2032 (Callable 08/01/2024) | | | 2,000,000 | | | 1,928,419 |
| | | | | | | |
| | | | | | | |
City of Stuart IA, 4.75%, 06/01/2026 (Callable 06/01/2025) | | | $ 1,000,000 | | | $ 1,000,494 |
Clear Creek-Amana Community School District,
4.00%, 06/01/2027 (Callable 06/01/2026) | | | 4,000,000 | | | 4,017,325 |
Iowa Finance Authority
| | | | | | |
7.50%, 01/01/2032 (Callable 01/01/2030)(b) | | | 1,000,000 | | | 974,940 |
4.00%, 07/01/2047 (Callable 07/01/2028) | | | 145,000 | | | 144,059 |
3.25%, 07/01/2050 (Callable 07/01/2029) | | | 90,000 | | | 87,892 |
3.85%, 12/01/2051 (Callable 07/01/2024)(a) | | | 2,000,000 | | | 2,000,000 |
5.50%, 07/01/2053 (Callable 01/01/2033) | | | 2,565,000 | | | 2,693,982 |
Iowa Higher Education Loan Authority
| | | | | | |
5.00%, 10/01/2026 | | | 750,000 | | | 769,241 |
5.00%, 10/01/2037 (Callable 10/01/2030) | | | 400,000 | | | 420,454 |
5.00%, 12/01/2041 (Callable 12/01/2026) | | | 1,000,000 | | | 1,024,868 |
Keokuk Municipal Water Works
| | | | | | |
4.00%, 04/01/2033 (Callable 04/01/2032) | | | 245,000 | | | 238,025 |
4.00%, 04/01/2034 (Callable 04/01/2032) | | | 255,000 | | | 246,065 |
4.15%, 04/01/2036 (Callable 04/01/2032) | | | 450,000 | | | 439,448 |
4.25%, 04/01/2037 (Callable 04/01/2032) | | | 170,000 | | | 167,006 |
4.35%, 04/01/2038 (Callable 04/01/2032) | | | 470,000 | | | 463,037 |
4.40%, 04/01/2039 (Callable 04/01/2032) | | | 510,000 | | | 501,616 |
4.50%, 04/01/2040 (Callable 04/01/2032) | | | 535,000 | | | 526,067 |
PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)(a) | | | 3,860,000 | | | 3,936,069 |
Pleasant Valley Community School District, 4.00%, 07/01/2044 (Callable 07/01/2031) | | | 1,055,000 | | | 1,013,712 |
| | | | | | 22,592,719 |
Kansas - 0.8%
|
City of Burlington KS,
4.30%, 03/01/2045 (Callable 03/03/2026)(a) | | | 2,300,000 | | | 2,298,933 |
City of Goddard KS,
4.00%, 10/01/2026 (Callable 04/01/2026) | | | 3,000,000 | | | 3,009,921 |
City of Maize KS,
4.00%, 10/01/2027 (Callable 10/01/2025) | | | 1,560,000 | | | 1,562,504 |
City of Park City KS,
3.75%, 09/01/2026 (Callable 09/01/2024) | | | 1,000,000 | | | 998,620 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Kansas - (Continued)
|
Wyandotte County-Kansas City
Unified Government
| | | | | | |
0.00%, 12/01/2027(e) | | | $ 175,000 | | | $ 150,617 |
3.00%, 08/01/2031 (Callable 08/01/2028) | | | 2,395,000 | | | 2,219,077 |
| | | | | | 10,239,672 |
Kentucky - 1.5%
|
City of Columbia KY, 3.25%, 12/01/2028 | | | 50,000 | | | 46,149 |
County of Trimble KY
| | | | | | |
3.75%, 06/01/2033 (Callable 06/01/2027) | | | 1,755,000 | | | 1,729,524 |
4.70%, 06/01/2054 (Callable 03/03/2027)(a)(c) | | | 4,000,000 | | | 4,022,997 |
Garrard County School District Finance Corp.
| | | | | | |
5.00%, 08/01/2036 (Callable 08/01/2031) | | | 1,220,000 | | | 1,340,061 |
5.00%, 08/01/2037 (Callable 08/01/2031) | | | 1,000,000 | | | 1,095,159 |
Kentucky Economic Development
Finance Authority
| | | | | | |
0.00%, 10/01/2025(e) | | | 35,000 | | | 33,136 |
5.00%, 07/01/2028 (Callable 07/01/2025) | | | 2,335,000 | | | 2,349,299 |
5.00%, 06/01/2030 (Callable 06/01/2027) | | | 50,000 | | | 51,010 |
5.00%, 07/01/2040 (Callable 07/01/2025) | | | 1,290,000 | | | 1,293,248 |
Kentucky Public Energy Authority
| | | | | | |
4.00%, 01/01/2049 (Callable 07/11/2024)(a) | | | 2,500,000 | | | 2,506,164 |
4.00%, 12/01/2049 (Callable 03/01/2025)(a) | | | 320,000 | | | 320,368 |
4.78% (1 mo. LIBOR US + 1.12%), 12/01/2049 (Callable 03/01/2025)(f) | | | 700,000 | | | 701,792 |
4.00%, 12/01/2050 (Callable 03/01/2026)(a) | | | 275,000 | | | 276,171 |
Kentucky State Property & Building Commission, 5.00%, 11/01/2028 (Callable 11/01/2026) | | | 200,000 | | | 206,641 |
Lexington-Fayette Urban County Airport Board, 5.00%, 07/01/2038 (Callable 07/01/2033) | | | 320,000 | | | 352,683 |
Louisville/Jefferson County Metropolitan Government, 5.00%, 10/01/2029 (Callable 10/01/2026) | | | 330,000 | | | 336,604 |
Morehead State University,
5.00%, 04/01/2028 (Callable 04/01/2025) | | | 455,000 | | | 459,677 |
| | | | | | | |
| | | | | | | |
University of Louisville,
5.00%, 03/01/2034 (Callable 09/01/2026) | | | $ 2,120,000 | | | $ 2,165,745 |
| | | | | | 19,286,428 |
Louisiana - 0.8%
|
City of Shreveport LA Water & Sewer Revenue, 5.00%, 12/01/2032 (Callable 12/01/2028) | | | 880,000 | | | 918,064 |
Louisiana Housing Corp.,
5.00%, 07/01/2046 (Callable 02/01/2026)(a) | | | 1,500,000 | | | 1,520,288 |
Louisiana Local Government Environmental Facilities & Community Development Auth
| | | | | | |
4.00%, 10/01/2024 | | | 145,000 | | | 144,763 |
3.02%, 04/01/2031 (Callable 04/01/2025)(b) | | | 1,132,000 | | | 1,089,716 |
Louisiana Public Facilities Authority
| | | | | | |
5.00%, 10/01/2024 | | | 400,000 | | | 400,043 |
5.00%, 05/15/2026 | | | 1,000,000 | | | 1,021,608 |
5.25%, 10/01/2029 | | | 580,000 | | | 621,601 |
5.00%, 05/15/2033 (Callable 05/15/2030) | | | 350,000 | | | 372,962 |
5.25%, 10/01/2033 | | | 2,515,000 | | | 2,791,602 |
5.25%, 10/01/2046 (Callable 10/01/2033) | | | 405,000 | | | 428,195 |
St Tammany Parish Hospital Service District No 1, 5.00%, 07/01/2034 (Callable 07/01/2028) | | | 1,520,000 | | | 1,599,531 |
| | | | | | 10,908,373 |
Maine - 0.6%
|
City of Lewiston ME
| | | | | | |
1.38%, 02/15/2033 (Callable 02/15/2028) | | | 1,000,000 | | | 765,426 |
1.50%, 02/15/2035 (Callable 02/15/2028) | | | 1,435,000 | | | 1,053,335 |
Finance Authority of Maine
| |
5.00%, 12/01/2024(c) | | | 125,000 | | | 125,464 |
5.00%, 12/01/2025(c) | | | 200,000 | | | 202,402 |
5.00%, 12/01/2026 (c) | | | 200,000 | | | 202,922 |
Maine Health & Higher Educational
Facilities Authority
| | | | | | |
5.00%, 07/01/2026 | | | 100,000 | | | 102,539 |
5.00%, 07/01/2034 (Callable 07/01/2030) | | | 960,000 | | | 1,028,509 |
5.00%, 07/01/2035 (Callable 07/01/2030) | | | 1,510,000 | | | 1,617,655 |
5.00%, 07/01/2036 (Callable 07/01/2030) | | | 1,615,000 | | | 1,728,102 |
5.00%, 07/01/2037 (Callable 07/01/2030) | | | 350,000 | | | 373,048 |
Maine State Housing Authority, 5.00%, 11/15/2052 (Callable 11/15/2031) | | | 925,000 | | | 948,737 |
| | | | | | 8,148,139 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Maryland - 0.8%
|
Howard County Housing Commission, 4.13%, 12/01/2043 (Callable 12/01/2033) | | | $ 2,325,000 | | | $ 2,186,174 |
Maryland Community Development Administration
| | | | | | |
4.05%, 10/01/2024 | | | 1,000,000 | | | 998,257 |
3.85%, 03/01/2025 | | | 2,000,000 | | | 1,985,765 |
0.55%, 09/01/2026 | | | 555,000 | | | 503,240 |
3.75%, 03/01/2050 (Callable 03/01/2029) | | | 1,450,000 | | | 1,432,966 |
Maryland Economic Development Corp.
| | | | | | |
3.50%, 07/01/202(b)(c) | | | 515,000 | | | 515,000 |
5.00%, 06/01/2030 (Callable 06/01/2028) | | | 100,000 | | | 104,554 |
Maryland Health & Higher Educational Facilities Authority
| | | | | | |
5.00%, 01/01/2025 | | | 470,000 | | | 471,101 |
5.00%, 07/01/2045 (Callable 01/01/2027)(a) | | | 380,000 | | | 392,827 |
Maryland State Transportation Authority, 5.00%, 07/01/2046 (Callable 07/01/2031) | | | 1,695,000 | | | 1,810,576 |
Montgomery County Housing Opportunities Commission, 5.75%, 01/01/2058 (Callable 01/01/2034) | | | 1,145,000 | | | 1,302,194 |
| | | | | | 11,702,654 |
Massachusetts - 0.9%
|
Massachusetts Development Finance Agency
| | | | | | |
5.00%, 07/15/2025(b) | | | 65,000 | | | 64,821 |
3.98%, 10/01/2030 | | | 155,000 | | | 145,732 |
5.00%, 07/01/2044 (Callable 07/01/2027) | | | 575,000 | | | 582,978 |
Massachusetts Educational Financing Authority
| | | | | | |
4.25%, 07/01/2032(c) | | | 1,000,000 | | | 990,277 |
2.00%, 07/01/2037 (Callable 07/01/2031)(c) | | | 2,265,000 | | | 1,936,327 |
4.25%, 07/01/2044 (Callable 07/01/2033)(c) | | | 2,285,000 | | | 2,201,414 |
Massachusetts Port Authority, 5.00%, 07/01/2040 (Callable 07/01/2025)(c) | | | 3,500,000 | | | 3,522,978 |
| | | | | | 9,444,527 |
Michigan - 2.7%
|
Ann Arbor School District,
3.00%, 05/01/2027 | | | 1,500,000 | | | 1,472,036 |
Charter Township of Lansing MI, 2.75%, 05/01/2028 (Callable 08/01/2024) | | | 265,000 | | | 248,367 |
City of Detroit MI
| | | | | | |
5.25%, 05/01/2025 | | | 75,000 | | | 75,641 |
| | | | | | | |
| | | | | | | |
6.00%, 05/01/2039 (Callable 05/01/2033) | | | $ 1,000,000 | | | $ 1,162,109 |
Flint Hospital Building Authority, 5.00%, 07/01/2029 | | | 130,000 | | | 130,409 |
Michigan Finance Authority
| | | | | | |
5.00%, 07/01/2024 | | | 335,000 | | | 335,000 |
5.00%, 07/01/2025 (Callable 08/01/2024) | | | 140,000 | | | 140,071 |
5.00%, 07/01/2026 (Callable 08/01/2024) | | | 300,000 | | | 300,166 |
5.25%, 02/01/2027 | | | 1,125,000 | | | 1,129,999 |
5.00%, 07/01/2027 (Callable 07/01/2025) | | | 160,000 | | | 161,864 |
5.00%, 08/31/2028 | | | 490,000 | | | 516,100 |
5.00%, 02/28/2029 | | | 400,000 | | | 424,173 |
5.00%, 08/31/2029 | | | 500,000 | | | 533,832 |
4.50%, 10/01/2029 (Callable 10/01/2024) | | | 3,550,000 | | | 3,551,672 |
5.00%, 07/01/2030 (Callable 08/01/2024) | | | 165,000 | | | 165,121 |
5.25%, 02/01/2032 (Callable 02/01/2027) | | | 100,000 | | | 101,070 |
5.00%, 05/15/2032 (Callable 05/15/2025) | | | 2,000,000 | | | 2,015,577 |
5.00%, 07/01/2032 (Callable 07/01/2025) | | | 1,700,000 | | | 1,717,802 |
5.00%, 05/15/2033 (Callable 05/15/2025) | | | 1,265,000 | | | 1,275,009 |
5.00%, 07/01/2039 (Callable 08/01/2024) | | | 50,000 | | | 50,024 |
5.00%, 10/01/2039 (Callable 10/01/2024) | | | 1,700,000 | | | 1,702,111 |
5.00%, 11/15/2041 (Callable 11/15/2026) | | | 1,000,000 | | | 1,016,736 |
5.00%, 07/01/2044 (Callable 08/01/2024) | | | 180,000 | | | 180,058 |
Michigan State Building Authority, 3.98%, 04/15/2058 (Callable 07/01/2024)(a) | | | 3,000,000 | | | 3,000,000 |
Michigan State Hospital Finance Authority, 5.00%, 11/15/2032 (Callable 05/15/2025) | | | 255,000 | | | 257,811 |
Michigan State Housing Development Authority,
6.00%, 06/01/2054 (Callable 06/01/2033) | | | 5,000,000 | | | 5,403,975 |
Michigan Strategic Fund
| | | | | | |
5.00%, 06/30/2032 (Callable 12/31/2028)(c) | | | 265,000 | | | 273,680 |
5.00%, 12/31/2043 (Callable 12/31/2028)(c) | | | 100,000 | | | 101,592 |
Northview Public Schools,
3.00%, 11/01/2031 (Callable 05/01/2030) | | | 1,000,000 | | | 934,629 |
Walled Lake Consolidated School District, 5.00%, 05/01/2047 (Callable 05/01/2032) | | | 435,000 | | | 465,333 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Michigan - (Continued)
|
Wayne County Airport Authority
| | | | | | |
5.00%, 12/01/2027 (Callable 12/01/2025)(c) | | | $ 1,000,000 | | | $ 1,012,717 |
5.00%, 12/01/2028 (Callable 12/01/2025)(c) | | | 4,650,000 | | | 4,708,461 |
5.00%, 12/01/2029 (Callable 12/01/2027)(c) | | | 295,000 | | | 305,872 |
5.00%, 12/01/2030 (Callable 12/01/2025)(c) | | | 160,000 | | | 161,916 |
| | | | | | 35,030,933 |
Minnesota - 1.9%
|
City of Center City MN,
4.00%, 11/01/2031 (Callable 11/01/2027) | | | 245,000 | | | 244,835 |
City of Coon Rapids MN,
5.60%, 12/01/2039 | | | 1,746,242 | | | 1,859,353 |
City of Minneapolis MN
| | | | | | |
5.00%, 11/15/2034 (Callable 11/15/2025) | | | 200,000 | | | 201,839 |
5.00%, 11/15/2053 (Callable 11/15/2029)(a) | | | 440,000 | | | 470,904 |
City of Mounds View MN,
5.38%, 05/01/2027 (Callable 01/01/2025)(a) | | | 100,000 | | | 99,758 |
City of Virginia MN
| | | | | | |
5.00%, 12/15/2026 (Callable 06/15/2025) | | | 5,110,000 | | | 5,131,395 |
4.25%, 02/01/2031 | | | 425,000 | | | 420,211 |
County of Washington MN
| | | | | | |
2.38%, 02/01/2035 (Callable 02/01/2028) | | | 1,550,000 | | | 1,299,693 |
2.38%, 02/01/2036 (Callable 02/01/2028) | | | 1,590,000 | | | 1,314,255 |
Federal Home Loan Mortgage Corp., Series 2024-ML21, Class AUS, 4.62%, 08/25/2041 (Callable 08/25/2041)(a) | | | 2,998,107 | | | 3,065,583 |
Housing & Redevelopment Authority of The City of St Paul Minnesota, 4.00%, 09/01/2031 (Callable 09/01/2024) | | | 350,000 | | | 344,799 |
Minnesota Higher Education Facilities Authority
| | | | | | |
4.00%, 12/01/2029 | | | 140,000 | | | 137,143 |
5.00%, 10/01/2039 (Callable 10/01/2030) | | | 100,000 | | | 107,171 |
Minnesota Housing Finance Agency
| | | | | | |
3.45%, 02/01/2025 (Callable 08/01/2024) | | | 2,000,000 | | | 1,993,066 |
3.50%, 07/01/2050 (Callable 07/01/2029) | | | 1,065,000 | | | 1,046,342 |
5.75%, 07/01/2053 (Callable 01/01/2033) | | | 985,000 | | | 1,043,668 |
| | | | | | | |
| | | | | | | |
6.25%, 07/01/2054 (Callable 01/01/2033) | | | $ 1,000,000 | | | $ 1,085,273 |
6.50%, 07/01/2054 (Callable 07/01/2033) | | | 1,000,000 | | | 1,104,249 |
Southern Minnesota Municipal Power Agency,
0.00%, 01/01/2027(e) | | | 445,000 | | | 401,922 |
Washington County Community Development Agency,
3.68%, 09/01/2026 (Callable 03/01/2025)(a) | | | 1,200,000 | | | 1,197,026 |
| | | | | | 22,568,485 |
Mississippi - 1.3%
|
Biloxi Public School District,
5.00%, 04/01/2029 (Callable 04/01/2026) | | | 250,000 | | | 255,665 |
City of Oxford MS,
3.50%, 09/01/2029 | | | 50,000 | | | 45,124 |
City of Ridgeland MS,
3.00%, 10/01/2025 | | | 325,000 | | | 320,369 |
County of Hinds MS,
4.00%, 08/01/2027 | | | 140,000 | | | 140,472 |
County of Warren MS,
6.00%, 09/01/2035 (Callable 09/01/2033) | | | 1,020,000 | | | 1,230,464 |
Harrison County School District, 3.00%, 06/01/2037 (Callable 06/01/2029) | | | 500,000 | | | 441,325 |
Mississippi Development Bank
| | | | | | |
5.00%, 11/01/2025 | | | 840,000 | | | 833,873 |
5.00%, 11/01/2026 | | | 780,000 | | | 774,622 |
5.00%, 11/01/2029 (Callable 11/01/2027) | | | 105,000 | | | 102,479 |
5.00%, 06/01/2031 (Callable 06/01/2030) | | | 1,250,000 | | | 1,346,938 |
5.00%, 06/01/2032 (Callable 06/01/2030) | | | 1,425,000 | | | 1,531,509 |
5.00%, 06/01/2034 (Callable 06/01/2030) | | | 1,445,000 | | | 1,550,599 |
Mississippi Home Corp.
| | | | | | |
3.45%, 12/01/2032 | | | 135,000 | | | 128,522 |
3.50%, 06/01/2033 (Callable 12/01/2032) | | | 200,000 | | | 190,951 |
3.55%, 12/01/2033 (Callable 12/01/2032) | | | 415,000 | | | 397,649 |
3.65%, 06/01/2034 (Callable 12/01/2032) | | | 430,000 | | | 420,600 |
3.70%, 12/01/2034 (Callable 12/01/2032) | | | 445,000 | | | 436,595 |
3.75%, 06/01/2035 (Callable 12/01/2032) | | | 285,000 | | | 280,524 |
3.80%, 12/01/2035 (Callable 12/01/2032) | | | 440,000 | | | 434,090 |
4.00%, 12/01/2043 (Callable 12/01/2026) | | | 30,000 | | | 29,824 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Mississippi - (Continued)
|
4.65%, 12/01/2044 (Callable 06/01/2033) | | | $ 2,000,000 | | | $ 2,024,012 |
5.00%, 12/01/2052 (Callable 06/01/2031) | | | 2,195,000 | | | 2,254,578 |
6.25%, 12/01/2054 (Callable 12/01/2032) | | | 1,200,000 | | | 1,227,566 |
State of Mississippi Gaming Tax Revenue, 5.00%, 10/15/2035 (Callable 10/15/2025) | | | 1,955,000 | | | 1,971,807 |
Vicksburg Warren School District
| | | | | | |
5.00%, 03/01/2025 | | | 375,000 | | | 376,886 |
5.00%, 03/01/2028 | | | 270,000 | | | 277,451 |
| | | | | | 19,024,494 |
Missouri - 3.7%
|
Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | | | 3,500,000 | | | 3,481,594 |
City of Kansas City MO Sanitary Sewer System Revenue,
4.00%, 01/01/2036 (Callable 01/01/2028) | | | 200,000 | | | 202,864 |
City of St Louis MO Airport Revenue, 5.00%, 07/01/2039 (Callable 07/01/2029) | | | 110,000 | | | 116,836 |
City of University City MO
| | | | | | |
5.00%, 04/01/2027 | | | 590,000 | | | 612,066 |
5.00%, 04/01/2028 | | | 525,000 | | | 551,794 |
5.00%, 04/01/2030 | | | 660,000 | | | 710,477 |
5.00%, 04/01/2031 | | | 715,000 | | | 778,796 |
5.00%, 04/01/2032 | | | 700,000 | | | 771,120 |
Clay County School District No 40 Excelsior Springs,
5.00%, 04/01/2036 (Callable 04/01/2033) | | | 550,000 | | | 593,641 |
County of Platte MO
| | | | | | |
5.00%, 02/01/2025 (Callable 08/01/2024) | | | 250,000 | | | 249,711 |
3.00%, 03/01/2027 (Callable 08/01/2024) | | | 200,000 | | | 189,741 |
Fulton Public School District No 58, 5.00%, 03/01/2038 (Callable 03/01/2025) | | | 750,000 | | | 755,837 |
Health & Educational Facilities Authority of the State of Missouri
| |
3.50%, 02/01/2025 (Callable 07/23/2024) | | | 55,000 | | | 54,988 |
4.00%, 02/01/2025 | | | 895,000 | | | 895,385 |
5.00%, 02/01/2025 (Callable 07/23/2024) | | | 180,000 | | | 180,126 |
5.00%, 02/01/2025 (Callable 07/22/2024) | | | 75,000 | | | 75,460 |
4.00%, 08/01/2027 | | | 810,000 | | | 786,866 |
5.00%, 09/01/2027 | | | 150,000 | | | 150,758 |
| | | | | | | |
| | | | | | | |
5.00%, 02/01/2029 (Callable 07/23/2024) | | | $ 1,000,000 | | | $ 1,000,700 |
5.00%, 02/01/2030 (Callable 02/01/2026) | | | 160,000 | | | 163,017 |
4.00%, 08/01/2030 (Callable 08/01/2024) | | | 670,000 | | | 639,944 |
4.00%, 02/01/2032 (Callable 02/01/2029) | | | 325,000 | | | 327,838 |
5.00%, 05/15/2036 (Callable 05/15/2026) | | | 875,000 | | | 893,402 |
5.00%, 09/01/2038 (Callable 09/01/2028) | | | 1,500,000 | | | 1,552,785 |
Lincoln County Reorganized School District No R-4, 5.00%, 03/01/2037 (Callable 03/01/2029) | | | 1,175,000 | | | 1,238,147 |
Missouri Housing Development Commission, 2.35%, 11/01/2046 (Callable 05/01/2030) | | | 730,000 | | | 501,091 |
Missouri Joint Municipal Electric Utility Commission
| | | | | | |
5.00%, 06/01/2027 | | | 585,000 | | | 606,773 |
5.00%, 06/01/2028 | | | 650,000 | | | 683,701 |
5.00%, 06/01/2028 | | | 615,000 | | | 646,887 |
5.00%, 06/01/2030 | | | 715,000 | | | 767,941 |
5.00%, 06/01/2030 | | | 680,000 | | | 730,350 |
5.00%, 06/01/2030 | | | 360,000 | | | 384,572 |
5.00%, 06/01/2031 | | | 755,000 | | | 819,310 |
5.00%, 06/01/2031 | | | 710,000 | | | 770,477 |
5.00%, 06/01/2031 | | | 695,000 | | | 749,551 |
5.00%, 06/01/2032 | | | 790,000 | | | 866,246 |
5.00%, 06/01/2032 | | | 750,000 | | | 822,386 |
5.00%, 06/01/2032 | | | 730,000 | | | 794,927 |
Missouri State Environmental Improvement & Energy Resources Authority,
2.75%, 09/01/2033 (Callable 06/12/2027) | | | 4,450,000 | | | 3,867,196 |
St Louis Land Clearance for Redevelopment Authority
| | | | | | |
4.25%, 06/01/2026 | | | 105,000 | | | 104,389 |
5.00%, 06/01/2028 (Callable 12/01/2026) | | | 1,000,000 | | | 1,012,912 |
3.00%, 07/15/2032 (Callable 07/15/2031) | | | 1,570,000 | | | 1,438,933 |
3.00%, 07/15/2033 (Callable 07/15/2031) | | | 1,000,000 | | | 912,583 |
3.88%, 10/01/2035 (Callable 10/01/2029) | | | 2,665,000 | | | 2,424,269 |
4.00%, 06/01/2037 (Callable 12/01/2026) | | | 45,000 | | | 42,674 |
5.00%, 04/01/2038 (Callable 04/01/2027) | | | 595,000 | | | 610,047 |
St Louis Municipal Finance Corp.
| | | | | | |
5.00%, 02/15/2025 | | | 300,000 | | | 302,010 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Missouri - (Continued)
|
5.00%, 10/01/2045 (Callable 10/01/2030) | | | $ 1,000,000 | | | $ 1,043,734 |
St Louis School District,
4.00%, 04/01/2029 (Callable 04/01/2026) | | | 1,000,000 | | | 1,005,347 |
University City Industrial Development Authority,
5.50%, 06/15/2042 (Callable 06/15/2033) | | | 1,000,000 | | | 1,007,503 |
| | | | | | 39,889,702 |
Montana - 0.1%
|
City of Forsyth MT,
3.90%, 03/01/2031 (Callable 08/01/2024)(a) | | | 200,000 | | | 191,553 |
Montana Board of Housing,
3.00%, 12/01/2045 (Callable 06/01/2029) | | | 120,000 | | | 94,839 |
Montana Facility Finance Authority, 5.00%, 07/01/2033 (Callable 07/01/2028) | | | 1,635,000 | | | 1,677,439 |
| | | | | | 1,963,831 |
Nebraska - 0.9%
|
Central Plains Energy Project, 5.00%, 05/01/2054 (Callable 08/01/2029)(a) | | | 1,500,000 | | | 1,580,034 |
City of Fremont NE Combined Utility System Revenue,
1.75%, 07/15/2034 (Callable 07/08/2028) | | | 1,055,000 | | | 834,797 |
County of Sarpy NE
| | | | | | |
1.63%, 06/01/2033 (Callable 06/23/2026) | | | 1,000,000 | | | 773,792 |
1.75%, 06/01/2033 (Callable 06/01/2026) | | | 2,240,000 | | | 1,754,613 |
1.63%, 06/01/2034 (Callable 06/23/2026) | | | 1,765,000 | | | 1,330,933 |
1.75%, 06/01/2034 (Callable 06/01/2026) | | | 2,295,000 | | | 1,753,618 |
1.75%, 06/01/2035 (Callable 06/01/2026) | | | 330,000 | | | 245,277 |
Douglas County Hospital Authority No 2, 5.00%, 05/15/2026 (Callable 08/01/2024) | | | 315,000 | | | 315,066 |
Lincoln Airport Authority
| | | | | | |
4.00%, 07/01/2035 (Callable 07/01/2031)(c) | | | 1,045,000 | | | 1,036,754 |
4.00%, 07/01/2036 (Callable 07/01/2031)(c) | | | 1,210,000 | | | 1,193,805 |
Madison County HospitalAuthority No 1
| | | | | | |
5.00%, 07/01/2027 | | | 585,000 | | | 598,060 |
5.00%, 07/01/2032 (Callable 07/01/2025) | | | 500,000 | | | 502,445 |
| | | | | | | |
| | | | | | | |
Public Power Generation Agency, 5.00%, 01/01/2027 (Callable 01/01/2025) | | | $ 1,800,000 | | | $ 1,809,967 |
| | | | | | 13,729,161 |
Nevada - 0.3%
|
City of Reno NV, 5.00%, 06/01/2031 (Callable 08/01/2024) | | | 1,000,000 | | | 976,875 |
County of Clark NV,
3.75%, 01/01/2036(a) | | | 550,000 | | | 545,308 |
County of Washoe NV,
4.13%, 03/01/2036(a)(c) | | | 1,000,000 | | | 1,001,725 |
Henderson Public Improvement Trust/NV, 3.00%, 01/01/2026 | | | 185,000 | | | 182,923 |
Las Vegas Redevelopment Agency, 3.13%, 06/15/2033 (Callable 06/15/2026) | | | 50,000 | | | 45,355 |
State of Nevada Department of Business & Industry,
4.00%, 12/15/2025(b) | | | 1,030,000 | | | 1,020,332 |
| | | | | | 3,772,518 |
New Hampshire - 1.6%
|
New Hampshire Business Finance Authority
| | | | | | |
3.25%, 04/01/2028 (Callable 01/01/2028) | | | 2,000,000 | | | 1,496,470 |
4.26% (SIFMA Municipal Swap Index + 0.38%), 10/01/2033 (Callable 04/02/2025)(c) | | | 1,250,000 | | | 1,249,853 |
4.50%, 10/01/2033 | | | 2,750,000 | | | 2,821,835 |
4.13%, 01/20/2034 | | | 699,604 | | | 686,356 |
4.38%, 09/20/2036 | | | 2,630,800 | | | 2,614,265 |
4.00%, 10/20/2036 | | | 1,955,056 | | | 1,882,641 |
Series 2024-2, Class A,
3.63%, 08/20/2039 | | | 3,998,069 | | | 3,717,621 |
New Hampshire Housing Finance Authority, 3.70%, 01/01/2027 (Callable 07/01/2026) | | | 3,560,000 | | | 3,571,547 |
| | | | | | 18,040,588 |
New Jersey - 3.3%
|
Atlantic City Board of Education, 3.40%, 08/15/2024(b) | | | 140,000 | | | 139,752 |
Camden County Improvement Authority, 5.00%, 03/01/2027 (Callable 03/01/2026)(a) | | | 1,000,000 | | | 1,017,032 |
New Jersey Economic Development Authority
| | | | | | |
5.13% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025 (Callable 03/01/2025) | | | 430,000 | | | 430,473 |
5.63%, 01/01/2052 (Callable 08/01/2024)(c) | | | 1,000,000 | | | 1,000,724 |
New Jersey Educational Facilities Authority
| | | | | | |
5.00%, 07/01/2026 (Callable 07/01/2025) | | | 595,000 | | | 601,987 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
New Jersey - (Continued)
|
5.00%, 07/01/2026 (Callable 07/01/2025) | | | $ 70,000 | | | $ 70,897 |
5.00%, 07/01/2027 | | | 150,000 | | | 153,011 |
5.00%, 07/01/2028 | | | 125,000 | | | 128,365 |
New Jersey Health Care Facilities Financing Authority,
5.00%, 07/01/2026 (Callable 07/01/2025) | | | 1,095,000 | | | 1,106,492 |
New Jersey Higher Education Student Assistance Authority
| | | | | | |
5.00%, 12/01/2025(c) | | | 1,200,000 | | | 1,218,709 |
5.00%, 12/01/2027 (Callable 12/01/2026)(c) | | | 1,400,000 | | | 1,430,129 |
5.00%, 12/01/2027(c) | | | 775,000 | | | 797,838 |
4.00%, 12/01/2044 (Callable 12/01/2033)(c) | | | 300,000 | | | 285,944 |
4.25%, 12/01/2045 (Callable 12/01/2034)(c) | | | 2,990,000 | | | 2,970,919 |
New Jersey Housing & Mortgage Finance Agency
| | | | | | |
3.60%, 05/01/2026 | | | 3,000,000 | | | 2,977,754 |
3.45%, 10/01/2026(c) | | | 920,000 | | | 890,666 |
1.80%, 10/01/2027(c) | | | 3,655,000 | | | 3,272,057 |
New Jersey Transportation Trust Fund Authority
| | | | | | |
0.00%, 12/15/2026(e) | | | 325,000 | | | 298,109 |
0.00%, 12/15/2027(e) | | | 1,950,000 | | | 1,721,349 |
0.00%, 12/15/2029(e) | | | 4,500,000 | | | 3,694,880 |
New Jersey Turnpike Authority
| | | | | | |
5.00%, 01/01/2027(d) | | | 2,500,000 | | | 2,609,281 |
5.00%, 01/01/2028(d) | | | 6,000,000 | | | 6,372,708 |
Newark Housing Authority
| | | | | | |
5.25%, 01/01/2025 | | | 2,400,000 | | | 2,410,325 |
4.50%, 01/01/2028 | | | 25,000 | | | 25,466 |
River Dell Regional School District
| | | | | | |
1.00%, 09/01/2029 | | | 765,000 | | | 650,318 |
1.00%, 09/01/2030 | | | 800,000 | | | 661,405 |
1.00%, 09/01/2031 | | | 825,000 | | | 663,105 |
1.00%, 09/01/2032 (Callable 09/01/2031) | | | 860,000 | | | 673,146 |
South Jersey Port Corp.
| | | | | | |
3.00%, 01/01/2027 (Callable 07/29/2024) | | | 35,000 | | | 34,511 |
3.50%, 01/01/2032 (Callable 01/01/2026) | | | 100,000 | | | 100,098 |
| | | | | | 38,407,450 |
New Mexico - 0.5%
|
City of Farmington NM, 3.88%, 06/01/2040(a) | | | 2,500,000 | | | 2,514,616 |
New Mexico Hospital Equipment Loan Council, 5.00%, 08/01/2033 (Callable 08/01/2029) | | | 925,000 | | | 990,556 |
| | | | | | | |
| | | | | | | |
New Mexico Mortgage Finance Authority, 5.00%, 02/01/2042 (Callable 10/01/2024)(a) | | | $ 2,000,000 | | | $ 2,003,893 |
Town of Clayton NM, 5.00%, 11/01/2026 (Callable 11/01/2025) | | | 185,000 | | | 186,162 |
Village of Los Ranchos de Albuquerque NM, 5.00%, 09/01/2027 | | | 350,000 | | | 363,699 |
| | | | | | 6,058,926 |
New York - 5.1%
|
Albany Capital Resource Corp., 5.00%, 05/01/2031 (Callable 05/01/2026) | | | 125,000 | | | 126,941 |
Albany County Capital Resource Corp., 3.10%, 07/01/2030 | | | 200,000 | | | 182,950 |
Amherst Industrial Development Agency, 3.90%, 04/01/2026 (Callable 04/01/2025)(a) | | | 2,000,000 | | | 1,996,687 |
Build NYC Resource Corp.,
4.00%, 12/01/2031 (Callable 12/01/2029)(b) | | | 1,100,000 | | | 1,044,808 |
City of Long Beach NY,
5.25%, 07/15/2037 (Callable 07/15/2030) | | | 325,000 | | | 358,858 |
City of New York NY,
3.25%, 04/01/2042 (Callable 07/01/2024)(a) | | | 2,000,000 | | | 2,000,000 |
City of Poughkeepsie NY
| | | | | | |
4.00%, 04/15/2028 | | | 230,000 | | | 223,142 |
4.00%, 04/15/2030 | | | 250,000 | | | 243,337 |
Dutchess County Local Development Corp.,
5.00%, 07/01/2030 (Callable 07/01/2026) | | | 180,000 | | | 184,011 |
Huntington Local Development Corp., 4.00%, 07/01/2027 | | | 535,000 | | | 521,426 |
Monroe County Industrial Development Corp.
| | | | | | |
5.00%, 07/01/2028 (Callable 07/01/2027)(a) | | | 2,000,000 | | | 2,051,122 |
4.84%, 11/01/2040 | | | 2,626,823 | | | 2,773,645 |
New York City Housing Development Corp.
| | | | | | |
2.25%, 11/01/2041 (Callable 05/01/2029) | | | 1,410,000 | | | 1,008,187 |
2.10%, 11/01/2046 (Callable 07/01/2029)(a) | | | 4,600,000 | | | 4,084,409 |
3.00%, 02/15/2048 (Callable 07/22/2024) | | | 2,000,000 | | | 1,993,014 |
3.50%, 02/15/2048 (Callable 07/22/2024) | | | 1,600,000 | | | 1,591,393 |
5.30%, 11/01/2053 (Callable 11/01/2031) | | | 1,000,000 | | | 1,039,625 |
0.70%, 11/01/2060 (Callable 07/22/2024)(a) | | | 2,165,000 | | | 2,081,606 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
New York - (Continued)
|
0.90%, 11/01/2060 (Callable 10/01/2024)(a) | | | $ 1,500,000 | | | $ 1,413,698 |
0.60%, 05/01/2061 (Callable 07/22/2024)(a) | | | 2,755,000 | | | 2,659,797 |
3.80%, 11/01/2063 (Callable 06/01/2027)(a) | | | 3,000,000 | | | 3,010,950 |
New York City Municipal Water Finance Authority,
5.00%, 06/15/2040 (Callable 12/15/2027) | | | 200,000 | | | 208,410 |
New York City Transitional Finance Authority Building Aid
Revenue
| | | | | | |
5.00%, 07/15/2032 (Callable 07/15/2028) | | | 1,900,000 | | | 2,019,186 |
4.00%, 07/15/2038 (Callable 07/15/2028) | | | 200,000 | | | 200,809 |
New York State Dormitory Authority, 5.00%, 02/15/2042 (Callable 08/15/2027) | | | 4,000,000 | | | 4,127,432 |
New York State Housing Finance Agency
| | | | | | |
0.75%, 05/01/2025 (Callable 07/22/2024) | | | 1,020,000 | | | 986,786 |
0.75%, 11/01/2025 (Callable 07/22/2024) | | | 780,000 | | | 741,484 |
1.65%, 05/15/2039 | | | 2,514,286 | | | 1,955,881 |
0.65%, 11/01/2056 (Callable 07/22/2024)(a) | | | 855,000 | | | 817,214 |
1.00%, 11/01/2061 (Callable 07/22/2024)(a) | | | 2,515,000 | | | 2,322,848 |
New York Transportation Development Corp.
| | | | | | |
5.00%, 12/01/2027 | | | 100,000 | | | 104,578 |
4.25%, 06/30/2042 (Callable 06/30/2033)(c) | | | 2,000,000 | | | 1,971,940 |
Onondaga Civic Development Corp.
| | | | | | |
5.00%, 10/01/2024 | | | 90,000 | | | 89,824 |
5.00%, 10/01/2025 | | | 225,000 | | | 223,266 |
3.63%, 10/01/2028 (Callable 10/01/2025) | | | 55,000 | | | 51,155 |
5.00%, 10/01/2029 (Callable 10/01/2025) | | | 150,000 | | | 146,407 |
4.13%, 10/01/2035 (Callable 10/01/2025) | | | 990,000 | | | 855,034 |
Onondaga County Trust for Cultural Resources
| | | | | | |
5.00%, 05/01/2027 | | | 180,000 | | | 184,037 |
5.00%, 05/01/2029 (Callable 05/01/2027) | | | 345,000 | | | 353,355 |
Orange County Funding Corp., 2.63%, 07/01/2025 (Callable 08/01/2024) | | | 125,000 | | | 122,060 |
| | | | | | | |
| | | | | | | |
Port Authority of New York &
New Jersey
| | | | | | |
5.00%, 10/15/2028 (Callable 10/15/2025)(c) | | | $ 2,000,000 | | | $ 2,024,240 |
5.00%, 10/15/2029 (Callable 10/15/2025)(c) | | | 3,105,000 | | | 3,142,632 |
5.00%, 07/15/2030(c) | | | 100,000 | | | 107,344 |
5.00%, 05/01/2035 (Callable 05/01/2025)(c) | | | 1,000,000 | | | 1,006,255 |
State of New York Mortgage Agency Homeowner Mortgage Revenue, 3.50%, 04/01/2049 (Callable 10/01/2028) | | | 210,000 | | | 207,277 |
Town of Ramapo NY
| | | | | | |
3.00%, 11/01/2027 (Callable 07/22/2024) | | | 100,000 | | | 93,219 |
4.13%, 05/15/2028 (Callable 08/01/2024) | | | 115,000 | | | 106,375 |
Town of Watertown NY,
4.25%, 04/10/2025 | | | 1,300,000 | | | 1,300,822 |
Village of Freeport NY,
4.50%, 04/25/2025 | | | 3,253,831 | | | 3,276,834 |
| | | | | | 59,336,310 |
North Carolina - 1.2%
|
City of Raleigh NC,
3.85%, 02/01/2034 (Callable 08/01/2024)(a) | | | 3,000,000 | | | 3,000,000 |
Inlivian, 4.00%, 04/01/2025 (Callable 04/01/2024) | | | 3,332,000 | | | 3,330,137 |
North Carolina Housing Finance Agency
| | | | | | |
4.00%, 07/01/2050 (Callable 01/01/2029) | | | 1,205,000 | | | 1,197,526 |
6.25%, 01/01/2055 (Callable 07/01/2032) | | | 1,000,000 | | | 1,084,814 |
North Carolina Medical Care Commission, 5.00%, 01/01/2038 (Callable 01/01/2026) | | | 1,250,000 | | | 1,270,117 |
Town of Cary NC,
1.63%, 09/01/2034 (Callable 09/01/2031) | | | 2,425,000 | | | 1,862,594 |
University of North Carolina at Chapel Hill, 4.22% (SOFR + 0.65%), 12/01/2041 (Callable 12/01/2024) | | | 1,950,000 | | | 1,950,969 |
Winston-Salem State University, 4.25%, 06/01/2032 (Callable 07/18/2024) | | | 50,000 | | | 50,018 |
| | | | | | 13,746,175 |
North Dakota - 2.5%
|
Cass County Joint Water Resource District, 3.45%, 04/01/2027 (Callable 01/01/2026) | | | 10,000,000 | | | 9,990,305 |
City of Grand Forks ND
| | | | | | |
5.00%, 12/01/2024 | | | 100,000 | | | 100,033 |
5.00%, 12/01/2029 | | | 750,000 | | | 764,306 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
North Dakota - (Continued)
|
City of Horace ND
| | | | | | |
4.00%, 01/01/2025 (Callable 07/22/2024) | | | $ 1,000,000 | | | $ 998,592 |
5.13%, 07/01/2025 (Callable 07/22/2024) | | | 780,000 | | | 780,388 |
3.00%, 05/01/2027 (Callable 05/01/2026) | | | 115,000 | | | 108,202 |
3.00%, 05/01/2029 (Callable 05/01/2026) | | | 730,000 | | | 659,105 |
6.00%, 05/01/2049 (Callable 05/01/2032) | | | 1,500,000 | | | 1,569,581 |
5.38%, 05/01/2050 (Callable 05/01/2033) | | | 800,000 | | | 801,542 |
City of Mandan ND Sales Tax Revenue
| | | | | | |
4.00%, 09/01/2034 (Callable 09/01/2024) | | | 1,010,000 | | | 1,000,441 |
3.00%, 09/01/2036 (Callable 09/01/2024) | | | 255,000 | | | 220,819 |
City of Mayville ND,
3.75%, 08/01/2025 (Callable 08/01/2024) | | | 1,000,000 | | | 977,624 |
County of Grand Forks ND,
4.00%, 10/01/2024 | | | 800,000 | | | 800,608 |
North Dakota Housing Finance Agency, 5.00%, 07/01/2042 (Callable 07/01/2033) | | | 1,000,000 | | | 1,088,134 |
North Dakota Public Finance Authority, 5.00%, 06/01/2040 (Callable 06/01/2025) | | | 6,370,000 | | | 6,423,637 |
Williston Parks & Recreation District
| | | | | | |
4.50%, 03/01/2025 (Callable 07/17/2024) | | | 475,000 | | | 471,278 |
4.00%, 03/01/2032 (Callable 07/17/2024) | | | 35,000 | | | 30,882 |
| | | | | | 26,785,477 |
Ohio - 3.8%
|
Akron Bath Copley Joint Township Hospital District,
5.00%, 11/15/2024 | | | 200,000 | | | 200,558 |
City of Dayton OH Airport Revenue, 5.00%, 12/01/2028 (Callable 12/01/2026)(c) | | | 1,210,000 | | | 1,238,547 |
City of Kirtland OH,
4.50%, 04/17/2025 | | | 1,000,000 | | | 1,005,377 |
City of Warrensville Heights OH, 4.50%, 06/25/2025(b) | | | 850,000 | | | 851,219 |
City of West Carrollton OH,
4.00%, 05/01/2025 | | | 2,535,000 | | | 2,540,013 |
Cleveland-Cuyahoga County Port Authority
| | | | | | |
5.00%, 08/01/2026 (Callable 08/01/2024) | | | 150,000 | | | 150,099 |
| | | | | | | |
| | | | | | | |
5.00%, 08/01/2033 (Callable 08/01/2032) | | | $ 1,200,000 | | | $ 1,304,559 |
5.50%, 08/01/2052 (Callable 08/01/2032) | | | 1,400,000 | | | 1,490,940 |
Columbus Metropolitan Housing Authority
| | | | | | |
2.00%, 11/01/2026 (Callable 07/17/2024) | | | 265,000 | | | 254,177 |
3.00%, 11/01/2028 (Callable 07/17/2024) | | | 275,000 | | | 266,002 |
County of Cuyahoga OH,
5.00%, 12/01/2026 (Callable 08/01/2024) | | | 1,000,000 | | | 1,000,876 |
County of Cuyahoga OH Sales Tax Revenue, 4.00%, 01/01/2033 (Callable 01/01/2031) | | | 100,000 | | | 103,918 |
County of Hamilton OH, 5.00%, 02/01/2028 (Callable 08/01/2024) | | | 250,000 | | | 250,071 |
County of Hamilton OH Sewer System Revenue
| | | | | | |
5.00%, 12/01/2028(d) | | | 1,000,000 | | | 1,076,193 |
5.00%, 12/01/2029(d) | | | 1,000,000 | | | 1,095,178 |
County of Hardin OH, 4.00%, 05/01/2026 | | | 55,000 | | | 53,779 |
County of Montgomery OH, 3.00%, 08/01/2034 (Callable 02/01/2031) | | | 200,000 | | | 183,839 |
FHLMC Multifamily VRD Certificates, 2.55%,
06/15/2035 | | | 2,810,000 | | | 2,377,864 |
Lancaster Port Authority, 5.00%, 08/01/2049 (Callable 11/01/2024)(a) | | | 810,000 | | | 814,419 |
Northeast Ohio Medical University
| | | | | | |
5.00%, 12/01/2024 | | | 75,000 | | | 75,207 |
5.00%, 12/01/2026 | | | 100,000 | | | 101,997 |
Ohio Air Quality Development Authority
| | | | | | |
1.38%, 02/01/2026(a) | | | 1,000,000 | | | 985,993 |
4.00%, 09/01/2030(a) | | | 2,150,000 | | | 2,152,473 |
4.25%, 11/01/2040(a)(c) | | | 1,000,000 | | | 1,003,594 |
Ohio Higher Educational Facility Commission, 5.00%,
12/01/2032 | | | 1,190,000 | | | 1,209,150 |
Ohio Housing Finance Agency
| | | | | | |
3.35%, 07/01/2025(a) | | | 410,000 | | | 410,000 |
6.00%, 02/01/2026 (Callable 02/01/2025)(b) | | | 1,000,000 | | | 1,005,399 |
5.00%, 05/01/2027 (Callable 05/01/2026)(a) | | | 500,000 | | | 507,679 |
4.70%, 01/01/2043 | | | 1,750,000 | | | 1,743,028 |
2.45%, 09/01/2045 (Callable 09/01/2029) | | | 550,000 | | | 387,267 |
4.50%, 03/01/2050 (Callable 09/01/2028) | | | 690,000 | | | 692,202 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Ohio - (Continued)
|
Port of Greater Cincinnati Development Authority
| | | | | | |
5.00%, 12/01/2048 (Callable 06/01/2034) | | | $ 640,000 | | | $ 688,620 |
4.38%, 12/01/2058 (Callable 06/01/2034) | | | 1,000,000 | | | 990,507 |
Reynoldsburg City School District, 4.92%, 09/01/2030 | | | 4,880,000 | | | 4,984,266 |
State of Ohio
| | | | | | |
5.00%, 12/31/2026 (Callable 06/30/2025)(c) | | | 1,000,000 | | | 1,007,725 |
5.00%, 12/31/2027 (Callable 06/30/2025)(c) | | | 950,000 | | | 957,338 |
5.00%, 12/31/2035 (Callable 06/30/2025)(c) | | | 1,700,000 | | | 1,710,325 |
5.00%, 12/31/2039 (Callable 06/30/2025)(c) | | | 1,000,000 | | | 1,002,874 |
4.20%, 01/15/2045 (Callable 07/01/2024)(a) | | | 2,605,000 | | | 2,605,000 |
Summit County Development Finance Authority,
5.75%, 12/01/2053 (Callable 12/01/2033) | | | 750,000 | | | 807,536 |
Triway Local School District,
4.00%, 12/01/2031 (Callable 12/01/2028) | | | 1,005,000 | | | 1,014,118 |
University of Cincinnati
| | | | | | |
5.00%, 06/01/2030(d) | | | 585,000 | | | 637,364 |
5.00%, 06/01/2031(d) | | | 620,000 | | | 684,607 |
5.00%, 06/01/2032(d) | | | 500,000 | | | 558,160 |
| | | | | | 44,180,057 |
Oklahoma - 1.7%
|
Blaine County Educational Facilities Authority, 5.00%, 12/01/2033 (Callable 12/01/2032) | | | 1,080,000 | | | 1,165,144 |
Caddo County Educational Facilities Authority, 5.00%, 09/01/2025 | | | 690,000 | | | 697,548 |
Canadian County Educational Facilities Authority
| | | | | | |
5.00%, 09/01/2029 | | | 1,005,000 | | | 1,076,797 |
5.25%, 09/01/2034 (Callable 09/01/2033) | | | 2,500,000 | | | 2,808,447 |
Canadian County Independent School District No 34 El Reno, 4.50%, 07/01/2026(d) | | | 2,000,000 | | | 2,025,038 |
Delaware County Educational Facilities Authority,
5.00%, 09/01/2029 | | | 1,665,000 | | | 1,761,333 |
Muskogee Industrial Trust
| | | | | | |
5.00%, 09/01/2027 | | | 275,000 | | | 282,952 |
4.00%, 09/01/2031 (Callable 09/01/2029) | | | 500,000 | | | 492,676 |
4.00%, 09/01/2033 (Callable 09/01/2029) | | | 1,500,000 | | | 1,450,227 |
| | | | | | | |
| | | | | | | |
Oklahoma Capitol Improvement Authority, 3.00%, 07/01/2033 (Callable 07/01/2029) | | | $ 1,290,000 | | | $ 1,181,031 |
Oklahoma Development Finance Authority, 4.40%, 08/15/2031 (Callable 07/01/2024)(a) | | | 2,850,000 | | | 2,850,000 |
Pontotoc County Educational Facilities Authority
| | | | | | |
4.00%, 09/01/2026 | | | 200,000 | | | 201,157 |
4.00%, 09/01/2030 | | | 400,000 | | | 407,144 |
Tulsa County Independent School District No 9 Union,
0.05%, 04/01/2026 | | | 4,000,000 | | | 3,738,116 |
Tulsa Metropolitan Utility Authority, 0.05%, 04/01/2025 | | | 1,505,000 | | | 1,460,039 |
| | | | | | 21,597,649 |
Oregon - 0.7%
|
Astoria Hospital Facilities Authority, 5.00%, 08/01/2034 (Callable 02/01/2034) | | | 3,000,000 | | | 3,321,109 |
County of Crook OR
| | | | | | |
0.00%, 06/01/2033 (Callable 06/01/2032) | | | 110,000 | | | 102,051 |
0.00%, 06/01/2037 (Callable 06/01/2032) | | | 245,000 | | | 226,470 |
Lane County School District No 40 Creswell
| | | | | | |
0.00%, 06/15/2032(e) | | | 450,000 | | | 335,015 |
0.00%, 06/15/2033(e) | | | 400,000 | | | 286,363 |
0.00%, 06/15/2038 (Callable 06/15/2033)(e) | | | 925,000 | | | 496,506 |
Oregon Health & Science University, 5.00%, 07/01/2046 (Callable 11/01/2031)(a) | | | 150,000 | | | 163,428 |
Oregon State Business Development Commission, 3.80%, 12/01/2040 (Callable 02/01/2028)(a) | | | 1,000,000 | | | 1,004,691 |
Oregon State Facilities Authority
| | | | | | |
5.00%, 10/01/2025 | | | 325,000 | | | 328,040 |
5.00%, 10/01/2027 (Callable 10/01/2026) | | | 100,000 | | | 101,564 |
5.00%, 10/01/2028 | | | 150,000 | | | 154,526 |
Port of Portland OR Airport Revenue, 5.00%, 07/01/2042 (Callable 01/01/2027)(c) | | | 1,160,000 | | | 1,179,512 |
State of Oregon Housing & Community Services Department
| | | | | | |
3.90%, 01/01/2033 (Callable 08/01/2024)(c) | | | 70,000 | | | 67,733 |
3.60%, 07/01/2034 (Callable 08/01/2024) | | | 700,000 | | | 681,744 |
2.90%, 07/01/2043 (Callable 07/01/2027) | | | 1,000,000 | | | 813,166 |
4.00%, 01/01/2047 (Callable 07/01/2025) | | | 65,000 | | | 64,756 |
4.00%, 07/01/2047 (Callable 07/01/2026) | | | 135,000 | | | 134,351 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Oregon - (Continued)
|
3.50%, 01/01/2051 (Callable 01/01/2029) | | | $ 80,000 | | | $ 78,581 |
Yamhill County Hospital Authority, 4.00%, 11/15/2026 (Callable 11/15/2024) | | | 285,000 | | | 277,817 |
| | | | | | 9,817,423 |
Pennsylvania - 3.5%
|
Bucks County Industrial Development Authority
| | | | | | |
5.00%, 07/01/2028 | | | 1,495,000 | | | 1,466,856 |
5.00%, 07/01/2029 | | | 500,000 | | | 488,384 |
Central Bradford Progress Authority, 4.50%, 12/01/2041 (Callable 07/01/2024)(a) | | | 950,000 | | | 950,000 |
Cheltenham Township School District, 3.00%, 02/15/2029 (Callable 07/22/2024) | | | 45,000 | | | 44,280 |
Chester County Industrial Development Authority
| | | | | | |
5.00%, 03/01/2027 (Callable 09/01/2026) | | | 2,000,000 | | | 2,019,095 |
5.00%, 08/01/2030 (Callable 08/01/2024) | | | 125,000 | | | 125,032 |
5.00%, 08/01/2035 (Callable 08/01/2024) | | | 730,000 | | | 730,038 |
5.00%, 08/01/2045 (Callable 08/01/2024) | | | 500,000 | | | 483,534 |
City of Bradford PA
| | | | | | |
4.00%, 11/01/2026 (Callable 11/01/2025) | | | 415,000 | | | 417,160 |
4.00%, 11/01/2027 (Callable 11/01/2025) | | | 370,000 | | | 371,794 |
City of Erie Higher Education Building Authority,
5.00%, 05/01/2029 | | | 370,000 | | | 375,231 |
City of York PA
| | | | | | |
5.00%, 11/15/2025 | | | 525,000 | | | 526,445 |
5.00%, 11/15/2026 | | | 205,000 | | | 206,328 |
5.00%, 11/15/2027 | | | 220,000 | | | 222,467 |
Coatesville School District,
5.00%, 11/15/2031 (Callable 11/15/2030) | | | 3,000,000 | | | 3,238,020 |
County of Lackawanna PA,
3.25%, 09/15/2035 (Callable 09/15/2024) | | | 50,000 | | | 46,234 |
Cumberland County Municipal Authority
| | | | | | |
5.00%, 01/01/2029 (Callable 01/01/2025) | | | 75,000 | | | 75,268 |
5.00%, 01/01/2029 (Callable 01/01/2025) | | | 30,000 | | | 30,174 |
Delaware County Industrial Development Authority/PA, 4.38%, 06/01/2026(b) | | | 760,000 | | | 758,621 |
| | | | | | | |
| | | | | | | |
Delaware Valley Regional Finance Authority, 4.54% (1 mo. Term SOFR + 0.88%), 09/01/2048 (Callable 09/01/2024) | | | $ 1,000,000 | | | $ 1,000,464 |
East Hempfield Township Industrial Development Authority
| | | | | | |
5.00%, 12/01/2024 | | | 100,000 | | | 100,360 |
5.00%, 12/01/2027 (Callable 12/01/2025) | | | 1,510,000 | | | 1,532,761 |
Health Care Facilities Authority of Sayre, 4.59% (3 mo. LIBOR US + 0.83%), 12/01/2031 (Callable 08/01/2024)(f) | | | 2,355,000 | | | 2,310,652 |
Highlands School District
| | | | | | |
5.00%, 04/15/2034 (Callable 04/15/2032) | | | 330,000 | | | 359,699 |
5.00%, 04/15/2035 (Callable 04/15/2032) | | | 270,000 | | | 294,715 |
Indiana County Municipal Services Authority, 5.00%, 10/01/2030 | | | 270,000 | | | 284,736 |
Latrobe Industrial Development Authority
| | | | | | |
5.00%, 03/01/2025 | | | 110,000 | | | 110,122 |
5.00%, 03/01/2026 | | | 260,000 | | | 260,775 |
Northeastern Pennsylvania Hospital and Education Authority,
5.00%, 05/01/2033 (Callable 05/01/2029) | | | 460,000 | | | 461,997 |
Northern Lebanon School District, 3.00%, 09/01/2034 (Callable 09/01/2029) | | | 910,000 | | | 829,447 |
Pennsylvania Economic Development Financing Authority Parking System Revenue
| | | | | | |
5.00%, 01/01/2026 | | | 900,000 | | | 914,463 |
5.00%, 01/01/2027 | | | 1,100,000 | | | 1,129,884 |
0.00%, 01/01/2031(e) | | | 1,405,000 | | | 1,089,092 |
0.00%, 01/01/2037(e) | | | 3,495,000 | | | 2,132,734 |
Pennsylvania Higher Education Assistance Agency,
4.50%, 06/01/2043 (Callable 06/01/2031)(c) | | | 1,210,000 | | | 1,210,502 |
Pennsylvania Higher Educational Facilities Authority
| | | | | | |
5.00%, 05/01/2025 | | | 200,000 | | | 201,824 |
5.00%, 07/01/2035 (Callable 07/01/2026) | | | 1,300,000 | | | 1,255,175 |
Pennsylvania Housing Finance Agency
| | | | | | |
3.20%, 04/01/2040 (Callable 10/01/2025) | | | 155,000 | | | 133,514 |
5.50%, 10/01/2053 | | | 1,360,000 | | | 1,428,137 |
6.25%, 10/01/2053 (Callable 04/01/2033) | | | 1,905,000 | | | 2,067,555 |
Pennsylvania Turnpike Commission
| | | | | | |
6.00%, 12/01/2030 (Callable 12/01/2027) | | | 110,000 | | | 119,769 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Pennsylvania - (Continued)
|
5.13%, 12/01/2039 (Callable 06/01/2029) | | | $ 505,000 | | | $ 538,381 |
5.13%, 12/01/2040 (Callable 06/01/2029) | | | 45,000 | | | 47,703 |
4.90%, 12/01/2044 (Callable 12/01/2026) | | | 50,000 | | | 50,944 |
Philadelphia Authority for Industrial Development, 5.25%, 11/01/2052 (Callable 11/01/2032) | | | 1,750,000 | | | 1,834,971 |
Philadelphia Gas Works Co.,
5.00%, 10/01/2030 (Callable 10/01/2026) | | | 1,000,000 | | | 1,027,699 |
Public Parking Authority Of Pittsburgh, 5.00%, 12/01/2026 (Callable 06/01/2025) | | | 90,000 | | | 91,293 |
Reading School District
| | | | | | |
0.00%, 01/15/2026(e) | | | 190,000 | | | 178,003 |
0.00%, 01/15/2027(e) | | | 50,000 | | | 44,880 |
Redevelopment Authority of the City of Philadelphia,
5.00%, 04/15/2027 (Callable 04/15/2025) | | | 100,000 | | | 101,142 |
Ridley School District
| | | | | | |
5.00%, 11/15/2050 (Callable 05/15/2032) | | | 3,500,000 | | | 3,694,195 |
5.00%, 11/15/2050 (Callable 05/15/2032) | | | 2,000,000 | | | 2,110,969 |
School District of Philadelphia
| | | | | | |
5.00%, 09/01/2031 (Callable 09/01/2029) | | | 1,000,000 | | | 1,063,373 |
5.00%, 09/01/2043 (Callable 09/01/2028) | | | 1,500,000 | | | 1,540,888 |
State Public School Building Authority, 5.00%, 12/01/2028 (Callable 12/01/2026) | | | 15,000 | | | 15,611 |
Westmoreland County Industrial Development Authority/PA, 5.00%, 07/01/2028 | | | 700,000 | | | 715,224 |
| | | | | | 44,858,614 |
Rhode Island - 0.1%
|
Providence Redevelopment Agency, 5.00%, 04/01/2027 (Callable 04/01/2025) | | | 500,000 | | | 502,167 |
Rhode Island Housing & Mortgage Finance Corp.,
1.70%, 04/01/2031 (Callable 04/01/2030) | | | 150,000 | | | 124,001 |
Rhode Island Student Loan Authority, 5.00%, 12/01/2028(c) | | | 1,175,000 | | | 1,229,504 |
| | | | | | 1,855,672 |
South Carolina - 1.3%
|
City of Myrtle Beach SC,
5.00%, 10/01/2029 (Callable 10/01/2026) | | | 500,000 | | | 515,230 |
| | | | | | | |
| | | | | | | |
Newberry Investing in Children’s Education, 5.00%, 12/01/2029 (Callable 12/01/2024) | | | $ 500,000 | | | $ 502,176 |
Saluda County School District No 1/SC, 6.00%, 08/30/2024 | | | 4,000,000 | | | 4,012,257 |
South Carolina Jobs-Economic Development Authority
| | | | | | |
5.25%, 11/15/2028 (Callable 05/15/2025) | | | 2,000,000 | | | 2,007,820 |
5.75%, 11/15/2029 (Callable 05/15/2025) | | | 1,000,000 | | | 976,062 |
4.00%, 08/15/2030 (Callable 08/15/2026) | | | 130,000 | | | 126,544 |
5.25%, 08/15/2033 (Callable 08/15/2026) | | | 350,000 | | | 357,319 |
South Carolina Public Service Authority, 5.00%, 12/01/2032 (Callable 06/01/2026) | | | 465,000 | | | 472,632 |
South Carolina State Housing Finance & Development Authority
| | | | | | |
4.00%, 09/01/2024 (Callable 07/22/2024) | | | 2,219,000 | | | 2,217,658 |
3.50%, 07/01/2043 (Callable 01/01/2026) | | | 165,000 | | | 163,894 |
Spartanburg Housing Authority, 2.00%, 03/01/2026 (Callable 03/01/2025)(a) | | | 3,500,000 | | | 3,441,438 |
Three Rivers Solid Waste Authority/SC
| | | | | | |
0.00%, 10/01/2025(e) | | | 1,085,000 | | | 1,033,412 |
0.00%, 10/01/2026(e) | | | 650,000 | | | 595,149 |
0.00%, 10/01/2031 (e) | | | 500,000 | | | 373,809 |
| | | | | | 16,795,400 |
South Dakota - 0.5%
|
City of Rapid City SD Airport Revenue, 4.00%, 12/01/2035 (Callable 12/01/2029) | | | 250,000 | | | 239,721 |
South Dakota Health & Educational Facilities Authority
| | | | | | |
5.00%, 09/01/2032 (Callable 09/01/2027) | | | 100,000 | | | 103,883 |
5.00%, 09/01/2040 (Callable 09/01/2027) | | | 3,130,000 | | | 3,215,237 |
South Dakota Housing Development Authority, 6.25%, 05/01/2055 (Callable 05/01/2032) | | | 2,000,000 | | | 2,172,040 |
| | | | | | 5,730,881 |
Tennessee - 1.9%
|
Chattanooga Health Educational & Housing Facility Board, 4.25%, 05/01/2039 (Callable 07/01/2024)(a) | | | 4,000,000 | | | 4,000,000 |
City of Jackson TN
| | | | | | |
5.00%, 04/01/2033 (Callable 10/01/2028) | | | 1,755,000 | | | 1,823,464 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Tennessee - (Continued)
|
5.00%, 04/01/2036 (Callable 04/01/2025) | | | $ 2,000,000 | | | $ 2,008,001 |
Cleveland Housing Authority, 4.00%, 08/01/202(a)(b) | | | 300,000 | | | 299,803 |
Knox County Health Educational & Housing Facility Board
| | | | | | |
5.00%, 09/01/2030 (Callable 09/01/2026) | | | 925,000 | | | 942,021 |
5.00%, 09/01/2031 (Callable 09/01/2026) | | | 100,000 | | | 101,753 |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd
| | | | | | |
4.00%, 10/01/2028 | | | 50,000 | | | 48,974 |
5.00%, 05/01/2036 (Callable 05/01/2033) | | | 800,000 | | | 882,189 |
New Memphis Arena Public Building Authority
| | | | | | |
0.00%, 04/01/2028 | | | 1,990,000 | | | 1,823,270 |
0.00%, 04/01/2031 | | | 1,670,000 | | | 1,515,595 |
Tennergy Corp./TN
| | | | | | |
5.50%, 12/01/2028 | | | 1,000,000 | | | 1,038,998 |
5.50%, 10/01/2053 (Callable 09/01/2030)(a) | | | 2,500,000 | | | 2,671,127 |
Tennessee Energy Acquisition Corp., 5.00%, 02/01/2027 | | | 125,000 | | | 126,937 |
Tennessee Housing Development Agency
| | | | | | |
3.85%, 01/01/2035 (Callable 01/01/2025) | | | 1,205,000 | | | 1,197,449 |
4.00%, 07/01/2048 (Callable 01/01/2027) | | | 95,000 | | | 94,459 |
4.50%, 07/01/2049 (Callable 01/01/2028) | | | 15,000 | | | 15,039 |
6.25%, 01/01/2054 (Callable 07/01/2032) | | | 1,500,000 | | | 1,626,105 |
Williamson County Industrial Development Board,
5.00%, 05/01/2042 (Callable 11/01/2026)(a) | | | 3,561,000 | | | 3,632,970 |
| | | | | | 23,848,154 |
Texas - 8.0%
|
Arlington Higher Education Finance Corp.
| | | | | | |
5.00%, 02/15/2031 (Callable 02/15/2025) | | | 1,675,000 | | | 1,685,297 |
4.88%, 06/15/2056 (Callable 06/15/2025)(a)(b) | | | 1,250,000 | | | 1,263,715 |
Austin-Bergstrom Landhost Enterprises, Inc.
| | | | | | |
5.00%, 10/01/2031 (Callable 10/01/2027) | | | 1,900,000 | | | 1,940,832 |
5.00%, 10/01/2035 (Callable 10/01/2027) | | | 1,310,000 | | | 1,336,014 |
| | | | | | | |
| | | | | | | |
Baytown Municipal Development District, 5.00%, 10/01/2032 (Callable 10/01/2031) | | | $ 825,000 | | | $ 858,574 |
Boerne Independent School
District
| | | | | | |
3.85%, 12/01/2043 (a) | | | 3,000,000 | | | 3,046,007 |
4.00%, 02/01/2054(a) | | | 1,000,000 | | | 1,024,081 |
Brazos Higher Education Authority, Inc., 2.35%, 04/01/2040 (Callable 04/01/2030)(c) | | | 5,000 | | | 4,966 |
Central Texas Turnpike System, 0.00%, 08/15/2026(e) | | | 1,750,000 | | | 1,619,063 |
Chisum Independent School District, 4.00%, 08/15/2048 (Callable 08/15/2032) | | | 50,000 | | | 48,295 |
Cibolo Canyons Special Improvement District,
3.50%, 08/15/2026 (Callable 08/01/2024) | | | 105,000 | | | 102,756 |
City of Austin TX Airport System Revenue, 5.00%, 11/15/2035 (Callable 11/15/2026)(c) | | | 1,805,000 | | | 1,840,399 |
City of Brownsville TX
| | | | | | |
5.00%, 02/15/2026 | | | 180,000 | | | 184,509 |
5.00%, 02/15/2027 | | | 250,000 | | | 260,608 |
5.00%, 02/15/2028 | | | 225,000 | | | 238,044 |
5.00%, 02/15/2029 | | | 400,000 | | | 429,201 |
5.00%, 02/15/2030 | | | 520,000 | | | 565,164 |
5.00%, 02/15/2031 | | | 585,000 | | | 642,672 |
City of Brownsville TX Utilities System Revenue,
5.00%, 09/01/2032 (Callable 09/01/2031) | | | 100,000 | | | 109,713 |
City of Dallas Housing Finance Corp., 5.00%, 07/01/2042 (Callable 01/01/2027)(a) | | | 1,270,000 | | | 1,300,355 |
City of Fort Worth TX
| | | | | | |
5.00%, 09/01/2031 | | | 746,000 | | | 802,958 |
5.00%, 09/01/2032 (Callable 09/01/2031) | | | 787,000 | | | 846,477 |
5.00%, 09/01/2033 (Callable 09/01/2031) | | | 828,000 | | | 888,944 |
5.00%, 09/01/2034 (Callable 09/01/2031) | | | 872,000 | | | 934,986 |
City of Houston TX Airport System Revenue
| | | | | | |
5.00%, 07/01/2026(c) | | | 1,010,000 | | | 1,032,711 |
5.00%, 07/01/2032 (Callable 07/01/2028)(c) | | | 795,000 | | | 825,780 |
5.00%, 07/01/2032 (Callable 07/01/2028)(c) | | | 120,000 | | | 124,646 |
City of Houston TX Hotel Occupancy Tax & Special Revenue, 5.00%, 09/01/2026 (Callable 09/01/2024) | | | 765,000 | | | 766,519 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
City of Liberty Hill TX Wastewater Treatment Facility Revenue, 5.00%, 09/01/2039 (Callable 09/01/2032) | | | $ 475,000 | | | $ 513,060 |
City of Magnolia TX,
5.70%, 09/01/2046(b) | | | 470,000 | | | 465,607 |
City of Portland TX,
5.00%, 08/15/2039 (Callable 08/15/2033) | | | 1,250,000 | | | 1,382,779 |
Clifton Higher Education Finance Corp.
| | | | | | |
5.00%, 08/15/2026 | | | 700,000 | | | 714,387 |
5.00%, 04/01/2028 | | | 100,000 | | | 105,914 |
3.95%, 12/01/2032 (Callable 08/01/2024) | | | 245,000 | | | 237,558 |
4.25%, 12/01/2034 (Callable 12/01/2024) | | | 310,000 | | | 305,407 |
5.75%, 08/15/2045 (Callable 08/15/2025) | | | 20,000 | | | 20,256 |
Collin County Municipal Utility District No 2
| | | | | | |
4.50%, 09/01/2030 (Callable 10/01/2029) | | | 560,000 | | | 579,738 |
4.50%, 09/01/2032 (Callable 10/01/2029) | | | 1,110,000 | | | 1,144,110 |
4.50%, 09/01/2034 (Callable 10/01/2029) | | | 1,335,000 | | | 1,371,472 |
5.00%, 09/01/2038 (Callable 10/01/2029) | | | 620,000 | | | 646,714 |
County of Wise TX
| | | | | | |
5.00%, 08/15/2024 | | | 225,000 | | | 225,285 |
5.00%, 08/15/2026 | | | 330,000 | | | 338,086 |
5.00%, 08/15/2027 | | | 505,000 | | | 524,546 |
Dallas Fort Worth International Airport, 4.00%, 11/01/2038 (Callable 11/01/2030) | | | 100,000 | | | 101,240 |
El Paso Housing Finance Corp., 4.50%, 03/01/2026(a) | | | 1,250,000 | | | 1,251,454 |
EP Tuscany Zaragosa PFC,
4.00%, 12/01/2033 (Callable 12/01/2028) | | | 1,825,000 | | | 1,769,595 |
Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | | | 100,000 | | | 98,578 |
Fort Bend Independent School District, 4.00%, 08/01/2054(a) | | | 9,000,000 | | | 9,124,569 |
Freddie Mac Multifamily ML Certificates, 4.14%,
01/25/2040 | | | 2,971,704 | | | 2,909,245 |
Frisco Independent School District, 0.00%, 08/15/2029(e) | | | 100,000 | | | 83,276 |
Galena Park Independent School District, 0.00%, 08/15/2026(e) | | | 1,525,000 | | | 1,416,793 |
Generation Park Management District, 4.00%, 09/01/2028 (Callable 09/01/2025) | | | 125,000 | | | 125,409 |
| | | | | | | |
| | | | | | | |
Grand Mission Municipal Utility District No 2, 2.25%, 09/01/2028 (Callable 08/01/2024) | | | $ 95,000 | | | $ 87,502 |
Grand Parkway Transportation Corp., 5.00%, 10/01/2052 (Callable 01/01/2028)(a) | | | 4,000,000 | | | 4,204,213 |
Green Valley Special Utility
District
| |
7.00%, 09/15/2030 | | | 615,000 | | | 746,649 |
7.00%, 09/15/2031 | | | 545,000 | | | 676,746 |
Greenwood Utility District/TX, 9.00%, 08/01/2034 (Callable 02/01/2030) | | | 205,000 | | | 260,577 |
Harris County Cultural Education Facilities Finance Corp.,
4.00%, 11/15/2029 (Callable 05/15/2026) | | | 285,000 | | | 284,994 |
Housing Options, Inc./TX,
3.90%, 02/01/2026 (Callable 02/01/2025)(a) | | | 1,000,000 | | | 998,292 |
Houston Independent School District, 3.50%, 06/01/2039(a) | | | 1,750,000 | | | 1,740,763 |
Hunt Memorial Hospital District Charitable Health,
5.00%, 02/15/2030 | | | 1,000,000 | | | 1,029,834 |
Kendall County Water Control & Improvement District No 2A, 5.00%, 09/01/2038 (Callable 11/01/2030) | | | 1,000,000 | | | 1,066,433 |
Kerrville Health Facilities Development Corp.,
5.00%, 08/15/2025 | | | 925,000 | | | 933,624 |
Lake Dallas Independent School District, 0.00%, 08/15/2026(e) | | | 2,000,000 | | | 1,858,476 |
Lower Colorado River Authority, 4.75%, 01/01/2028 | | | 35,000 | | | 35,815 |
Matagorda County Navigation District No 1, 4.55%, 05/01/2030(c) | | | 2,055,000 | | | 2,076,252 |
Mckinney Municipal Utility District No 1, 3.38%, 09/01/2034 (Callable 05/01/2030) | | | 170,000 | | | 157,671 |
Mckinney Municipal Utility District No 2
| | | | | | |
6.50%, 09/01/2029 | | | 345,000 | | | 385,620 |
6.00%, 09/01/2030 (Callable 09/01/2029) | | | 290,000 | | | 316,771 |
6.50%, 09/01/2030 (Callable 09/01/2029) | | | 360,000 | | | 401,557 |
6.50%, 09/01/2031 (Callable 09/01/2029) | | | 380,000 | | | 422,706 |
6.50%, 09/01/2032 (Callable 09/01/2029) | | | 170,000 | | | 189,256 |
Melissa Independent School District
| | | | | | |
5.00%, 02/01/2029 | | | 175,000 | | | 189,085 |
5.00%, 02/01/2031 | | | 250,000 | | | 278,651 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
New Hope Cultural Education Facilities Finance Corp.
| | | | | | |
4.00%, 08/15/2024(b) | | | $ 370,000 | | | $ 369,734 |
5.00%, 11/01/2031 (Callable 11/01/2024) | | | 125,000 | | | 127,937 |
North Texas Tollway Authority
| | | | | | |
0.00%, 01/01/2030(e) | | | 200,000 | | | 165,656 |
0.00%, 01/01/2035(e) | | | 3,040,000 | | | 2,092,356 |
0.00%, 01/01/2036(e) | | | 1,690,000 | | | 1,112,785 |
0.00%, 01/01/2037(e) | | | 5,050,000 | | | 3,173,675 |
Northlake Municipal Management District No 1, 6.75%, 03/01/2029 | | | 395,000 | | | 441,305 |
Pecos Barstow Toyah Independent School District,
5.00%, 02/15/2039 (Callable 02/15/2026) | | | 2,500,000 | | | 2,564,958 |
Port of Port Arthur Navigation District, 3.70%, 04/01/2040 (Callable 07/01/2024)(a) | | | 2,300,000 | | | 2,300,000 |
PSC/TX, 3.75%, 12/01/2040 | | | 2,450,000 | | | 2,347,139 |
St George Place Redevelopment Authority, 4.00%, 09/01/2025 | | | 100,000 | | | 99,686 |
Strategic Housing Finance Corp. of Travis County, 3.35%, 03/01/2046 (Callable 10/01/2026)(a) | | | 3,000,000 | | | 2,928,974 |
Tarrant County Cultural Education Facilities Finance Corp.
| | | | | | |
2.25%, 11/15/2025 | | | 200,000 | | | 193,181 |
5.00%, 11/15/2026 | | | 290,000 | | | 291,233 |
5.00%, 11/15/2027 | | | 1,300,000 | | | 1,309,332 |
5.00%, 11/15/2027 (Callable 11/15/2026) | | | 1,000,000 | | | 1,005,152 |
2.75%, 02/15/2036 (Callable 07/22/2024)(a) | | | 230,000 | | | 212,470 |
Tarrant County Hospital District, 4.00%, 08/15/2043 (Callable 08/15/2032) | | | 500,000 | | | 494,772 |
Texas Department of Housing & Community Affairs, 3.38%, 09/01/2039 (Callable 09/01/2028) | | | 2,050,000 | | | 1,900,785 |
Texas Municipal Gas Acquisition & Supply Corp. III
| | | | | | |
5.00%, 12/15/2030 | | | 125,000 | | | 129,685 |
5.00%, 12/15/2032 | | | 2,000,000 | | | 2,096,058 |
Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 (Callable 07/01/2033)(a) | | | 1,250,000 | | | 1,395,935 |
Texas Municipal Gas Acquisition and Supply Corp. I,
5.20% (3 mo. Term SOFR + 1.63%), 12/15/2026 (Callable 07/01/2024) | | | 500,000 | | | 499,870 |
| | | | | | | |
| | | | | | | |
Texas Municipal Gas Acquisition and Supply Corp. II,
4.63% (3 mo. Term SOFR + 1.05%), 09/15/2027 | | | $ 2,265,000 | | | $ 2,273,403 |
Texas Public Finance Authority
| | | | | | |
5.25%, 05/01/2037 (Callable 05/01/2033) | | | 400,000 | | | 437,284 |
5.25%, 05/01/2039 (Callable 05/01/2033) | | | 500,000 | | | 538,356 |
Texas State Affordable Housing Corp., 3.90%, 03/01/2038 (Callable 03/01/2033) | | | 200,000 | | | 199,306 |
Uptown Development Authority, 5.00%, 09/01/2034 (Callable 09/01/2026) | | | 1,275,000 | | | 1,284,550 |
Viridian Municipal Management District
| | | | | | |
5.00%, 12/01/2037 (Callable 12/01/2029) | | | 550,000 | | | 581,468 |
5.00%, 12/01/2039 (Callable 12/01/2029) | | | 330,000 | | | 345,890 |
5.00%, 12/01/2042 (Callable 12/01/2029) | | | 890,000 | | | 922,192 |
6.00%, 12/01/2043 (Callable 12/01/2029) | | | 100,000 | | | 102,758 |
Waller County Road Improvement District No 1
| | | | | | |
6.00%, 03/01/2027 | | | 270,000 | | | 284,054 |
6.00%, 03/01/2028 | | | 285,000 | | | 305,987 |
6.00%, 03/01/2029 | | | 300,000 | | | 327,541 |
6.00%, 03/01/2030 (Callable 03/01/2029) | | | 315,000 | | | 343,751 |
6.00%, 03/01/2031 (Callable 03/01/2029) | | | 330,000 | | | 360,495 |
Woodridge Municipal Utility District, 3.75%, 09/01/2029 (Callable 09/01/2024) | | | 45,000 | | | 44,841 |
Yoakum Independent School District
| | | | | | |
5.00%, 02/15/2027 | | | 120,000 | | | 125,321 |
5.00%, 02/15/2028 | | | 190,000 | | | 201,915 |
5.00%, 02/15/2029 | | | 230,000 | | | 248,685 |
5.00%, 02/15/2031 | | | 575,000 | | | 641,261 |
5.00%, 02/15/2032 | | | 305,000 | | | 344,483 |
| | | | | | 105,686,070 |
Utah - 2.1%
|
City of Salt Lake City UT Airport Revenue
| | | | | | |
5.00%, 07/01/2025(c) | | | 1,320,000 | | | 1,334,804 |
5.00%, 07/01/2027(c) | | | 700,000 | | | 723,992 |
5.00%, 07/01/2034 (Callable 07/01/2027)(c) | | | 1,000,000 | | | 1,029,598 |
5.00%, 07/01/2042 (Callable 07/01/2027) | | | 1,000,000 | | | 1,028,482 |
5.00%, 07/01/2043 (Callable 07/01/2028)(c) | | | 2,000,000 | | | 2,046,949 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Utah - (Continued)
|
County of Emery UT, 4.40%, 11/01/2024 (Callable 07/01/2024)(a) | | | $ 4,000,000 | | | $ 4,000,000 |
Utah Board of Higher Education, 2.55%, 06/01/2038 (Callable 06/01/2029) | | | 1,250,000 | | | 971,844 |
Utah Charter School Finance Authority
| | | | | | |
3.00%, 04/15/2027 | | | 160,000 | | | 154,957 |
4.50%, 04/15/2037 (Callable 08/01/2024) | | | 150,000 | | | 150,081 |
5.00%, 04/15/2037 (Callable 04/15/2026) | | | 270,000 | | | 274,536 |
Utah Housing Corp.
| | | | | | |
4.00%, 01/01/2045 (Callable 01/01/2026) | | | 155,000 | | | 154,355 |
4.50%, 10/21/2052 | | | 5,890,226 | | | 5,649,781 |
6.00%, 12/21/2052 | | | 927,845 | | | 955,821 |
6.00%, 02/21/2053 | | | 926,119 | | | 951,321 |
6.50%, 05/21/2053 | | | 1,113,095 | | | 1,184,205 |
6.00%, 06/21/2053 | | | 1,483,234 | | | 1,528,272 |
6.50%, 08/21/2053 | | | 99,121 | | | 106,219 |
6.50%, 01/01/2054 (Callable 07/01/2032) | | | 1,000,000 | | | 1,096,931 |
| | | | | | 23,342,148 |
Vermont - 0.1%
|
Vermont Housing Finance Agency
| | | | | | |
4.00%, 11/01/2043 (Callable 08/01/2024) | | | 15,000 | | | 14,959 |
5.25%, 11/01/2052 (Callable 05/01/2032) | | | 997,000 | | | 1,033,226 |
Vermont Student Assistance Corp., 5.00%, 06/15/2026(c) | | | 50,000 | | | 50,878 |
| | | | | | 1,099,063 |
Virginia - 1.5%
|
Chesapeake Economic Development Authority, 3.65%, 02/01/2032(a) | | | 1,520,000 | | | 1,518,087 |
Fairfax County Redevelopment & Housing Authority, 5.00%, 01/01/2045 (Callable 07/01/2027)(a) | | | 3,250,000 | | | 3,345,066 |
Farmville Industrial Development Authority, 5.38%, 07/01/2053 (Callable 07/01/2028) | | | 1,500,000 | | | 1,596,800 |
Norfolk Redevelopment & Housing Authority | | | | | | |
4.00%, 01/01/2025 (Callable 08/01/2024) | | | 710,000 | | | 707,054 |
5.00%, 05/01/2043 (Callable 05/01/2026)(a) | | | 3,000,000 | | | 3,042,366 |
Portsmouth Redevelopment & Housing Authority, 3.50%, 07/01/2025 (Callable 07/01/2024)(a) | | | 1,000,000 | | | 1,000,000 |
Tender Option Bond Trust Receipts/Certificates,
4.18%, 01/01/2047(a)(b) | | | 1,755,000 | | | 1,755,000 |
| | | | | | | |
| | | | | | | | |
Toll Road Investors Partnership II LP
| | | | | | | | | |
0.00%, 02/15/2027(b)(e) | | | $ 1,449,000 | | | $ 1,171,313 | |
0.00%, 02/15/2028(b)(e) | | | 740,000 | | | 558,004 | |
Virginia Beach Development Authority, 5.38%, 09/01/2029 (Callable 09/01/2026) | | | 1,000,000 | | | 1,039,594 | |
Virginia Resources Authority,
5.00%, 11/01/2045 (Callable 11/01/2025) | | | 1,180,000 | | | 1,192,090 | |
Virginia Small Business Financing Authority, 5.00%, 01/01/2035 (Callable 07/01/2027) | | | 100,000 | | | 105,935 | |
York County Economic Development Authority,
3.65%, 05/01/2033(a) | | | 1,940,000 | | | 1,937,558 | |
| | | | | | 18,968,867 | |
Washington - 2.7%
| |
City of Tacoma WA Sewer Revenue, 5.00%, 12/01/2032 (Callable 06/01/2025) | | | 2,000,000 | | | 2,027,477 | |
Clark County School District No 114 Evergreen, 5.25%, 12/01/2040 (Callable 06/01/2032) | | | 100,000 | | | 112,339 | |
County of King WA Sewer Revenue, 0.88%, 01/01/2042 (Callable 04/01/2025)(a) | | | 1,905,000 | | | 1,824,316 | |
County of Lewis WA,
3.00%, 12/01/2026 (Callable 07/22/2024) | | | 100,000 | | | 97,701 | |
King County Housing Authority
| | | | | | | |
5.16%, 11/01/2025 | | | 1,948,785 | | | 1,937,400 | |
5.00%, 01/01/2028 (Callable 01/01/2027) | | | 1,000,000 | | | 1,027,824 | |
4.00%, 11/01/2033 (Callable 11/01/2029) | | | 600,000 | | | 605,492 | |
King County Public Hospital District No 1
| | | | | | | |
5.00%, 12/01/2028 (Callable 12/01/2026) | | | 225,000 | | | 231,669 | |
5.00%, 12/01/2030 (Callable 12/01/2026) | | | 400,000 | | | 409,808 | |
Kitsap County School District No 303 Bainbridge Island,
4.00%, 12/01/2027 (Callable 06/01/2027) | | | 1,000,000 | | | 1,015,940 | |
Pacific County Public Healthcare Services District No 3
| | | | | | | |
5.25%, 12/01/2039 (Callable 12/01/2033) | | | 500,000 | | | 547,334 | |
5.25%, 12/01/2044 (Callable 12/01/2033) | | | 695,000 | | | 747,235 | |
Pend Oreille County Public Utility District No 1 Box Canyon
| | | | | | | |
5.00%, 01/01/2028 | | | 220,000 | | | 226,899 | |
5.00%, 01/01/2029 (Callable 01/01/2028) | | | 165,000 | | | 170,289 | |
5.00%, 01/01/2038 (Callable 01/01/2029) | | | 300,000 | | | 306,972 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Washington - (Continued)
|
5.00%, 01/01/2039 (Callable 01/01/2028) | | | $ 500,000 | | | $ 508,342 |
Pierce County School District No 10 Tacoma, 5.00%, 12/01/2026 (Callable 12/01/2024) | | | 800,000 | | | 805,508 |
Port of Seattle WA
| |
5.00%, 05/01/2036 (Callable 05/01/2027)(c) | | | 4,500,000 | | | 4,613,767 |
4.00%, 08/01/2036 (Callable 08/01/2031)(c) | | | 1,955,000 | | | 1,947,758 |
Seattle Housing Authority
| | | | | | |
4.00%, 09/01/2025 (Callable 03/01/2025) | | | 3,000,000 | | | 3,008,781 |
2.50%, 06/01/2041 (Callable 06/01/2031) | | | 950,000 | | | 681,801 |
Snohomish County Housing Authority, 4.00%, 04/01/2033 (Callable 04/01/2031) | | | 2,500,000 | | | 2,476,402 |
Tacoma Metropolitan Park District
| | | | | | |
5.00%, 12/01/2025 | | | 2,060,000 | | | 2,080,585 |
5.00%, 12/01/2025 (Callable 12/01/2024) | | | 245,000 | | | 245,520 |
5.00%, 12/01/2025 (Callable 12/01/2024) | | | 25,000 | | | 25,053 |
5.00%, 12/01/2026 | | | 95,000 | | | 96,647 |
4.00%, 12/01/2027 (Callable 12/01/2026) | | | 605,000 | | | 592,397 |
4.00%, 12/01/2028 (Callable 12/01/2026) | | | 25,000 | | | 24,284 |
Vancouver Housing Authority, 1.70%, 12/01/2024 | | | 140,000 | | | 137,947 |
Washington Health Care Facilities Authority
| | | | | | |
5.00%, 08/15/2028 (Callable 08/15/2027) | | | 95,000 | | | 96,909 |
5.00%, 12/01/2031 (Callable 12/01/2030)(b) | | | 200,000 | | | 215,726 |
5.28% (SIFMA Municipal Swap Index + 1.40%), 01/01/2035 (Callable 08/01/2024) | | | 150,000 | | | 150,061 |
4.00%, 07/01/2036 (Callable 07/01/2025) | | | 135,000 | | | 131,876 |
5.00%, 08/15/2037 (Callable 02/15/2028) | | | 1,500,000 | | | 1,551,836 |
5.00%, 08/01/2049 (Callable 08/01/2029) | | | 2,640,000 | | | 2,711,478 |
Washington State Convention Center Public Facilities District, 5.00%, 07/01/2027 | | | 100,000 | | | 103,087 |
Washington State Housing Finance Commission
| | | | | | |
1.90%, 12/01/2032 (Callable 06/01/2030) | | | 1,300,000 | | | 1,044,390 |
| | | | | | | |
| | | | | | | |
4.00%, 06/01/2050 (Callable 06/01/2029) | | | $ 295,000 | | | $ 293,085 |
| | | | | | 34,831,935 |
West Virginia - 0.2%
|
Glenville State College,
4.00%, 06/01/2027 | | | 625,000 | | | 609,156 |
West Virginia Economic Development Authority,
1.00%, 01/01/2041(a)(c) | | | 2,500,000 | | | 2,381,458 |
| | | | | | 2,990,614 |
Wisconsin - 5.1%
|
Boscobel Area School District, 5.00%, 03/01/2036 (Callable 03/01/2031) | | | 720,000 | | | 786,314 |
Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | | | 3,000,000 | | | 3,034,434 |
Howard-Suamico School District/WI, 1.63%, 03/01/2031 (Callable 03/01/2028) | | | 3,250,000 | | | 2,691,888 |
Hudson School District,
2.50%, 03/01/2025 | | | 1,305,000 | | | 1,289,882 |
Palmyra-Eagle Area School District/WI, 3.00%, 03/01/2025 (Callable 08/01/2024) | | | 100,000 | | | 98,575 |
Public Finance Authority
| | | | | | |
5.00%, 05/15/2026 (Callable 05/15/2025)(b) | | | 1,660,000 | | | 1,661,077 |
9.00%, 11/01/2028 (Callable 11/01/2027)(b) | | | 1,125,000 | | | 1,148,007 |
5.50%, 12/15/2028 (Callable 06/01/2025)(b) | | | 2,100,000 | | | 2,105,354 |
0.00%, 09/01/2029 (Callable 09/01/2026)(b)(e) | | | 2,250,000 | | | 1,557,894 |
6.13%, 12/15/2029 (Callable 12/15/2027)(b) | | | 1,500,000 | | | 1,471,830 |
5.00%, 09/01/2030(b) | | | 1,400,000 | | | 1,239,301 |
4.85%, 07/01/2031(b) | | | 475,000 | | | 419,394 |
4.00%, 01/01/2033 (Callable 07/01/2029) | | | 605,000 | | | 611,391 |
5.00%, 03/01/2033 (Callable 03/01/2026) | | | 5,900,000 | | | 6,037,813 |
4.00%, 06/01/2033 (Callable 06/01/2025) | | | 70,000 | | | 68,903 |
4.00%, 01/01/2034 (Callable 07/01/2029) | | | 1,150,000 | | | 1,162,140 |
5.00%, 10/01/2034 (Callable 10/01/2029)(b) | | | 1,500,000 | | | 1,552,946 |
4.00%, 01/01/2046 (Callable 01/01/2027) | | | 500,000 | | | 413,263 |
Village of Hobart WI,
1.00%, 03/01/2032 (Callable 03/01/2030) | | | 1,395,000 | | | 1,121,436 |
Village of Kewaskum WI
| | | | | | |
5.00%, 04/01/2029 | | | 165,000 | | | 171,714 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wisconsin - (Continued)
|
5.00%, 04/01/2035 (Callable 04/01/2033) | | | $ 215,000 | | | $ 225,121 |
4.50%, 04/01/2039 (Callable 04/01/2033) | | | 645,000 | | | 634,465 |
Waunakee Community School District, 2.50%, 04/01/2025 (Callable 08/01/2024) | | | 250,000 | | | 246,543 |
Westosha Central High School District, 1.75%, 03/01/2033 (Callable 03/01/2028) | | | 1,330,000 | | | 1,054,347 |
Wisconsin Center District
| | | | | | |
0.00%, 12/15/2038 (Callable 12/15/2030)(e) | | | 1,000,000 | | | 537,953 |
5.25%, 12/15/2061 (Callable 12/15/2030)(b) | | | 1,100,000 | | | 1,113,375 |
Wisconsin Health & Educational Facilities Authority
| | | | | | |
4.00%, 08/15/2024 | | | 160,000 | | | 159,860 |
4.00%, 08/15/2025 | | | 230,000 | | | 228,622 |
4.00%, 08/15/2026 | | | 475,000 | | | 470,224 |
5.00%, 08/01/2027 (Callable 07/01/2026)(b) | | | 4,250,000 | | | 4,327,871 |
5.00%, 11/01/2027 (Callable 11/01/2026) | | | 745,000 | | | 735,073 |
5.00%, 11/01/2029 (Callable 11/01/2026) | | | 430,000 | | | 423,065 |
5.00%, 04/01/2033 (Callable 10/01/2028) | | | 1,000,000 | | | 1,053,704 |
4.00%, 07/01/2036 (Callable 07/01/2029) | | | 1,000,000 | | | 969,509 |
4.00%, 09/15/2036 (Callable 09/15/2027) | | | 530,000 | | | 504,812 |
4.00%, 09/15/2036 (Callable 09/15/2027) | | | 775,000 | | | 738,169 |
5.00%, 10/01/2039 (Callable 10/01/2034) | | | 900,000 | | | 960,711 |
5.00%, 11/15/2039 (Callable 05/15/2026) | | | 2,100,000 | | | 2,136,109 |
5.00%, 10/01/2040 (Callable 10/01/2034) | | | 500,000 | | | 528,799 |
5.00%, 02/15/2051 (Callable 08/15/2026)(a) | | | 245,000 | | | 249,026 |
5.50%, 12/01/2052 (Callable 12/01/2032) | | | 1,750,000 | | | 1,897,792 |
5.73%, 02/15/2053 (Callable 07/01/2024)(a) | | | 5,000,000 | | | 5,000,000 |
6.00%, 10/01/2054 (Callable 10/01/2032) | | | 2,000,000 | | | 2,022,668 |
6.13%, 10/01/2059 (Callable 10/01/2032) | | | 1,000,000 | | | 1,017,011 |
Wisconsin Housing & Economic Development Authority
| | | | | | |
4.00%, 07/01/2030 (Callable 07/01/2028)(b) | | | 135,000 | | | 123,991 |
| | | | | | | |
| | | | | | | |
4.38%, 07/01/2037 (Callable 07/01/2028)(b) | | | $ 430,000 | | | $ 367,195 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue,
4.00%, 03/01/2048 (Callable 03/01/2027) | | | 15,000 | | | 14,923 |
Wisconsin Housing & Economic Development Authority Housing Revenue
| | | | | | |
3.75%, 05/01/2054 (Callable 05/01/2025)(a) | | | 1,000,000 | | | 996,197 |
3.88%, 11/01/2054 (Callable 11/01/2025)(a) | | | 4,250,000 | | | 4,234,593 |
| | | | | | 61,615,284 |
TOTAL MUNICIPAL BONDS (Cost $1,227,497,292) | | | | | | 1,226,348,992 |
| | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 0.7%
|
Money Market Funds - 0.7%
| | | | | | |
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.96%(g) | | | 8,893,821 | | | $8,893,821 |
TOTAL SHORT-TERM INVESTMENTS
| |
(Cost $8,893,821) | | | | | | 8,893,821 |
TOTAL INVESTMENTS - 100.9%
(Cost $1,236,391,113) | | | | | | $1,235,242,813 |
Liabilities in Excess of Other Assets - (0.9)% | | | | | | (10,957,181) |
TOTAL NET ASSETS - 100.0% | | | | | | $1,224,285,632 |
| | | | | | | |
Percentages are stated as a percent of net assets.
LIBOR - London Interbank Offered Rate
SIFMA - Securities Industry and Financial Markets Association
SOFR - Secured Overnight Financing Rate
(a)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024. |
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $57,851,328 or 4.7% of the Fund’s net assets. |
(c)
| Security subject to the Alternative Minimum Tax (“AMT”). As of June 30, 2024, the total value of securities subject to the AMT was $115,088,490 or 10.4% of net assets. |
(d)
| Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(e)
| Zero coupon bonds make no periodic interest payments. |
(f)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(g)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Strategic Municipal Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $1,226,348,992 | | | $ — | | | $1,226,348,992 |
Money Market Funds | | | 8,893,821 | | | — | | | — | | | 8,893,821 |
Total Investments | | | $8,893,821 | | | $1,226,348,992 | | | $— | | | $1,235,242,813 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
MUNICIPAL BONDS - 98.2%
|
Alabama - 2.2%
|
Alabama Housing Finance Authority
|
3.50%, 08/01/2025
(Callable 08/01/2024)(a) | | | $ 4,855,000 | | | $ 4,850,625 |
5.75%, 04/01/2055
(Callable 04/01/2033) | | | 2,000,000 | | | 2,161,590 |
Black Belt Energy Gas District, 5.00%, 05/01/2053(a) | | | 4,000,000 | | | 4,166,048 |
City of Oxford AL,
4.50%, 09/01/2041 (Callable 07/01/2024)(a) | | | 5,300,000 | | | 5,300,000 |
Morgan County Board of Education/AL, 5.00%, 03/01/2038 (Callable 03/01/2032) | | | 1,000,000 | | | 1,088,088 |
Southeast Alabama Gas Supply District, 5.00%, 08/01/2054 (Callable 01/01/2032)(a) | | | 4,500,000 | | | 4,824,675 |
| | | 22,391,026 |
Alaska - 0.2%
|
Alaska Housing Finance Corp.
|
4.00%, 06/01/2036
(Callable 06/01/2025) | | | 710,000 | | | 710,439 |
4.00%, 06/01/2036
(Callable 06/01/2025) | | | 290,000 | | | 291,572 |
3.25%, 12/01/2044
(Callable 06/01/2029) | | | 135,000 | | | 130,974 |
4.00%, 12/01/2048
(Callable 06/01/2027) | | | 470,000 | | | 467,034 |
City of Valdez AK,
5.00%, 06/30/2029 (Callable 07/22/2024) | | | 1,225,000 | | | 1,244,615 |
| | | 2,844,634 |
Arizona - 0.4%
|
Arizona Industrial Development Authority,
1.76%, 09/01/2030(a)(b) | | | 2,567,974 | | | 2,345,042 |
City of Tempe AZ
|
5.00%, 07/01/2033
(Callable 07/01/2028) | | | 40,000 | | | 42,850 |
5.00%, 07/01/2034
(Callable 07/01/2028) | | | 325,000 | | | 348,159 |
5.00%, 07/01/2034
(Callable 07/01/2027) | | | 165,000 | | | 173,761 |
5.00%, 07/01/2035
(Callable 07/01/2027) | | | 185,000 | | | 194,823 |
5.00%, 07/01/2037
(Callable 07/01/2028) | | | 215,000 | | | 230,321 |
5.00%, 07/01/2038
(Callable 07/01/2028) | | | 350,000 | | | 374,941 |
Maricopa County Industrial Development Authority,
4.00%, 01/01/2045 (Callable 07/01/2030) | | | 2,000,000 | | | 1,921,938 |
| | | 5,631,835 |
| | | | |
| | | | | | | |
Arkansas - 0.4%
|
City of Little Rock AR Water Reclamation System Revenue, 5.00%, 10/01/2034 (Callable 04/01/2025) | | | $2,500,000 | | | $ 2,529,353 |
City of Pine Bluff AR,
3.00%, 02/01/2047 (Callable 08/01/2027) | | | 1,055,000 | | | 1,018,263 |
University of Arkansas
|
5.00%, 10/01/2031 (Callable 10/01/2026) | | | 250,000 | | | 257,852 |
5.00%, 11/01/2035 (Callable 11/01/2024) | | | 665,000 | | | 667,834 |
4.00%, 04/01/2037 (Callable 04/01/2029) | | | 160,000 | | | 160,794 |
4.00%, 04/01/2039 (Callable 04/01/2029) | | | 245,000 | | | 245,039 |
| | | 4,879,135 |
California - 5.7%
|
Anaheim Public Financing Authority, 0.00%, 09/01/2036(c) | | | 11,240,000 | | | 7,479,718 |
Brea Redevelopment Agency
|
5.00%, 08/01/2033 (Callable 08/01/2027) | | | 1,500,000 | | | 1,578,507 |
5.00%, 08/01/2034 (Callable 08/01/2027) | | | 1,750,000 | | | 1,842,207 |
Buellton Union School District, 0.00%, 02/01/2034(c) | | | 2,000,000 | | | 1,370,212 |
California Housing Finance Agency, 3.75%, 03/25/2035 | | | 4,819,861 | | | 4,804,444 |
California State University,
3.13%, 11/01/2051 (Callable 05/01/2026)(a) | | | 2,250,000 | | | 2,234,711 |
Carlsbad Unified School District, 0.00%, 08/01/2035 | | | 305,000 | | | 342,323 |
Central Basin Municipal Water District, 5.00%, 08/01/2044 (Callable 08/01/2028) | | | 70,000 | | | 75,377 |
City of Richmond CA Wastewater Revenue, 0.00%, 08/01/2028(c) | | | 180,000 | | | 157,763 |
El Monte City School District/CA, 0.00%, 08/01/2029(c) | | | 1,640,000 | | | 1,349,841 |
Federal Home Loan Mortgage Corp., 4.03%, 12/25/2036(a) | | | 2,479,782 | | | 2,430,250 |
Fontana Unified School District, 0.00%, 02/01/2033(c) | | | 490,000 | | | 367,012 |
Foothill-Eastern Transportation
Corridor Agency
|
0.00%, 01/01/2026(c) | | | 4,695,000 | | | 4,474,236 |
0.00%, 01/01/2028(c) | | | 3,260,000 | | | 2,924,174 |
0.00%, 01/01/2030(c) | | | 95,000 | | | 80,408 |
Freddie Mac Multifamily Variable Rate Certificate,
2.88%, 07/25/2036 | | | 7,224,000 | | | 6,485,365 |
Gateway Unified School District/CA,
0.00%, 03/01/2037(c) | | | 100,000 | | | 63,240 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
California - (Continued)
|
Golden State Tobacco Securitization
Corp.
|
0.00%, 06/01/2026(c) | | | $240,000 | | | $ 224,746 |
0.00%, 06/01/2028(c) | | | 630,000 | | | 552,830 |
5.00%, 06/01/2028 (Callable 06/01/2027) | | | 425,000 | | | 449,303 |
3.25%, 06/01/2034 (Callable 06/01/2025) | | | 160,000 | | | 160,195 |
Imperial Community College District, 7.00%, 08/01/2040 (Callable 08/01/2030) | | | 180,000 | | | 221,188 |
Kingsburg Joint Union High School District, 5.00%, 08/01/2044 (Callable 08/01/2026) | | | 150,000 | | | 155,353 |
Long Beach Community College
|
District 0.00%, 06/01/2032(c) | | | 1,540,000 | | | 1,184,443 |
0.00%, 06/01/2033(c) | | | 1,560,000 | | | 1,155,294 |
Los Angeles Unified School District/CA, 5.00%, 07/01/2034 | | | 2,000,000 | | | 2,359,050 |
Merced Union High School District, 0.00%, 08/01/2048 (Callable 02/01/2025)(c) | | | 850,000 | | | 236,856 |
Moreno Valley Unified School District/CA,
0.00%, 07/01/2029(c) | | | 75,000 | | | 63,934 |
Morongo Unified School District, 0.00%, 08/01/2041 (Callable 08/01/2030) | | | 280,000 | | | 286,127 |
Orange County Water District, 5.00%, 08/15/2034 | | | 285,000 | | | 315,146 |
Pacheco Union Elementary School
|
District 0.00%, 02/01/2028(c) | | | 40,000 | | | 35,477 |
0.00%, 02/01/2028(c) | | | 25,000 | | | 22,173 |
0.00%, 02/01/2037(c) | | | 300,000 | | | 193,047 |
Pajaro Valley Unified School District, 0.00%, 08/01/2027(c) | | | 25,000 | | | 22,637 |
Palmdale Elementary School District, 0.00%, 08/01/2031(c) | | | 30,000 | | | 23,722 |
Paramount Unified School District, 6.38%, 08/01/2045 (Callable 02/01/2033) | | | 325,000 | | | 390,081 |
Rio Hondo Community College District, 0.00%, 08/01/2042 (Callable 08/01/2034) | | | 7,160,000 | | | 9,159,635 |
Riverside County Redevelopment Successor Agency,
8.25%, 10/01/2031 (Callable 10/01/2026) | | | 650,000 | | | 719,781 |
Roseville Joint Union High School District, 0.00%, 08/01/2034 (Callable 08/01/2026)(c) | | | 85,000 | | | 57,888 |
San Diego Unified School District/CA,
0.00%, 07/01/2030(c) | | | 100,000 | | | 82,208 |
| | | | | | | |
| | | | | | | |
San Joaquin Hills Transportation Corridor Agency
| | | | | | |
0.00%, 01/01/2027(c) | | | $1,380,000 | | | $ 1,274,884 |
0.00%, 01/01/2028(c) | | | 1,110,000 | | | 993,941 |
San Mateo Union High School District, 0.00%, 09/01/2041 (Callable 09/01/2036) | | | 1,280,000 | | | 1,331,811 |
Solano County Community College District, 5.00%, 08/01/2024 | | | 180,000 | | | 180,227 |
St Helena Unified School District, 0.00%, 08/01/2037 (Callable 08/01/2024)(c) | | | 25,000 | | | 13,366 |
Sutter Union High School District
|
0.00%, 08/01/2036 (Callable 08/01/2025)(c) | | | 75,000 | | | 33,392 |
0.00%, 08/01/2037 (Callable 08/01/2025)(c) | | | 50,000 | | | 20,727 |
0.00%, 08/01/2041 (Callable 08/01/2025)(c) | | | 50,000 | | | 15,523 |
0.00%, 08/01/2043 (Callable 08/01/2025)(c) | | | 200,000 | | | 53,518 |
Woodlake Union High School District, 0.00%, 08/01/2033(c) | | | 1,000,000 | | | 657,040 |
| | | 60,705,331 |
Colorado - 1.4%
|
Boulder Valley School District No Re-2 Boulder, 5.00%, 12/01/2038 (Callable 06/01/2025) | | | 1,225,000 | | | 1,239,063 |
Brush School District No. RE-2J, 5.00%, 12/01/2032 (Callable 12/01/2027) | | | 395,000 | | | 415,045 |
City & County of Denver CO, 5.00%, 06/01/2038 (Callable 06/01/2026) | | | 310,000 | | | 316,061 |
City of Boulder CO Storm Water & Flood Management Revenue, 3.00%, 12/01/2030 (Callable 12/01/2025) | | | 925,000 | | | 887,034 |
City of Fort Lupton CO,
4.00%, 12/01/2042 (Callable 12/01/2027) | | | 850,000 | | | 850,138 |
Colorado Health Facilities Authority, 4.43% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | | | 10,000,000 | | | 9,949,524 |
Mesa County Valley School District No. 51, 5.50%, 12/01/2037 (Callable 12/01/2027) | | | 1,000,000 | | | 1,056,489 |
University of Colorado,
5.00%, 06/01/2044 (Callable 06/01/2029) | | | 285,000 | | | 299,339 |
Wiggins School District No RE-50J Adams Morgan & Weld Counties, 4.00%, 12/01/2039 (Callable 12/01/2031) | | | 500,000 | | | 507,202 |
| | | 15,519,895 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Connecticut - 1.9%
|
City of Norwalk CT,
5.00%, 08/15/2036 (Callable 08/15/2030) | | | $2,555,000 | | | $ 2,846,603 |
Connecticut Housing Finance Authority
| | | | | | |
2.88%, 11/15/2030 (Callable 05/15/2025) | | | 1,325,000 | | | 1,225,275 |
4.00%, 11/15/2045 (Callable 05/15/2028) | | | 2,935,000 | | | 2,917,436 |
4.00%, 11/15/2047 (Callable 11/15/2026) | | | 395,000 | | | 392,707 |
4.00%, 05/15/2049 (Callable 11/15/2028) | | | 1,330,000 | | | 1,321,135 |
Connecticut State Health & Educational Facilities Authority
| | | | | | |
5.25%, 03/01/2032 | | | 100,000 | | | 109,843 |
3.20%, 07/01/2037(a) | | | 2,085,000 | | | 2,074,426 |
2.95%, 07/01/2049(a) | | | 1,000,000 | | | 983,074 |
2.80%, 07/01/2057(a) | | | 6,000,000 | | | 5,915,494 |
State of Connecticut,
5.00%, 11/15/2036 (Callable 11/15/2032) | | | 180,000 | | | 203,368 |
University of Connecticut,
5.00%, 01/15/2031 (Callable 01/15/2027) | | | 1,250,000 | | | 1,301,208 |
| | | 19,290,569 |
Florida - 2.5%
|
Broward County Housing Finance Authority, 3.50%, 04/01/2041 (Callable 10/01/2025)(a) | | | 1,000,000 | | | 991,079 |
City of Fort Lauderdale FL Water & Sewer Revenue,
5.50%, 09/01/2048 (Callable 09/01/2033) | | | 3,500,000 | | | 3,939,576 |
City of Fort Myers FL,
4.00%, 12/01/2037 (Callable 12/01/2025) | | | 480,000 | | | 480,905 |
City of Melbourne FL Water & Sewer Revenue,
0.00%, 10/01/2026(c) | | | 40,000 | | | 37,056 |
City of Ocoee FL,
4.00%, 10/01/2040 (Callable 10/01/2030) | | | 300,000 | | | 302,134 |
City of Orlando FL Tourist Development Tax Revenue, 5.00%, 11/01/2034 (Callable 11/01/2027) | | | 1,000,000 | | | 1,036,239 |
County of Miami-Dade FL
|
0.00%, 10/01/2026(c) | | | 50,000 | | | 46,320 |
0.00%, 10/01/2027(c) | | | 330,000 | | | 295,846 |
5.25%, 10/01/2030 | | | 4,625,000 | | | 5,073,290 |
Florida Housing Finance Corp.
|
5.00%, 12/01/2026(a) | | | 2,500,000 | | | 2,530,584 |
1.94%, 08/01/2036 | | | 5,000,000 | | | 3,788,940 |
| | | | | | | |
| | | | | | | |
4.20%, 01/01/2045 (Callable 01/01/2028) | | | $2,195,000 | | | $ 2,139,440 |
3.50%, 07/01/2051 (Callable 07/01/2029) | | | 710,000 | | | 697,890 |
Leon County - City of Tallahassee Blueprint Intergovernmental Agency, 4.00%, 10/01/2038 (Callable 10/01/2031) | | | 4,805,000 | | | 4,907,454 |
Osceola County Expressway Authority
|
0.00%, 10/01/2028 | | | 170,000 | | | 189,929 |
0.00%, 10/01/2031 | | | 60,000 | | | 72,940 |
Seminole County School Board, 5.00%, 07/01/2035 (Callable 07/01/2026) | | | 145,000 | | | 148,052 |
| | | 26,677,674 |
Georgia - 1.8%
|
City of Decatur GA,
3.00%, 08/01/2038 (Callable 08/01/2025) | | | 500,000 | | | 448,075 |
DeKalb Newton & Gwinnett CountiesJoint Development Authority
| | | | | | |
5.00%, 06/01/2028 | | | 295,000 | | | 311,103 |
5.00%, 06/01/2028 | | | 230,000 | | | 242,555 |
Forsyth County Hospital Authority, 6.38%, 10/01/2028 | | | 5,295,000 | | | 5,664,337 |
Georgia Housing & Finance Authority, 3.50%, 12/01/2046 (Callable 12/01/2025) | | | 140,000 | | | 138,896 |
Main Street Natural Gas, Inc.
|
4.00%, 08/01/2049 (Callable 09/01/2024)(a) | | | 1,000,000 | | | 1,000,446 |
4.00%, 07/01/2052 (Callable 06/01/2027)(a) | | | 1,615,000 | | | 1,621,597 |
5.00%, 07/01/2053 (Callable 12/01/2029)(a) | | | 8,000,000 | | | 8,486,050 |
| | | 17,913,059 |
Idaho - 0.3%
|
Idaho Housing & Finance Association, 6.00%, 07/01/2054 (Callable 01/01/2033) | | | 2,760,000 | | | 3,023,074 |
Illinois - 5.6%
|
Buffalo Grove Park District,
3.00%, 12/30/2024 | | | 840,000 | | | 834,405 |
Cary Park District, 4.00%, 12/15/2032 (Callable 12/15/2026) | | | 125,000 | | | 125,330 |
City of Chicago IL
|
0.00%, 01/01/2027(c) | | | 75,000 | | | 68,357 |
5.00%, 01/01/2034 (Callable 01/01/2025) | | | 2,170,000 | | | 2,184,710 |
City of Chicago IL Waterworks Revenue, 5.00%, 11/01/2036 (Callable 05/01/2032) | | | 70,000 | | | 77,572 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
City of Springfield IL,
5.00%, 12/01/2031 (Callable 12/01/2025) | | | $500,000 | | | $ 508,477 |
City of Woodstock IL,
4.00%, 01/01/2037 (Callable 01/01/2031) | | | 675,000 | | | 686,871 |
Community Unit School District Number 427 DeKalb and Kane Counties Illinois,
0.00%, 01/01/2026(c) | | | 2,785,000 | | | 2,638,437 |
Cook County School District No 130 Blue Island, 5.00%, 12/01/2026 (Callable 12/01/2025) | | | 1,150,000 | | | 1,173,325 |
Cook County School District No 159
Matteson-Richton Park
|
0.00%, 12/01/2025(c) | | | 475,000 | | | 451,506 |
0.00%, 12/01/2025(c) | | | 230,000 | | | 218,928 |
0.00%, 12/01/2026(c) | | | 285,000 | | | 261,692 |
0.00%, 12/01/2028(c) | | | 525,000 | | | 450,709 |
County of Cook IL,
5.00%, 11/15/2033 (Callable 11/15/2027) | | | 3,000,000 | | | 3,132,134 |
Deerfield Park District,
4.00%, 12/01/2029 | | | 240,000 | | | 244,445 |
DuPage County Community High School District No 100 Fenton, 5.00%, 07/15/2037 (Callable 07/15/2032) | | | 575,000 | | | 634,930 |
Hoffman Estates Park District, 5.00%, 12/01/2040 (Callable 12/01/2030) | | | 1,415,000 | | | 1,509,263 |
Illinois Development Finance Authority
|
0.00%, 07/15/2025(c) | | | 24,615,000 | | | 23,720,751 |
2.45%, 11/15/2039(a) | | | 2,230,000 | | | 2,181,477 |
Illinois Finance Authority
|
5.00%, 07/01/2031 (Callable 01/01/2026) | | | 1,200,000 | | | 1,226,966 |
5.25%, 08/15/2031 (Callable 08/15/2026) | | | 1,830,000 | | | 1,894,348 |
5.00%, 08/01/2033 (Callable 08/01/2024) | | | 700,000 | | | 700,672 |
5.00%, 02/15/2036 (Callable 02/15/2027) | | | 215,000 | | | 222,774 |
4.00%, 12/01/2036 (Callable 12/01/2028) | | | 1,000,000 | | | 1,005,221 |
4.00%, 02/15/2041 (Callable 02/15/2027) | | | 495,000 | | | 501,519 |
4.00%, 05/01/2044 (Callable 05/01/2025) | | | 135,000 | | | 135,356 |
Illinois Housing Development Authority
|
2.55%, 04/01/2025 | | | 590,000 | | | 580,233 |
4.00%, 06/01/2026 (Callable 06/01/2025)(a) | | | 1,300,000 | | | 1,300,004 |
3.10%, 02/01/2035 (Callable 02/01/2026) | | | 875,000 | | | 785,193 |
| | | | | | | |
| | | | | | | |
3.50%, 08/01/2046 (Callable 02/01/2026) | | | $745,000 | | | $ 736,481 |
4.00%, 08/01/2048 (Callable 08/01/2027) | | | 345,000 | | | 342,964 |
Illinois Municipal Electric Agency, 4.00%, 02/01/2034 (Callable 08/01/2025) | | | 160,000 | | | 157,404 |
Jefferson County School District No 80 Mt Vernon, 4.00%, 06/01/2028 (Callable 06/01/2026) | | | 120,000 | | | 119,695 |
Kane McHenry Cook & De Kalb Counties Unit School District No 300/IL, 5.00%, 01/01/2032 (Callable 01/01/2027) | | | 2,085,000 | | | 2,168,997 |
Kankakee & Will Counties Community Unit School District No 5/IL, 4.00%, 05/01/2025 (Callable 08/01/2024) | | | 700,000 | | | 697,573 |
Knox & Warren Counties Community Unit School District No 205 Galesburg
| | | | | | |
4.00%, 12/01/2034 (Callable 12/01/2027) | | | 425,000 | | | 428,777 |
4.00%, 12/01/2039 (Callable 12/01/2027) | | | 1,305,000 | | | 1,303,977 |
Mason Logan & Tazewell Counties Community Unit School Dist No 189 Illini Central,
5.00%, 12/01/2040 (Callable 12/01/2028) | | | 600,000 | | | 614,754 |
Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/01/2034 (Callable 12/01/2026) | | | 295,000 | | | 304,268 |
State of Illinois Sales Tax Revenue, 4.00%, 06/15/2038 (Callable 06/15/2028) | | | 1,850,000 | | | 1,818,870 |
Village of Downers Grove IL, 4.00%, 01/01/2038 (Callable 01/01/2026) | | | 375,000 | | | 367,451 |
Village of Manhattan IL,
4.00%, 01/01/2030 (Callable 01/01/2027) | | | 250,000 | | | 250,865 |
Village of Schaumburg IL,
4.00%, 12/01/2028 | | | 470,000 | | | 485,180 |
Waukegan Park District,
3.13%, 12/15/2028 (Callable 08/01/2024) | | | 390,000 | | | 367,037 |
Will County Community High School District No. 210,
0.00%, 01/01/2025(c) | | | 350,000 | | | 343,782 |
Will County Community Unit School District No. 201-U, 0.00%, 11/01/2024(c) | | | 1,410,000 | | | 1,391,937 |
Will County School District No 122, 0.00%, 10/01/2027(c) | | | 470,000 | | | 421,356 |
| | | 61,776,973 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Indiana - 0.9%
|
City of Evansville IN,
5.00%, 02/01/2029 (Callable 02/01/2026) | | | $735,000 | | | $ 747,266 |
City of Indianapolis IN,
3.00%, 05/01/2027(a) | | | 325,000 | | | 323,462 |
Fishers Town Hall Building Corp., 5.50%, 07/15/2040 (Callable 07/15/2032) | | | 1,000,000 | | | 1,129,656 |
Hammond Multi-School Building Corp., 5.00%, 07/15/2033 (Callable 01/15/2028) | | | 820,000 | | | 855,044 |
Indiana Housing & Community Development Authority,
5.75%, 07/01/2053 (Callable 07/01/2032) | | | 845,000 | | | 889,614 |
Indianapolis Local Public Improvement Bond Bank,
5.00%, 01/01/2033 (Callable 01/01/2025) | | | 1,780,000 | | | 1,793,828 |
Lake Ridge Multi-School Building Corp., 5.50%, 01/15/2042 (Callable 07/15/2032) | | | 2,000,000 | | | 2,234,050 |
Northern Wells Multi-School Building Corp.,
4.00%, 07/15/2035 (Callable 07/15/2027) | | | 160,000 | | | 161,861 |
Northwestern School Building Corp., 6.00%, 07/15/2040 (Callable 07/15/2031) | | | 700,000 | | | 797,884 |
Perry Central Multi-School Building Corp., 5.00%, 07/15/2038 (Callable 07/15/2033) | | | 375,000 | | | 414,267 |
| | | 9,346,932 |
Iowa - 0.7%
|
Clinton Community School District/IA Infrastructure Sales Services & Use Tax,
4.38%, 07/01/2036 (Callable 07/01/2028) | | | 2,100,000 | | | 2,150,476 |
Iowa Finance Authority
|
5.00%, 08/01/2033 (Callable 08/01/2026) | | | 175,000 | | | 180,379 |
5.00%, 08/01/2035 (Callable 08/01/2025) | | | 950,000 | | | 967,634 |
4.00%, 07/01/2047 (Callable 07/01/2028) | | | 870,000 | | | 864,355 |
4.00%, 07/01/2047 (Callable 07/01/2027) | | | 285,000 | | | 283,255 |
5.50%, 07/01/2053 (Callable 01/01/2033) | | | 2,960,000 | | | 3,108,844 |
| | | 7,554,943 |
Kansas - 0.3%
|
City of Goddard KS,
5.00%, 12/01/2025 (Callable 06/01/2025) | | | 530,000 | | | 536,433 |
| | | | | | | |
| | | | | | | |
Crawford County Unified School District No 250 Pittsburg,
5.00%, 09/01/2035 (Callable 09/01/2027) | | | $60,000 | | | $ 63,494 |
Kansas Development Finance Authority, 5.00%, 11/15/2054 (Callable 11/15/2028)(a) | | | 1,615,000 | | | 1,707,565 |
| | | 2,307,492 |
Kentucky - 0.5%
|
City of Versailles KY,
3.00%, 08/15/2026 (Callable 08/15/2024) | | | 2,000,000 | | | 1,944,371 |
Kentucky Bond Development Corp., 3.00%, 05/01/2034 (Callable 05/01/2026) | | | 695,000 | | | 634,077 |
Kentucky Housing Corp.,
5.00%, 09/01/2043 (Callable 03/01/2026)(a) | | | 1,615,000 | | | 1,643,513 |
| | | 4,221,961 |
Louisiana - 4.8%
|
Louisiana Housing Corp.,
4.00%, 01/01/2043 (Callable 07/01/2026)(a) | | | 3,650,000 | | | 3,641,219 |
Louisiana Public Facilities Authority
|
5.50%, 05/15/2027 (Callable 05/15/2026) | | | 20,555,000 | | | 21,153,433 |
5.50%, 05/15/2032 (Callable 05/15/2026) | | | 22,190,000 | | | 23,054,408 |
4.00%, 04/01/2050 (Callable 04/01/2030) | | | 260,000 | | | 271,390 |
Webster Parish School District No 6 Minden, 4.00%, 03/01/2031 (Callable 03/01/2029) | | | 840,000 | | | 852,623 |
| | | 48,973,073 |
Maryland - 1.1%
|
City of Baltimore MD
|
5.00%, 07/01/2024 | | | 410,000 | | | 410,000 |
5.00%, 07/01/2028 | | | 195,000 | | | 200,101 |
Maryland Community Development
Administration
|
3.25%, 08/01/2024 | | | 7,000,000 | | | 6,983,964 |
3.85%, 03/01/2025 | | | 2,445,000 | | | 2,427,597 |
Maryland Health & Higher Educational Facilities Authority, 5.00%, 07/01/2027 | | | 1,425,000 | | | 1,450,167 |
| | | 11,471,829 |
Massachusetts - 0.8%
|
Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030 (Callable 07/01/2026)(c) | | | 1,400,000 | | | 1,142,792 |
Massachusetts Housing Finance Agency
|
4.00%, 12/01/2044 (Callable 06/01/2025) | | | 135,000 | | | 134,575 |
4.00%, 12/01/2048 (Callable 06/01/2027) | | | 600,000 | | | 596,758 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Massachusetts - (Continued)
|
4.00%, 06/01/2049 (Callable 12/01/2028) | | | $295,000 | | | $ 293,184 |
3.00%, 12/01/2050 (Callable 12/01/2029) | | | 160,000 | | | 155,095 |
Massachusetts State College Building Authority
| | | | | | |
0.00%, 05/01/2027(c) | | | 625,000 | | | 565,466 |
0.00%, 05/01/2028(c) | | | 5,790,000 | | | 5,065,578 |
| | | 7,953,448 |
Michigan - 3.1%
|
Birmingham City School District/MI, 5.00%, 05/01/2036 (Callable 05/01/2033) | | | 200,000 | | | 226,922 |
City of Ferndale MI,
3.00%, 04/01/2032 (Callable 04/01/2029) | | | 450,000 | | | 418,699 |
County of Kent MI,
4.00%, 01/01/2034 (Callable 01/01/2025) | | | 2,060,000 | | | 2,060,651 |
Lakeview Public School District, 3.00%, 11/01/2034 (Callable 05/01/2032) | | | 645,000 | | | 601,093 |
Michigan Finance Authority
|
5.00%, 10/01/2039 (Callable 10/01/2024) | | | 1,500,000 | | | 1,501,863 |
6.75%, 07/01/2044 (Callable 07/01/2024)(b) | | | 6,700,000 | | | 6,700,000 |
Michigan State Housing Development Authority
| | | | | | |
2.70%, 12/01/2034 (Callable 12/01/2028) | | | 4,700,000 | | | 4,131,997 |
3.25%, 10/01/2037 (Callable 10/01/2025) | | | 755,000 | | | 663,032 |
4.25%, 12/01/2049 (Callable 06/01/2028) | | | 1,925,000 | | | 1,922,653 |
5.00%, 06/01/2053 (Callable 12/01/2031) | | | 845,000 | | | 869,067 |
5.50%, 06/01/2053 (Callable 12/01/2031) | | | 1,840,000 | | | 1,925,246 |
5.75%, 06/01/2054 (Callable 12/01/2032) | | | 1,955,000 | | | 2,077,089 |
Warren Consolidated Schools
|
5.00%, 05/01/2033 (Callable 05/01/2026) | | | 4,660,000 | | | 4,773,420 |
5.00%, 05/01/2033 (Callable 05/01/2026) | | | 2,595,000 | | | 2,658,160 |
5.00%, 05/01/2035 (Callable 05/01/2026) | | | 950,000 | | | 970,917 |
| | | 31,500,809 |
Minnesota - 1.2%
|
City of Coon Rapids MN,
5.60%, 12/01/2039 | | | 2,494,632 | | | 2,656,219 |
| | | | | | | |
| | | | | | | |
City of Hopkins MN,
4.00%, 02/01/2038 (Callable 02/01/2032) | | | $440,000 | | | $ 452,244 |
County of Hennepin MN,
5.00%, 12/01/2035 (Callable 12/01/2026) | | | 1,835,000 | | | 1,901,027 |
County of Washington MN,
2.13%, 02/01/2033 (Callable 02/01/2028) | | | 1,495,000 | | | 1,253,519 |
Duluth Independent School District No 709, 2.60%, 03/01/2028 | | | 1,875,000 | | | 1,823,405 |
Housing & Redevelopment Authority of The City of St Paul Minnesota
| | | | | | |
4.50%, 07/01/2028 (Callable 07/01/2026) | | | 365,000 | | | 367,906 |
5.00%, 07/01/2036 (Callable 07/01/2026) | | | 1,315,000 | | | 1,354,798 |
Minnesota Housing Finance Agency
|
4.00%, 07/01/2047 (Callable 01/01/2027) | | | 130,000 | | | 129,337 |
4.25%, 07/01/2049 (Callable 07/01/2028) | | | 710,000 | | | 709,142 |
6.25%, 07/01/2054 (Callable 01/01/2033) | | | 2,000,000 | | | 2,170,546 |
| | | 12,818,143 |
Mississippi - 1.0%
|
County of Warren MS,
6.00%, 09/01/2036 (Callable 09/01/2033) | | | 625,000 | | | 751,600 |
Mississippi Development Bank, 5.25%, 03/01/2035 (Callable 03/01/2028) | | | 495,000 | | | 509,824 |
Mississippi Home Corp.
| |
4.40%, 12/01/2043 (Callable 12/01/2031) | | | 1,250,000 | | | 1,253,634 |
4.65%, 12/01/2044 (Callable 06/01/2033) | | | 2,345,000 | | | 2,373,154 |
State of Mississippi,
4.00%, 06/01/2037 (Callable 06/01/2030) | | | 500,000 | | | 510,277 |
West Rankin Utility Authority
|
5.00%, 01/01/2038 (Callable 01/01/2025) | | | 550,000 | | | 554,545 |
5.00%, 01/01/2043 (Callable 01/01/2028) | | | 4,500,000 | | | 4,802,794 |
| | | 10,755,828 |
Missouri - 0.9%
|
Jackson County School District No. R-IV, 5.50%, 03/01/2037 (Callable 03/01/2029) | | | 1,040,000 | | | 1,143,869 |
Metropolitan St Louis Sewer District
|
5.00%, 05/01/2036 (Callable 05/01/2025) | | | 1,275,000 | | | 1,288,199 |
5.00%, 05/01/2045 (Callable 05/01/2025) | | | 2,335,000 | | | 2,359,173 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Missouri - (Continued)
|
Missouri Housing Development Commission
| | | | | | |
1.95%, 05/01/2025 | | | $45,000 | | | $ 43,777 |
3.95%, 11/01/2040 (Callable 05/01/2025) | | | 25,000 | | | 24,512 |
Normandy Schools Collaborative
|
3.00%, 03/01/2038 (Callable 03/01/2028) | | | 1,950,000 | | | 1,748,405 |
3.00%, 03/01/2039 (Callable 03/01/2028) | | | 2,000,000 | | | 1,774,507 |
Pattonville R-3 School District, 5.25%, 03/01/2041 (Callable 03/01/2031) | | | 1,000,000 | | | 1,097,986 |
St Louis County Special School District, 4.00%, 04/01/2034 (Callable 04/01/2029) | | | 400,000 | | | 406,750 |
Taney County Reorganized School District No R-V Hollister,
5.50%, 03/01/2040 (Callable 03/01/2034) | | | 385,000 | | | 440,397 |
| | | 10,327,575 |
Montana - 0.2%
|
City of Belgrade MT,
5.25%, 07/01/2043 (Callable 07/01/2032) | | | 2,000,000 | | | 2,197,292 |
Flathead County School District No. 44, 4.00%, 07/01/2036 (Callable 07/01/2028) | | | 235,000 | | | 238,459 |
Montana Board of Housing
|
3.00%, 12/01/2045 (Callable 06/01/2029) | | | 535,000 | | | 422,824 |
3.05%, 06/01/2050 (Callable 06/01/2029) | | | 265,000 | | | 204,653 |
| | | 3,063,228 |
Nebraska - 1.1%
|
Central Plains Energy Project, 5.00%, 05/01/2054 (Callable 08/01/2029)(a) | | | 5,000,000 | | | 5,266,780 |
City of Omaha NE,
6.50%, 12/01/2030 | | | 1,930,000 | | | 2,177,415 |
Nebraska Educational Health Cultural & Social Services Finance Authority
| | | | | | |
4.00%, 01/01/2033 (Callable 01/01/2026) | | | 400,000 | | | 404,505 |
4.00%, 01/01/2034 (Callable 01/01/2026) | | | 2,000,000 | | | 2,014,697 |
4.00%, 01/01/2035 (Callable 01/01/2026) | | | 1,000,000 | | | 1,005,122 |
Nebraska Investment Finance Authority, 3.50%, 09/01/2050 (Callable 03/01/2029) | | | 1,285,000 | | | 1,261,843 |
| | | | | | | |
| | | | | | | |
University of Nebraska
|
3.00%, 05/15/2035 (Callable 05/15/2026) | | | $20,000 | | | $ 19,904 |
3.00%, 07/01/2039 (Callable 07/01/2026) | | | 15,000 | | | 14,928 |
| | | 12,165,194 |
Nevada - 0.2%
|
County of Clark NV,
5.00%, 07/01/2033 (Callable 09/09/2024) | | | 1,925,000 | | | 1,929,726 |
New Jersey - 0.5%
|
Flemington Raritan Regional Board of Education
| |
2.25%, 09/01/2031 (Callable 09/01/2026) | | | 1,000,000 | | | 872,905 |
2.38%, 09/01/2033 (Callable 09/01/2026) | | | 650,000 | | | 558,671 |
New Jersey Economic Development Authority, 0.00%, 07/01/2025(c) | | | 135,000 | | | 130,340 |
New Jersey Health Care Facilities Financing Authority,
3.75%, 07/01/2027 | | | 180,000 | | | 180,392 |
New Jersey Housing & Mortgage Finance Agency
| | | | | | |
4.50%, 10/01/2048 (Callable 10/01/2027) | | | 600,000 | | | 602,488 |
2.45%, 10/01/2050 (Callable 04/01/2029) | | | 525,000 | | | 353,007 |
New Jersey Transportation Trust Fund Authority,
0.00%, 12/15/2030(c) | | | 2,305,000 | | | 1,827,609 |
North Hudson Sewerage Authority/NJ,
0.00%, 08/01/2024(c) | | | 500,000 | | | 498,428 |
| | | 5,023,840 |
New Mexico - 0.5%
|
New Mexico Hospital Equipment Loan Council, 4.13%, 08/01/2044 (Callable 08/01/2025) | | | 210,000 | | | 211,624 |
New Mexico Mortgage Finance Authority
| | | | | | |
3.50%, 07/01/2033 (Callable 01/01/2028) | | | 685,000 | | | 670,424 |
3.55%, 09/01/2037 (Callable 03/01/2027) | | | 685,000 | | | 639,771 |
3.95%, 09/01/2040 (Callable 09/01/2024) | | | 800,000 | | | 779,251 |
5.25%, 03/01/2053 (Callable 03/01/2032) | | | 1,980,000 | | | 2,064,062 |
| | | 4,365,132 |
New York - 1.7%
|
Monroe County Industrial Development Corp.,
4.84%, 11/01/2040 | | | 3,072,887 | | | 3,244,641 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
New York - (Continued)
|
New York City Housing Development Corp.,
0.70%, 11/01/2060 (Callable 07/22/2024)(a) | | | $1,320,000 | | | $ 1,269,155 |
New York City Municipal Water Finance Authority,
4.00%, 06/15/2040 (Callable 12/15/2029) | | | 500,000 | | | 494,265 |
New York State Dormitory Authority
|
0.00%, 07/01/2028(c) | | | 65,000 | | | 56,353 |
0.00%, 07/01/2029(c) | | | 580,000 | | | 486,708 |
5.00%, 03/15/2037 (Callable 09/15/2025) | | | 155,000 | | | 156,736 |
5.25%, 03/15/2039 (Callable 09/15/2028) | | | 3,750,000 | | | 4,013,386 |
5.00%, 03/15/2043 (Callable 03/15/2029) | | | 2,450,000 | | | 2,612,612 |
New York State Environmental Facilities Corp.
| | | | | | |
5.50%, 10/15/2029 | | | 185,000 | | | 205,210 |
5.50%, 10/15/2030 | | | 390,000 | | | 440,251 |
New York State Housing Finance Agency
|
1.60%, 11/01/2024 (Callable 07/22/2024) | | | 1,290,000 | | | 1,278,818 |
3.60%, 11/01/2062 (Callable 06/01/2025)(a) | | | 2,920,000 | | | 2,920,718 |
North Colonie Central School District, 2.00%, 07/15/2032 (Callable 07/15/2029) | | | 1,115,000 | | | 929,511 |
State of New York Mortgage Agency Homeowner Mortgage Revenue, 4.00%, 10/01/2049 (Callable 04/01/2028) | | | 2,350,000 | | | 2,336,694 |
| | | 20,445,058 |
North Carolina - 3.5%
|
Asheville Housing Authority,
5.00%, 11/01/2026 (Callable 11/01/2025)(a) | | | 675,000 | | | 682,593 |
County of Forsyth NC,
3.00%, 03/01/2033 (Callable 03/01/2031) | | | 600,000 | | | 570,192 |
County of Wake NC
|
5.13%, 10/01/2026 | | | 800,000 | | | 813,282 |
5.00%, 05/01/2041 (Callable 05/01/2034) | | | 2,860,000 | | | 3,231,501 |
Inlivian
|
2.55%, 05/01/2037 | | | 4,704,544 | | | 3,871,377 |
5.00%, 06/01/2043 (Callable 12/01/2025)(a) | | | 2,000,000 | | | 2,023,718 |
North Carolina Housing Finance Agency
|
4.00%, 07/01/2050 (Callable 07/01/2029) | | | 1,180,000 | | | 1,172,626 |
5.75%, 01/01/2054 (Callable 07/01/2032) | | | 3,895,000 | | | 4,130,195 |
| | | | | | | |
| | | | | | | |
Raleigh Housing Authority
|
5.00%, 10/01/2026(a) | | | $5,500,000 | | | $ 5,537,864 |
5.00%, 12/01/2026(a) | | | 7,850,000 | | | 7,928,788 |
Town of Morehead City NC,
4.05%, 01/01/2028(a) | | | 3,500,000 | | | 3,494,186 |
University of North Carolina at Chapel Hill, 4.22%
(SOFR + 0.65%), 12/01/2041 (Callable 12/01/2024) | | | 1,000,000 | | | 1,000,497 |
| | | 34,456,819 |
North Dakota - 0.7%
|
Cass County Joint Water Resource District, 3.45%, 04/01/2027 (Callable 01/01/2026) | | | 3,160,000 | | | 3,156,937 |
North Dakota Housing Finance Agency
|
3.55%, 07/01/2033 (Callable 01/01/2028) | | | 1,140,000 | | | 1,094,861 |
3.45%, 07/01/2037 (Callable 07/01/2026) | | | 900,000 | | | 817,396 |
4.30%, 07/01/2039 (Callable 07/01/2033) | | | 1,000,000 | | | 1,001,206 |
3.50%, 07/01/2046 (Callable 01/01/2026) | | | 440,000 | | | 435,133 |
4.00%, 01/01/2050 (Callable 07/01/2028) | | | 755,000 | | | 750,103 |
| | | 7,255,636 |
Ohio - 3.6%
|
County of Van Wert OH,
6.13%, 12/01/2049 (Callable 12/01/2029) | | | 24,869,000 | | | 27,729,770 |
FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | | | 3,645,000 | | | 3,084,454 |
North Ridgeville City School District, 5.00%, 12/01/2043 (Callable 06/01/2029) | | | 1,025,000 | | | 1,077,427 |
Ohio Housing Finance Agency
|
3.95%, 09/01/2043 (Callable 09/01/2027) | | | 165,000 | | | 155,077 |
3.50%, 09/01/2046 (Callable 09/01/2025) | | | 385,000 | | | 379,912 |
Ohio Water Development Authority, 5.00%, 12/01/2038 (Callable 12/01/2029) | | | 2,100,000 | | | 2,281,014 |
State of Ohio
|
5.00%, 02/01/2031 (Callable 02/01/2026) | | | 1,405,000 | | | 1,441,061 |
5.00%, 01/01/2038 (Callable 01/01/2032) | | | 430,000 | | | 477,472 |
2.75%, 01/01/2052(a) | | | 2,195,000 | | | 2,118,076 |
University of Akron,
5.00%, 01/01/2033 (Callable 07/01/2026) | | | 335,000 | | | 341,376 |
| | | 39,085,639 |
Oklahoma - 0.1%
|
Oklahoma Water Resources Board, 4.00%, 04/01/2037 (Callable 04/01/2030) | | | 560,000 | | | 571,246 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Oregon - 0.6%
|
Clackamas Community College District
|
0.00%, 06/15/2028 (Callable 06/15/2025)(c) | | | $1,375,000 | | | $ 1,175,070 |
0.00%, 06/15/2029 (Callable 06/15/2025)(c) | | | 1,000,000 | | | 817,961 |
State of Oregon
|
4.00%, 12/01/2045 (Callable 06/01/2025) | | | 475,000 | | | 473,233 |
4.00%, 12/01/2048 (Callable 12/01/2026) | | | 830,000 | | | 826,173 |
State of Oregon Housing & Community Services Department
| | | | | | |
3.55%, 07/01/2033 (Callable 07/01/2027) | | | 1,005,000 | | | 964,234 |
2.90%, 07/01/2043 (Callable 07/01/2027) | | | 1,000,000 | | | 813,166 |
4.00%, 01/01/2047 (Callable 07/01/2025) | | | 290,000 | | | 288,913 |
3.75%, 07/01/2048 (Callable 01/01/2027) | | | 1,020,000 | | | 937,867 |
| | | 6,296,617 |
Pennsylvania - 0.9%
|
Commonwealth Financing Authority, 4.00%, 06/01/2039 (Callable 06/01/2028) | | | 1,525,000 | | | 1,534,324 |
Mckeesport Area School District, 0.00%, 10/01/2025(c) | | | 110,000 | | | 105,363 |
Pennsylvania Housing Finance Agency
|
3.50%, 10/01/2046 (Callable 10/01/2025) | | | 195,000 | | | 193,545 |
3.50%, 04/01/2051 (Callable 10/01/2029) | | | 2,055,000 | | | 2,029,313 |
5.50%, 10/01/2053 | | | 1,980,000 | | | 2,079,200 |
5.75%, 10/01/2053 (Callable 10/01/2032) | | | 1,230,000 | | | 1,298,075 |
Pittsburgh Water & Sewer Authority
|
0.00%, 09/01/2026(c) | | | 890,000 | | | 827,052 |
0.00%, 09/01/2027(c) | | | 1,110,000 | | | 997,809 |
0.00%, 09/01/2028(c) | | | 370,000 | | | 322,165 |
Pottsville Hospital Authority/PA, 6.50%, 07/01/2028 (Callable 07/01/2024)(b) | | | 1,260,000 | | | 1,260,000 |
| | | 10,646,846 |
Puerto Rico - 1.8%
|
Puerto Rico Public Finance Corp.
|
6.00%, 08/01/2026 | | | 3,585,000 | | | 3,763,149 |
6.00%, 08/01/2026 | | | 1,825,000 | | | 1,915,689 |
6.00%, 08/01/2026 | | | 1,710,000 | | | 1,794,975 |
6.00%, 08/01/2026 | | | 1,440,000 | | | 1,511,558 |
5.50%, 08/01/2027 | | | 7,690,000 | | | 8,163,643 |
5.50%, 08/01/2027 | | | 400,000 | | | 424,637 |
| | | 17,573,651 |
| | | | |
| | | | | | | |
Rhode Island - 0.1%
|
Rhode Island Housing & Mortgage Finance Corp.,
3.50%, 10/01/2050 (Callable 10/01/2029) | | | $800,000 | | | $ 785,855 |
South Carolina - 3.1%
|
City of Columbia SC Waterworks & Sewer System Revenue,
5.00%, 02/01/2049 (Callable 02/01/2029) | | | 10,680,000 | | | 11,561,571 |
Piedmont Municipal Power Agency, 5.38%, 01/01/2025 | | | 5,255,000 | | | 5,302,905 |
South Carolina Jobs-Economic Development Authority
| |
5.00%, 08/15/2036 (Callable 08/15/2026)(b) | | | 7,500,000 | | | 7,756,804 |
5.00%, 08/15/2041 (Callable 08/15/2026)(b) | | | 4,165,000 | | | 4,307,612 |
Tobacco Settlement Revenue Management Authority,
6.38%, 05/15/2030 | | | 2,005,000 | | | 2,294,465 |
| | | 31,223,357 |
South Dakota - 0.1%
|
County of Clay SD,
5.00%, 12/01/2038 (Callable 12/01/2031) | | | 1,000,000 | | | 1,094,304 |
Harrisburg School District No. 41-2, 2.38%, 08/01/2026 | | | 255,000 | | | 248,348 |
| | | 1,342,652 |
Tennessee - 1.9%
|
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd
| |
5.00%, 12/01/2026 (Callable 12/01/2025)(a) | | | 1,000,000 | | | 1,011,409 |
4.88%, 11/01/2028 | | | 1,450,000 | | | 1,498,756 |
3.85%, 02/01/2048(a) | | | 1,000,000 | | | 998,043 |
Metropolitan Government of Nashville & Davidson County TN, 3.00%, 01/01/2034 (Callable 01/01/2031) | | | 3,000,000 | | | 2,809,958 |
Tennessee Housing Development Agency
| | | | | | |
1.75%, 07/01/2028 | | | 350,000 | | | 310,726 |
1.95%, 07/01/2030
(Callable 07/01/2029) | | | 550,000 | | | 473,024 |
3.85%, 01/01/2035
(Callable 01/01/2025) | | | 230,000 | | | 228,559 |
3.90%, 07/01/2042
(Callable 07/01/2027) | | | 350,000 | | | 327,085 |
4.00%, 01/01/2043
(Callable 07/01/2027) | | | 445,000 | | | 442,225 |
3.85%, 07/01/2043
(Callable 07/01/2027) | | | 1,810,000 | | | 1,661,346 |
5.20%, 07/01/2043
(Callable 07/01/2032) | | | 7,000,000 | | | 7,309,083 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Tennessee - (Continued)
|
3.65%, 07/01/2047
(Callable 01/01/2027) | | | $705,000 | | | $ 629,394 |
4.05%, 01/01/2049
(Callable 01/01/2028) | | | 1,645,000 | | | 1,561,798 |
4.25%, 01/01/2050
(Callable 07/01/2028) | | | 775,000 | | | 773,796 |
| | | 20,035,202 |
Texas - 29.8%(d)
|
Alvarado Independent School District/TX,
2.75%,02/15/2052(a) | | | 1,650,000 | | | 1,629,236 |
Anna Independent School District, 5.00%, 08/15/2035 (Callable 08/15/2026) | | | 910,000 | | | 940,529 |
Arlington Higher Education Finance Corp.
| |
4.00%, 08/15/2024 | | | 1,025,000 | | | 1,025,268 |
5.00%, 08/15/2024 | | | 1,010,000 | | | 1,011,303 |
5.00%, 08/15/2025 | | | 195,000 | | | 198,368 |
5.00%, 08/15/2026 | | | 500,000 | | | 517,713 |
4.00%, 08/15/2027
(Callable 08/15/2026) | | | 875,000 | | | 879,649 |
5.00%, 08/15/2027 | | | 240,000 | | | 250,813 |
4.00%, 08/15/2028
(Callable 08/15/2026) | | | 850,000 | | | 854,070 |
5.00%, 08/15/2028
(Callable 08/15/2024) | | | 555,000 | | | 555,716 |
5.00%, 02/15/2030
(Callable 02/15/2026) | | | 125,000 | | | 127,630 |
3.00%, 08/15/2032 (Callable 08/15/2031) | | | 835,000 | | | 786,594 |
3.00%, 08/15/2033 (Callable 08/15/2031) | | | 1,070,000 | | | 1,002,264 |
3.00%, 08/15/2033 (Callable 08/15/2031) | | | 500,000 | | | 468,348 |
4.00%, 08/15/2033 (Callable 08/15/2026) | | | 475,000 | | | 476,636 |
5.00%, 08/15/2033 (Callable 08/15/2024) | | | 1,460,000 | | | 1,461,884 |
3.00%, 08/15/2034 (Callable 08/15/2031) | | | 500,000 | | | 466,981 |
4.00%, 08/15/2034 (Callable 08/15/2026) | | | 195,000 | | | 195,676 |
4.00%, 08/15/2035 (Callable 08/15/2026) | | | 480,000 | | | 481,335 |
4.00%, 12/01/2035 (Callable 06/01/2027) | | | 450,000 | | | 453,225 |
4.00%, 08/15/2036 (Callable 08/15/2030) | | | 510,000 | | | 514,575 |
4.00%, 08/15/2036 (Callable 08/15/2031) | | | 1,000,000 | | | 1,022,232 |
5.00%, 08/15/2037 (Callable 08/15/2032) | | | 510,000 | | | 566,289 |
| | | | | | | |
| | | | | | | |
4.00%, 08/15/2038 (Callable 08/15/2030) | | | $550,000 | | | $ 552,288 |
4.00%, 08/15/2039 (Callable 08/15/2025) | | | 495,000 | | | 481,491 |
3.00%, 08/15/2040 (Callable 08/15/2031) | | | 290,000 | | | 246,691 |
3.00%, 08/15/2041 (Callable 08/15/2031) | | | 300,000 | | | 250,161 |
3.00%, 08/15/2042 (Callable 08/15/2031) | | | 265,000 | | | 217,359 |
3.00%, 08/15/2043 (Callable 08/15/2031) | | | 210,000 | | | 168,796 |
3.00%, 08/15/2044 (Callable 08/15/2031) | | | 245,000 | | | 193,897 |
Austin Community College District Public Facility Corp.,
5.00%, 08/01/2033 (Callable 08/01/2025) | | | 750,000 | | | 760,556 |
Baird Independent School District, 5.00%, 08/15/2043 (Callable 08/15/2032) | | | 1,760,000 | | | 1,919,867 |
Balmorhea Independent School District, 5.00%, 02/15/2034 (Callable 02/15/2031) | | | 335,000 | | | 370,114 |
Boerne Independent School District, 3.85%, 12/01/2043(a) | | | 1,000,000 | | | 1,015,336 |
Brazoria County Toll Road Authority
|
0.00%, 03/01/2039 (Callable 03/01/2030) | | | 200,000 | | | 186,921 |
0.00%, 03/01/2041 (Callable 03/01/2030) | | | 65,000 | | | 59,675 |
0.00%, 03/01/2042 (Callable 03/01/2030) | | | 700,000 | | | 637,454 |
0.00%, 03/01/2044 (Callable 03/01/2030) | | | 255,000 | | | 227,807 |
Centerville Independent School District
|
5.00%, 08/15/2036 (Callable 08/15/2033) | | | 375,000 | | | 424,506 |
5.00%, 08/15/2037 (Callable 08/15/2033) | | | 770,000 | | | 868,422 |
5.00%, 08/15/2038 (Callable 08/15/2033) | | | 400,000 | | | 447,460 |
Chisum Independent School District, 5.00%, 08/15/2025 | | | 590,000 | | | 600,712 |
City of Dallas TX,
5.00%, 02/15/2031 (Callable 02/15/2027) | | | 1,100,000 | | | 1,141,944 |
City of Denton TX,
5.00%, 02/15/2035 (Callable 02/15/2031) | | | 3,055,000 | | | 3,389,026 |
City of Houston TX
|
5.50%, 12/01/2024 | | | 645,000 | | | 649,995 |
5.50%, 12/01/2029 | | | 16,050,000 | | | 17,287,072 |
5.75%, 12/01/2032 | | | 24,965,000 | | | 30,147,581 |
City of Houston TX Combined Utility System Revenue
| |
0.00%, 12/01/2026(c) | | | 1,050,000 | | | 964,128 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
0.00%, 12/01/2027(c) | | | $220,000 | | | $ 195,185 |
0.00%, 12/01/2028(c) | | | 4,620,000 | | | 3,966,235 |
City of San Antonio TX,
4.00%, 02/01/2029 (Callable 08/01/2024) | | | 2,205,000 | | | 2,203,506 |
Clifton Higher Education Finance Corp.
|
5.00%, 08/15/2025 | | | 460,000 | | | 467,842 |
5.00%, 08/15/2027 | | | 235,000 | | | 246,654 |
5.00%, 08/15/2029 | | | 295,000 | | | 318,839 |
5.00%, 08/15/2029 (Callable 08/15/2024) | | | 215,000 | | | 215,423 |
4.00%, 08/15/2031 (Callable 08/15/2027) | | | 2,000,000 | | | 2,024,070 |
4.00%, 08/15/2031 (Callable 08/15/2026) | | | 170,000 | | | 171,344 |
4.00%, 08/15/2034 (Callable 08/15/2032) | | | 160,000 | | | 165,678 |
4.00%, 08/15/2040 (Callable 08/15/2031) | | | 390,000 | | | 387,757 |
4.00%, 08/15/2041 (Callable 08/15/2031) | | | 805,000 | | | 797,541 |
4.00%, 08/15/2043 (Callable 08/15/2028) | | | 250,000 | | | 245,883 |
Coppell Independent School District, 0.00%, 08/15/2029(c) | | | 200,000 | | | 166,301 |
County of Bexar TX
|
4.00%, 06/15/2030 (Callable 06/15/2026) | | | 150,000 | | | 150,972 |
4.00%, 06/15/2033 (Callable 06/15/2025) | | | 3,795,000 | | | 3,818,247 |
5.00%, 06/15/2036 (Callable 06/15/2026) | | | 2,145,000 | | | 2,214,389 |
5.00%, 06/15/2040 (Callable 06/15/2031) | | | 1,525,000 | | | 1,669,089 |
Crowley Independent School District, 5.00%, 08/01/2036 (Callable 08/01/2025) | | | 2,000,000 | | | 2,033,913 |
Dalhart Independent School District, 5.00%, 02/15/2040 (Callable 02/15/2032) | | | 1,170,000 | | | 1,279,850 |
Dallas Independent School District
|
4.00%, 02/15/2034 (Callable 02/15/2025) | | | 20,715,000 | | | 20,784,715 |
4.00%, 02/15/2054 (Callable 02/15/2033) | | | 4,500,000 | | | 4,312,572 |
Decatur Hospital Authority,
5.75%, 09/01/2029 | | | 335,000 | | | 354,622 |
DeSoto Independent School District, 5.00%, 08/15/2032 (Callable 08/15/2024) | | | 1,825,000 | | | 1,827,695 |
Eagle Mountain & Saginaw Independent School District, 4.00%, 08/15/2045 (Callable 08/15/2025) | | | 675,000 | | | 653,898 |
| | | | | | | |
| | | | | | | |
Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | | | $1,610,000 | | | $ 1,587,111 |
Fort Bend Independent School District, 4.00%, 08/01/2054(a) | | | 4,500,000 | | | 4,562,285 |
Freddie Mac Multifamily ML Certificates, 4.14%, 01/25/2040 | | | 2,971,704 | | | 2,909,245 |
Grand Parkway Transportation Corp.
|
5.00%, 10/01/2043 (Callable 04/01/2028) | | | 3,930,000 | | | 4,079,361 |
5.80%, 10/01/2045 (Callable 10/01/2028) | | | 300,000 | | | 323,526 |
5.85%, 10/01/2048 (Callable 10/01/2028) | | | 700,000 | | | 754,326 |
Harris County Health Facilities Development Corp.
| |
5.75%, 07/01/2027 | | | 8,570,000 | | | 8,818,739 |
6.25%, 07/01/2027 | | | 6,465,000 | | | 6,701,576 |
Harris County-Houston Sports Authority, 0.00%, 11/15/2030(c) | | | 2,150,000 | | | 1,694,781 |
Houston Higher Education Finance Corp.
| |
5.00%, 02/15/2026 (Callable 08/01/2024) | | | 1,030,000 | | | 1,030,578 |
5.00%, 02/15/2034 (Callable 08/01/2024) | | | 1,795,000 | | | 1,795,846 |
Kilgore Independent School District, 2.00%, 02/15/2052(a) | | | 890,000 | | | 874,702 |
Killeen Independent School District, 4.00%, 02/15/2042 (Callable 02/15/2028) | | | 690,000 | | | 682,782 |
Klein Independent School District, 4.00%, 08/01/2031 (Callable 08/01/2025) | | | 1,000,000 | | | 1,000,966 |
La Porte Independent School District/TX
| |
5.00%, 02/15/2037 (Callable 08/15/2033) | | | 2,000,000 | | | 2,288,981 |
5.00%, 02/15/2038 (Callable 08/15/2033) | | | 1,630,000 | | | 1,855,989 |
Leander Independent School District
|
0.00%, 08/15/2034 (Callable 08/15/2024)(c) | | | 175,000 | | | 106,919 |
0.00%, 08/15/2035 (Callable 08/15/2024)(c) | | | 395,000 | | | 226,895 |
0.00%, 08/15/2036 (Callable 08/15/2024)(c) | | | 750,000 | | | 405,522 |
0.00%, 08/15/2037 (Callable 08/15/2024)(c) | | | 700,000 | | | 376,511 |
0.00%, 08/15/2039 (Callable 08/15/2024)(c) | | | 570,000 | | | 259,232 |
0.00%, 08/15/2040 (Callable 08/15/2024)(c) | | | 1,030,000 | | | 475,439 |
0.00%, 08/15/2040 (Callable 08/15/2024)(c) | | | 35,000 | | | 16,155 |
0.00%, 08/15/2041 (Callable 08/15/2024)(c) | | | 8,965,000 | | | 3,642,669 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
0.00%, 08/15/2042 (Callable 08/15/2024)(c) | | | $1,500,000 | | | $ 576,174 |
0.00%, 08/15/2043 (Callable 08/15/2024)(c) | | | 700,000 | | | 254,557 |
0.00%, 08/16/2044 (Callable 08/16/2026)(c) | | | 14,095,000 | | | 6,322,941 |
0.00%, 08/15/2045 (Callable 08/15/2024)(c) | | | 2,000,000 | | | 644,855 |
0.00%, 08/15/2046 (Callable 08/15/2024)(c) | | | 250,000 | | | 75,745 |
0.00%, 08/15/2047 (Callable 08/15/2024)(c) | | | 540,000 | | | 153,612 |
0.00%, 08/15/2048 (Callable 08/15/2024)(c) | | | 920,000 | | | 246,088 |
Lower Colorado River Authority, 4.75%, 01/01/2028 | | | 400,000 | | | 409,312 |
Maypearl Independent School District, 5.00%, 02/15/2041 (Callable 02/15/2033) | | | 1,000,000 | | | 1,106,231 |
McKinney Independent School District, 4.00%, 02/15/2034 (Callable 02/15/2026) | | | 1,325,000 | | | 1,328,643 |
Melissa Independent School District, 5.00%, 08/01/2036 (Callable 08/01/2026) | | | 1,020,000 | | | 1,043,085 |
Mesquite Independent School District, 5.00%, 08/15/2025 | | | 5,000 | | | 5,096 |
Midland County Fresh Water Supply District No 1
| | | | | | |
0.00%, 09/15/2033 (Callable 09/15/2027)(c) | | | 3,390,000 | | | 2,280,988 |
0.00%, 09/15/2034 (Callable 09/15/2027)(c) | | | 1,110,000 | | | 707,902 |
0.00%, 09/15/2035 (Callable 09/15/2027)(c) | | | 2,335,000 | | | 1,409,522 |
0.00%, 09/15/2036 (Callable 09/15/2027)(c) | | | 1,470,000 | | | 840,495 |
0.00%, 09/15/2037 (Callable 09/15/2027)(c) | | | 110,000 | | | 59,549 |
Moulton Independent School District, 4.00%, 08/15/2036 (Callable 08/15/2027) | | | 285,000 | | | 287,376 |
New Caney Independent School District
|
5.00%, 02/15/2039 (Callable 08/15/2027) | | | 500,000 | | | 519,584 |
1.25%, 02/15/2050(a) | | | 675,000 | | | 672,769 |
New Hope Cultural Education Facilities Finance Corp.
| | | | | | |
5.00%, 04/01/2030 (Callable 04/01/2027) | | | 1,150,000 | | | 1,205,447 |
5.00%, 04/01/2031 (Callable 04/01/2027) | | | 1,180,000 | | | 1,236,893 |
5.00%, 04/01/2042 (Callable 04/01/2027) | | | 7,755,000 | | | 8,128,904 |
| | | | | | | |
| | | | | | | |
New Hope Higher Education Finance Corp.,
4.00%, 06/15/2028 | | | $100,000 | | | $ 100,725 |
North Texas Tollway Authority
|
0.00%, 01/01/2035(c) | | | 2,760,000 | | | 1,899,639 |
0.00%, 01/01/2036(c) | | | 1,525,000 | | | 1,004,141 |
0.00%, 01/01/2037(c) | | | 4,600,000 | | | 2,890,872 |
0.00%, 09/01/2037 (Callable 09/01/2031)(c) | | | 10,185,000 | | | 5,076,468 |
0.00%, 09/01/2043 (Callable 09/01/2031)(c) | | | 33,650,000 | | | 10,689,616 |
7.00%, 09/01/2043 (Callable 09/01/2031) | | | 8,445,000 | | | 10,241,724 |
6.75%, 09/01/2045 (Callable 09/01/2031) | | | 18,025,000 | | | 21,959,112 |
Northside Independent School District, 2.00%, 06/01/2052(a) | | | 2,340,000 | | | 2,216,521 |
Onalaska Independent School District, 4.00%, 08/15/2030 (Callable 08/15/2024) | | | 340,000 | | | 337,756 |
Pasadena Independent School District, 1.50%, 02/15/2044(a) | | | 1,710,000 | | | 1,703,693 |
Pecos Barstow Toyah Independent School District
| | | | | | |
5.00%, 02/15/2041 (Callable 02/15/2026) | | | 2,000,000 | | | 2,047,217 |
5.00%, 02/15/2042 (Callable 02/15/2026) | | | 3,000,000 | | | 3,068,443 |
Plemons-Stinnett-Phillips Consolidated School District
| |
5.00%, 02/15/2027 | | | 730,000 | | | 762,369 |
5.00%, 02/15/2028 (Callable 02/15/2027) | | | 670,000 | | | 694,810 |
5.00%, 02/15/2029 (Callable 02/15/2027) | | | 810,000 | | | 839,376 |
Port Aransas Independent School District
|
5.00%, 02/15/2041 (Callable 08/15/2027) | | | 575,000 | | | 590,972 |
5.00%, 02/15/2043 (Callable 08/15/2025) | | | 625,000 | | | 630,121 |
PSC/TX, 3.75%, 12/01/2040 | | | 4,950,000 | | | 4,742,179 |
Rockwall Independent School District, 5.00%, 02/15/2038 (Callable 08/01/2024) | | | 745,000 | | | 745,558 |
Shiner Independent School District, 5.00%, 08/15/2040 (Callable 08/15/2032) | | | 175,000 | | | 193,137 |
Socorro Independent School District
|
4.00%, 08/15/2033 (Callable 02/15/2027) | | | 900,000 | | | 906,485 |
4.00%, 08/15/2034 (Callable 02/15/2027) | | | 1,500,000 | | | 1,508,613 |
Tarrant County Health Facilities Development Corp., 6.00%, 09/01/2024 | | | 1,050,000 | | | 1,053,845 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Tarrant County Hospital District, 5.25%, 08/15/2038 (Callable 08/15/2032) | | | $1,200,000 | | | $ 1,356,855 |
Texas Department of Housing & Community Affairs
| |
2.15%, 09/01/2035 (Callable 03/01/2029) | | | 545,000 | | | 446,579 |
3.90%, 07/01/2044 (Callable 07/01/2028) | | | 3,000,000 | | | 2,763,595 |
3.63%, 09/01/2044 (Callable 09/01/2028) | | | 1,570,000 | | | 1,431,873 |
4.00%, 03/01/2050 (Callable 09/01/2028) | | | 655,000 | | | 650,670 |
5.50%, 09/01/2052 (Callable 03/01/2032) | | | 2,905,000 | | | 3,057,455 |
Texas Municipal Gas Acquisition and Supply Corp. II, 4.63%
(3 mo. Term SOFR + 1.05%), 09/15/2027 | | | 3,540,000 | | | 3,553,134 |
Texas State Affordable Housing Corp.
|
4.25%, 03/01/2049 (Callable 03/01/2029) | | | 150,000 | | | 149,775 |
5.50%, 09/01/2053 (Callable 03/01/2033) | | | 1,970,000 | | | 2,062,757 |
Texas Water Development Board, 4.00%, 10/15/2036 (Callable 10/15/2028) | | | 3,940,000 | | | 3,978,767 |
Town of Westlake TX,
4.00%, 02/15/2030 (Callable 08/01/2024) | | | 335,000 | | | 333,100 |
Veribest Independent School District, 5.00%, 08/15/2039 (Callable 08/15/2032) | | | 645,000 | | | 715,717 |
Viridian Municipal Management District
|
5.00%, 12/01/2034 (Callable 12/01/2029) | | | 930,000 | | | 986,909 |
5.00%, 12/01/2036 (Callable 12/01/2029) | | | 1,050,000 | | | 1,112,231 |
5.00%, 12/01/2037 (Callable 12/01/2029) | | | 550,000 | | | 581,468 |
5.00%, 12/01/2039 (Callable 12/01/2029) | | | 1,000,000 | | | 1,048,152 |
Whitehouse Independent School District, 5.00%, 02/15/2037 (Callable 02/15/2027) | | | 1,200,000 | | | 1,244,761 |
| | | 307,130,907 |
Utah - 0.9%
|
County of Utah UT,
5.00%, 05/15/2060 (Callable 02/01/2026)(a) | | | 2,875,000 | | | 2,952,446 |
Davis School District,
3.50%, 06/01/2034 (Callable 12/01/2024) | | | 2,000,000 | | | 1,964,500 |
| | | | | | | |
| | | | | | | |
Salt Lake County Municipal Building Authority,
5.00%, 01/15/2041 (Callable 01/15/2028) | | | $375,000 | | | $ 389,295 |
Utah Charter School Finance Authority, 5.00%, 04/15/2037 (Callable 04/15/2026) | | | 500,000 | | | 509,179 |
Utah Housing Corp.
|
4.00%, 01/01/2045 (Callable 01/01/2026) | | | 2,040,000 | | | 2,031,507 |
6.00%, 07/01/2053 (Callable 01/01/2032) | | | 1,000,000 | | | 1,071,771 |
6.00%, 07/01/2054 (Callable 01/01/2033) | | | 345,000 | | | 377,900 |
Utah Telecommunication Open Infrastructure Agency,
5.50%, 06/01/2040 (Callable 06/01/2032) | | | 500,000 | | | 562,457 |
| | | 9,859,055 |
Vermont - 0.3%
|
Vermont Housing Finance Agency
|
3.60%, 11/01/2036 (Callable 11/01/2025) | | | 1,255,000 | | | 1,198,069 |
4.00%, 05/01/2048 (Callable 11/01/2026) | | | 200,000 | | | 199,110 |
4.00%, 11/01/2048 (Callable 05/01/2027) | | | 205,000 | | | 203,756 |
Vermont Municipal Bond Bank, 5.00%, 12/01/2034 (Callable 12/01/2026) | | | 1,625,000 | | | 1,689,468 |
| | | 3,290,403 |
Virginia - 2.1%
|
Chesapeake Redevelopment & Housing Authority,
5.00%, 05/01/2043 (Callable 05/01/2026)(a) | | | 2,415,000 | | | 2,448,678 |
Danville Industrial Development Authority, 5.25%, 10/01/2028 | | | 395,000 | | | 402,687 |
Hampton Roads Transportation Accountability Commission, 5.50%, 07/01/2057 (Callable 01/01/2028) | | | 15,000,000 | | | 16,205,064 |
Virginia Public Building Authority, 5.00%, 08/01/2024 | | | 700,000 | | | 700,834 |
Virginia Resources Authority
|
0.00%, 11/01/2027(c) | | | 520,000 | | | 464,926 |
5.00%, 11/01/2045 (Callable 11/01/2025) | | | 1,000,000 | | | 1,010,246 |
Virginia Small Business Financing Authority, 5.25%, 10/01/2029 (Callable 10/01/2024) | | | 1,000,000 | | | 1,003,003 |
| | | 22,235,438 |
Washington - 3.3%
|
Central Puget Sound Regional Transit Authority,
5.00%, 11/01/2032 (Callable 11/01/2025) | | | 2,725,000 | | | 2,787,646 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Washington - (Continued)
|
Clark County School District No 114 Evergreen
| | | | | | |
4.00%, 12/01/2038 (Callable 06/01/2030) | | | $1,000,000 | | | $ 1,016,264 |
5.25%, 12/01/2040 (Callable 06/01/2032) | | | 9,400,000 | | | 10,559,860 |
County of King WA Sewer Revenue, 5.00%, 07/01/2034 (Callable 01/01/2025) | | | 705,000 | | | 710,826 |
King County Housing Authority
|
3.25%, 05/01/2033 (Callable 05/01/2028) | | | 1,500,000 | | | 1,403,246 |
4.00%, 11/01/2034 (Callable 11/01/2029) | | | 1,520,000 | | | 1,533,789 |
4.00%, 11/01/2036 (Callable 11/01/2029) | | | 3,250,000 | | | 3,113,595 |
State of Washington
|
5.00%, 08/01/2038 (Callable 08/01/2026) | | | 1,225,000 | | | 1,256,694 |
4.00%, 07/01/2039 (Callable 07/01/2031) | | | 940,000 | | | 960,482 |
5.00%, 02/01/2043 (Callable 02/01/2034) | | | 2,250,000 | | | 2,494,190 |
Washington Health Care Facilities Authority
| | | | | | |
5.00%, 09/01/2030 | | | 300,000 | | | 323,020 |
5.00%, 09/01/2031 (Callable 09/01/2030) | | | 175,000 | | | 188,457 |
5.00%, 09/01/2032 (Callable 09/01/2030) | | | 465,000 | | | 500,752 |
5.00%, 09/01/2033 (Callable 09/01/2030) | | | 190,000 | | | 204,731 |
5.00%, 10/01/2038 (Callable 04/01/2025) | | | 2,050,000 | | | 2,062,617 |
Washington State Housing Finance Commission
| | | | | | |
6.75%, 07/01/2035 (Callable 07/01/2025)(b) | | | 1,850,000 | | | 1,899,827 |
2.65%, 12/01/2040 (Callable 06/01/2029) | | | 1,800,000 | | | 1,460,496 |
4.00%, 06/01/2049 (Callable 06/01/2028) | | | 380,000 | | | 377,712 |
4.00%, 06/01/2050 (Callable 06/01/2029) | | | 1,210,000 | | | 1,202,145 |
7.00%, 07/01/2050 (Callable 07/01/2025)(b) | | | 1,845,000 | | | 1,898,622 |
| | | 35,954,971 |
Wisconsin - 3.4%
|
Baraboo School District,
3.00%, 04/01/2033 (Callable 04/01/2026) | | | 650,000 | | | 596,412 |
Big Foot Union High School District, 3.00%, 03/01/2032 (Callable 03/01/2027) | | | 430,000 | | | 425,731 |
| | | | | | | |
| | | | | | | |
City of Fitchburg WI,
4.00%, 12/01/2042 (Callable 12/01/2032) | | | $1,365,000 | | | $ 1,376,076 |
City of Milwaukee WI Sewerage System Revenue,
3.00%, 06/01/2033 (Callable 06/01/2026) | | | 2,500,000 | | | 2,356,154 |
County of Kenosha WI,
3.50%, 09/01/2028 (Callable 09/01/2024) | | | 820,000 | | | 819,633 |
D C Everest Area School District/WI, 3.63%, 04/01/2038 (Callable 04/01/2027) | | | 3,900,000 | | | 3,944,809 |
Lodi School District/WI,
3.75%, 03/01/2037 (Callable 03/01/2025) | | | 135,000 | | | 135,173 |
Public Finance Authority
|
5.00%, 03/01/2025 | | | 535,000 | | | 540,152 |
5.75%, 11/15/2044 (Callable 11/15/2024)(b) | | | 1,100,000 | | | 1,106,838 |
Southeast Wisconsin Professional Baseball Park District
| | | | | | |
5.50%, 12/15/2026 | | | 1,630,000 | | | 1,674,102 |
0.00%, 12/15/2027(c) | | | 1,020,000 | | | 908,335 |
0.00%, 12/15/2028(c) | | | 825,000 | | | 711,969 |
0.00%, 12/15/2029(c) | | | 900,000 | | | 749,306 |
State of Wisconsin,
5.00%, 05/01/2032 (Callable 05/01/2026) | | | 1,000,000 | | | 1,031,147 |
Town of Ledgeview WI,
5.00%, 12/01/2030 (Callable 12/01/2029) | | | 630,000 | | | 672,989 |
Village of Mount Pleasant WI
|
5.00%, 04/01/2036 (Callable 04/01/2028) | | | 275,000 | | | 290,387 |
4.00%, 04/01/2037 (Callable 04/01/2028) | | | 2,400,000 | | | 2,410,141 |
5.00%, 04/01/2048 (Callable 04/01/2028) | | | 1,500,000 | | | 1,535,663 |
Village of Pewaukee WI,
2.25%, 03/01/2025 (Callable 08/01/2024) | | | 70,000 | | | 69,016 |
Waterford Union High School District, 3.00%, 03/01/2039 (Callable 03/01/2029) | | | 665,000 | | | 648,527 |
West De Pere School District, 2.50%, 04/01/2040 (Callable 04/01/2030) | | | 2,500,000 | | | 2,424,056 |
Wisconsin Center District
|
4.00%, 12/15/2029 (Callable 06/15/2026) | | | 1,480,000 | | | 1,501,894 |
0.00%, 12/15/2034 (Callable 12/15/2030)(c) | | | 1,810,000 | | | 1,198,859 |
0.00%, 12/15/2038 (Callable 12/15/2030)(c) | | | 1,000,000 | | | 537,953 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wisconsin - (Continued)
|
Wisconsin Health & Educational Facilities Authority
| | | | | | |
5.00%, 02/15/2028 (Callable 08/15/2025) | | | $20,000 | | | $20,252 |
5.00%, 08/15/2029 (Callable 08/15/2027) | | | 70,000 | | | 73,294 |
4.00%, 02/15/2033 (Callable 08/15/2025) | | | 100,000 | | | 100,171 |
5.00%, 07/01/2042 (Callable 07/01/2027) | | | 2,000,000 | | | 2,035,980 |
4.00%, 11/15/2046 (Callable 05/15/2026) | | | 1,470,000 | | | 1,486,247 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
| | | | | | |
3.50%, 09/01/2046 (Callable 09/01/2025) | | | 335,000 | | | 331,084 |
4.00%, 03/01/2048 (Callable 03/01/2027) | | | 1,115,000 | | | 1,109,285 |
4.00%, 03/01/2048 (Callable 03/01/2027) | | | 385,000 | | | 382,895 |
4.25%, 03/01/2049 (Callable 09/01/2028) | | | 990,000 | | | 989,000 |
6.00%, 03/01/2054 (Callable 09/01/2032) | | | 1,615,000 | | | 1,758,372 |
Wisconsin Housing & Economic Development Authority Housing Revenue, 4.63%, 11/01/2043 (Callable 05/01/2032) | | | 435,000 | | | 440,580 |
| | | 36,392,482 |
Wyoming - 0.1%
|
Wyoming Community Development
Authority
|
4.00%, 12/01/2043 (Callable 06/01/2027) | | | 50,000 | | | 49,844 |
4.00%, 12/01/2048 (Callable 06/01/2028) | | | 1,210,000 | | | 1,202,726 |
| | | 1,252,570 |
TOTAL MUNICIPAL BONDS
(Cost $1,050,406,415) | | | 1,030,266,762 |
| | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 1.3%
|
Money Market Funds - 1.3%
|
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.96%(e) | | | 13,614,896 | | | $13,614,896 |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $13,614,896) | | | | | | 13,614,896 |
TOTAL INVESTMENTS - 99.5%
(Cost $1,064,021,311) | | | | | | $ 1,043,881,658 |
Other Assets in Excess of
Liabilities - 0.5% | | | | | | 5,364,615 |
TOTAL NET ASSETS - 100.0% | | | | | | $ 1,049,246,273 |
| | | | | | | |
Percentages are stated as a percent of net assets.
SIFMA - Securities Industry and Financial Markets Association
SOFR - Secured Overnight Financing Rate
(a)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.
|
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $27,274,745 or 2.6% of the Fund’s net assets.
|
(c)
| Zero coupon bonds make no periodic interest payments. |
(d)
| To the extent that the Fund invests more heavily in a particular industry, sector, or geographic region of the economy, its performance will be especially sensitive to developments that significantly affect those industries, sectors, or geographic regions.
|
(e)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Quality Intermediate Municipal Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $ 1,030,266,762 | | | $ — | | | $ 1,030,266,762 |
Money Market Funds | | | 13,614,896 | | | — | | | — | | | 13,614,896 |
Total Investments | | | $13,614,896 | | | $ 1,030,266,762 | | | $— | | | $ 1,043,881,658 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
MUNICIPAL BONDS - 99.4%
|
Alabama - 4.7%
| |
Alabama Community College System
| | | | | | |
3.50%, 11/01/2025 | | | $ 1,100,000 | | | $ 1,096,823 |
5.00%, 10/01/2028 (Callable 10/01/2026) | | | 310,000 | | | 318,924 |
5.25%, 06/01/2043 (Callable 06/01/2033) | | | 500,000 | | | 547,299 |
Alabama Economic Settlement Authority, 4.00%, 09/15/2033 (Callable 09/15/2026) | | | 5,810,000 | | | 5,854,919 |
Alabama Housing Finance Authority
| | | | | | |
3.50%, 08/01/2025 (Callable 08/01/2024)(a) | | | 5,000,000 | | | 4,995,495 |
5.00%, 05/01/2026(a) | | | 6,800,000 | | | 6,844,483 |
5.75%, 04/01/2055 (Callable 04/01/2033) | | | 2,000,000 | | | 2,161,590 |
Auburn University,
5.00%, 06/01/2032 (Callable 06/01/2025) | | | 1,000,000 | | | 1,011,629 |
Birmingham Airport Authority
| | | | | | |
4.00%, 07/01/2036 (Callable 07/01/2030) | | | 360,000 | | | 366,768 |
4.00%, 07/01/2037 (Callable 07/01/2030) | | | 500,000 | | | 508,176 |
Black Belt Energy Gas District
| | | | | | |
5.00%, 12/01/2024 | | | 375,000 | | | 376,270 |
5.00%, 12/01/2025 | | | 200,000 | | | 202,683 |
5.00%, 06/01/2026 | | | 250,000 | | | 254,206 |
4.00%, 12/01/2026 | | | 795,000 | | | 794,745 |
5.00%, 12/01/2026 | | | 400,000 | | | 408,810 |
4.00%, 12/01/2049 (Callable 09/01/2025)(a) | | | 625,000 | | | 625,339 |
5.00%, 05/01/2053(a) | | | 11,500,000 | | | 11,977,388 |
5.50%, 11/01/2053 (Callable 09/01/2028)(a) | | | 2,000,000 | | | 2,122,800 |
Chatom Industrial Development Board, 3.88%, 08/01/2037(a) | | | 6,600,000 | | | 6,596,600 |
Chilton County Health Care Authority, 4.00%, 11/01/2045 (Callable 11/01/2025) | | | 205,000 | | | 199,647 |
City of Oxford AL,
4.50%, 09/01/2041 (Callable 07/01/2024)(a) | | | 2,000,000 | | | 2,000,000 |
City of Troy AL, 5.00%, 07/01/2031 (Callable 07/01/2025) | | | 555,000 | | | 562,310 |
County of Elmore AL
| | | | | | |
4.00%, 05/01/2025 | | | 540,000 | | | 540,228 |
4.00%, 05/01/2026 | | | 400,000 | | | 400,711 |
4.20%, 05/01/2042 (Callable 05/01/2032) | | | 1,625,000 | | | 1,577,877 |
5.00%, 05/01/2047 (Callable 05/01/2032) | | | 1,000,000 | | | 1,046,477 |
County of Jefferson AL,
5.00%, 09/15/2029 (Callable 03/15/2027) | | | 570,000 | | | 592,228 |
| | | | | | | |
| | | | | | | |
County of Jefferson AL Sewer Revenue
| | | | | | |
5.25%, 10/01/2041 (Callable 10/01/2033) | | | $ 1,250,000 | | | $ 1,382,007 |
5.25%, 10/01/2042 (Callable 10/01/2033) | | | 5,000,000 | | | 5,514,202 |
5.50%, 10/01/2053 (Callable 10/01/2033) | | | 4,000,000 | | | 4,328,837 |
Energy Southeast A Cooperative District
| | | | | | |
5.00%, 06/01/2030 | | | 1,605,000 | | | 1,650,869 |
5.00%, 06/01/2032 (Callable 03/01/2032) | | | 1,600,000 | | | 1,690,784 |
Health Care Authority of the City of Huntsville, 5.00%, 06/01/2053 (Callable 03/01/2030)(a) | | | 5,225,000 | | | 5,576,754 |
Homewood Educational Building Authority
| | | | | | |
4.00%, 12/01/2033 (Callable 12/01/2029) | | | 785,000 | | | 772,528 |
4.00%, 12/01/2034 (Callable 12/01/2029) | | | 255,000 | | | 250,542 |
Industrial Development Board of the City of Mobile Alabama,
3.92%, 06/01/2034(a) | | | 13,000,000 | | | 13,046,154 |
Jefferson County
Board of Education/AL, 5.00%, 02/01/2042 (Callable 02/01/2028) | | | 4,620,000 | | | 4,792,229 |
Madison Water & Wastewater Board
| | | | | | |
4.00%, 12/01/2037 (Callable 12/01/2029) | | | 530,000 | | | 535,624 |
5.25%, 12/01/2053 (Callable 12/01/2033) | | | 5,000,000 | | | 5,494,915 |
Southeast Alabama Gas Supply District
| | | | | | |
5.00%, 04/01/2027 | | | 1,000,000 | | | 1,014,205 |
5.00%, 04/01/2028 | | | 2,265,000 | | | 2,307,343 |
Southeast Energy Authority A Cooperative District
| | | | | | |
5.00%, 07/01/2025 | | | 650,000 | | | 655,961 |
5.50%, 01/01/2053 (Callable 09/01/2029)(a) | | | 7,000,000 | | | 7,502,163 |
5.00%, 05/01/2053 (Callable 05/01/2028)(a) | | | 2,000,000 | | | 2,077,861 |
5.00%, 01/01/2054 (Callable 03/01/2030)(a) | | | 2,750,000 | | | 2,903,140 |
5.25%, 01/01/2054 (Callable 04/01/2029)(a) | | | 11,990,000 | | | 12,678,454 |
| | | | | | 128,158,997 |
Alaska - 0.6%
|
Alaska Housing Finance Corp.
| | | | | | |
4.00%, 06/01/2036 (Callable 06/01/2025) | | | 1,245,000 | | | 1,245,769 |
5.25%, 12/01/2041 (Callable 06/01/2033) | | | 5,375,000 | | | 5,946,159 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Alaska - (Continued)
|
Alaska Industrial Development & Export Authority
| | | | | | |
4.00%, 04/01/2030 (Callable 04/01/2029) | | | $ 2,745,000 | | | $ 2,713,755 |
4.00%, 10/01/2034 (Callable 10/01/2029) | | | 1,585,000 | | | 1,570,485 |
State of Alaska International Airports System, 5.00%, 10/01/2033 (Callable 10/01/2025) | | | 3,080,000 | | | 3,122,781 |
University of Alaska, 4.00%, 10/01/2026 (Callable 08/01/2024) | | | 650,000 | | | 650,044 |
| | | | | | 15,248,993 |
Arizona - 2.0%
|
Apache County Unified School District No 8 Window Rock, 4.13%, 07/01/2042 (Callable 07/01/2032) | | | 1,625,000 | | | 1,618,657 |
Arizona Industrial Development Authority
| | | | | | |
5.00%, 05/01/2028 | | | 270,000 | | | 148,500 |
3.55%, 07/15/2029 (Callable 07/15/2027) | | | 1,005,000 | | | 965,999 |
1.76%, 09/01/2030(a)(b) | | | 6,847,944 | | | 6,253,458 |
5.00%, 07/01/2031 (Callable 07/01/2027) | | | 515,000 | | | 528,808 |
5.00%, 07/01/2032 (Callable 07/01/2027) | | | 545,000 | | | 559,121 |
5.00%, 07/01/2032 (Callable 07/01/2026) | | | 205,000 | | | 209,522 |
3.63%, 05/20/2033 | | | 5,946,288 | | | 5,584,535 |
5.00%, 07/01/2033 (Callable 07/01/2027) | | | 575,000 | | | 589,356 |
5.00%, 07/01/2033 (Callable 07/01/2026) | | | 340,000 | | | 347,215 |
4.00%, 07/01/2034 (Callable 07/01/2026) | | | 230,000 | | | 228,425 |
4.00%, 07/01/2035 (Callable 07/01/2026) | | | 475,000 | | | 470,604 |
4.50%, 04/01/2044 (Callable 04/01/2033) | | | 2,000,000 | | | 2,001,166 |
5.00%, 03/01/2045 (Callable 05/01/2026)(a) | | | 1,000,000 | | | 1,017,452 |
5.25%, 11/01/2048 (Callable 11/01/2032) | | | 1,500,000 | | | 1,597,892 |
Chandler Industrial Development Authority, 5.00%, 09/01/2052 (Callable 03/05/2027)(a)(c) | | | 345,000 | | | 354,164 |
City of Phoenix Civic Improvement Corp.
| | | | | | |
5.00%, 07/01/2028(c) | | | 1,800,000 | | | 1,883,450 |
5.00%, 07/01/2035 (Callable 07/01/2025) | | | 2,450,000 | | | 2,477,490 |
| | | | | | | |
| | | | | | | |
5.25%, 07/01/2047 (Callable 07/01/2033) | | | $ 1,000,000 | | | $ 1,115,779 |
City of Tucson AZ,
5.00%, 07/01/2032 (Callable 07/01/2025) | | | 500,000 | | | 507,945 |
Industrial Development Authority of the City of Phoenix Arizona, 4.00%, 10/01/2047 (Callable 10/01/2026) | | | 115,000 | | | 107,251 |
Industrial Development Authority of the County of Pima
| | | | | | |
4.70%, 07/01/2044 (Callable 07/01/2033) | | | 500,000 | | | 501,409 |
4.80%, 07/01/2049 (Callable 07/01/2033) | | | 1,000,000 | | | 1,005,183 |
4.90%, 07/01/2054 (Callable 07/01/2033) | | | 1,200,000 | | | 1,219,509 |
Industrial Development Authority of the County of Yavapai,
5.00%, 08/01/2025 | | | 600,000 | | | 607,298 |
La Paz County Industrial Development Authority,
5.00%, 02/15/2026(b) | | | 230,000 | | | 231,142 |
Maricopa County & Phoenix Industrial Development Authorities
| | | | | | |
5.45%, 09/01/2048 (Callable 09/01/2032) | | | 750,000 | | | 786,744 |
4.80%, 09/01/2049 (Callable 03/01/2033) | | | 1,600,000 | | | 1,607,943 |
4.85%, 09/01/2054 (Callable 03/01/2033) | | | 2,200,000 | | | 2,226,788 |
5.55%, 09/01/2054 (Callable 09/01/2032) | | | 1,000,000 | | | 1,051,721 |
Maricopa County Industrial Development Authority
| | | | | | |
5.00%, 07/01/2028 | | | 755,000 | | | 782,349 |
5.00%, 12/01/2029(d) | | | 1,000,000 | | | 1,071,383 |
5.00%, 12/01/2037 (Callable 06/01/2034)(d) | | | 2,600,000 | | | 2,842,626 |
5.00%, 01/01/2040 (Callable 01/01/2025) | | | 3,740,000 | | | 3,828,482 |
4.00%, 01/01/2045 (Callable 07/01/2030) | | | 7,000,000 | | | 6,726,781 |
Maricopa County Pollution Control Corp., 3.88%, 01/01/2038(a) | | | 4,700,000 | | | 4,727,478 |
Maricopa County School District No 83-Cartwright Elementary, 5.00%, 07/01/2043 (Callable 07/01/2033) | | | 650,000 | | | 702,965 |
Salt River Project Agricultural Improvement & Power District, 5.00%, 01/01/2048 (Callable 01/01/2034) | | | 3,500,000 | | | 3,829,013 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Arizona - (Continued)
|
Tucson Industrial Development Authority/Pima County Industrial Development Auth
| | | | | | |
4.60%, 07/01/2044 (Callable 07/01/2033) | | | $ 490,000 | | | $ 491,387 |
4.85%, 07/01/2048 (Callable 07/01/2032) | | | 675,000 | | | 683,964 |
4.75%, 07/01/2049 (Callable 07/01/2033) | | | 500,000 | | | 500,776 |
4.80%, 07/01/2054 (Callable 07/01/2033) | | | 1,000,000 | | | 1,008,980 |
| | | | | | 65,000,710 |
Arkansas - 0.6%
|
Arkadelphia Water & Sewer System, 4.75%, 12/01/2043 (Callable 06/01/2029) | | | 1,210,000 | | | 1,243,430 |
Arkansas Development Finance Authority
| | | | | | |
4.00%, 12/01/2031 (Callable 12/01/2027) | | | 380,000 | | | 384,191 |
4.00%, 12/01/2032 (Callable 12/01/2027) | | | 400,000 | | | 404,638 |
4.00%, 12/01/2035 (Callable 12/01/2027) | | | 445,000 | | | 448,950 |
4.00%, 12/01/2038 (Callable 12/01/2027) | | | 250,000 | | | 247,265 |
4.25%, 07/01/2041 (Callable 07/01/2028) | | | 500,000 | | | 438,104 |
5.32%, 09/01/2044 (Callable 07/01/2024)(a) | | | 5,045,000 | | | 5,045,000 |
6.88%, 07/01/2048 (Callable 07/01/2028)(b)(c) | | | 1,000,000 | | | 1,090,924 |
5.00%, 07/01/2054 (Callable 07/01/2033) | | | 2,750,000 | | | 2,856,349 |
Arkansas Technical University, 4.00%, 06/01/2028 (Callable 08/01/2024) | | | 1,025,000 | | | 1,025,272 |
Benton Washington Regional Public Water Authority
| | | | | | |
4.00%, 10/01/2033 (Callable 10/01/2029) | | | 250,000 | | | 253,768 |
3.00%, 10/01/2041 (Callable 10/01/2028) | | | 510,000 | | | 436,433 |
Carroll-Boone Water District
| | | | | | |
3.00%, 12/01/2028 (Callable 12/01/2025) | | | 780,000 | | | 749,324 |
3.00%, 12/01/2029 (Callable 12/01/2025) | | | 505,000 | | | 483,338 |
3.00%, 12/01/2030 (Callable 12/01/2025) | | | 630,000 | | | 602,508 |
City of Batesville AR Sales & Use Tax
| | | | | | |
4.00%, 02/01/2041 (Callable 02/01/2031) | | | 880,000 | | | 849,433 |
| | | | | | | |
| | | | | | | |
4.00%, 02/01/2049 (Callable 02/01/2031) | | | $ 2,245,000 | | | $ 2,181,355 |
City of Beebe AR Water & Sewer System, 3.00%, 08/01/2041 (Callable 08/01/2028) | | | 1,500,000 | | | 1,266,705 |
City of Cabot AR Sales & Use Tax Revenue, 3.00%, 12/01/2056 (Callable 12/01/2028) | | | 2,000,000 | | | 1,778,369 |
City of Fayetteville AR,
3.05%, 01/01/2047 (Callable 01/01/2027) | | | 270,000 | | | 266,216 |
City of Fort Smith AR Water & Sewer Revenue,
5.00%, 10/01/2034 (Callable 10/01/2028) | | | 255,000 | | | 270,424 |
City of Heber Springs AR Water & Sewer Revenue, 3.00%, 11/01/2034 (Callable 11/01/2024) | | | 685,000 | | | 618,242 |
City of Maumelle AR
| | | | | | |
4.00%, 08/01/2028 (Callable 08/01/2025) | | | 290,000 | | | 290,210 |
4.00%, 08/01/2029 (Callable 08/01/2025) | | | 700,000 | | | 700,644 |
City of Maumelle AR Sales & Use Tax, 4.00%, 08/01/2026 (Callable 08/01/2025) | | | 25,000 | | | 25,016 |
City of Osceola AR Sales & Use Tax, 4.13%, 06/01/2049 (Callable 06/01/2031) | | | 1,250,000 | | | 1,238,013 |
City of Pine Bluff AR,
3.00%, 02/01/2047 (Callable 08/01/2027) | | | 440,000 | | | 424,678 |
City of Springdale AR Sales & Use Tax Revenue, 5.00%, 08/01/2038 (Callable 02/01/2030) | | | 240,000 | | | 256,773 |
City of West Memphis AR Public Utility System Revenue,
3.00%, 12/01/2041 (Callable 12/01/2028) | | | 1,750,000 | | | 1,434,498 |
Conway Health Facilities Board, 5.00%, 08/01/2029 (Callable 08/01/2026) | | | 360,000 | | | 366,491 |
County of Madison AR Sales & Use Tax, 4.25%, 12/01/2058 (Callable 12/01/2030) | | | 3,265,000 | | | 3,342,188 |
National Park College District, 3.00%, 05/01/2025 (Callable 11/01/2024) | | | 235,000 | | | 232,284 |
Southern Arkansas University
| | | | | | |
4.00%, 03/01/2025 | | | 415,000 | | | 415,990 |
4.00%, 03/01/2026 (Callable 03/01/2025) | | | 520,000 | | | 521,052 |
4.00%, 03/01/2026 (Callable 03/01/2025) | | | 270,000 | | | 270,652 |
4.00%, 03/01/2027 (Callable 03/01/2025) | | | 545,000 | | | 545,999 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Arkansas - (Continued)
|
University of Central Arkansas
| | | | | | |
4.00%, 11/01/2027 (Callable 11/01/2025) | | | $ 340,000 | | | $ 338,810 |
4.00%, 11/01/2028 (Callable 11/01/2025) | | | 250,000 | | | 249,254 |
| | | | | | 33,592,790 |
California - 4.0%
|
Acalanes Union High School District
| | | | | | |
0.00%, 08/01/2028 | | | 130,000 | | | 138,433 |
0.00%, 08/01/2035 (Callable 08/01/2029) | | | 490,000 | | | 562,973 |
0.00%, 08/01/2039 (Callable 08/01/2029) | | | 350,000 | | | 399,633 |
Alameda Corridor Transportation Authority, 5.00%, 10/01/2037 (Callable 10/01/2026) | | | 500,000 | | | 511,447 |
Alvord Unified School District, 0.00%, 08/01/2046 (Callable 08/01/2036) | | | 400,000 | | | 463,001 |
Antelope Valley Community College District
| | | | | | |
0.00%, 08/01/2029(e) | | | 650,000 | | | 550,170 |
0.00%, 08/01/2031(e) | | | 1,000,000 | | | 791,157 |
Burbank Unified School District, 4.53%, 02/01/2038 (Callable 08/01/2028) | | | 210,000 | | | 217,410 |
California Community Choice Financing Authority,
5.25%, 01/01/2054 (Callable 10/01/2030)(a) | | | 7,325,000 | | | 7,719,597 |
California Enterprise Development Authority
| | | | | | |
5.00%, 06/01/2029 | | | 245,000 | | | 265,618 |
5.00%, 06/01/2030 | | | 260,000 | | | 286,070 |
5.00%, 06/01/2031 | | | 265,000 | | | 295,450 |
5.00%, 06/01/2032 | | | 280,000 | | | 315,844 |
5.00%, 06/01/2034 (Callable 06/01/2033) | | | 285,000 | | | 325,516 |
5.00%, 06/01/2035 (Callable 06/01/2033) | | | 215,000 | | | 243,969 |
5.00%, 06/01/2036 (Callable 06/01/2033) | | | 230,000 | | | 259,624 |
5.00%, 06/01/2038 (Callable 06/01/2033) | | | 250,000 | | | 278,029 |
5.00%, 06/01/2040 (Callable 06/01/2033) | | | 355,000 | | | 389,539 |
4.00%, 06/01/2049 (Callable 06/01/2033) | | | 1,000,000 | | | 970,610 |
California Health Facilities Financing Authority,
3.85%, 11/15/2027 (Callable 02/15/2026) | | | 1,850,000 | | | 1,849,052 |
| | | | | | | |
| | | | | | | |
California Housing Finance Agency
| | | | | | |
5.20%, 12/01/2027 (Callable 06/01/2027)(b) | | | $ 2,350,000 | | | $ 2,365,058 |
3.75%, 03/25/2035 | | | 4,337,875 | | | 4,324,000 |
5.00%, 05/01/2054 (Callable 09/01/2026)(a) | | | 4,600,000 | | | 4,710,078 |
3.60%, 08/01/2063 (Callable 02/01/2026)(a) | | | 1,500,000 | | | 1,490,145 |
California Infrastructure & Economic Development Bank, 4.58% (SIFMA Municipal Swap Index + 0.70%), 12/01/2050 (Callable 06/01/2025) | | | 250,000 | | | 249,036 |
California Municipal Finance Authority
| | | | | | |
5.00%, 08/01/2024(b) | | | 400,000 | | | 399,586 |
5.00%, 05/15/2031 | | | 470,000 | | | 512,019 |
5.00%, 05/15/2036 (Callable 11/15/2028) | | | 1,000,000 | | | 1,056,014 |
1.30%, 02/01/2039(a)(b) | | | 1,750,000 | | | 1,708,149 |
4.00%, 05/15/2039 (Callable 05/15/2031) | | | 175,000 | | | 176,253 |
5.00%, 08/15/2040 (Callable 08/15/2031) | | | 320,000 | | | 333,787 |
5.00%, 08/15/2041 (Callable 08/15/2031) | | | 335,000 | | | 348,416 |
5.00%, 08/15/2042 (Callable 08/15/2031) | | | 230,000 | | | 238,301 |
5.00%, 08/15/2043 (Callable 08/15/2031) | | | 370,000 | | | 382,419 |
5.25%, 08/15/2053 (Callable 08/15/2031) | | | 900,000 | | | 928,123 |
California Public Finance Authority
| | | | | | |
2.38%, 11/15/2028 (Callable 07/22/2024)(b) | | | 2,760,000 | | | 2,712,000 |
3.13%, 05/15/2029 (Callable 07/22/2024)(b) | | | 2,510,000 | | | 2,462,590 |
California State Public Works Board, 3.00%, 10/01/2035 (Callable 10/01/2026) | | | 510,000 | | | 466,265 |
California State University,
3.13%, 11/01/2051 (Callable 05/01/2026)(a) | | | 5,000,000 | | | 4,966,025 |
California Statewide Communities Development Authority
| | | | | | |
5.00%, 09/01/2026 (Callable 07/22/2024)(a)(b) | | | 5,150,000 | | | 5,146,932 |
5.00%, 04/01/2037 (Callable 04/01/2030) | | | 350,000 | | | 379,659 |
5.00%, 04/01/2038 (Callable 04/01/2030) | | | 400,000 | | | 430,573 |
Chawanakee Unified School District, 4.00%, 08/01/2026 | | | 110,000 | | | 111,337 |
City & County of San Francisco CA, 4.00%, 06/15/2039 (Callable 06/15/2028) | | | 1,080,000 | | | 1,094,578 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
California - (Continued)
|
City of Palo Alto CA,
5.00%, 11/01/2036 (Callable 11/01/2028) | | | $ 1,295,000 | | | $ 1,402,211 |
City of San Mateo CA,
5.25%, 09/01/2040 (Callable 09/01/2032) | | | 1,250,000 | | | 1,363,170 |
City of Vernon CA Electric System Revenue
| | | | | | |
5.00%, 08/01/2024 | | | 700,000 | | | 700,441 |
5.00%, 10/01/2025 | | | 2,250,000 | | | 2,282,104 |
Clovis Unified School District, 4.00%, 08/01/2048 (Callable 08/01/2032) | | | 3,000,000 | | | 2,976,814 |
College of the Sequoias Tulare Area Improvement District No 3, 0.00%, 08/01/2042 (Callable 08/01/2037) | | | 940,000 | | | 774,694 |
Compton Community College District, 0.00%, 08/01/2034(e) | | | 450,000 | | | 313,210 |
Compton Community Redevelopment Agency Successor Agency,
5.00%, 08/01/2037 (Callable 08/01/2032) | | | 1,300,000 | | | 1,437,516 |
Cypress School District,
0.00%, 08/01/2050 (Callable 08/01/2036) | | | 230,000 | | | 206,432 |
Denair Unified School District, 6.50%, 08/01/2031 | | | 130,000 | | | 151,292 |
Enterprise Elementary School District, 6.20%, 08/01/2035 (Callable 08/01/2031) | | | 155,000 | | | 188,509 |
Escondido Union High School District, 0.00%, 08/01/2035(e) | | | 500,000 | | | 337,741 |
Freddie Mac Multifamily ML Certificates, 2.25%, 09/25/2037 | | | 7,930,460 | | | 6,416,035 |
Freddie Mac Multifamily Variable Rate Certificate,
2.88%, 07/25/2036 | | | 7,204,787 | | | 6,468,116 |
Gonzales Public Financing Authority, 3.95%, 05/01/2044 (Callable 11/01/2025)(a) | | | 5,725,000 | | | 5,735,150 |
Grossmont Union High School District, 3.00%, 08/01/2033 (Callable 08/01/2026) | | | 1,750,000 | | | 1,631,059 |
Hawthorne School District/CA, 0.00%, 08/01/2037 (Callable 08/01/2032) | | | 150,000 | | | 143,690 |
Hayward Unified School District, 0.00%, 08/01/2034(e) | | | 500,000 | | | 345,950 |
Hueneme Elementary School District, 4.00%, 08/01/2037 (Callable 08/01/2028) | | | 500,000 | | | 503,749 |
| | | | | | | |
| | | | | | | |
Indio Finance Authority,
5.25%, 11/01/2042 (Callable 11/01/2032) | | | $ 1,000,000 | | | $ 1,123,054 |
Inglewood Unified School District School Facilities Financing Authority, 5.25%, 10/15/2026 | | | 2,265,000 | | | 2,294,110 |
Long Beach Bond Finance Authority, 5.00%, 11/15/2029 | | | 50,000 | | | 52,224 |
Los Angeles County Development Authority, 3.75%, 12/01/2046 (Callable 02/01/2026)(a) | | | 1,100,000 | | | 1,099,447 |
Manteca Unified School District, 0.00%, 09/01/2025(e) | | | 225,000 | | | 215,656 |
Mayers Memorial Hospital District
| | | | | | |
0.00%, 08/01/2027(e) | | | 260,000 | | | 223,232 |
0.00%, 08/01/2028(e) | | | 290,000 | | | 237,364 |
Modesto High School District, 0.00%, 08/01/2024(e) | | | 3,625,000 | | | 3,614,341 |
Morongo Unified School District, 0.00%, 08/01/2041 (Callable 08/01/2030) | | | 140,000 | | | 143,064 |
Mount San Antonio Community College District,
0.00%, 08/01/2043 (Callable 08/01/2035) | | | 1,200,000 | | | 1,176,194 |
Mountain Empire Unified School District, 6.25%, 08/01/2048 (Callable 08/01/2032) | | | 500,000 | | | 572,456 |
Newman-Crows Landing Unified School District/CA,
0.00%, 08/01/2025(e) | | | 1,850,000 | | | 1,778,362 |
Palomar Community College District, 0.00%, 08/01/2039 (Callable 08/01/2035) | | | 740,000 | | | 859,978 |
Perris Union High School District/CA
| | | | | | |
3.00%, 09/01/2037 (Callable 09/01/2029) | | | 800,000 | | | 722,839 |
3.00%, 09/01/2039 (Callable 09/01/2029) | | | 775,000 | | | 683,701 |
Rio Hondo Community College District, 0.00%, 08/01/2042 (Callable 08/01/2034) | | | 1,440,000 | | | 1,842,161 |
River Islands Public Financing Authority
| | | | | | |
4.00%, 09/01/2038 (Callable 09/01/2030) | | | 200,000 | | | 203,659 |
4.25%, 09/01/2042 (Callable 09/01/2029) | | | 1,000,000 | | | 1,007,872 |
5.00%, 09/01/2042 (Callable 09/01/2029) | | | 3,250,000 | | | 3,525,949 |
4.25%, 09/01/2043 (Callable 09/01/2030) | | | 1,500,000 | | | 1,511,444 |
4.25%, 09/01/2043 (Callable 09/01/2030) | | | 660,000 | | | 665,035 |
4.50%, 09/01/2047 (Callable 09/01/2029) | | | 1,250,000 | | | 1,279,280 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
California - (Continued)
|
4.50%, 09/01/2048 (Callable 09/01/2030) | | | $ 850,000 | | | $ 862,582 |
Rocklin Unified School District, 0.00%, 08/01/2026(e) | | | 5,365,000 | | | 4,969,361 |
Sacramento City Unified School District/CA
| | | | | | |
5.00%, 07/01/2025 (Callable 07/22/2024) | | | 505,000 | | | 505,308 |
5.50%, 08/01/2047 (Callable 08/01/2030) | | | 2,000,000 | | | 2,187,777 |
San Jacinto Unified School District, 3.00%, 09/01/2028 | | | 265,000 | | | 258,543 |
San Mateo Union High School District, 0.00%, 09/01/2041 (Callable 09/01/2036) | | | 6,050,000 | | | 6,294,890 |
Santa Monica-Malibu Unified School District,
3.00%, 08/01/2036 (Callable 08/01/2026) | | | 600,000 | | | 545,280 |
Saugus Union School District Financing Authority,
4.00%, 09/01/2037 (Callable 09/01/2027) | | | 625,000 | | | 631,525 |
Sierra Joint Community College District School Facilities District No 1, 0.00%, 08/01/2031(e) | | | 370,000 | | | 290,696 |
Solano County Community College District, 5.13%, 08/01/2041 (Callable 08/01/2028) | | | 655,000 | | | 702,908 |
Southern Kern Unified School District, 0.00%, 11/01/2034(e) | | | 425,000 | | | 293,145 |
Tender Option Bond Trust Receipts/Certificates,
3.48%, 04/01/2043 (Callable 03/01/2025)(a)(b) | | | 2,180,000 | | | 2,180,000 |
Tulare Union High School District, 0.00%, 08/01/2025(e) | | | 1,745,000 | | | 1,680,466 |
Washington Township Health Care District
| | | | | | |
4.13%, 08/01/2041 (Callable 08/01/2033) | | | 250,000 | | | 254,734 |
4.13%, 08/01/2042 (Callable 08/01/2033) | | | 300,000 | | | 304,470 |
4.25%, 08/01/2043 (Callable 08/01/2033) | | | 275,000 | | | 281,080 |
4.25%, 08/01/2045 (Callable 08/01/2033) | | | 400,000 | | | 405,486 |
Waterford Unified School District/CA, 4.00%, 08/01/2042 (Callable 08/01/2032) | | | 1,455,000 | | | 1,465,558 |
West Hills Community College District, 5.10%, 08/01/2035 (Callable 08/01/2027) | | | 50,000 | | | 52,606 |
| | | | | | | |
| | | | | | | |
Wiseburn School District,
0.00%, 08/01/2036 (Callable 08/01/2031) | | | $ 80,000 | | | $ 88,652 |
Woodlake Union High School District, 0.00%, 08/01/2033(e) | | | 1,880,000 | | | 1,235,236 |
Yorba Linda Redevelopment Agency Successor Agency, 0.00%, 09/01/2028(e) | | | 560,000 | | | 470,692 |
| | | | | | 137,994,785 |
Colorado - 3.1%
|
Arkansas River Power Authority
| | | | | | |
5.00%, 10/01/2026 | | | 610,000 | | | 616,456 |
5.88%, 10/01/2026 | | | 3,510,000 | | | 3,603,109 |
Bromley Park Metropolitan District No 2
| | | | | | |
5.50%, 12/01/2038 (Callable 12/01/2033) | | | 200,000 | | | 225,755 |
5.50%, 12/01/2043 (Callable 12/01/2033) | | | 440,000 | | | 489,648 |
5.38%, 12/01/2053 (Callable 12/01/2033) | | | 1,000,000 | | | 1,089,851 |
City & County of Denver CO Airport System Revenue
| | | | | | |
5.00%, 11/15/2026(c) | | | 4,700,000 | | | 4,828,021 |
5.25%, 11/15/2027(c) | | | 1,000,000 | | | 1,046,532 |
5.00%, 12/01/2028(c) | | | 2,000,000 | | | 2,103,729 |
City & County of Denver CO Pledged Excise Tax Revenue
| | | | | | |
0.00%, 08/01/2030 (Callable 08/01/2026)(e) | | | 500,000 | | | 390,118 |
0.00%, 08/01/2032 (Callable 08/01/2026)(e) | | | 365,000 | | | 260,553 |
City of Commerce City CO
| | | | | | |
5.00%, 12/15/2029 (Callable 12/15/2027) | | | 310,000 | | | 326,425 |
5.00%, 12/15/2030 (Callable 12/15/2027) | | | 500,000 | | | 525,492 |
City of Fort Lupton CO
| | | | | | |
5.00%, 12/01/2029 (Callable 12/01/2027) | | | 250,000 | | | 262,522 |
5.00%, 12/01/2030 (Callable 12/01/2027) | | | 350,000 | | | 367,185 |
Colorado Educational & Cultural Facilities Authority
| | | | | | |
4.00%, 12/15/2025(b) | | | 845,000 | | | 836,836 |
3.75%, 07/01/2026(b) | | | 500,000 | | | 492,973 |
4.00%, 04/01/2028 | | | 415,000 | | | 411,407 |
4.00%, 05/01/2029 (Callable 05/01/2028) | | | 260,000 | | | 259,102 |
5.00%, 05/15/2029 (Callable 05/15/2026) | | | 2,455,000 | | | 2,500,264 |
5.00%, 08/15/2030 (Callable 08/15/2024) | | | 1,110,000 | | | 1,111,343 |
2.00%, 09/01/2030 (Callable 09/01/2028) | | | 235,000 | | | 211,930 |
4.00%, 07/01/2032 | | | 45,000 | | | 45,542 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Colorado - (Continued)
|
5.00%, 08/15/2034 (Callable 08/15/2024) | | | $ 1,000,000 | | | $ 1,001,229 |
4.00%, 03/01/2035 (Callable 03/01/2027) | | | 450,000 | | | 452,165 |
4.00%, 03/01/2037 (Callable 03/01/2027) | | | 700,000 | | | 701,380 |
Colorado Health Facilities Authority
| | | | | | |
5.00%, 08/01/2028 | | | 5,575,000 | | | 5,897,954 |
2.63%, 05/15/2029 (Callable 08/01/2024) | | | 3,545,000 | | | 3,346,109 |
5.00%, 12/01/2030 (Callable 06/01/2025) | | | 405,000 | | | 406,250 |
5.25%, 11/01/2035 (Callable 11/01/2032) | | | 1,100,000 | | | 1,250,559 |
5.00%, 08/01/2036 (Callable 08/01/2029) | | | 150,000 | | | 159,873 |
5.25%, 11/01/2036 (Callable 11/01/2032) | | | 1,160,000 | | | 1,311,248 |
4.00%, 10/01/2037 (Callable 10/01/2030) | | | 820,000 | | | 819,397 |
4.00%, 12/01/2042 (Callable 08/01/2024) | | | 375,000 | | | 362,013 |
4.00%, 01/15/2045 (Callable 01/15/2026) | | | 120,000 | | | 114,898 |
5.00%, 08/01/2049 (Callable 02/01/2025)(a) | | | 2,000,000 | | | 2,019,296 |
4.43% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | | | 10,000,000 | | | 9,949,523 |
5.00%, 05/15/2062 (Callable 02/17/2026)(a) | | | 4,175,000 | | | 4,296,126 |
Colorado Housing and Finance Authority
| | | | | | |
3.50%, 11/01/2043 (Callable 05/01/2026)(a) | | | 1,000,000 | | | 997,745 |
4.00%, 05/01/2048 (Callable 11/01/2026) | | | 115,000 | | | 114,254 |
4.25%, 11/01/2049 (Callable 11/01/2028) | | | 1,220,000 | | | 1,218,601 |
5.25%, 11/01/2052 (Callable 11/01/2031) | | | 3,610,000 | | | 3,718,742 |
6.00%, 11/01/2052 (Callable 11/01/2031) | | | 180,000 | | | 191,063 |
Colorado School of Mines,
4.75% (SIFMA Municipal Swap Index + 0.87%), 12/01/2025 (Callable 06/01/2025) | | | 4,855,000 | | | 4,855,645 |
Colorado Springs School District No 11 Facilities Corp.
| | | | | | |
5.00%, 12/15/2041 (Callable 12/15/2033) | | | 500,000 | | | 543,486 |
5.00%, 12/15/2044 (Callable 12/15/2033) | | | 650,000 | | | 697,909 |
5.25%, 12/15/2048 (Callable 12/15/2033) | | | 1,500,000 | | | 1,636,579 |
| | | | | | | |
| | | | | | | |
Colorado Water Resources & Power Development Authority
| | | | | | |
5.50%, 09/01/2043 (Callable 09/01/2033) | | | $ 400,000 | | | $ 449,741 |
5.00%, 09/01/2048 (Callable 09/01/2033) | | | 300,000 | | | 321,062 |
Crystal Valley Metropolitan District No 2
| | | | | | |
4.00%, 12/01/2037 (Callable 12/01/2030) | | | 800,000 | | | 815,456 |
4.00%, 12/01/2038 (Callable 12/01/2030) | | | 1,000,000 | | | 1,012,434 |
4.00%, 12/01/2039 (Callable 12/01/2030) | | | 1,785,000 | | | 1,798,519 |
Denver City & County Housing Authority
| | | | | | |
0.60%, 08/01/2024 | | | 400,000 | | | 398,811 |
5.00%, 07/01/2027 (Callable 07/01/2026) | | | 3,750,000 | | | 3,855,764 |
Denver Health & Hospital Authority
| | | | | | |
5.00%, 12/01/2025 | | | 400,000 | | | 404,638 |
5.00%, 12/01/2027 | | | 340,000 | | | 349,717 |
4.00%, 12/01/2040 (Callable 12/01/2029) | | | 750,000 | | | 672,820 |
5.25%, 12/01/2045 (Callable 08/01/2024) | | | 485,000 | | | 485,177 |
Denver Urban Renewal Authority, 5.00%, 12/01/2025 (Callable 08/01/2024) | | | 200,000 | | | 200,148 |
E-470 Public Highway Authority
| | | | | | |
0.00%, 09/01/2029(e) | | | 2,550,000 | | | 2,107,420 |
3.92% (SOFR + 0.35%), 09/01/2039 (Callable 08/30/2024) | | | 1,000,000 | | | 999,587 |
Grand River Hospital District
| | | | | | |
5.25%, 12/01/2030 (Callable 12/01/2028) | | | 350,000 | | | 370,945 |
5.25%, 12/01/2031 (Callable 12/01/2028) | | | 1,190,000 | | | 1,260,475 |
5.25%, 12/01/2035 (Callable 12/01/2028) | | | 845,000 | | | 886,827 |
Midtown Clear Creek Metropolitan District, 5.50%, 12/01/2043 (Callable 12/01/2033) | | | 425,000 | | | 476,537 |
Park Creek Metropolitan District
| | | | | | |
5.00%, 12/01/2034 (Callable 12/01/2025) | | | 500,000 | | | 507,835 |
5.00%, 12/01/2036 (Callable 12/01/2032) | | | 225,000 | | | 247,347 |
5.00%, 12/01/2037 (Callable 12/01/2032) | | | 275,000 | | | 301,040 |
5.00%, 12/01/2038 (Callable 12/01/2032) | | | 300,000 | | | 327,846 |
5.00%, 12/01/2041 (Callable 12/01/2025) | | | 2,505,000 | | | 2,520,185 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Colorado - (Continued)
|
5.00%, 12/01/2045 (Callable 12/01/2025) | | | $ 1,480,000 | | | $ 1,481,731 |
Prairie Center Metropolitan District No 7, 4.13%, 12/15/2036 (Callable 12/15/2025) | | | 165,000 | | | 149,486 |
Ravenna Metropolitan District
| | | | | | |
5.00%, 12/01/2038 (Callable 12/01/2033) | | | 725,000 | | | 781,059 |
5.00%, 12/01/2043 (Callable 12/01/2033) | | | 1,650,000 | | | 1,732,533 |
Regional Transportation District
| | | | | | |
5.00%, 01/15/2028 | | | 1,500,000 | | | 1,561,131 |
5.00%, 01/15/2031 | | | 1,715,000 | | | 1,847,897 |
Regional Transportation District Sales Tax Revenue,
5.00%, 11/01/2033 (Callable 11/01/2027) | | | 500,000 | | | 524,878 |
State of Colorado
| | | | | | |
4.00%, 12/15/2037 (Callable 12/15/2028) | | | 705,000 | | | 712,469 |
5.25%, 03/15/2042 (Callable 03/15/2027) | | | 1,535,000 | | | 1,575,287 |
Stetson Ridge Metropolitan District No 3, 2.00%, 12/01/2030 | | | 705,000 | | | 624,027 |
Vauxmont Metropolitan District
| | | | | | |
5.00%, 12/15/2028 (Callable 12/15/2024) | | | 125,000 | | | 129,532 |
5.00%, 12/15/2029 (Callable 12/15/2024) | | | 125,000 | | | 129,502 |
5.00%, 12/15/2030 (Callable 12/15/2024) | | | 125,000 | | | 129,466 |
5.00%, 12/15/2031 (Callable 12/15/2024) | | | 135,000 | | | 139,785 |
3.25%, 12/15/2050 (Callable 12/15/2024) | | | 4,665,000 | | | 3,885,827 |
Vista Ridge Metropolitan District
| | | | | | |
5.00%, 12/01/2025 | | | 600,000 | | | 612,625 |
5.00%, 12/01/2026 | | | 460,000 | | | 477,074 |
| | | | | | 105,331,477 |
Connecticut - 0.8%
|
City of West Haven CT
| | | | | | |
5.00%, 02/15/2026 | | | 400,000 | | | 408,039 |
5.00%, 02/15/2028 | | | 350,000 | | | 367,590 |
5.00%, 02/15/2030 | | | 450,000 | | | 483,796 |
5.00%, 02/15/2032 | | | 350,000 | | | 380,045 |
5.00%, 02/15/2034 | | | 400,000 | | | 439,103 |
5.00%, 02/15/2036 (Callable 02/15/2034) | | | 200,000 | | | 217,747 |
5.00%, 02/15/2040 (Callable 02/15/2034) | | | 100,000 | | | 106,494 |
4.00%, 02/15/2044 (Callable 02/15/2034) | | | 250,000 | | | 241,977 |
| | | | | | | |
| | | | | | | |
Connecticut Housing Finance Authority
| | | | | | |
5.00%, 11/15/2026 | | | $ 395,000 | | | $ 407,987 |
5.00%, 05/15/2027 | | | 440,000 | | | 457,309 |
5.00%, 11/15/2027 | | | 445,000 | | | 465,747 |
5.00%, 05/15/2028 | | | 210,000 | | | 220,912 |
5.00%, 11/15/2028 | | | 225,000 | | | 237,890 |
5.00%, 05/15/2029 | | | 230,000 | | | 245,530 |
5.00%, 11/15/2029 | | | 125,000 | | | 134,340 |
5.00%, 11/15/2030 | | | 160,000 | | | 171,682 |
4.00%, 11/15/2047 (Callable 11/15/2026) | | | 45,000 | | | 44,739 |
4.00%, 05/15/2049 (Callable 11/15/2028) | | | 800,000 | | | 794,668 |
3.50%, 11/15/2051 (Callable 05/15/2031) | | | 3,435,000 | | | 3,355,557 |
Connecticut State Health & Educational Facilities Authority
| | | | | | |
2.95%, 07/01/2049(a) | | | 4,300,000 | | | 4,227,216 |
2.80%, 07/01/2057(a) | | | 5,295,000 | | | 5,220,423 |
East Hartford Housing Authority, 4.25%, 02/01/2027 (Callable 08/01/2024)(a) | | | 2,000,000 | | | 2,000,566 |
State of Connecticut, 4.87% (SIFMA Municipal Swap Index + 0.99%), 03/01/2025 | | | 375,000 | | | 376,103 |
Town of Hamden CT
| | | | | | |
5.00%, 08/15/2026 | | | 125,000 | | | 128,456 |
5.00%, 08/15/2028 | | | 365,000 | | | 385,593 |
5.00%, 08/15/2029 | | | 575,000 | | | 616,256 |
5.00%, 08/15/2032 | | | 1,000,000 | | | 1,110,606 |
| | | | | | 23,246,371 |
Delaware - 0.0%(f)
|
Delaware Municipal Electric Corp., 4.00%, 07/01/2036 (Callable 07/01/2031) | | | 330,000 | | | 336,862 |
District of Columbia - 1.4%
|
District of Columbia Housing Finance Agency
| | | | | | |
5.00%, 12/01/2026 (Callable 12/01/2025)(a) | | | 5,165,000 | | | 5,222,509 |
0.50%, 03/01/2027 (Callable 08/01/2024)(a) | | | 2,675,000 | | | 2,650,059 |
4.00%, 09/01/2040 (Callable 03/01/2025)(a) | | | 3,670,000 | | | 3,671,501 |
District of Columbia Water & Sewer Authority, 3.00%, 10/01/2057 (Callable 07/01/2027)(a) | | | 7,600,000 | | | 7,436,428 |
Metropolitan Washington Airports Authority
| | | | | | |
6.50%, 10/01/2044 (Callable 10/01/2028) | | | 3,015,000 | | | 3,300,523 |
6.50%, 10/01/2044 (Callable 10/01/2028) | | | 2,620,000 | | | 2,913,244 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
District of Columbia - (Continued)
|
Metropolitan Washington Airports Authority Aviation Revenue
| | | | | | |
5.00%, 10/01/2028(c) | | | $ 2,600,000 | | | $ 2,723,775 |
5.00%, 10/01/2033 (Callable 10/01/2025) | | | 250,000 | | | 253,901 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
| | | | | | |
0.00%, 10/01/2029(e) | | | 110,000 | | | 90,453 |
5.00%, 10/01/2038 (Callable 10/01/2028) | | | 330,000 | | | 347,749 |
Tender Option Bond Trust Receipts/Certificates,
3.48%, 07/01/2063 (Callable 07/01/2037)(a)(b) | | | 2,700,000 | | | 2,700,000 |
| | | | | | 31,310,142 |
Florida - 4.1%
|
Alachua County Health Facilities Authority, 5.00%, 12/01/2027 (Callable 12/01/2024) | | | 815,000 | | | 819,025 |
Broward County Housing Finance Authority
| | | | | | |
3.50%, 04/01/2041 (Callable 10/01/2025)(a) | | | 3,000,000 | | | 2,973,237 |
4.05%, 09/01/2056(a) | | | 1,000,000 | | | 1,001,220 |
3.40%, 03/01/2057 (Callable 03/01/2025)(a) | | | 1,620,000 | | | 1,603,216 |
Capital Trust Agency, Inc.
| | | | | | |
5.00%, 12/15/2029 (Callable 06/15/2026) | | | 800,000 | | | 807,000 |
4.00%, 06/01/2041 (Callable 06/01/2028) | | | 330,000 | | | 309,124 |
4.00%, 06/01/2056 (Callable 06/01/2028) | | | 485,000 | | | 411,710 |
Central Florida Tourism Oversight District
| | | | | | |
4.00%, 06/01/2035 (Callable 06/01/2027) | | | 1,000,000 | | | 1,005,080 |
5.00%, 06/01/2035 (Callable 06/01/2026) | | | 5,000,000 | | | 5,100,639 |
City of Cape Coral FL Water & Sewer Revenue
| | | | | | |
5.60%, 03/01/2048 (Callable 03/01/2033) | | | 5,000,000 | | | 5,600,410 |
5.25%, 10/01/2053 (Callable 10/01/2033) | | | 1,250,000 | | | 1,375,043 |
City of Fort Lauderdale FL Water & Sewer Revenue,
5.50%, 09/01/2048 (Callable 09/01/2033) | | | 7,000,000 | | | 7,879,151 |
City of Fort Myers FL
| | | | | | |
5.00%, 12/01/2029 (Callable 12/01/2025) | | | 475,000 | | | 483,923 |
| | | | | | | |
| | | | | | | |
4.00%, 12/01/2037 (Callable 12/01/2025) | | | $ 1,000,000 | | | $ 1,001,886 |
4.00%, 12/01/2038 (Callable 12/01/2025) | | | 500,000 | | | 501,066 |
City of Jacksonville FL
| | | | | | |
4.00%, 11/01/2032 (Callable 11/01/2029) | | | 375,000 | | | 371,959 |
3.88%, 08/01/2036 (Callable 08/01/2024)(a) | | | 9,300,000 | | | 9,300,000 |
4.00%, 11/01/2040 (Callable 11/01/2024) | | | 65,000 | | | 61,118 |
City of Orlando FL Tourist Development Tax Revenue, 5.00%, 11/01/2034 (Callable 11/01/2027) | | | 775,000 | | | 803,085 |
City of Tallahassee FL
| | | | | | |
5.00%, 12/01/2029 (Callable 12/01/2025) | | | 610,000 | | | 617,560 |
5.00%, 12/01/2040 (Callable 06/01/2025) | | | 1,260,000 | | | 1,262,277 |
City of Tampa FL, 5.25%, 05/01/2043 (Callable 05/01/2028) | | | 5,000,000 | | | 5,226,243 |
Collier County Educational Facilities Authority
| | | | | | |
5.00%, 06/01/2026 | | | 1,840,000 | | | 1,843,953 |
5.00%, 06/01/2028 | | | 1,775,000 | | | 1,785,941 |
5.00%, 06/01/2029 | | | 1,065,000 | | | 1,075,898 |
Collier County Industrial Development Authority,
5.00%, 10/01/2054 (Callable 10/01/2030)(a) | | | 1,250,000 | | | 1,346,343 |
County of Miami-Dade FL
| | | | | | |
5.00%, 06/01/2027 (Callable 06/01/2025) | | | 2,500,000 | | | 2,525,427 |
6.88%, 10/01/2034 (Callable 10/01/2029) | | | 405,000 | | | 477,686 |
7.00%, 10/01/2039 (Callable 10/01/2029) | | | 390,000 | | | 459,593 |
County of Miami-Dade FL Aviation Revenue
| | | | | | |
5.00%, 10/01/2025(c) | | | 1,000,000 | | | 1,014,121 |
5.00%, 10/01/2032 (Callable 10/01/2026) | | | 360,000 | | | 370,033 |
5.00%, 10/01/2041 (Callable 10/01/2026) | | | 2,585,000 | | | 2,635,500 |
County of Seminole FL,
5.00%, 10/01/2052 (Callable 10/01/2032) | | | 2,500,000 | | | 2,664,018 |
Escambia County Health Facilities Authority, 5.00%, 08/15/2035 (Callable 02/15/2030) | | | 820,000 | | | 845,849 |
Escambia County Housing
Finance Authority,
3.80%, 06/01/2027(a) | | | 4,500,000 | | | 4,503,004 |
Florida Development Finance Corp.
| | | | | | |
4.00%, 06/01/2025(b) | | | 110,000 | | | 108,723 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Florida - (Continued)
|
4.00%, 06/01/2026(b) | | | $ 225,000 | | | $ 219,967 |
5.00%, 04/01/2028 | | | 400,000 | | | 420,884 |
5.00%, 04/01/2029 | | | 250,000 | | | 266,338 |
5.00%, 06/15/2034 (Callable 06/15/2027) | | | 800,000 | | | 822,433 |
5.25%, 06/15/2034 (Callable 06/15/2032) | | | 1,250,000 | | | 1,313,437 |
5.00%, 06/15/2040 (Callable 06/15/2027) | | | 1,650,000 | | | 1,678,461 |
Florida Gulf Coast University Financing Corp.,
5.00%, 08/01/2029 (Callable 02/01/2028) | | | 600,000 | | | 625,921 |
Florida Housing Finance Corp.
| | | | | | |
1.00%, 02/01/2025(a) | | | 4,550,000 | | | 4,531,052 |
5.00%, 12/01/2026(a) | | | 3,000,000 | | | 3,036,701 |
3.35%, 10/01/2027(a) | | | 2,250,000 | | | 2,218,819 |
4.20%, 01/01/2045 (Callable 01/01/2028) | | | 595,000 | | | 579,939 |
4.00%, 07/01/2047 (Callable 07/01/2025) | | | 40,000 | | | 39,883 |
3.00%, 01/01/2052 (Callable 01/01/2030) | | | 940,000 | | | 912,710 |
5.50%, 01/01/2054 (Callable 01/01/2032) | | | 2,470,000 | | | 2,575,441 |
Florida Municipal Power Agency
| | | | | | |
4.00%, 10/01/2030 (Callable 10/01/2027) | | | 500,000 | | | 508,596 |
5.00%, 10/01/2030 (Callable 10/01/2026) | | | 495,000 | | | 508,627 |
Highlands County Health Facilities Authority, 3.88%, 11/15/2035 (Callable 08/01/2024)(a) | | | 2,955,000 | | | 2,955,000 |
Jacksonville Housing Authority, 5.00%, 02/01/2034 (Callable 02/01/2033) | | | 4,000,000 | | | 4,236,834 |
Lee County Housing Finance Authority
| | | | | | |
3.50%, 02/01/2027(a) | | | 1,000,000 | | | 985,703 |
3.55%, 08/01/2027 (Callable 02/01/2025)(a) | | | 1,500,000 | | | 1,487,457 |
Lee County Industrial Development Authority/FL, 3.75%, 10/01/2027 (Callable 07/14/2024) | | | 840,000 | | | 839,996 |
Miami Beach Redevelopment Agency, 5.00%, 02/01/2027 (Callable 08/01/2024) | | | 1,000,000 | | | 1,003,316 |
Miami-Dade County Educational Facilities Authority
| | | | | | |
4.00%, 04/01/2032 (Callable 08/01/2024) | | | 200,000 | | | 200,022 |
4.00%, 04/01/2037 (Callable 08/01/2024) | | | 200,000 | | | 200,019 |
| | | | | | | |
| | | | | | | |
Miami-Dade County Housing Finance Authority
| | | | | | |
4.05%, 09/01/2026(a) | | | $ 1,650,000 | | | $ 1,652,008 |
5.00%, 03/01/2027(a) | | | 1,440,000 | | | 1,455,711 |
Orange County Health Facilities Authority, 5.00%, 08/01/2028 (Callable 08/01/2024) | | | 2,500,000 | | | 2,502,104 |
Orange County Housing Finance Authority, 3.00%, 09/01/2050 (Callable 09/01/2029) | | | 865,000 | | | 840,470 |
Palm Beach County Health Facilities Authority
| | | | | | |
5.00%, 11/01/2032 | | | 200,000 | | | 210,784 |
4.00%, 05/15/2035 (Callable 05/15/2025) | | | 250,000 | | | 231,796 |
Palm Beach County Housing Finance Authority,
5.00%, 04/01/2026(a) | | | 3,385,000 | | | 3,405,846 |
Pinellas County Housing Finance Authority, 6.00%, 03/01/2054 (Callable 03/01/2032) | | | 2,260,000 | | | 2,395,443 |
Pinellas County School Board, 5.00%, 07/01/2033 (Callable 07/01/2027) | | | 515,000 | | | 539,827 |
Santa Rosa County School Board, 5.00%, 02/01/2038 (Callable 08/01/2029) | | | 1,030,000 | | | 1,092,007 |
Sarasota County Public Hospital District, 5.50%, 07/01/2028 | | | 5,000,000 | | | 5,192,340 |
School Board of Miami-Dade County
| | | | | | |
5.00%, 02/01/2028 (Callable 02/01/2026) | | | 3,500,000 | | | 3,579,701 |
5.00%, 11/01/2030 (Callable 11/01/2024) | | | 660,000 | | | 662,604 |
School District of Broward County/FL, 5.00%, 07/01/2036 (Callable 07/01/2032) | | | 3,000,000 | | | 3,349,270 |
Seminole County Industrial Development Authority
| | | | | | |
4.00%, 06/15/2028(b) | | | 245,000 | | | 241,451 |
4.00%, 06/15/2029(b) | | | 260,000 | | | 255,724 |
4.00%, 06/15/2030(b) | | | 535,000 | | | 525,204 |
4.00%, 06/15/2036 (Callable 06/15/2031)(b) | | | 470,000 | | | 446,713 |
4.00%, 06/15/2041 (Callable 06/15/2031)(b) | | | 845,000 | | | 757,180 |
St Johns County Housing Finance Authority, 3.55%, 07/01/2027 (Callable 01/01/2025)(a) | | | 1,000,000 | | | 991,886 |
Town of Davie FL,
5.00%, 04/01/2034 (Callable 04/01/2028) | | | 1,105,000 | | | 1,153,440 |
Village Community Development District No 10,
5.00%, 05/01/2035 (Callable 05/01/2033) | | | 1,105,000 | | | 1,231,996 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Florida - (Continued)
|
Volusia County Educational Facility Authority, 4.00%, 10/15/2036 (Callable 10/15/2029) | | | $ 500,000 | | | $ 504,245 |
| | | | | | 135,555,367 |
Georgia - 3.5%
|
Atlanta Urban Residential Finance Authority, 2.00%, 09/01/2025 (Callable 09/01/2024)(a) | | | 5,025,000 | | | 4,998,016 |
Bartow County Development Authority
| | | | | | |
1.80%, 09/01/2029 (Callable 11/19/2026)(a) | | | 4,810,000 | | | 4,090,174 |
3.95%, 12/01/2032(a) | | | 2,750,000 | | | 2,793,949 |
City of Atlanta GA
| | | | | | |
5.00%, 01/01/2025 (Callable 08/01/2024) | | | 225,000 | | | 225,201 |
5.00%, 01/01/2028 (Callable 08/01/2024) | | | 1,000,000 | | | 1,000,817 |
City of Atlanta GA Department of Aviation, 5.00%, 07/01/2025(c) | | | 1,250,000 | | | 1,266,472 |
City of Monroe GA Combined Utility Revenue
| | | | | | |
4.00%, 12/01/2036 (Callable 12/01/2030) | | | 500,000 | | | 508,168 |
4.00%, 12/01/2037 (Callable 12/01/2030) | | | 750,000 | | | 757,939 |
Clayton County Development Authority, 4.00%, 07/01/2031 (Callable 07/01/2027) | | | 495,000 | | | 497,140 |
Cobb County Kennestone Hospital Authority, 5.00%, 04/01/2042 (Callable 04/01/2027) | | | 890,000 | | | 905,293 |
DeKalb County Housing Authority
| | | | | | |
4.00%, 12/01/2033 (Callable 12/01/2030) | | | 7,500,000 | | | 7,420,006 |
4.00%, 03/01/2034 (Callable 03/01/2031) | | | 3,180,000 | | | 3,130,577 |
Development Authority for Fulton County
| | | | | | |
5.00%, 09/01/2028 | | | 625,000 | | | 661,700 |
5.00%, 10/01/2029 | | | 1,710,000 | | | 1,829,733 |
5.00%, 10/01/2040 (Callable 04/01/2034) | | | 940,000 | | | 1,036,900 |
5.00%, 03/15/2044 (Callable 03/15/2029) | | | 1,000,000 | | | 1,035,488 |
Development Authority of Appling County, 3.60%, 09/01/2041 (Callable 07/01/2024)(a) | | | 21,400,000 | | | 21,398,459 |
Development Authority of Bulloch County
| | | | | | |
5.00%, 07/01/2030 | | | 405,000 | | | 442,748 |
5.00%, 07/01/2031 (Callable 07/01/2030) | | | 420,000 | | | 457,480 |
| | | | | | | |
| | | | | | | |
5.00%, 07/01/2032 (Callable 07/01/2030) | | | $ 445,000 | | | $ 484,671 |
5.00%, 07/01/2033 (Callable 07/01/2030) | | | 465,000 | | | 505,056 |
4.00%, 07/01/2039 (Callable 07/01/2030) | | | 305,000 | | | 306,250 |
Development Authority of Monroe County, 1.50%, 01/01/2039(a) | | | 5,240,000 | | | 5,116,016 |
Fayette County Hospital Authority/GA, 5.00%, 07/01/2054 (Callable 05/02/2024)(a) | | | 975,000 | | | 975,000 |
Gainesville & Hall County Hospital Authority, 5.00%, 02/15/2029 (Callable 02/15/2027) | | | 500,000 | | | 518,253 |
Georgia Housing & Finance Authority, 3.60%, 12/01/2033 (Callable 06/01/2027) | | | 225,000 | | | 221,272 |
Georgia Local Government,
4.75%, 06/01/2028 | | | 3,359,000 | | | 3,393,646 |
Main Street Natural Gas, Inc.
| | | | | | |
5.00%, 12/01/2026 | | | 875,000 | | | 896,297 |
5.00%, 12/01/2027 | | | 1,500,000 | | | 1,551,060 |
5.00%, 05/15/2034 (Callable 05/15/2029) | | | 1,530,000 | | | 1,580,325 |
4.00%, 03/01/2050 (Callable 06/01/2026)(a) | | | 6,015,000 | | | 6,026,355 |
4.00%, 07/01/2052 (Callable 06/01/2027)(a) | | | 10,515,000 | | | 10,557,949 |
4.00%, 08/01/2052 (Callable 05/01/2027)(a)(b) | | | 11,000,000 | | | 10,857,625 |
5.00%, 12/01/2052 (Callable 03/01/2029)(a) | | | 5,645,000 | | | 5,918,313 |
5.00%, 06/01/2053 (Callable 03/01/2030)(a) | | | 1,170,000 | | | 1,236,830 |
Private Colleges & Universities Authority
| | | | | | |
5.00%, 06/01/2027 | | | 420,000 | | | 433,463 |
5.00%, 06/01/2028 | | | 495,000 | | | 516,335 |
5.00%, 06/01/2029 | | | 400,000 | | | 422,374 |
4.00%, 06/01/2034 (Callable 06/01/2031) | | | 395,000 | | | 399,486 |
4.00%, 06/01/2035 (Callable 06/01/2031) | | | 500,000 | | | 502,956 |
| | | | | | 106,875,792 |
Guam - 0.0%(f)
|
Guam Government Waterworks Authority
| | | | | | |
5.00%, 07/01/2025 | | | 450,000 | | | 456,028 |
5.00%, 07/01/2025 | | | 350,000 | | | 354,688 |
| | | | | | 810,716 |
Hawaii - 0.1%
|
State of Hawaii Airports System Revenue
| | | | | | |
5.25%, 08/01/2025 (Callable 07/22/2024)(c) | | | 2,500,000 | | | 2,506,345 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Hawaii - (Continued)
|
5.00%, 08/01/2027 (Callable 07/22/2024)(c) | | | $ 1,000,000 | | | $ 1,000,568 |
| | | | | | 3,506,913 |
Idaho - 0.2%
|
County of Nez Perce ID,
5.50%, 03/01/2042 (Callable 03/01/2032) | | | 680,000 | | | 748,345 |
Idaho Housing & Finance Association
| | | | | | |
4.00%, 05/01/2031 | | | 200,000 | | | 199,003 |
4.00%, 05/01/2035 (Callable 05/01/2032) | | | 425,000 | | | 421,539 |
5.25%, 05/01/2038 (Callable 05/01/2031) | | | 300,000 | | | 319,402 |
5.50%, 05/01/2043 (Callable 05/01/2031) | | | 350,000 | | | 373,035 |
6.00%, 07/01/2054 (Callable 01/01/2033) | | | 4,500,000 | | | 4,928,926 |
| | | | | | 6,990,250 |
Illinois - 10.1%
|
Adams & Hancock Counties Community Unit School District No 4/IL
| | | | | | |
4.00%, 12/01/2027 (Callable 12/01/2025) | | | 290,000 | | | 292,080 |
4.00%, 12/01/2029 (Callable 12/01/2025) | | | 310,000 | | | 311,911 |
4.00%, 12/01/2032 (Callable 12/01/2025) | | | 350,000 | | | 351,172 |
Bridgeview Finance Corp.,
5.00%, 12/01/2037 (Callable 12/01/2027) | | | 735,000 | | | 727,235 |
Champaign County Community Unit School District No 7 Tolono
| | | | | | |
5.00%, 12/01/2032 | | | 205,000 | | | 223,225 |
5.00%, 12/01/2033 | | | 610,000 | | | 669,609 |
Channahon Park District
| | | | | | |
4.00%, 12/15/2031 (Callable 12/15/2029) | | | 460,000 | | | 467,298 |
4.00%, 12/15/2034 (Callable 12/15/2029) | | | 510,000 | | | 518,703 |
4.00%, 12/15/2036 (Callable 12/15/2029) | | | 950,000 | | | 955,006 |
4.00%, 12/15/2038 (Callable 12/15/2029) | | | 595,000 | | | 595,009 |
Chicago Board of Education
| | | | | | |
0.00%, 12/01/2025(e) | | | 2,280,000 | | | 2,150,130 |
0.00%, 12/01/2025(e) | | | 500,000 | | | 471,520 |
5.00%, 12/01/2025 | | | 600,000 | | | 606,390 |
5.00%, 12/01/2029 (Callable 12/01/2028) | | | 1,000,000 | | | 1,042,982 |
7.00%, 12/01/2044 (Callable 12/01/2025) | | | 1,375,000 | | | 1,419,306 |
| | | | | | | |
| | | | | | | |
6.50%, 12/01/2046 (Callable 12/01/2026) | | | $ 1,000,000 | | | $ 1,039,167 |
Chicago Board of Education Dedicated Capital Improvement Tax
| | | | | | |
5.25%, 04/01/2033 | | | 1,000,000 | | | 1,132,762 |
5.25%, 04/01/2035 (Callable 04/01/2033) | | | 1,500,000 | | | 1,689,687 |
Chicago Midway International Airport
| | | | | | |
5.00%, 01/01/2026(c) | | | 1,735,000 | | | 1,764,349 |
5.00%, 01/01/2029 (Callable 01/01/2026)(c) | | | 2,000,000 | | | 2,023,611 |
5.00%, 01/01/2046 (Callable 01/01/2026) | | | 2,000,000 | | | 2,017,359 |
Chicago O’Hare International Airport
|
5.00%, 01/01/2026(c) | | | 3,500,000 | | | 3,560,228 |
5.00%, 01/01/2029 (Callable 01/01/2025)(c) | | | 6,675,000 | | | 6,699,188 |
5.00%, 01/01/2029 (Callable 01/01/2025)(c) | | | 2,150,000 | | | 2,157,791 |
5.00%, 01/01/2029(c) | | | 660,000 | | | 692,203 |
5.00%, 01/01/2033 (Callable 01/01/2025)(c) | | | 3,850,000 | | | 3,863,278 |
5.00%, 01/01/2035 (Callable 01/01/2026) | | | 1,575,000 | | | 1,602,313 |
5.00%, 01/01/2036 (Callable 01/01/2026)(c) | | | 1,255,000 | | | 1,270,781 |
5.00%, 01/01/2036 (Callable 01/01/2032)(c) | | | 335,000 | | | 362,227 |
5.25%, 01/01/2042 (Callable 01/01/2033) | | | 1,370,000 | | | 1,504,451 |
5.25%, 01/01/2043 (Callable 01/01/2033) | | | 1,000,000 | | | 1,093,529 |
Chicago Park District
| | | | | | |
5.25%, 01/01/2043 (Callable 01/01/2033) | | | 1,000,000 | | | 1,077,420 |
5.25%, 01/01/2044 (Callable 01/01/2033) | | | 1,730,000 | | | 1,857,124 |
5.25%, 01/01/2046 (Callable 01/01/2033) | | | 2,500,000 | | | 2,672,942 |
Chicago Transit Authority Sales
Tax Receipts Fund,
5.25%, 12/01/2049 (Callable 12/01/2024) | | | 6,700,000 | | | 6,715,482 |
City of Chicago Heights IL
| | | | | | |
4.00%, 12/01/2028 | | | 200,000 | | | 204,719 |
4.00%, 12/01/2030 (Callable 12/01/2029) | | | 350,000 | | | 359,088 |
4.00%, 12/01/2031 (Callable 12/01/2029) | | | 365,000 | | | 373,483 |
City of Chicago IL
| | | | | | |
4.00%, 09/01/2025 (Callable 09/01/2024)(a) | | | 1,750,000 | | | 1,748,046 |
0.00%, 01/01/2027(e) | | | 195,000 | | | 177,728 |
0.00%, 01/01/2028(e) | | | 3,285,000 | | | 2,891,351 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.00%, 11/01/2028 (Callable 11/01/2027) | | | $ 625,000 | | | $ 650,532 |
5.00%, 11/01/2033 (Callable 11/01/2027) | | | 525,000 | | | 548,034 |
City of Chicago IL Wastewater Transmission Revenue
| | | | | | |
5.00%, 01/01/2030 (Callable 08/01/2024) | | | 445,000 | | | 445,240 |
5.50%, 01/01/2030 | | | 800,000 | | | 842,155 |
5.00%, 01/01/2034 (Callable 07/16/2024) | | | 1,000,000 | | | 1,000,519 |
5.00%, 01/01/2039 (Callable 07/16/2024) | | | 3,220,000 | | | 3,221,738 |
5.00%, 01/01/2041 (Callable 01/01/2034) | | | 1,350,000 | | | 1,486,207 |
5.25%, 01/01/2042 (Callable 07/01/2032) | | | 2,420,000 | | | 2,678,541 |
5.25%, 01/01/2043 (Callable 07/01/2032) | | | 6,490,000 | | | 7,179,852 |
5.00%, 01/01/2044 (Callable 07/16/2024) | | | 1,000,000 | | | 1,000,540 |
City of Chicago IL Waterworks Revenue
| | | | | | |
5.00%, 11/01/2027 (Callable 11/01/2024) | | | 265,000 | | | 265,711 |
5.00%, 11/01/2029 (Callable 11/01/2026) | | | 1,810,000 | | | 1,860,891 |
4.00%, 11/01/2032 (Callable 11/01/2024) | | | 200,000 | | | 200,361 |
5.00%, 11/01/2036 (Callable 05/01/2032) | | | 1,000,000 | | | 1,108,166 |
5.00%, 11/01/2036 (Callable 11/01/2027) | | | 260,000 | | | 270,820 |
City of Decatur IL
| | | | | | |
4.25%, 03/01/2030 (Callable 08/01/2024) | | | 250,000 | | | 250,166 |
5.00%, 03/01/2034 (Callable 03/01/2026) | | | 905,000 | | | 926,618 |
City of Evanston IL,
5.00%, 12/01/2043 (Callable 12/01/2029) | | | 1,800,000 | | | 1,890,294 |
City of Mount Vernon IL
| | | | | | |
4.00%, 12/15/2031 (Callable 06/15/2030) | | | 1,395,000 | | | 1,396,732 |
4.00%, 12/15/2036 (Callable 06/15/2030) | | | 630,000 | | | 623,799 |
City of Springfield IL Electric Revenue, 5.00%, 03/01/2033 (Callable 03/01/2025) | | | 4,000,000 | | | 4,024,730 |
Community Unit School District Number 427 DeKalb and Kane Counties Illinois,
0.00%, 01/01/2026(e) | | | 1,340,000 | | | 1,262,587 |
| | | | | | | |
| | | | | | | |
Cook County Community Consolidated School District No 15 Palatine,
5.25%, 06/15/2041 (Callable 06/15/2033) | | | $ 1,190,000 | | | $ 1,313,951 |
Cook County Community High School District No 217 Argo, 4.50%, 12/01/2039 (Callable 12/01/2031) | | | 1,495,000 | | | 1,549,795 |
Cook County School District No 111 Burbank, 4.00%, 12/01/2025 | | | 1,000,000 | | | 1,008,383 |
Cook County School District No 130 Blue Island, 5.00%, 12/01/2027 (Callable 12/01/2025) | | | 1,210,000 | | | 1,235,047 |
Cook County School District No 135 Orland, 5.00%, 12/01/2024 | | | 930,000 | | | 934,674 |
Cook County School District No 143.5 Posen-Robbins,
5.00%, 12/01/2033 | | | 90,000 | | | 96,068 |
Cook County School District No 99 Cicero
| | | | | | |
4.00%, 12/01/2029 | | | 2,425,000 | | | 2,452,987 |
4.00%, 12/01/2030 | | | 250,000 | | | 253,208 |
Cook County School District No. 163
| | | | | | |
6.00%, 12/15/2025 | | | 430,000 | | | 445,339 |
6.00%, 12/15/2027 | | | 1,150,000 | | | 1,244,141 |
Cook County School District No. 83, 5.63%, 06/01/2033 | | | 815,000 | | | 919,968 |
County of Cook IL,
5.00%, 11/15/2033 (Callable 11/15/2030) | | | 1,500,000 | | | 1,637,860 |
County of Cook IL Sales Tax Revenue
| | | | | | |
4.00%, 11/15/2038 (Callable 11/15/2027) | | | 1,675,000 | | | 1,677,869 |
4.00%, 11/15/2040 (Callable 11/15/2030) | | | 595,000 | | | 597,293 |
5.00%, 11/15/2041 (Callable 11/15/2032) | | | 1,890,000 | | | 2,047,413 |
County of Sangamon IL
| | | | | | |
3.00%, 12/15/2038 (Callable 12/15/2029) | | | 825,000 | | | 709,838 |
3.00%, 12/15/2039 (Callable 12/15/2029) | | | 700,000 | | | 594,268 |
Crawford Hospital District,
4.00%, 01/01/2031 (Callable 01/01/2029) | | | 345,000 | | | 346,979 |
DuPage County High School District No. 87, 5.00%, 01/01/2029 (Callable 01/01/2025) | | | 315,000 | | | 317,272 |
DuPage County School District No 60 Maercker,
4.00%, 12/30/2036 (Callable 12/30/2027) | | | 1,000,000 | | | 1,004,377 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
Eastern Illinois Economic Development Authority,
5.00%, 11/01/2033 (Callable 11/01/2028) | | | $ 1,000,000 | | | $ 1,006,207 |
Exceptional Children Have Opportunities
| | | | | | |
4.00%, 12/01/2034 (Callable 12/01/2029) | | | 765,000 | | | 770,548 |
4.00%, 12/01/2035 (Callable 12/01/2029) | | | 645,000 | | | 650,793 |
Ford, Champaign Counties Community Unit School District No. 10, 5.00%, 12/01/2027 (Callable 12/01/2026) | | | 600,000 | | | 623,221 |
Greene Jersey & Macoupin Counties Community Unit School District No 9 Southweste
| | | | | | |
5.00%, 12/01/2029 | | | 350,000 | | | 373,556 |
5.00%, 12/01/2030 | | | 320,000 | | | 344,497 |
5.00%, 12/01/2031 (Callable 12/01/2030) | | | 535,000 | | | 574,535 |
5.00%, 12/01/2032 (Callable 12/01/2030) | | | 600,000 | | | 644,254 |
5.00%, 12/01/2033 (Callable 12/01/2030) | | | 325,000 | | | 348,968 |
Hampshire Special Service Area No 13
| | | | | | |
3.25%, 03/01/2032 (Callable 03/01/2027) | | | 165,000 | | | 151,135 |
3.30%, 03/01/2033 (Callable 03/01/2027) | | | 175,000 | | | 159,559 |
3.35%, 03/01/2034 (Callable 03/01/2027) | | | 185,000 | | | 168,326 |
3.40%, 03/01/2035 (Callable 03/01/2027) | | | 195,000 | | | 177,344 |
3.45%, 03/01/2036 (Callable 03/01/2027) | | | 205,000 | | | 186,445 |
Henry & Whiteside Counties Community Unit School District No 228 Geneseo,
5.00%, 08/15/2031 (Callable 08/15/2025) | | | 270,000 | | | 274,296 |
Hoffman Estates Park District, 5.00%, 12/01/2040 (Callable 12/01/2030) | | | 5,000,000 | | | 5,333,084 |
Huntley Area Public Library District, 5.00%, 02/01/2037 (Callable 02/01/2029) | | | 500,000 | | | 537,530 |
Illinois Development Finance Authority
| | | | | | |
0.00%, 07/15/2025(e) | | | 2,735,000 | | | 2,635,639 |
2.45%, 11/15/2039(a) | | | 1,125,000 | | | 1,100,521 |
Illinois Educational Facilities Authority, 4.00%, 11/01/2036 (Callable 08/01/2024) | | | 1,065,000 | | | 1,065,304 |
| | | | | | | |
| | | | | | | |
Illinois Finance Authority
| | | | | | |
5.00%, 07/01/2024 | | | $ 2,870,000 | | | $ 2,870,000 |
5.00%, 11/01/2024 | | | 1,100,000 | | | 1,101,586 |
5.00%, 04/01/2025 | | | 400,000 | | | 403,152 |
5.00%, 07/01/2025 | | | 3,140,000 | | | 3,176,446 |
5.00%, 04/01/2028 | | | 400,000 | | | 418,448 |
5.00%, 05/15/2029 (Callable 05/15/2026) | | | 385,000 | | | 392,940 |
5.00%, 10/01/2030 (Callable 10/01/2026) | | | 140,000 | | | 144,016 |
5.00%, 02/15/2031 (Callable 08/15/2027) | | | 1,000,000 | | | 1,017,568 |
5.00%, 11/15/2031 (Callable 11/15/2025) | | | 1,000,000 | | | 1,010,835 |
5.00%, 05/15/2033 (Callable 11/15/2028) | | | 4,500,000 | | | 4,646,893 |
4.50%, 08/01/2033(b) | | | 1,275,000 | | | 1,327,125 |
4.00%, 05/15/2034 (Callable 05/15/2026) | | | 300,000 | | | 290,210 |
4.93% (SOFR + 1.20%), 11/01/2034 (Callable 03/01/2025) | | | 7,765,000 | | | 7,756,471 |
5.00%, 02/15/2036 (Callable 02/15/2027) | | | 2,515,000 | | | 2,605,941 |
5.00%, 11/15/2039 (Callable 05/15/2025) | | | 5,600,000 | | | 5,624,087 |
5.25%, 04/01/2040 (Callable 04/01/2034) | | | 1,655,000 | | | 1,798,168 |
3.88%, 05/01/2040(a) | | | 2,220,000 | | | 2,215,760 |
4.00%, 12/01/2040 (Callable 12/01/2027) | | | 270,000 | | | 270,416 |
5.25%, 04/01/2041 (Callable 04/01/2034) | | | 1,245,000 | | | 1,342,471 |
5.25%, 04/01/2041 (Callable 04/01/2034) | | | 500,000 | | | 570,417 |
4.00%, 09/01/2041 (Callable 09/01/2026) | | | 240,000 | | | 226,153 |
5.00%, 10/01/2041 (Callable 10/01/2026) | | | 1,400,000 | | | 1,419,941 |
4.00%, 12/01/2042 (Callable 12/01/2027) | | | 275,000 | | | 275,393 |
5.25%, 04/01/2043 (Callable 04/01/2034) | | | 1,000,000 | | | 1,067,206 |
Illinois Housing Development Authority
| | | | | | |
4.00%, 09/01/2025 (Callable 09/01/2024)(a) | | | 1,000,000 | | | 999,680 |
4.00%, 06/01/2026 (Callable 06/01/2025)(a) | | | 2,855,000 | | | 2,855,009 |
3.10%, 02/01/2035 (Callable 02/01/2026) | | | 580,000 | | | 520,471 |
4.00%, 03/01/2043 (Callable 08/01/2024)(a) | | | 2,800,000 | | | 2,794,786 |
2.45%, 06/01/2043 (Callable 08/01/2024) | | | 273,791 | | | 213,813 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
4.00%, 07/01/2043 (Callable 01/01/2025)(a) | | | $ 2,500,000 | | | $ 2,500,719 |
5.25%, 10/01/2043 (Callable 10/01/2032) | | | 2,145,000 | | | 2,247,606 |
3.87%, 04/01/2045 (Callable 07/01/2024)(a) | | | 9,970,000 | | | 9,970,000 |
4.00%, 10/01/2048 (Callable 04/01/2027) | | | 2,980,000 | | | 2,964,539 |
4.88% (SIFMA Municipal Swap Index + 1.00%), 05/15/2050 (Callable 11/15/2024) | | | 535,000 | | | 535,842 |
3.00%, 04/01/2051 (Callable 04/01/2030) | | | 150,000 | | | 144,680 |
6.25%, 10/01/2052 (Callable 04/01/2032) | | | 6,845,000 | | | 7,324,198 |
5.75%, 10/01/2053 (Callable 04/01/2032) | | | 4,815,000 | | | 5,111,013 |
3.90%, 07/01/2065 (Callable 07/01/2024)(a) | | | 6,230,000 | | | 6,230,000 |
Illinois Municipal Electric Agency, 5.00%, 02/01/2025 | | | 2,955,000 | | | 2,976,169 |
Illinois Sports Facilities Authority
| | | | | | |
5.00%, 06/15/2028 | | | 1,900,000 | | | 1,979,569 |
5.00%, 06/15/2029 | | | 3,780,000 | | | 4,003,138 |
5.00%, 06/15/2029 | | | 1,750,000 | | | 1,842,324 |
Illinois State Toll Highway Authority
| | | | | | |
5.00%, 12/01/2032 (Callable 01/01/2026) | | | 645,000 | | | 656,710 |
5.00%, 01/01/2036 (Callable 01/01/2025) | | | 2,100,000 | | | 2,112,148 |
5.00%, 01/01/2038 (Callable 01/01/2025) | | | 2,750,000 | | | 2,764,173 |
5.00%, 01/01/2045 (Callable 01/01/2031) | | | 1,895,000 | | | 2,014,691 |
Illinois State University,
5.00%, 04/01/2031 (Callable 04/01/2028) | | | 500,000 | | | 527,616 |
Jo Daviess County Community Unit School District No 119 East Dubuque
| | | | | | |
4.00%, 12/01/2034 (Callable 12/01/2028) | | | 280,000 | | | 280,242 |
4.00%, 12/01/2037 (Callable 12/01/2028) | | | 380,000 | | | 384,399 |
4.00%, 12/01/2037 (Callable 12/01/2028) | | | 310,000 | | | 307,362 |
4.00%, 12/01/2039 (Callable 12/01/2028) | | | 285,000 | | | 285,741 |
4.00%, 12/01/2039 (Callable 12/01/2028) | | | 230,000 | | | 227,265 |
Joliet Park District
| | | | | | |
5.00%, 02/01/2034 (Callable 02/01/2033) | | | 500,000 | | | 543,152 |
| | | | | | | |
| | | | | | | |
5.00%, 02/01/2035 (Callable 02/01/2033) | | | $ 250,000 | | | $ 270,981 |
5.00%, 02/01/2036 (Callable 02/01/2033) | | | 235,000 | | | 254,044 |
5.00%, 02/01/2036 (Callable 02/01/2033) | | | 225,000 | | | 243,234 |
5.00%, 02/01/2037 (Callable 02/01/2033) | | | 285,000 | | | 307,359 |
5.00%, 02/01/2037 (Callable 02/01/2033) | | | 260,000 | | | 280,398 |
5.00%, 02/01/2038 (Callable 02/01/2033) | | | 285,000 | | | 304,634 |
5.00%, 02/01/2038 (Callable 02/01/2033) | | | 250,000 | | | 267,223 |
Kane & DeKalb Counties Community Unit School District No 301 Burlington,
0.00%, 12/01/2025(e) | | | 1,625,000 | | | 1,529,890 |
Kane Cook & DuPage Counties School District No U-46 Elgin, 5.00%, 01/01/2025 | | | 1,100,000 | | | 1,106,847 |
Kane McHenry Cook & De Kalb Counties Unit School District No 300/IL, 5.00%, 01/01/2030 (Callable 07/01/2027) | | | 1,345,000 | | | 1,399,263 |
Kankakee & Will Counties Community Unit School District No 5/IL, 4.00%, 05/01/2025 (Callable 08/01/2024) | | | 400,000 | | | 398,613 |
Kankakee County School District No 111 Kankakee,
4.00%, 01/01/2025 | | | 480,000 | | | 480,773 |
Kendall Kane & Will Counties Community Unit School District No 308, 5.00%, 02/01/2036 (Callable 02/01/2026) | | | 1,000,000 | | | 1,012,874 |
Knox & Warren Counties Community Unit School District No 205 Galesburg
| | | | | | |
4.00%, 01/01/2034 (Callable 01/01/2028) | | | 855,000 | | | 864,191 |
4.00%, 01/01/2036 (Callable 01/01/2028) | | | 920,000 | | | 925,339 |
Lake Cook Kane & McHenry Counties Community Unit School District 220 Barrington,
3.00%, 12/01/2033 (Callable 12/01/2030) | | | 1,000,000 | | | 930,630 |
Lake County Community Unit School District No 187 North Chicago, 4.00%, 01/01/2035 (Callable 01/01/2027) | | | 1,190,000 | | | 1,199,668 |
Lake County Consolidated High School District No 120 Mundelein
| | | | | | |
5.50%, 12/01/2037 (Callable 12/01/2032) | | | 750,000 | | | 847,889 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.50%, 12/01/2038 (Callable 12/01/2032) | | | $ 845,000 | | | $ 948,106 |
5.50%, 12/01/2040 (Callable 12/01/2032) | | | 2,335,000 | | | 2,585,064 |
5.50%, 12/01/2041 (Callable 12/01/2032) | | | 890,000 | | | 982,574 |
Lake County School District No 33 Emmons
| | | | | | |
0.00%, 12/01/2026(e) | | | 525,000 | | | 473,907 |
0.00%, 12/01/2028(e) | | | 335,000 | | | 278,158 |
Lake County Township High School District No 113-Highland Park, 4.00%, 01/01/2032 (Callable 01/01/2029) | | | 4,130,000 | | | 4,200,123 |
Macon & De Witt Counties Community Unit School District No 2 Maroa-Forsyth
| | | | | | |
4.00%, 12/01/2036 (Callable 12/01/2030) | | | 835,000 | | | 844,024 |
4.00%, 12/01/2037 (Callable 12/01/2030) | | | 400,000 | | | 403,848 |
Macon County School District No 61 Decatur
| | | | | | |
4.00%, 12/01/2034 (Callable 12/01/2028) | | | 150,000 | | | 152,243 |
4.00%, 12/01/2037 (Callable 12/01/2028) | | | 200,000 | | | 200,358 |
5.00%, 12/01/2037 (Callable 12/01/2028) | | | 1,500,000 | | | 1,572,739 |
Madison Bond Etc Counties Community Unit School District No 5 Highland
| | | | | | |
5.50%, 02/01/2036 (Callable 02/01/2030) | | | 975,000 | | | 1,080,579 |
5.50%, 02/01/2037 (Callable 02/01/2030) | | | 380,000 | | | 419,964 |
5.50%, 02/01/2041 (Callable 02/01/2030) | | | 1,720,000 | | | 1,862,144 |
5.50%, 02/01/2042 (Callable 02/01/2030) | | | 550,000 | | | 592,877 |
Madison County Community Unit School District No 8 Bethalto
| | | | | | |
4.00%, 12/01/2038 (Callable 12/01/2028) | | | 1,140,000 | | | 1,115,888 |
4.00%, 12/01/2039 (Callable 12/01/2028) | | | 1,000,000 | | | 970,075 |
Metropolitan Pier & Exposition Authority
| | | | | | |
0.00%, 06/15/2029(e) | | | 1,400,000 | | | 1,146,011 |
0.00%, 12/15/2034(e) | | | 9,555,000 | | | 6,245,027 |
Moultrie Shelby & Coles Counties Community Unit School District No 300
| | | | | | |
5.00%, 12/01/2035 (Callable 06/01/2029) | | | 575,000 | | | 610,963 |
| | | | | | | |
| | | | | | | |
5.00%, 12/01/2038 (Callable 06/01/2029) | | | $ 1,000,000 | | | $ 1,046,930 |
5.00%, 12/01/2039 (Callable 06/01/2029) | | | 1,000,000 | | | 1,043,296 |
5.00%, 12/01/2040 (Callable 06/01/2029) | | | 1,520,000 | | | 1,580,994 |
5.00%, 12/01/2041 (Callable 06/01/2029) | | | 1,800,000 | | | 1,867,359 |
5.00%, 12/01/2042 (Callable 06/01/2029) | | | 1,550,000 | | | 1,604,517 |
5.00%, 12/01/2043 (Callable 06/01/2029) | | | 1,140,000 | | | 1,178,050 |
Northern Illinois Municipal Power Agency, 4.00%, 12/01/2031 (Callable 12/01/2026) | | | 1,000,000 | | | 1,002,095 |
Northern Illinois University
| | | | | | |
5.00%, 04/01/2025 | | | 1,675,000 | | | 1,687,843 |
5.00%, 10/01/2029 | | | 300,000 | | | 317,386 |
5.00%, 04/01/2033 (Callable 04/01/2030) | | | 675,000 | | | 715,239 |
4.00%, 10/01/2033 (Callable 04/01/2031) | | | 1,000,000 | | | 1,003,834 |
4.00%, 10/01/2034 (Callable 04/01/2031) | | | 2,435,000 | | | 2,438,880 |
4.00%, 04/01/2035 (Callable 04/01/2030) | | | 260,000 | | | 260,481 |
4.00%, 10/01/2035 (Callable 04/01/2031) | | | 1,000,000 | | | 1,001,486 |
4.00%, 10/01/2038 (Callable 04/01/2031) | | | 1,000,000 | | | 983,973 |
4.00%, 10/01/2039 (Callable 04/01/2031) | | | 1,700,000 | | | 1,659,857 |
4.00%, 10/01/2040 (Callable 04/01/2031) | | | 400,000 | | | 385,665 |
4.00%, 10/01/2041 (Callable 04/01/2031) | | | 425,000 | | | 407,387 |
4.00%, 10/01/2043 (Callable 04/01/2031) | | | 625,000 | | | 585,216 |
Peoria City School District No. 150, 5.00%, 01/01/2026 | | | 330,000 | | | 337,507 |
Peoria County School District No 63 Norwood
| | | | | | |
5.25%, 12/01/2039 (Callable 12/01/2033) | | | 250,000 | | | 276,370 |
5.25%, 12/01/2043 (Callable 12/01/2033) | | | 260,000 | | | 280,518 |
5.25%, 12/01/2043 (Callable 12/01/2033) | | | 325,000 | | | 350,647 |
Regional Transportation Authority
| | | | | | |
5.75%, 06/01/2029 | | | 5,000,000 | | | 5,497,100 |
5.00%, 06/01/2036 (Callable 06/01/2026) | | | 775,000 | | | 792,582 |
Rock Island County School District No 41 Rock Island/Milan
| | | | | | |
5.50%, 12/01/2038 (Callable 12/01/2031) | | | 1,905,000 | | | 2,110,916 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.50%, 12/01/2039 (Callable 12/01/2031) | | | $ 1,645,000 | | | $ 1,822,827 |
5.50%, 12/01/2040 (Callable 12/01/2031) | | | 1,665,000 | | | 1,837,451 |
Sales Tax Securitization Corp., 5.00%, 01/01/2038 (Callable 01/01/2028) | | | 610,000 | | | 637,117 |
Salt Creek Rural Park District, 5.00%, 12/01/2024 | | | 250,000 | | | 250,967 |
Sangamon & Christian Counties Community Unit School District No 3A Rochester,
5.50%, 02/01/2040 (Callable 02/01/2032) | | | 500,000 | | | 549,762 |
Sangamon & Morgan Counties Community Unit School District No 16 New Berlin,
5.50%, 12/01/2042 (Callable 12/01/2030) | | | 895,000 | | | 968,351 |
Sangamon County School District No 186 Springfield,
4.00%, 02/01/2035 (Callable 02/01/2032) | | | 1,500,000 | | | 1,517,936 |
Southern Illinois University,
5.00%, 04/01/2033 (Callable 04/01/2031) | | | 300,000 | | | 320,403 |
Southwestern Illinois Community College District No 522
| | | | | | |
5.00%, 12/01/2025 | | | 1,250,000 | | | 1,273,623 |
5.00%, 12/01/2026 | | | 1,010,000 | | | 1,038,236 |
5.00%, 12/01/2029 | | | 825,000 | | | 879,184 |
Southwestern Illinois Development Authority
| | | | | | |
5.00%, 12/01/2032 | | | 965,000 | | | 1,056,016 |
6.00%, 12/01/2033 (Callable 12/01/2032) | | | 1,010,000 | | | 1,182,196 |
6.00%, 12/01/2034 (Callable 12/01/2032) | | | 1,075,000 | | | 1,262,265 |
6.00%, 12/01/2036 (Callable 12/01/2032) | | | 1,210,000 | | | 1,419,035 |
5.50%, 12/01/2040 (Callable 12/01/2031) | | | 2,305,000 | | | 2,562,567 |
4.13%, 12/01/2041 (Callable 12/01/2031) | | | 1,610,000 | | | 1,613,969 |
St Clair County Community Consolidated School District No 90 O’Fallon
| | | | | | |
5.00%, 12/01/2031 | | | 150,000 | | | 163,606 |
5.00%, 12/01/2038 (Callable 12/01/2033) | | | 400,000 | | | 437,911 |
5.00%, 12/01/2039 (Callable 12/01/2033) | | | 300,000 | | | 327,511 |
5.00%, 12/01/2042 (Callable 12/01/2033) | | | 835,000 | | | 896,913 |
| | | | | | | |
| | | | | | | |
5.00%, 12/01/2043 (Callable 12/01/2033) | | | $ 770,000 | | | $ 822,726 |
St Clair County Community Unit School District No 187 Cahokia
| | | | | | |
4.00%, 01/01/2028 | | | 70,000 | | | 72,046 |
5.00%, 01/01/2038 (Callable 01/01/2034) | | | 250,000 | | | 277,826 |
5.00%, 01/01/2038 (Callable 01/01/2034) | | | 225,000 | | | 242,715 |
5.00%, 01/01/2039 (Callable 01/01/2034) | | | 350,000 | | | 385,852 |
5.00%, 01/01/2039 (Callable 01/01/2034) | | | 240,000 | | | 256,842 |
5.00%, 01/01/2040 (Callable 01/01/2034) | | | 325,000 | | | 356,109 |
5.00%, 01/01/2040 (Callable 01/01/2034) | | | 210,000 | | | 223,375 |
5.00%, 01/01/2041 (Callable 01/01/2034) | | | 425,000 | | | 463,598 |
5.00%, 01/01/2041 (Callable 01/01/2034) | | | 220,000 | | | 232,972 |
5.00%, 01/01/2042 (Callable 01/01/2034) | | | 500,000 | | | 543,178 |
5.00%, 01/01/2042 (Callable 01/01/2034) | | | 230,000 | | | 242,571 |
5.00%, 01/01/2043 (Callable 01/01/2034) | | | 525,000 | | | 567,700 |
5.00%, 01/01/2043 (Callable 01/01/2034) | | | 250,000 | | | 263,048 |
5.00%, 01/01/2044 (Callable 01/01/2034) | | | 1,305,000 | | | 1,365,269 |
St Clair County High School District No 201 Belleville,
4.00%, 02/01/2031 (Callable 02/01/2028) | | | 1,475,000 | | | 1,481,098 |
State of Illinois
| | | | | | |
5.00%, 03/01/2025 | | | 7,435,000 | | | 7,497,484 |
5.00%, 10/01/2025 | | | 5,000,000 | | | 5,085,516 |
5.00%, 01/01/2029 (Callable 01/01/2026) | | | 5,000 | | | 5,085 |
5.00%, 11/01/2038 (Callable 11/01/2026) | | | 750,000 | | | 762,194 |
3.00%, 12/01/2041 (Callable 12/01/2031) | | | 4,750,000 | | | 3,968,085 |
State of Illinois Sales Tax Revenue
| | | | | | |
4.00%, 06/15/2027 (Callable 06/15/2026) | | | 2,370,000 | | | 2,385,485 |
4.00%, 06/15/2038 (Callable 06/15/2028) | | | 2,500,000 | | | 2,457,933 |
Stephenson County School District No 145 Freeport
| | | | | | |
5.00%, 10/01/2041 (Callable 10/01/2033) | | | 1,650,000 | | | 1,745,360 |
5.00%, 10/01/2042 (Callable 10/01/2033) | | | 2,720,000 | | | 2,878,131 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.00%, 10/01/2043 (Callable 10/01/2033) | | | $ 1,200,000 | | | $ 1,265,590 |
Tazewell County School District No 51 Washington Central, 9.00%, 12/01/2026 | | | 1,060,000 | | | 1,198,206 |
Town of Cicero IL
| | | | | | |
4.00%, 01/01/2028 | | | 1,265,000 | | | 1,266,929 |
4.00%, 01/01/2029 | | | 815,000 | | | 812,952 |
University of Illinois,
5.00%, 04/01/2044 (Callable 08/01/2024) | | | 685,000 | | | 685,652 |
Upper Illinois River Valley Development Authority
| | | | | | |
5.00%, 12/01/2024 | | | 585,000 | | | 586,277 |
4.00%, 01/01/2031 (Callable 01/01/2027)(b) | | | 240,000 | | | 234,334 |
5.00%, 01/01/2045 (Callable 01/01/2027)(b) | | | 615,000 | | | 602,641 |
Village of Bartlett IL,
3.00%, 12/01/2033 (Callable 12/01/2028) | | | 450,000 | | | 424,759 |
Village of Bradley IL
| | | | | | |
5.00%, 12/15/2036 (Callable 12/15/2033) | | | 400,000 | | | 444,100 |
5.00%, 12/15/2037 (Callable 12/15/2033) | | | 470,000 | | | 520,134 |
5.00%, 12/15/2038 (Callable 12/15/2033) | | | 325,000 | | | 357,919 |
Village of Franklin Park IL,
4.00%, 07/01/2029 (Callable 07/01/2025) | | | 450,000 | | | 450,605 |
Village of Hillside IL,
5.00%, 01/01/2030 (Callable 01/01/2027) | | | 2,690,000 | | | 2,695,325 |
Village of Matteson IL,
4.00%, 12/01/2030 | | | 300,000 | | | 307,325 |
Village of McCook IL,
5.00%, 12/01/2027 (Callable 12/01/2026) | | | 1,865,000 | | | 1,913,026 |
Village of Minooka IL,
2.54%, 12/01/2034 (Callable 12/01/2029) | | | 220,000 | | | 184,713 |
Village of Pingree Grove IL,
4.00%, 12/15/2037 (Callable 12/15/2027) | | | 580,000 | | | 570,662 |
Village of River Grove IL
| | | | | | |
4.00%, 12/15/2027 (Callable 12/15/2026) | | | 135,000 | | | 135,729 |
4.00%, 12/15/2028 (Callable 12/15/2026) | | | 205,000 | | | 206,227 |
4.00%, 12/15/2035 (Callable 12/15/2030) | | | 250,000 | | | 252,455 |
4.00%, 12/15/2038 (Callable 12/15/2030) | | | 795,000 | | | 794,439 |
| | | | | | | |
| | | | | | | |
Village of Romeoville IL
| | | | | | |
5.00%, 10/01/2035 (Callable 04/01/2025) | | | $ 1,445,000 | | | $ 1,446,405 |
5.00%, 10/01/2042 (Callable 04/01/2025) | | | 100,000 | | | 99,009 |
Village of Stone Park IL
| | | | | | |
4.75%, 02/01/2029 (Callable 08/01/2024) | | | 230,000 | | | 230,218 |
4.75%, 02/01/2031 (Callable 08/01/2024) | | | 310,000 | | | 310,309 |
4.75%, 02/01/2032 (Callable 08/01/2024) | | | 275,000 | | | 275,274 |
4.75%, 02/01/2033 (Callable 08/01/2024) | | | 190,000 | | | 190,189 |
5.00%, 02/01/2035 (Callable 02/01/2029) | | | 300,000 | | | 322,146 |
5.00%, 02/01/2036 (Callable 02/01/2029) | | | 225,000 | | | 240,702 |
4.00%, 02/01/2038 (Callable 02/01/2029) | | | 150,000 | | | 147,502 |
Village of Woodridge IL,
4.00%, 02/01/2036 (Callable 02/01/2030) | | | 1,210,000 | | | 1,230,075 |
Western Illinois University,
4.00%, 04/01/2026 | | | 1,350,000 | | | 1,347,895 |
Whiteside & Lee Counties Community Unit School District No 5 Sterling
| | | | | | |
4.00%, 12/01/2028 | | | 535,000 | | | 547,623 |
4.00%, 12/01/2031 (Callable 12/01/2029) | | | 630,000 | | | 644,955 |
4.00%, 12/01/2032 (Callable 12/01/2029) | | | 500,000 | | | 510,819 |
4.00%, 12/01/2033 (Callable 12/01/2029) | | | 685,000 | | | 699,481 |
Will County Community High School District No 210 Lincoln-Way
| | | | | | |
0.00%, 01/01/2027(e) | | | 1,120,000 | | | 1,014,559 |
0.00%, 01/01/2028(e) | | | 1,140,000 | | | 993,107 |
0.00%, 01/01/2032(e) | | | 110,000 | | | 80,168 |
0.00%, 01/01/2033(e) | | | 885,000 | | | 625,989 |
4.00%, 01/01/2034 (Callable 01/01/2029) | | | 410,000 | | | 408,542 |
Will County Community High School District No. 210
| | | | | | |
0.00%, 01/01/2025(e) | | | 1,000,000 | | | 982,233 |
0.00%, 01/01/2026(e) | | | 265,000 | | | 249,801 |
0.00%, 01/01/2027(e) | | | 115,000 | | | 104,173 |
0.00%, 01/01/2028(e) | | | 180,000 | | | 156,806 |
0.00%, 01/01/2028(e) | | | 80,000 | | | 69,215 |
0.00%, 01/01/2029(e) | | | 145,000 | | | 120,374 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
Will County Community Unit School District No 201-U Crete-Monee
| | | | | | |
4.00%, 01/01/2033 (Callable 01/01/2028) | | | $ 745,000 | | | $ 756,438 |
4.00%, 01/01/2034 (Callable 01/01/2028) | | | 785,000 | | | 795,241 |
4.00%, 01/01/2035 (Callable 01/01/2028) | | | 480,000 | | | 484,309 |
Will County Community Unit School District No 365-U Valley View, 0.00%, 11/01/2025(e) | | | 200,000 | | | 188,855 |
Will County School District No 114 Manhattan, 5.50%, 01/01/2049 (Callable 01/01/2033) | | | 1,000,000 | | | 1,096,146 |
Winnebago & Boone Counties Community High School District No 207 Hononegah, 4.00%, 02/01/2036 (Callable 02/01/2027) | | | 1,000,000 | | | 1,001,084 |
| | | | | | 398,891,641 |
Indiana - 2.7%
|
Aurora School Building Corp.
| | | | | | |
5.00%, 01/15/2036 (Callable 07/15/2033) | | | 1,200,000 | | | 1,317,780 |
5.00%, 01/15/2038 (Callable 07/15/2033) | | | 500,000 | | | 545,483 |
Avon Community School Building Corp., 5.50%, 01/15/2043 (Callable 07/15/2033) | | | 1,225,000 | | | 1,385,381 |
Ball State University,
5.00%, 07/01/2035 (Callable 07/01/2028) | | | 500,000 | | | 530,891 |
Bloomington Redevelopment District
| | | | | | |
5.00%, 02/01/2025 | | | 325,000 | | | 327,133 |
5.00%, 02/01/2027 (Callable 02/01/2025) | | | 1,580,000 | | | 1,588,775 |
5.25%, 08/01/2036 (Callable 08/01/2029) | | | 3,450,000 | | | 3,732,981 |
Blue River Valley School Building Corp., 5.25%, 01/15/2043 (Callable 07/15/2031) | | | 650,000 | | | 702,154 |
Bluffton-Harrison Middle School Building Corp.
| | | | | | |
5.50%, 07/15/2040 (Callable 07/15/2031) | | | 290,000 | | | 321,646 |
5.50%, 01/15/2043 (Callable 07/15/2031) | | | 450,000 | | | 494,039 |
Brownsburg 1999 School Building Corp., 5.00%, 06/01/2025 (Callable 12/01/2024) | | | 2,650,000 | | | 2,661,388 |
Carmel Local Public Improvement Bond Bank, 5.00%, 07/15/2032 (Callable 07/15/2026) | | | 1,675,000 | | | 1,719,380 |
| | | | | | | |
| | | | | | | |
City of Elkhart IN Redevelopment District, 5.00%, 08/01/2030 (Callable 08/01/2025) | | | $ 1,045,000 | | | $ 1,051,681 |
City of Rockport IN
| | | | | | |
3.05%, 06/01/2025 | | | 1,475,000 | | | 1,460,612 |
3.13%, 07/01/2025 | | | 2,750,000 | | | 2,710,954 |
Evansville Waterworks District
| | | | | | |
5.00%, 07/01/2042 (Callable 01/01/2032) | | | 900,000 | | | 968,918 |
5.00%, 07/01/2047 (Callable 01/01/2032) | | | 2,150,000 | | | 2,266,253 |
Fishers Town Hall Building Corp.
| | | | | | |
5.50%, 07/15/2038 (Callable 07/15/2032) | | | 1,000,000 | | | 1,135,247 |
5.50%, 01/15/2042 (Callable 07/15/2032) | | | 970,000 | | | 1,087,796 |
5.63%, 07/15/2053 (Callable 01/15/2034) | | | 2,500,000 | | | 2,794,486 |
Greater Clark Building Corp.
| | | | | | |
6.00%, 07/15/2034 (Callable 07/15/2032) | | | 1,120,000 | | | 1,337,421 |
6.00%, 07/15/2036 (Callable 07/15/2033) | | | 500,000 | | | 607,676 |
6.00%, 07/15/2038 (Callable 07/15/2033) | | | 250,000 | | | 301,696 |
6.00%, 07/15/2039 (Callable 07/15/2033) | | | 525,000 | | | 625,823 |
6.00%, 07/15/2040 (Callable 07/15/2033) | | | 650,000 | | | 772,034 |
6.00%, 07/15/2040 (Callable 07/15/2033) | | | 500,000 | | | 593,872 |
6.00%, 07/15/2041 (Callable 07/15/2033) | | | 1,000,000 | | | 1,183,602 |
6.00%, 07/15/2041 (Callable 07/15/2033) | | | 650,000 | | | 769,341 |
6.00%, 01/15/2042 (Callable 07/15/2032) | | | 1,110,000 | | | 1,288,144 |
6.00%, 01/15/2043 (Callable 07/15/2033) | | | 1,120,000 | | | 1,314,803 |
Hammond Local Public Improvement Bond Bank
| | | | | | |
4.50%, 07/15/2037 (Callable 07/15/2030) | | | 455,000 | | | 453,795 |
5.00%, 01/15/2043 (Callable 07/15/2030) | | | 2,315,000 | | | 2,330,027 |
Hammond Multi-School Building Corp.
| | | | | | |
4.50%, 07/15/2026 (Callable 08/01/2024) | | | 625,000 | | | 625,542 |
5.00%, 07/15/2034 (Callable 01/15/2028) | | | 2,000,000 | | | 2,086,978 |
5.00%, 07/15/2038 (Callable 01/15/2028) | | | 3,105,000 | | | 3,208,328 |
Hammond Sanitary District,
5.00%, 07/15/2026 | | | 610,000 | | | 629,424 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Indiana - (Continued)
|
Indiana Finance Authority
| | | | | | |
5.00%, 07/01/2027 | | | $ 1,445,000 | | | $ 1,484,245 |
5.00%, 09/01/2027 | | | 1,595,000 | | | 1,612,410 |
5.00%, 10/01/2027 | | | 245,000 | | | 248,574 |
5.00%, 07/01/2028 | | | 1,515,000 | | | 1,569,312 |
5.00%, 09/01/2028 | | | 1,675,000 | | | 1,699,383 |
5.00%, 10/01/2028 (Callable 10/01/2027) | | | 1,000,000 | | | 1,015,343 |
5.00%, 10/01/2029 | | | 220,000 | | | 225,474 |
5.25%, 02/01/2030 (Callable 08/01/2025) | | | 525,000 | | | 533,894 |
2.50%, 11/01/2030 | | | 2,825,000 | | | 2,522,512 |
5.00%, 10/01/2031 | | | 250,000 | | | 257,761 |
5.00%, 10/01/2033 (Callable 10/01/2031) | | | 230,000 | | | 236,369 |
5.00%, 03/01/2036 (Callable 03/01/2025) | | | 1,250,000 | | | 1,258,288 |
4.75%, 06/01/2036 (Callable 12/01/2033) | | | 3,005,000 | | | 3,086,361 |
4.00%, 10/01/2052 (Callable 04/01/2032) | | | 2,500,000 | | | 2,384,269 |
Indiana Housing & Community Development Authority,
5.00%, 07/01/2053 (Callable 01/01/2032) | | | 4,165,000 | | | 4,273,682 |
Indiana Municipal Power Agency, 5.00%, 01/01/2032 (Callable 01/01/2025) | | | 1,000,000 | | | 1,006,080 |
Indianapolis Board of School Commissioners,
5.00%, 01/15/2025 | | | 515,000 | | | 518,643 |
Indianapolis Local Public Improvement Bond Bank
| | | | | | |
5.00%, 01/01/2029 (Callable 01/01/2025)(c) | | | 2,450,000 | | | 2,461,167 |
5.00%, 03/01/2033 | | | 1,000,000 | | | 1,079,901 |
5.50%, 03/01/2038 (Callable 03/01/2033) | | | 1,000,000 | | | 1,108,237 |
6.00%, 02/01/2042 (Callable 02/01/2033) | | | 2,000,000 | | | 2,358,830 |
6.00%, 02/01/2043 (Callable 02/01/2033) | | | 1,500,000 | | | 1,761,739 |
5.25%, 03/01/2043 (Callable 03/01/2033) | | | 1,750,000 | | | 1,919,997 |
IPS Multi-School Building Corp.
| | | | | | |
5.00%, 07/15/2026 (Callable 01/15/2025) | | | 925,000 | | | 931,644 |
5.25%, 07/15/2041 (Callable 07/15/2031) | | | 2,000,000 | | | 2,213,379 |
5.25%, 07/15/2041 (Callable 01/15/2032) | | | 1,850,000 | | | 2,049,708 |
5.25%, 07/15/2042 (Callable 07/15/2031) | | | 1,640,000 | | | 1,807,005 |
| | | | | | | |
| | | | | | | |
4.25%, 07/15/2043 (Callable 07/15/2031) | | | $ 500,000 | | | $ 501,871 |
5.25%, 07/15/2043 (Callable 01/15/2032) | | | 1,500,000 | | | 1,648,968 |
Jennings County School Building Corp., 2.75%, 07/15/2026 (Callable 08/01/2024) | | | 1,185,000 | | | 1,158,762 |
Merrillville Multi School Building Corp., 5.00%, 07/15/2025 | | | 500,000 | | | 507,603 |
Mount Vernon of Hancock County Multi-School Building Corp.
| | | | | | |
5.50%, 07/15/2032 (Callable 07/15/2031) | | | 700,000 | | | 793,293 |
5.50%, 07/15/2034 (Callable 07/15/2031) | | | 200,000 | | | 227,202 |
5.50%, 07/15/2035 (Callable 07/15/2031) | | | 400,000 | | | 454,873 |
5.50%, 07/15/2036 (Callable 07/15/2031) | | | 750,000 | | | 851,733 |
5.50%, 07/15/2038 (Callable 07/15/2031) | | | 1,150,000 | | | 1,292,302 |
5.50%, 07/15/2039 (Callable 07/15/2031) | | | 1,655,000 | | | 1,852,551 |
5.50%, 07/15/2040 (Callable 07/15/2031) | | | 750,000 | | | 834,648 |
5.50%, 01/15/2042 (Callable 07/15/2031) | | | 1,000,000 | | | 1,110,838 |
Noblesville Community Development Corp.,
5.00%, 08/01/2037 (Callable 02/01/2034) | | | 3,475,000 | | | 3,880,128 |
Noblesville High School Building Corp.
| | | | | | |
6.00%, 07/15/2040 (Callable 07/15/2033) | | | 625,000 | | | 746,075 |
6.00%, 01/15/2043 (Callable 07/15/2033) | | | 1,750,000 | | | 2,060,263 |
Northwestern School Building Corp.
| | | | | | |
6.00%, 07/15/2038 (Callable 07/15/2031) | | | 1,000,000 | | | 1,151,968 |
6.00%, 07/15/2041 (Callable 07/15/2031) | | | 900,000 | | | 1,022,346 |
Penn High School Building Corp., 5.00%, 01/15/2044 (Callable 07/15/2032) | | | 515,000 | | | 547,611 |
Plainfield Redevelopment Authority
| | | | | | |
3.00%, 08/01/2024 | | | 360,000 | | | 359,397 |
5.00%, 02/01/2027 | | | 500,000 | | | 512,619 |
Richland-Bean Blossom 2000 School Building Corp.,
5.00%, 07/15/2040 (Callable 07/15/2031) | | | 250,000 | | | 268,917 |
Richmond Hospital Authority, 5.00%, 01/01/2026 (Callable 01/01/2025) | | | 595,000 | | | 598,048 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Indiana - (Continued)
|
Shelby Eastern Multi-School Building Corp.,
5.25%, 01/15/2043 (Callable 07/15/2031) | | | $ 1,000,000 | | | $ 1,089,024 |
South Montgomery Community School Corp.
| | | | | | |
5.00%, 07/15/2024 | | | 585,000 | | | 585,109 |
5.00%, 01/15/2025 | | | 300,000 | | | 301,087 |
5.00%, 07/15/2025 | | | 335,000 | | | 337,876 |
5.00%, 01/15/2026 | | | 250,000 | | | 253,102 |
Taylor Community School Building Corp., 0.00%, 07/15/2029 (Callable 07/15/2025)(e) | | | 360,000 | | | 293,170 |
Tippecanoe County School Building Corp.
| | | | | | |
6.00%, 07/15/2039 (Callable 07/15/2033) | | | 1,000,000 | | | 1,193,754 |
6.00%, 01/15/2043 (Callable 07/15/2033) | | | 1,000,000 | | | 1,175,611 |
Tri-Creek 2002 High School Building Corp.,
4.00%, 07/15/2039 (Callable 07/15/2028) | | | 345,000 | | | 347,729 |
Westfield High School Building Corp.
| | | | | | |
5.00%, 01/15/2029 (Callable 01/15/2026) | | | 250,000 | | | 255,672 |
5.00%, 01/15/2030 (Callable 01/15/2026) | | | 300,000 | | | 306,761 |
Westfield-Washington Multi-School Building Corp.
| | | | | | |
5.50%, 07/15/2040 (Callable 07/15/2031) | | | 745,000 | | | 824,216 |
5.50%, 01/15/2043 (Callable 07/15/2031) | | | 565,000 | | | 619,638 |
Wheeler-Union Township School Building Corp., 5.00%, 01/15/2042 (Callable 07/15/2030) | | | 1,225,000 | | | 1,299,779 |
| | | | | | 119,820,235 |
Iowa - 0.9%
|
Ballard Community School District, 4.00%, 06/01/2042 (Callable 06/01/2032) | | | 1,150,000 | | | 1,093,817 |
City of Ames IA, 4.00%, 06/15/2035 (Callable 06/15/2026) | | | 1,510,000 | | | 1,494,957 |
City of Coralville IA
| | | | | | |
4.00%, 05/01/2030 (Callable 05/01/2029) | | | 1,000,000 | | | 980,762 |
4.50%, 06/01/2032 (Callable 08/01/2024) | | | 3,915,000 | | | 3,774,881 |
3.00%, 05/01/2033 (Callable 05/01/2029) | | | 1,000,000 | | | 883,786 |
| | | | | | | |
| | | | | | | |
5.00%, 05/01/2035 (Callable 05/01/2031) | | | $ 650,000 | | | $ 694,544 |
5.00%, 05/01/2036 (Callable 05/01/2031) | | | 685,000 | | | 731,189 |
5.00%, 05/01/2037 (Callable 05/01/2031) | | | 725,000 | | | 770,544 |
College Community School District Infrastructure Sales Services & Use Tax, 4.00%, 06/01/2033 (Callable 06/01/2030) | | | 1,820,000 | | | 1,853,785 |
Iowa Finance Authority
| | | | | | |
7.50%, 01/01/2032 (Callable 01/01/2030)(b) | | | 2,500,000 | | | 2,437,350 |
3.50%, 01/01/2047 (Callable 07/01/2026) | | | 690,000 | | | 683,139 |
4.00%, 07/01/2047 (Callable 07/01/2028) | | | 1,150,000 | | | 1,142,538 |
Iowa Higher Education Loan Authority
| | | | | | |
3.00%, 04/01/2029 | | | 870,000 | | | 822,967 |
5.00%, 10/01/2029 | | | 1,160,000 | | | 1,230,631 |
3.00%, 04/01/2030 | | | 650,000 | | | 610,430 |
3.00%, 04/01/2031 | | | 525,000 | | | 489,257 |
5.00%, 10/01/2034 (Callable 10/01/2030) | | | 300,000 | | | 318,013 |
5.00%, 10/01/2035 (Callable 10/01/2030) | | | 360,000 | | | 380,404 |
5.00%, 10/01/2036 (Callable 10/01/2030) | | | 365,000 | | | 384,791 |
5.00%, 12/01/2041 (Callable 12/01/2026) | | | 2,000,000 | | | 2,049,736 |
4.75%, 10/01/2042 (Callable 10/01/2030) | | | 750,000 | | | 762,384 |
Jesup Community School District Infrastructure Sales Services & Use Tax, 4.00%, 07/01/2039 (Callable 07/01/2033) | | | 545,000 | | | 546,937 |
PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)(a) | | | 11,085,000 | | | 11,303,450 |
Pleasant Valley Community School District, 4.00%, 07/01/2043 (Callable 07/01/2031) | | | 1,645,000 | | | 1,585,989 |
Southern Iowa Rural Water Association, 3.00%, 12/01/2032 (Callable 12/01/2028) | | | 1,030,000 | | | 952,678 |
| | | | | | 37,978,959 |
Kansas - 0.6%
|
City of Goddard KS
| | | | | | |
4.00%, 12/01/2025 (Callable 12/01/2024) | | | 285,000 | | | 285,421 |
3.50%, 06/01/2034 (Callable 07/22/2024) | | | 1,420,000 | | | 1,266,532 |
City of Haysville KS,
4.25%, 10/01/2025 (Callable 10/01/2024) | | | 615,000 | | | 615,393 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Kansas - (Continued)
|
City of Manhattan KS,
4.00%, 06/01/2027 (Callable 06/01/2025) | | | $ 550,000 | | | $ 549,372 |
City of Osawatomie KS,
3.75%, 03/01/2027 (Callable 03/01/2025) | | | 3,750,000 | | | 3,709,250 |
City of Wamego KS,
4.00%, 03/01/2027 (Callable 08/01/2024) | | | 1,540,000 | | | 1,539,833 |
City of Wichita KS
| | | | | | |
5.00%, 12/01/2031 (Callable 12/01/2025)(c) | | | 1,000,000 | | | 1,012,692 |
5.00%, 12/01/2032 (Callable 12/01/2025)(c) | | | 2,055,000 | | | 2,078,256 |
4.00%, 09/01/2038 (Callable 09/01/2027) | | | 945,000 | | | 934,841 |
Johnson County Unified School District No 512 Shawnee Mission, 4.00%, 10/01/2043 (Callable 10/01/2033) | | | 3,685,000 | | | 3,673,737 |
Kansas Power Pool
| | | | | | |
4.00%, 12/01/2038 (Callable 12/01/2029) | | | 700,000 | | | 692,494 |
4.00%, 12/01/2040 (Callable 12/01/2029) | | | 1,095,000 | | | 1,064,826 |
Leavenworth County Unified
School District No 469,
4.00%, 09/01/2026 | | | 800,000 | | | 802,313 |
Wabaunsee County Unified School District No 330 Mission Valley
| | | | | | |
5.50%, 09/01/2042 (Callable 09/01/2031) | | | 750,000 | | | 832,414 |
5.50%, 09/01/2047 (Callable 09/01/2031) | | | 750,000 | | | 819,024 |
Wyandotte County-Kansas City Unified Government Utility System Revenue,
5.00%, 09/01/2044 (Callable 09/01/2024) | | | 1,740,000 | | | 1,740,986 |
| | | | | | 21,617,384 |
Kentucky - 0.8%
|
City of Versailles KY,
3.00%, 08/15/2026 (Callable 08/15/2024) | | | 3,000,000 | | | 2,916,557 |
County of Leslie KY,
4.00%, 02/01/2052 (Callable 02/01/2030) | | | 1,485,000 | | | 1,400,058 |
Jefferson County School District Finance Corp.,
5.00%, 06/01/2025 | | | 520,000 | | | 528,167 |
Kentucky Economic Development Finance Authority
| | | | | | |
0.00%, 10/01/2025(e) | | | 685,000 | | | 648,528 |
0.00%, 10/01/2026(e) | | | 765,000 | | | 693,685 |
0.00%, 10/01/2027(e) | | | 785,000 | | | 682,106 |
| | | | | | | |
| | | | | | | |
0.00%, 10/01/2028(e) | | | $ 1,015,000 | | | $ 844,469 |
5.00%, 07/01/2033 (Callable 07/01/2025) | | | 1,295,000 | | | 1,303,485 |
Kentucky Housing Corp.,
5.00%, 09/01/2043 (Callable 03/01/2026)(a) | | | 3,000,000 | | | 3,052,964 |
Kentucky Municipal Power Agency, 5.00%, 09/01/2042 (Callable 09/01/2025) | | | 2,000,000 | | | 2,002,852 |
Kentucky Public Energy Authority
| | | | | | |
4.00%, 08/01/2027 | | | 570,000 | | | 568,225 |
4.00%, 01/01/2049 (Callable 07/11/2024)(a) | | | 1,945,000 | | | 1,949,796 |
4.00%, 12/01/2050 (Callable 03/01/2026)(a) | | | 5,575,000 | | | 5,598,742 |
Kentucky State University
| | | | | | |
4.00%, 11/01/2033 (Callable 11/01/2031) | | | 260,000 | | | 268,193 |
4.00%, 11/01/2035 (Callable 11/01/2031) | | | 270,000 | | | 278,795 |
4.00%, 11/01/2038 (Callable 11/01/2031) | | | 325,000 | | | 328,913 |
4.00%, 11/01/2041 (Callable 11/01/2031) | | | 250,000 | | | 248,465 |
Lexington-Fayette Urban County Airport Board
| | | | | | |
5.00%, 07/01/2043 (Callable 07/01/2033) | | | 570,000 | | | 611,142 |
5.25%, 07/01/2048 (Callable 07/01/2033) | | | 525,000 | | | 563,541 |
5.25%, 07/01/2053 (Callable 07/01/2033) | | | 1,000,000 | | | 1,066,591 |
Logan County School District Finance Corp.,
5.00%, 09/01/2036 (Callable 09/01/2033) | | | 1,000,000 | | | 1,093,758 |
Louisville/Jefferson County Metropolitan Government, 5.00%, 10/01/2047 (Callable 07/01/2026)(a) | | | 1,500,000 | | | 1,533,209 |
Morgan County School District Finance Corp.,
3.00%, 08/01/2032 (Callable 08/01/2027) | | | 500,000 | | | 447,452 |
Paducah Electric Plant Board, 5.00%, 10/01/2032 (Callable 10/01/2026) | | | 1,000,000 | | | 1,026,466 |
Paducah Independent School District Finance Corp.,
3.50%, 09/01/2033 (Callable 09/01/2026) | | | 300,000 | | | 294,089 |
Pineville Independent School District Finance Corp.,
4.00%, 05/01/2036 (Callable 05/01/2032) | | | 180,000 | | | 182,881 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Kentucky - (Continued)
|
Rural Water Financing Agency, 3.10%, 11/01/2024 (Callable 07/17/2024) | | | $ 2,000,000 | | | $ 1,986,531 |
| | | | | | 32,119,660 |
Louisiana - 1.5%
|
City of Pineville LA Utilities Revenue
| | | | | | |
4.00%, 05/01/2034 (Callable 05/01/2032) | | | 400,000 | | | 411,845 |
4.00%, 05/01/2037 (Callable 05/01/2032) | | | 325,000 | | | 331,731 |
City of Shreveport LA Water & Sewer Revenue, 4.00%, 12/01/2034 (Callable 12/01/2028) | | | 1,225,000 | | | 1,228,471 |
Ernest N Morial New Orleans Exhibition Hall Authority,
5.00%, 07/15/2037 (Callable 07/15/2033) | | | 2,875,000 | | | 3,232,734 |
Louisiana Housing Corp.
| | | | | | |
3.50%, 07/01/2025 (Callable 07/01/2024)(a) | | | 3,274,000 | | | 3,274,000 |
4.00%, 01/01/2043 (Callable 07/01/2026)(a) | | | 4,500,000 | | | 4,489,174 |
5.00%, 07/01/2046 (Callable 02/01/2026)(a) | | | 3,024,000 | | | 3,064,900 |
4.50%, 12/01/2047 (Callable 12/01/2027) | | | 95,000 | | | 95,310 |
Louisiana Local Government Environmental Facilities & Community Development Auth
| | | | | | |
5.00%, 10/01/2024 | | | 100,000 | | | 100,309 |
4.25%, 04/01/2043 (Callable 04/01/2033) | | | 100,000 | | | 100,837 |
5.00%, 10/01/2043 (Callable 10/01/2033) | | | 550,000 | | | 578,811 |
5.00%, 04/01/2048 (Callable 04/01/2033) | | | 800,000 | | | 836,248 |
5.13%, 10/01/2048 (Callable 10/01/2033) | | | 700,000 | | | 732,737 |
4.50%, 04/01/2053 (Callable 04/01/2033) | | | 350,000 | | | 350,801 |
5.00%, 04/01/2053 (Callable 04/01/2033) | | | 800,000 | | | 831,613 |
Louisiana Public Facilities Authority
| | | | | | |
5.00%, 10/01/2024 | | | 180,000 | | | 180,019 |
5.25%, 10/01/2031 | | | 2,205,000 | | | 2,411,314 |
5.25%, 10/01/2033 | | | 2,000,000 | | | 2,219,962 |
Louisiana State University & Agricultural & Mechanical College, 5.00%, 07/01/2028 (Callable 07/01/2026) | | | 4,200,000 | | | 4,302,574 |
| | | | | | | |
| | | | | | | |
Morehouse Parish Hospital Service District No 1, 4.00%, 10/01/2028 (Callable 10/01/2027) | | | $ 660,000 | | | $ 628,355 |
New Orleans Aviation Board,
5.00%, 01/01/2031 (Callable 01/01/2025)(c) | | | 3,000,000 | | | 3,011,053 |
Parish of St John the Baptist LA
| | | | | | |
5.00%, 03/01/2031 (Callable 03/01/2029) | | | 385,000 | | | 411,432 |
5.00%, 03/01/2032 (Callable 03/01/2029) | | | 500,000 | | | 533,707 |
Parish of Terrebonne LA Sales & Use Tax Revenue,
0.00%, 04/01/2034(e) | | | 715,000 | | | 489,473 |
Plaquemines Port Harbor & Terminal District, 4.00%, 03/15/2025 | | | 5,000,000 | | | 4,990,305 |
St Tammany Parish Hospital Service District No 1
| | | | | | |
5.00%, 07/01/2036 (Callable 07/01/2028) | | | 1,745,000 | | | 1,827,426 |
5.00%, 07/01/2038 (Callable 07/01/2028) | | | 855,000 | | | 886,444 |
Tangipahoa Parish School Board Sales & Use Tax Revenue,
4.00%, 03/01/2041 (Callable 03/01/2031) | | | 500,000 | | | 497,599 |
| | | | | | 42,049,184 |
Maine - 0.3%
|
City of Lewiston ME
| | | | | | |
1.38%, 02/15/2033 (Callable 02/15/2028) | | | 1,000,000 | | | 765,426 |
1.63%, 02/15/2036 (Callable 02/15/2028) | | | 1,435,000 | | | 1,043,569 |
Maine Health & Higher Educational Facilities Authority
| | | | | | |
4.00%, 07/01/2037 (Callable 07/01/2029) | | | 255,000 | | | 255,532 |
5.00%, 07/01/2038 (Callable 07/01/2030) | | | 1,530,000 | | | 1,622,119 |
5.00%, 07/01/2046 (Callable 07/01/2026) | | | 250,000 | | | 233,083 |
Maine State Housing Authority
| | | | | | |
3.63%, 11/15/2039 (Callable 11/15/2024) | | | 2,255,000 | | | 2,127,567 |
3.50%, 11/15/2045 (Callable 05/15/2025) | | | 5,000 | | | 4,977 |
4.00%, 11/15/2045 (Callable 11/15/2025) | | | 15,000 | | | 14,957 |
3.50%, 11/15/2047 (Callable 11/15/2026) | | | 230,000 | | | 227,446 |
4.00%, 11/15/2049 (Callable 05/15/2028) | | | 205,000 | | | 203,858 |
4.00%, 11/15/2050 (Callable 05/15/2029) | | | 595,000 | | | 591,190 |
5.00%, 11/15/2052 (Callable 11/15/2031) | | | 3,695,000 | | | 3,789,821 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Maine - (Continued)
|
5.00%, 11/15/2052 (Callable 11/15/2031) | | | $ 1,440,000 | | | $ 1,476,136 |
| | | | | | 12,355,681 |
Maryland - 1.7%
|
County of Baltimore MD,
4.00%, 09/01/2036 (Callable 09/01/2031) | | | 135,000 | | | 138,295 |
Howard County Housing Commission
| | | | | | |
4.13%, 12/01/2043 (Callable 12/01/2033) | | | 1,320,000 | | | 1,241,183 |
5.00%, 12/01/2043 (Callable 12/01/2033) | | | 2,500,000 | | | 2,611,486 |
Maryland Community Development Administration
| | | | | | |
3.25%, 08/01/2024 | | | 5,970,000 | | | 5,956,323 |
4.05%, 10/01/2024 | | | 4,000,000 | | | 3,993,027 |
4.60%, 12/01/2024 | | | 10,000,000 | | | 9,958,200 |
3.85%, 03/01/2025 | | | 5,000,000 | | | 4,964,412 |
4.70%, 03/01/2046 (Callable 03/01/2031) | | | 2,250,000 | | | 2,260,143 |
3.50%, 03/01/2050 (Callable 03/01/2029) | | | 700,000 | | | 688,646 |
5.00%, 09/01/2052 (Callable 03/01/2031) | | | 7,265,000 | | | 7,447,139 |
Maryland Health & Higher Educational Facilities Authority
| | | | | | |
5.00%, 01/01/2028 | | | 300,000 | | | 306,750 |
5.00%, 07/01/2028 | | | 370,000 | | | 386,737 |
4.00%, 01/01/2029 | | | 980,000 | | | 968,898 |
5.00%, 01/01/2029 | | | 290,000 | | | 298,471 |
5.00%, 01/01/2030 | | | 185,000 | | | 191,603 |
5.00%, 07/01/2045 (Callable 01/01/2027)(a) | | | 780,000 | | | 806,330 |
Montgomery County Housing Opportunities Commission, 5.00%, 01/01/2043 (Callable 01/01/2034) | | | 1,000,000 | | | 1,088,896 |
Washington Suburban Sanitary Commission, 3.22%, 06/01/2027 (Callable 07/01/2024)(a) | | | 3,000,000 | | | 3,000,000 |
| | | | | | 46,306,539 |
Massachusetts - 0.5%
|
Commonwealth of Massachusetts, 4.00%, 04/01/2042 (Callable 04/01/2025) | | | 30,000 | | | 30,002 |
Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030 (Callable 07/01/2026)(e) | | | 5,800,000 | | | 4,734,424 |
Massachusetts Development Finance Agency
| | | | | | |
5.00%, 10/01/2025 | | | 575,000 | | | 583,471 |
| | | | | | | |
| | | | | | | |
5.00%, 01/01/2031 (Callable 01/01/2027) | | | $ 475,000 | | | $ 489,651 |
5.00%, 07/01/2036 (Callable 07/01/2026) | | | 1,000,000 | | | 1,018,070 |
5.00%, 07/01/2041 (Callable 07/01/2026) | | | 1,350,000 | | | 1,365,086 |
Massachusetts Educational Financing Authority
| | | | | | |
5.00%, 07/01/2024(c) | | | 2,000,000 | | | 2,000,000 |
5.00%, 01/01/2026 (Callable 01/01/2025)(c) | | | 2,000,000 | | | 2,010,094 |
Massachusetts Housing Finance Agency
| | | | | | |
3.30%, 12/01/2026 (Callable 06/01/2025) | | | 1,000,000 | | | 989,220 |
3.35%, 06/01/2027 (Callable 12/01/2025) | | | 2,600,000 | | | 2,596,129 |
4.00%, 12/01/2028 (Callable 07/22/2024) | | | 910,000 | | | 907,767 |
3.50%, 06/01/2042 (Callable 06/01/2025) | | | 580,000 | | | 575,782 |
4.50%, 12/01/2048 (Callable 12/01/2027) | | | 855,000 | | | 856,948 |
4.00%, 06/01/2049 (Callable 12/01/2028) | | | 435,000 | | | 432,322 |
5.00%, 06/01/2050 (Callable 06/01/2032) | | | 1,680,000 | | | 1,724,328 |
| | | | | | 20,313,294 |
Michigan - 3.2%
|
Allegan Public School District
| | | | | | |
5.00%, 05/01/2035 (Callable 05/01/2033) | | | 900,000 | | | 1,020,984 |
5.00%, 05/01/2036 (Callable 05/01/2033) | | | 935,000 | | | 1,056,261 |
5.00%, 05/01/2037 (Callable 05/01/2033) | | | 725,000 | | | 816,381 |
5.00%, 05/01/2038 (Callable 05/01/2033) | | | 1,025,000 | | | 1,137,103 |
5.00%, 05/01/2039 (Callable 05/01/2033) | | | 1,075,000 | | | 1,176,576 |
Berkley School District
| | | | | | |
5.00%, 05/01/2040 (Callable 05/01/2034) | | | 335,000 | | | 377,556 |
5.00%, 05/01/2041 (Callable 05/01/2034) | | | 760,000 | | | 849,236 |
5.00%, 05/01/2042 (Callable 05/01/2034) | | | 1,000,000 | | | 1,111,820 |
5.00%, 05/01/2043 (Callable 05/01/2034) | | | 1,425,000 | | | 1,575,542 |
5.00%, 05/01/2044 (Callable 05/01/2034) | | | 1,525,000 | | | 1,680,062 |
5.25%, 05/01/2044 (Callable 05/01/2033) | | | 875,000 | | | 972,646 |
5.00%, 05/01/2046 (Callable 05/01/2034) | | | 3,870,000 | | | 4,231,818 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Michigan - (Continued)
|
5.25%, 05/01/2048 (Callable 05/01/2033) | | | $ 700,000 | | | $ 769,386 |
City of Detroit MI
| | | | | | |
5.25%, 05/01/2028 | | | 275,000 | | | 287,911 |
5.25%, 05/01/2029 | | | 685,000 | | | 726,630 |
5.25%, 05/01/2030 | | | 680,000 | | | 726,483 |
5.25%, 05/01/2031 | | | 575,000 | | | 619,581 |
5.25%, 05/01/2032 | | | 600,000 | | | 651,515 |
5.25%, 05/01/2033 | | | 550,000 | | | 600,858 |
6.00%, 05/01/2039 (Callable 05/01/2033) | | | 500,000 | | | 581,054 |
Clio Area School District
| | | | | | |
4.00%, 05/01/2038 (Callable 05/01/2032) | | | 635,000 | | | 650,870 |
4.00%, 05/01/2040 (Callable 05/01/2032) | | | 885,000 | | | 897,166 |
4.00%, 05/01/2041 (Callable 05/01/2032) | | | 895,000 | | | 903,851 |
4.00%, 05/01/2042 (Callable 05/01/2032) | | | 885,000 | | | 889,810 |
Coopersville Area Public Schools
| | | | | | |
4.00%, 05/01/2039 (Callable 05/01/2032) | | | 300,000 | | | 302,425 |
4.50%, 05/01/2041 (Callable 05/01/2032) | | | 310,000 | | | 320,702 |
4.50%, 05/01/2043 (Callable 05/01/2032) | | | 300,000 | | | 308,810 |
Detroit City School District,
5.25%, 05/01/2025 | | | 270,000 | | | 273,872 |
Eastern Michigan University,
4.00%, 03/01/2034 (Callable 03/01/2027) | | | 985,000 | | | 994,096 |
Flat Rock Community School District
| | | | | | |
5.00%, 05/01/2036 (Callable 05/01/2032) | | | 670,000 | | | 750,150 |
5.00%, 05/01/2037 (Callable 05/01/2032) | | | 725,000 | | | 808,298 |
5.00%, 05/01/2038 (Callable 05/01/2032) | | | 575,000 | | | 636,263 |
5.00%, 05/01/2039 (Callable 05/01/2032) | | | 805,000 | | | 885,617 |
5.00%, 05/01/2041 (Callable 05/01/2032) | | | 1,385,000 | | | 1,502,138 |
5.00%, 05/01/2044 (Callable 05/01/2032) | | | 1,485,000 | | | 1,593,813 |
Fraser Public School District,
5.00%, 05/01/2048 (Callable 05/01/2033) | | | 1,000,000 | | | 1,056,867 |
Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/01/2036 (Callable 07/01/2026) | | | 5,000,000 | | | 5,102,691 |
| | | | | | | |
| | | | | | | |
Great Lakes Water Authority Water Supply System Revenue
| | | | | | |
5.00%, 07/01/2045 (Callable 07/01/2030) | | | $ 1,740,000 | | | $ 1,845,482 |
5.00%, 07/01/2046 (Callable 07/01/2026) | | | 2,000,000 | | | 2,026,998 |
Howell Public Schools,
5.00%, 05/01/2025 | | | 730,000 | | | 739,045 |
Jenison Public Schools
| | | | | | |
5.00%, 05/01/2042 (Callable 05/01/2034) | | | 225,000 | | | 244,150 |
5.00%, 05/01/2043 (Callable 05/01/2034) | | | 385,000 | | | 415,782 |
5.00%, 05/01/2044 (Callable 05/01/2034) | | | 250,000 | | | 269,235 |
5.00%, 05/01/2046 (Callable 05/01/2034) | | | 425,000 | | | 456,091 |
5.00%, 05/01/2049 (Callable 05/01/2034) | | | 525,000 | | | 557,180 |
Michigan Finance Authority
| | | | | | |
5.00%, 07/01/2025 (Callable 08/01/2024) | | | 1,000,000 | | | 1,000,509 |
5.00%, 11/01/2025 | | | 885,000 | | | 896,535 |
5.25%, 02/01/2027 | | | 1,540,000 | | | 1,546,843 |
5.00%, 11/15/2027 (Callable 11/15/2026) | | | 1,055,000 | | | 1,083,476 |
5.00%, 11/01/2028 | | | 1,025,000 | | | 1,026,518 |
4.00%, 02/01/2029 (Callable 02/01/2027) | | | 535,000 | | | 503,804 |
5.00%, 09/01/2029 | | | 400,000 | | | 416,515 |
4.50%, 10/01/2029 (Callable 10/01/2024) | | | 6,900,000 | | | 6,903,249 |
5.00%, 09/01/2030 (Callable 03/01/2030) | | | 440,000 | | | 459,279 |
5.25%, 02/01/2032 (Callable 02/01/2027) | | | 590,000 | | | 596,311 |
5.00%, 07/01/2032 (Callable 07/23/2024) | | | 5,000,000 | | | 5,003,812 |
5.00%, 05/15/2034 (Callable 05/15/2025) | | | 2,500,000 | | | 2,519,993 |
5.00%, 07/01/2034 (Callable 07/01/2025) | | | 2,000,000 | | | 2,021,519 |
5.00%, 12/01/2035 (Callable 12/01/2027) | | | 1,000,000 | | | 1,040,952 |
5.00%, 10/01/2039 (Callable 10/01/2024) | | | 3,135,000 | | | 3,138,893 |
5.25%, 02/29/2040 (Callable 02/28/2034) | | | 500,000 | | | 547,492 |
5.25%, 02/28/2041 (Callable 02/28/2034) | | | 500,000 | | | 543,075 |
5.00%, 11/15/2041 (Callable 11/15/2026) | | | 1,500,000 | | | 1,525,105 |
5.25%, 02/28/2042 (Callable 02/28/2034) | | | 500,000 | | | 540,370 |
5.00%, 07/01/2044 (Callable 08/01/2024) | | | 3,910,000 | | | 3,911,259 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Michigan - (Continued)
|
6.75%, 07/01/2044 (Callable 07/01/2024)(b) | | | $ 2,735,000 | | | $ 2,735,000 |
5.00%, 11/15/2044 (Callable 05/16/2026)(a) | | | 4,950,000 | | | 5,069,048 |
Michigan State Hospital Finance Authority, 4.00%, 11/15/2047 (Callable 11/15/2026) | | | 595,000 | | | 558,628 |
Michigan State Housing Development Authority
| | | | | | |
3.25%, 10/01/2037 (Callable 10/01/2025) | | | 1,745,000 | | | 1,532,439 |
3.80%, 07/01/2041 (Callable 07/01/2026)(a) | | | 2,250,000 | | | 2,252,058 |
4.25%, 06/01/2049 (Callable 12/01/2027) | | | 890,000 | | | 888,677 |
4.25%, 12/01/2049 (Callable 06/01/2028) | | | 915,000 | | | 913,884 |
4.65%, 12/01/2049 (Callable 06/01/2033) | | | 2,450,000 | | | 2,432,650 |
3.50%, 12/01/2050 (Callable 06/01/2029) | | | 3,355,000 | | | 3,295,130 |
5.00%, 06/01/2053 (Callable 12/01/2031) | | | 2,525,000 | | | 2,596,916 |
5.50%, 06/01/2053 (Callable 12/01/2031) | | | 2,300,000 | | | 2,406,557 |
5.75%, 06/01/2054 (Callable 12/01/2032) | | | 4,885,000 | | | 5,190,065 |
6.00%, 06/01/2054 (Callable 06/01/2033) | | | 6,500,000 | | | 7,025,167 |
Michigan Strategic Fund,
1.80%, 10/01/2049(a)(c) | | | 1,000,000 | | | 993,023 |
Pinckney Community Schools, 5.00%, 05/01/2035 (Callable 05/01/2026) | | | 1,500,000 | | | 1,527,692 |
Rochester Community School District, 5.00%, 05/01/2035 (Callable 05/01/2026) | | | 550,000 | | | 562,601 |
Rockford Public Schools
| | | | | | |
5.00%, 05/01/2036 (Callable 05/01/2033) | | | 1,000,000 | | | 1,127,240 |
5.00%, 05/01/2037 (Callable 05/01/2033) | | | 800,000 | | | 898,232 |
5.00%, 05/01/2040 (Callable 05/01/2033) | | | 1,230,000 | | | 1,355,920 |
Romeo Community School District, 5.00%, 05/01/2029 (Callable 05/01/2026) | | | 1,000,000 | | | 1,029,001 |
Swartz Creek Community Schools, 5.00%, 05/01/2039 (Callable 05/01/2029) | | | 815,000 | | | 864,351 |
Thornapple Kellogg School District, 5.00%, 05/01/2036 (Callable 05/01/2033) | | | 1,320,000 | | | 1,475,315 |
| | | | | | | |
| | | | | | | |
Wayne County Airport Authority, 5.00%, 12/01/2031 (Callable 12/01/2027) | | | $ 690,000 | | | $ 723,192 |
Wayne State University,
5.00%, 11/15/2030 (Callable 11/15/2025) | | | 1,025,000 | | | 1,041,781 |
Western Michigan University
| | | | | | |
5.00%, 11/15/2029 (Callable 05/15/2025) | | | 250,000 | | | 252,808 |
5.00%, 11/15/2038 (Callable 05/15/2031) | | | 375,000 | | | 407,238 |
5.00%, 11/15/2039 (Callable 05/15/2031) | | | 400,000 | | | 434,682 |
5.00%, 11/15/2040 (Callable 05/15/2031) | | | 420,000 | | | 454,085 |
| | | | | | 130,669,694 |
Minnesota - 1.2%
|
City of Maple Grove MN
| | | | | | |
5.00%, 05/01/2027 | | | 200,000 | | | 204,624 |
5.00%, 05/01/2031 (Callable 05/01/2027) | | | 525,000 | | | 536,727 |
City of Minneapolis MN
| | | | | | |
5.00%, 11/15/2034 (Callable 11/15/2025) | | | 680,000 | | | 686,252 |
4.00%, 11/15/2036 (Callable 11/15/2031) | | | 1,090,000 | | | 1,108,315 |
City of Virginia MN,
5.00%, 12/15/2026 (Callable 06/15/2025) | | | 8,000,000 | | | 8,033,496 |
County of Washington MN,
2.25%, 02/01/2034 (Callable 02/01/2028) | | | 1,525,000 | | | 1,277,110 |
Duluth Economic Development Authority
| | | | | | |
5.00%, 06/15/2027 | | | 300,000 | | | 311,728 |
5.00%, 06/15/2028 | | | 450,000 | | | 473,493 |
Federal Home Loan Mortgage Corp., Series 2024-ML21, Class AUS, 4.62%, 08/25/2041 (Callable 08/25/2041)(a) | | | 4,497,160 | | | 4,598,375 |
Forest Lake Independent School District No 831,
3.13%, 02/01/2039 (Callable 02/01/2026) | | | 175,000 | | | 159,597 |
Housing & Redevelopment Authority of The City of St Paul Minnesota
| | | | | | |
5.00%, 12/01/2028 | | | 1,115,000 | | | 1,150,126 |
5.00%, 11/15/2029 (Callable 11/15/2027) | | | 705,000 | | | 726,132 |
5.00%, 12/01/2030 | | | 300,000 | | | 315,088 |
5.00%, 11/15/2034 (Callable 11/15/2027) | | | 1,900,000 | | | 1,958,167 |
5.00%, 12/01/2036 (Callable 12/01/2030) | | | 1,600,000 | | | 1,666,720 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Minnesota - (Continued)
|
Minnesota Higher Education Facilities Authority
| | | | | | |
5.00%, 10/01/2039 (Callable 10/01/2030) | | | $ 2,040,000 | | | $ 2,186,285 |
4.00%, 10/01/2040 (Callable 10/01/2030) | | | 1,030,000 | | | 1,024,670 |
4.13%, 10/01/2041 (Callable 10/01/2030) | | | 1,000,000 | | | 1,003,601 |
4.13%, 10/01/2042 (Callable 10/01/2030) | | | 1,000,000 | | | 1,002,196 |
5.00%, 10/01/2053 (Callable 04/01/2029)(a) | | | 2,000,000 | | | 2,109,166 |
Minnesota Housing Finance Agency
| | | | | | |
3.30%, 02/01/2025 (Callable 08/01/2024) | | | 2,000,000 | | | 1,995,333 |
3.80%, 02/01/2025 (Callable 08/01/2024) | | | 2,040,000 | | | 2,037,345 |
3.60%, 07/01/2033 (Callable 08/01/2024) | | | 460,000 | | | 449,585 |
3.10%, 07/01/2035 (Callable 07/01/2025) | | | 1,485,000 | | | 1,326,840 |
4.00%, 01/01/2038 (Callable 08/01/2024) | | | 145,000 | | | 144,437 |
4.00%, 08/01/2040 (Callable 08/01/2033) | | | 1,000,000 | | | 994,229 |
4.00%, 01/01/2047 (Callable 01/01/2026) | | | 125,000 | | | 124,443 |
3.75%, 01/01/2050 (Callable 01/01/2029) | | | 1,605,000 | | | 1,588,122 |
3.50%, 07/01/2050 (Callable 07/01/2029) | | | 2,165,000 | | | 2,127,072 |
5.75%, 07/01/2053 (Callable 01/01/2033) | | | 2,975,000 | | | 3,152,195 |
Plymouth Intermediate District No. 287, 4.00%, 02/01/2028 (Callable 02/01/2027) | | | 350,000 | | | 355,257 |
Sauk Centre Public Utilities Commission Electric Revenue, 4.25%, 12/01/2044 (Callable 12/01/2034) | | | 825,000 | | | 826,819 |
St Paul Port Authority,
4.75%, 10/01/2043 (Callable 10/01/2033) | | | 1,000,000 | | | 1,017,216 |
Zumbro Education District
| | | | | | |
4.00%, 02/01/2029 | | | 350,000 | | | 343,258 |
4.00%, 02/01/2038 (Callable 02/01/2031) | | | 385,000 | | | 360,928 |
| | | | | | 47,374,947 |
Mississippi - 1.5%
|
Biloxi Public School District,
5.00%, 04/01/2026 | | | 500,000 | | | 510,953 |
City of Gluckstadt MS
| | | | | | |
6.00%, 06/01/2025 | | | 100,000 | | | 101,432 |
6.00%, 06/01/2027 | | | 285,000 | | | 296,234 |
| | | | | | | |
| | | | | | | |
6.00%, 06/01/2029 (Callable 06/01/2028) | | | $ 370,000 | | | $ 390,583 |
6.00%, 06/01/2031 (Callable 06/01/2028) | | | 405,000 | | | 428,133 |
6.00%, 06/01/2032 (Callable 06/01/2028) | | | 100,000 | | | 105,709 |
5.00%, 06/01/2034 (Callable 06/01/2028) | | | 100,000 | | | 102,472 |
5.00%, 06/01/2035 (Callable 06/01/2028) | | | 490,000 | | | 501,962 |
City of Gulfport MS
| | | | | | |
5.00%, 07/01/2024 | | | 485,000 | | | 485,000 |
5.00%, 07/01/2027 (Callable 07/01/2026) | | | 500,000 | | | 499,584 |
City of Louisville MS
| | | | | | |
4.50%, 09/01/2033 (Callable 09/01/2029) | | | 280,000 | | | 285,826 |
4.50%, 09/01/2034 (Callable 09/01/2029) | | | 300,000 | | | 306,249 |
City of Pearl MS
| | | | | | |
5.50%, 09/01/2028 | | | 310,000 | | | 330,079 |
5.50%, 09/01/2029 | | | 325,000 | | | 351,052 |
City of Ridgeland MS
| | | | | | |
3.00%, 10/01/2025 | | | 1,000,000 | | | 985,752 |
3.00%, 10/01/2026 | | | 1,100,000 | | | 1,067,713 |
3.00%, 10/01/2028 (Callable 10/01/2027) | | | 690,000 | | | 650,085 |
County of Warren MS
| | | | | | |
6.00%, 09/01/2042 (Callable 09/01/2033) | | | 610,000 | | | 713,809 |
6.00%, 09/01/2043 (Callable 09/01/2033) | | | 550,000 | | | 640,777 |
6.00%, 09/01/2048 (Callable 09/01/2033) | | | 3,000,000 | | | 3,429,368 |
6.00%, 09/01/2053 (Callable 09/01/2033) | | | 2,070,000 | | | 2,341,171 |
Medical Center Educational Building Corp.
| | | | | | |
5.00%, 06/01/2042 (Callable 06/01/2027) | | | 500,000 | | | 512,394 |
4.00%, 06/01/2048 (Callable 06/01/2033) | | | 1,500,000 | | | 1,431,542 |
Mississippi Business Finance Corp., 3.20%, 09/01/2028 (Callable 08/01/2024) | | | 2,100,000 | | | 2,051,771 |
Mississippi Development Bank
| | | | | | |
5.00%, 11/01/2027 | | | 560,000 | | | 555,860 |
5.00%, 09/01/2029 | | | 1,900,000 | | | 1,956,615 |
5.00%, 09/01/2030 | | | 1,130,000 | | | 1,168,974 |
5.25%, 03/01/2034 (Callable 03/01/2028) | | | 490,000 | | | 504,448 |
4.00%, 07/01/2034 (Callable 07/01/2031) | | | 285,000 | | | 285,722 |
5.00%, 05/01/2035 (Callable 05/01/2029) | | | 200,000 | | | 214,268 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Mississippi - (Continued)
|
4.00%, 07/01/2035 (Callable 07/01/2031) | | | $ 405,000 | | | $ 406,239 |
4.00%, 03/01/2036 (Callable 03/01/2028) | | | 300,000 | | | 301,655 |
5.00%, 05/01/2036 (Callable 05/01/2029) | | | 360,000 | | | 385,057 |
4.00%, 07/01/2036 (Callable 07/01/2031) | | | 250,000 | | | 250,722 |
5.50%, 03/01/2038 (Callable 03/01/2029) | | | 265,000 | | | 284,288 |
4.00%, 07/01/2038 (Callable 07/01/2031) | | | 245,000 | | | 245,298 |
4.00%, 04/01/2039 (Callable 04/01/2033) | | | 1,345,000 | | | 1,355,453 |
4.00%, 07/01/2039 (Callable 07/01/2031) | | | 390,000 | | | 388,098 |
5.00%, 06/01/2041 (Callable 06/01/2034) | | | 340,000 | | | 374,359 |
5.00%, 04/01/2042 (Callable 04/01/2034) | | | 475,000 | | | 522,449 |
4.00%, 04/01/2044 (Callable 04/01/2034) | | | 900,000 | | | 886,377 |
5.25%, 03/01/2045 (Callable 03/01/2028) | | | 1,345,000 | | | 1,356,568 |
5.00%, 03/01/2048 (Callable 03/01/2029) | | | 1,570,000 | | | 1,613,173 |
5.00%, 05/01/2049 (Callable 05/01/2034) | | | 3,000,000 | | | 3,171,734 |
5.00%, 05/01/2052 (Callable 05/01/2034) | | | 3,000,000 | | | 3,161,369 |
Mississippi Home Corp.
| | | | | | |
3.38%, 12/01/2034 (Callable 06/01/2028) | | | 3,000,000 | | | 2,881,462 |
4.38%, 12/01/2044 (Callable 12/01/2032) | | | 2,000,000 | | | 2,003,288 |
4.05%, 12/01/2047 (Callable 06/01/2031) | | | 500,000 | | | 476,133 |
4.80%, 12/01/2049 (Callable 06/01/2033) | | | 3,800,000 | | | 3,830,408 |
Mississippi Hospital Equipment & Facilities Authority,
5.00%, 10/01/2034 (Callable 10/01/2029) | | | 725,000 | | | 770,553 |
Mississippi State University Educational Building Corp., 4.00%, 08/01/2049 (Callable 08/01/2034) | | | 1,350,000 | | | 1,306,701 |
Natchez-Adams School District, 5.00%, 02/01/2030 | | | 645,000 | | | 691,379 |
State of Mississippi Gaming Tax Revenue
| | | | | | |
5.00%, 10/15/2028 (Callable 10/15/2025) | | | 1,260,000 | | | 1,275,169 |
5.00%, 10/15/2034 (Callable 10/15/2025) | | | 1,000,000 | | | 1,008,854 |
| | | | | | | |
| | | | | | | |
5.00%, 10/15/2035 (Callable 10/15/2028) | | | $ 4,000,000 | | | $ 4,131,769 |
5.00%, 10/15/2035 (Callable 10/15/2025) | | | 950,000 | | | 958,167 |
Sunflower County Consolidated School District,
4.00%, 06/01/2042 (Callable 06/01/2032) | | | 1,620,000 | | | 1,572,164 |
University of Mississippi Educational Building Corp.
| | | | | | |
5.00%, 10/01/2047 (Callable 10/01/2032) | | | 800,000 | | | 853,893 |
4.50%, 10/01/2052 (Callable 10/01/2032) | | | 1,000,000 | | | 1,008,030 |
University of Southern Mississippi, 5.00%, 09/01/2035 (Callable 09/01/2026) | | | 535,000 | | | 552,270 |
Vicksburg Warren School District, 5.00%, 03/01/2029 | | | 150,000 | | | 155,522 |
| | | | | | 61,384,138 |
Missouri - 1.5%
|
Caldwell County School District No R-II Hamilton,
5.00%, 04/15/2038 (Callable 04/15/2026) | | | 820,000 | | | 827,101 |
Center School District No 58/MO, 4.00%, 04/15/2031 (Callable 04/15/2027) | | | 170,000 | | | 172,013 |
Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | | | 11,100,000 | | | 11,041,626 |
City of St Charles MO,
4.00%, 02/01/2026 | | | 500,000 | | | 503,846 |
City of St Louis MO Airport Revenue, 5.00%, 07/01/2039 (Callable 07/01/2029) | | | 425,000 | | | 451,412 |
Fort Zumwalt School District, 5.25%, 03/01/2042 (Callable 03/01/2030) | | | 1,730,000 | | | 1,856,178 |
Health & Educational Facilities Authority of the State of Missouri
| | | | | | |
5.00%, 08/01/2024 | | | 330,000 | | | 329,865 |
5.00%, 02/01/2025 (Callable 07/23/2024) | | | 45,000 | | | 45,032 |
5.00%, 09/01/2025 | | | 680,000 | | | 682,669 |
5.00%, 09/01/2026 | | | 410,000 | | | 411,181 |
5.00%, 09/01/2027 | | | 280,000 | | | 281,415 |
5.00%, 11/15/2027 (Callable 11/15/2025) | | | 585,000 | | | 590,236 |
5.00%, 02/01/2034 (Callable 07/22/2024) | | | 950,000 | | | 987,179 |
5.00%, 02/01/2035 (Callable 07/23/2024) | | | 535,000 | | | 535,374 |
5.00%, 02/15/2035 (Callable 02/15/2029) | | | 615,000 | | | 648,556 |
5.00%, 11/15/2035 (Callable 11/15/2025) | | | 1,950,000 | | | 1,960,571 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Missouri - (Continued)
|
5.00%, 02/15/2036 (Callable 02/15/2029) | | | $ 425,000 | | | $ 447,547 |
Jackson County School District No R-IV Blue Springs
| | | | | | |
6.00%, 03/01/2038 (Callable 03/01/2029) | | | 1,005,000 | | | 1,129,628 |
5.50%, 03/01/2044 (Callable 03/01/2034) | | | 2,280,000 | | | 2,626,227 |
Jefferson County Consolidated School District No 6/MO
| | | | | | |
3.00%, 03/01/2034 (Callable 03/01/2028) | | | 700,000 | | | 657,661 |
3.00%, 03/01/2039 (Callable 03/01/2028) | | | 1,300,000 | | | 1,140,223 |
Kansas City Industrial Development Authority, 4.00%, 03/01/2035 (Callable 03/01/2030) | | | 455,000 | | | 459,545 |
Marshall School District/MO
| | | | | | |
5.00%, 03/01/2036 (Callable 03/01/2033) | | | 745,000 | | | 818,253 |
5.00%, 03/01/2037 (Callable 03/01/2033) | | | 840,000 | | | 919,700 |
Meramec Valley School District No R-III
| | | | | | |
3.00%, 03/01/2037 (Callable 03/01/2028) | | | 360,000 | | | 328,877 |
3.00%, 03/01/2038 (Callable 03/01/2028) | | | 500,000 | | | 448,309 |
Missouri Housing Development Commission
| | | | | | |
3.95%, 11/01/2040 (Callable 05/01/2025) | | | 5,000 | | | 4,902 |
3.25%, 11/01/2052 (Callable 11/01/2030) | | | 3,865,000 | | | 3,753,530 |
Missouri Joint Municipal Electric Utility Commission
| | | | | | |
5.00%, 06/01/2033 | | | 830,000 | | | 917,875 |
5.00%, 06/01/2033 | | | 785,000 | | | 868,110 |
5.00%, 06/01/2033 | | | 300,000 | | | 329,222 |
5.00%, 06/01/2034 | | | 825,000 | | | 920,704 |
5.00%, 12/01/2040 (Callable 06/01/2026) | | | 1,040,000 | | | 1,051,440 |
Missouri Southern State University
| | | | | | |
4.00%, 10/01/2035 (Callable 10/01/2029) | | | 100,000 | | | 101,004 |
4.00%, 10/01/2036 (Callable 10/01/2029) | | | 110,000 | | | 111,243 |
4.00%, 10/01/2039 (Callable 10/01/2029) | | | 110,000 | | | 108,931 |
Missouri State Environmental Improvement & Energy Resources Authority,
2.75%, 09/01/2033 (Callable 06/12/2027) | | | 5,000,000 | | | 4,345,165 |
| | | | | | | |
| | | | | | | |
Montgomery County School District No R-II, 5.00%, 03/01/2041 (Callable 03/01/2029) | | | $ 875,000 | | | $ 921,746 |
Normandy Schools Collaborative
| | | | | | |
3.00%, 03/01/2036 (Callable 03/01/2028) | | | 1,525,000 | | | 1,386,435 |
3.00%, 03/01/2037 (Callable 03/01/2028) | | | 1,325,000 | | | 1,194,580 |
Northwest Missouri State University
| | | | | | |
5.00%, 06/01/2027 | | | 560,000 | | | 578,263 |
5.00%, 06/01/2028 | | | 1,595,000 | | | 1,664,335 |
5.00%, 06/01/2029 | | | 500,000 | | | 527,049 |
Pattonville R-3 School District, 5.25%, 03/01/2042 (Callable 03/01/2031) | | | 2,000,000 | | | 2,193,215 |
Riverview Gardens School District
| | | | | | |
5.50%, 04/01/2038 (Callable 04/01/2032) | | | 825,000 | | | 918,368 |
5.50%, 04/01/2040 (Callable 04/01/2032) | | | 1,250,000 | | | 1,379,764 |
6.00%, 04/01/2042 (Callable 04/01/2032) | | | 650,000 | | | 733,698 |
6.00%, 04/01/2044 (Callable 04/01/2032) | | | 550,000 | | | 617,453 |
St Louis Land Clearance for Redevelopment Authority
| | | | | | |
5.00%, 06/01/2028 (Callable 12/01/2026) | | | 4,000,000 | | | 4,051,647 |
3.88%, 10/01/2035 (Callable 10/01/2029) | | | 290,000 | | | 263,804 |
5.00%, 04/01/2038 (Callable 04/01/2027) | | | 1,540,000 | | | 1,578,946 |
St Louis Municipal Finance Corp., 5.00%, 10/01/2045 (Callable 10/01/2030) | | | 1,330,000 | | | 1,388,167 |
University City Industrial Development Authority,
4.88%, 06/15/2036 (Callable 06/15/2033) | | | 2,245,000 | | | 2,266,877 |
Valley Park School District
| | | | | | |
5.50%, 03/01/2040 (Callable 03/01/2032) | | | 500,000 | | | 560,479 |
5.50%, 03/01/2041 (Callable 03/01/2032) | | | 1,235,000 | | | 1,373,113 |
5.50%, 03/01/2042 (Callable 03/01/2032) | | | 1,135,000 | | | 1,259,366 |
5.50%, 03/01/2044 (Callable 03/01/2032) | | | 1,175,000 | | | 1,292,342 |
| | | | | | 68,961,997 |
Montana - 1.1%
|
City of Billings MT
| | | | | | |
5.00%, 07/01/2031 | | | 300,000 | | | 323,730 |
5.00%, 07/01/2032 | | | 300,000 | | | 326,395 |
5.00%, 07/01/2033 | | | 325,000 | | | 355,502 |
5.00%, 07/01/2034 (Callable 07/01/2033) | | | 215,000 | | | 235,227 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Montana - (Continued)
|
City of Forsyth MT
| | | | | | |
3.88%, 07/01/2028 (Callable 04/02/2028) | | | $ 1,200,000 | | | $ 1,203,693 |
3.90%, 03/01/2031 (Callable 08/01/2024)(a) | | | 7,395,000 | | | 7,082,679 |
3.88%, 10/01/2032 | | | 2,750,000 | | | 2,726,262 |
Judith Basin County K-12 School District No 12 Stanford
| | | | | | |
5.00%, 07/01/2041 (Callable 07/01/2033) | | | 465,000 | | | 503,845 |
5.00%, 07/01/2043 (Callable 07/01/2033) | | | 300,000 | | | 322,591 |
5.25%, 07/01/2048 (Callable 07/01/2033) | | | 450,000 | | | 488,641 |
Montana Board of Housing
| | | | | | |
3.50%, 08/01/2025 (Callable 08/01/2024)(a) | | | 3,385,000 | | | 3,381,950 |
3.60%, 12/01/2030 (Callable 07/22/2024) | | | 285,000 | | | 282,543 |
3.75%, 12/01/2038 (Callable 12/01/2027) | | | 290,000 | | | 275,715 |
4.00%, 06/01/2049 (Callable 12/01/2027) | | | 650,000 | | | 645,908 |
4.60%, 12/01/2049 (Callable 06/01/2033) | | | 2,500,000 | | | 2,467,517 |
3.00%, 06/01/2052 (Callable 06/01/2031) | | | 1,795,000 | | | 1,731,092 |
6.00%, 12/01/2053 (Callable 12/01/2032) | | | 2,110,000 | | | 2,265,049 |
4.65%, 06/01/2054 (Callable 06/01/2033) | | | 2,000,000 | | | 1,985,240 |
6.25%, 06/01/2054 (Callable 12/01/2032) | | | 1,710,000 | | | 1,857,291 |
Montana Facility Finance Authority
| | | | | | |
5.00%, 06/01/2026 (Callable 12/01/2024) | | | 765,000 | | | 768,153 |
5.00%, 06/01/2029 (Callable 12/01/2024) | | | 715,000 | | | 717,744 |
5.00%, 06/01/2033 (Callable 06/01/2028) | | | 310,000 | | | 324,039 |
4.00%, 01/01/2037 (Callable 01/01/2030) | | | 700,000 | | | 705,124 |
Yellowstone and Carbon Counties School District No 7-70 Laurel, 5.00%, 07/01/2027 | | | 740,000 | | | 774,918 |
| | | | | | 31,750,848 |
Nebraska - 0.8%
|
Central Plains Energy Project, 5.00%, 05/01/2054 (Callable 08/01/2029)(a) | | | 7,200,000 | | | 7,584,162 |
City of Fremont NE Combined Utility System Revenue, 1.75%, 07/15/2034 (Callable 07/08/2028) | | | 3,000,000 | | | 2,373,830 |
| | | | | | | |
| | | | | | | |
City of Sutton NE,
4.65%, 10/15/2025 (Callable 08/01/2024) | | | $ 1,610,000 | | | $ 1,610,196 |
County of Douglas NE,
5.00%, 07/01/2036 (Callable 07/01/2027) | | | 200,000 | | | 208,021 |
Cozad City School District,
4.00%, 06/15/2037 (Callable 05/17/2027) | | | 500,000 | | | 501,404 |
Douglas County Hospital Authority No 2, 5.00%, 05/15/2029 (Callable 08/01/2024) | | | 2,125,000 | | | 2,125,540 |
Nebraska Investment Finance Authority
| | | | | | |
3.50%, 09/01/2036 (Callable 03/01/2025) | | | 275,000 | | | 255,678 |
3.50%, 09/01/2046 (Callable 03/01/2025) | | | 65,000 | | | 64,365 |
5.50%, 03/01/2052 (Callable 03/01/2032) | | | 4,580,000 | | | 4,790,083 |
Omaha Airport Authority,
5.00%, 12/15/2028 (Callable 12/15/2026)(c) | | | 550,000 | | | 563,604 |
Papio-Missouri River Natural Resource District,
3.00%, 12/01/2032 (Callable 10/12/2026) | | | 385,000 | | | 352,228 |
Village of Boys Town NE,
3.00%, 09/01/2028 | | | 2,125,000 | | | 2,077,805 |
| | | | | | 22,506,916 |
Nevada - 0.5%
|
Carson City NV
| | | | | | |
5.00%, 09/01/2031 (Callable 09/01/2027) | | | 505,000 | | | 519,154 |
5.00%, 09/01/2033 (Callable 09/01/2027) | | | 1,520,000 | | | 1,560,671 |
Clark County School District, 5.00%, 06/15/2032 (Callable 06/15/2027) | | | 450,000 | | | 470,483 |
County of Clark NV,
3.75%, 01/01/2036(a) | | | 1,500,000 | | | 1,487,203 |
County of Washoe NV
| | | | | | |
3.63%, 03/01/2036(a) | | | 4,015,000 | | | 3,993,564 |
3.63%, 03/01/2036(a) | | | 1,000,000 | | | 994,661 |
Henderson Public Improvement Trust/NV, 5.50%, 01/01/2044 (Callable 07/01/2024) | | | 1,000,000 | | | 1,000,000 |
Las Vegas Redevelopment Agency
| | | | | | |
5.00%, 06/15/2027 (Callable 06/15/2026) | | | 1,210,000 | | | 1,229,140 |
5.00%, 06/15/2029 (Callable 06/15/2026) | | | 200,000 | | | 202,688 |
3.00%, 06/15/2032 (Callable 06/15/2026) | | | 1,000,000 | | | 907,651 |
Nevada Housing Division
| | | | | | |
5.00%, 12/01/2025 (Callable 12/01/2024)(a) | | | 2,725,000 | | | 2,732,268 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Nevada - (Continued)
|
4.00%, 04/01/2049 (Callable 10/01/2028) | | | $ 1,060,000 | | | $ 1,053,470 |
4.00%, 10/01/2049 (Callable 10/01/2028) | | | 215,000 | | | 213,669 |
Nevada Rural Housing Authority, 6.00%, 11/01/2055 (Callable 05/01/2033) | | | 3,400,000 | | | 3,735,842 |
| | | | | | 20,100,464 |
New Hampshire - 0.5%
|
New Hampshire Business Finance Authority
| | | | | | |
4.00%, 10/20/2036 | | | 2,932,585 | | | 2,823,961 |
4.00%, 12/01/2040 (Callable 06/01/2033) | | | 630,000 | | | 631,392 |
Series 2024-2, Class A,
3.63%, 08/20/2039 | | | 3,198,455 | | | 2,974,097 |
New Hampshire Health and Education Facilities Authority Act, 5.00%, 10/01/2032 (Callable 10/01/2027) | | | 275,000 | | | 286,182 |
New Hampshire Housing Finance Authority, 6.00%, 01/01/2055 (Callable 07/01/2032) | | | 4,995,000 | | | 5,346,752 |
| | | | | | 12,062,384 |
New Jersey - 3.3%
|
Atlantic City Board of Education, 3.40%, 08/15/2027(b) | | | 3,293,000 | | | 3,248,931 |
Camden County Improvement Authority, 5.00%, 03/01/2027 (Callable 03/01/2026)(a) | | | 3,000,000 | | | 3,051,096 |
County of Bergen NJ,
1.00%, 03/01/2025 | | | 2,280,000 | | | 2,231,543 |
Gloucester County Improvement Authority
| | | | | | |
4.00%, 02/27/2025 (Callable 12/01/2024) | | | 2,450,000 | | | 2,452,411 |
5.00%, 07/01/2044 (Callable 01/01/2032) | | | 855,000 | | | 927,194 |
5.00%, 07/01/2049 (Callable 01/01/2032) | | | 4,000,000 | | | 4,297,658 |
Industrial Pollution Control Financing Authority of Gloucester County, 5.00%, 12/01/2024(c) | | | 230,000 | | | 231,263 |
Jersey City Municipal Utilities Authority
| | | | | | |
5.00%, 05/01/2025 | | | 4,550,000 | | | 4,587,592 |
5.00%, 05/01/2025 | | | 2,350,000 | | | 2,369,416 |
New Jersey Economic Development Authority
| | | | | | |
4.00%, 11/01/2027 | | | 1,100,000 | | | 1,119,113 |
3.13%, 07/01/2029 (Callable 07/01/2027) | | | 90,000 | | | 85,465 |
| | | | | | | |
| | | | | | | |
New Jersey Educational Facilities Authority, 5.00%, 07/01/2026 (Callable 07/01/2024) | | | $ 115,000 | | | $ 115,000 |
New Jersey Health Care Facilities Financing Authority,
5.00%, 07/01/2043 (Callable 05/02/2024)(a) | | | 2,250,000 | | | 2,250,000 |
New Jersey Higher Education Student Assistance Authority
| | | | | | |
5.00%, 12/01/2025(c) | | | 1,850,000 | | | 1,878,843 |
5.00%, 12/01/2027(c) | | | 375,000 | | | 386,051 |
New Jersey Housing & Mortgage Finance Agency
| | | | | | |
3.13%, 02/01/2025 (Callable 07/22/2024)(a) | | | 2,300,000 | | | 2,295,704 |
4.50%, 10/01/2048 (Callable 10/01/2027) | | | 1,175,000 | | | 1,179,872 |
4.75%, 10/01/2050 (Callable 04/01/2028) | | | 220,000 | | | 221,656 |
5.00%, 10/01/2053 (Callable 04/01/2031) | | | 2,335,000 | | | 2,398,378 |
New Jersey Transportation Trust Fund Authority
| | | | | | |
0.00%, 12/15/2024(e) | | | 4,220,000 | | | 4,147,973 |
0.00%, 12/15/2026(e) | | | 6,410,000 | | | 5,856,987 |
0.00%, 12/15/2027(e) | | | 3,015,000 | | | 2,661,470 |
5.00%, 06/15/2029 (Callable 06/15/2026) | | | 1,465,000 | | | 1,501,841 |
0.00%, 12/15/2029(e) | | | 12,530,000 | | | 10,288,187 |
5.00%, 06/15/2034 (Callable 12/15/2028) | | | 900,000 | | | 951,131 |
4.00%, 06/15/2035 (Callable 12/15/2030) | | | 1,455,000 | | | 1,476,568 |
4.00%, 12/15/2037 (Callable 12/15/2028) | | | 500,000 | | | 504,363 |
0.00%, 12/15/2038(e) | | | 5,145,000 | | | 2,929,090 |
5.00%, 06/15/2044 (Callable 07/29/2024) | | | 370,000 | | | 370,097 |
New Jersey Turnpike Authority
| | | | | | |
5.00%, 01/01/2027(d) | | | 2,500,000 | | | 2,609,281 |
5.00%, 01/01/2028(d) | | | 8,000,000 | | | 8,496,945 |
5.00%, 01/01/2045 (Callable 01/01/2034)(d) | | | 5,515,000 | | | 6,019,127 |
Newark Housing Authority,
5.00%, 01/01/2032 | | | 525,000 | | | 560,368 |
South Jersey Port Corp.,
5.00%, 01/01/2025(c) | | | 1,500,000 | | | 1,505,363 |
South Jersey Transportation Authority, 5.00%, 11/01/2041 (Callable 11/01/2030) | | | 2,350,000 | | | 2,510,087 |
| | | | | | 87,716,064 |
New Mexico - 0.5%
|
City of Albuquerque NM Gross Receipts Tax Revenue,
5.00%, 07/01/2037 (Callable 07/01/2033) | | | 760,000 | | | 858,347 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
New Mexico - (Continued)
|
City of Farmington NM,
3.88%, 06/01/2040(a) | | | $ 1,500,000 | | | $ 1,508,770 |
Loving Municipal School District No 10
| | | | | | |
5.00%, 09/15/2025 | | | 500,000 | | | 509,741 |
5.00%, 09/15/2026 | | | 500,000 | | | 516,353 |
New Mexico Institute of Mining & Technology
| | | | | | |
4.00%, 12/01/2028 | | | 300,000 | | | 305,042 |
4.00%, 12/01/2029 | | | 335,000 | | | 339,618 |
New Mexico Mortgage Finance Authority
| | | | | | |
3.50%, 09/01/2041 (Callable 03/01/2026) | | | 460,000 | | | 419,078 |
5.00%, 02/01/2042 (Callable 10/01/2024)(a) | | | 2,458,000 | | | 2,462,784 |
5.00%, 02/01/2042 (Callable 04/01/2025)(a) | | | 2,000,000 | | | 2,014,501 |
3.70%, 09/01/2042 (Callable 03/01/2027) | | | 1,485,000 | | | 1,359,641 |
3.60%, 07/01/2044 (Callable 07/01/2028) | | | 935,000 | | | 841,980 |
4.60%, 09/01/2049 (Callable 03/01/2033) | | | 2,165,000 | | | 2,145,179 |
3.50%, 07/01/2050 (Callable 01/01/2029) | | | 575,000 | | | 563,798 |
5.25%, 03/01/2053 (Callable 03/01/2032) | | | 3,270,000 | | | 3,408,829 |
New Mexico State University, 4.00%, 04/01/2035 (Callable 04/01/2027) | | | 520,000 | | | 522,371 |
Village of Los Ranchos de Albuquerque NM
| | | | | | |
4.00%, 09/01/2024 | | | 100,000 | | | 99,966 |
4.00%, 09/01/2025 | | | 150,000 | | | 150,398 |
5.00%, 09/01/2026 | | | 150,000 | | | 153,832 |
5.00%, 09/01/2030 | | | 125,000 | | | 134,924 |
| | | | | | 18,315,152 |
New York - 4.1%
|
Albany County Airport Authority, 5.00%, 12/15/2025(c) | | | 1,000,000 | | | 1,016,647 |
Albany County Capital Resource Corp., 3.10%, 07/01/2030 | | | 755,000 | | | 690,635 |
Amherst Industrial Development Agency, 3.90%, 04/01/2026 (Callable 04/01/2025)(a) | | | 9,350,000 | | | 9,334,511 |
BluePath TE Trust, 2.75%, 09/01/2026 (Callable 08/01/2024)(b) | | | 1,450,000 | | | 1,425,018 |
City of Long Beach NY,
5.25%, 07/15/2042 (Callable 07/15/2030) | | | 1,800,000 | | | 1,942,992 |
City of Mount Vernon NY,
5.50%, 05/30/2025(b) | | | 2,000,000 | | | 2,007,004 |
| | | | | | | |
| | | | | | | |
City of New York NY
| | | | | | |
5.25%, 10/01/2043 (Callable 10/01/2032) | | | $ 1,200,000 | | | $ 1,336,043 |
5.00%, 06/01/2044 (Callable 06/01/2025)(a) | | | 2,190,000 | | | 2,214,282 |
Dutchess County Local Development Corp.,
5.00%, 07/01/2027 (Callable 07/01/2026) | | | 2,125,000 | | | 2,153,608 |
Huntington Local Development Corp., 4.00%, 07/01/2027 | | | 1,210,000 | | | 1,179,301 |
Metropolitan Transportation Authority, 4.00%, 11/15/2048 (Callable 05/15/2034) | | | 1,000,000 | | | 975,075 |
Monroe County Industrial Development Corp.,
4.84%, 11/01/2040 | | | 4,956,270 | | | 5,233,292 |
New York City Housing Development Corp.
| | | | | | |
2.25%, 11/01/2041 (Callable 05/01/2029) | | | 2,000,000 | | | 1,430,052 |
3.00%, 02/15/2048 (Callable 07/22/2024) | | | 9,250,000 | | | 9,217,687 |
3.50%, 02/15/2048 (Callable 07/22/2024) | | | 3,820,000 | | | 3,799,450 |
3.40%, 11/01/2062 (Callable 05/01/2025)(a) | | | 6,280,000 | | | 6,205,674 |
New York City Transitional Finance Authority, 5.00%, 08/01/2034 (Callable 08/01/2026) | | | 650,000 | | | 667,738 |
New York City Transitional Finance Authority Future Tax Secured Revenue
| | | | | | |
5.00%, 08/01/2038 (Callable 08/01/2028) | | | 1,295,000 | | | 1,366,048 |
4.00%, 11/01/2038 (Callable 05/01/2031) | | | 1,055,000 | | | 1,070,332 |
4.00%, 05/01/2039 (Callable 11/01/2030) | | | 1,000,000 | | | 1,008,412 |
5.00%, 02/01/2041 (Callable 02/01/2025) | | | 5,000,000 | | | 5,027,483 |
5.50%, 11/01/2045 (Callable 11/01/2032) | | | 545,000 | | | 618,681 |
New York State Dormitory Authority
| | | | | | |
5.00%, 02/15/2031 (Callable 08/15/2027) | | | 730,000 | | | 762,790 |
5.00%, 03/15/2040 (Callable 03/15/2029) | | | 3,275,000 | | | 3,468,683 |
5.00%, 03/15/2041 (Callable 03/15/2029) | | | 2,965,000 | | | 3,128,794 |
5.00%, 02/15/2042 (Callable 08/15/2027) | | | 6,000,000 | | | 6,191,148 |
5.00%, 02/15/2048 (Callable 02/15/2030) | | | 1,925,000 | | | 2,033,934 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
New York - (Continued)
|
New York State Housing Finance Agency
| | | | | | |
0.70%, 11/01/2024 (Callable 07/22/2024) | | | $ 5,000,000 | | | $ 4,915,310 |
1.60%, 11/01/2024 (Callable 07/22/2024) | | | 2,645,000 | | | 2,622,073 |
0.65%, 11/01/2056 (Callable 07/22/2024)(a) | | | 2,135,000 | | | 2,040,645 |
1.00%, 11/01/2061 (Callable 07/22/2024)(a) | | | 1,535,000 | | | 1,417,722 |
3.60%, 11/01/2062 (Callable 06/01/2025)(a) | | | 2,305,000 | | | 2,305,567 |
New York Transportation Development Corp.
| | | | | | |
5.00%, 12/01/2031 (Callable 12/01/2030) | | | 1,250,000 | | | 1,361,184 |
5.50%, 06/30/2038 (Callable 06/30/2031)(c) | | | 2,650,000 | | | 2,891,240 |
5.50%, 06/30/2041 (Callable 06/30/2031)(c) | | | 1,700,000 | | | 1,830,707 |
Onondaga Civic Development Corp.
| | | | | | |
3.38%, 10/01/2026 (Callable 10/01/2025) | | | 55,000 | | | 52,510 |
5.00%, 10/01/2040 (Callable 10/01/2025) | | | 240,000 | | | 210,078 |
Port Authority of New York & New Jersey
| | | | | | |
5.00%, 09/01/2025 (Callable 09/01/2024)(c) | | | 775,000 | | | 776,480 |
3.00%, 10/01/2028(c) | | | 5,000,000 | | | 4,755,707 |
St Lawrence County Industrial Development Agency,
5.00%, 07/01/2034 (Callable 07/01/2026) | | | 345,000 | | | 353,007 |
Town of Indian Lake NY,
4.75%, 05/08/2025 | | | 4,500,000 | | | 4,525,705 |
Westchester County Local Development Corp.,
5.75%, 11/01/2048 (Callable 11/01/2033) | | | 1,250,000 | | | 1,388,188 |
| | | | | | 106,951,437 |
North Carolina - 2.1%
|
Cape Fear Public Utility Authority, 4.00%, 08/01/2032 (Callable 08/01/2026) | | | 2,625,000 | | | 2,641,756 |
Charlotte-Mecklenburg Hospital Authority, 5.00%, 01/15/2050(a) | | | 1,980,000 | | | 2,102,494 |
City of Monroe NC Enterprise System Revenue,
5.00%, 03/01/2043 (Callable 03/01/2027) | | | 305,000 | | | 310,711 |
Fayetteville State University,
5.00%, 04/01/2043 (Callable 04/01/2031) | | | 1,250,000 | | | 1,306,891 |
| | | | | | | |
| | | | | | | |
Inlivian
| | | | | | |
4.00%, 04/01/2025 (Callable 04/01/2024) | | | $ 7,500,000 | | | $ 7,495,807 |
5.00%, 06/01/2043 (Callable 12/01/2025)(a) | | | 9,000,000 | | | 9,106,730 |
North Carolina Housing Finance Agency
| | | | | | |
4.20%, 07/01/2040 (Callable 07/01/2032) | | | 2,000,000 | | | 1,967,409 |
4.00%, 07/01/2047 (Callable 01/01/2027) | | | 250,000 | | | 248,674 |
3.75%, 07/01/2052 (Callable 01/01/2031) | | | 3,335,000 | | | 3,293,148 |
5.75%, 01/01/2054 (Callable 07/01/2032) | | | 1,995,000 | | | 2,115,465 |
North Carolina Medical Care Commission, 5.00%, 01/01/2038 (Callable 01/01/2026) | | | 1,090,000 | | | 1,107,542 |
North Carolina Turnpike Authority, 4.00%, 01/01/2041 (Callable 01/01/2029) | | | 1,105,000 | | | 1,105,324 |
Raleigh Housing Authority,
5.00%, 10/01/2026(a) | | | 3,500,000 | | | 3,524,095 |
State of North Carolina,
3.00%, 05/01/2028 (Callable 08/01/2024) | | | 5,000,000 | | | 4,880,318 |
Town of Morehead City NC,
4.05%, 01/01/2028(a) | | | 3,500,000 | | | 3,494,186 |
University of North Carolina at Chapel Hill, 4.22% (SOFR + 0.65%), 12/01/2041 (Callable 12/01/2024) | | | 5,000,000 | | | 5,002,484 |
| | | | | | 49,703,034 |
North Dakota - 1.6%
|
Cass County Joint Water Resource District, 3.45%, 04/01/2027 (Callable 01/01/2026) | | | 9,500,000 | | | 9,490,790 |
City of Horace ND
| | | | | | |
4.00%, 01/01/2025 (Callable 07/22/2024) | | | 2,500,000 | | | 2,496,480 |
3.00%, 05/01/2029 (Callable 05/01/2027) | | | 430,000 | | | 388,240 |
3.00%, 05/01/2030 (Callable 05/01/2027) | | | 425,000 | | | 377,958 |
3.00%, 05/01/2031 (Callable 05/01/2027) | | | 380,000 | | | 332,889 |
5.00%, 05/01/2033 (Callable 05/01/2031) | | | 630,000 | | | 654,315 |
5.25%, 05/01/2035 (Callable 05/01/2032) | | | 3,300,000 | | | 3,458,709 |
3.00%, 05/01/2037 (Callable 05/01/2026) | | | 2,495,000 | | | 1,997,827 |
5.00%, 05/01/2038 (Callable 05/01/2031) | | | 2,645,000 | | | 2,696,122 |
5.00%, 05/01/2048 (Callable 05/01/2031) | | | 250,000 | | | 242,231 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
North Dakota - (Continued)
|
6.00%, 05/01/2049 (Callable 05/01/2032) | | | $ 3,000,000 | | | $ 3,139,163 |
City of Mayville ND,
3.75%, 08/01/2025 (Callable 08/01/2024) | | | 3,500,000 | | | 3,421,685 |
City of Williston ND,
5.00%, 05/01/2028 (Callable 08/01/2024) | | | 480,000 | | | 474,205 |
North Dakota Housing Finance Agency
| | | | | | |
3.15%, 07/01/2026 | | | 1,120,000 | | | 1,115,172 |
3.00%, 07/01/2034 (Callable 07/01/2028) | | | 90,000 | | | 80,867 |
4.30%, 07/01/2039 (Callable 07/01/2033) | | | 2,900,000 | | | 2,903,498 |
3.65%, 07/01/2042 (Callable 01/01/2032) | | | 500,000 | | | 463,403 |
5.00%, 07/01/2042 (Callable 07/01/2033) | | | 1,500,000 | | | 1,632,200 |
3.50%, 07/01/2046 (Callable 01/01/2026) | | | 295,000 | | | 291,737 |
4.00%, 01/01/2050 (Callable 07/01/2028) | | | 715,000 | | | 710,362 |
5.75%, 01/01/2054 (Callable 07/01/2032) | | | 3,840,000 | | | 4,072,869 |
North Dakota Public Finance Authority, 5.25%, 06/01/2030 (Callable 06/01/2025) | | | 1,590,000 | | | 1,610,939 |
State Board of Higher Education of the State of North Dakota
| | | | | | |
5.00%, 04/01/2028 | | | 100,000 | | | 105,320 |
4.00%, 04/01/2037 (Callable 04/01/2029) | | | 400,000 | | | 400,778 |
Williston Parks & Recreation District, 4.50%, 03/01/2025 (Callable 07/17/2024) | | | 1,700,000 | | | 1,686,680 |
| | | | | | 44,244,439 |
Ohio - 3.7%
|
Akron Bath Copley Joint Township Hospital District
| | | | | | |
5.00%, 11/15/2026 | | | 600,000 | | | 622,017 |
5.00%, 11/15/2032 (Callable 11/15/2030) | | | 1,545,000 | | | 1,628,862 |
American Municipal Power, Inc., 4.50%, 06/19/2025 | | | 2,000,000 | | | 2,006,499 |
City of Akron OH Income Tax Revenue, 4.00%, 12/01/2032 (Callable 12/01/2029) | | | 5,000 | | | 5,116 |
City of Kirtland OH,
4.50%, 04/17/2025 | | | 3,147,000 | | | 3,163,921 |
City of Lorain OH,
5.13%, 07/10/2025 | | | 1,232,000 | | | 1,245,033 |
City of Louisville OH,
4.38%, 06/25/2025 | | | 2,700,000 | | | 2,708,105 |
| | | | | | | |
| | | | | | | |
City of Middleburg Heights OH, 5.00%, 08/01/2033 (Callable 08/01/2031) | | | $ 645,000 | | | $ 687,799 |
City of Middletown OH,
4.63%, 06/26/2025 | | | 2,550,000 | | | 2,562,526 |
City of North Olmsted OH,
5.00%, 06/25/2025 | | | 2,850,000 | | | 2,875,660 |
City of Parma Heights OH,
4.63%, 06/26/2025 | | | 925,000 | | | 929,715 |
City of Troy OH, 3.00%, 12/01/2041 (Callable 06/01/2025) | | | 355,000 | | | 301,187 |
Cleveland-Cuyahoga County Port Authority
| | | | | | |
5.00%, 07/01/2034 (Callable 07/01/2031) | | | 400,000 | | | 439,354 |
5.00%, 07/01/2036 (Callable 07/01/2031) | | | 600,000 | | | 656,134 |
4.00%, 07/01/2038 (Callable 07/01/2031) | | | 500,000 | | | 504,870 |
5.00%, 08/01/2039 (Callable 08/01/2024) | | | 2,260,000 | | | 2,260,604 |
Columbus Metropolitan Housing Authority
| | | | | | |
1.00%, 11/01/2024 (Callable 07/17/2024) | | | 600,000 | | | 594,206 |
5.00%, 06/01/2034 (Callable 06/01/2031) | | | 2,450,000 | | | 2,589,379 |
Columbus-Franklin County Finance Authority
| | | | | | |
2.00%, 11/15/2031 | | | 675,000 | | | 581,295 |
2.13%, 05/15/2034 (Callable 11/15/2031) | | | 2,545,000 | | | 2,144,061 |
3.82%, 11/15/2036 (Callable 08/01/2024) | | | 380,000 | | | 380,000 |
4.00%, 11/15/2038 (Callable 08/01/2024) | | | 310,000 | | | 298,352 |
5.00%, 07/01/2045 (Callable 10/01/2026)(a) | | | 500,000 | | | 509,406 |
4.00%, 05/15/2049 (Callable 05/15/2029) | | | 2,155,000 | | | 2,035,174 |
Copley-Fairlawn City School District
| | | | | | |
5.00%, 12/01/2036 (Callable 06/01/2028) | | | 375,000 | | | 399,008 |
5.00%, 12/01/2037 (Callable 06/01/2028) | | | 300,000 | | | 317,723 |
5.00%, 12/01/2038 (Callable 06/01/2028) | | | 260,000 | | | 274,336 |
5.00%, 12/01/2039 (Callable 06/01/2028) | | | 430,000 | | | 452,907 |
5.00%, 12/01/2040 (Callable 06/01/2028) | | | 275,000 | | | 288,452 |
County of Butler OH,
5.00%, 11/15/2031 (Callable 11/15/2027) | | | 225,000 | | | 227,188 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Ohio - (Continued)
|
County of Hamilton OH, 5.00%, 09/15/2032 (Callable 03/15/2030) | | | $ 695,000 | | | $ 704,087 |
County of Hamilton OH Sewer System Revenue
| | | | | | |
5.00%, 12/01/2030(d) | | | 1,250,000 | | | 1,391,093 |
5.00%, 12/01/2031(d) | | | 250,000 | | | 281,496 |
5.00%, 12/01/2032(d) | | | 450,000 | | | 513,509 |
County of Lorain OH
| | | | | | |
5.00%, 12/01/2031 (Callable 08/01/2024) | | | 480,000 | | | 480,573 |
3.00%, 12/01/2036 (Callable 12/01/2025) | | | 400,000 | | | 356,373 |
County of Medina OH, 3.00%, 12/01/2037 (Callable 06/01/2026) | | | 545,000 | | | 482,755 |
County of Montgomery OH
| | | | | | |
4.00%, 08/01/2037 (Callable 02/01/2031) | | | 400,000 | | | 402,492 |
5.00%, 08/01/2039 (Callable 02/01/2031) | | | 825,000 | | | 878,300 |
County of Van Wert OH, 6.13%, 12/01/2049 (Callable 12/01/2029) | | | 2,985,000 | | | 3,328,375 |
Cuyahoga Metropolitan Housing Authority
| | | | | | |
4.00%, 06/01/2026(a) | | | 3,012,000 | | | 3,012,009 |
4.75%, 12/01/2027(a) | | | 2,280,000 | | | 2,293,261 |
Euclid City School District, 4.00%, 12/01/2037 (Callable 06/01/2027) | | | 160,000 | | | 160,631 |
Euclid Public Library
| | | | | | |
5.00%, 12/01/2040 (Callable 06/01/2029) | | | 1,060,000 | | | 1,120,223 |
5.00%, 12/01/2045 (Callable 06/01/2029) | | | 625,000 | | | 654,380 |
5.00%, 12/01/2049 (Callable 06/01/2029) | | | 400,000 | | | 413,335 |
5.00%, 12/01/2053 (Callable 06/01/2029) | | | 650,000 | | | 669,663 |
FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | | | 4,200,000 | | | 3,554,103 |
Franklin County Convention Facilities Authority,
5.00%, 12/01/2032 (Callable 12/01/2029) | | | 500,000 | | | 540,441 |
Hopewell-Loudon Local School District, 4.00%, 11/01/2036 (Callable 11/01/2026) | | | 1,055,000 | | | 1,058,073 |
Licking Heights Local School District, 6.40%, 12/01/2028 | | | 705,000 | | | 749,772 |
North Ridgeville City School District
| | | | | | |
5.00%, 12/01/2044 (Callable 06/01/2029) | | | 1,000,000 | | | 1,049,059 |
| | | | | | | |
| | | | | | | |
5.00%, 12/01/2047 (Callable 06/01/2029) | | | $ 1,300,000 | | | $ 1,356,038 |
5.25%, 12/01/2054 (Callable 06/01/2029) | | | 2,925,000 | | | 3,082,782 |
Ohio Air Quality Development Authority
| | | | | | |
3.25%, 09/01/2029 | | | 1,000,000 | | | 960,123 |
4.00%, 09/01/2030(a) | | | 5,000,000 | | | 5,005,752 |
4.00%, 01/01/2034(a) | | | 2,000,000 | | | 1,999,026 |
2.40%, 12/01/2038 (Callable 10/01/2024)(a) | | | 2,865,000 | | | 2,529,316 |
Ohio Higher Educational Facility Commission
| | | | | | |
5.00%, 03/01/2025 | | | 545,000 | | | 544,647 |
5.00%, 05/01/2026 | | | 200,000 | | | 205,905 |
5.00%, 05/01/2027 (Callable 05/01/2026) | | | 610,000 | | | 623,934 |
5.00%, 05/01/2028 (Callable 05/01/2026) | | | 475,000 | | | 485,316 |
Ohio Housing Finance Agency
| | | | | | |
3.35%, 07/01/2025(a) | | | 2,240,000 | | | 2,240,000 |
4.00%, 11/01/2025(a) | | | 4,300,000 | | | 4,290,039 |
5.00%, 08/01/2026 (Callable 08/01/2025)(a) | | | 3,159,000 | | | 3,185,561 |
5.00%, 12/01/2026(a) | | | 1,665,000 | | | 1,683,996 |
5.00%, 06/01/2027 (Callable 06/01/2026)(a) | | | 2,400,000 | | | 2,451,686 |
3.20%, 09/01/2036 (Callable 09/01/2025) | | | 585,000 | | | 525,935 |
2.90%, 09/01/2045 (Callable 03/01/2029) | | | 6,510,000 | | | 5,099,889 |
4.00%, 03/01/2047 (Callable 09/01/2025) | | | 245,000 | | | 243,665 |
Ohio Turnpike & Infrastructure Commission
| | | | | | |
5.70%, 02/15/2034 (Callable 02/15/2031) | | | 2,350,000 | | | 2,705,139 |
5.80%, 02/15/2036 (Callable 02/15/2031) | | | 410,000 | | | 474,204 |
Port of Greater Cincinnati Development Authority
| | | | | | |
5.00%, 12/01/2030 | | | 235,000 | | | 255,060 |
5.00%, 12/01/2032 | | | 575,000 | | | 637,403 |
5.00%, 12/01/2033 | | | 400,000 | | | 446,075 |
5.00%, 12/01/2035 (Callable 06/01/2034) | | | 440,000 | | | 492,864 |
5.00%, 12/01/2038 (Callable 06/01/2034) | | | 355,000 | | | 388,523 |
5.00%, 12/01/2042 (Callable 06/01/2034) | | | 470,000 | | | 504,296 |
5.00%, 12/01/2043 (Callable 06/01/2034) | | | 250,000 | | | 266,768 |
5.00%, 12/01/2044 (Callable 06/01/2034) | | | 545,000 | | | 579,926 |
4.38%, 12/01/2058 (Callable 06/01/2034) | | | 1,000,000 | | | 990,507 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Ohio - (Continued)
|
State of Ohio
| | | | | | |
5.00%, 11/15/2035 (Callable 11/15/2030) | | | $ 605,000 | | | $ 624,223 |
5.00%, 12/31/2035 (Callable 06/30/2025)(c) | | | 9,265,000 | | | 9,321,271 |
4.00%, 11/15/2036 (Callable 11/15/2030) | | | 635,000 | | | 604,226 |
2.75%, 01/01/2052(a) | | | 1,495,000 | | | 1,442,607 |
Summit County Development Finance Authority,
5.50%, 12/01/2043 (Callable 12/01/2033) | | | 1,000,000 | | | 1,079,134 |
Tolles Career & Technical Center, 5.25%, 12/01/2049 (Callable 12/01/2031) | | | 2,500,000 | | | 2,676,527 |
Township of Miami OH/Montgomery County,
3.00%, 12/01/2033 (Callable 12/01/2029) | | | 80,000 | | | 74,223 |
Triway Local School District,
4.00%, 12/01/2038 (Callable 12/01/2028) | | | 1,580,000 | | | 1,575,366 |
Village of Bluffton OH
| | | | | | |
5.00%, 12/01/2026 | | | 1,890,000 | | | 1,929,048 |
5.00%, 12/01/2027 | | | 1,340,000 | | | 1,378,745 |
| | | | | | 122,742,637 |
Oklahoma - 1.5%
|
Caddo County Educational Facilities Authority
| | | | | | |
5.00%, 09/01/2031 | | | 1,025,000 | | | 1,081,410 |
5.00%, 09/01/2032 | | | 500,000 | | | 530,335 |
Canadian County Educational Facilities Authority, 5.25%, 09/01/2034 (Callable 09/01/2033) | | | 6,095,000 | | | 6,846,993 |
Cleveland County Educational Facilities Authority,
5.00%, 06/01/2033 | | | 390,000 | | | 436,086 |
Creek County Educational Facilities Authority, 5.00%, 09/01/2041 (Callable 09/01/2034) | | | 1,885,000 | | | 2,087,453 |
Garfield County Educational Facilities Authority,
5.00%, 09/01/2030 (Callable 09/01/2026) | | | 3,165,000 | | | 3,231,203 |
Grand River Dam Authority,
5.00%, 06/01/2032 (Callable 12/01/2026) | | | 2,210,000 | | | 2,275,361 |
Muskogee Industrial Trust,
4.00%, 09/01/2033 (Callable 09/01/2029) | | | 5,415,000 | | | 5,235,320 |
Oklahoma County Finance Authority
| | | | | | |
5.00%, 10/01/2037 (Callable 10/01/2034) | | | 1,000,000 | | | 1,132,238 |
| | | | | | | |
| | | | | | | |
5.00%, 10/01/2038 (Callable 10/01/2034) | | | $ 1,000,000 | | | $ 1,122,345 |
5.00%, 10/01/2039 (Callable 10/01/2034) | | | 1,000,000 | | | 1,117,999 |
5.00%, 10/01/2040 (Callable 10/01/2034) | | | 1,500,000 | | | 1,663,366 |
5.00%, 10/01/2041 (Callable 10/01/2034) | | | 2,000,000 | | | 2,212,646 |
Oklahoma Development Finance Authority, 4.40%, 08/15/2031 (Callable 07/01/2024)(a) | | | 2,400,000 | | | 2,400,000 |
Oklahoma Housing Finance Agency
| | | | | | |
3.50%, 03/01/2031 | | | 200,000 | | | 195,247 |
3.70%, 09/01/2033 (Callable 03/01/2031) | | | 350,000 | | | 345,285 |
3.75%, 09/01/2034 (Callable 03/01/2031) | | | 395,000 | | | 391,529 |
3.00%, 09/01/2039 (Callable 03/01/2028) | | | 130,000 | | | 111,515 |
5.00%, 03/01/2052 (Callable 03/01/2031) | | | 2,815,000 | | | 2,884,531 |
6.50%, 09/01/2054 (Callable 09/01/2032) | | | 1,250,000 | | | 1,396,590 |
Oklahoma Turnpike Authority
| | | | | | |
5.00%, 01/01/2037 (Callable 01/01/2026) | | | 400,000 | | | 408,203 |
4.50%, 01/01/2053 (Callable 01/01/2032) | | | 3,000,000 | | | 3,058,436 |
Pottawatomie County Facilities Authority, 4.00%, 09/01/2026 | | | 660,000 | | | 660,955 |
Tulsa County Independent School District No 3 Broken Arrow, 4.50%, 03/01/2025 | | | 2,800,000 | | | 2,817,609 |
Tulsa County Independent School District No 9 Union, 0.05%, 04/01/2026 | | | 1,000,000 | | | 934,529 |
University of Oklahoma, 5.00%, 07/01/2033 (Callable 07/01/2025) | | | 1,500,000 | | | 1,516,251 |
| | | | | | 46,093,435 |
Oregon - 0.8%
|
Astoria Hospital Facilities Authority, 5.00%, 08/01/2034 (Callable 02/01/2034) | | | 5,055,000 | | | 5,596,069 |
City of Eugene OR Electric Utility System Revenue, 5.00%, 08/01/2049 (Callable 08/01/2034) | | | 1,250,000 | | | 1,359,249 |
Clackamas Community College District, 5.00%, 06/15/2039 (Callable 06/15/2027) | | | 500,000 | | | 516,073 |
County of Crook OR
| | | | | | |
0.00%, 06/01/2032 | | | 1,045,000 | | | 972,669 |
0.00%, 06/01/2034 (Callable 06/01/2032) | | | 1,345,000 | | | 1,246,895 |
0.00%, 06/01/2035 (Callable 06/01/2032) | | | 1,510,000 | | | 1,397,253 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Oregon - (Continued)
|
Hillsboro School District No 1J, 5.00%, 06/15/2037 (Callable 06/15/2027) | | | $ 2,000,000 | | | $ 2,082,455 |
Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow,
0.00%, 06/15/2031 (Callable 06/15/2029)(e) | | | 110,000 | | | 83,272 |
Multnomah County School District No 40, 0.00%, 06/15/2035 (Callable 06/15/2033)(e) | | | 1,000,000 | | | 655,453 |
Oregon State Business Development Commission, 3.80%, 12/01/2040 (Callable 02/01/2028)(a) | | | 1,000,000 | | | 1,004,691 |
Oregon State Facilities Authority
| | | | | | |
5.00%, 10/01/2027 | | | 125,000 | | | 127,770 |
4.13%, 06/01/2052 (Callable 06/01/2032) | | | 600,000 | | | 581,063 |
Salem Hospital Facility Authority
| | | | | | |
5.00%, 05/15/2025 | | | 130,000 | | | 130,488 |
5.00%, 05/15/2026 | | | 135,000 | | | 136,361 |
5.00%, 05/15/2035 (Callable 05/15/2026) | | | 500,000 | | | 509,883 |
State of Oregon Housing & Community Services Department
| | | | | | |
2.90%, 07/01/2043 (Callable 07/01/2027) | | | 3,000,000 | | | 2,439,497 |
4.00%, 07/01/2051 (Callable 01/01/2031) | | | 5,405,000 | | | 5,368,929 |
Umatilla County School District No. 6R, 5.00%, 06/15/2035 (Callable 06/15/2027) | | | 540,000 | | | 568,146 |
| | | | | | 24,776,216 |
Pennsylvania - 2.5%
|
Allegheny County Higher Education Building Authority
| | | | | | |
5.00%, 09/01/2024 | | | 260,000 | | | 259,962 |
5.00%, 09/01/2025 | | | 450,000 | | | 450,804 |
5.00%, 09/01/2026 | | | 400,000 | | | 395,021 |
5.00%, 09/01/2027 | | | 500,000 | | | 491,886 |
Allentown City School District, 5.00%, 06/01/2034 (Callable 06/01/2026) | | | 1,710,000 | | | 1,738,654 |
Bloomsburg Area School District, 4.00%, 09/01/2030 (Callable 08/01/2024) | | | 250,000 | | | 250,010 |
Bucks County Industrial Development Authority
| | | | | | |
5.00%, 07/01/2026 | | | 475,000 | | | 471,332 |
5.00%, 07/01/2027 | | | 475,000 | | | 468,768 |
Chester County Industrial Development Authority
| | | | | | |
5.00%, 03/01/2027 (Callable 09/01/2026) | | | 2,050,000 | | | 2,069,572 |
| | | | | | | |
| | | | | | | |
5.00%, 08/01/2045 (Callable 08/01/2024) | | | $ 750,000 | | | $ 725,300 |
Chester County School Authority
| | | | | | |
5.00%, 04/01/2037 (Callable 04/01/2031) | | | 650,000 | | | 708,191 |
5.00%, 04/01/2038 (Callable 04/01/2031) | | | 1,000,000 | | | 1,082,589 |
City of Erie Higher Education Building Authority
| | | | | | |
5.00%, 05/01/2031 | | | 175,000 | | | 178,093 |
4.00%, 05/01/2036 (Callable 05/01/2031) | | | 575,000 | | | 528,862 |
City of Oil City PA
| | | | | | |
4.00%, 12/01/2031 (Callable 12/01/2029) | | | 100,000 | | | 102,423 |
4.00%, 12/01/2035 (Callable 12/01/2029) | | | 275,000 | | | 279,085 |
City of Philadelphia PA Airport Revenue, 5.00%,
07/01/2025(c) | | | 3,000,000 | | | 3,035,410 |
Coatesville School District,
5.00%, 11/15/2031 (Callable 11/15/2030) | | | 4,395,000 | | | 4,743,699 |
Commonwealth Financing Authority, 4.00%, 06/01/2039 (Callable 06/01/2028) | | | 1,670,000 | | | 1,680,211 |
Dallas Area Municipal Authority, 5.00%, 05/01/2029 (Callable 07/22/2024) | | | 2,855,000 | | | 2,841,694 |
Dauphin County General Authority, 5.00%, 06/01/2029 (Callable 06/01/2026) | | | 690,000 | | | 704,550 |
Delaware Valley Regional Finance Authority, 4.54% (1 mo. Term SOFR + 0.88%), 09/01/2048 (Callable 09/01/2024) | | | 1,000,000 | | | 1,000,464 |
East Hempfield Township Industrial Development Authority,
5.00%, 12/01/2025 | | | 225,000 | | | 227,835 |
Erie Parking Authority,
4.00%, 09/01/2038 (Callable 09/01/2030) | | | 250,000 | | | 248,634 |
Hamburg Area School District
| | | | | | |
3.00%, 04/01/2034 (Callable 10/01/2026) | | | 1,000,000 | | | 925,215 |
3.00%, 04/01/2036 (Callable 10/01/2026) | | | 1,400,000 | | | 1,273,924 |
Indiana County Industrial Development Authority
| | | | | | |
5.00%, 05/01/2030 | | | 1,040,000 | | | 1,104,229 |
5.00%, 05/01/2032 (Callable 11/01/2031) | | | 920,000 | | | 977,203 |
Lancaster County Convention Center Authority
| | | | | | |
4.00%, 05/01/2038 (Callable 05/01/2032) | | | 1,645,000 | | | 1,680,477 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Pennsylvania - (Continued)
|
4.38%, 05/01/2042 (Callable 05/01/2032) | | | $ 1,000,000 | | | $ 1,016,332 |
Lancaster County Hospital Authority/PA
| | | | | | |
5.00%, 11/01/2037 (Callable 11/01/2029) | | | 600,000 | | | 634,599 |
5.00%, 11/01/2040 (Callable 11/01/2029) | | | 3,100,000 | | | 3,237,672 |
Latrobe Industrial Development Authority
| | | | | | |
5.00%, 03/01/2031 | | | 175,000 | | | 178,212 |
5.00%, 03/01/2032 (Callable 03/01/2031) | | | 265,000 | | | 269,744 |
5.00%, 03/01/2033 (Callable 03/01/2031) | | | 290,000 | | | 295,645 |
5.00%, 03/01/2034 (Callable 03/01/2031) | | | 300,000 | | | 306,028 |
Lycoming County Authority,
4.75%, 11/01/2043(a) | | | 1,200,000 | | | 1,202,196 |
Montgomery County Higher Education and Health Authority, 5.00%, 09/01/2037 (Callable 09/01/2028) | | | 1,000,000 | | | 1,039,961 |
Montgomery County Industrial Development Authority/PA, 3.50%, 11/15/2029 (Callable 08/01/2024)(a) | | | 1,735,000 | | | 1,735,000 |
Old Forge School District,
4.00%, 05/01/2045 (Callable 05/01/2027) | | | 530,000 | | | 519,152 |
Panther Valley School District, 4.00%, 10/15/2033 (Callable 10/15/2028) | | | 185,000 | | | 186,939 |
Pennsylvania Economic Development Financing Authority
| | | | | | |
5.00%, 06/30/2030(c) | | | 1,245,000 | | | 1,314,838 |
5.00%, 12/31/2030(c) | | | 1,000,000 | | | 1,060,164 |
4.00%, 11/15/2034 (Callable 11/15/2027) | | | 1,000,000 | | | 1,005,376 |
Pennsylvania Economic Development Financing Authority Parking System Revenue
| | | | | | |
5.00%, 01/01/2029 | | | 500,000 | | | 525,997 |
5.00%, 01/01/2029 | | | 100,000 | | | 105,199 |
5.00%, 01/01/2030 | | | 500,000 | | | 532,342 |
5.00%, 01/01/2030 | | | 155,000 | | | 165,026 |
5.00%, 01/01/2031 | | | 510,000 | | | 550,082 |
5.00%, 01/01/2031 | | | 160,000 | | | 172,575 |
5.00%, 01/01/2032 | | | 1,000,000 | | | 1,089,416 |
5.00%, 01/01/2033 (Callable 01/01/2032) | | | 1,425,000 | | | 1,542,979 |
0.00%, 01/01/2034(e) | | | 3,410,000 | | | 2,322,177 |
0.00%, 01/01/2034(e) | | | 1,680,000 | | | 1,165,576 |
0.00%, 01/01/2039(e) | | | 3,640,000 | | | 2,003,743 |
| | | | | | | |
| | | | | | | |
4.25%, 01/01/2050 (Callable 01/01/2032) | | | $ 2,000,000 | | | $ 1,948,366 |
Pennsylvania Higher Educational Facilities Authority
| | | | | | |
5.00%, 07/01/2035 (Callable 07/01/2026) | | | 300,000 | | | 289,656 |
5.00%, 08/15/2042 (Callable 08/15/2027) | | | 1,350,000 | | | 1,381,919 |
Pennsylvania Housing Finance Agency
| | | | | | |
3.50%, 10/01/2046 (Callable 10/01/2025) | | | 70,000 | | | 69,478 |
4.00%, 10/01/2049 (Callable 10/01/2028) | | | 655,000 | | | 651,854 |
4.25%, 10/01/2052 (Callable 04/01/2032) | | | 4,950,000 | | | 4,954,350 |
Pennsylvania Turnpike Commission
| | | | | | |
0.00%, 12/01/2037 (Callable 12/01/2035) | | | 575,000 | | | 548,772 |
4.75%, 12/01/2037 (Callable 12/01/2026) | | | 600,000 | | | 612,340 |
5.00%, 12/01/2038 (Callable 12/01/2028) | | | 2,480,000 | | | 2,624,742 |
6.38%, 12/01/2038 (Callable 12/01/2027) | | | 4,385,000 | | | 4,774,706 |
5.13%, 12/01/2040 (Callable 06/01/2029) | | | 795,000 | | | 842,761 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, 5.25%, 12/01/2044 (Callable 12/01/2028) | | | 500,000 | | | 527,694 |
Philadelphia Gas Works Co.,
4.00%, 08/01/2039 (Callable 08/01/2030) | | | 1,250,000 | | | 1,259,851 |
Ridley School District
| | | | | | |
4.00%, 09/15/2031 (Callable 03/15/2025) | | | 830,000 | | | 830,843 |
4.00%, 11/15/2037 (Callable 11/15/2029) | | | 325,000 | | | 324,985 |
5.00%, 11/15/2044 (Callable 05/15/2032) | | | 1,000,000 | | | 1,070,083 |
5.00%, 11/15/2044 (Callable 05/15/2032) | | | 1,000,000 | | | 1,070,083 |
5.00%, 11/15/2050 (Callable 05/15/2032) | | | 2,150,000 | | | 2,269,291 |
School District of Philadelphia
| | | | | | |
5.00%, 09/01/2024 | | | 600,000 | | | 601,056 |
5.00%, 09/01/2032 (Callable 09/01/2025) | | | 575,000 | | | 581,786 |
4.00%, 09/01/2037 (Callable 09/01/2029) | | | 1,000,000 | | | 1,008,645 |
Sports & Exhibition Authority of Pittsburgh & Allegheny County
| | | | | | |
5.00%, 12/15/2028 (Callable 12/15/2027) | | | 500,000 | | | 523,030 |
5.00%, 02/01/2031 | | | 3,175,000 | | | 3,474,101 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Pennsylvania - (Continued)
|
5.00%, 02/01/2034 (Callable 02/01/2032) | | | $ 4,000,000 | | | $ 4,398,318 |
State Public School Building Authority
| | | | | | |
0.00%, 05/15/2027(e) | | | 160,000 | | | 142,472 |
0.00%, 05/15/2030(e) | | | 1,780,000 | | | 1,409,400 |
Steelton-Highspire School District, 4.00%, 11/15/2032 (Callable 11/15/2029) | | | 1,295,000 | | | 1,301,834 |
Township of Lower Paxton PA, 5.00%, 04/01/2049 (Callable 04/01/2032) | | | 500,000 | | | 525,396 |
Tulpehocken Area School District, 5.25%, 10/01/2049 (Callable 10/01/2031) | | | 1,000,000 | | | 1,064,791 |
University Area Joint Authority
| | | | | | |
5.00%, 11/01/2037 (Callable 11/01/2029) | | | 1,965,000 | | | 2,094,850 |
5.00%, 11/01/2038 (Callable 11/01/2029) | | | 1,880,000 | | | 1,996,153 |
Upper Moreland Township School District, 5.00%, 10/01/2030 (Callable 04/01/2025) | | | 250,000 | | | 252,716 |
Westmoreland County Industrial Development Authority/PA
| | | | | | |
5.00%, 07/01/2029 | | | 725,000 | | | 743,082 |
5.00%, 07/01/2030 | | | 825,000 | | | 845,954 |
York Suburban School District, 4.00%, 05/01/2030 (Callable 08/01/2024) | | | 1,780,000 | | | 1,780,075 |
| | | | | | 103,616,500 |
Puerto Rico - 0.1%
|
Puerto Rico Electric Power Authority, 5.00%, 07/01/2024 | | | 2,100,000 | | | 2,100,000 |
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth
| | | | | | |
5.00%, 07/01/2028 | | | 135,000 | | | 139,184 |
5.00%, 07/01/2034 (Callable 07/01/2031) | | | 200,000 | | | 211,430 |
5.00%, 07/01/2035 (Callable 07/01/2031) | | | 200,000 | | | 211,288 |
| | | | | | 2,661,902 |
Rhode Island - 0.1%
|
Rhode Island Commerce Corp., 5.00%, 07/01/2033 (Callable 07/01/2028) | | | 950,000 | | | 1,004,322 |
Rhode Island Health and Educational Building Corp.,
4.00%, 09/15/2031 (Callable 09/15/2026) | | | 125,000 | | | 125,836 |
| | | | | | | |
| | | | | | | |
Rhode Island Housing & Mortgage Finance Corp.,
3.00%, 10/01/2051 (Callable 04/01/2030) | | | $ 2,200,000 | | | $ 2,125,460 |
Rhode Island Student Loan Authority
| | | | | | |
5.00%, 12/01/2027(c) | | | 1,000,000 | | | 1,034,954 |
5.00%, 12/01/2028(c) | | | 1,000,000 | | | 1,045,972 |
| | | | | | 5,336,544 |
South Carolina - 1.1%
|
Allendale County School District/SC,
5.00%, 12/01/2024 | | | 500,000 | | | 501,813 |
County of Florence SC,
5.00%, 11/01/2033 (Callable 11/01/2024) | | | 250,000 | | | 250,568 |
Lexington County Health Services District, Inc., 5.00%, 11/01/2036 (Callable 05/01/2026) | | | 1,000,000 | | | 1,015,157 |
Patriots Energy Group Financing Agency, 5.25%, 10/01/2054 (Callable 05/01/2031)(a) | | | 2,000,000 | | | 2,142,155 |
Saluda County School District No 1/SC, 6.00%, 08/30/2024 | | | 4,320,000 | | | 4,333,237 |
Scago Educational Facilities Corp. for Cherokee School District No 1, 5.00%, 12/01/2028 (Callable 06/01/2025) | | | 1,230,000 | | | 1,240,598 |
SCAGO Educational Facilities Corp. for Pickens School District, 5.00%, 12/01/2029 (Callable 06/01/2025) | | | 675,000 | | | 681,467 |
South Carolina Jobs-Economic Development Authority
| | | | | | |
5.25%, 11/15/2028 (Callable 05/15/2025) | | | 3,350,000 | | | 3,363,099 |
5.00%, 05/01/2029 (Callable 05/01/2028) | | | 1,080,000 | | | 1,126,083 |
5.75%, 11/15/2029 (Callable 05/15/2025) | | | 2,200,000 | | | 2,147,336 |
4.00%, 08/15/2030 (Callable 08/15/2026) | | | 270,000 | | | 262,823 |
5.25%, 08/15/2033 (Callable 08/15/2026) | | | 2,500,000 | | | 2,552,277 |
5.25%, 07/01/2037 (Callable 07/01/2026) | | | 100,000 | | | 101,509 |
South Carolina State Housing Finance & Development Authority
| | | | | | |
3.80%, 01/01/2049 (Callable 07/01/2027) | | | 130,000 | | | 119,940 |
4.00%, 07/01/2050 (Callable 07/01/2029) | | | 1,970,000 | | | 1,957,325 |
3.00%, 01/01/2052 (Callable 07/01/2030) | | | 7,540,000 | | | 7,295,842 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
South Carolina - (Continued)
|
Spartanburg Regional Health Services District
| | | | | | |
4.00%, 04/15/2036 (Callable 04/15/2030) | | | $ 445,000 | | | $ 448,384 |
4.00%, 04/15/2037 (Callable 04/15/2030) | | | 500,000 | | | 500,082 |
4.00%, 04/15/2038 (Callable 04/15/2030) | | | 500,000 | | | 496,166 |
Williamsburg County Public Facilities Corp.,
4.00%, 06/01/2032 (Callable 06/01/2030) | | | 490,000 | | | 500,395 |
| | | | | | 31,036,256 |
South Dakota - 0.5%
|
City of Brandon SD Sales Tax Revenue, 5.00%, 08/01/2037 (Callable 08/01/2030) | | | 1,880,000 | | | 1,995,736 |
City of Rapid City SD Airport Revenue, 4.00%, 12/01/2035 (Callable 12/01/2029) | | | 3,260,000 | | | 3,125,961 |
County of Minnehaha SD,
5.00%, 12/01/2041 (Callable 12/01/2032) | | | 1,000,000 | | | 1,100,855 |
South Dakota Health & Educational Facilities Authority
| | | | | | |
3.00%, 09/01/2029 (Callable 09/01/2028) | | | 380,000 | | | 355,239 |
3.00%, 09/01/2030 (Callable 09/01/2028) | | | 175,000 | | | 161,526 |
4.00%, 11/01/2034 (Callable 11/01/2024) | | | 4,390,000 | | | 4,339,273 |
4.00%, 11/01/2040 (Callable 11/01/2025) | | | 325,000 | | | 316,212 |
3.00%, 09/01/2041 (Callable 09/01/2028) | | | 250,000 | | | 195,537 |
South Dakota Housing Development Authority
| | | | | | |
4.00%, 05/01/2049 (Callable 05/01/2028) | | | 1,145,000 | | | 1,138,287 |
6.25%, 05/01/2055 (Callable 05/01/2032) | | | 995,000 | | | 1,080,590 |
| | | | | | 13,809,216 |
Tennessee - 3.0%
|
Chattanooga Health Educational & Housing Facility Board
| | | | | | |
3.80%, 12/01/2029(a) | | | 1,900,000 | | | 1,902,635 |
4.25%, 05/01/2039 (Callable 07/01/2024)(a) | | | 4,000,000 | | | 4,000,000 |
City of Clarksville TN Electric System Revenue,
4.13%, 09/01/2039 (Callable 09/01/2032) | | | 1,000,000 | | | 1,030,271 |
| | | | | | | |
| | | | | | | |
City of Jackson TN
| | | | | | |
5.00%, 04/01/2029 (Callable 04/01/2025) | | | $ 1,125,000 | | | $ 1,131,985 |
5.00%, 04/01/2029 (Callable 04/01/2025) | | | 30,000 | | | 30,252 |
5.00%, 04/01/2036 (Callable 04/01/2025) | | | 3,205,000 | | | 3,217,822 |
5.00%, 04/01/2036 (Callable 04/01/2025) | | | 60,000 | | | 60,504 |
City of Memphis TN Gas Revenue
| | | | | | |
4.00%, 12/01/2033 (Callable 12/01/2026) | | | 1,300,000 | | | 1,303,298 |
4.00%, 12/01/2033 (Callable 12/01/2027) | | | 480,000 | | | 485,372 |
4.00%, 12/01/2034 (Callable 12/01/2026) | | | 1,310,000 | | | 1,315,336 |
Cleveland Housing Authority, 4.00%, 08/01/2026(a)(b) | | | 3,380,000 | | | 3,398,586 |
County of Putnam TN,
2.00%, 04/01/2035 (Callable 04/01/2030) | | | 3,875,000 | | | 3,130,380 |
Knox County Health Educational & Housing Facility Board
| | | | | | |
5.00%, 01/01/2025 (Callable 08/01/2024) | | | 1,190,000 | | | 1,190,873 |
5.00%, 01/01/2026 (Callable 08/01/2024) | | | 145,000 | | | 146,260 |
0.65%, 12/01/2026(a) | | | 1,200,000 | | | 1,176,042 |
3.95%, 12/01/2027(a) | | | 2,475,000 | | | 2,475,957 |
5.00%, 07/01/2031 | | | 185,000 | | | 201,904 |
5.00%, 07/01/2033 | | | 675,000 | | | 749,800 |
Knoxville’s Community Development Corp.,
4.25%, 10/01/2024 | | | 500,000 | | | 500,310 |
Memphis-Shelby County Airport Authority, 5.00%,
07/01/2025(c) | | | 2,350,000 | | | 2,376,355 |
Memphis-Shelby County Industrial Development Board,
4.00%, 04/01/2038 (Callable 04/01/2031) | | | 535,000 | | | 544,567 |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd
| | | | | | |
3.00%, 10/01/2024 | | | 70,000 | | | 69,616 |
5.00%, 12/01/2026 (Callable 12/01/2025)(a) | | | 2,492,000 | | | 2,520,431 |
5.00%, 05/01/2037 (Callable 05/01/2033) | | | 720,000 | | | 789,710 |
5.00%, 05/01/2039 (Callable 05/01/2033) | | | 500,000 | | | 542,440 |
5.00%, 05/01/2040 (Callable 05/01/2033) | | | 725,000 | | | 783,155 |
5.25%, 05/01/2053 (Callable 05/01/2033) | | | 2,000,000 | | | 2,126,789 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Tennessee - (Continued)
|
Metropolitan Government Nashville & Davidson County Sports Authority
| | | | | | |
5.00%, 07/01/2036 (Callable 01/01/2034) | | | $ 1,695,000 | | | $ 1,913,258 |
5.00%, 07/01/2036 (Callable 01/01/2034) | | | 500,000 | | | 562,310 |
5.00%, 07/01/2037 (Callable 01/01/2034) | | | 1,000,000 | | | 1,124,846 |
Metropolitan Government of Nashville & Davidson County TN
| | | | | | |
4.00%, 07/01/2032 (Callable 07/01/2027) | | | 1,750,000 | | | 1,769,870 |
3.00%, 01/01/2034 (Callable 01/01/2031) | | | 2,010,000 | | | 1,882,672 |
Metropolitan Nashville Airport Authority, 5.00%, 07/01/2032 (Callable 07/01/2025)(c) | | | 1,350,000 | | | 1,363,050 |
Tennergy Corp./TN
| | | | | | |
5.50%, 12/01/2030 | | | 3,470,000 | | | 3,657,772 |
5.50%, 10/01/2053 (Callable 09/01/2030)(a) | | | 11,550,000 | | | 12,340,606 |
Tennessee Energy Acquisition Corp., 5.00%, 02/01/2027 | | | 195,000 | | | 198,021 |
Tennessee Housing Development Agency
| | | | | | |
3.60%, 01/01/2031 (Callable 07/22/2024) | | | 1,105,000 | | | 1,079,315 |
3.10%, 07/01/2036 (Callable 01/01/2026) | | | 245,000 | | | 215,681 |
3.55%, 07/01/2039 (Callable 07/22/2024) | | | 180,000 | | | 166,163 |
4.00%, 01/01/2042 (Callable 07/01/2026) | | | 75,000 | | | 74,529 |
3.60%, 07/01/2042 (Callable 01/01/2027) | | | 205,000 | | | 184,728 |
4.00%, 07/01/2043 (Callable 07/22/2024) | | | 100,000 | | | 96,192 |
4.45%, 07/01/2043 (Callable 07/01/2032) | | | 2,300,000 | | | 2,300,695 |
3.50%, 07/01/2045 (Callable 01/01/2025) | | | 1,835,000 | | | 1,818,417 |
4.00%, 07/01/2045 (Callable 01/01/2025) | | | 25,000 | | | 24,909 |
3.50%, 01/01/2047 (Callable 01/01/2026) | | | 20,000 | | | 19,810 |
4.50%, 07/01/2049 (Callable 01/01/2028) | | | 430,000 | | | 431,132 |
3.75%, 01/01/2050 (Callable 01/01/2029) | | | 710,000 | | | 701,286 |
4.25%, 01/01/2050 (Callable 07/01/2028) | | | 460,000 | | | 459,285 |
5.00%, 01/01/2053 (Callable 07/01/2031) | | | 2,595,000 | | | 2,656,910 |
| | | | | | | |
| | | | | | | |
6.25%, 01/01/2054 (Callable 07/01/2032) | | | $13,450,000 | | | $ 14,580,742 |
| | | | | | 86,822,849 |
Texas - 11.9%
|
Alamo Community College District
| | | | | | |
5.00%, 08/15/2038 (Callable 08/15/2027) | | | 1,040,000 | | | 1,082,682 |
4.50%, 08/15/2042 (Callable 08/15/2031) | | | 750,000 | | | 780,305 |
Alvarado Independent School District/TX,
2.75%, 02/15/2052(a) | | | 500,000 | | | 493,708 |
Arlington Higher Education Finance Corp.
| | | | | | |
4.00%, 08/15/2028 (Callable 08/15/2026) | | | 250,000 | | | 251,197 |
5.00%, 08/15/2028 | | | 980,000 | | | 1,050,289 |
4.00%, 08/15/2029 | | | 325,000 | | | 329,458 |
5.00%, 08/15/2029 | | | 560,000 | | | 601,426 |
4.00%, 08/15/2030 | | | 415,000 | | | 421,326 |
5.00%, 08/15/2030 | | | 605,000 | | | 657,771 |
5.00%, 08/15/2031 | | | 585,000 | | | 642,577 |
5.00%, 08/15/2032 | | | 660,000 | | | 731,805 |
4.00%, 08/15/2036 (Callable 08/15/2029) | | | 1,150,000 | | | 1,164,125 |
4.00%, 08/15/2037 (Callable 08/15/2031) | | | 765,000 | | | 780,564 |
4.00%, 02/15/2040 (Callable 02/15/2025) | | | 805,000 | | | 779,398 |
4.13%, 08/15/2042 (Callable 08/15/2031) | | | 2,920,000 | | | 2,954,940 |
Arlington Housing Finance Corp.
| | | | | | |
4.50%, 04/01/2041 (Callable 04/01/2026)(a) | | | 5,415,000 | | | 5,460,797 |
3.50%, 11/01/2043 (Callable 05/01/2025)(a) | | | 5,000,000 | | | 4,983,059 |
Austin-Bergstrom Landhost Enterprises, Inc.
| | | | | | |
5.00%, 10/01/2032 (Callable 10/01/2027) | | | 1,000,000 | | | 1,020,514 |
5.00%, 10/01/2035 (Callable 10/01/2027) | | | 1,250,000 | | | 1,274,822 |
5.00%, 10/01/2036 (Callable 10/01/2027) | | | 885,000 | | | 897,660 |
Barker Cypress Municipal Utility District, 4.00%, 04/01/2028 (Callable 08/01/2024) | | | 1,125,000 | | | 1,117,123 |
Baytown Municipal Development District, 3.50%, 10/01/2031(b) | | | 1,020,000 | | | 828,102 |
Belton Independent School District, 4.00%, 02/15/2034 (Callable 02/15/2027) | | | 665,000 | | | 668,740 |
Bexar County Housing Finance Corp., 4.05%, 03/01/2028 (Callable 09/01/2025)(a) | | | 1,000,000 | | | 1,000,881 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Boerne Independent School District
| | | | | | |
3.85%, 12/01/2043(a) | | | $ 2,525,000 | | | $ 2,563,722 |
4.00%, 02/01/2054(a) | | | 2,000,000 | | | 2,048,162 |
Brazoria County Municipal Utility District No 55,
3.00%, 09/01/2042 (Callable 09/01/2027) | | | 970,000 | | | 774,088 |
Brazoria County Municipal Utility District No 61,
4.00%, 09/01/2036 (Callable 09/01/2028) | | | 685,000 | | | 672,993 |
Brazoria County Toll Road Authority, 0.00%, 03/01/2040 (Callable 03/01/2030) | | | 1,400,000 | | | 1,294,099 |
Brazos County Municipal Utility District No 1
| | | | | | |
4.00%, 09/01/2035 (Callable 09/01/2030) | | | 275,000 | | | 274,873 |
4.00%, 09/01/2036 (Callable 09/01/2030) | | | 290,000 | | | 289,217 |
4.00%, 09/01/2037 (Callable 09/01/2030) | | | 305,000 | | | 303,153 |
Brookfield Water Control & Improvement District,
4.00%, 09/01/2049 (Callable 09/01/2030) | | | 1,155,000 | | | 1,097,171 |
Capital Area Housing Finance Corp., 3.65%, 01/01/2041 (Callable 07/01/2025)(a) | | | 1,050,000 | | | 1,043,030 |
Cedar Port Navigation & Improvement District
| | | | | | |
5.00%, 09/01/2025 | | | 1,700,000 | | | 1,720,230 |
5.00%, 09/01/2026 | | | 1,700,000 | | | 1,752,769 |
Central Texas Regional Mobility Authority, 4.00%, 01/01/2040 (Callable 01/01/2031) | | | 1,250,000 | | | 1,254,212 |
Central Texas Turnpike System
| | | | | | |
0.00%, 08/15/2026(e) | | | 5,000,000 | | | 4,625,894 |
0.00%, 08/15/2036 (Callable 08/15/2024)(e) | | | 1,000,000 | | | 580,737 |
Chisum Independent School District, 4.00%, 08/15/2048 (Callable 08/15/2032) | | | 1,450,000 | | | 1,400,561 |
City of Arlington TX Special Tax Revenue, 5.00%, 02/15/2034 (Callable 02/15/2025) | | | 825,000 | | | 829,664 |
City of Austin TX Airport System Revenue, 5.00%,
11/15/2025(c) | | | 1,000,000 | | | 1,015,610 |
City of Bryan TX Rural Electric System Revenue,
4.00%, 07/01/2040 (Callable 07/01/2027) | | | 250,000 | | | 243,041 |
| | | | | | | |
| | | | | | | |
City of Conroe TX,
5.00%, 11/15/2036 (Callable 11/15/2028) | | | $ 500,000 | | | $ 533,254 |
City of Dallas Housing Finance Corp.
| | | | | | |
5.00%, 07/01/2026 (Callable 12/01/2025)(a) | | | 2,750,000 | | | 2,786,670 |
3.50%, 02/01/2044 (Callable 06/01/2025)(a) | | | 1,000,000 | | | 986,409 |
City of Fort Worth TX,
5.00%, 09/01/2044 (Callable 09/01/2031) | | | 860,000 | | | 899,407 |
City of Friendswood TX Waterworks & Sewer System Revenue, 3.00%, 03/01/2034 (Callable 03/01/2031) | | | 700,000 | | | 632,960 |
City of Hondo TX,
5.00%, 02/01/2037 (Callable 02/01/2033) | | | 300,000 | | | 330,011 |
City of Houston TX,
5.50%, 12/01/2029 | | | 500,000 | | | 538,538 |
City of Hutto TX,
4.25%, 08/01/2047 (Callable 08/01/2032) | | | 1,205,000 | | | 1,185,121 |
City of Magnolia TX,
5.70%, 09/01/2046(b) | | | 955,000 | | | 946,074 |
City of Manvel TX,
5.25%, 02/15/2039 (Callable 02/15/2033) | | | 1,045,000 | | | 1,185,742 |
City of Mesquite TX Waterworks & Sewer System Revenue
| | | | | | |
5.00%, 03/01/2039 (Callable 03/01/2032) | | | 500,000 | | | 549,921 |
5.00%, 03/01/2040 (Callable 03/01/2032) | | | 500,000 | | | 546,805 |
5.00%, 03/01/2041 (Callable 03/01/2032) | | | 500,000 | | | 543,686 |
5.00%, 03/01/2042 (Callable 03/01/2032) | | | 500,000 | | | 541,526 |
City of San Antonio TX Electric & Gas Systems Revenue
| | | | | | |
1.13%, 12/01/2045(a) | | | 600,000 | | | 546,200 |
2.00%, 02/01/2049(a) | | | 7,500,000 | | | 6,939,592 |
5.25%, 02/01/2049 (Callable 08/01/2034) | | | 1,000,000 | | | 1,099,521 |
City of Temple TX
| | | | | | |
4.00%, 08/01/2035 (Callable 08/01/2030) | | | 650,000 | | | 662,161 |
4.00%, 08/01/2037 (Callable 08/01/2030) | | | 200,000 | | | 202,537 |
4.00%, 08/01/2038 (Callable 08/01/2030) | | | 165,000 | | | 166,039 |
4.00%, 08/01/2039 (Callable 08/01/2030) | | | 435,000 | | | 435,922 |
4.00%, 08/01/2041 (Callable 08/01/2030) | | | 200,000 | | | 197,217 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Clifton Higher Education Finance Corp.
| | | | | | |
5.00%, 08/15/2025 | | | $ 360,000 | | | $ 366,137 |
4.00%, 08/15/2030 (Callable 08/15/2026) | | | 800,000 | | | 806,023 |
4.00%, 08/15/2032 (Callable 08/15/2026) | | | 600,000 | | | 604,615 |
4.00%, 08/15/2033 (Callable 08/15/2028) | | | 2,000,000 | | | 2,031,836 |
4.00%, 04/01/2034 (Callable 04/01/2030) | | | 325,000 | | | 330,166 |
5.00%, 08/15/2034 (Callable 08/15/2026) | | | 1,000,000 | | | 1,023,848 |
4.00%, 04/01/2035 (Callable 04/01/2030) | | | 250,000 | | | 253,745 |
4.00%, 08/15/2035 (Callable 08/15/2029) | | | 1,380,000 | | | 1,405,362 |
5.00%, 08/15/2036 (Callable 08/15/2026) | | | 1,000,000 | | | 1,020,163 |
Collin County Municipal Utility District No 2
| | | | | | |
4.75%, 09/01/2036 (Callable 10/01/2029) | | | 1,470,000 | | | 1,524,631 |
5.13%, 09/01/2048 (Callable 10/01/2029) | | | 1,500,000 | | | 1,544,043 |
Colony Municipal Utility District No 1A
| | | | | | |
7.00%, 08/15/2026 | | | 265,000 | | | 280,554 |
7.00%, 08/15/2029 | | | 310,000 | | | 351,174 |
5.00%, 08/15/2030 (Callable 08/15/2029) | | | 330,000 | | | 343,065 |
Colony Municipal Utility District No 1B, 4.00%, 08/15/2037 (Callable 08/15/2029) | | | 710,000 | | | 701,769 |
Comal County Water Control & Improvement District No 6
| | | | | | |
4.00%, 03/01/2031 (Callable 03/01/2028) | | | 560,000 | | | 566,745 |
4.00%, 03/01/2032 (Callable 03/01/2028) | | | 690,000 | | | 697,181 |
4.00%, 03/01/2033 (Callable 03/01/2028) | | | 720,000 | | | 726,452 |
4.38%, 03/01/2033 (Callable 03/01/2028) | | | 425,000 | | | 434,221 |
4.00%, 03/01/2034 (Callable 03/01/2028) | | | 750,000 | | | 755,720 |
4.38%, 03/01/2034 (Callable 03/01/2028) | | | 445,000 | | | 454,057 |
4.38%, 03/01/2035 (Callable 03/01/2028) | | | 475,000 | | | 484,398 |
4.38%, 03/01/2036 (Callable 03/01/2028) | | | 500,000 | | | 509,507 |
4.38%, 03/01/2037 (Callable 03/01/2028) | | | 530,000 | | | 538,910 |
| | | | | | | |
| | | | | | | |
4.38%, 03/01/2038 (Callable 03/01/2028) | | | $ 560,000 | | | $ 567,817 |
4.38%, 03/01/2042 (Callable 03/01/2028) | | | 1,250,000 | | | 1,257,279 |
4.38%, 03/01/2045 (Callable 03/01/2028) | | | 2,330,000 | | | 2,334,585 |
Conroe Municipal Management District No 1, 4.00%, 09/01/2032 (Callable 09/01/2028) | | | 410,000 | | | 411,015 |
County of Denton TX,
3.00%, 07/15/2034 (Callable 07/15/2026) | | | 885,000 | | | 835,214 |
County of Harris TX Toll Road Revenue, 5.00%, 08/15/2043 (Callable 02/15/2028) | | | 500,000 | | | 518,356 |
County of La Salle TX,
5.00%, 03/01/2034 (Callable 03/01/2027) | | | 640,000 | | | 658,662 |
County of Wise TX
| | | | | | |
5.00%, 08/15/2029 | | | 880,000 | | | 938,629 |
5.00%, 08/15/2033 (Callable 08/15/2031) | | | 930,000 | | | 1,015,774 |
Crane Independent School District
| | | | | | |
5.00%, 02/15/2037 (Callable 02/15/2032) | | | 750,000 | | | 836,153 |
5.00%, 02/15/2039 (Callable 02/15/2032) | | | 800,000 | | | 881,353 |
Dallas Fort Worth International Airport
| | | | | | |
5.00%, 11/01/2025(c) | | | 1,400,000 | | | 1,421,181 |
5.00%, 11/01/2026(c) | | | 1,250,000 | | | 1,283,398 |
Danbury Higher Education Authority, Inc.
| | | | | | |
4.00%, 02/15/2028 (Callable 02/15/2027) | | | 250,000 | | | 253,032 |
4.00%, 02/15/2031 (Callable 02/15/2027) | | | 200,000 | | | 202,821 |
Deaf Smith County Hospital District
| | | | | | |
5.00%, 03/01/2030 (Callable 03/01/2027) | | | 1,000,000 | | | 1,014,111 |
5.00%, 03/01/2034 (Callable 03/01/2027) | | | 1,120,000 | | | 1,130,634 |
4.00%, 03/01/2040 (Callable 03/01/2027) | | | 2,045,000 | | | 1,802,217 |
Deer Park Independent School District, 5.00%, 08/15/2048 (Callable 08/15/2032) | | | 1,500,000 | | | 1,623,195 |
Dickinson Independent School District, 3.50%, 08/01/2037(a) | | | 5,800,000 | | | 5,786,580 |
East Fork Fresh Water Supply District No 1-A
| | | | | | |
4.75%, 09/01/2039 (Callable 12/01/2029) | | | 240,000 | | | 243,762 |
4.75%, 09/01/2040 (Callable 12/01/2029) | | | 290,000 | | | 293,841 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
El Paso County Hospital District
| | | | | | |
5.00%, 08/15/2025 | | | $ 100,000 | | | $ 100,683 |
5.00%, 08/15/2027 | | | 2,040,000 | | | 2,075,542 |
El Paso Housing Finance Corp., 4.50%, 03/01/2026(a) | | | 1,500,000 | | | 1,501,744 |
El Paso Independent School District, 5.00%, 02/01/2040 (Callable 02/01/2026)(a) | | | 2,925,000 | | | 2,979,771 |
Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | | | 3,000,000 | | | 2,957,350 |
Fort Bend County Municipal Utility District No 134C,
3.25%, 03/01/2035 (Callable 03/01/2029) | | | 590,000 | | | 561,374 |
Fort Bend County Municipal Utility District No 134E,
4.00%, 09/01/2038 (Callable 08/01/2029) | | | 1,225,000 | | | 1,222,499 |
Fort Bend County Municipal Utility District No 141,
5.00%, 09/01/2033 (Callable 09/01/2028) | | | 1,075,000 | | | 1,121,756 |
Fort Bend County Municipal Utility District No 182
| | | | | | |
4.00%, 09/01/2031 (Callable 09/01/2029) | | | 1,190,000 | | | 1,191,497 |
4.00%, 09/01/2032 (Callable 09/01/2029) | | | 1,260,000 | | | 1,261,470 |
4.00%, 09/01/2033 (Callable 09/01/2029) | | | 1,300,000 | | | 1,300,209 |
4.00%, 09/01/2034 (Callable 09/01/2029) | | | 1,380,000 | | | 1,380,256 |
4.00%, 09/01/2035 (Callable 09/01/2029) | | | 1,430,000 | | | 1,428,448 |
4.00%, 09/01/2036 (Callable 09/01/2029) | | | 1,515,000 | | | 1,507,017 |
Fort Bend County Municipal Utility District No 184
| | | | | | |
4.25%, 04/01/2038 (Callable 04/01/2027) | | | 630,000 | | | 613,608 |
4.50%, 04/01/2040 (Callable 04/01/2027) | | | 1,055,000 | | | 1,044,283 |
4.50%, 04/01/2042 (Callable 04/01/2027) | | | 1,130,000 | | | 1,107,812 |
Fort Bend County Municipal Utility District No 215,
5.00%, 09/01/2033 (Callable 10/01/2030) | | | 1,240,000 | | | 1,315,038 |
Fort Bend County Municipal Utility District No 5, 5.75%,
09/01/2025 | | | 325,000 | | | 332,777 |
| | | | | | | |
| | | | | | | |
Fort Bend County Municipal Utility District No 58
| | | | | | |
3.00%, 04/01/2034 (Callable 04/01/2029) | | | $ 450,000 | | | $ 408,351 |
3.00%, 04/01/2035 (Callable 04/01/2029) | | | 430,000 | | | 386,152 |
3.00%, 04/01/2037 (Callable 04/01/2029) | | | 825,000 | | | 725,615 |
Fort Bend Independent School District, 4.00%, 08/01/2054(a) | | | 11,900,000 | | | 12,064,708 |
Freddie Mac Multifamily ML Certificates,
4.14%,
01/25/2040 | | | 5,448,124 | | | 5,333,616 |
Fulshear Municipal Utility District No 3A
| | | | | | |
6.50%, 09/01/2028 | | | 120,000 | | | 131,725 |
6.50%, 09/01/2029 | | | 455,000 | | | 508,121 |
6.50%, 09/01/2029 | | | 440,000 | | | 490,934 |
4.00%, 09/01/2032 (Callable 09/01/2029) | | | 445,000 | | | 442,319 |
4.00%, 09/01/2032 (Callable 09/01/2029) | | | 325,000 | | | 323,042 |
4.00%, 09/01/2035 (Callable 09/01/2029) | | | 665,000 | | | 660,552 |
4.00%, 09/01/2036 (Callable 09/01/2029) | | | 805,000 | | | 799,001 |
4.25%, 09/01/2039 (Callable 09/01/2029) | | | 720,000 | | | 714,266 |
4.25%, 09/01/2040 (Callable 09/01/2029) | | | 700,000 | | | 690,927 |
4.25%, 09/01/2040 (Callable 09/01/2029) | | | 585,000 | | | 577,418 |
4.38%, 09/01/2042 (Callable 09/01/2029) | | | 465,000 | | | 462,109 |
Galveston County Municipal Utility District No 56
| | | | | | |
4.50%, 06/01/2035 (Callable 06/01/2030) | | | 360,000 | | | 367,746 |
4.50%, 06/01/2036 (Callable 06/01/2030) | | | 305,000 | | | 310,272 |
4.75%, 06/01/2038 (Callable 06/01/2030) | | | 1,425,000 | | | 1,464,044 |
4.75%, 06/01/2039 (Callable 06/01/2030) | | | 760,000 | | | 777,606 |
4.88%, 06/01/2040 (Callable 06/01/2030) | | | 535,000 | | | 550,841 |
Grand Parkway Transportation Corp.
| | | | | | |
5.30%, 10/01/2032 (Callable 10/01/2028) | | | 95,000 | | | 102,987 |
5.45%, 10/01/2034 (Callable 10/01/2028) | | | 180,000 | | | 196,055 |
5.50%, 10/01/2035 (Callable 10/01/2028) | | | 100,000 | | | 108,932 |
5.50%, 10/01/2036 (Callable 10/01/2028) | | | 450,000 | | | 488,503 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
5.80%, 10/01/2045 (Callable 10/01/2028) | | | $ 1,830,000 | | | $ 1,973,507 |
5.80%, 10/01/2046 (Callable 10/01/2028) | | | 1,690,000 | | | 1,820,867 |
5.85%, 10/01/2047 (Callable 10/01/2028) | | | 5,355,000 | | | 5,775,512 |
5.85%, 10/01/2048 (Callable 10/01/2028) | | | 1,155,000 | | | 1,244,637 |
5.00%, 10/01/2052 (Callable 01/01/2028)(a) | | | 5,000,000 | | | 5,255,266 |
Granger Independent School District, 5.25%, 08/15/2048 (Callable 08/15/2033) | | | 475,000 | | | 520,887 |
Harris County Hospital District, 4.00%, 02/15/2034 (Callable 02/15/2026) | | | 680,000 | | | 674,390 |
Harris County Improvement District No 1
| | | | | | |
4.00%, 09/01/2038 (Callable 09/01/2029) | | | 530,000 | | | 533,210 |
4.00%, 09/01/2039 (Callable 09/01/2029) | | | 590,000 | | | 590,748 |
Harris County Improvement District No 18, 4.00%, 11/01/2037 (Callable 11/01/2029) | | | 1,000,000 | | | 1,008,468 |
Harris County Municipal Utility District No 1
| | | | | | |
4.00%, 09/01/2035 (Callable 08/01/2028) | | | 985,000 | | | 987,121 |
4.00%, 09/01/2036 (Callable 08/01/2028) | | | 1,030,000 | | | 1,028,496 |
Harris County Municipal Utility District No 157,
4.00%, 03/01/2029 (Callable 03/01/2025) | | | 285,000 | | | 285,266 |
Harris County Municipal Utility District No 165
| | | | | | |
4.00%, 03/01/2036 (Callable 08/01/2029) | | | 1,375,000 | | | 1,382,948 |
4.00%, 03/01/2037 (Callable 08/01/2029) | | | 535,000 | | | 536,516 |
4.75%, 03/01/2038 (Callable 12/01/2029) | | | 455,000 | | | 472,567 |
Harris County Municipal Utility District No 368,
4.00%, 09/01/2025 (Callable 09/01/2024) | | | 1,000,000 | | | 1,000,446 |
Harris County Municipal Utility District No 423
| | | | | | |
5.50%, 04/01/2025 | | | 425,000 | | | 430,606 |
5.50%, 04/01/2026 | | | 450,000 | | | 464,054 |
5.50%, 04/01/2027 | | | 450,000 | | | 471,026 |
5.50%, 04/01/2028 | | | 450,000 | | | 479,499 |
5.50%, 04/01/2029 | | | 475,000 | | | 515,430 |
| | | | | | | |
| | | | | | | |
5.50%, 04/01/2030 (Callable 04/01/2029) | | | $ 500,000 | | | $ 544,382 |
Harris County Municipal Utility District No 558
| | | | | | |
3.00%, 09/01/2032 (Callable 09/01/2029) | | | 360,000 | | | 332,402 |
3.13%, 09/01/2033 (Callable 09/01/2029) | | | 360,000 | | | 331,662 |
3.25%, 09/01/2034 (Callable 09/01/2029) | | | 360,000 | | | 332,884 |
3.38%, 09/01/2035 (Callable 09/01/2029) | | | 360,000 | | | 335,789 |
3.50%, 09/01/2036 (Callable 09/01/2029) | | | 360,000 | | | 336,965 |
3.50%, 09/01/2037 (Callable 09/01/2029) | | | 360,000 | | | 333,755 |
Harris County Municipal Utility District No. 71,
4.00%, 09/01/2028 (Callable 08/01/2024) | | | 250,000 | | | 250,105 |
Harris County-Houston Sports Authority
| | | | | | |
0.00%, 11/15/2025(e) | | | 11,185,000 | | | 10,568,301 |
5.00%, 11/15/2053 (Callable 11/15/2024) | | | 2,220,000 | | | 2,220,495 |
Harris-Waller Counties Municipal Utility District No 3
| | | | | | |
6.00%, 09/01/2024 | | | 290,000 | | | 291,063 |
6.00%, 09/01/2025 | | | 315,000 | | | 324,231 |
6.00%, 09/01/2026 | | | 335,000 | | | 352,256 |
6.00%, 09/01/2027 | | | 365,000 | | | 391,807 |
6.00%, 09/01/2028 | | | 390,000 | | | 426,954 |
Harris-Waller Counties Municipal Utility District No 4,
7.25%, 11/01/2031 (Callable 11/01/2030) | | | 330,000 | | | 385,754 |
Headwaters Municipal Utility District of Hays County,
4.38%, 08/15/2038 (Callable 08/15/2029) | | | 1,015,000 | | | 1,030,276 |
Highway 380 Municipal Management District No 1
| | | | | | |
4.00%, 05/01/2035 (Callable 08/01/2029) | | | 1,310,000 | | | 1,297,547 |
4.00%, 05/01/2036 (Callable 08/01/2029) | | | 1,370,000 | | | 1,356,328 |
4.00%, 05/01/2037 (Callable 08/01/2029) | | | 1,430,000 | | | 1,409,946 |
Housing Options, Inc./TX,
3.90%, 02/01/2026 (Callable 02/01/2025)(a) | | | 4,000,000 | | | 3,993,169 |
Houston Higher Education Finance Corp., 3.38%, 10/01/2037 (Callable 08/01/2024) | | | 1,070,000 | | | 896,102 |
Houston Housing Finance Corp., 5.00%, 08/01/2041 (Callable 08/01/2026)(a) | | | 3,650,000 | | | 3,712,262 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Hunt Memorial Hospital District Charitable Health,
5.00%, 02/15/2030 | | | $ 1,015,000 | | | $ 1,045,281 |
Katy Development Authority
| | | | | | |
3.00%, 06/01/2032 (Callable 06/01/2027) | | | 485,000 | | | 440,835 |
3.00%, 06/01/2033 (Callable 06/01/2027) | | | 420,000 | | | 376,253 |
3.00%, 06/01/2034 (Callable 06/01/2027) | | | 575,000 | | | 508,876 |
3.00%, 06/01/2035 (Callable 06/01/2027) | | | 500,000 | | | 437,086 |
3.00%, 06/01/2039 (Callable 06/01/2027) | | | 1,125,000 | | | 921,835 |
Kaufman County Fresh Water Supply District No 4A
| | | | | | |
5.00%, 09/01/2035 (Callable 12/01/2029) | | | 420,000 | | | 435,193 |
5.00%, 09/01/2036 (Callable 12/01/2029) | | | 715,000 | | | 740,404 |
Kaufman County Municipal Utility District No 10,
4.00%, 03/01/2035 (Callable 03/01/2030) | | | 720,000 | | | 727,851 |
Kaufman County Municipal Utility District No 3, 3.13%, 03/01/2049 (Callable 02/01/2030) | | | 460,000 | | | 348,783 |
Kendall County Water Control & Improvement District No 2A
| | | | | | |
5.00%, 09/01/2035 (Callable 11/01/2030) | | | 1,030,000 | | | 1,106,459 |
5.00%, 09/01/2040 (Callable 11/01/2030) | | | 790,000 | | | 834,128 |
5.50%, 09/01/2042 (Callable 11/01/2030) | | | 865,000 | | | 932,159 |
5.00%, 09/01/2046 (Callable 11/01/2030) | | | 1,000,000 | | | 1,038,586 |
La Vernia Higher Education Finance Corp., 4.20%, 08/15/2025(b) | | | 225,000 | | | 225,649 |
Lakes Fresh Water Supply District of Denton County
| | | | | | |
4.00%, 09/01/2031 (Callable 09/01/2029) | | | 680,000 | | | 689,107 |
4.00%, 09/01/2034 (Callable 09/01/2029) | | | 1,745,000 | | | 1,757,243 |
4.25%, 09/01/2040 (Callable 09/01/2029) | | | 425,000 | | | 424,047 |
Lazy Nine Municipal Utility District No 1B
| | | | | | |
2.00%, 03/01/2035 (Callable 03/01/2027) | | | 525,000 | | | 406,137 |
2.00%, 03/01/2037 (Callable 03/01/2027) | | | 530,000 | | | 390,655 |
| | | | | | | |
| | | | | | | |
Leander Independent School District, 0.00%, 08/15/2040 (Callable 08/15/2024)(e) | | | $ 20,000 | | | $ 9,231 |
Lone Star College System,
5.00%, 02/15/2034 (Callable 02/15/2025) | | | 2,475,000 | | | 2,489,120 |
Martin County Hospital District
| | | | | | |
4.00%, 04/01/2027 | | | 225,000 | | | 227,120 |
4.00%, 04/01/2028 | | | 430,000 | | | 435,312 |
4.00%, 04/01/2031 (Callable 04/01/2030) | | | 235,000 | | | 239,772 |
4.00%, 04/01/2033 (Callable 04/01/2030) | | | 375,000 | | | 378,750 |
4.00%, 04/01/2034 (Callable 04/01/2030) | | | 500,000 | | | 503,947 |
Matagorda County Navigation District No 1
| | | | | | |
4.25%, 05/01/2030(c) | | | 2,000,000 | | | 1,982,954 |
4.40%, 05/01/2030 | | | 3,430,000 | | | 3,467,414 |
Maypearl Independent School District, 5.00%, 02/15/2043 (Callable 02/15/2033) | | | 1,000,000 | | | 1,093,773 |
Mckinney Municipal Utility District No 1
| | | | | | |
3.25%, 09/01/2033 (Callable 05/01/2030) | | | 200,000 | | | 185,552 |
3.25%, 09/01/2033 (Callable 05/01/2030) | | | 60,000 | | | 55,494 |
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, 5.00%, 11/01/2034 (Callable 11/01/2029) | | | 560,000 | | | 609,071 |
Meyer Ranch Municipal Utility District
| | | | | | |
6.50%, 08/15/2029 (Callable 08/15/2028) | | | 310,000 | | | 340,060 |
6.50%, 08/15/2030 (Callable 08/15/2028) | | | 330,000 | | | 361,660 |
6.00%, 08/15/2031 (Callable 08/15/2028) | | | 345,000 | | | 371,035 |
6.00%, 08/15/2032 (Callable 08/15/2028) | | | 365,000 | | | 391,943 |
5.00%, 08/15/2034 (Callable 08/15/2028) | | | 795,000 | | | 824,670 |
Midland County Fresh Water Supply District No 1, 0.00%, 09/15/2033 (Callable 09/15/2027)(e) | | | 3,000,000 | | | 2,018,573 |
Midland Independent School District, 5.00%, 02/15/2050 (Callable 02/15/2028) | | | 5,090,000 | | | 5,269,989 |
Montgomery County Municipal Utility District No 121
| | | | | | |
5.00%, 09/01/2025 | | | 355,000 | | | 359,305 |
5.00%, 09/01/2026 | | | 370,000 | | | 377,991 |
4.00%, 09/01/2031 (Callable 09/01/2028) | | | 460,000 | | | 464,877 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
4.00%, 09/01/2034 (Callable 09/01/2028) | | | $ 530,000 | | | $ 531,895 |
4.00%, 09/01/2035 (Callable 09/01/2028) | | | 550,000 | | | 551,408 |
4.00%, 09/01/2036 (Callable 09/01/2028) | | | 575,000 | | | 576,183 |
4.00%, 09/01/2039 (Callable 09/01/2028) | | | 655,000 | | | 643,316 |
Montgomery County Municipal Utility District No 165
| | | | | | |
6.50%, 09/01/2027 | | | 250,000 | | | 269,507 |
6.50%, 09/01/2028 | | | 260,000 | | | 285,613 |
6.50%, 09/01/2029 | | | 250,000 | | | 279,806 |
6.00%, 09/01/2030 (Callable 06/01/2029) | | | 200,000 | | | 218,872 |
6.00%, 09/01/2031 (Callable 06/01/2029) | | | 300,000 | | | 329,125 |
Montgomery County Municipal Utility District No 88,
4.25%, 09/01/2047 (Callable 09/01/2029) | | | 1,400,000 | | | 1,329,525 |
Montgomery County Municipal Utility District No 95
| | | | | | |
4.00%, 09/01/2032 (Callable 09/01/2028) | | | 665,000 | | | 670,210 |
4.00%, 09/01/2034 (Callable 09/01/2028) | | | 785,000 | | | 787,507 |
New Fairview Municipal Utility District No 1, 6.00%, 09/01/2033 (Callable 09/01/2029) | | | 245,000 | | | 266,847 |
New Hope Cultural Education Facilities Finance Corp.
| | | | | | |
2.00%, 01/01/2026 | | | 685,000 | | | 660,618 |
5.00%, 07/01/2038 (Callable 07/01/2027) | | | 1,000,000 | | | 1,029,551 |
5.00%, 04/01/2048 (Callable 04/01/2026) | | | 2,315,000 | | | 2,371,731 |
Newark Higher Education Finance Corp., 4.00%, 08/15/2035 (Callable 08/15/2025) | | | 425,000 | | | 425,167 |
North Texas Tollway Authority
| | | | | | |
0.00%, 01/01/2031(e) | | | 1,300,000 | | | 1,039,709 |
5.00%, 01/01/2033 (Callable 01/01/2026) | | | 675,000 | | | 686,261 |
0.00%, 01/01/2035(e) | | | 8,600,000 | | | 5,919,164 |
0.00%, 01/01/2036(e) | | | 4,800,000 | | | 3,160,573 |
0.00%, 01/01/2037(e) | | | 14,350,000 | | | 9,018,262 |
6.75%, 09/01/2045 (Callable 09/01/2031) | | | 40,000 | | | 48,730 |
Northlake Municipal Management District No 1
| | | | | | |
5.50%, 03/01/2032 (Callable 09/01/2029) | | | 1,870,000 | | | 1,986,583 |
| | | | | | | |
| | | | | | | |
5.00%, 03/01/2036 (Callable 09/01/2029) | | | $ 800,000 | | | $ 831,435 |
5.00%, 03/01/2037 (Callable 09/01/2029) | | | 835,000 | | | 866,854 |
5.00%, 03/01/2038 (Callable 09/01/2029) | | | 300,000 | | | 310,595 |
Northside Independent School District, 1.60%, 08/01/2049(a) | | | 735,000 | | | 733,693 |
Northwest Harris County Municipal Utility District No 10/TX
| | | | | | |
5.00%, 04/01/2025 | | | 650,000 | | | 654,994 |
5.00%, 04/01/2026 | | | 725,000 | | | 738,468 |
Northwest Harris County Municipal Utility District No 19
| | | | | | |
2.00%, 10/01/2037 (Callable 10/01/2026) | | | 465,000 | | | 337,629 |
2.00%, 10/01/2038 (Callable 10/01/2026) | | | 1,000,000 | | | 713,013 |
Pecos Barstow Toyah Independent School District,
3.25%, 02/15/2031 (Callable 02/15/2027) | | | 3,400,000 | | | 3,383,091 |
Plemons-Stinnett-Phillips Consolidated School District
| | | | | | |
5.00%, 02/15/2030 (Callable 02/15/2027) | | | 850,000 | | | 880,180 |
5.00%, 02/15/2031 (Callable 02/15/2027) | | | 450,000 | | | 465,863 |
5.00%, 02/15/2032 (Callable 02/15/2027) | | | 500,000 | | | 517,499 |
5.00%, 02/15/2033 (Callable 02/15/2027) | | | 500,000 | | | 517,001 |
Port Aransas Independent School District, 5.00%, 02/15/2038 (Callable 08/15/2029) | | | 1,295,000 | | | 1,384,766 |
Prosper Independent School District, 4.00%, 02/15/2050(a) | | | 4,530,000 | | | 4,545,070 |
PSC/TX, 3.75%, 12/01/2040 | | | 8,450,000 | | | 8,095,233 |
Rankin Independent School District, 5.00%, 02/15/2029 (Callable 02/15/2026) | | | 2,690,000 | | | 2,756,858 |
Red River Health Facilities Development Corp.,
8.00%, 11/15/2049 (Callable 11/15/2024) | | | 2,425,000 | | | 2,460,894 |
Redbird Ranch Fresh Water Supply District No 2
| | | | | | |
6.63%, 09/01/2032 (Callable 09/01/2029) | | | 820,000 | | | 922,090 |
4.25%, 09/01/2034 (Callable 09/01/2029) | | | 470,000 | | | 478,379 |
Sabine-Neches Navigation District
| | | | | | |
4.63%, 02/15/2047 (Callable 02/15/2031) | | | 2,000,000 | | | 2,040,570 |
5.25%, 02/15/2052 (Callable 02/15/2031) | | | 1,435,000 | | | 1,532,803 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
San Antonio Housing Trust Finance Corp., 1.45%, 03/01/2026 (Callable 03/01/2025)(a) | | | $ 1,500,000 | | | $ 1,468,216 |
Seminole Hospital District,
3.00%, 02/15/2034 (Callable 02/15/2026) | | | 1,125,000 | | | 769,565 |
Sienna Municipal Utility District No 6, 5.00%, 09/01/2034 (Callable 09/01/2029) | | | 1,650,000 | | | 1,727,179 |
SMHA Finance Public Facility Corp., 3.70%, 07/01/2028(a) | | | 5,000,000 | | | 4,999,113 |
Socorro Independent School District, 4.00%, 08/15/2034 (Callable 02/15/2027) | | | 2,610,000 | | | 2,624,987 |
Southwest Houston Redevelopment Authority, 5.00%, 09/01/2027 | | | 250,000 | | | 258,742 |
Spring Meadows Municipal Utility District, 4.00%, 09/01/2026 (Callable 08/01/2024) | | | 275,000 | | | 273,992 |
Strategic Housing Finance Corp. of Travis County,
3.35%, 03/01/2046 (Callable 10/01/2026)(a) | | | 5,000,000 | | | 4,881,624 |
Sunfield Municipal Utility District No 3
| | | | | | |
3.00%, 09/01/2041 (Callable 09/01/2026) | | | 1,215,000 | | | 980,192 |
4.00%, 09/01/2044 (Callable 09/01/2029) | | | 910,000 | | | 868,498 |
4.00%, 09/01/2045 (Callable 09/01/2029) | | | 960,000 | | | 910,406 |
Tarrant County Cultural Education Facilities Finance Corp.
| | | | | | |
5.00%, 11/15/2029 (Callable 11/15/2026) | | | 1,665,000 | | | 1,676,430 |
5.00%, 11/15/2030 (Callable 11/15/2026) | | | 1,750,000 | | | 1,763,190 |
2.75%, 02/15/2036 (Callable 07/22/2024)(a) | | | 3,200,000 | | | 2,956,103 |
5.00%, 11/15/2040 (Callable 11/15/2026) | | | 400,000 | | | 400,501 |
4.00%, 11/15/2042 (Callable 05/15/2026) | | | 500,000 | | | 485,456 |
Tarrant County Hospital District, 4.00%, 08/15/2043 (Callable 08/15/2032) | | | 1,750,000 | | | 1,731,700 |
Tarrant County Housing Finance Corp., 5.00%, 03/01/2027 (Callable 03/01/2026)(a) | | | 2,044,000 | | | 2,075,511 |
Tender Option Bond Trust Receipts/Certificates,
3.48%, 06/01/2063(a)(b) | | | 4,976,000 | | | 4,976,000 |
| | | | | | | |
| | | | | | | |
Texas Department of Housing & Community Affairs
| | | | | | |
5.00%, 08/01/2026 (Callable 08/01/2025)(a) | | | $ 1,800,000 | | | $ 1,815,515 |
5.25%, 01/01/2031 | | | 1,070,000 | | | 1,172,703 |
5.25%, 07/01/2031 | | | 1,100,000 | | | 1,209,604 |
5.25%, 01/01/2032 | | | 565,000 | | | 622,863 |
5.25%, 07/01/2032 | | | 580,000 | | | 642,802 |
5.00%, 03/01/2041 (Callable 03/01/2025)(a) | | | 1,700,000 | | | 1,709,887 |
4.75%, 01/01/2049 (Callable 07/01/2028) | | | 2,010,000 | | | 2,020,219 |
5.00%, 01/01/2049 (Callable 01/01/2033) | | | 1,580,000 | | | 1,613,054 |
3.75%, 09/01/2049 (Callable 09/01/2028) | | | 1,290,000 | | | 1,154,625 |
5.50%, 09/01/2052 (Callable 03/01/2032) | | | 5,815,000 | | | 6,120,172 |
6.00%, 03/01/2053 (Callable 03/01/2032) | | | 970,000 | | | 1,047,785 |
5.13%, 01/01/2054 (Callable 01/01/2033) | | | 3,000,000 | | | 3,100,133 |
Texas Municipal Gas Acquisition & Supply Corp. III
| | | | | | |
5.00%, 12/15/2027 | | | 1,500,000 | | | 1,539,017 |
5.00%, 12/15/2028 | | | 3,000,000 | | | 3,080,281 |
5.00%, 12/15/2032 | | | 2,180,000 | | | 2,284,703 |
Texas Municipal Gas Acquisition & Supply Corp. IV,
5.50%, 01/01/2054 (Callable 07/01/2033)(a) | | | 4,250,000 | | | 4,746,179 |
Texas Municipal Gas Acquisition and Supply Corp. I
| | | | | | |
5.20% (3 mo. Term SOFR + 1.63%), 12/15/2026 (Callable 07/01/2024) | | | 4,100,000 | | | 4,098,930 |
6.25%, 12/15/2026 | | | 880,000 | | | 905,847 |
Texas Municipal Gas Acquisition and Supply Corp. II, 4.63%
(3 mo. Term SOFR + 1.05%), 09/15/2027 | | | 9,360,000 | | | 9,394,726 |
Texas Municipal Power Agency, 3.00%, 09/01/2029 (Callable 09/01/2026) | | | 2,080,000 | | | 2,023,251 |
Texas Public Finance Authority
| | | | | | |
5.25%, 05/01/2036 (Callable 05/01/2033) | | | 485,000 | | | 528,866 |
5.25%, 05/01/2038 (Callable 05/01/2033) | | | 400,000 | | | 433,368 |
5.25%, 05/01/2040 (Callable 05/01/2033) | | | 500,000 | | | 536,827 |
5.25%, 05/01/2042 (Callable 05/01/2033) | | | 635,000 | | | 677,306 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Texas State Affordable Housing Corp.
| | | | | | |
4.63%, 03/01/2043 (Callable 03/01/2033) | | | $ 3,690,000 | | | $ 3,730,854 |
3.75%, 07/01/2044(a) | | | 2,000,000 | | | 1,981,929 |
4.75%, 03/01/2048 (Callable 03/01/2033) | | | 2,750,000 | | | 2,769,853 |
6.00%, 09/01/2054 (Callable 03/01/2034) | | | 8,000,000 | | | 8,744,416 |
Texas State Technical College, 5.75%, 08/01/2047 (Callable 08/01/2032) | | | 4,000,000 | | | 4,527,967 |
THF Public Facility Corp.,
3.25%, 03/01/2040 (Callable 09/01/2024)(a) | | | 1,500,000 | | | 1,483,375 |
Tioga Independent School District Public Facility Corp.,
3.25%, 08/15/2027 (Callable 08/15/2024) | | | 200,000 | | | 191,858 |
Travis County Housing Finance Corp., 3.75%, 08/01/2026(a) | | | 3,000,000 | | | 2,985,272 |
Travis County Municipal Utility District No 20,
5.00%, 09/01/2031 | | | 175,000 | | | 190,418 |
Travis County Municipal Utility District No. 4, 4.00%, 09/01/2035 (Callable 08/01/2024) | | | 615,000 | | | 600,096 |
Tri-County Behavioral Healthcare
| | | | | | |
3.90%, 11/01/2039 (Callable 11/01/2034) | | | 1,755,000 | | | 1,730,113 |
4.00%, 11/01/2054 (Callable 11/01/2034) | | | 500,000 | | | 473,375 |
Upper Trinity Regional Water District, 5.00%, 08/01/2032 (Callable 08/01/2028) | | | 265,000 | | | 281,796 |
Viridian Municipal Management District
| | | | | | |
4.00%, 12/01/2027 (Callable 08/01/2024) | | | 315,000 | | | 315,009 |
4.00%, 12/01/2028 (Callable 08/01/2024) | | | 470,000 | | | 470,013 |
5.00%, 12/01/2029 | | | 375,000 | | | 402,336 |
5.00%, 12/01/2030 (Callable 12/01/2029) | | | 220,000 | | | 235,471 |
5.00%, 12/01/2030 (Callable 12/01/2029) | | | 400,000 | | | 428,129 |
5.00%, 12/01/2031 (Callable 12/01/2029) | | | 400,000 | | | 427,217 |
5.00%, 12/01/2031 (Callable 12/01/2029) | | | 245,000 | | | 261,670 |
5.00%, 12/01/2032 (Callable 12/01/2029) | | | 650,000 | | | 692,832 |
5.00%, 12/01/2032 (Callable 12/01/2029) | | | 360,000 | | | 383,722 |
| | | | | | | |
| | | | | | | |
5.50%, 12/01/2032 (Callable 12/01/2029) | | | $ 415,000 | | | $ 427,737 |
5.00%, 12/01/2034 (Callable 12/01/2029) | | | 565,000 | | | 599,574 |
4.00%, 12/01/2037 (Callable 12/01/2027) | | | 865,000 | | | 848,000 |
5.75%, 12/01/2037 (Callable 12/01/2029) | | | 690,000 | | | 710,129 |
5.00%, 12/01/2038 (Callable 12/01/2029) | | | 605,000 | | | 637,050 |
5.00%, 12/01/2040 (Callable 12/01/2029) | | | 455,000 | | | 474,872 |
5.00%, 12/01/2041 (Callable 12/01/2029) | | | 750,000 | | | 779,108 |
5.00%, 12/01/2042 (Callable 12/01/2029) | | | 400,000 | | | 414,469 |
6.00%, 12/01/2043 (Callable 12/01/2029) | | | 1,260,000 | | | 1,294,750 |
5.00%, 12/01/2045 (Callable 12/01/2029) | | | 100,000 | | | 102,829 |
5.00%, 12/01/2049 (Callable 12/01/2029) | | | 1,030,000 | | | 1,054,025 |
6.25%, 12/01/2049 (Callable 12/01/2029) | | | 1,300,000 | | | 1,342,814 |
Waller Consolidated Independent School District,
3.00%, 02/15/2040 (Callable 02/15/2030) | | | 865,000 | | | 748,295 |
Waller County Road Improvement District No 1
| | | | | | |
6.00%, 03/01/2032 (Callable 03/01/2029) | | | 350,000 | | | 381,752 |
6.00%, 03/01/2035 (Callable 03/01/2029) | | | 800,000 | | | 869,094 |
4.00%, 03/01/2037 (Callable 03/01/2029) | | | 885,000 | | | 896,728 |
4.00%, 03/01/2039 (Callable 03/01/2029) | | | 985,000 | | | 988,675 |
4.00%, 03/01/2041 (Callable 03/01/2029) | | | 1,090,000 | | | 1,078,401 |
Washington County Junior College District, 5.00%, 10/01/2028 (Callable 04/01/2026) | | | 500,000 | | | 511,584 |
Williamson County Municipal Utility District No 31
| | | | | | |
6.50%, 08/15/2029 (Callable 08/15/2028) | | | 295,000 | | | 324,431 |
5.00%, 08/15/2030 (Callable 08/15/2028) | | | 310,000 | | | 322,799 |
4.00%, 08/15/2033 (Callable 08/15/2028) | | | 720,000 | | | 720,137 |
4.00%, 08/15/2035 (Callable 08/15/2028) | | | 805,000 | | | 806,850 |
Willow Point Municipal Utility District
| | | | | | |
3.00%, 09/01/2032 (Callable 09/01/2030) | | | 560,000 | | | 514,360 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
3.13%, 09/01/2033 (Callable 09/01/2030) | | | $ 560,000 | | | $ 515,402 |
3.25%, 09/01/2034 (Callable 09/01/2030) | | | 560,000 | | | 517,579 |
Wimberley Independent School District, 4.00%, 08/15/2031 (Callable 08/15/2027) | | | 355,000 | | | 360,532 |
| | | | | | 476,623,703 |
Utah - 1.5%
|
City of Herriman City UT Water Revenue, 4.00%, 01/01/2041 (Callable 01/01/2031) | | | 500,000 | | | 494,755 |
City of Salt Lake City UT Airport Revenue
| | | | | | |
5.00%, 07/01/2025(c) | | | 525,000 | | | 530,888 |
5.00%, 07/01/2028(c) | | | 1,000,000 | | | 1,043,717 |
5.00%, 07/01/2030 (Callable 07/01/2027) | | | 155,000 | | | 162,005 |
5.00%, 07/01/2042 (Callable 07/01/2027) | | | 4,140,000 | | | 4,257,916 |
County of Emery UT,
4.40%, 11/01/2024 (Callable 07/01/2024)(a) | | | 5,000,000 | | | 5,000,000 |
County of Utah UT
| | | | | | |
5.00%, 05/15/2041 (Callable 05/15/2026) | | | 6,970,000 | | | 7,104,936 |
5.00%, 05/15/2060 (Callable 02/01/2026)(a) | | | 3,160,000 | | | 3,245,123 |
Grand County School District Local Building Authority,
5.00%, 12/15/2037 (Callable 12/15/2025) | | | 870,000 | | | 882,473 |
Utah Charter School Finance Authority
| | | | | | |
0.00%, 04/15/2025 | | | 205,000 | | | 197,577 |
3.00%, 04/15/2027 | | | 240,000 | | | 233,173 |
5.00%, 04/15/2027 (Callable 04/15/2026) | | | 365,000 | | | 372,815 |
5.00%, 04/15/2028 (Callable 04/15/2026) | | | 720,000 | | | 735,528 |
4.00%, 04/15/2029 | | | 225,000 | | | 226,052 |
5.00%, 10/15/2029 (Callable 10/15/2027) | | | 500,000 | | | 517,254 |
4.00%, 04/15/2030 | | | 1,120,000 | | | 1,105,287 |
5.00%, 10/15/2031 (Callable 10/15/2027) | | | 500,000 | | | 516,755 |
5.00%, 10/15/2032 (Callable 10/15/2027) | | | 310,000 | | | 320,077 |
5.00%, 10/15/2036 (Callable 07/22/2024) | | | 700,000 | | | 700,503 |
4.00%, 04/15/2037 (Callable 04/15/2032) | | | 500,000 | | | 493,868 |
5.00%, 04/15/2037 (Callable 04/15/2026) | | | 520,000 | | | 529,546 |
| | | | | | | |
| | | | | | | |
5.00%, 04/15/2037 (Callable 04/15/2026) | | | $ 925,000 | | | $ 941,821 |
4.00%, 04/15/2042 (Callable 04/15/2032) | | | 480,000 | | | 448,386 |
5.00%, 10/15/2043 (Callable 10/15/2027) | | | 1,000,000 | | | 1,016,460 |
Utah Housing Corp.
| | | | | | |
4.00%, 01/01/2045 (Callable 01/01/2026) | | | 120,000 | | | 119,500 |
4.50%, 10/21/2052 | | | 2,923,802 | | | 2,804,449 |
6.00%, 12/21/2052 | | | 2,087,650 | | | 2,150,597 |
6.00%, 02/21/2053 | | | 2,778,357 | | | 2,853,963 |
6.50%, 05/21/2053 | | | 1,437,748 | | | 1,529,598 |
6.00%, 06/21/2053 | | | 1,977,646 | | | 2,037,696 |
6.00%, 07/01/2053 (Callable 01/01/2032) | | | 2,080,000 | | | 2,229,283 |
6.50%, 08/21/2053 | | | 1,883,293 | | | 2,018,153 |
Utah Infrastructure Agency,
5.50%, 10/15/2045 (Callable 10/15/2032) | | | 675,000 | | | 737,957 |
Utah Telecommunication Open Infrastructure Agency
| | | | | | |
4.38%, 06/01/2040 (Callable 06/01/2032) | | | 1,750,000 | | | 1,782,800 |
5.50%, 06/01/2040 (Callable 06/01/2032) | | | 1,150,000 | | | 1,293,651 |
| | | | | | 50,634,562 |
Vermont - 0.0%(f)
|
City of Burlington VT,
5.00%, 07/01/2028 (Callable 07/01/2027) | | | 275,000 | | | 288,380 |
Vermont Educational & Health Buildings Financing Agency
| | | | | | |
5.00%, 10/15/2024 | | | 1,400,000 | | | 1,397,291 |
5.00%, 10/15/2025 | | | 615,000 | | | 612,262 |
5.00%, 12/01/2039 (Callable 06/01/2026) | | | 500,000 | | | 505,464 |
Vermont Housing Finance Agency, 3.65%, 11/01/2032 (Callable 11/01/2024) | | | 90,000 | | | 88,199 |
Vermont Public Power Supply Authority, 5.00%, 07/01/2028 (Callable 07/01/2027) | | | 500,000 | | | 513,423 |
| | | | | | 3,405,019 |
Virginia - 1.4%
|
Arlington County Industrial Development Authority,
5.00%, 01/01/2026 | | | 5,000,000 | | | 5,077,688 |
Charles City County Economic Development Authority,
2.88%, 02/01/2029 (Callable 11/01/2026) | | | 2,330,000 | | | 2,207,112 |
Farmville Industrial Development Authority, 5.38%, 07/01/2053 (Callable 07/01/2028) | | | 11,100,000 | | | 11,816,322 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Virginia - (Continued)
|
Fredericksburg Economic Development Authority,
5.00%, 06/15/2030 (Callable 07/17/2024) | | | $ 1,000,000 | | | $ 1,000,300 |
Isle Wight County Industrial Development Authority
| | | | | | |
5.00%, 07/01/2035 (Callable 07/01/2033) | | | 945,000 | | | 1,032,603 |
5.00%, 07/01/2036 (Callable 07/01/2033) | | | 500,000 | | | 547,038 |
5.25%, 07/01/2043 (Callable 07/01/2033) | | | 1,000,000 | | | 1,098,093 |
Louisa Industrial Development Authority, 3.65%,
11/01/2035(a) | | | 2,800,000 | | | 2,796,475 |
Norfolk Redevelopment & Housing Authority, 5.00%, 05/01/2043 (Callable 05/01/2026)(a) | | | 1,500,000 | | | 1,521,183 |
Portsmouth Redevelopment & Housing Authority,
3.50%, 07/01/2025 (Callable 07/01/2024)(a) | | | 3,500,000 | | | 3,500,000 |
Rappahannock Regional Jail Authority, 5.00%, 10/01/2027 (Callable 10/01/2025) | | | 510,000 | | | 519,187 |
Richmond Redevelopment & Housing Authority,
4.25%, 03/01/2026 (Callable 03/01/2025)(a) | | | 2,805,000 | | | 2,810,483 |
Virginia Beach Development Authority, 5.38%, 09/01/2029 (Callable 09/01/2026) | | | 2,500,000 | | | 2,598,985 |
Virginia College Building Authority
| | | | | | |
5.25%, 01/01/2026 | | | 995,000 | | | 1,015,096 |
5.00%, 06/01/2027 | | | 300,000 | | | 305,961 |
4.00%, 02/01/2034 (Callable 02/01/2031) | | | 2,000,000 | | | 2,068,472 |
Virginia Housing Development Authority, 3.45%, 04/01/2038 (Callable 07/22/2024) | | | 2,815,000 | | | 2,626,479 |
Virginia Small Business Financing Authority
| | | | | | |
5.25%, 10/01/2029 (Callable 10/01/2024) | | | 2,500,000 | | | 2,507,507 |
5.00%, 10/01/2042 (Callable 10/01/2032) | | | 1,105,000 | | | 1,190,655 |
| | | | | | 46,239,639 |
Washington - 1.2%
|
Eastern Washington University, 3.00%, 10/01/2033 (Callable 10/01/2026) | | | 600,000 | | | 540,364 |
FYI Properties, 5.00%, 06/01/2038 (Callable 06/01/2028) | | | 1,500,000 | | | 1,574,777 |
| | | | | | | |
| | | | | | | |
Grant County Public Hospital District No 1
| | | | | | |
5.25%, 12/01/2026 | | | $ 650,000 | | | $ 669,991 |
5.25%, 12/01/2027 | | | 1,250,000 | | | 1,304,098 |
5.25%, 12/01/2028 | | | 1,315,000 | | | 1,384,988 |
Grant County Public Utility District No 2 Electric Revenue,
2.00%, 01/01/2044 (Callable 09/01/2025)(a) | | | 350,000 | | | 341,043 |
King County Housing Authority
| | | | | | |
5.00%, 01/01/2028 (Callable 01/01/2027) | | | 2,110,000 | | | 2,168,708 |
4.00%, 06/01/2029 | | | 800,000 | | | 808,567 |
King County Public Hospital District No 1
| | | | | | |
5.00%, 12/01/2029 (Callable 12/01/2028) | | | 1,050,000 | | | 1,105,460 |
5.00%, 12/01/2030 (Callable 12/01/2026) | | | 1,650,000 | | | 1,690,458 |
5.00%, 12/01/2032 (Callable 12/01/2026) | | | 2,100,000 | | | 2,146,627 |
5.00%, 12/01/2036 (Callable 12/01/2026) | | | 550,000 | | | 559,168 |
King County Public Hospital District No 2
| | | | | | |
5.00%, 12/01/2039 (Callable 12/01/2033) | | | 1,490,000 | | | 1,617,923 |
5.00%, 12/01/2040 (Callable 12/01/2033) | | | 2,230,000 | | | 2,408,505 |
5.00%, 12/01/2041 (Callable 12/01/2033) | | | 1,570,000 | | | 1,680,806 |
5.00%, 12/01/2042 (Callable 12/01/2033) | | | 1,930,000 | | | 2,057,383 |
Lewis & Thurston Counties School District No 401 Centralia,
5.00%, 12/01/2041 (Callable 12/01/2026) | | | 2,000,000 | | | 2,041,102 |
Pend Oreille County Public Utility District No 1 Box Canyon
| | | | | | |
5.00%, 01/01/2028 | | | 220,000 | | | 226,899 |
5.00%, 01/01/2031 (Callable 01/01/2028) | | | 115,000 | | | 118,695 |
5.00%, 01/01/2038 (Callable 01/01/2029) | | | 2,500,000 | | | 2,558,103 |
5.00%, 01/01/2039 (Callable 01/01/2028) | | | 1,500,000 | | | 1,525,025 |
Pike Place Market Preservation & Development Authority,
5.00%, 12/01/2040 (Callable 12/01/2025) | | | 500,000 | | | 500,720 |
Public Hospital District 1A of Whitman County
| | | | | | |
5.50%, 12/01/2038 (Callable 12/01/2033) | | | 375,000 | | | 430,683 |
5.50%, 12/01/2043 (Callable 12/01/2033) | | | 735,000 | | | 825,929 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Washington - (Continued)
|
Seattle Housing Authority,
4.00%, 09/01/2025 (Callable 03/01/2025) | | | $ 5,000,000 | | | $ 5,014,636 |
State of Washington
| | | | | | |
5.00%, 07/01/2035 (Callable 07/01/2028) | | | 805,000 | | | 853,729 |
5.00%, 07/01/2042 (Callable 07/01/2028) | | | 1,330,000 | | | 1,382,842 |
Tacoma Metropolitan Park District
| | | | | | |
4.00%, 12/01/2024 | | | 1,175,000 | | | 1,170,933 |
5.00%, 12/01/2024 | | | 1,610,000 | | | 1,612,872 |
5.00%, 12/01/2024 | | | 820,000 | | | 821,463 |
5.00%, 12/01/2024 | | | 265,000 | | | 265,473 |
5.00%, 12/01/2025 | | | 375,000 | | | 378,747 |
4.00%, 12/01/2028 | | | 2,495,000 | | | 2,444,056 |
4.00%, 12/01/2029 (Callable 12/01/2028) | | | 1,735,000 | | | 1,692,857 |
4.00%, 12/01/2030 (Callable 12/01/2028) | | | 795,000 | | | 768,229 |
4.00%, 12/01/2030 (Callable 12/01/2026) | | | 550,000 | | | 523,506 |
4.00%, 12/01/2031 (Callable 12/01/2027) | | | 410,000 | | | 396,452 |
5.00%, 12/01/2033 (Callable 12/01/2027) | | | 585,000 | | | 599,355 |
5.00%, 12/01/2033 (Callable 12/01/2026) | | | 500,000 | | | 508,527 |
5.00%, 12/01/2035 (Callable 12/01/2027) | | | 335,000 | | | 341,085 |
5.00%, 12/01/2036 (Callable 12/01/2027) | | | 500,000 | | | 507,183 |
Washington Health Care Facilities Authority
| | | | | | |
5.00%, 10/01/2027 | | | 2,510,000 | | | 2,601,898 |
5.00%, 08/15/2033 (Callable 02/15/2028) | | | 500,000 | | | 518,107 |
5.00%, 08/15/2037 (Callable 02/15/2028) | | | 3,015,000 | | | 3,119,189 |
Washington State Housing Finance Commission
| | | | | | |
2.40%, 06/01/2025 | | | 810,000 | | | 792,675 |
3.70%, 12/01/2033 (Callable 08/01/2024) | | | 20,000 | | | 19,610 |
4.00%, 06/01/2049 (Callable 06/01/2028) | | | 340,000 | | | 337,953 |
| | | | | | 56,957,399 |
West Virginia - 0.1%
|
Glenville State College, 4.00%, 06/01/2027 | | | 930,000 | | | 906,423 |
West Virginia Economic Development Authority
| | | | | | |
1.00%, 01/01/2041(a)(c) | | | 1,500,000 | | | 1,428,875 |
3.75%, 12/01/2042(a) | | | 2,500,000 | | | 2,498,828 |
| | | | | | | |
| | | | | | | |
West Virginia Hospital Finance Authority, 4.00%, 06/01/2029 (Callable 06/01/2026) | | | $ 450,000 | | | $ 452,992 |
| | | | | | 5,287,118 |
Wisconsin - 3.7%
|
City of Monona WI Water & Sewer System Revenue,
4.00%, 02/01/2026 (Callable 02/01/2025) | | | 1,650,000 | | | 1,652,365 |
County of Milwaukee WI Airport Revenue
| | | | | | |
5.00%, 12/01/2025(c) | | | 820,000 | | | 833,250 |
5.00%, 12/01/2025(c) | | | 680,000 | | | 690,988 |
County of Waushara WI,
4.50%, 06/01/2027 (Callable 06/01/2025) | | | 2,260,000 | | | 2,281,483 |
Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | | | 2,285,000 | | | 2,311,227 |
Oak Creek-Franklin Joint School District/WI, 3.15%, 04/01/2028 (Callable 04/01/2025) | | | 5,140,000 | | | 5,028,457 |
Prescott School District
| | | | | | |
4.00%, 03/01/2037 (Callable 03/01/2030) | | | 1,130,000 | | | 1,147,583 |
4.00%, 03/01/2037 (Callable 03/01/2030) | | | 370,000 | | | 387,912 |
Public Finance Authority
| | | | | | |
5.00%, 10/01/2024(b) | | | 2,725,000 | | | 2,725,996 |
3.00%, 04/01/2025(b) | | | 65,000 | | | 64,336 |
5.00%, 06/15/2025 | | | 220,000 | | | 220,543 |
0.00%, 09/01/2028 (Callable 09/01/2026)(e) | | | 130,000 | | | 111,495 |
9.00%, 11/01/2028 (Callable 11/01/2027)(b) | | | 3,750,000 | | | 3,826,691 |
5.50%, 12/15/2028 (Callable 06/01/2025)(b) | | | 6,000,000 | | | 6,015,297 |
5.00%, 10/01/2029(b) | | | 1,000,000 | | | 1,039,556 |
6.13%, 12/15/2029 (Callable 12/15/2027)(b) | | | 4,500,000 | | | 4,415,491 |
5.00%, 07/01/2030(c) | | | 1,110,000 | | | 1,165,548 |
5.00%, 10/01/2034 (Callable 10/01/2029)(b) | | | 2,750,000 | | | 2,847,068 |
5.00%, 07/01/2035 (Callable 07/01/2028) | | | 400,000 | | | 419,789 |
4.00%, 04/01/2042 (Callable 04/01/2032)(b) | | | 50,000 | | | 53,273 |
5.00%, 10/01/2044 (Callable 04/01/2029) | | | 1,750,000 | | | 1,804,545 |
4.00%, 04/01/2052 (Callable 04/01/2032)(b) | | | 45,000 | | | 47,946 |
University of Wisconsin Hospitals & Clinics, 5.00%, 04/01/2043 (Callable 10/01/2028) | | | 2,795,000 | | | 2,871,488 |
Village of Crivitz WI
| | | | | | |
5.00%, 04/01/2031 | | | 350,000 | | | 360,311 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wisconsin - (Continued)
|
4.20%, 04/01/2032 (Callable 04/01/2031) | | | $ 375,000 | | | $ 368,000 |
4.25%, 04/01/2033 (Callable 04/01/2031) | | | 375,000 | | | 367,215 |
4.30%, 04/01/2034 (Callable 04/01/2031) | | | 375,000 | | | 366,568 |
Village of Kewaskum WI
| | | | | | |
5.00%, 04/01/2031 | | | 320,000 | | | 337,795 |
5.00%, 04/01/2034 (Callable 04/01/2033) | | | 640,000 | | | 670,018 |
4.25%, 04/01/2036 (Callable 04/01/2033) | | | 640,000 | | | 624,250 |
4.50%, 04/01/2040 (Callable 04/01/2033) | | | 645,000 | | | 628,332 |
4.50%, 04/01/2041 (Callable 04/01/2033) | | | 175,000 | | | 169,918 |
4.63%, 04/01/2042 (Callable 04/01/2033) | | | 625,000 | | | 609,319 |
Village of Mount Pleasant WI
| | | | | | |
3.00%, 03/01/2027 (Callable 08/01/2024) | | | 800,000 | | | 771,872 |
4.00%, 04/01/2035 (Callable 04/01/2028) | | | 1,795,000 | | | 1,820,726 |
5.00%, 04/01/2036 (Callable 04/01/2028) | | | 1,000,000 | | | 1,055,951 |
4.00%, 04/01/2037 (Callable 04/01/2028) | | | 1,000,000 | | | 1,004,226 |
5.00%, 04/01/2038 (Callable 04/01/2028) | | | 1,000,000 | | | 1,051,621 |
5.00%, 04/01/2048 (Callable 04/01/2028) | | | 565,000 | | | 576,472 |
Whitehall School District,
4.00%, 03/01/2031 (Callable 03/01/2030) | | | 600,000 | | | 618,424 |
Wisconsin Center District
| | | | | | |
0.00%, 12/15/2027(e) | | | 525,000 | | | 460,307 |
0.00%, 12/15/2027(e) | | | 220,000 | | | 192,042 |
5.00%, 12/15/2027 (Callable 06/15/2026) | | | 500,000 | | | 514,820 |
0.00%, 12/15/2028(e) | | | 1,045,000 | | | 880,860 |
0.00%, 12/15/2028(e) | | | 255,000 | | | 215,229 |
5.00%, 12/15/2028 (Callable 06/15/2026) | | | 345,000 | | | 354,896 |
0.00%, 12/15/2029(e) | | | 315,000 | | | 255,886 |
0.00%, 12/15/2030(e) | | | 1,325,000 | | | 1,033,411 |
0.00%, 12/15/2030(e) | | | 460,000 | | | 359,452 |
0.00%, 12/15/2031(e) | | | 50,000 | | | 37,454 |
0.00%, 12/15/2034 (Callable 12/15/2030)(e) | | | 615,000 | | | 406,096 |
0.00%, 12/15/2035 (Callable 12/15/2030)(e) | | | 2,780,000 | | | 1,753,225 |
5.25%, 12/15/2061 (Callable 12/15/2030)(b) | | | 1,000,000 | | | 1,012,160 |
| | | | | | | |
| | | | | | | |
Wisconsin Health & Educational Facilities Authority
| | | | | | |
5.00%, 07/01/2024 | | | $ 250,000 | | | $ 250,000 |
5.00%, 11/01/2024 | | | 155,000 | | | 154,713 |
5.00%, 03/01/2025 (Callable 07/22/2024) | | | 840,000 | | | 840,202 |
5.00%, 11/01/2025 | | | 245,000 | | | 243,396 |
5.00%, 12/01/2025 | | | 135,000 | | | 137,275 |
5.00%, 03/01/2026 (Callable 07/22/2024) | | | 820,000 | | | 820,206 |
5.00%, 07/01/2026 (Callable 07/22/2024) | | | 50,000 | | | 50,063 |
5.00%, 12/01/2026 (Callable 11/01/2024) | | | 1,290,000 | | | 1,292,522 |
5.00%, 03/01/2027 (Callable 07/22/2024) | | | 1,095,000 | | | 1,072,769 |
5.00%, 08/01/2027 (Callable 07/01/2026)(b) | | | 13,250,000 | | | 13,492,776 |
5.00%, 02/15/2028 | | | 3,205,000 | | | 3,350,904 |
5.00%, 02/15/2028 (Callable 02/15/2027) | | | 575,000 | | | 585,054 |
5.00%, 03/01/2028 (Callable 07/22/2024) | | | 830,000 | | | 808,971 |
5.00%, 08/15/2028 (Callable 08/01/2024) | | | 1,025,000 | | | 1,026,692 |
5.00%, 11/01/2028 (Callable 11/01/2026) | | | 470,000 | | | 462,787 |
5.00%, 12/01/2028 (Callable 11/01/2026) | | | 395,000 | | | 406,740 |
5.00%, 02/15/2029 | | | 4,000,000 | | | 4,199,475 |
5.00%, 11/01/2030 (Callable 11/01/2026) | | | 515,000 | | | 506,199 |
5.00%, 12/15/2030 (Callable 12/15/2024) | | | 480,000 | | | 482,258 |
5.00%, 10/01/2031 (Callable 10/01/2029) | | | 250,000 | | | 268,199 |
5.00%, 04/01/2033 (Callable 10/01/2028) | | | 2,130,000 | | | 2,244,389 |
4.00%, 11/15/2034 (Callable 05/15/2026) | | | 1,000,000 | | | 997,462 |
4.00%, 08/15/2037 (Callable 08/15/2027) | | | 1,905,000 | | | 1,899,593 |
4.38%, 06/01/2039 (Callable 08/01/2024) | | | 230,000 | | | 225,920 |
5.00%, 12/15/2044 (Callable 12/15/2024) | | | 675,000 | | | 675,397 |
5.00%, 12/01/2045 (Callable 12/01/2032) | | | 2,000,000 | | | 2,105,581 |
4.00%, 11/15/2046 (Callable 05/15/2026) | | | 1,030,000 | | | 974,570 |
5.25%, 12/01/2048 (Callable 12/01/2032) | | | 3,000,000 | | | 3,131,083 |
5.00%, 02/15/2051 (Callable 08/15/2026)(a) | | | 1,650,000 | | | 1,677,115 |
5.00%, 02/15/2052 (Callable 08/15/2024)(a) | | | 1,000,000 | | | 999,936 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wisconsin - (Continued)
|
5.73%, 02/15/2053 (Callable 07/01/2024)(a) | | | $10,550,000 | | | $ 10,550,000 |
Wisconsin Housing & Economic Development Authority
| | | | | | |
5.00%, 12/01/2027 (Callable 12/01/2026)(a) | | | 1,381,000 | | | 1,413,156 |
0.00%, 11/01/2058 (Callable 02/01/2027)(a) | | | 2,860,000 | | | 2,952,750 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
| | | | | | |
4.00%, 03/01/2048 (Callable 03/01/2027) | | | 1,840,000 | | | 1,830,569 |
4.25%, 03/01/2049 (Callable 09/01/2028) | | | 875,000 | | | 874,116 |
Wisconsin Housing & Economic Development Authority Housing Revenue
| | | | | | |
0.50%, 11/01/2050 (Callable 07/22/2024)(a) | | | 875,000 | | | 860,344 |
3.75%, 05/01/2054 (Callable 05/01/2025)(a) | | | 2,000,000 | | | 1,992,394 |
| | | | | | 126,694,759 |
Wyoming - 0.2%
|
County of Laramie WY
| | | | | | |
4.00%, 05/01/2030 | | | 720,000 | | | 734,763 |
4.00%, 05/01/2032 (Callable 05/01/2031) | | | 525,000 | | | 530,491 |
4.00%, 05/01/2034 (Callable 05/01/2031) | | | 645,000 | | | 651,583 |
4.00%, 05/01/2036 (Callable 05/01/2031) | | | 600,000 | | | 603,920 |
4.00%, 05/01/2037 (Callable 05/01/2031) | | | 225,000 | | | 225,244 |
Snake River Sporting Club Improvement & Service District
| | | | | | |
4.25%, 07/15/2044 (Callable 07/15/2032) | | | 1,000,000 | | | 1,007,220 |
5.50%, 07/15/2048 (Callable 07/15/2032) | | | 900,000 | | | 975,196 |
Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 06/15/2025) | | | 4,500,000 | | | 4,476,286 |
Wyoming Community Development Authority, 4.00%, 12/01/2048 (Callable 06/01/2028) | | | 760,000 | | | 755,431 |
| | | | | | 9,960,134 |
TOTAL MUNICIPAL BONDS
(Cost $3,462,710,054) | | | | | | 3,439,852,144 |
| | | | | | | |
| | | | | | | |
U.S. TREASURY SECURITIES - 0.9%
|
United States Treasury Note/Bond
| | | | | | |
4.13%, 06/15/2026 | | | $20,000,000 | | | $ 19,770,313 |
4.38%, 08/31/2028 | | | 10,000,000 | | | 9,988,281 |
TOTAL U.S. TREASURY SECURITIES
(Cost $29,582,183) | | | | | | 29,758,594 |
| | | Shares | | | |
SHORT-TERM INVESTMENTS - 0.0%(f)
|
Money Market Funds - 0.0%(f)
| | | | | | |
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.96%(g) | | | 1,086,377 | | | 1,086,377 |
First American Government Obligations Fund - Class U, 5.25%(g) | | | 30,086 | | | 30,086 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,116,463) | | | | | | 1,116,463 |
TOTAL INVESTMENTS - 100.3%
(Cost $3,493,408,700) | | | | | | $3,470,727,201 |
Liabilities in Excess of Other Assets - (0.3)% | | | | | | (11,552,645) |
TOTAL NET ASSETS - 100.0% | | | | | | $3,459,174,556 |
| | | | | | | |
Percentages are stated as a percent of net assets.
SIFMA - Securities Industry and Financial Markets Association
SOFR - Secured Overnight Financing Rate
(a)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024. |
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $101,924,639 or 2.9% of the Fund’s net assets. |
(c)
| Security subject to the Alternative Minimum Tax ("AMT"). As of June 30, 2024, the total value of securities subject to the AMT was $103,562,370 or 3.3% of net assets. |
(d)
| Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(e)
| Zero coupon bonds make no periodic interest payments. |
(f)
| Represents less than 0.05% of net assets. |
(g)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Core Intermediate Municipal Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $3,439,852,144 | | | $ — | | | $3,439,852,144 |
U.S. Treasury Securities | | | — | | | 29,758,594 | | | — | | | 29,758,594 |
Money Market Funds | | | 1,116,463 | | | — | | | — | | | 1,116,463 |
Total Investments | | | $1,116,463 | | | $3,469,610,738 | | | $— | | | $3,470,727,201 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
MUNICIPAL BONDS - 99.9%
|
Alabama - 3.0%
| | | | | | |
Alabama Corrections Institution Finance Authority, 5.00%, 07/01/2037 (Callable 07/01/2032) | | | $ 500,000 | | | $ 554,306 |
Alabama Special Care Facilities Financing Authority-Birmingham AL, 5.00%, 06/01/2026 (Callable 06/01/2025) | | | 110,000 | | | 111,157 |
Black Belt Energy Gas District
| | | | | | |
4.00%, 12/01/2049 (Callable 09/01/2025)(a) | | | 100,000 | | | 100,054 |
5.00%, 05/01/2053 (a) | | | 750,000 | | | 781,134 |
Chilton County Health Care Authority, 3.00%, 11/01/2027 (Callable 11/01/2025) | | | 100,000 | | | 96,321 |
County of Jefferson AL Sewer Revenue, 5.50%, 10/01/2053 (Callable 10/01/2033) | | | 1,000,000 | | | 1,082,209 |
Industrial Development Board of the City of Mobile Alabama, 3.92%, 06/01/2034(a) | | | 600,000 | | | 602,130 |
Jacksonville State University, 5.00%, 12/01/2036 (Callable 12/01/2027) | | | 500,000 | | | 529,684 |
Southeast Alabama Gas Supply District, 5.00%, 08/01/2054 (Callable 01/01/2032)(a) | | | 500,000 | | | 536,075 |
Southeast Energy Authority A Cooperative District
| | | | | | |
5.50%, 01/01/2053 (Callable 09/01/2029)(a) | | | 250,000 | | | 267,934 |
5.00%, 05/01/2053 (Callable 05/01/2028)(a) | | | 250,000 | | | 259,733 |
5.00%, 01/01/2054 (Callable 03/01/2030)(a) | | | 1,250,000 | | | 1,319,609 |
5.25%, 01/01/2054 (Callable 04/01/2029)(a) | | | 1,000,000 | | | 1,057,419 |
| | | | | | 7,297,765 |
Alaska - 0.1%
| | | | | | |
CIVICVentures/AK, 5.00%, 09/01/2027 (Callable 09/01/2025) | | | 200,000 | | | 200,685 |
Arizona - 3.7%
| | | | | | |
Arizona Industrial Development Authority
| | | | | | |
5.00%, 07/01/2026(b) | | | 315,000 | | | 317,349 |
4.00%, 07/15/2027(b) | | | 125,000 | | | 124,599 |
4.75%, 12/15/2028 (Callable 12/15/2026)(b) | | | 225,000 | | | 227,736 |
4.00%, 07/15/2030 (Callable 07/15/2027)(b) | | | 250,000 | | | 244,462 |
5.00%, 10/01/2030 (Callable 10/01/2026)(b) | | | 100,000 | | | 95,736 |
4.00%, 07/01/2032 (Callable 01/01/2028) | | | 100,000 | | | 98,829 |
3.63%, 05/20/2033 | | | 686,110 | | | 644,369 |
| | | | | | | |
| | | | | | | |
4.50%, 04/01/2044 (Callable 04/01/2033) | | | $ 590,000 | | | $ 590,344 |
5.25%, 11/01/2053 (Callable 11/01/2032) | | | 1,250,000 | | | 1,322,734 |
Chandler Industrial Development Authority, 5.00%, 09/01/2042 (Callable 03/01/2027)(a)(c) | | | 1,000,000 | | | 1,026,451 |
Glendale Industrial Development Authority
| | | | | | |
4.00%, 05/15/2027 (Callable 07/22/2024) | | | 175,000 | | | 171,094 |
2.13%, 07/01/2033 (Callable 07/01/2029)(c) | | | 730,000 | | | 586,891 |
Industrial Development Authority of the County of Pima, 4.00%, 07/01/2029 | | | 25,000 | | | 24,602 |
Maricopa County Industrial Development Authority, 5.00%, 12/01/2030(d) | | | 1,000,000 | | | 1,081,809 |
Maricopa County School District No 83-Cartwright Elementary
| | | | | | |
5.00%, 07/01/2040 (Callable 07/01/2033) | | | 500,000 | | | 547,223 |
5.00%, 07/01/2042 (Callable 07/01/2033) | | | 875,000 | | | 951,188 |
Town of Marana AZ Pledged Excise Revenue | | | | | | |
5.00%, 07/01/2037 (Callable 07/01/2029) | | | 190,000 | | | 203,440 |
5.00%, 07/01/2038 (Callable 07/01/2029) | | | 225,000 | | | 240,040 |
5.00%, 07/01/2039 (Callable 07/01/2029) | | | 225,000 | | | 239,364 |
| | | | | | 8,738,260 |
Arkansas - 0.5%
| | | | | | |
Arkadelphia Water & Sewer System, 5.00%, 12/01/2053 (Callable 06/01/2029) | | | 450,000 | | | 464,628 |
Batesville Public Facilities Board, 5.00%, 06/01/2026 | | | 150,000 | | | 150,214 |
City of Heber Springs AR Sales & Use Tax, 1.63%, 06/01/2047 (Callable 06/01/2028) | | | 130,000 | | | 123,780 |
City of West Memphis AR Public Utility System Revenue, 3.00%, 12/01/2041 (Callable 12/01/2028) | | | 380,000 | | | 311,491 |
| | | | | | 1,050,113 |
California - 5.1%
| | | | | | |
California Community Choice Financing Authority, 5.25%, 01/01/2054 (Callable 10/01/2030)(a) | | | 200,000 | | | 210,774 |
California Housing Finance Agency
| | | | | | |
3.75%, 03/25/2035 | | | 481,986 | | | 480,444 |
4.38%, 09/20/2036 | | | 496,326 | | | 515,927 |
California Municipal Finance Authority, 4.00%, 12/01/2043 (Callable 12/01/2034) | | | 1,000,000 | | | 979,003 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
California - (Continued)
|
California Pollution Control Financing Authority, 5.00%, 07/01/2029(b) | | | $ 250,000 | | | $ 263,759 |
California Public Finance Authority
| | | | | | |
2.38%, 11/15/2028 (Callable 07/22/2024)(b) | | | 185,000 | | | 181,783 |
3.13%, 05/15/2029 (Callable 07/22/2024)(b) | | | 250,000 | | | 245,278 |
California State University, 3.13%, 11/01/2051 (Callable 05/01/2026)(a) | | | 750,000 | | | 744,904 |
City of Los Angeles Department of Airports, 5.00%, 05/15/2033 (Callable 05/15/2029)(c) | | | 500,000 | | | 528,106 |
City of Vernon CA Electric System Revenue, 5.00%, 08/01/2025 | | | 500,000 | | | 506,199 |
Clovis Unified School District, 4.00%, 08/01/2048 (Callable 08/01/2032) | | | 1,000,000 | | | 992,271 |
Freddie Mac Multifamily ML Certificates, 2.25%, 09/25/2037 | | | 1,387,830 | | | 1,122,806 |
Freddie Mac Multifamily Variable Rate Certificate, 2.88%, 07/25/2036 | | | 720,479 | | | 646,812 |
Los Alamitos Unified School District, 0.00%, 08/01/2042 (Callable 08/01/2029) | | | 375,000 | | | 415,716 |
Mayers Memorial Hospital District
| | | | | | |
0.00%, 08/01/2029(e) | | | 160,000 | | | 125,060 |
0.00%, 08/01/2030(e) | | | 360,000 | | | 266,087 |
Morongo Unified School District, 0.00%, 08/01/2041 (Callable 08/01/2030) | | | 175,000 | | | 178,830 |
Orland Unified School District, 0.00%, 08/01/2051 (Callable 08/01/2037) | | | 1,000,000 | | | 763,863 |
Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041 (Callable 05/15/2032) | | | 330,000 | | | 366,606 |
San Francisco City & County Airport Comm-San Francisco International Airport, 5.75%, 05/01/2048 (Callable 05/01/2033)(c) | | | 1,000,000 | | | 1,116,575 |
San Ysidro School District, 0.00%, 08/01/2031(e) | | | 600,000 | | | 461,019 |
Siskiyou Community College District, 0.00%, 08/01/2031(e) | | | 240,000 | | | 185,565 |
| | | | | | 11,297,387 |
Colorado - 1.8%
| | | | | | |
Colorado Bridge Enterprise
| | | | | | |
4.00%, 12/31/2030 (Callable 12/31/2027)(c) | | | 750,000 | | | 730,409 |
4.00%, 06/30/2031 (Callable 12/31/2027)(c) | | | 250,000 | | | 243,090 |
Colorado Educational & Cultural Facilities Authority
| | | | | | |
5.00%, 10/01/2028 (Callable 10/01/2025) | | | 350,000 | | | 347,694 |
| | | | | | | |
| | | | | | | |
2.00%, 09/01/2030 (Callable 09/01/2028) | | | $ 90,000 | | | $ 80,703 |
5.00%, 10/01/2030 (Callable 10/01/2025) | | | 420,000 | | | 414,828 |
5.00%, 12/01/2038 (Callable 12/01/2028) | | | 75,000 | | | 77,416 |
Colorado Housing and Finance Authority, 3.50%, 11/01/2043 (Callable 05/01/2026)(a) | | | 500,000 | | | 498,873 |
Denver City & County Housing Authority, 5.00%, 07/01/2027 (Callable 07/01/2026) | | | 500,000 | | | 514,102 |
Denver Convention Center Hotel Authority, 5.00%, 12/01/2024 | | | 300,000 | | | 300,683 |
Denver Health & Hospital Authority, 5.00%, 12/01/2033 (Callable 12/01/2029) | | | 100,000 | | | 102,881 |
Grand River Hospital District, 5.25%, 12/01/2031 (Callable 12/01/2028) | | | 75,000 | | | 79,442 |
Regional Transportation District, 4.00%, 07/15/2039 | | | 115,000 | | | 113,976 |
Vauxmont Metropolitan District, 3.25%, 12/15/2050 (Callable 12/15/2024) | | | 145,000 | | | 120,781 |
Windy Gap Firming Project Water Activity Enterprise, 5.00%, 07/15/2046 (Callable 07/15/2031) | | | 1,000,000 | | | 1,074,700 |
| | | | | | 4,699,578 |
Connecticut - 0.8%
| | | | | | |
Connecticut Housing Finance Authority, 2.75%, 11/15/2052 (Callable 08/01/2024)(a) | | | 85,000 | | | 83,881 |
Connecticut State Health & Educational Facilities Authority | | | | | | |
4.00%, 07/01/2029 (Callable 07/01/2028) | | | 40,000 | | | 39,096 |
4.00%, 07/01/2031 (Callable 07/01/2028) | | | 30,000 | | | 29,178 |
2.95%, 07/01/2049(a) | | | 1,000,000 | | | 983,074 |
Connecticut State Higher Education Supplement Loan Authority
| | | | | | |
5.00%, 11/15/2026(c) | | | 400,000 | | | 409,416 |
5.00%, 11/15/2033(c) | | | 540,000 | | | 582,823 |
| | | | | | 2,127,468 |
Delaware - 0.6%
| | | | | | |
Delaware State Housing Authority, 6.00%, 01/01/2055 (Callable 07/01/2033) | | | 1,000,000 | | | 1,093,023 |
Florida - 5.3%
| | | | | | |
Brevard County Health Facilities Authority, 5.00%, 04/01/2052 (Callable 04/01/2032) | | | 750,000 | | | 776,191 |
Capital Trust Agency, Inc., 3.38%, 07/01/2031(b) | | | 395,000 | | | 380,246 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Florida - (Continued)
|
City of Cape Coral FL Water & Sewer
Revenue
| |
5.25%, 10/01/2048 (Callable 10/01/2033) | | | $ 750,000 | | | $ 828,896 |
5.65%, 03/01/2054 (Callable 03/01/2033) | | | 1,000,000 | | | 1,111,501 |
City of Fort Lauderdale FL Water & Sewer Revenue, 5.50%, 09/01/2048 (Callable 09/01/2033) | | | 550,000 | | | 619,076 |
City of Gainesville FL Utilities System Revenue, 5.00%, 10/01/2051 (Callable 10/01/2031) | | | 1,000,000 | | | 1,063,082 |
City of Tampa FL Water & Wastewater System Revenue
| | | | | | |
5.00%, 10/01/2047 (Callable 10/01/2032) | | | 1,000,000 | | | 1,089,277 |
5.25%, 10/01/2057 (Callable 10/01/2032) | | | 750,000 | | | 819,853 |
County of Pasco FL, 5.00%, 09/01/2048 (Callable 03/01/2033) | | | 500,000 | | | 529,352 |
County of Sarasota FL Utility System Revenue, 5.25%, 10/01/2047 (Callable 10/01/2032) | | | 1,000,000 | | | 1,099,433 |
Florida Development Finance Corp.
| | | | | | |
5.25%, 06/15/2029 (Callable 06/15/2027)(b) | | | 500,000 | | | 505,196 |
5.00%, 08/15/2032(b) | | | 455,000 | | | 463,434 |
Florida Housing Finance Corp., 4.20%, 01/01/2045 (Callable 01/01/2028) | | | 40,000 | | | 38,988 |
Greater Orlando Aviation Authority, 5.00%, 10/01/2029 (Callable 10/01/2025)(c) | | | 1,000,000 | | | 1,011,622 |
Mid-Bay Bridge Authority, 5.00%, 10/01/2024 | | | 545,000 | | | 545,987 |
Orange County Health Facilities Authority, 5.00%, 08/01/2028 (Callable 08/01/2024) | | | 200,000 | | | 200,168 |
Palm Beach County Educational Facilities Authority
| | | | | | |
4.00%, 10/01/2027 | | | 260,000 | | | 259,359 |
4.00%, 10/01/2028 | | | 270,000 | | | 269,307 |
St Johns County Housing Finance Authority, 5.50%, 12/01/2028 (Callable 06/01/2026)(a)(b) | | | 500,000 | | | 492,316 |
| | | | | | 12,103,284 |
Georgia - 2.0%
| | | | | | |
Atlanta Urban Residential Finance Authority, 2.00%, 09/01/2025 (Callable 09/01/2024)(a) | | | 200,000 | | | 198,926 |
Bartow County Development Authority
| | | | | | |
3.95%, 12/01/2032(a) | | | 500,000 | | | 507,991 |
2.88%, 08/01/2043(a) | | | 200,000 | | | 197,082 |
DeKalb County Housing Authority, 4.00%, 12/01/2033 (Callable 12/01/2030) | | | 1,000,000 | | | 989,334 |
| | | | | | | |
| | | | | | | |
Development Authority of Burke County, 2.75%, 01/01/2052 (Callable 05/03/2031) | | | $ 500,000 | | | $ 335,458 |
Development Authority of Monroe County, 1.50%, 01/01/2039(a) | | | 500,000 | | | 488,170 |
Main Street Natural Gas, Inc.
| | | | | | |
4.00%, 08/01/2049 (Callable 09/01/2024)(a) | | | 800,000 | | | 800,357 |
4.00%, 08/01/2052 (Callable 05/01/2027)(a)(b) | | | 400,000 | | | 394,823 |
5.00%, 12/01/2052 (Callable 03/01/2029)(a) | | | 350,000 | | | 366,946 |
5.00%, 06/01/2053 (Callable 03/01/2030)(a) | | | 500,000 | | | 528,560 |
| | | | | | 4,807,647 |
Idaho - 0.5%
| | | | | | |
Idaho Housing & Finance Association
| | | | | | |
4.13%, 05/01/2039 (Callable 05/01/2032) | | | 450,000 | | | 439,974 |
3.00%, 05/01/2042 (Callable 05/01/2032) | | | 340,000 | | | 270,951 |
5.75%, 05/01/2058 (Callable 05/01/2031) | | | 500,000 | | | 528,664 |
| | | | | | 1,239,589 |
Illinois - 8.4%
| | | | | | |
Chicago Board of Education
| | | | | | |
0.00%, 12/01/2025(e) | | | 500,000 | | | 471,520 |
5.50%, 12/01/2026 | | | 60,000 | | | 61,089 |
Chicago Board of Education Dedicated Capital Improvement Tax, 5.25%, 04/01/2034 (Callable 04/01/2033) | | | 375,000 | | | 422,853 |
Chicago Midway International Airport
| | | | | | |
5.00%, 01/01/2027(c) | | | 500,000 | | | 513,276 |
5.00%, 01/01/2029 (Callable 01/01/2026)(c) | | | 365,000 | | | 369,309 |
Chicago O’Hare International Airport, 5.50%, 01/01/2055 (Callable 01/01/2032)(c) | | | 300,000 | | | 321,358 |
Chicago Transit Authority Sales Tax Receipts Fund, 5.25%, 12/01/2049 (Callable 12/01/2024) | | | 500,000 | | | 501,155 |
City of Chicago IL, 0.00%,
01/01/2027 (e) | | | 100,000 | | | 91,143 |
City of Chicago IL Wastewater Transmission Revenue, 5.00%, 01/01/2042 (Callable 01/01/2034) | | | 1,250,000 | | | 1,377,561 |
City of Chicago IL Waterworks Revenue, 5.00%, 11/01/2029 (Callable 11/01/2026) | | | 1,050,000 | | | 1,079,523 |
Exceptional Children Have Opportunities, 4.00%, 12/01/2035 (Callable 12/01/2029) | | | 150,000 | | | 151,347 |
Illinois Finance Authority
| | | | | | |
5.00%, 11/01/2031 (Callable 11/01/2026) | | | 135,000 | | | 137,572 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
5.00%, 02/15/2032 (Callable 08/15/2027) | | | $ 500,000 | | | $ 508,346 |
5.00%, 05/15/2033 (Callable 11/15/2028) | | | 640,000 | | | 660,891 |
5.00%, 10/01/2034 (Callable 10/01/2030) | | | 750,000 | | | 786,128 |
5.00%, 02/15/2036 (Callable 02/15/2027) | | | 400,000 | | | 414,464 |
5.00%, 02/15/2037 (Callable 08/15/2027) | | | 955,000 | | | 963,731 |
4.13%, 11/15/2037 (Callable 11/15/2025) | | | 60,000 | | | 59,054 |
5.00%, 11/15/2039 (Callable 05/15/2025) | | | 300,000 | | | 301,290 |
5.25%, 04/01/2044 (Callable 04/01/2034) | | | 1,200,000 | | | 1,275,191 |
5.25%, 04/01/2047 (Callable 04/01/2034) | | | 500,000 | | | 557,221 |
5.25%, 04/01/2049 (Callable 04/01/2034) | | | 350,000 | | | 388,049 |
Illinois Sports Facilities Authority, 5.00%, 06/15/2030 | | | 1,000,000 | | | 1,066,221 |
Illinois State Toll Highway Authority
| | | | | | |
5.00%, 01/01/2041 (Callable 07/01/2033) | | | 250,000 | | | 281,765 |
5.00%, 01/01/2045 (Callable 01/01/2031) | | | 580,000 | | | 616,634 |
Metropolitan Pier & Exposition Authority
| | | | | | |
0.00%, 06/15/2029(e) | | | 100,000 | | | 81,858 |
0.00%, 12/15/2034(e) | | | 500,000 | | | 326,794 |
Moultrie Shelby & Coles Counties Community Unit School District No 300, 5.00%, 12/01/2044 (Callable 06/01/2029) | | | 890,000 | | | 918,112 |
Sangamon & Christian Counties Community Unit School District No 3A Rochester, 5.50%, 02/01/2038 (Callable 02/01/2032) | | | 450,000 | | | 496,991 |
St Clair County Community Unit School District No 187 Cahokia
| | | | | | |
5.00%, 01/01/2044 (Callable 01/01/2034) | | | 250,000 | | | 269,394 |
5.00%, 01/01/2049 (Callable 01/01/2034) | | | 1,000,000 | | | 1,059,869 |
5.00%, 01/01/2054 (Callable 01/01/2034) | | | 1,350,000 | | | 1,425,630 |
State of Illinois, 5.00%, 03/01/2027 | | | 200,000 | | | 207,095 |
Upper Illinois River Valley Development Authority, 5.00%, 01/01/2045 (Callable 01/01/2027)(b) | | | 200,000 | | | 195,981 |
Village of Romeoville IL, 5.00%, 10/01/2035 (Callable 04/01/2025) | | | 300,000 | | | 300,292 |
| | | | | | | |
| | | | | | | |
Will County Community High School District No 210 Lincoln-Way, 4.00%, 01/01/2034 (Callable 01/01/2029) | | | $ 100,000 | | | $99,644 |
Will County Community High School District No. 210
| | | | | | |
0.00%, 01/01/2027(e) | | | 95,000 | | | 85,636 |
0.00%, 01/01/2033(e) | | | 570,000 | | | 396,523 |
Winnebago County Community Unit School District No 320 South Beloit, 5.00%, 02/01/2032 | | | 400,000 | | | 432,846 |
| | | | | | 19,673,356 |
Indiana - 2.1%
| | | | | | |
Boone County Building Corp., 5.25%, 08/01/2038 (Callable 02/01/2032) | | | 1,235,000 | | | 1,358,531 |
Fishers Town Hall Building Corp., 5.63%, 07/15/2048 (Callable 01/15/2034) | | | 25,000 | | | 28,152 |
Hammond Local Public Improvement Bond Bank, 5.50%, 07/15/2036 (Callable 07/15/2030)
| | | 500,000 | | | 530,240 |
Indiana Finance Authority | | | | | | |
2.50%, 11/01/2030 | | | 100,000 | | | 89,292 |
5.75%, 06/01/2048 (Callable 12/01/2033) | | | 500,000 | | | 544,484 |
Indiana Health & Educational Facilities Financing Authority, 5.00%, 11/15/2046 (Callable 11/15/2026) | | | 100,000 | | | 101,373 |
Noblesville Community Development Corp., 5.00%, 08/01/2039 (Callable 02/01/2034) | | | 1,785,000 | | | 1,971,854 |
St Joseph County Airport Authority, 0.01%, 07/01/2028(c) | | | 155,000 | | | 130,680 |
| | | | | | 4,754,606 |
Iowa - 1.0%
| | | | | | |
City of Coralville IA, 4.00%, 06/01/2025 (Callable 08/01/2024) | | | 100,000 | | | 98,769 |
City of Stuart IA, 4.75%, 06/01/2026 (Callable 06/01/2025) | | | 680,000 | | | 680,336 |
Iowa Finance Authority, 7.50%, 01/01/2032 (Callable
01/01/2030)(b) | | | 250,000 | | | 243,735 |
PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)(a) | | | 730,000 | | | 744,386 |
Pleasant Valley Community School District, 4.00%, 07/01/2044 (Callable 07/01/2031) | | | 750,000 | | | 720,648 |
| | | | | | 2,487,874 |
Kansas - 0.3%
| | | | | | |
City of Coffeyville KS Electric System Revenue, 5.00%, 06/01/2025(b) | | | 100,000 | | | 99,590 |
City of Osawatomie KS, 3.75%, 03/01/2027 (Callable 03/01/2025) | | | 500,000 | | | 494,567 |
Wyandotte County-Kansas City Unified Government, 0.00%, 12/01/2027(e) | | | 245,000 | | | 210,863 |
| | | | | | 805,020 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Kentucky - 1.4%
| | | | | | |
Garrard County School District Finance Corp., 5.00%, 08/01/2037 (Callable 08/01/2031) | | | $ 810,000 | | | $ 887,079 |
Kentucky Economic Development Finance Authority
| | | | | | |
0.00%, 10/01/2027(e) | | | 180,000 | | | 156,407 |
4.00%, 07/01/2031 (Callable 07/01/2025) | | | 250,000 | | | 245,160 |
5.00%, 07/01/2033 (Callable 07/01/2025) | | | 200,000 | | | 201,310 |
Kentucky Public Energy Authority
| | | | | | |
5.00%, 07/01/2027 | | | 525,000 | | | 537,455 |
4.00%, 01/01/2049 (Callable 07/11/2024)(a) | | | 500,000 | | | 501,233 |
4.78% (1 mo. LIBOR US + 1.12%), 12/01/2049 (Callable 03/01/2025)(f) | | | 50,000 | | | 50,128 |
4.00%, 12/01/2050 (Callable 03/01/2026)(a) | | | 250,000 | | | 251,065 |
Louisville/Jefferson County Metropolitan Government, 5.00%, 10/01/2047 (Callable 07/01/2026)(a) | | | 500,000 | | | 511,070 |
| | | | | | 3,340,907 |
Louisiana - 0.4%
| | | | | | |
Louisiana Housing Corp., 5.00%, 07/01/2046 (Callable 02/01/2026)(a) | | | 500,000 | | | 506,763 |
Louisiana Public Facilities Authority, 5.00%, 10/01/2025 | | | 250,000 | | | 253,038 |
Plaquemines Port Harbor & Terminal District, 4.00%, 03/15/2025 | | | 250,000 | | | 249,515 |
| | | | | | 1,009,316 |
Maine - 0.4%
| | | | | | |
City of Lewiston ME, 1.38%, 02/15/2033 (Callable 02/15/2028) | | | 345,000 | | | 264,072 |
Maine Health & Higher Educational Facilities Authority, 5.00%, 07/01/2037 (Callable 07/01/2030) | | | 600,000 | | | 639,511 |
| | | | | | 903,583 |
Maryland - 1.1%
| | | | | | |
Howard County Housing Commission, 4.13%, 12/01/2043 (Callable 12/01/2033) | | | 1,000,000 | | | 940,290 |
Maryland Community Development Administration, 4.70%, 03/01/2046 (Callable 03/01/2031) | | | 400,000 | | | 401,803 |
Maryland Economic Development Corp., 5.00%, 06/01/2030 (Callable 06/01/2028) | | | 500,000 | | | 522,771 |
Maryland Health & Higher Educational Facilities Authority, 5.00%, 01/01/2030 | | | 100,000 | | | 103,569 |
Montgomery County Housing Opportunities Commission, 5.13%, 01/01/2053 (Callable 01/01/2034) | | | 700,000 | | | 751,065 |
| | | | | | 2,719,498 |
| | | | | | | |
| | | | | | | |
Massachusetts - 0.9%
| | | | | | |
Massachusetts Development Finance Agency
| | | | | | |
5.00%, 10/01/2024 | | | $ 150,000 | | | $ 150,277 |
5.00%, 07/15/2025(b) | | | 50,000 | | | 49,862 |
5.25%, 10/01/2033 | | | 775,000 | | | 818,064 |
5.00%, 07/01/2044 (Callable 07/01/2027) | | | 500,000 | | | 506,938 |
Massachusetts Educational Financing Authority
| | | | | | |
2.00%, 07/01/2037 (Callable 07/01/2031)(c) | | | 350,000 | | | 299,212 |
4.25%, 07/01/2044 (Callable 07/01/2033)(c) | | | 400,000 | | | 385,368 |
| | | | | | 2,209,721 |
Michigan - 4.2%
| | | | | | |
Allegan Public School District, 5.00%, 05/01/2037 (Callable 05/01/2033) | | | 250,000 | | | 281,511 |
Ann Arbor School District, 3.00%, 05/01/2027 | | | 780,000 | | | 765,459 |
City of Detroit MI, 6.00%, 05/01/2043 (Callable 05/01/2033) | | | 250,000 | | | 285,401 |
Flat Rock Community School District, 5.00%, 05/01/2041 (Callable 05/01/2032) | | | 350,000 | | | 379,602 |
Fraser Public School District
| | | | | | |
5.00%, 05/01/2038 (Callable 05/01/2033) | | | 400,000 | | | 444,388 |
5.00%, 05/01/2039 (Callable 05/01/2033) | | | 180,000 | | | 196,583 |
5.00%, 05/01/2048 (Callable 05/01/2033) | | | 475,000 | | | 502,012 |
Gobles Public Schools
| | | | | | |
5.00%, 05/01/2046 (Callable 05/01/2034) | | | 850,000 | | | 916,596 |
5.00%, 05/01/2050 (Callable 05/01/2034) | | | 630,000 | | | 677,744 |
Michigan Finance Authority
| | | | | | |
4.50%, 10/01/2029 (Callable 10/01/2024) | | | 370,000 | | | 370,174 |
5.00%, 05/15/2035 (Callable 05/15/2025) | | | 1,010,000 | | | 1,017,986 |
5.00%, 10/01/2039 (Callable 10/01/2024) | | | 1,000,000 | | | 1,001,242 |
5.00%, 11/15/2041 (Callable 11/15/2026) | | | 500,000 | | | 508,368 |
5.00%, 07/01/2044 (Callable 08/01/2024) | | | 300,000 | | | 300,097 |
Michigan Strategic Fund, 5.00%, 12/31/2043 (Callable 12/31/2028)(c) | | | 305,000 | | | 309,856 |
Okemos Public Schools | | | | | | |
5.00%, 05/01/2040 (Callable 05/01/2034) | | | 300,000 | | | 335,457 |
5.00%, 05/01/2041 (Callable 05/01/2034) | | | 400,000 | | | 442,421 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Michigan - 4.2%
| |
Rockford Public Schools, 5.00%, 05/01/2040 (Callable 05/01/2033) | | | $ 500,000 | | | $ 551,187 |
Walled Lake Consolidated School District, 5.00%, 05/01/2047 (Callable 05/01/2032) | | | 1,000,000 | | | 1,069,730 |
| | | | | | 10,355,814 |
Minnesota - 1.6%
| | | | | | |
City of Virginia MN, 5.00%, 12/15/2026 (Callable 06/15/2025) | | | 1,000,000 | | | 1,004,187 |
Federal Home Loan Mortgage Corp., Series 2024-ML21, Class AUS, 4.62%, 08/25/2041 (Callable 08/25/2041)(a) | | | 999,369 | | | 1,021,861 |
Housing & Redevelopment Authority of The City of St Paul Minnesota, 5.00%, 12/01/2036 (Callable 12/01/2030) | | | 150,000 | | | 156,255 |
Minnesota Housing Finance Agency
| | | | | | |
4.50%, 01/01/2043 (Callable 01/01/2033) | | | 500,000 | | | 501,745 |
4.25%, 01/01/2049 (Callable 01/01/2028) | | | 130,000 | | | 129,819 |
6.50%, 07/01/2054 (Callable 07/01/2033) | | | 730,000 | | | 806,102 |
Northern Municipal Power Agency
| | | | | | |
5.00%, 01/01/2039 (Callable 01/01/2031) | | | 125,000 | | | 133,814 |
5.00%, 01/01/2040 (Callable 01/01/2031) | | | 100,000 | | | 106,562 |
| | | | | | 3,860,345 |
Mississippi - 0.5%
| | | | | | |
City of Gulfport MS, 5.00%, 07/01/2026 | | | 100,000 | | | 101,304 |
County of Hinds MS, 4.00%, 11/01/2034 (Callable 11/01/2025) | | | 100,000 | | | 94,765 |
Mississippi Development Bank
| | | | | | |
5.00%, 09/01/2024 | | | 50,000 | | | 50,020 |
5.00%, 11/01/2030 (Callable 11/01/2027) | | | 100,000 | | | 97,331 |
5.25%, 03/01/2045 (Callable 03/01/2028) | | | 150,000 | | | 151,290 |
5.00%, 05/01/2052 (Callable 05/01/2034) | | | 1,000,000 | | | 1,053,790 |
| | | | | | 1,548,500 |
Missouri - 4.3%
| | | | | | |
Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | | | 1,000,000 | | | 994,741 |
City of Kansas City MO, 0.00%, 02/01/2029(e) | | | 635,000 | | | 518,206 |
City of St Louis MO Airport Revenue, 5.00%, 07/01/2039 (Callable 07/01/2029) | | | 300,000 | | | 318,644 |
| | | | | | | |
| | | | | | | |
Clay County School District No 40 Excelsior Springs, 5.00%, 04/01/2039 (Callable 04/01/2033) | | | $ 600,000 | | | $ 634,659 |
Health & Educational Facilities Authority of the State of Missouri
| | | | | | |
5.00%, 02/01/2025 (Callable 07/23/2024) | | | 30,000 | | | 30,021 |
4.00%, 08/01/2025 | | | 150,000 | | | 147,998 |
5.00%, 11/15/2032 (Callable 11/15/2025) | | | 1,200,000 | | | 1,206,244 |
5.00%, 11/15/2033 (Callable 11/15/2030) | | | 360,000 | | | 391,454 |
Missouri Housing Development Commission, 2.35%, 11/01/2046 (Callable 05/01/2030) | | | 1,000,000 | | | 686,426 |
Missouri Joint Municipal Electric Utility Commission, 5.00%, 06/01/2034 | | | 870,000 | | | 970,924 |
Monarch-Chesterfield Levee District, 4.13%, 03/01/2044 (Callable 03/01/2034) | | | 1,000,000 | | | 983,189 |
St Louis Land Clearance for Redevelopment Authority
| | | | | | |
4.25%, 06/01/2026 | | | 55,000 | | | 54,680 |
3.88%, 10/01/2035 (Callable 10/01/2029) | | | 660,000 | | | 600,382 |
5.00%, 04/01/2038 (Callable 04/01/2027) | | | 1,000,000 | | | 1,025,290 |
St Louis Municipal Finance Corp., 5.00%, 10/01/2045 (Callable 10/01/2030) | | | 1,000,000 | | | 1,043,734 |
University City Industrial Development Authority, 5.50%, 06/15/2042 (Callable 06/15/2033) | | | 500,000 | | | 503,752 |
| | | | | | 10,110,344 |
Montana - 1.3%
| | | | | | |
City of Forsyth MT, 3.88%, 07/01/2028 (Callable 04/02/2028) | | | 1,000,000 | | | 1,003,078 |
Montana Board of Housing, 6.00%, 12/01/2054 (Callable 06/01/2033) | | | 1,400,000 | | | 1,518,093 |
Montana Facility Finance Authority, 5.00%, 07/01/2033 (Callable 07/01/2028) | | | 500,000 | | | 512,978 |
| | | | | | 3,034,149 |
Nebraska - 1.8%
| | | | | | |
Central Plains Energy Project, 5.00%, 05/01/2054 (Callable 08/01/2029)(a) | | | 750,000 | | | 790,017 |
County of Sarpy NE, 1.75%, 06/01/2035 (Callable 06/01/2026) | | | 1,750,000 | | | 1,300,713 |
Lincoln Airport Authority, 4.00%, 07/01/2035 (Callable 07/01/2031)(c) | | | 2,000,000 | | | 1,984,217 |
| | | | | | 4,074,947 |
Nevada - 0.4%
| | | | | | |
Carson City NV, 5.00%, 09/01/2031 (Callable 09/01/2027) | | | 495,000 | | | 508,873 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Nevada - (Continued)
| |
County of Washoe NV, 4.13%, 03/01/2036(a)(c) | | | $ 500,000 | | | $ 500,862 |
| | | | | | 1,009,735 |
New Hampshire - 1.2%
| | | | | | |
New Hampshire Business Finance Authority
| | | | | | |
4.50%, 10/01/2033 | | | 1,000,000 | | | 1,026,122 |
4.38%, 09/20/2036 | | | 487,185 | | | 484,123 |
Series 2024-2, Class A, 3.63%, 08/20/2039 | | | 999,517 | | | 929,405 |
New Hampshire Health and Education Facilities Authority Act, 5.00%, 10/01/2035 (Callable 10/01/2027) | | | 450,000 | | | 468,172 |
| | | | | | 2,907,822 |
New Jersey - 1.4%
| | | | | | |
Atlantic City Board of Education, 3.40%, 08/15/2024(b) | | | 85,000 | | | 84,849 |
Jersey City Municipal Utilities Authority, 5.00%, 05/01/2025 | | | 1,000,000 | | | 1,008,262 |
New Jersey Housing & Mortgage Finance Agency, 5.00%, 10/01/2063 | | | 497,190 | | | 513,733 |
New Jersey Turnpike Authority, 5.00%, 01/01/2028(d) | | | 1,000,000 | | | 1,062,118 |
Newark Parking Authority | | | | | | |
5.25%, 02/01/2043 (Callable 02/01/2033) | | | 200,000 | | | 211,792 |
5.50%, 02/01/2051 (Callable 02/01/2033) | | | 340,000 | | | 360,319 |
Township of Willingboro NJ, 2.13%, 09/01/2033 (Callable 09/01/2028) | | | 225,000 | | | 184,613 |
| | | | | | 3,425,686 |
New York - 3.5%
| | | | | | |
Albany County Capital Resource Corp., 3.10%, 07/01/2030 | | | 100,000 | | | 91,475 |
Amherst Industrial Development Agency, 3.90%, 04/01/2026 (Callable 04/01/2025)(a) | | | 400,000 | | | 399,337 |
Brookhaven Local Development Corp., 5.00%, 11/01/2024 | | | 45,000 | | | 45,110 |
Build NYC Resource Corp., 4.00%, 12/01/2031 (Callable 12/01/2029)(b) | | | 300,000 | | | 284,948 |
Huntington Local Development Corp., 4.00%, 07/01/2027 | | | 120,000 | | | 116,955 |
Monroe County Industrial Development Corp., 4.84%, 11/01/2040 | | | 991,254 | | | 1,046,658 |
New York City Housing Development Corp. | | | | | | |
2.55%, 11/01/2045 (Callable 02/01/2029) | | | 1,000,000 | | | 721,669 |
3.00%, 02/15/2048 (Callable 07/22/2024) | | | 500,000 | | | 498,253 |
0.90%, 11/01/2060 (Callable 10/01/2024)(a) | | | 500,000 | | | 471,233 |
| | | | | | | |
| | | | | | | |
New York State Dormitory Authority, 5.00%, 03/15/2043 (Callable 03/15/2029) | | | $ 250,000 | | | $ 266,593 |
New York State Environmental Facilities Corp., 5.13%, 09/01/2050 (Callable 06/05/2030)(a)(b)(c) | | | 500,000 | | | 517,384 |
New York State Housing Finance Agency, 3.60%, 11/01/2062 (Callable 06/01/2025)(a) | | | 500,000 | | | 500,123 |
New York Transportation Development Corp., 4.25%, 06/30/2042 (Callable 06/30/2033)(c) | | | 1,000,000 | | | 985,970 |
Onondaga Civic Development Corp., 5.00%, 10/01/2040 (Callable 10/01/2025) | | | 220,000 | | | 192,572 |
Port Authority of New York & New Jersey, 5.00%, 10/15/2028 (Callable 10/15/2025)(c) | | | 1,000,000 | | | 1,012,120 |
Schenectady County Capital Resource Corp., 5.25%, 07/01/2052 (Callable 07/01/2032) | | | 350,000 | | | 379,693 |
Town of Hempstead NY, 2.13%, 06/15/2041 (Callable 06/15/2029) | | | 1,000,000 | | | 711,236 |
Town of Ramapo NY, 3.75%, 03/01/2030 (Callable 07/22/2024) | | | 50,000 | | | 45,934 |
Triborough Bridge & Tunnel Authority, 4.50%, 05/15/2047 (Callable 11/15/2032) | | | 500,000 | | | 510,541 |
| | | | | | 8,797,804 |
North Carolina - 1.3%
| | | | | | |
Fayetteville State University, 5.00%, 04/01/2043 (Callable 04/01/2031) | | | 1,000,000 | | | 1,045,512 |
Greater Asheville Regional Airport Authority
| | | | | | |
5.25%, 07/01/2038 (Callable 07/01/2032)(c) | | | 350,000 | | | 383,316 |
5.50%, 07/01/2047 (Callable 07/01/2032)(c) | | | 500,000 | | | 544,789 |
Inlivian, 4.00%, 04/01/2025 (Callable 04/01/2024) | | | 500,000 | | | 499,721 |
North Carolina Housing Finance Agency, 2.85%, 07/01/2040 (Callable 07/01/2029) | | | 460,000 | | | 387,880 |
North Carolina Medical Care Commission, 5.00%, 01/01/2038 (Callable 01/01/2026) | | | 250,000 | | | 254,023 |
Winston-Salem State University, 4.25%, 06/01/2032 (Callable 07/18/2024) | | | 50,000 | | | 50,018 |
| | | | | | 3,165,259 |
North Dakota - 1.6%
| | | | | | |
Cass County Joint Water Resource District, 3.45%, 04/01/2027 (Callable 01/01/2026) | | | 1,500,000 | | | 1,498,545 |
City of Horace ND
| | | | | | |
5.00%, 05/01/2048 (Callable 05/01/2031) | | | 500,000 | | | 484,462 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
North Dakota - (Continued)
| |
6.00%, 05/01/2049 (Callable 05/01/2032) | | | $ 500,000 | | | $ 523,194 |
City of Mandan ND Sales Tax Revenue, 3.00%, 09/01/2036 (Callable 09/01/2024) | | | 200,000 | | | 173,192 |
North Dakota Housing Finance Agency, 5.75%, 01/01/2054 (Callable 07/01/2032) | | | 1,000,000 | | | 1,060,643 |
Williston Parks & Recreation District, 4.50%, 03/01/2025 (Callable 07/17/2024) | | | 50,000 | | | 49,608 |
| | | | | | 3,789,644 |
Ohio - 3.2%
| | | | | | |
Akron Bath Copley Joint Township Hospital District, 5.00%, 11/15/2031 (Callable 11/15/2030) | | | 100,000 | | | 105,441 |
Cleveland-Cuyahoga County Port Authority, 5.50%, 08/01/2052 (Callable 08/01/2032) | | | 350,000 | | | 372,735 |
County of Hamilton OH, 5.00%, 02/01/2028 (Callable 08/01/2024) | | | 550,000 | | | 550,156 |
County of Hamilton OH Sewer System Revenue, 5.00%, 12/01/2029(d) | | | 900,000 | | | 985,660 |
County of Montgomery OH, 3.00%, 08/01/2034 (Callable 02/01/2031) | | | 100,000 | | | 91,920 |
FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | | | 470,000 | | | 397,721 |
Ohio Air Quality Development Authority, 4.00%, 09/01/2030(a) | | | 520,000 | | | 520,598 |
Ohio Housing Finance Agency
| | | | | | |
6.00%, 02/01/2026 (Callable 02/01/2025)(b) | | | 500,000 | | | 502,700 |
4.70%, 01/01/2043 | | | 1,000,000 | | | 996,016 |
2.90%, 09/01/2045 (Callable 03/01/2029) | | | 800,000 | | | 626,714 |
Ohio Turnpike & Infrastructure Commission, 5.70%, 02/15/2034 (Callable 02/15/2031) | | | 95,000 | | | 109,357 |
Port of Greater Cincinnati Development Authority
| | | | | | |
5.25%, 12/01/2058 (Callable 06/01/2034) | | | 500,000 | | | 533,473 |
5.25%, 12/01/2063 (Callable 06/01/2034) | | | 900,000 | | | 960,252 |
Shaker Heights City School District
| | | | | | |
5.00%, 12/15/2040 (Callable 06/15/2034) | | | 500,000 | | | 565,994 |
5.00%, 12/15/2041 (Callable 06/15/2034) | | | 450,000 | | | 502,999 |
Summit County Development Finance Authority, 5.75%, 12/01/2053 (Callable 12/01/2033) | | | 250,000 | | | 269,179 |
| | | | | | 8,090,915 |
| | | | | | | |
| | | | | | | |
Oklahoma - 1.9%
| | | | | | |
Caddo County Educational Facilities Authority, 5.00%, 09/01/2033 | | | $ 1,000,000 | | | $ 1,063,534 |
Canadian County Educational Facilities Authority, 5.00%, 09/01/2029 | | | 1,000,000 | | | 1,071,440 |
Muskogee Industrial Trust
| | | | | | |
4.00%, 09/01/2032 (Callable 09/01/2029) | | | 250,000 | | | 245,171 |
4.00%, 09/01/2033 (Callable 09/01/2029) | | | 500,000 | | | 483,409 |
Oklahoma County Finance Authority, 5.00%, 10/01/2045 (Callable 10/01/2034) | | | 1,000,000 | | | 1,089,815 |
Oklahoma Turnpike Authority, 4.50%, 01/01/2053 (Callable 01/01/2032) | | | 500,000 | | | 509,739 |
| | | | | | 4,463,108 |
Oregon - 0.3%
| | | | | | |
Port of Portland OR Airport Revenue, 5.00%, 07/01/2028(c) | | | 425,000 | | | 444,703 |
Salem Hospital Facility Authority, 5.00%, 05/15/2034 (Callable 05/15/2029) | | | 50,000 | | | 53,160 |
Yamhill County Hospital Authority, 2.50%, 11/15/2028 (Callable 07/22/2024) | | | 185,000 | | | 168,803 |
| | | | | | 666,666 |
Pennsylvania - 5.2%
| | | | | | |
Borough of Bellevue PA, 2.00%, 04/01/2031 (Callable 04/01/2027) | | | 400,000 | | | 344,737 |
Chester County Industrial Development Authority, 5.00%, 08/01/2035 (Callable 08/01/2024) | | | 145,000 | | | 145,008 |
Coatesville School District, 5.00%, 08/01/2024 | | | 500,000 | | | 500,459 |
Delaware County Industrial Development Authority/PA, 4.38%, 06/01/2026(b) | | | 355,000 | | | 354,356 |
East Hempfield Township Industrial Development Authority, 5.00%, 12/01/2027 (Callable 12/01/2025) | | | 400,000 | | | 406,029 |
Health Care Facilities Authority of Sayre, 4.59% (3 mo. LIBOR US + 0.83%), 12/01/2031 (Callable 08/01/2024)(f) | | | 500,000 | | | 490,584 |
Hempfield School District
| | | | | | |
2.00%, 04/15/2030 (Callable 04/15/2027) | | | 150,000 | | | 132,046 |
2.00%, 04/15/2031 (Callable 04/15/2027) | | | 200,000 | | | 172,249 |
Highlands School District, 5.00%, 04/15/2032 | | | 610,000 | | | 664,151 |
Lancaster County Hospital Authority/PA, 5.00%, 11/01/2040 (Callable 11/01/2029) | | | 275,000 | | | 287,213 |
Mckeesport Area School District, 0.00%, 10/01/2033(e) | | | 400,000 | | | 270,205 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Pennsylvania - (Continued)
| |
Mercer County Industrial Development Authority, 6.13%, 10/01/2050 (Callable 10/01/2025)(b) | | | $ 645,000 | | | $ 392,341 |
Pennsylvania Economic Development Financing Authority, 5.00%, 06/30/2042 (Callable 06/30/2026)(c) | | | 365,000 | | | 366,972 |
Pennsylvania Economic Development Financing Authority Parking System Revenue
| | | | | | |
0.00%, 01/01/2039(e) | | | 140,000 | | | 74,909 |
4.25%, 01/01/2050 (Callable 01/01/2032) | | | 1,000,000 | | | 974,183 |
Pennsylvania Higher Education Assistance Agency, 4.13%, 06/01/2045 (Callable 06/01/2033)(c) | | | 1,000,000 | | | 958,461 |
Pennsylvania Higher Educational Facilities Authority, 5.00%, 07/01/2035 (Callable 07/01/2026) | | | 150,000 | | | 144,828 |
Pennsylvania Turnpike Commission
| | | | | | |
6.38%, 12/01/2038 (Callable 12/01/2027) | | | 45,000 | | | 48,999 |
5.13%, 12/01/2039 (Callable 06/01/2029) | | | 50,000 | | | 53,305 |
5.13%, 12/01/2040 (Callable 06/01/2029) | | | 125,000 | | | 132,510 |
0.00%, 12/01/2041 (Callable 12/01/2035) | | | 505,000 | | | 472,440 |
Philadelphia Authority for Industrial Development
| | | | | | |
5.00%, 09/01/2024 | | | 695,000 | | | 695,916 |
5.00%, 06/15/2032 (Callable 06/15/2030) | | | 335,000 | | | 346,812 |
5.25%, 11/01/2052 (Callable 11/01/2032) | | | 250,000 | | | 262,139 |
Ridley School District, 5.00%, 11/15/2050 (Callable 05/15/2032) | | | 1,500,000 | | | 1,583,226 |
State Public School Building Authority
| | | | | | |
5.00%, 12/01/2029 (Callable 12/01/2026) | | | 925,000 | | | 957,532 |
0.00%, 05/15/2030(e) | | | 200,000 | | | 158,360 |
Tulpehocken Area School District, 5.25%, 10/01/2049 (Callable 10/01/2031) | | | 500,000 | | | 532,395 |
| | | | | | 11,922,365 |
Rhode Island - 0.2%
| | | | | | |
Providence Redevelopment Agency, 5.00%, 04/01/2027 (Callable 04/01/2025) | | | 410,000 | | | 411,777 |
South Carolina - 1.2%
| | | | | | |
Scago Educational Facilities Corp. for Spartanburg School District No 1, 3.38%, 06/01/2030 (Callable 06/01/2025) | | | 100,000 | | | 95,666 |
| | | | | | | |
| | | | | | | |
South Carolina Jobs-Economic Development Authority
| | | | | | |
5.25%, 11/15/2028 (Callable 05/15/2025) | | | $ 600,000 | | | $ 602,346 |
4.00%, 08/15/2030 (Callable 08/15/2026) | | | 100,000 | | | 97,342 |
5.25%, 08/15/2033 (Callable 08/15/2026) | | | 150,000 | | | 153,137 |
Spartanburg County School District No 4/SC, 5.25%, 03/01/2052 (Callable 03/01/2032) | | | 1,000,000 | | | 1,088,527 |
Three Rivers Solid Waste Authority/SC, 0.00%, 10/01/2025(e) | | | 750,000 | | | 714,340 |
| | | | | | 2,751,358 |
South Dakota - 0.4%
| | | | | | |
City of Rapid City SD Airport Revenue
| | | | | | |
5.00%, 12/01/2026 | | | 220,000 | | | 222,823 |
4.00%, 12/01/2035 (Callable 12/01/2029) | | | 125,000 | | | 119,860 |
South Dakota Health & Educational Facilities Authority, 4.00%, 11/01/2034 (Callable 11/01/2024) | | | 600,000 | | | 593,067 |
| | | | | | 935,750 |
Tennessee - 0.9%
| | | | | | |
Chattanooga Health Educational & Housing Facility Board, 5.00%, 08/01/2033 (Callable 08/01/2029) | | | 250,000 | | | 266,997 |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, 5.25%, 05/01/2053 (Callable 05/01/2033) | | | 700,000 | | | 744,376 |
Metropolitan Government Nashville & Davidson County Sports Authority, 5.00%, 07/01/2037 (Callable 01/01/2034) | | | 500,000 | | | 559,929 |
Tennergy Corp./TN, 5.50%, 10/01/2053 (Callable 09/01/2030)(a) | | | 500,000 | | | 534,225 |
Tennessee Housing Development Agency, 3.85%, 07/01/2043 (Callable 07/01/2027) | | | 220,000 | | | 201,932 |
| | | | | | 2,307,459 |
Texas - 11.8%
| | | | | | |
Arlington Higher Education Finance Corp., 4.00%, 08/15/2036 (Callable 08/15/2031) | | | 440,000 | | | 449,782 |
Arlington Housing Finance Corp., 4.50%, 04/01/2041 (Callable 04/01/2026)(a) | | | 1,815,000 | | | 1,830,349 |
Austin-Bergstrom Landhost Enterprises, Inc., 5.00%, 10/01/2035 (Callable 10/01/2027) | | | 100,000 | | | 101,986 |
Bells Independent School District, 5.00%, 02/15/2041 (Callable 08/15/2033) | | | 690,000 | | | 759,128 |
Brazoria County Toll Road Authority, 0.00%, 03/01/2038 (Callable 03/01/2030) | | | 105,000 | | | 99,479 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Brazos Higher Education Authority, Inc., 2.35%, 04/01/2040 (Callable 04/01/2030)(c) | | | $5,000 | | | $4,966 |
Brookfield Water Control & Improvement District, 4.00%, 09/01/2049 (Callable 09/01/2030) | | | 1,000,000 | | | 949,932 |
Brushy Creek Regional Utility Authority, Inc., 4.00%, 08/01/2031 (Callable 08/01/2026) | | | 400,000 | | | 400,219 |
Chisum Independent School District, 4.00%, 08/15/2048 (Callable 08/15/2032) | | | 500,000 | | | 482,952 |
City of Austin TX Airport System Revenue, 5.00%, 11/15/2041 (Callable 11/15/2026)(c) | | | 500,000 | | | 505,769 |
City of Magnolia TX, 5.70%, 09/01/2046(b) | | | 50,000 | | | 49,533 |
City of Mount Pleasant TX, 5.00%, 05/15/2042 (Callable 05/15/2034) | | | 2,085,000 | | | 2,252,314 |
Clifton Higher Education Finance Corp., 5.75%, 08/15/2038 (Callable 08/15/2025) | | | 10,000 | | | 10,180 |
Collin County Municipal Utility District No 2, 5.00%, 09/01/2038 (Callable 10/01/2029) | | | 1,000,000 | | | 1,043,088 |
Conroe Municipal Utility District No 1, 2.25%, 09/01/2035 (Callable 09/01/2027) | | | 620,000 | | | 492,911 |
Dalhart Independent School District, 5.00%, 02/15/2041 (Callable 02/15/2032) | | | 1,000,000 | | | 1,089,226 |
El Paso Housing Finance Corp., 4.50%, 03/01/2026(a) | | | 500,000 | | | 500,581 |
Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | | | 500,000 | | | 492,892 |
Far North Fort Worth Municipal Utility District No 1, 4.00%, 09/01/2037 (Callable 10/01/2029) | | | 350,000 | | | 338,326 |
Fort Bend Independent School District, 4.00%, 08/01/2054(a) | | | 1,000,000 | | | 1,013,841 |
Freddie Mac Multifamily ML Certificates, 4.14%, 01/25/2040 | | | 495,284 | | | 484,874 |
Harris County-Houston Sports Authority, 0.00%, 11/15/2025(e) | | | 500,000 | | | 472,432 |
Houston Higher Education Finance Corp., 3.38%, 10/01/2037 (Callable 08/01/2024) | | | 200,000 | | | 167,496 |
Kendall County Water Control & Improvement District No 2A, 5.00%, 09/01/2046 (Callable 11/01/2030) | | | 510,000 | | | 529,679 |
Matagorda County Navigation
District No 1
| | | | | | |
4.40%, 05/01/2030 | | | 70,000 | | | 70,764 |
4.55%, 05/01/2030(c) | | | 1,000,000 | | | 1,010,342 |
| | | | | | | |
| | | | | | | |
Mckinney Municipal Utility District No 1, 3.38%, 09/01/2034 (Callable 05/01/2030) | | | $ 260,000 | | | $ 243,008 |
Montgomery County Municipal Utility District No 88, 4.25%, 09/01/2047 (Callable 09/01/2029) | | | 500,000 | | | 474,830 |
Needville Independent School District, 4.25%, 08/15/2053 (Callable 08/15/2031) | | | 1,000,000 | | | 996,251 |
North Central Texas Health Facility Development Corp., 5.75%, 06/01/2026 | | | 340,000 | | | 349,846 |
North Texas Tollway Authority
| | | | | | |
0.00%, 01/01/2035(e) | | | 600,000 | | | 412,965 |
0.00%, 01/01/2036(e) | | | 335,000 | | | 220,582 |
0.00%, 01/01/2037(e) | | | 1,000,000 | | | 628,450 |
Northwest Harris County Municipal Utility District No 5/TX, 2.50%, 05/01/2028 (Callable 08/01/2024) | | | 350,000 | | | 328,630 |
Pecos Barstow Toyah Independent School District, 5.00%, 02/15/2042 (Callable 02/15/2026) | | | 1,000,000 | | | 1,022,814 |
Port of Port Arthur Navigation District, 3.70%, 04/01/2040 (Callable 07/01/2024)(a) | | | 1,000,000 | | | 1,000,000 |
Rio Grande City Consolidated Independent School District, 3.00%, 08/15/2034 (Callable 08/15/2030) | | | 250,000 | | | 235,592 |
Slidell Independent School District, 4.38%, 08/15/2053 (Callable 08/15/2032) | | | 1,000,000 | | | 1,000,067 |
Tarrant County Cultural Education Facilities Finance Corp.
| | | | | | |
2.25%, 11/15/2025 | | | 150,000 | | | 144,886 |
5.00%, 11/15/2027 (Callable 11/15/2026) | | | 510,000 | | | 512,627 |
Tarrant County Hospital District, 4.00%, 08/15/2043 (Callable 08/15/2032) | | | 250,000 | | | 247,386 |
Texas Department of Housing & Community Affairs, 3.75%, 09/01/2049 (Callable 09/01/2028) | | | 655,000 | | | 586,263 |
Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 (Callable 07/01/2033)(a) | | | 500,000 | | | 558,374 |
Texas Municipal Gas Acquisition and Supply Corp. I, 6.25%, 12/15/2026 | | | 50,000 | | | 51,469 |
Texas Municipal Gas Acquisition and Supply Corp. II, 4.63% (3 mo. Term SOFR + 1.05%), 09/15/2027 | | | 185,000 | | | 185,686 |
Texas Public Finance Authority
| | | | | | |
5.25%, 05/01/2041 (Callable 05/01/2033) | | | 500,000 | | | 534,972 |
5.25%, 05/01/2042 (Callable 05/01/2033) | | | 750,000 | | | 799,968 |
Texas State Affordable Housing Corp., 6.00%, 09/01/2054 (Callable 03/01/2034) | | | 1,000,000 | | | 1,093,052 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Viridian Municipal Management District
| | | | | | |
5.00%, 12/01/2037 (Callable 12/01/2029) | | | $ 150,000 | | | $ 158,582 |
5.00%, 12/01/2045 (Callable 12/01/2029) | | | 200,000 | | | 205,658 |
6.25%, 12/01/2049 (Callable 12/01/2029) | | | 375,000 | | | 387,350 |
| | | | | | 27,982,349 |
Utah - 1.8%
| | | | | | |
City of Salt Lake City UT Airport Revenue
| | | | | | |
5.00%, 07/01/2034 (Callable 07/01/2027)(c) | | | 500,000 | | | 514,799 |
5.00%, 07/01/2043 (Callable 07/01/2028)(c) | | | 455,000 | | | 465,681 |
County of Emery UT, 4.40%,
11/01/2024 (Callable 07/01/2024)(a) | | | 500,000 | | | 500,000 |
Utah Housing Corp. | | | | | | |
4.50%, 10/21/2052 | | | 1,461,901 | | | 1,402,224 |
6.00%, 12/21/2052 | | | 695,883 | | | 716,866 |
6.50%, 05/21/2053 | | | 463,790 | | | 493,419 |
| | | | | | 4,092,989 |
Vermont - 0.2%
| | | | | | |
Vermont Student Assistance Corp., 5.00%, 06/15/2026(c) | | | 500,000 | | | 508,594 |
Virginia - 1.6%
| | | | | | |
Arlington County Industrial Development Authority, 5.00%, 07/01/2053 (Callable 07/01/2030)(a) | | | 1,000,000 | | | 1,071,398 |
Chesapeake Bay Bridge & Tunnel District, 5.50%, 07/01/2025 | | | 685,000 | | | 688,843 |
Farmville Industrial Development Authority, 5.38%, 07/01/2053 (Callable 07/01/2028) | | | 150,000 | | | 159,680 |
Loudoun County Economic Development Authority, 3.00%, 12/01/2036 (Callable 12/01/2029) | | | 475,000 | | | 433,842 |
Louisa Industrial Development Authority, 3.65%, 11/01/2035(a) | | | 1,000,000 | | | 998,741 |
Virginia Small Business Financing Authority, 5.25%, 10/01/2029 (Callable 10/01/2024) | | | 520,000 | | | 521,562 |
| | | | | | 3,874,066 |
Washington - 2.4%
| | | | | | |
City of Lynnwood WA, 4.75%, 12/01/2042 (Callable 12/01/2032) | | | 435,000 | | | 463,654 |
King County Housing Authority, 4.00%, 11/01/2036 (Callable 11/01/2029) | | | 600,000 | | | 574,818 |
Pend Oreille County Public Utility District No 1 Box Canyon, 5.00%, 01/01/2038 (Callable 01/01/2029) | | | 150,000 | | | 153,486 |
| | | | | | | |
| | | | | | | |
Port of Seattle WA, 4.00%, 08/01/2036 (Callable 08/01/2031)(c) | | | $ 300,000 | | | $ 298,889 |
Snohomish County Housing Authority, 4.00%, 04/01/2033 (Callable 04/01/2031) | | | 500,000 | | | 495,280 |
State of Washington, 5.00%, 02/01/2045 (Callable 02/01/2033) | | | 1,000,000 | | | 1,092,237 |
Tacoma Metropolitan Park District, 5.00%, 12/01/2024 | | | 1,000,000 | | | 1,001,784 |
Washington Health Care Facilities Authority
| | | | | | |
5.28% (SIFMA Municipal Swap Index + 1.40%), 01/01/2035 (Callable 08/01/2024) | | | 90,000 | | | 90,037 |
5.00%, 08/15/2037 (Callable 08/15/2027) | | | 1,025,000 | | | 1,039,597 |
5.00%, 08/15/2037 (Callable 02/15/2028) | | | 300,000 | | | 310,367 |
5.00%, 08/01/2049 (Callable 08/01/2029) | | | 250,000 | | | 256,769 |
| | | | | | 5,776,918 |
West Virginia - 0.4%
| | | | | | |
West Virginia Economic Development Authority, 1.00%, 01/01/2041(a)(c) | | | 1,000,000 | | | 952,583 |
Wisconsin - 5.7%
| | | | | | |
Boscobel Area School District, 5.00%, 03/01/2038 (Callable 03/01/2031) | | | 735,000 | | | 793,997 |
City of Arcadia WI, 2.00%, 03/01/2027 (Callable 08/01/2024) | | | 365,000 | | | 336,940 |
City of Wausau WI Sewer System Revenue, 2.75%, 05/01/2039 (Callable 05/01/2027) | | | 860,000 | | | 671,027 |
County of Waushara WI, 4.50%, 06/01/2027 (Callable 06/01/2025) | | | 500,000 | | | 504,753 |
Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | | | 1,000,000 | | | 1,011,478 |
Howard-Suamico School District/WI, 1.63%, 03/01/2031 (Callable 03/01/2028) | | | 750,000 | | | 621,205 |
Palmyra-Eagle Area School District/WI, 3.00%, 03/01/2025 (Callable 08/01/2024) | | | 75,000 | | | 73,931 |
Public Finance Authority
| | | | | | |
5.00%, 05/15/2026 (Callable 05/15/2025)(b) | | | 250,000 | | | 250,162 |
9.00%, 11/01/2028 (Callable 11/01/2027)(b) | | | 275,000 | | | 280,624 |
3.25%, 01/01/2029 | | | 460,000 | | | 432,694 |
0.00%, 09/01/2029 (Callable 09/01/2026)(b)(e) | | | 750,000 | | | 519,298 |
6.13%, 12/15/2029 (Callable 12/15/2027)(b) | | | 500,000 | | | 490,610 |
5.00%, 01/01/2031 (Callable 01/01/2030) | | | 550,000 | | | 575,610 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wisconsin - (Continued)
|
5.00%, 01/01/2036 (Callable 01/01/2030) | | | $ 500,000 | | | $522,913 |
5.00%, 10/01/2044 (Callable 04/01/2029) | | | 250,000 | | | 257,792 |
4.00%, 01/01/2046 (Callable 01/01/2027) | | | 1,000,000 | | | 826,527 |
3.30%, 10/01/2046(a) | | | 445,000 | | | 438,812 |
Village of Kewaskum WI | | | | | | |
4.25%, 04/01/2037 (Callable 04/01/2033) | | | 645,000 | | | 628,461 |
4.38%, 04/01/2038 (Callable 04/01/2033) | | | 645,000 | | | 630,970 |
Westosha Central High School District, 1.60%, 03/01/2031 (Callable 03/01/2028) | | | 400,000 | | | 327,271 |
Wisconsin Center District, 0.00%, 12/15/2038 (Callable 12/15/2030)(e) | | | 755,000 | | | 406,154 |
Wisconsin Health & Educational Facilities Authority
| | | | | | |
5.00%, 08/01/2027 (Callable 07/01/2026)(b) | | | 1,000,000 | | | 1,018,323 |
5.00%, 03/01/2028 (Callable 07/22/2024) | | | 300,000 | | | 292,399 |
5.45%, 10/01/2039 (Callable 10/01/2032) | | | 500,000 | | | 509,792 |
6.00%, 10/01/2044 (Callable 10/01/2032) | | | 500,000 | | | 516,568 |
5.50%, 12/01/2052 (Callable 12/01/2032) | | | 250,000 | | | 271,113 |
Wisconsin Housing & Economic Development Authority, 3.50%, 07/01/2025(b) | | | 25,000 | | | 24,529 |
Wisconsin Housing & Economic Development Authority Housing Revenue, 2.45%, 11/01/2046 (Callable 05/01/2030) | | | 1,500,000 | | | 1,041,159 |
| | | | | | 14,275,112 |
Wyoming - 0.2%
| | | | | | |
Carbon County Specific Purpose Tax Joint Powers Board, 5.00%, 06/15/2025 | | | 100,000 | | | 101,142 |
Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 06/15/2025) | | | 500,000 | | | 497,365 |
| | | | | | 598,507 |
TOTAL MUNICIPAL BONDS
(Cost $237,414,698) | | | | | | 238,249,245 |
| | | Shares | | | |
SHORT-TERM INVESTMENTS - 0.3%
|
Money Market Funds - 0.3%
| | | | | | |
Federated Institutional Tax-Free Cash Trust - Class Premier, 3.96%(g) | | | 827,534 | | | 827,533 |
First American Government Obligations Fund - Class U, 5.25%(g) | | | 247 | | | 247 |
| | | | | | | |
| | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $827,780) | | | | | | $827,780 |
TOTAL INVESTMENTS - 100.2%
(Cost $238,242,478) | | | | | | $239,077,025 |
Liabilities in Excess of Other Assets - (0.2)% | | | | | | (374,444) |
TOTAL NET ASSETS - 100.0% | | | | | | $238,702,581 |
| | | | | | | |
Percentages are stated as a percent of net assets.
LIBOR - London Interbank Offered Rate
SIFMA - Securities Industry and Financial Markets Association
SOFR - Secured Overnight Financing Rate
(a)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.
|
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $9,295,542 or 3.9% of the Fund’s net assets.
|
(c)
| Security subject to the Alternative Minimum Tax ("AMT"). As of June 30, 2024, the total value of securities subject to the AMT was $20,524,859 or 8.6% of net assets.
|
(d)
| Security or a portion of the security purchased on a when-issued or delayed delivery basis.
|
(e)
| Zero coupon bonds make no periodic interest payments.
|
(f)
| Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
|
(g)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Municipal Bond Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $238,249,245 | | | $ — | | | $238,249,245 |
Money Market Funds | | | 827,780 | | | — | | | — | | | 827,780 |
Total Investments | | | $827,780 | | | $238,249,245 | | | $— | | | $239,077,025 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
ASSETS:
|
Investments, at value
(cost $6,591,575,994, $10,696,826,851, $10,091,137,692, $50,123,852,084, and $32,659,011,129, respectively) | | | $ 6,601,648,275 | | | $ 10,656,885,525 | | | $9,871,582,664 | | | $ 46,810,023,834 | | | $ 30,562,501,738 |
Interest receivable | | | 35,443,163 | | | 123,070,974 | | | 103,376,022 | | | 366,445,902 | | | 265,919,521 |
Receivable for investments sold | | | 8,865,000 | | | 140,242,849 | | | 60,931,952 | | | — | | | 20,525,062 |
Receivable for Fund shares sold | | | 10,909,958 | | | 10,380,950 | | | 25,550,714 | | | 38,700,877 | | | 23,896,198 |
Prepaid expenses and other assets | | | — | | | — | | | 184,175 | | | 174,474 | | | 9,615 |
Total assets | | | 6,656,866,396 | | | 10,930,580,298 | | | 10,061,625,527 | | | 47,215,345,087 | | | 30,872,852,134 |
LIABILITIES:
| | | | | | | | | | | | | | | |
Payable for investments purchased | | | 5,219,656 | | | 569,984,769 | | | 190,150,006 | | | 777,545,276 | | | 470,422,056 |
Payable for Fund shares redeemed | | | 5,177,689 | | | 4,297,546 | | | 2,137,900 | | | 26,648,286 | | | 22,956,539 |
Payable to Advisor, net (Note 5) | | | 525,728 | | | 2,092,074 | | | 1,994,347 | | | 9,504,629 | | | 6,193,723 |
Accrued administration fees (Note 5) | | | 262,864 | | | 418,144 | | | 398,868 | | | 1,900,909 | | | 1,238,755 |
Accrued Rule 12b-1 fees (Note 7) | | | 11,844 | | | 65,532 | | | 40,592 | | | 353,947 | | | 406,322 |
Total liabilities | | | 11,197,781 | | | 576,858,065 | | | 194,721,713 | | | 815,953,047 | | | 501,217,395 |
NET ASSETS | | | $ 6,645,668,615 | | | $ 10,353,722,233 | | | $9,866,903,814 | | | $ 46,399,392,040 | | | $ 30,371,634,739 |
NET ASSETS CONSIST OF:
| | | | | | | | | | | | | | | |
Paid-in capital | | | $ 6,641,155,225 | | | $ 10,791,773,129 | | | $ 10,497,382,891 | | | $ 51,779,995,444 | | | $33,523,115,324 |
Total distributable earnings (accumulated deficit) | | | 4,513,390 | | | (438,050,896) | | | (630,479,077) | | | (5,380,603,404) | | | (3,151,480,585) |
NET ASSETS | | | $ 6,645,668,615 | | | $ 10,353,722,233 | | | $9,866,903,814 | | | $ 46,399,392,040 | | | $ 30,371,634,739 |
INSTITUTIONAL CLASS SHARES
| | | | | | | | | | | | | | | |
Net Assets | | | $ 6,575,377,448 | | | $ 10,220,833,075 | | | $9,755,239,852 | | | $ 45,413,137,684 | | | $ 29,224,808,459 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 651,295,267 | | | 1,088,584,932 | | | 954,675,309 | | | 4,702,183,627 | | | 2,924,723,704 |
Net asset value, offering and redemption price per share | | | $10.10 | | | $9.39 | | | $10.22 | | | $9.66 | | | $9.99 |
INVESTOR CLASS SHARES
| | | | | | | | | | | | | | | |
Net Assets | | | $70,291,167 | | | $132,889,158 | | | $111,663,962 | | | $986,254,356 | | | $1,146,826,280 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 6,942,653 | | | 14,158,004 | | | 10,378,184 | | | 98,175,748 | | | 109,291,568 |
Net asset value, offering and redemption price per share | | | $10.12 | | | $9.39 | | | $10.76 | | | $10.05 | | | $10.49 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | | | | | | | |
ASSETS:
|
Investments, at value (cost $1,587,086,352, $1,236,391,113, $1,064,021,311, $3,493,408,700, and $238,242,478, respectively) | | | $ 1,569,736,470 | | | $ 1,235,242,813 | | | $ 1,043,881,658 | | | $ 3,470,727,201 | | | $ 239,077,025 |
Interest receivable | | | 15,986,196 | | | 12,343,083 | | | 11,043,379 | | | 38,302,198 | | | 2,555,899 |
Receivable for investments sold | | | 4,317,276 | | | 397,489 | | | — | | | 7,836,393 | | | 423,013 |
Receivable for Fund shares sold | | | 2,607,764 | | | 3,539,768 | | | 765,601 | | | 3,184,094 | | | 494,799 |
Deposits with broker for futures contracts | | | — | | | 1,161 | | | — | | | — | | | — |
Prepaid expenses and other assets | | | — | | | 88 | | | — | | | — | | | 4 |
Total assets | | | 1,592,647,706 | | | 1,251,524,402 | | | 1,055,690,638 | | | 3,520,049,886 | | | 242,550,740 |
LIABILITIES:
| | | | | | | | | | | | | | | |
Payable for investments purchased | | | 53,060,447 | | | 26,575,443 | | | 1,000,000 | | | 58,446,698 | | | 3,568,934 |
Payable for Fund shares redeemed | | | 1,297,058 | | | 349,898 | | | 5,114,108 | | | 1,573,308 | | | 216,161 |
Payable to Advisor, net (Note 5) | | | 313,606 | | | 246,558 | | | 216,842 | | | 703,061 | | | 48,648 |
Accrued administration fees (Note 5) | | | 62,631 | | | 50,621 | | | 43,381 | | | 140,612 | | | 9,729 |
Accrued Rule 12b-1 fees (Note 7) | | | 30,571 | | | 16,250 | | | 70,034 | | | 11,651 | | | 4,687 |
Total liabilities | | | 54,764,313 | | | 27,238,770 | | | 6,444,365 | | | 60,875,330 | | | 3,848,159 |
NET ASSETS | | | $ 1,537,883,393 | | | $ 1,224,285,632 | | | $ 1,049,246,273 | | | $ 3,459,174,556 | | | $ 238,702,581 |
NET ASSETS CONSIST OF:
| | | | | | | | | | | | | | | |
Paid-in capital | | | $ 1,627,022,076 | | | $ 1,233,493,945 | | | $ 1,122,076,825 | | | $ 3,543,230,399 | | | $ 239,361,836 |
Total accumulated deficit | | | (89,138,683) | | | (9,208,313) | | | (72,830,552) | | | (84,055,843) | | | (659,255) |
NET ASSETS | | | $ 1,537,883,393 | | | $ 1,224,285,632 | | | $ 1,049,246,273 | | | $ 3,459,174,556 | | | $ 238,702,581 |
INSTITUTIONAL CLASS SHARES
| | | | | | | | | | | | | | | |
Net Assets | | | $ 1,463,929,092 | | | $ 1,158,064,810 | | | $993,721,640 | | | $ 3,416,463,857 | | | $ 229,142,047 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 147,566,506 | | | 113,409,490 | | | 90,564,580 | | | 334,012,826 | | | 23,127,639 |
Net asset value, offering and redemption price per share | | | $9.92 | | | $10.21 | | | $10.97 | | | $10.23 | | | $9.91 |
INVESTOR CLASS SHARES
| | | | | | | | | | | | | | | |
Net Assets | | | $73,954,301 | | | $66,220,822 | | | $55,524,633 | | | $42,710,699 | | | $9,560,534 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 7,468,136 | | | 6,487,394 | | | 4,926,017 | | | 4,178,314 | | | 965,772 |
Net asset value, offering and redemption price per share | | | $9.90 | | | $10.21 | | | $11.27 | | | $10.22 | | | $9.90 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Operations
Six Months Ended June 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
INVESTMENT INCOME:
|
Interest income, net of paydowns | | | $ 176,638,892 | | | $ 220,446,681 | | | $ 188,469,708 | | | $945,336,504 | | | $626,767,062 |
Total investment income | | | 176,638,892 | | | 220,446,681 | | | 188,469,708 | | | 945,336,504 | | | 626,767,062 |
EXPENSES:
|
Investment advisory fees (Note 5) | | | 7,779,651 | | | 12,173,211 | | | 11,318,868 | | | 55,546,675 | | | 35,861,952 |
Administration fees (Note 5) | | | 1,555,930 | | | 2,434,642 | | | 2,263,774 | | | 11,109,335 | | | 7,172,390 |
Rule 12b-1 fees - Investor Class Shares (Note 7) | | | 90,007 | | | 173,901 | | | 125,135 | | | 1,194,830 | | | 1,427,808 |
Total expenses | | | 9,425,588 | | | 14,781,754 | | | 13,707,777 | | | 67,850,840 | | | 44,462,150 |
Fee waiver by Advisor (Note 5) | | | (4,667,791) | | | — | | | — | | | — | | | — |
Net expenses | | | 4,757,797 | | | 14,781,754 | | | 13,707,777 | | | 67,850,840 | | | 44,462,150 |
NET INVESTMENT INCOME | | | 171,881,095 | | | 205,664,927 | | | 174,761,931 | | | 877,485,664 | | | 582,304,912 |
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
|
Net realized gain (loss) on investments | | | 3,898,299 | | | (34,975,061) | | | (63,251,548) | | | (577,287,650) | | | (300,605,788) |
Net change in unrealized appreciation/depreciation on investments | | | (6,810,264) | | | 12,012,218 | | | (26,515,721) | | | (360,692,470) | | | (225,225,303) |
Net realized and unrealized loss on investments | | | (2,911,965) | | | (22,962,843) | | | (89,767,269) | | | (937,980,120) | | | (525,831,091) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | $ 168,969,130 | | | $ 182,702,084 | | | $84,994,662 | | | $(60,494,456) | | | $56,473,821 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Operations
Six Months Ended June 30, 2024 (Unaudited) (Continued)
| | | | | | | | | | | | | | | | |
INVESTMENT INCOME:
|
Interest income | | | $ 26,756,843 | | | $21,732,297 | | | $16,691,417 | | | $60,130,390 | | | $4,473,155 |
Total investment income | | | 26,756,843 | | | 21,732,297 | | | 16,691,417 | | | 60,130,390 | | | 4,473,155 |
EXPENSES:
|
Investment advisory fees (Note 5) | | | 1,933,645 | | | 1,369,789 | | | 1,339,374 | | | 4,044,355 | | | 270,322 |
Administration fees (Note 5) | | | 386,729 | | | 273,958 | | | 267,875 | | | 808,871 | | | 54,064 |
Rule 12b-1 fees - Investor Class Shares (Note 7) | | | 95,264 | | | 66,900 | | | 66,510 | | | 51,688 | | | 11,447 |
Total expenses | | | 2,415,638 | | | 1,710,647 | | | 1,673,759 | | | 4,904,914 | | | 335,833 |
NET INVESTMENT INCOME | | | 24,341,205 | | | 20,021,650 | | | 15,017,658 | | | 55,225,476 | | | 4,137,322 |
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
|
Net realized gain (loss) on:
|
Investments | | | (4,487,061) | | | 3,340,893 | | | (1,744,512) | | | (3,677,725) | | | 788,849 |
Futures contracts | | | — | | | 120,778 | | | — | | | — | | | — |
Net change in unrealized
appreciation/depreciation on:
|
Investments | | | (5,041,839) | | | (12,491,182) | | | (14,027,998) | | | (30,654,398) | | | (2,923,996) |
Futures contracts | | | — | | | 316,150 | | | — | | | — | | | — |
Net realized and unrealized loss on investments | | | (9,528,900) | | | (8,713,361) | | | (15,772,510) | | | (34,332,123) | | | (2,135,147) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | $ 14,812,305 | | | $11,308,289 | | | $(754,852) | | | $20,893,353 | | | $2,002,175 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | |
OPERATIONS:
|
Net investment income | | | $171,881,095 | | | $275,922,107 | | | $205,664,927 | | | $319,439,242 | |
Net realized gain (loss) on investments | | | 3,898,299 | | | (1,777,136) | | | (34,975,061) | | | (108,937,596) | |
Net change in unrealized appreciation/
depreciation on investments | | | (6,810,264) | | | 54,110,657 | | | 12,012,218 | | | 293,350,772 | |
Net increase in net assets resulting from
operations | | | 168,969,130 | | | 328,255,628 | | | 182,702,084 | | | 503,852,418 | |
CAPITAL SHARE TRANSACTIONS:
| |
Proceeds from shares sold | | | 2,095,326,932 | | | 4,189,667,339 | | | 2,196,951,955 | | | 3,129,799,702 | |
Shares issued to holders in reinvestment of distributions | | | 149,143,505 | | | 261,267,513 | | | 186,340,537 | | | 291,457,402 | |
Cost of shares redeemed | | | (1,847,860,270) | | | (3,873,653,895) | | | (1,494,769,517) | | | (3,086,829,689) | |
Net increase in net assets resulting from capital share transactions | | | 396,610,167 | | | 577,280,957 | | | 888,522,975 | | | 334,427,415 | |
DISTRIBUTIONS TO SHAREHOLDERS:
| |
Distributions to shareholders:
| | | | | | | | | | | | | |
Institutional Class | | | (154,777,285) | | | (273,183,209) | | | (198,581,503) | | | (313,337,089) | |
Investor Class | | | (1,702,810) | | | (3,394,276) | | | (2,657,416) | | | (5,562,356) | |
Total distributions to shareholders | | | (156,480,095) | | | (276,577,485) | | | (201,238,919) | | | (318,899,445) | |
TOTAL INCREASE IN NET ASSETS | | | 409,099,202 | | | 628,959,100 | | | 869,986,140 | | | 519,380,388 | |
NET ASSETS:
| |
Beginning of period | | | 6,236,569,413 | | | 5,607,610,313 | | | 9,483,736,093 | | | 8,964,355,705 | |
End of period | | | $6,645,668,615 | | | $6,236,569,413 | | | $10,353,722,233 | | | $9,483,736,093 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | |
OPERATIONS:
|
Net investment income | | | $174,761,931 | | | $246,219,950 | | | $877,485,664 | | | $1,373,199,360 |
Net realized loss on investments | | | (63,251,548) | | | (147,117,723) | | | (577,287,650) | | | (504,191,530) |
Net change in unrealized appreciation/
depreciation on investments | | | (26,515,721) | | | 331,806,659 | | | (360,692,470) | | | 1,596,137,054 |
Net increase (decrease) in net assets resulting from operations | | | 84,994,662 | | | 430,908,886 | | | (60,494,456) | | | 2,465,144,884 |
CAPITAL SHARE TRANSACTIONS:
|
Proceeds from shares sold | | | 2,339,207,087 | | | 2,591,965,303 | | | 7,905,073,160 | | | 14,170,842,512 |
Shares issued to holders in reinvestment of distributions | | | 153,262,254 | | | 222,527,242 | | | 746,970,652 | | | 1,262,374,480 |
Cost of shares redeemed | | | (869,138,838) | | | (1,711,218,390) | | | (4,274,695,047) | | | (8,384,021,071) |
Net increase in net assets resulting from capital share transactions | | | 1,623,330,503 | | | 1,103,274,155 | | | 4,377,348,765 | | | 7,049,195,921 |
DISTRIBUTIONS TO SHAREHOLDERS:
|
Distributions to shareholders:
| | | | | | | | | | | | |
Institutional Class | | | (166,193,654) | | | (245,596,276) | | | (807,234,888) | | | (1,363,810,091) |
Investor Class | | | (1,644,837) | | | (2,124,437) | | | (15,748,413) | | | (28,657,218) |
Total distributions to shareholders | | | (167,838,491) | | | (247,720,713) | | | (822,983,301) | | | (1,392,467,309) |
TOTAL INCREASE IN NET ASSETS | | | 1,540,486,674 | | | 1,286,462,328 | | | 3,493,871,008 | | | 8,121,873,496 |
NET ASSETS:
|
Beginning of period | | | 8,326,417,140 | | | 7,039,954,812 | | | 42,905,521,032 | | | 34,783,647,536 |
End of period | | | $ 9,866,903,814 | | | $8,326,417,140 | | | $ 46,399,392,040 | | | $ 42,905,521,032 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | |
OPERATIONS:
|
Net investment income | | | $582,304,912 | | | $891,139,510 | | | $24,341,205 | | | $44,889,283 |
Net realized loss on investments | | | (300,605,788) | | | (226,111,687) | | | (4,487,061) | | | (20,586,404) |
Net change in unrealized appreciation/
depreciation on investments | | | (225,225,303) | | | 1,056,056,193 | | | (5,041,839) | | | 40,877,858 |
Net increase in net assets resulting from operations | | | 56,473,821 | | | 1,721,084,016 | | | 14,812,305 | | | 65,180,737 |
CAPITAL SHARE TRANSACTIONS:
|
Proceeds from shares sold | | | 5,105,185,925 | | | 8,452,572,154 | | | 270,572,122 | | | 710,848,527 |
Shares issued to holders in reinvestment of distributions | | | 509,224,896 | | | 834,805,778 | | | 19,145,506 | | | 33,434,530 |
Cost of shares redeemed | | | (2,630,774,710) | | | (4,561,688,419) | | | (346,531,383) | | | (928,056,596) |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | | | | | | |
| | 2,983,636,111 | | | 4,725,689,513 | | | (56,813,755) | | | (183,773,539) |
DISTRIBUTIONS TO SHAREHOLDERS:
|
Distributions to shareholders:
|
Institutional Class | | | (530,116,247) | | | (865,014,062) | | | (22,794,160) | | | (43,166,904) |
Investor Class | | | (19,432,564) | | | (34,257,660) | | | (1,098,101) | | | (1,682,653) |
Total distributions to shareholders | | | (549,548,811) | | | (899,271,722) | | | (23,892,261) | | | (44,849,557) |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 2,490,561,121 | | | 5,547,501,807 | | | (65,893,711) | | | (163,442,359) |
NET ASSETS:
|
Beginning of period | | | 27,881,073,618 | | | 22,333,571,811 | | | 1,603,777,104 | | | 1,767,219,463 |
End of period | | | $ 30,371,634,739 | | | $ 27,881,073,618 | | | $ 1,537,883,393 | | | $ 1,603,777,104 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | |
OPERATIONS:
|
Net investment income | | | $20,021,650 | | | $21,762,233 | | | $15,017,658 | | | $28,250,788 |
Net realized gain (loss) on investments and futures contracts | | | 3,461,671 | | | 1,030,105 | | | (1,744,512) | | | (10,567,897) |
Net change in unrealized appreciation/depreciation on investments and futures contracts | | | | | | | | | | | | |
| | (12,175,032) | | | 24,768,007 | | | (14,027,998) | | | 27,389,486 |
Net increase (decrease) in net assets resulting from operations | | | 11,308,289 | | | 47,560,345 | | | (754,852) | | | 45,072,377 |
CAPITAL SHARE TRANSACTIONS:
|
Proceeds from shares sold | | | 439,443,104 | | | 544,809,127 | | | 146,542,410 | | | 403,561,843 |
Shares issued to holders in reinvestment of distributions | | | 17,264,794 | | | 20,060,756 | | | 13,278,391 | | | 25,154,632 |
Cost of shares redeemed | | | (144,296,707) | | | (152,149,063) | | | (197,989,880) | | | (456,255,871) |
Net increase (decrease) in net assets resulting from capital share transactions | | | | | | | | | | | | |
| | 312,411,191 | | | 412,720,820 | | | (38,169,079) | | | (27,539,396) |
DISTRIBUTIONS TO SHAREHOLDERS:
|
Distributions to shareholders:
| | | | | | | | | | | | |
Institutional Class | | | (18,633,192) | | | (21,014,782) | | | (14,076,541) | | | (27,160,792) |
Investor Class | | | (912,372) | | | (614,739) | | | (660,859) | | | (1,093,825) |
Total distributions to shareholders | | | (19,545,564) | | | (21,629,521) | | | (14,737,400) | | | (28,254,617) |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 304,173,916 | | | 438,651,644 | | | (53,661,331) | | | (10,721,636) |
NET ASSETS:
|
Beginning of period | | | 920,111,716 | | | 481,460,072 | | | 1,102,907,604 | | | 1,113,629,240 |
End of period | | | $1,224,285,632 | | | $920,111,716 | | | $1,049,246,273 | | | $1,102,907,604 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | |
OPERATIONS:
|
Net investment income | | | $55,225,476 | | | $81,211,211 | | | $4,137,322 | | | $4,740,321 |
Net realized gain (loss) on investments | | | (3,677,725) | | | (20,153,038) | | | 788,849 | | | (453,625) |
Net change in unrealized appreciation/
depreciation on investments | | | (30,654,398) | | | 84,261,226 | | | (2,923,996) | | | 5,396,373 |
Net increase in net assets resulting from
operations | | | 20,893,353 | | | 145,319,399 | | | 2,002,175 | | | 9,683,069 |
CAPITAL SHARE TRANSACTIONS:
|
Proceeds from shares sold | | | 809,072,746 | | | 1,562,009,133 | | | 72,831,450 | | | 163,600,248 |
Shares issued to holders in reinvestment of distributions | | | 47,587,530 | | | 69,233,270 | | | 3,615,137 | | | 4,062,255 |
Cost of shares redeemed | | | (343,579,550) | | | (1,204,801,185) | | | (23,600,884) | | | (44,502,744) |
Net increase in net assets resulting from capital share transactions | | | 513,080,726 | | | 426,441,218 | | | 52,845,703 | | | 123,159,759 |
DISTRIBUTIONS TO SHAREHOLDERS:
|
Distributions to shareholders:
| | | | | | | | | | | | |
Institutional Class | | | (53,337,995) | | | (79,953,197) | | | (3,886,079) | | | (4,503,233) |
Investor Class | | | (649,694) | | | (1,099,336) | | | (160,948) | | | (193,077) |
Total distributions to shareholders | | | (53,987,689) | | | (81,052,533) | | | (4,047,027) | | | (4,696,310) |
TOTAL INCREASE IN NET ASSETS | | | 479,986,390 | | | 490,708,084 | | | 50,800,851 | | | 128,146,518 |
NET ASSETS:
|
Beginning of period | | | 2,979,188,166 | | | 2,488,480,082 | | | 187,901,730 | | | 59,755,212 |
End of period | | | $3,459,174,556 | | | $2,979,188,166 | | | $238,702,581 | | | $187,901,730 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Financial Highlights
Baird Ultra Short Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $10.08 | | | $9.99 | | | $10.05 | | | $10.08 | | | $10.06 | | | $10.01 |
Income from investment operations:
|
Net investment income(1) | | | 0.28 | | | 0.47 | | | 0.13 | | | 0.04 | | | 0.12 | | | 0.26 |
Net realized and unrealized gains (losses) on investments | | | (0.01) | | | 0.09 | | | (0.03) | | | (0.02) | | | 0.05(2) | | | 0.05 |
Total from investment operations | | | 0.27 | | | 0.56 | | | 0.10 | | | 0.02 | | | 0.17 | | | 0.31 |
Less distributions:
|
Distributions from net investment income | | | (0.25) | | | (0.47) | | | (0.16) | | | (0.05) | | | (0.14) | | | (0.26) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.00)(3) | | | (0.01) | | | (0.00)(3) |
Total distributions | | | (0.25) | | | (0.47) | | | (0.16) | | | (0.05) | | | (0.15) | | | (0.26) |
Net asset value, end of period | | | $10.10 | | | $10.08 | | | $9.99 | | | $10.05 | | | $10.08 | | | $10.06 |
Total return | | | 2.74%(4) | | | 5.71% | | | 0.96% | | | 0.20% | | | 1.66% | | | 3.11% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 6,575.4 | | | $ 6,159.0 | | | $ 5,515.0 | | | $ 6,889.5 | | | $ 4,456.4 | | | $ 1,701.0 |
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 | | | 5.53%(5) | | | 4.67% | | | 1.34% | | | 0.38% | | | 1.24% | | | 2.61% |
Ratio of net investment income to average net assets (before waivers) | | | 5.38%(5) | | | 4.52% | | | 1.19% | | | 0.23% | | | 1.09% | | | 2.46% |
Portfolio turnover rate(6) | | | 44%(4) | | | 105% | | | 104% | | | 96% | | | 92% | | | 70% |
| | | | | | | | | | | | | | | | | | | |
(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.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Ultra Short Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 10.10 | | | $ 10.01 | | | $ 10.07 | | | $ 10.10 | | | $ 10.05 | | | $ 10.00 |
Income from investment operations:
|
Net investment income(1) | | | 0.27 | | | 0.45 | | | 0.11 | | | 0.01 | | | 0.10 | | | 0.24 |
Net realized and unrealized gains (losses) on investments | | | (0.01) | | | 0.08 | | | (0.04) | | | (0.01) | | | 0.07(2) | | | 0.04 |
Total from investment operations | | | 0.26 | | | 0.53 | | | 0.07 | | | — | | | 0.17 | | | 0.28 |
Less distributions:
|
Distributions from net investment income | | | (0.24) | | | (0.44) | | | (0.13) | | | (0.03) | | | (0.11) | | | (0.23) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.00)(3) | | | (0.01) | | | (0.00)(3) |
Total distributions | | | (0.24) | | | (0.44) | | | (0.13) | | | (0.03) | | | (0.12) | | | (0.23) |
Net asset value, end of period | | | $ 10.12 | | | $ 10.10 | | | $ 10.01 | | | $ 10.07 | | | $ 10.10 | | | $ 10.05 |
Total return | | | 2.60%(4) | | | 5.43% | | | 0.70% | | | (0.05)% | | | 1.66% | | | 2.87% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $70.3 | | | $77.6 | | | $92.7 | | | $ 164.2 | | | $ 122.7 | | | $32.5 |
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 | | | 5.28%(5) | | | 4.42% | | | 1.09% | | | 0.13% | | | 0.99% | | | 2.36% |
Ratio of net investment income (loss) to average net assets (before waivers) | | | 5.13%(5) | | | 4.27% | | | 0.94% | | | (0.02)% | | | 0.84% | | | 2.21% |
Portfolio turnover rate(6) | | | 44%(4) | | | 105% | | | 104% | | | 96% | | | 92% | | | 70% |
| | | | | | | | | | | | | | | | | | | |
(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.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Short-Term Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $9.41 | | | $9.22 | | | $9.74 | | | $9.92 | | | $9.77 | | | $9.57 |
Income from investment operations:
|
Net investment income(1) | | | 0.20 | | | 0.32 | | | 0.16 | | | 0.10 | | | 0.18 | | | 0.24 |
Net realized and unrealized gains (losses) on investments | | | (0.03) | | | 0.19 | | | (0.51) | | | (0.14) | | | 0.23 | | | 0.20 |
Total from investment operations | | | 0.17 | | | 0.51 | | | (0.35) | | | (0.04) | | | 0.41 | | | 0.44 |
Less distributions:
|
Distributions from net investment income | | | (0.19) | | | (0.32) | | | (0.17) | | | (0.11) | | | (0.19) | | | (0.24) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(2) | | | (0.03) | | | (0.07) | | | — |
Total distributions | | | (0.19) | | | (0.32) | | | (0.17) | | | (0.14) | | | (0.26) | | | (0.24) |
Net asset value, end of period | | | $9.39 | | | $9.41 | | | $9.22 | | | $9.74 | | | $9.92 | | | $9.77 |
Total return | | | 1.85%(3) | | | 5.65% | | | (3.64)% | | | (0.42)% | | | 4.23% | | | 4.68% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 10,220.8 | | | $ 9,334.5 | | | $ 8,747.4 | | | $ 10,486.4 | | | $ 8,790.5 | | | $ 6,469.1 |
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 | | | 4.23%(4) | | | 3.48% | | | 1.67% | | | 1.05% | | | 1.87% | | | 2.50% |
Portfolio turnover rate(5) | | | 47%(3) | | | 87% | | | 77% | | | 67% | | | 64% | | | 64% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Short-Term Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $9.41 | | | $9.22 | | | $9.74 | | | $9.91 | | | $9.77 | | | $9.57 |
Income from investment operations:
|
Net investment income(1) | | | 0.19 | | | 0.30 | | | 0.13 | | | 0.08 | | | 0.16 | | | 0.22 |
Net realized and unrealized gains (losses) on investments | | | (0.03) | | | 0.19 | | | (0.51) | | | (0.13) | | | 0.21 | | | 0.20 |
Total from investment operations | | | 0.16 | | | 0.49 | | | (0.38) | | | (0.05) | | | 0.37 | | | 0.42 |
Less distributions:
|
Distributions from net investment income | | | (0.18) | | | (0.30) | | | (0.14) | | | (0.09) | | | (0.16) | | | (0.22) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(2) | | | (0.03) | | | (0.07) | | | — |
Total distributions | | | (0.18) | | | (0.30) | | | (0.14) | | | (0.12) | | | (0.23) | | | (0.22) |
Net asset value, end of period | | | $9.39 | | | $9.41 | | | $9.22 | | | $9.74 | | | $9.91 | | | $9.77 |
Total return | | | 1.73%(3) | | | 5.39% | | | (3.88)% | | | (0.57)% | | | 3.86% | | | 4.42% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $132.9 | | | $149.3 | | | $216.9 | | | $252.5 | | | $192.7 | | | $182.4 |
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 | | | 3.98%(4) | | | 3.23% | | | 1.42% | | | 0.80% | | | 1.62% | | | 2.25% |
Portfolio turnover rate(5) | | | 47%(3) | | | 87% | | | 77% | | | 67% | | | 64% | | | 64% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Intermediate Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of
period | | | $10.32 | | | $10.08 | | | $11.27 | | | $11.69 | | | $11.27 | | | $10.80 |
Income from investment operations:
|
Net investment income(1) | | | 0.20 | | | 0.33 | | | 0.22 | | | 0.18 | | | 0.25 | | | 0.29 |
Net realized and unrealized gains (losses) on investments | | | (0.11) | | | 0.24 | | | (1.19) | | | (0.34) | | | 0.58 | | | 0.46 |
Total from investment operations | | | 0.09 | | | 0.57 | | | (0.97) | | | (0.16) | | | 0.83 | | | 0.75 |
Less distributions:
|
Distributions from net investment income | | | (0.19) | | | (0.33) | | | (0.22) | | | (0.18) | | | (0.25) | | | (0.28) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.08) | | | (0.16) | | | — |
Total distributions | | | (0.19) | | | (0.33) | | | (0.22) | | | (0.26) | | | (0.41) | | | (0.28) |
Net asset value, end of period | | | $10.22 | | | $10.32 | | | $10.08 | | | $11.27 | | | $11.69 | | | $11.27 |
Total return | | | 0.85%(2) | | | 5.78% | | | (8.64)% | | | (1.41)% | | | 7.42% | | | 7.05% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 9,755.2 | | | $ 8,238.6 | | | $ 6,980.6 | | | $ 6,639.0 | | | $ 5,264.4 | | | $ 4,342.1 |
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 | | | 3.86%(3) | | | 3.28% | | | 2.11% | | | 1.54% | | | 2.17% | | | 2.57% |
Portfolio turnover rate(4) | | | 26%(2) | | | 45% | | | 47% | | | 51% | | | 37% | | | 26% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Intermediate Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 10.86 | | | $ 10.59 | | | $11.83 | | | $ 12.26 | | | $11.80 | | | $ 11.29 |
Income from investment operations:
|
Net investment income(1) | | | 0.19 | | | 0.32 | | | 0.20 | | | 0.16 | | | 0.23 | | | 0.27 |
Net realized and unrealized gains (losses) on investments | | | (0.12) | | | 0.26 | | | (1.25) | | | (0.36) | | | 0.61 | | | 0.50 |
Total from investment operations | | | 0.07 | | | 0.58 | | | (1.05) | | | (0.20) | | | 0.84 | | | 0.77 |
Less distributions:
|
Distributions from net investment income | | | (0.17) | | | (0.31) | | | (0.19) | | | (0.15) | | | (0.22) | | | (0.26) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.08) | | | (0.16) | | | — |
Total distributions | | | (0.17) | | | (0.31) | | | (0.19) | | | (0.23) | | | (0.38) | | | (0.26) |
Net asset value, end of period | | | $ 10.76 | | | $ 10.86 | | | $ 10.59 | | | $11.83 | | | $ 12.26 | | | $ 11.80 |
Total return | | | 0.69%(2) | | | 5.53% | | | (8.88)% | | | (1.68)% | | | 7.16% | | | 6.83% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $111.7 | | | $87.8 | | | $59.3 | | | $42.2 | | | $55.2 | | | $52.2 |
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 | | | 3.61%(3) | | | 3.03% | | | 1.86% | | | 1.29% | | | 1.92% | | | 2.32% |
Portfolio turnover rate(4) | | | 26%(2) | | | 45% | | | 47% | | | 51% | | | 37% | | | 26% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Aggregate Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $9.86 | | | $9.60 | | | $11.37 | | | $11.77 | | | $11.21 | | | $10.53 |
Income from investment operations:
|
Net investment income(1) | | | 0.19 | | | 0.34 | | | 0.25 | | | 0.19 | | | 0.25 | | | 0.30 |
Net realized and unrealized gains (losses) on investments | | | (0.21) | | | 0.26 | | | (1.76) | | | (0.36) | | | 0.71 | | | 0.69 |
Total from investment operations | | | (0.02) | | | 0.60 | | | (1.51) | | | (0.17) | | | 0.96 | | | 0.99 |
Less distributions:
|
Distributions from net investment income | | | (0.18) | | | (0.34) | | | (0.26) | | | (0.22) | | | (0.27) | | | (0.31) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.01) | | | (0.13) | | | — |
Total distributions | | | (0.18) | | | (0.34) | | | (0.26) | | | (0.23) | | | (0.40) | | | (0.31) |
Net asset value, end of period | | | $9.66 | | | $9.86 | | | $9.60 | | | $11.37 | | | $11.77 | | | $11.21 |
Total return | | | (0.21)%(2) | | | 6.43% | | | (13.35)% | | | (1.46)% | | | 8.63% | | | 9.48% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 45,413.1 | | | $ 41,933.7 | | | $ 34,102.5 | | | $ 39,050.1 | | | $ 31,874.6 | | | $ 21,857.4 |
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 | | | 3.95%(3) | | | 3.55% | | | 2.46% | | | 1.66% | | | 2.13% | | | 2.74% |
Portfolio turnover rate(4) | | | 17%(2) | | | 38% | | | 43% | | | 39% | | | 35% | | | 31% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Aggregate Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 10.25 | | | $9.97 | | | $11.79 | | | $ 12.20 | | | $11.60 | | | $ 10.89 |
Income from investment operations:
|
Net investment income(1) | | | 0.19 | | | 0.33 | | | 0.23 | | | 0.17 | | | 0.23 | | | 0.28 |
Net realized and unrealized gains (losses) on investments | | | (0.22) | | | 0.27 | | | (1.82) | | | (0.38) | | | 0.74 | | | 0.71 |
Total from investment operations | | | (0.03) | | | 0.60 | | | (1.59) | | | (0.21) | | | 0.97 | | | 0.99 |
Less distributions:
|
Distributions from net investment income | | | (0.17) | | | (0.32) | | | (0.23) | | | (0.19) | | | (0.24) | | | (0.28) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.01) | | | (0.13) | | | — |
Total distributions | | | (0.17) | | | (0.32) | | | (0.23) | | | (0.20) | | | (0.37) | | | (0.28) |
Net asset value, end of period | | | $ 10.05 | | | $ 10.25 | | | $9.97 | | | $11.79 | | | $12.20 | | | $11.60 |
Total return | | | (0.32)%(2) | | | 6.13% | | | (13.52)% | | | (1.74)% | | | 8.42% | | | 9.17% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 986.3 | | | $ 971.8 | | | $681.1 | | | $ 904.3 | | | $ 1,029.0 | | | $ 786.4 |
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 | | | 3.70%(3) | | | 3.30% | | | 2.21% | | | 1.41% | | | 1.88% | | | 2.49% |
Portfolio turnover rate(4) | | | 17%(2) | | | 38% | | | 43% | | | 39% | | | 35% | | | 31% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Core Plus Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $10.17 | | | $9.87 | | | $11.67 | | | $12.14 | | | $11.56 | | | $10.82 |
Income from investment operations:
|
Net investment income(1) | | | 0.20 | | | 0.36 | | | 0.29 | | | 0.26 | | | 0.29 | | | 0.33 |
Net realized and unrealized gains (losses) on investments | | | (0.19) | | | 0.30 | | | (1.79) | | | (0.38) | | | 0.72 | | | 0.75 |
Total from investment operations | | | 0.01 | | | 0.66 | | | (1.50) | | | (0.12) | | | 1.01 | | | 1.08 |
Less distributions:
|
Distributions from net investment income | | | (0.19) | | | (0.36) | | | (0.30) | | | (0.28) | | | (0.31) | | | (0.34) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(2) | | | (0.07) | | | (0.12) | | | — |
Total distributions | | | (0.19) | | | (0.36) | | | (0.30) | | | (0.35) | | | (0.43) | | | (0.34) |
Net asset value, end of period | | | $9.99 | | | $10.17 | | | $9.87 | | | $11.67 | | | $12.14 | | | $11.56 |
Total return | | | 0.12%(3) | | | 6.89% | | | (12.87)% | | | (1.02)% | | | 8.80% | | | 10.11% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 29,224.8 | | | $ 26,783.0 | | | $ 21,288.5 | | | $ 27,654.9 | | | $ 26,805.5 | | | $ 21,424.9 |
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 | | | 4.07%(4) | | | 3.67% | | | 2.82% | | | 2.16% | | | 2.46% | | | 2.95% |
Portfolio turnover rate(5) | | | 19%(3) | | | 35% | | | 29% | | | 45% | | | 33% | | | 26% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Core Plus Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $10.67 | | | $10.34 | | | $12.21 | | | $12.68 | | | $12.05 | | | $11.28 |
Income from investment operations:
|
Net investment income(1) | | | 0.20 | | | 0.36 | | | 0.28 | | | 0.24 | | | 0.28 | | | 0.32 |
Net realized and unrealized gains (losses) on investments | | | (0.20) | | | 0.31 | | | (1.87) | | | (0.39) | | | 0.74 | | | 0.76 |
Total from investment operations | | | — | | | 0.67 | | | (1.59) | | | (0.15) | | | 1.02 | | | 1.08 |
Less distributions:
|
Distributions from net investment income | | | (0.18) | | | (0.34) | | | (0.28) | | | (0.25) | | | (0.28) | | | (0.31) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(2) | | | (0.07) | | | (0.11) | | | — |
Total distributions | | | (0.18) | | | (0.34) | | | (0.28) | | | (0.32) | | | (0.39) | | | (0.31) |
Net asset value, end of period | | | $10.49 | | | $10.67 | | | $10.34 | | | $12.21 | | | $12.68 | | | $12.05 |
Total return | | | (0.01)%(3) | | | 6.60% | | | (13.09)% | | | (1.23)% | | | 8.58% | | | 9.69% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 1,146.8 | | | $ 1,098.0 | | | $1,045.0 | | | $ 1,612.2 | | | $ 2,684.3 | | | $ 2,500.0 |
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 | | | 3.82%(4) | | | 3.42% | | | 2.57% | | | 1.91% | | | 2.21% | | | 2.70% |
Portfolio turnover rate(5) | | | 19%(3) | | | 35% | | | 29% | | | 45% | | | 33% | | | 26% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Short-Term Municipal Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $9.98 | | | $9.85 | | | $10.39 | | | $10.43 | | | $10.26 | | | $ 10.06 |
Income from investment operations:
|
Net investment income(1) | | | 0.16 | | | 0.27 | | | 0.16 | | | 0.12 | | | 0.17 | | | 0.20 |
Net realized and unrealized gains (losses) on investments | | | (0.07) | | | 0.13 | | | (0.54) | | | (0.04) | | | 0.16 | | | 0.20 |
Total from investment operations | | | 0.09 | | | 0.40 | | | (0.38) | | | 0.08 | | | 0.33 | | | 0.40 |
Less distributions:
|
Distributions from net investment income | | | (0.15) | | | (0.27) | | | (0.16) | | | (0.12) | | | (0.16) | | | (0.20) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.00)(2) | | | — | | | — |
Total distributions | | | (0.15) | | | (0.27) | | | (0.16) | | | (0.12) | | | (0.16) | | | (0.20) |
Net asset value, end of period | | | $9.92 | | | $9.98 | | | $9.85 | | | $10.39 | | | $10.43 | | | $ 10.26 |
Total return | | | 0.95%(3) | | | 4.15% | | | (3.66)% | | | 0.74% | | | 3.25% | | | 3.96% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 1,463.9 | | | $ 1,525.3 | | | $ 1,695.5 | | | $ 2,190.2 | | | $ 1,520.0 | | | $ 926.1 |
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 | | | 3.16%(4) | | | 2.73% | | | 1.56% | | | 1.10% | | | 1.61% | | | 1.96% |
Portfolio turnover rate(5) | | | 16%(3) | | | 40% | | | 64% | | | 44% | | | 32% | | | 34% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Short-Term Municipal Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $9.96 | | | $9.83 | | | $ 10.38 | | | $ 10.41 | | | $ 10.25 | | | $ 10.04 |
Income from investment operations:
|
Net investment income(1) | | | 0.14 | | | 0.24 | | | 0.13 | | | 0.09 | | | 0.14 | | | 0.17 |
Net realized and unrealized gains (losses) on investments | | | (0.06) | | | 0.14 | | | (0.55) | | | (0.03) | | | 0.15 | | | 0.21 |
Total from investment operations | | | 0.08 | | | 0.38 | | | (0.42) | | | 0.06 | | | 0.29 | | | 0.38 |
Less distributions:
|
Distributions from net investment income | | | (0.14) | | | (0.25) | | | (0.13) | | | (0.09) | | | (0.13) | | | (0.17) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.00)(2) | | | — | | | — |
Total distributions | | | (0.14) | | | (0.25) | | | (0.13) | | | (0.09) | | | (0.13) | | | (0.17) |
Net asset value, end of period | | | $9.90 | | | $9.96 | | | $9.83 | | | $ 10.38 | | | $ 10.41 | | | $ 10.25 |
Total return | | | 0.83%(3) | | | 3.90% | | | (4.01)% | | | 0.59% | | | 2.90% | | | 3.81% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $74.0 | | | $78.4 | | | $71.7 | | | $110.4 | | | $92.2 | | | $89.6 |
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 | | | 2.91%(4) | | | 2.48% | | | 1.31% | | | 0.85% | | | 1.36% | | | 1.71% |
Portfolio turnover rate(5) | | | 16%(3) | | | 40% | | | 64% | | | 44% | | | 32% | | | 34% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Strategic Municipal Bond Fund - Institutional Class
| | | | | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $10.29 | | | $9.96 | | | $ 10.74 | | | $ 10.67 | | | $ 10.07 | | | $ 10.00 |
Income from investment operations:
|
Net investment income(2) | | | 0.19 | | | 0.34 | | | 0.22 | | | 0.11 | | | 0.18 | | | 0.02 |
Net realized and unrealized gains (losses) on investments | | | (0.09) | | | 0.32 | | | (0.79) | | | 0.14 | | | 0.66 | | | 0.07 |
Total from investment operations | | | 0.10 | | | 0.66 | | | (0.57) | | | 0.25 | | | 0.84 | | | 0.09 |
Less distributions:
|
Distributions from net investment income | | | (0.18) | | | (0.33) | | | (0.21) | | | (0.12) | | | (0.17) | | | (0.02) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(3) | | | (0.06) | | | (0.07) | | | — |
Total distributions | | | (0.18) | | | (0.33) | | | (0.21) | | | (0.18) | | | (0.24) | | | (0.02) |
Net asset value, end of period | | | $10.21 | | | $ 10.29 | | | $9.96 | | | $ 10.74 | | | $ 10.67 | | | $ 10.07 |
Total return | | | 0.97%(4) | | | 6.78% | | | (5.31)% | | | 2.26% | | | 8.39% | | | 0.88%(4) |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 1,158.1 | | | $ 881.5 | | | $ 470.8 | | | $ 345.0 | | | $ 164.3 | | | $12.0 |
Ratio of expenses to average net assets | | | 0.30%(5) | | | 0.30% | | | 0.30% | | | 0.30% | | | 0.30% | | | 0.30%(5) |
Ratio of net investment income to average net assets | | | 3.67%(5) | | | 3.42% | | | 2.18% | | | 1.07% | | | 1.72% | | | 1.60%(5) |
Portfolio turnover rate(6) | | | 22%(4) | | | 50% | | | 89% | | | 55% | | | 119% | | | 47%(4) |
| | | | | | | | | | | | | | | | | | | |
(1)
| Inception was close of business on November 15, 2019.
|
(2)
| Calculated using average shares outstanding during the period.
|
(3)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Strategic Municipal Bond Fund - Investor Class
| | | | | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $10.29 | | | $9.96 | | | $10.74 | | | $10.67 | | | $10.07 | | | $10.00 |
Income from investment operations:
|
Net investment income(2) | | | 0.17 | | | 0.32 | | | 0.19 | | | 0.09 | | | 0.15 | | | 0.02 |
Net realized and unrealized gains (losses) on investments | | | (0.08) | | | 0.32 | | | (0.79) | | | 0.13 | | | 0.67 | | | 0.06 |
Total from investment operations | | | 0.09 | | | 0.64 | | | (0.60) | | | 0.22 | | | 0.82 | | | 0.08 |
Less distributions:
|
Distributions from net investment income | | | (0.17) | | | (0.31) | | | (0.18) | | | (0.09) | | | (0.15) | | | (0.01) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(3) | | | (0.06) | | | (0.07) | | | — |
Total distributions | | | (0.17) | | | (0.31) | | | (0.18) | | | (0.15) | | | (0.22) | | | (0.01) |
Net asset value, end of period | | | $10.21 | | | $10.29 | | | $9.96 | | | $10.74 | | | $10.67 | | | $10.07 |
Total return | | | 0.85%(4) | | | 6.53% | | | (5.55)% | | | 2.00% | | | 8.13% | | | 0.85%(4) |
Supplemental data and ratios:
|
Net assets, end of period (thousands) | | | $ 66,220.8 | | | $ 38,577.3 | | | $ 10,660.1 | | | $ 8,262.3 | | | $ 6,976.1 | | | $27.4 |
Ratio of expenses to average net assets | | | 0.55%(5) | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55%(5) |
Ratio of net investment income to average net assets | | | 3.42%(5) | | | 3.17% | | | 1.93% | | | 0.82% | | | 1.47% | | | 1.35%(5) |
Portfolio turnover rate(6) | | | 22%(4) | | | 50% | | | 89% | | | 55% | | | 119% | | | 47%(4) |
| | | | | | | | | | | | | | | | | | | |
(1)
| Inception was close of business on November 15, 2019.
|
(2)
| Calculated using average shares outstanding during the period.
|
(3)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Quality Intermediate Municipal Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $11.13 | | | $10.95 | | | $11.85 | | | $12.03 | | | $11.75 | | | $11.38 |
Income from investment operations:
|
Net investment income(1) | | | 0.15 | | | 0.28 | | | 0.22 | | | 0.21 | | | 0.24 | | | 0.27 |
Net realized and unrealized gains (losses) on investments | | | (0.16) | | | 0.18 | | | (0.90) | | | (0.17) | | | 0.28 | | | 0.37 |
Total from investment operations | | | (0.01) | | | 0.46 | | | (0.68) | | | 0.04 | | | 0.52 | | | 0.64 |
Less distributions:
|
Distributions from net investment income | | | (0.15) | | | (0.28) | | | (0.22) | | | (0.22) | | | (0.24) | | | (0.27) |
Total distributions | | | (0.15) | | | (0.28) | | | (0.22) | | | (0.22) | | | (0.24) | | | (0.27) |
Net asset value, end of period | | | $ 10.97 | | | $11.13 | | | $10.95 | | | $11.85 | | | $12.03 | | | $11.75 |
Total return | | | (0.06)%(2) | | | 4.29% | | | (5.74)% | | | 0.27% | | | 4.43% | | | 5.65% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 993.7 | | | $ 1,051.9 | | | $ 1,083.0 | | | $ 1,526.2 | | | $ 1,449.2 | | | $ 1,257.4 |
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 | | | 2.82%(3) | | | 2.55% | | | 1.94% | | | 1.75% | | | 2.03% | | | 2.30% |
Portfolio turnover rate(4) | | | 8%(2) | | | 33% | | | 33% | | | 18% | | | 15% | | | 20% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Quality Intermediate Municipal Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 11.43 | | | $ 11.24 | | | $ 12.16 | | | $ 12.34 | | | $ 12.04 | | | $11.66 |
Income from investment operations:
|
Net investment income(1) | | | 0.14 | | | 0.26 | | | 0.19 | | | 0.18 | | | 0.22 | | | 0.24 |
Net realized and unrealized gains (losses) on investments | | | (0.16) | | | 0.18 | | | (0.92) | | | (0.18) | | | 0.29 | | | 0.38 |
Total from investment operations | | | (0.02) | | | 0.44 | | | (0.73) | | | — | | | 0.51 | | | 0.62 |
Less distributions:
|
Distributions from net investment income | | | (0.14) | | | (0.25) | | | (0.19) | | | (0.18) | | | (0.21) | | | (0.24) |
Total distributions | | | (0.14) | | | (0.25) | | | (0.19) | | | (0.18) | | | (0.21) | | | (0.24) |
Net asset value, end of period | | | $ 11.27 | | | $ 11.43 | | | $11.24 | | | $ 12.16 | | | $ 12.34 | | | $ 12.04 |
Total return | | | (0.18)%(2) | | | 4.01% | | | (5.99)% | | | 0.02% | | | 4.23% | | | 5.33% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $55.5 | | | $51.0 | | | $30.6 | | | $59.2 | | | $52.4 | | | $85.1 |
Ratio of expenses to average net
assets | | | 0.55%(3) | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55% |
Ratio of net investment income to average net assets | | | 2.57%(3) | | | 2.30% | | | 1.69% | | | 1.50% | | | 1.78% | | | 2.05% |
Portfolio turnover rate(4) | | | 8%(2) | | | 33% | | | 33% | | | 18% | | | 15% | | | 20% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Core Intermediate Municipal Bond Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $10.34 | | | $10.10 | | | $10.96 | | | $10.96 | | | $ 10.65 | | | $ 10.22 |
Income from investment operations:
|
Net investment income(1) | | | 0.17 | | | 0.31 | | | 0.21 | | | 0.16 | | | 0.23 | | | 0.25 |
Net realized and unrealized gains (losses) on investments | | | (0.11) | | | 0.24 | | | (0.88) | | | 0.02(2) | | | 0.33 | | | 0.43 |
Total from investment operations | | | 0.06 | | | 0.55 | | | (0.67) | | | 0.18 | | | 0.56 | | | 0.68 |
Less distributions:
|
Distributions from net investment income | | | (0.17) | | | (0.31) | | | (0.19) | | | (0.17) | | | (0.22) | | | (0.24) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(3) | | | (0.01) | | | (0.03) | | | (0.01) |
Total distributions | | | (0.17) | | | (0.31) | | | (0.19) | | | (0.18) | | | (0.25) | | | (0.25) |
Net asset value, end of period | | | $10.23 | | | $10.34 | | | $10.10 | | | $10.96 | | | $ 10.96 | | | $ 10.65 |
Total return | | | 0.58%(4) | | | 5.54% | | | (6.07)% | | | 1.60% | | | 5.26% | | | 6.75% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 3,416.5 | | | $ 2,942.7 | | | $ 2,449.7 | | | $ 1,531.2 | | | $ 842.2 | | | $ 535.5 |
Ratio of expenses to average net assets | | | 0.30%(5) | | | 0.30% | | | 0.30% | | | 0.30% | | | 0.30% | | | 0.30% |
Ratio of net investment income to average net assets | | | 3.42%(5) | | | 3.08% | | | 2.01% | | | 1.47% | | | 2.09% | | | 2.36% |
Portfolio turnover rate(6) | | | 13%(4) | | | 32% | | | 59% | | | 31% | | | 35% | | | 38% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Due to timing of capital share transactions, the per share amount of net realized and unrealized gain (loss) on investments varies from the amounts shown in the Statement of Operations.
|
(3)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Core Intermediate Municipal Bond Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 10.33 | | | $ 10.09 | | | $ 10.96 | | | $10.95 | | | $ 10.64 | | | $ 10.22 |
Income from investment operations:
|
Net investment income(1) | | | 0.16 | | | 0.29 | | | 0.18 | | | 0.13 | | | 0.20 | | | 0.22 |
Net realized and unrealized gains (losses) on investments | | | (0.11) | | | 0.23 | | | (0.88) | | | 0.03(2) | | | 0.33 | | | 0.43 |
Total from investment operations | | | 0.05 | | | 0.52 | | | (0.70) | | | 0.16 | | | 0.53 | | | 0.65 |
Less distributions:
|
Distributions from net investment income | | | (0.16) | | | (0.28) | | | (0.17) | | | (0.14) | | | (0.19) | | | (0.22) |
Distributions from net realized gains | | | — | | | — | | | (0.00)(3) | | | (0.01) | | | (0.03) | | | (0.01) |
Total distributions | | | (0.16) | | | (0.28) | | | (0.17) | | | (0.15) | | | (0.22) | | | (0.23) |
Net asset value, end of period | | | $ 10.22 | | | $ 10.33 | | | $ 10.09 | | | $10.96 | | | $ 10.95 | | | $ 10.64 |
Total return | | | 0.46%(4) | | | 5.28% | | | (6.40)% | | | 1.44% | | | 5.01% | | | 6.40% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $42.7 | | | $36.5 | | | $38.8 | | | $42.5 | | | $22.3 | | | $5.9 |
Ratio of expenses to average net
assets | | | 0.55%(5) | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55% |
Ratio of net investment income to average net assets | | | 3.17%(5) | | | 2.83% | | | 1.76% | | | 1.22% | | | 1.84% | | | 2.11% |
Portfolio turnover rate(6) | | | 13%(4) | | | 32% | | | 59% | | | 31% | | | 35% | | | 38% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period.
|
(2)
| Due to timing of capital share transactions, the per share amount of net realized and unrealized gain (loss) on investments varies from the amounts shown in the Statement of Operations.
|
(3)
| Amount is less than $0.005.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Municipal Bond Fund - Institutional Class
| | | | | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 10.01 | | | $9.68 | | | $ 10.76 | | | $ 10.67 | | | $ 10.10 | | | $ 10.00 |
Income from investment operations:
|
Net investment income(2) | | | 0.19 | | | 0.37 | | | 0.26 | | | 0.20 | | | 0.23 | | | 0.02 |
Net realized and unrealized gains (losses) on investments | | | (0.11) | | | 0.31 | | | (1.09) | | | 0.17 | | | 0.76 | | | 0.10 |
Total from investment operations | | | 0.08 | | | 0.68 | | | (0.83) | | | 0.37 | | | 0.99 | | | 0.12 |
Less distributions:
|
Distributions from net investment income | | | (0.18) | | | (0.35) | | | (0.25) | | | (0.20) | | | (0.21) | | | (0.02) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.08) | | | (0.21) | | | — |
Total distributions | | | (0.18) | | | (0.35) | | | (0.25) | | | (0.28) | | | (0.42) | | | (0.02) |
Net asset value, end of period | | | $9.91 | | | $ 10.01 | | | $9.68 | | | $ 10.76 | | | $ 10.67 | | | $ 10.10 |
Total return | | | 0.84%(3) | | | 7.14% | | | (7.73)% | | | 3.46% | | | 9.95% | | | 1.19%(3) |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 229.1 | | | $ 180.4 | | | $55.7 | | | $34.5 | | | $20.3 | | | $7.4 |
Ratio of expenses to average net
assets | | | 0.30%(4) | | | 0.30% | | | 0.30% | | | 0.30% | | | 0.30% | | | 0.30%(4) |
Ratio of net investment income to average net assets | | | 3.84%(4) | | | 3.77% | | | 2.63% | | | 1.83% | | | 2.20% | | | 1.69%(4) |
Portfolio turnover rate(5) | | | 25%(3) | | | 58% | | | 76% | | | 38% | | | 124% | | | 46%(3) |
| | | | | | | | | | | | | | | | | | | |
(1)
| Inception was close of business on November 15, 2019.
|
(2)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Municipal Bond Fund - Investor Class
| | | | | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $9.99 | | | $9.68 | | | $10.74 | | | $10.66 | | | $10.10 | | | $ 10.00 |
Income from investment operations:
|
Net investment income(2) | | | 0.18 | | | 0.34 | | | 0.24 | | | 0.17 | | | 0.21 | | | 0.02 |
Net realized and unrealized gains (losses) on investments | | | (0.10) | | | 0.29 | | | (1.08) | | | 0.16 | | | 0.75 | | | 0.10 |
Total from investment operations | | | 0.08 | | | 0.63 | | | (0.84) | | | 0.33 | | | 0.96 | | | 0.12 |
Less distributions:
|
Distributions from net investment income | | | (0.17) | | | (0.32) | | | (0.22) | | | (0.17) | | | (0.19) | | | (0.02) |
Distributions from net realized gains | | | — | | | — | | | — | | | (0.08) | | | (0.21) | | | — |
Total distributions | | | (0.17) | | | (0.32) | | | (0.22) | | | (0.25) | | | (0.40) | | | (0.02) |
Net asset value, end of period | | | $9.90 | | | $9.99 | | | $9.68 | | | $10.74 | | | $10.66 | | | $ 10.10 |
Total return | | | 0.83%(3) | | | 6.67% | | | (7.78)% | | | 3.12% | | | 9.58% | | | 1.16%(3) |
Supplemental data and ratios:
|
Net assets, end of period (thousands) | | | $ 9,560.5 | | | $ 7,549.4 | | | $ 4,055.6 | | | $ 3,193.3 | | | $ 1,624.8 | | | $29.1 |
Ratio of expenses to average net assets | | | 0.55%(4) | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55% | | | 0.55%(4) |
Ratio of net investment income to average net assets | | | 3.59%(4) | | | 3.52% | | | 2.38% | | | 1.58% | | | 1.95% | | | 1.44%(4) |
Portfolio turnover rate(5) | | | 25%(3) | | | 58% | | | 76% | | | 38% | | | 124% | | | 46%(3) |
| | | | | | | | | | | | | | | | | | | |
(1)
| Inception was close of business on November 15, 2019.
|
(2)
| Calculated using average shares outstanding during the period.
|
(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.
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (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 following table presents the class-specific inception dates for each of the Funds:
| | | | |
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 Index. The Fund’s benchmark index, the Bloomberg 1-3 Year U.S. Government/Credit 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 Index. The Fund’s benchmark index, the Bloomberg Intermediate U.S. Government/Credit 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 Index. The Fund’s benchmark index, the Bloomberg U.S. Aggregate 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 Index. The Fund’s benchmark index, the Bloomberg U.S. Universal 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.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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”). 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.
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 securities are valued at fair value using methods determined by the Advisor as the Valuation Designee of the Board of Directors of the Company (the “Board”) in accordance with policies and procedures adopted pursuant to Rule 2a-5 of the 1940 Act. 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).
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 based on various market inputs such as benchmark yields, market transactions and dealer quotations. Investments in mutual funds, including money market funds, are valued at their stated NAV. Equity securities, including common stocks, ETFs and closed end funds, 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, other than debt 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 the Funds’ fair value procedures. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, such as broker quotes. If prices are unavailable or deemed to be unreliable, fair value will be determined by the Advisor, subject to the oversight of the Board. The Advisor, as Valuation Designee, has further designated its valuation committee to be responsible for fair value determinations. 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
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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 a Fund’s NAV may fluctuate significantly from day to day or from period to period. Occasionally, significant events may occur after the close of the exchange on which a security is traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to the Funds’ fair value procedures.
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. Certain when-issued, delayed delivery or forward commitment securities are considered derivatives and each Fund qualifies as a “limited derivatives user” under the SEC’s derivatives rule (Rule 18f-4).
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, 2024 consisted of securities issued pursuant to Rule 144A under the Securities Act of 1933 which may be resold in transactions exempt from registration to qualified institutional buyers.
The value of such securities held by the Funds was as follows:
| | | | | | | |
Baird Ultra Short Bond Fund | | | $1,489,734,676 | | | 22.42% |
Baird Short-Term Bond Fund | | | 3,444,218,886 | | | 33.27% |
Baird Intermediate Bond Fund | | | 2,223,704,406 | | | 22.54% |
Baird Aggregate Bond Fund | | | 8,964,082,038 | | | 19.32% |
Baird Core Plus Bond Fund | | | 7,203,091,606 | | | 23.72% |
Baird Short-Term Municipal Bond Fund | | | 100,813,143 | | | 6.56% |
Baird Strategic Municipal Bond Fund | | | 57,851,328 | | | 4.73% |
Baird Quality Intermediate Municipal Bond Fund | | | 27,274,745 | | | 2.60% |
Baird Core Intermediate Municipal Bond Fund | | | 101,924,639 | | | 2.95% |
Baird Municipal Bond Fund | | | 9,295,542 | | | 3.89% |
| | | | | | | |
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.
e)
Financial Derivatives Instruments – Financial derivatives instruments, such as futures contracts, derive their value from the performance of 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 by 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 derivatives 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,
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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. The Baird Strategic Municipal Bond Fund may invest in U.S. Treasury futures contracts and qualifies as a “limited derivatives user.”
f)
Deposits with Broker – When trading derivatives 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, 2024, the Baird Strategic Municipal Bond Fund had $1,161 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.
These subsequent payments, called “variation margin,” to and from the futures broker are made as the price of the underlying assets fluctuates 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 may be 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, 2023, or for any other tax years which are open for exam. As of December 31, 2023, open tax years include the tax years ended December 31, 2020 through 2023. 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 Statements 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.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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 increases and decreases in net assets 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 low.
m)
New Regulatory and Accounting Pronouncements – In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), and in December 2022, the FASB issued Accounting Standards Update ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), 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, ASU 2021-01, and ASU 2022-06 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2024. Management is evaluating the impact of ASU 2020-04, ASU 2021-01, and ASU 2022-06 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 actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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
| | | | | | | |
Shares sold | | | 205,606,909 | | | $2,076,716,900 | | | 411,604,492 | | | $4,137,514,663 |
Shares issued to shareholders in reinvestment of distributions | | | 14,622,255 | | | 147,443,724 | | | 25,679,955 | | | 257,878,405 |
Shares redeemed | | | (180,216,973) | | | (1,820,097,307) | | | (378,180,104) | | | (3,802,264,321) |
Net increase | | | 40,012,191 | | | $404,063,317 | | | 59,104,343 | | | $593,128,747 |
Shares Outstanding:
| |
Beginning of period | | | 611,283,076 | | | | | | 552,178,733 | | | |
End of period | | | 651,295,267 | | | | | | 611,283,076 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 1,836,768 | | | $18,610,032 | | | 5,174,768 | | | $52,152,676 |
Shares issued to shareholders in reinvestment of distributions | | | 168,072 | | | 1,699,781 | | | 336,594 | | | 3,389,108 |
Shares redeemed | | | (2,740,685) | | | (27,762,963) | | | (7,085,576) | | | (71,389,574) |
Net decrease | | | (735,845) | | | $(7,453,150) | | | (1,574,214) | | | $(15,847,790) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 7,678,498 | | | | | | 9,252,712 | | | |
End of period | | | 6,942,653 | | | | | | 7,678,498 | | | |
Total net increase | | | | | | $396,610,167 | | | | | | $577,280,957 |
| | | | | | | | | | | | | |
Baird Short-Term Bond Fund
| | | | | | | |
Shares sold | | | 231,460,402 | | | $2,173,356,557 | | | 330,854,385 | | | $3,071,363,063 |
Shares issued to shareholders in reinvestment of distributions | | | 19,617,004 | | | 183,761,958 | | | 30,856,142 | | | 286,023,809 |
Shares redeemed | | | (154,648,713) | | | (1,452,478,633) | | | (318,221,945) | | | (2,951,966,458) |
Net increase | | | 96,428,693 | | | $904,639,882 | | | 43,488,582 | | | $405,420,414 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 992,156,239 | | | | | | 948,667,657 | | | |
End of period | | | 1,088,584,932 | | | | | | 992,156,239 | | | |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
Shares sold | | | 2,513,376 | | | $23,595,398 | | | 6,287,883 | | | $58,436,639 |
Shares issued to shareholders in reinvestment of distributions | | | 275,315 | | | 2,578,579 | | | 586,410 | | | 5,433,593 |
Shares redeemed | | | (4,502,259) | | | (42,290,884) | | | (14,533,892) | | | (134,863,231) |
Net decrease | | | (1,713,568) | | | $(16,116,907) | | | (7,659,599) | | | $(70,992,999) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 15,871,572 | | | | | | 23,531,171 | | | |
End of period | | | 14,158,004 | | | | | | 15,871,572 | | | |
Total net increase | | | | | | $888,522,975 | | | | | | $334,427,415 |
| | | | | | | | | | | | | |
Baird Intermediate Bond Fund
| | | | | | | |
Shares sold | | | 225,364,180 | | | $2,302,834,131 | | | 248,886,882 | | | $2,522,306,938 |
Shares issued to shareholders in reinvestment of distributions | | | 14,884,299 | | | 151,629,643 | | | 21,784,824 | | | 220,411,749 |
Shares redeemed | | | (83,828,636) | | | (855,722,910) | | | (164,777,475) | | | (1,666,076,797) |
Net increase | | | 156,419,843 | | | $1,598,740,864 | | | 105,894,231 | | | $1,076,641,890 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 798,255,466 | | | | | | 692,361,235 | | | |
End of period | | | 954,675,309 | | | | | | 798,255,466 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 3,386,689 | | | $36,372,956 | | | 6,542,336 | | | $69,658,365 |
Shares issued to shareholders in reinvestment of distributions | | | 152,207 | | | 1,632,611 | | | 198,951 | | | 2,115,493 |
Shares redeemed | | | (1,248,437) | | | (13,415,928) | | | (4,257,033) | | | (45,141,593) |
Net increase | | | 2,290,459 | | | $24,589,639 | | | 2,484,254 | | | $26,632,265 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 8,087,725 | | | | | | 5,603,471 | | | |
End of period | | | 10,378,184 | | | | | | 8,087,725 | | | |
Total net increase | | | | | | $1,623,330,503 | | | | | | $1,103,274,155 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
Baird Aggregate Bond Fund
| | | | | | | |
Shares sold | | | 794,824,260 | | | $7,690,827,706 | | | 1,413,254,416 | | | $13,602,163,428 |
Shares issued to shareholders in reinvestment of distributions | | | 75,946,550 | | | 731,369,205 | | | 128,410,230 | | | 1,233,825,075 |
Shares redeemed | | | (422,211,316) | | | (4,079,036,912) | | | (839,803,359) | | | (8,057,527,758) |
Net increase | | | 448,559,494 | | | $4,343,159,999 | | | 701,861,287 | | | $6,778,460,745 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 4,253,624,133 | | | | | | 3,551,762,846 | | | |
End of period | | | 4,702,183,627 | | | | | | 4,253,624,133 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 21,280,196 | | | $214,245,454 | | | 56,472,756 | | | $568,679,084 |
Shares issued to shareholders in reinvestment of distributions | | | 1,557,725 | | | 15,601,447 | | | 2,861,591 | | | 28,549,405 |
Shares redeemed | | | (19,493,689) | | | (195,658,135) | | | (32,836,243) | | | (326,493,313) |
Net increase | | | 3,344,232 | | | $34,188,766 | | | 26,498,104 | | | $270,735,176 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 94,831,516 | | | | | | 68,333,412 | | | |
End of period | | | 98,175,748 | | | | | | 94,831,516 | | | |
Total net increase | | | | | | $4,377,348,765 | | | | | | $7,049,195,921 |
| | | | | | | | | | | | | |
Baird Core Plus Bond Fund
| | | | | | | |
Shares sold | | | 487,369,994 | | | $4,873,322,429 | | | 822,006,477 | | | $8,133,324,614 |
Shares issued to shareholders in reinvestment of distributions | | | 49,196,271 | | | 489,960,147 | | | 80,884,846 | | | 800,860,864 |
Shares redeemed | | | (244,821,646) | | | (2,445,893,322) | | | (427,183,368) | | | (4,225,561,007) |
Net increase | | | 291,744,619 | | | $2,917,389,254 | | | 475,707,955 | | | $4,708,624,471 |
Shares Outstanding: | | | | | | | | | | | | |
Beginning of period | | | 2,632,979,085 | | | | | | 2,157,271,130 | | | |
End of period | | | 2,924,723,704 | | | | | | 2,632,979,085 | | | |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
Shares sold | | | 22,141,982 | | | $231,863,496 | | | 30,724,067 | | | $319,247,540 |
Shares issued to shareholders in reinvestment of distributions | | | 1,842,564 | | | 19,264,749 | | | 3,269,372 | | | 33,944,914 |
Shares redeemed | | | (17,574,192) | | | (184,881,388) | | | (32,214,934) | | | (336,127,412) |
Net increase | | | 6,410,354 | | | $66,246,857 | | | 1,778,505 | | | $17,065,042 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 102,881,214 | | | | | | 101,102,709 | | | |
End of period | | | 109,291,568 | | | | | | 102,881,214 | | | |
Total net increase | | | | | | $2,983,636,111 | | | | | | $4,725,689,513 |
| | | | | | | | | | | | | |
Baird Short-Term Municipal Bond Fund
| | | | | | | |
Shares sold | | | 26,515,136 | | | $263,425,026 | | | 68,282,496 | | | $672,959,700 |
Shares issued to shareholders in reinvestment of distributions | | | 1,827,506 | | | 18,109,989 | | | 3,243,634 | | | 31,921,381 |
Shares redeemed | | | (33,658,395) | | | (334,298,157) | | | (90,771,071) | | | (894,199,966) |
Net decrease | | | (5,315,753) | | | $(52,763,142) | | | (19,244,941) | | | $(189,318,885) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 152,882,259 | | | | | | 172,127,200 | | | |
End of period | | | 147,566,506 | | | | | | 152,882,259 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 720,690 | | | $7,147,096 | | | 3,869,099 | | | $37,888,827 |
Shares issued to shareholders in reinvestment of distributions | | | 104,667 | | | 1,035,517 | | | 153,990 | | | 1,513,149 |
Shares redeemed | | | (1,233,772) | | | (12,233,226) | | | (3,441,024) | | | (33,856,630) |
Net increase (decrease) | | | (408,415) | | | $(4,050,613) | | | 582,065 | | | $5,545,346 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 7,876,551 | | | | | | 7,294,486 | | | |
End of period | | | 7,468,136 | | | | | | 7,876,551 | | | |
Total net decrease | | | | | | $(56,813,755) | | | | | | $(183,773,539) |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
Baird Strategic Municipal Bond Fund
| | | | | | | |
Shares sold | | | 39,137,078 | | | $401,085,224 | | | 50,874,131(1) | | | $ 510,726,122(1) |
Shares issued to shareholders in reinvestment of distributions | | | 1,611,085 | | | 16,429,762 | | | 1,950,789 | | | 19,587,376 |
Shares redeemed | | | (13,008,560) | | | (133,109,052) | | | (14,418,667) | | | (144,596,339) |
Net increase | | | 27,739,603 | | | $284,405,934 | | | 38,406,253 | | | $385,717,159 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 85,669,887 | | | | | | 47,263,634 | | | |
End of period | | | 113,409,490 | | | | | | 85,669,887 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 3,749,811 | | | $38,357,880 | | | 3,386,481 | | | $34,083,005 |
Shares issued to shareholders in reinvestment of distributions | | | 81,916 | | | 835,032 | | | 47,070 | | | 473,380 |
Shares redeemed | | | (1,094,440) | | | (11,187,655) | | | (753,691) | | | (7,552,724) |
Net increase | | | 2,737,287 | | | $28,005,257 | | | 2,679,860 | | | $27,003,661 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 3,750,107 | | | | | | 1,070,247 | | | |
End of period | | | 6,487,394 | | | | | | 3,750,107 | | | |
Total net increase | | | | | | $ 312,411,191 | | | | | | $ 412,720,820 |
| | | | | | | | | | | | | |
(1)
| Includes purchase in-kind transactions. See additional information contained in this Note. |
Baird Quality Intermediate Municipal Bond Fund
| | | | | | | |
Shares sold | | | 12,304,798 | | | $135,658,519 | | | 32,875,869 | | | $359,047,920 |
Shares issued to shareholders in reinvestment of distributions | | | 1,149,661 | | | 12,628,346 | | | 2,204,880 | | | 24,076,699 |
Shares redeemed | | | (17,384,054) | | | (191,703,868) | | | (39,462,525) | | | (430,517,693) |
Net decrease | | | (3,929,595) | | | $(43,417,003) | | | (4,381,776) | | | $(47,393,074) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 94,494,175 | | | | | | 98,875,951 | | | |
End of period | | | 90,564,580 | | | | | | 94,494,175 | | | |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
Shares sold | | | 960,576 | | | $10,883,891 | | | 3,960,479 | | | $44,513,923 |
Shares issued to shareholders in reinvestment of distributions | | | 57,621 | | | 650,045 | | | 96,281 | | | 1,077,933 |
Shares redeemed | | | (555,187) | | | (6,286,012) | | | (2,317,293) | | | (25,738,178) |
Net increase | | | 463,010 | | | $5,247,924 | | | 1,739,467 | | | $19,853,678 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 4,463,007 | | | | | | 2,723,540 | | | |
End of period | | | 4,926,017 | | | | | | 4,463,007 | | | |
Total net decrease | | | | | | $ (38,169,079) | | | | | | $ (27,539,396) |
| | | | | | | | | | | | | |
Baird Core Intermediate Municipal Bond Fund
| | | | | | | |
Shares sold | | | 77,619,432 | | | $796,613,174 | | | 152,654,271 | | | $1,542,643,151 |
Shares issued to shareholders in reinvestment of distributions | | | 4,591,511 | | | 46,941,111 | | | 6,745,190 | | | 68,138,267 |
Shares redeemed | | | (32,884,630) | | | (337,164,196) | | | (117,282,423) | | | (1,181,349,071) |
Net increase | | | 49,326,313 | | | $506,390,089 | | | 42,117,038 | | | $429,432,347 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 284,686,513 | | | | | | 242,569,475 | | | |
End of period | | | 334,012,826 | | | | | | 284,686,513 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 1,213,256 | | | $12,459,572 | | | 1,907,974 | | | $19,365,982 |
Shares issued to shareholders in reinvestment of distributions | | | 63,257 | | | 646,419 | | | 108,419 | | | 1,095,003 |
Shares redeemed | | | (627,547) | | | (6,415,354) | | | (2,332,933) | | | (23,452,114) |
Net increase (decrease) | | | 648,966 | | | $6,690,637 | | | (316,540) | | | $(2,991,129) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 3,529,348 | | | | | | 3,845,888 | | | |
End of period | | | 4,178,314 | | | | | | 3,529,348 | | | |
Total net increase | | | | | | $ 513,080,726 | | | | | | $ 426,441,218 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
Baird Municipal Bond Fund
| | | | | | | |
Shares sold | | | 7,031,868 | | | $69,873,345 | | | 16,338,863 | | | $ 159,295,064 |
Shares issued to shareholders in reinvestment of distributions | | | 356,176 | | | 3,522,274 | | | 410,603 | | | 3,985,595 |
Shares redeemed | | | (2,286,328) | | | (22,649,459) | | | (4,475,144) | | | (43,392,250) |
Net increase | | | 5,101,716 | | | $50,746,160 | | | 12,274,322 | | | $119,888,409 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 18,025,923 | | | | | | 5,751,601 | | | |
End of period | | | 23,127,639 | | | | | | 18,025,923 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 296,904 | | | $2,958,105 | | | 441,906 | | | $4,305,184 |
Shares issued to shareholders in reinvestment of distributions | | | 9,398 | | | 92,863 | | | 7,883 | | | 76,660 |
Shares redeemed | | | (95,857) | | | (951,425) | | | (113,506) | | | (1,110,494) |
Net increase | | | 210,445 | | | $2,099,543 | | | 336,283 | | | $3,271,350 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 755,327 | | | | | | 419,044 | | | |
End of period | | | 965,772 | | | | | | 755,327 | | | |
Total net increase | | | | | | $ 52,845,703 | | | | | | $ 123,159,759 |
| | | | | | | | | | | | | |
Purchase In-Kind Transactions
During the year ended December 31, 2023, 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:
| | | | |
Baird Strategic Municipal Bond Fund - Institutional Class | | | November 28, 2023 | | | $ 27,596,318 | | | 2,745,902 |
| | | | | | | | | | |
4. Investment Transactions and Income Tax Information
During the six months ended June 30, 2024, purchases and sales of investment securities (excluding short-term investments and any in-kind transactions) were as follows:
| | | | | | | |
Baird Ultra Short Bond Fund | | | $— | | | $— | | | $2,074,939,083 | | | $1,607,325,010 |
Baird Short-Term Bond Fund | | | 3,263,969,836 | | | 2,414,573,964 | | | 2,155,520,551 | | | 2,168,902,319 |
Baird Intermediate Bond Fund | | | 2,783,442,478 | | | 1,941,040,065 | | | 1,098,710,770 | | | 385,986,334 |
Baird Aggregate Bond Fund | | | 8,288,302,794 | | | 4,850,447,300 | | | 3,804,883,946 | | | 2,783,350,155 |
Baird Core Plus Bond Fund | | | 5,106,369,082 | | | 3,362,632,656 | | | 3,425,043,389 | | | 2,170,331,315 |
Baird Short-Term Municipal Bond Fund | | | 10,567,500 | | | — | | | 225,345,384 | | | 268,633,153 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
Baird Strategic Municipal Bond Fund | | | $— | | | $— | | | $511,723,250 | | | $221,602,295 |
Baird Quality Intermediate Municipal Bond Fund | | | — | | | 15,792,500 | | | 84,151,272 | | | 101,627,274 |
Baird Core Intermediate Municipal Bond Fund | | | 89,677,930 | | | 94,761,133 | | | 816,688,712 | | | 313,801,351 |
Baird Municipal Bond Fund | | | — | | | — | | | 110,918,198 | | | 52,338,423 |
| | | | | | | | | | | | | |
As of December 31, 2023, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
Cost of investments | | | $6,360,227,137 | | | $9,680,558,106 | | | $8,572,393,037 | | | $45,952,406,685 | | | $29,739,056,785 |
Gross unrealized appreciation | | | 23,022,716 | | | 72,254,615 | | | 81,352,758 | | | 492,707,347 | | | 309,308,377 |
Gross unrealized depreciation | | | (6,140,171) | | | (133,619,968) | | | (309,832,291) | | | (3,684,622,918) | | | (2,225,335,992) |
Net unrealized appreciation (depreciation) | | | 16,882,545 | | | (61,365,353) | | | (228,479,533) | | | (3,191,915,571) | | | (1,916,027,615) |
Undistributed ordinary income | | | 239,592 | | | 3,514,837 | | | 20,366 | | | 872,169 | | | 2,013,359 |
Distributable earnings | | | 239,592 | | | 3,514,837 | | | 20,366 | | | 872,169 | | | 2,013,359 |
Other accumulated
losses | | | (25,097,782) | | | (361,663,545) | | | (319,176,081) | | | (1,306,082,245) | | | (744,391,339) |
Total accumulated
deficit | | | $(7,975,645) | | | $(419,514,061) | | | $(547,635,248) | | | $(4,497,125,647) | | | $(2,658,405,595) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Cost of investments | | | $1,607,071,114 | | | $897,384,344 | | | $1,098,168,258 | | | $2,937,256,519 | | | $183,560,592 |
Gross unrealized appreciation | | | 10,646,383 | | | 18,756,528 | | | 13,978,113 | | | 48,883,535 | | | 4,646,053 |
Gross unrealized depreciation | | | (23,276,726) | | | (7,415,427) | | | (20,120,561) | | | (41,007,002) | | | (887,548) |
Net unrealized appreciation (depreciation) | | | (12,630,343) | | | 11,341,101 | | | (6,142,448) | | | 7,876,533 | | | 3,758,505 |
Undistributed tax-exempt income | | | 382,786 | | | 275,442 | | | 225,353 | | | 775,059 | | | 61,408 |
Distributable earnings | | | 382,786 | | | 275,442 | | | 225,353 | | | 775,059 | | | 61,408 |
Other accumulated losses | | | (67,811,170) | | | (12,587,581) | | | (51,421,205) | | | (59,613,099) | | | (2,434,316) |
Total distributable earnings (accumulated deficit) | | | $(80,058,727) | | | $(971,038) | | | $(57,338,300) | | | $(50,961,507) | | | $1,385,597 |
| | | | | | | | | | | | | | | | |
The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. There were no reclassifications made for the year ended December 31, 2023.
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:
| | | | |
Baird Ultra Short Bond Fund | | | $156,480,095 | | | $ — | | | $156,480,095 |
Baird Short-Term Bond Fund | | | 201,238,919 | | | — | | | 201,238,919 |
Baird Intermediate Bond Fund | | | 167,838,491 | | | — | | | 167,838,491 |
Baird Aggregate Bond Fund | | | 822,983,301 | | | — | | | 822,983,301 |
Baird Core Plus Bond Fund | | | 549,548,811 | | | — | | | 549,548,811 |
Baird Short-Term Municipal Bond Fund | | | — | | | 23,892,261 | | | 23,892,261 |
Baird Strategic Municipal Bond Fund | | | — | | | 19,545,564 | | | 19,545,564 |
Baird Quality Intermediate Municipal Bond Fund | | | — | | | 14,737,400 | | | 14,737,400 |
Baird Core Intermediate Municipal Bond Fund | | | — | | | 53,987,689 | | | 53,987,689 |
Baird Municipal Bond Fund | | | — | | | 4,047,027 | | | 4,047,027 |
| | | | | | | | | | |
For the six months ended June 30, 2024, the table above reflects the estimated characterization of the distributions paid based on each Fund’s operating results for the year. The actual characterization of the distributions made during the year is not determined until after the end of the fiscal year.
| | | | |
Baird Ultra Short Bond Fund | | | $276,577,485 | | | $ — | | | $— | | | $276,577,485 |
Baird Short-Term Bond Fund | | | 318,899,445 | | | — | | | — | | | 318,899,445 |
Baird Intermediate Bond Fund | | | 247,720,713 | | | — | | | — | | | 247,720,713 |
Baird Aggregate Bond Fund | | | 1,392,467,309 | | | — | | | — | | | 1,392,467,309 |
Baird Core Plus Bond Fund | | | 899,271,722 | | | — | | | — | | | 899,271,722 |
Baird Short-Term Municipal Bond Fund | | | 841,861 | | | — | | | 44,007,696 | | | 44,849,557 |
Baird Strategic Municipal Bond Fund | | | 1,311,518 | | | — | | | 20,318,003 | | | 21,629,521 |
Baird Quality Intermediate Municipal Bond Fund | | | 991,053 | | | — | | | 27,263,564 | | | 28,254,617 |
Baird Core Intermediate Municipal Bond Fund | | | 2,659,346 | | | — | | | 78,393,187 | | | 81,052,533 |
Baird Municipal Bond Fund | | | 200,414 | | | — | | | 4,495,896 | | | 4,696,310 |
| | | | | | | | | | | | | |
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, 2023. To the extent necessary to fully distribute such capital gains, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.
At December 31, 2023, no Funds deferred, on a tax basis, qualified late year losses.
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
At December 31, 2023, accumulated capital loss carryovers, if any, were as follows:
| | | | | | | |
Baird Ultra Short Bond Fund | | | $21,891,113 | | | $3,206,669 | | | Indefinitely | | | Indefinitely |
Baird Short-Term Bond Fund | | | 206,456,436 | | | 155,207,109 | | | Indefinitely | | | Indefinitely |
Baird Intermediate Bond Fund | | | 81,267,152 | | | 237,908,929 | | | Indefinitely | | | Indefinitely |
Baird Aggregate Bond Fund | | | 478,023,983 | | | 828,058,262 | | | Indefinitely | | | Indefinitely |
Baird Core Plus Bond Fund | | | 233,972,544 | | | 510,418,795 | | | Indefinitely | | | Indefinitely |
Baird Short-Term Municipal Bond Fund | | | 26,600,206 | | | 41,210,964 | | | Indefinitely | | | Indefinitely |
Baird Strategic Municipal Bond Fund | | | 6,056,849 | | | 6,530,732 | | | Indefinitely | | | Indefinitely |
Baird Quality Intermediate Municipal Bond Fund | | | 11,715,979 | | | 39,705,227 | | | Indefinitely | | | Indefinitely |
Baird Core Intermediate Municipal Bond Fund | | | 22,841,438 | | | 36,771,661 | | | Indefinitely | | | Indefinitely |
Baird Municipal Bond Fund | | | 883,596 | | | 1,550,720 | | | Indefinitely | | | Indefinitely |
| | | | | | | | | | | | | |
During the year ended December 31, 2023, the Baird Strategic Municipal Bond Fund utilized $715,629 of capital loss carryover.
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 the 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, 2025. 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, 2024, 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:
| | | | |
Baird Ultra Short Bond Fund | | | $4,667,791 |
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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 other excluded expenses, such as borrowing costs 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, 2024, for the Funds.
The Funds may use related party broker-dealers. For the six months ended June 30, 2024, 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.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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, 2024, the Funds purchased the following amounts of such securities:
| | | | |
Baird Short-Term Municipal Bond Fund | | | $2,000,000 |
Baird Core Intermediate Municipal Bond Fund | | | 6,190,000 |
| | | | |
6. Line of Credit and Other Interest Charges
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 or other permissible borrowing needs. 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 $1,000,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of 1.00% and the Prime Rate minus 2.00%. As of six months ended June 30, 2024, the Prime Rate was 8.50%. The LOC matures on May 19, 2025, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.
No borrowings occurred during the six months ended June 30, 2024, nor were any other borrowings outstanding under the LOC as of June 30, 2024.
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, 2024, the Funds’ Investor Class shares incurred fees pursuant to the Plan as follows:
| | | | |
Baird Ultra Short Bond Fund | | | $90,007 |
Baird Short-Term Bond Fund | | | 173,901 |
Baird Intermediate Bond Fund | | | 125,135 |
Baird Aggregate Bond Fund | | | 1,194,830 |
Baird Core Plus Bond Fund | | | 1,427,808 |
Baird Short-Term Municipal Bond Fund | | | 95,264 |
Baird Strategic Municipal Bond Fund | | | 66,900 |
Baird Quality Intermediate Municipal Bond Fund | | | 66,510 |
Baird Core Intermediate Municipal Bond Fund | | | 51,688 |
Baird Municipal Bond Fund | | | 11,447 |
| | | | |
8. Other Derivatives 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, 2024.
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
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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 derivatives trading and information related to volume for the six months ended June 30, 2024 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.
| | | | |
Baird Strategic Municipal Bond Fund
| | | | | | |
U.S. Treasury futures contracts Interest rate | | | $120,778 | | | $316,150 |
Total U.S. Treasury futures contracts | | | $120,778 | | | $316,150 |
| | | | | | | |
The average monthly notional amount is shown as an indicator of volume. The Funds calculate notional value for futures contracts as the number of open contracts multiplied by contract size multiplied by the price of the underlying security or asset. The average monthly notional amounts during the six months ended June 30, 2024 were:
| | | | |
Baird Strategic Municipal Bond Fund
| |
U.S. Treasury futures contracts | | | $ — | | | $ 3,143,504 |
| | | | | | | |
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, 2024. There were no subsequent events since June 30, 2024, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.
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Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies. (Unaudited)
There were no changes in or disagreements with accountants during the period covered by this report.
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Item 9. Proxy Disclosure for Open-End Investment Companies. (Unaudited)
A special meeting of shareholders of Baird Funds, Inc. (the “Company”) was held on April 4, 2024. At the special meeting, shareholders voted on a proposal to elect five directors to serve on the Board of Directors of the Company. Further details regarding the proposal and the special meeting are contained in a definitive proxy statement filed with the Securities and Exchange Commission on February 7, 2024.
At the special meeting, the following action was taken:
The following individuals were elected to serve on the Board of Directors by the shareholders of the Funds, voting together in the aggregate:
| | | | | | | |
Darren R. Jackson | | | 6,171,540,543.793 | | | 123,948,245.995 |
Leonard R. (Randy) Johnson | | | 6,273,130,858.572 | | | 22,357,931.216 |
David J. Lubar | | | 6,170,596,757.787 | | | 124,892,032.001 |
Cory L. Nettles | | | 5,943,884,523.663 | | | 351,604,266.125 |
Marlyn J. Spear | | | 6,170,833,180.312 | | | 124,655,609.476 |
| | | | | | | |
Mr. Jackson, Mr. Lubar, Mr. Nettles and Ms. Spear were each continuing incumbent directors. Mr. Johnson was elected as a new member of the Board of Directors effective May 1, 2024. There were no abstentions or broker non-votes.
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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
(Unaudited)
Pursuant to an Administration Agreement discussed in the Funds’ Statement of Additional Information, the Advisor assumes and pays all compensation payable to the Directors for overseeing the Funds. Therefore, a separate line item for “Director fees” is not included in the Funds’ Statements of Operations.
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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)
Not applicable for the period covered by this report.
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Baird Funds, Inc.
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
1-866-442-2473
Core Financial Statements and Other Information
Baird Funds
June 30, 2024 (Unaudited)
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Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies
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This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
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Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Baird Mid Cap Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
COMMON STOCKS - 96.9%
|
Aerospace & Defense - 2.0%
|
HEICO Corp. | | | 197,695 | | | $ 44,206,579 |
Automobile Components - 0.9%
|
Aptiv PLC(a) | | | 278,791 | | | 19,632,462 |
Building Products - 2.9%
|
Lennox International, Inc. | | | 48,809 | | | 26,111,839 |
Trex Co., Inc.(a) | | | 514,259 | | | 38,116,877 |
| | | | | | 64,228,716 |
Capital Markets - 4.5%
| | | | | | |
MarketAxess Holdings, Inc. | | | 113,257 | | | 22,711,426 |
MSCI, Inc. | | | 92,132 | | | 44,384,591 |
Raymond James Financial, Inc. | | | 275,764 | | | 34,087,188 |
| | | | | | 101,183,205 |
Commercial Services & Supplies - 2.3%
|
Copart, Inc.(a) | | | 965,648 | | | 52,299,496 |
Consumer Staples Distribution & Retail - 3.1%
|
BJ’s Wholesale Club Holdings, Inc.(a) | | | 433,164 | | | 38,049,126 |
Dollar Tree, Inc.(a) | | | 299,601 | | | 31,988,399 |
| | | | | | 70,037,525 |
Distributors - 1.3%
| | | | | | |
Pool Corp. | | | 92,699 | | | 28,489,184 |
Electrical Equipment - 1.0%
| | | | | | |
Vertiv Holdings Co. - Class A | | | 255,522 | | | 22,120,540 |
Electronic Equipment, Instruments & Components - 4.0%
|
CDW Corp./DE | | | 249,468 | | | 55,840,918 |
Zebra Technologies Corp. - Class A(a) | | | 110,608 | | | 34,170,129 |
| | | | | | 90,011,047 |
Financial Services - 3.3%
| | | | | | |
Jack Henry & Associates, Inc. | | | 216,046 | | | 35,867,957 |
Shift4 Payments, Inc. -
Class A(a) | | | 503,602 | | | 36,939,207 |
| | | | | | 72,807,164 |
Food Products - 1.7%
| | | | | | |
Lamb Weston Holdings, Inc. | | | 460,343 | | | 38,705,639 |
Health Care Equipment & Supplies - 9.8%
|
Dexcom, Inc.(a) | | | 566,095 | | | 64,183,850 |
IDEXX Laboratories, Inc.(a) | | | 112,563 | | | 54,840,694 |
Insulet Corp.(a) | | | 204,190 | | | 41,205,542 |
Penumbra, Inc.(a) | | | 180,858 | | | 32,549,014 |
ResMed, Inc. | | | 123,347 | | | 23,611,083 |
| | | | | | 216,390,183 |
Health Care Technology - 2.0%
| | | | | | |
Veeva Systems, Inc. - Class A(a) | | | 247,198 | | | 45,239,706 |
| | | | | | | |
| | | | | | | |
Hotels, Restaurants & Leisure - 4.2%
|
Churchill Downs, Inc. | | | 305,277 | | | $ 42,616,669 |
Dutch Bros, Inc. - Class A(a) | | | 694,235 | | | 28,741,329 |
Texas Roadhouse, Inc. | | | 133,562 | | | 22,933,931 |
| | | | | | 94,291,929 |
Household Durables - 1.2%
| | | | | | |
DR Horton, Inc. | | | 191,578 | | | 26,999,088 |
Insurance - 1.8%
| | | | | | |
Kinsale Capital Group, Inc. | | | 104,365 | | | 40,209,747 |
IT Services - 2.9%
| | | | | | |
EPAM Systems, Inc.(a) | | | 144,976 | | | 27,271,435 |
Globant SA(a) | | | 207,091 | | | 36,916,042 |
| | | | | | 64,187,477 |
Life Sciences Tools & Services - 4.9%
|
Bio-Techne Corp. | | | 305,340 | | | 21,877,611 |
ICON PLC(a) | | | 178,588 | | | 55,981,980 |
Repligen Corp.(a) | | | 256,278 | | | 32,306,405 |
| | | | | | 110,165,996 |
Machinery - 5.5%
| | | | | | |
Graco, Inc. | | | 492,819 | | | 39,070,690 |
IDEX Corp. | | | 199,965 | | | 40,232,958 |
Ingersoll Rand, Inc. | | | 473,585 | | | 43,020,462 |
| | | | | | 122,324,110 |
Oil, Gas & Consumable Fuels - 2.4%
|
Diamondback Energy, Inc. | | | 267,377 | | | 53,526,202 |
Professional Services - 4.2%
| | | | | | |
Broadridge Financial Solutions,
Inc. | | | 250,098 | | | 49,269,306 |
Equifax, Inc. | | | 185,209 | | | 44,905,774 |
| | | | | | 94,175,080 |
Real Estate Management & Development - 2.0%
|
CoStar Group, Inc.(a) | | | 608,283 | | | 45,098,102 |
Semiconductors & Semiconductor Equipment - 5.9%
|
Lattice Semiconductor Corp.(a) | | | 485,756 | | | 28,168,990 |
Microchip Technology, Inc. | | | 249,972 | | | 22,872,438 |
Monolithic Power Systems, Inc. | | | 69,871 | | | 57,411,603 |
Onto Innovation, Inc.(a) | | | 95,663 | | | 21,003,768 |
| | | | | | 129,456,799 |
Software - 12.3%
| | | | | | |
ANSYS, Inc.(a) | | | 127,761 | | | 41,075,162 |
Appfolio, Inc. - Class A(a) | | | 105,248 | | | 25,740,503 |
Bentley Systems, Inc. - Class B | | | 588,040 | | | 29,025,654 |
Descartes Systems Group, Inc.(a) | | | 291,403 | | | 28,219,467 |
Dynatrace, Inc.(a) | | | 484,810 | | | 21,690,399 |
Manhattan Associates, Inc.(a) | | | 96,167 | | | 23,722,476 |
PTC, Inc.(a) | | | 264,792 | | | 48,104,763 |
Tyler Technologies, Inc.(a) | | | 108,401 | | | 54,501,854 |
| | | | | | 272,080,278 |
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The accompanying notes are an integral part of these financial statements.
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Baird Mid Cap Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
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Specialty Retail - 5.2%
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Burlington Stores, Inc.(a) | | | 211,695 | | | $50,806,799 |
Five Below, Inc.(a) | | | 219,703 | | | 23,941,036 |
Floor & Decor Holdings, Inc. - Class A(a) | | | 411,155 | | | 40,872,919 |
| | | | | | 115,620,754 |
Trading Companies & Distributors - 5.6%
|
Fastenal Co. | | | 684,145 | | | 42,991,672 |
Ferguson PLC | | | 188,614 | | | 36,525,101 |
Watsco, Inc. | | | 100,960 | | | 46,768,710 |
| | | | | | 126,285,483 |
TOTAL COMMON STOCKS
(Cost $1,609,442,827) | | | | | | 2,159,772,491 |
SHORT-TERM INVESTMENTS - 3.0%
|
Money Market Funds - 3.0%
| | | | | | |
First American Government Obligations Fund - Class U, 5.25%(b) | | | 66,738,763 | | | 66,738,763 |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $66,738,763) | | | | | | 66,738,763 |
TOTAL INVESTMENTS - 99.9%
(Cost $1,676,181,590) | | | | | | $2,226,511,254 |
Other Assets in Excess of
Liabilities - 0.1% | | | | | | 3,143,705 |
TOTAL NET ASSETS - 100.0% | | | | | | $2,229,654,959 |
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Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“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. Bank Global Fund Services.
PLC - Public Limited Company
SA - Sociedad Anónima
(a)
| Non-income producing security.
|
(b)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
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Baird Mid Cap Growth Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
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Investments:
| | | | | | | | | | | | |
Common Stocks | | | $2,159,772,491 | | | $ — | | | $ — | | | $2,159,772,491 |
Money Market Funds | | | 66,738,763 | | | — | | | — | | | 66,738,763 |
Total Investments | | | $2,226,511,254 | | | $— | | | $— | | | $2,226,511,254 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
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Baird Small/Mid Cap Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
COMMON STOCKS - 98.2%
|
Aerospace & Defense - 3.2%
| | | | | | |
BWX Technologies, Inc. | | | 54,948 | | | $ 5,220,060 |
Automobile Components - 0.7%
| | | | | | |
XPEL, Inc.(a) | | | 33,282 | | | 1,183,508 |
Beverages - 1.6%
| | | | | | |
Vita Coco Co., Inc.(a) | | | 94,264 | | | 2,625,252 |
Biotechnology - 1.5%
| | | | | | |
Neurocrine Biosciences, Inc.(a) | | | 18,438 | | | 2,538,359 |
Building Products - 6.2%
| | | | | | |
AAON, Inc. | | | 27,724 | | | 2,418,642 |
Lennox International, Inc. | | | 4,548 | | | 2,433,089 |
Simpson Manufacturing Co., Inc. | | | 12,346 | | | 2,080,671 |
Trex Co., Inc.(a) | | | 45,002 | | | 3,335,548 |
| | | | | | 10,267,950 |
Capital Markets - 1.4%
| | | | | | |
FactSet Research Systems, Inc. | | | 5,464 | | | 2,230,787 |
Construction & Engineering - 1.8%
|
WillScot Mobile Mini Holdings Corp.(a) | | | 78,971 | | | 2,972,468 |
Consumer Staples Distribution & Retail - 1.6%
|
BJ’s Wholesale Club Holdings, Inc.(a) | | | 30,789 | | | 2,704,506 |
Distributors - 2.0%
| | | | | | |
Pool Corp. | | | 10,667 | | | 3,278,289 |
Electronic Equipment, Instruments & Components - 2.5%
|
Littelfuse, Inc. | | | 9,393 | | | 2,400,757 |
Zebra Technologies Corp. - Class A(a) | | | 5,323 | | | 1,644,434 |
| | | | | | 4,045,191 |
Energy Equipment & Services - 1.4%
|
ChampionX Corp. | | | 70,787 | | | 2,350,836 |
Financial Services - 4.0%
| | | | | | |
Jack Henry & Associates, Inc. | | | 14,771 | | | 2,452,281 |
Shift4 Payments, Inc. - Class A(a) | | | 55,961 | | | 4,104,740 |
| | | | | | 6,557,021 |
Food Products - 2.6%
| | | | | | |
Lamb Weston Holdings, Inc. | | | 29,825 | | | 2,507,686 |
Simply Good Foods Co.(a) | | | 47,427 | | | 1,713,538 |
| | | | | | 4,221,224 |
Health Care Equipment & Supplies - 10.7%
|
Glaukos Corp.(a) | | | 29,874 | | | 3,535,588 |
Inspire Medical Systems, Inc.(a) | | | 14,624 | | | 1,957,130 |
Insulet Corp.(a) | | | 19,480 | | | 3,931,064 |
iRhythm Technologies, Inc.(a) | | | 24,257 | | | 2,611,023 |
Penumbra, Inc.(a) | | | 11,143 | | | 2,005,406 |
PROCEPT BioRobotics Corp.(a) | | | 27,403 | | | 1,674,049 |
| | | | | | | |
| | | | | | | |
RxSight, Inc.(a) | | | 29,450 | | | $ 1,772,007 |
| | | | | | 17,486,267 |
Hotels, Restaurants & Leisure - 5.1%
|
Churchill Downs, Inc. | | | 24,202 | | | 3,378,599 |
Dutch Bros, Inc. - Class A(a) | | | 58,865 | | | 2,437,011 |
Texas Roadhouse, Inc. | | | 14,596 | | | 2,506,279 |
| | | | | | 8,321,889 |
Household Durables - 1.0%
| | | | | | |
LGI Homes, Inc.(a) | | | 19,302 | | | 1,727,336 |
Insurance - 2.3%
| | | | | | |
Kinsale Capital Group, Inc. | | | 9,970 | | | 3,841,242 |
IT Services - 1.0%
| | | | | | |
Globant SA(a) | | | 9,442 | | | 1,683,131 |
Life Sciences Tools & Services - 4.1%
|
Bio-Techne Corp. | | | 34,350 | | | 2,461,178 |
Medpace Holdings, Inc.(a) | | | 6,170 | | | 2,541,114 |
Repligen Corp.(a) | | | 14,532 | | | 1,831,904 |
| | | | | | 6,834,196 |
Machinery - 5.8%
| | | | | | |
Federal Signal Corp. | | | 19,769 | | | 1,654,072 |
IDEX Corp. | | | 17,909 | | | 3,603,291 |
Kadant, Inc. | | | 14,620 | | | 4,295,064 |
| | | | | | 9,552,427 |
Oil, Gas & Consumable Fuels - 2.3%
|
Matador Resources Co. | | | 62,223 | | | 3,708,491 |
Pharmaceuticals - 2.1%
| | | | | | |
Intra-Cellular Therapies, Inc.(a) | | | 21,814 | | | 1,494,041 |
Tarsus Pharmaceuticals, Inc.(a) | | | 74,526 | | | 2,025,617 |
| | | | | | 3,519,658 |
Professional Services - 2.4%
| | | | | | |
CACI International, Inc. - Class A(a) | | | 5,261 | | | 2,262,913 |
ExlService Holdings, Inc.(a) | | | 55,746 | | | 1,748,195 |
| | | | | | 4,011,108 |
Semiconductors & Semiconductor Equipment - 4.7%
|
Lattice Semiconductor Corp.(a) | | | 40,858 | | | 2,369,355 |
Onto Innovation, Inc.(a) | | | 13,003 | | | 2,854,939 |
SiTime Corp.(a) | | | 20,266 | | | 2,520,685 |
| | | | | | 7,744,979 |
Software - 17.7%
| | | | | | |
Appfolio, Inc. - Class A(a) | | | 6,790 | | | 1,660,630 |
Bentley Systems, Inc. - Class B | | | 53,781 | | | 2,654,630 |
Clearwater Analytics Holdings, Inc. - Class A(a) | | | 174,261 | | | 3,227,314 |
Descartes Systems Group, Inc.(a) | | | 46,260 | | | 4,479,818 |
Dynatrace, Inc.(a) | | | 35,166 | | | 1,573,327 |
Manhattan Associates, Inc.(a) | | | 11,389 | | | 2,809,439 |
Monday.com Ltd.(a) | | | 9,375 | | | 2,257,125 |
Procore Technologies, Inc.(a) | | | 30,415 | | | 2,016,819 |
SPS Commerce, Inc.(a) | | | 11,739 | | | 2,208,810 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Small/Mid Cap Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
|
Software - (Continued)
|
Tyler Technologies, Inc.(a) | | | 8,423 | | | $ 4,234,917 |
Vertex, Inc. - Class A(a) | | | 53,186 | | | 1,917,355 |
| | | | | | 29,040,184 |
Specialized REITs - 1.6%
| | | | | | |
National Storage Affiliates Trust | | | 64,310 | | | 2,650,858 |
Specialty Retail - 4.5%
| | | | | | |
Boot Barn Holdings, Inc.(a) | | | 21,769 | | | 2,806,677 |
Five Below, Inc.(a) | | | 17,147 | | | 1,868,509 |
Floor & Decor Holdings, Inc. - Class A(a) | | | 28,303 | | | 2,813,601 |
| | | | | | 7,488,787 |
Trading Companies & Distributors - 2.4%
|
Watsco, Inc. | | | 8,559 | | | 3,964,871 |
TOTAL COMMON STOCKS
|
(Cost $147,708,650) | | | | | | 161,770,875 |
SHORT-TERM INVESTMENTS - 1.8%
|
Money Market Funds - 1.8%
| | | | | | |
First American Government Obligations Fund - Class U, 5.25%(b) | | | 2,994,460 | | | 2,994,460 |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $2,994,460) | | | | | | 2,994,460 |
TOTAL INVESTMENTS - 100.0%
|
(Cost $150,703,110) | | | | | | $164,765,335 |
Liabilities in Excess of Other
Assets – (0.0)%(c) | | | | | | (52,538) |
TOTAL NET ASSETS - 100.0% | | | | | | $164,712,797 |
| | | | | | | |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“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. Bank Global Fund Services.
REIT - Real Estate Investment Trust
SA - Sociedad Anónima
(a)
| Non-income producing security. |
(b)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
(c)
| Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Small/Mid Cap Growth Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $161,770,875 | | | $ — | | | $ — | | | $ 161,770,875 |
Money Market Funds | | | 2,994,460 | | | — | | | — | | | 2,994,460 |
Total Investments | | | $ 164,765,335 | | | $— | | | $— | | | $ 164,765,335 |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Equity Opportunity Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
COMMON STOCKS - 99.2%
| |
Aerospace & Defense - 6.5%
| | | | | | |
Cadre Holdings, Inc. | | | 106,906 | | | $ 3,588,261 |
Huntington Ingalls Industries, Inc. | | | 2,483 | | | 611,637 |
| | | | | | 4,199,898 |
Building Products - 2.1%
| | | | | | |
Hayward Holdings, Inc.(a) | | | 109,982 | | | 1,352,779 |
Communications Equipment - 2.9%
|
Infinera Corp.(a) | | | 305,685 | | | 1,861,622 |
Construction & Engineering - 9.4%
|
Fluor Corp.(a) | | | 78,806 | | | 3,432,002 |
Valmont Industries, Inc. | | | 9,396 | | | 2,578,732 |
| | | | | | 6,010,734 |
Consumer Staples Distribution & Retail - 5.5%
|
Chefs’ Warehouse, Inc.(a) | | | 90,521 | | | 3,540,276 |
Diversified Consumer Services - 3.2%
|
Mister Car Wash, Inc.(a) | | | 285,901 | | | 2,035,615 |
Diversified Telecommunication Services - 1.4%
|
Globalstar, Inc.(a) | | | 795,937 | | | 891,449 |
Electrical Equipment - 1.8%
| | | | | | |
Generac Holdings, Inc.(a) | | | 6,095 | | | 805,881 |
nVent Electric PLC | | | 4,079 | | | 312,492 |
| | | | | | 1,118,373 |
Energy Equipment & Services - 5.0%
|
Oceaneering International, Inc.(a) | | | 75,456 | | | 1,785,289 |
Patterson-UTI Energy, Inc. | | | 139,777 | | | 1,448,090 |
| | | | | | 3,233,379 |
Entertainment - 4.3%
| | | | | | |
Madison Square Garden Sports Corp.(a) | | | 14,619 | | | 2,750,272 |
Financial Services - 5.8%
| | | | | | |
AvidXchange Holdings, Inc.(a) | | | 213,639 | | | 2,576,487 |
Toast, Inc. - Class A(a) | | | 44,351 | | | 1,142,925 |
| | | | | | 3,719,412 |
Health Care Equipment & Supplies - 4.5%
|
Merit Medical Systems, Inc.(a) | | | 33,563 | | | 2,884,740 |
Health Care Providers & Services - 7.2%
|
HealthEquity, Inc.(a) | | | 24,838 | | | 2,141,036 |
NeoGenomics, Inc.(a)(b) | | | 177,070 | | | 2,455,961 |
| | | | | | 4,596,997 |
Health Care Technology - 1.8%
| | | | | | |
Phreesia, Inc.(a) | | | 55,772 | | | 1,182,366 |
Hotels, Restaurants & Leisure - 7.4%
|
Norwegian Cruise Line Holdings Ltd.(a) | | | 67,230 | | | 1,263,252 |
Sportradar Group AG - Class A(a) | | | 313,266 | | | 3,502,314 |
| | | | | | 4,765,566 |
| | | | | | | |
| | | | | | | |
Interactive Media & Services - 2.6%
|
ZoomInfo Technologies, Inc.(a) | | | 130,933 | | | $ 1,672,014 |
Leisure Products - 4.0%
| | | | | | |
Clarus Corp. | | | 201,155 | | | 1,353,773 |
Vista Outdoor, Inc.(a)(c) | | | 31,364 | | | 1,180,855 |
| | | | | | 2,534,628 |
Machinery - 0.2%
| | | | | | |
RBC Bearings, Inc.(a) | | | 587 | | | 157,845 |
Semiconductors & Semiconductor Equipment - 6.3%
|
Astera Labs, Inc.(a) | | | 8,462 | | | 512,036 |
Universal Display Corp. | | | 16,723 | | | 3,516,010 |
| | | | | | 4,028,046 |
Software - 17.3%
| | | | | | |
BILL Holdings, Inc.(a) | | | 40,462 | | | 2,129,110 |
Blackbaud, Inc.(a) | | | 18,192 | | | 1,385,685 |
Clear Secure, Inc. - Class A | | | 120,603 | | | 2,256,482 |
Envestnet, Inc.(a) | | | 47,245 | | | 2,957,064 |
Gitlab, Inc. - Class A(a) | | | 9,668 | | | 480,693 |
NCR Voyix Corp.(a) | | | 127,449 | | | 1,573,995 |
RingCentral, Inc. - Class A(a) | | | 11,684 | | | 329,489 |
| | | | | | 11,112,518 |
TOTAL COMMON STOCKS
(Cost $56,903,481) | | | | | | 63,648,529 |
| | | | | | | |
| | | | | | | | | | |
PURCHASED OPTIONS - 0.5%(d)(e)
| |
Call Options - 0.5%
| | | | | | | | | |
Global Payments, Inc., Expiration: 08/16/2024; Exercise Price: $105.00(c) | | | 183,730 | | | 19 | | | 3,895 |
Infinera Corp., Expiration: 07/19/2024; Exercise Price: $7.00 | | | 143,724 | | | 236 | | | 1,180 |
VF Corp., Expiration: 11/15/2024; Exercise Price: $20.00 | | | 502,200 | | | 372 | | | 11,904 |
Vista Outdoor, Inc., Expiration: 09/20/2024; Exercise Price: $32.50(c) | | | 1,716,840 | | | 456 | | | 266,760 |
Visteon Corp., Expiration: 08/16/2024; Exercise Price: $110.00 | | | 170,720 | | | 16 | | | 6,420 |
Total Call Options | | | | | | | | | 290,159 |
TOTAL PURCHASED OPTIONS
|
(Cost $131,168) | | | | | | | | | 290,159 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Equity Opportunity Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
SHORT-TERM INVESTMENTS - 0.5%
|
Money Market Funds - 0.5%
|
First American Government Obligations Fund - Class U, 5.25%(f) | | | 329,049 | | | $329,049 |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $329,049) | | | | | | 329,049 |
TOTAL INVESTMENTS - 100.2% (Cost $57,363,698) | | | | | | $64,267,737 |
Liabilities in Excess of
Other Assets - (0.2)% | | | | | | (109,603) |
TOTAL NET ASSETS - 100.0% | | | | | | $64,158,134 |
| | | | | | | |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“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. Bank Global Fund Services.
AG - Aktiengesellschaft
PLC - Public Limited Company
(a)
| Non-income producing security.
|
(b)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $2,219,200.
|
(c)
| Held in connection with written option contracts. See Schedule of Options Written for further information.
|
(e)
| 100 shares per contract.
|
(f)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Equity Opportunity Fund
Schedule of Written Options
as of June 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - 0.0%(a)(b)(c)
| |
Call Options - 0.0% (b)
| | | | | | | | | |
Vista Outdoor, Inc., Expiration: 09/20/2024; Exercise Price: $40.00 | | | $ (553,455) | | | (147) | | | $ (22,785) |
Put Options - 0.0%(b)
| | | | | | | | | |
Global Payments, Inc., Expiration: 08/16/2024; Exercise Price: $80.00 | | | (483,500) | | | (50) | | | (3,125) |
TOTAL WRITTEN OPTIONS
|
(Premiums received $13,148) | | | | | | | | | $(25,910) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(b)
| Represents less than 0.05% of net assets.
|
(c)
| 100 shares per contract. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Equity Opportunity Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $63,648,529 | | | $ — | | | $ — | | | $63,648,529 |
Purchased Options | | | 23,399 | | | 266,760 | | | — | | | 290,159 |
Money Market Funds | | | 329,049 | | | — | | | — | | | 329,049 |
Total Investments | | | $64,000,977 | | | $266,760 | | | $— | | | $64,267,737 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | — | | | (25,910) | | | — | | | (25,910) |
Total Investments | | | $— | | | $(25,910) | | | $— | | | $(25,910) |
| | | | | | | | | | | | | |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Chautauqua International Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | | |
COMMON STOCKS - 97.1%
| |
Canada - 8.1%
| | | | | | | |
Insurance - 3.1%
| | | | |
Fairfax Financial Holdings Ltd. | | | 25,568 | | | $ 29,086,836 | |
Software - 5.0%
| | | | | | | |
Constellation Software, Inc. | | | 16,517 | | | 47,591,851 | |
Total Canada | | | | | | 76,678,687 | |
China - 11.0%
| | | | | | | |
Biotechnology - 2.6%
| | | | | | | |
BeiGene Ltd. - ADR(a) | | | 168,814 | | | 24,084,693 | |
Broadline Retail - 5.6%
| | | | | | | |
Alibaba Group Holding Ltd. - ADR | | | 225,584 | | | 16,242,048 | |
Prosus NV | | | 1,041,445 | | | 37,032,226 | |
| | | | | | 53,274,274 | |
Life Sciences Tools & Services - 0.4%
| |
Wuxi Biologics Cayman, Inc.(a)(b) | | | 2,796,348 | | | 4,115,340 | |
Real Estate Management & Development - 2.4%
| |
KE Holdings, Inc. - ADR | | | 1,560,111 | | | 22,075,571 | |
Total China | | | | | | 103,549,878 | |
Denmark - 10.7%
| | | | | | | |
Biotechnology - 2.7%
| | | | | | | |
Genmab AS(a) | | | 100,778 | | | 25,254,308 | |
Health Care Equipment & Supplies - 3.1%
| |
Coloplast AS - Class B | | | 242,775 | | | 29,184,758 | |
Pharmaceuticals - 4.9%
| | | | | | | |
Novo Nordisk AS - ADR | | | 323,614 | | | 46,192,662 | |
Total Denmark | | | | | | 100,631,728 | |
France - 4.5%
| | | | | | | |
Aerospace & Defense - 3.3%
| | | | | | | |
Safran SA | | | 147,818 | | | 31,153,901 | |
Textiles, Apparel & Luxury Goods - 1.2%
| |
Kering SA | | | 32,032 | | | 11,651,484 | |
Total France | | | | | | 42,805,385 | |
Hong Kong - 1.2%
| | | | | | | |
Capital Markets - 1.2%
| | | | | | | |
Hong Kong Exchanges & Clearing Ltd. | | | 355,526 | | | 11,377,953 | |
India - 9.0%
| | | | | | | |
Banks - 4.4%
| | | | | | | |
HDFC Bank Ltd. - ADR | | | 642,568 | | | 41,336,399 | |
IT Services - 4.6%
| | | | | | | |
Tata Consultancy Services Ltd. | | | 935,555 | | | 43,702,829 | |
Total India | | | | | | 85,039,228 | |
| | | | | | | | |
| | | | | | | | |
Indonesia - 3.3%
| | | | | | | |
Banks - 3.3%
| | | | | | | |
Bank Rakyat Indonesia Persero
Tbk PT | | | 111,581,185 | | | $ 31,286,977 | |
Japan - 14.2%
| | | | | | | |
Automobiles - 3.4%
| | | | | | | |
Suzuki Motor Corp. | | | 2,800,790 | | | 32,334,043 | |
Electronic Equipment, Instruments & Components - 3.9%
| |
Keyence Corp. | | | 81,189 | | | 35,534,658 | |
Machinery - 2.8%
| | | | | | | |
FANUC Corp. | | | 971,901 | | | 26,681,335 | |
Professional Services - 4.1%
| | | | | | | |
Recruit Holdings Co. Ltd. | | | 707,770 | | | 38,083,102 | |
Total Japan | | | | | | 132,633,138 | |
Netherlands - 8.5%
| | | | | | | |
Financial Services - 3.5%
| | | | | | | |
Adyen NV(a)(b) | | | 27,860 | | | 33,088,663 | |
Semiconductors & Semiconductor Equipment - 5.0%
| |
ASML Holding NV | | | 45,888 | | | 46,931,034 | |
Total Netherlands | | | | | | 80,019,697 | |
Singapore - 6.6%
| | | | | | | |
Banks - 3.2%
| | | | | | | |
DBS Group Holdings Ltd. | | | 1,134,074 | | | 29,870,152 | |
Entertainment - 3.4%
| | | | | | | |
Sea Ltd. - ADR(a) | | | 454,095 | | | 32,431,465 | |
Total Singapore | | | | | | 62,301,617 | |
Switzerland - 2.2%
| | | | | | | |
Software - 2.2%
| | | | | | | |
Temenos AG | | | 301,870 | | | 20,802,210 | |
Taiwan, Province of China - 5.5%
| | | | | | | |
Semiconductors & Semiconductor Equipment - 5.5%
| |
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | | | 298,634 | | | 51,905,575 | |
United States - 12.3%
| | | | |
Automobile Components - 1.3%
| | | | | | | |
Aptiv PLC(a) | | | 177,892 | | | 12,527,155 | |
Commercial Services & Supplies - 5.1%
| |
Waste Connections, Inc. | | | 271,835 | | | 47,668,986 | |
Independent Power and Renewable Electricity Producers - 2.7%
| |
Brookfield Renewable Corp. - Class A | | | 913,073 | | | 25,913,012 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Chautauqua International Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
|
Software - 3.2%
| | | | | | |
Atlassian Corp. - Class A(a) | | | 173,064 | | | $ 30,611,560 |
Total United States | | | | | | 116,720,713 |
TOTAL COMMON STOCKS
|
(Cost $744,241,059) | | | | | | 915,752,786 |
| | | Contracts | | | |
WARRANTS - 0.0%(c)
| |
Canada - 0.0%(c)
| | | | | | |
Software - 0.0%(c)
| | | | | | |
Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00(a)(d) | | | 14,550 | | | 0 |
TOTAL WARRANTS
|
(Cost $0) | | | | | | 0 |
| | | Shares | | | |
SHORT-TERM INVESTMENTS - 2.9%
|
Money Market Funds - 2.9%
|
First American Government Obligations Fund - Class U, 5.25%(e) | | | 26,924,792 | | | 26,924,792 |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $26,924,792) | | | | | | 26,924,792 |
TOTAL INVESTMENTS - 100.0%
| |
(Cost $771,165,851) | | | | | | $942,677,578 |
Other Assets in Excess of
Liabilities - 0.0%(c) | | | | | | 248,456 |
TOTAL NET ASSETS - 100.0% | | | | | | $942,926,034 |
| | | | | | | |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“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. Bank Global Fund Services.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(a)
| Non-income producing security. |
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $37,204,003 or 3.9% of the Fund’s net assets. |
(c)
| Represents less than 0.05% of net assets.
|
(d)
| Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2024. |
(e)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Chautauqua International Growth Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $474,598,847 | | | $441,153,939 | | | $ — | | | $915,752,786 |
Warrants | | | — | | | — | | | 0(a) | | | 0(a) |
Money Market Funds | | | 26,924,792 | | | — | | | — | | | 26,924,792 |
Total Investments | | | $501,523,639 | | | $441,153,939 | | | $0(a) | | | $ 942,677,578 |
| | | | | | | | | | | | | |
(a)
| Amount is less than $0.50. |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Baird Chautauqua Global Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited)
| | | | | | | |
COMMON STOCKS - 97.8%
|
Canada - 5.9%
|
Insurance - 2.1%
| | | | | | |
Fairfax Financial Holdings Ltd. | | | 6,817 | | | $7,755,200 |
Software - 3.8%
| | | | | | |
Constellation Software, Inc. | | | 4,864 | | | 14,015,062 |
Total Canada | | | | | | 21,770,262 |
China - 6.3%
| | | | | | |
Biotechnology - 1.5%
| | | | | | |
BeiGene Ltd. - ADR(a) | | | 37,833 | | | 5,397,634 |
Broadline Retail - 2.9%
| | | | | | |
Alibaba Group Holding Ltd. - ADR | | | 40,819 | | | 2,938,968 |
Prosus NV | | | 211,981 | | | 7,537,727 |
| | | | | | 10,476,695 |
Life Sciences Tools & Services - 0.3%
|
Wuxi Biologics Cayman, Inc.(a)(b) | | | 701,658 | | | 1,032,619 |
Real Estate Management & Development - 1.6%
|
KE Holdings, Inc. - ADR | | | 407,908 | | | 5,771,898 |
Total China | | | | | | 22,678,846 |
Denmark - 8.1%
| | | | | | |
Biotechnology - 1.9%
| | | | | | |
Genmab AS(a) | | | 27,909 | | | 6,993,813 |
Health Care Equipment & Supplies - 2.0%
|
Coloplast AS - Class B | | | 61,153 | | | 7,351,397 |
Pharmaceuticals - 4.2%
| | | | | | |
Novo Nordisk AS - ADR | | | 107,223 | | | 15,305,011 |
Total Denmark | | | | | | 29,650,221 |
France - 3.3%
| | | | | | |
Aerospace & Defense - 2.3%
| | | | | | |
Safran SA | | | 40,021 | | | 8,434,766 |
Textiles, Apparel & Luxury Goods - 1.0%
|
Kering SA | | | 10,262 | | | 3,732,752 |
Total France | | | | | | 12,167,518 |
Hong Kong - 0.9%
| | | | | | |
Capital Markets - 0.9%
| | | | | | |
Hong Kong Exchanges &
Clearing Ltd. | | | 101,605 | | | 3,251,680 |
India - 5.4%
| | | | | | |
Banks - 2.6%
| | | | | | |
HDFC Bank Ltd. - ADR | | | 148,994 | | | 9,584,784 |
IT Services - 2.8%
| | | | | | |
Tata Consultancy Services Ltd. | | | 216,239 | | | 10,101,230 |
Total India | | | | | | 19,686,014 |
| | | | | | | |
| | | | | | | |
Indonesia - 2.2%
| | | | | | |
Banks - 2.2%
| | | | | | |
Bank Rakyat Indonesia Persero
Tbk PT | | | 27,966,792 | | | $ 7,841,792 |
Japan - 8.9%
| | | | | | |
Automobiles - 2.2%
| | | | | | |
Suzuki Motor Corp. | | | 693,903 | | | 8,010,843 |
Electronic Equipment, Instruments & Components - 2.1%
|
Keyence Corp. | | | 17,884 | | | 7,827,437 |
Machinery - 1.9%
| | | | | | |
FANUC Corp. | | | 248,161 | | | 6,812,697 |
Professional Services - 2.7%
| | | | | | |
Recruit Holdings Co. Ltd. | | | 185,061 | | | 9,957,609 |
Total Japan | | | | | | 32,608,586 |
Netherlands - 6.4%
| | | | | | |
Financial Services - 2.4%
| | | | | | |
Adyen NV(a)(b) | | | 7,436 | | | 8,831,561 |
Semiconductors & Semiconductor Equipment - 4.0%
|
ASML Holding NV | | | 14,190 | | | 14,512,539 |
Total Netherlands | | | | | | 23,344,100 |
Singapore - 4.0%
| | | | | | |
Banks - 1.9%
| | | | | | |
DBS Group Holdings Ltd. | | | 269,793 | | | 7,106,025 |
Entertainment - 2.1%
| | | | | | |
Sea Ltd. - ADR(a) | | | 108,431 | | | 7,744,142 |
Total Singapore | | | | | | 14,850,167 |
Switzerland - 1.0%
| | | | | | |
Software - 1.0%
| | | | | | |
Temenos AG | | | 50,971 | | | 3,512,470 |
Taiwan, Province of China - 4.2%
| | | | | | |
Semiconductors & Semiconductor Equipment - 4.2%
|
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | | | 89,643 | | | 15,580,849 |
United States - 41.2%(c)
| | | | | | |
Automobile Components - 0.8%
| | | | | | |
Aptiv PLC(a) | | | 42,532 | | | 2,995,103 |
Biotechnology - 5.6%
| | | | | | |
GRAIL, Inc.(a) | | | 3,837 | | | 58,980 |
Incyte Corp.(a) | | | 117,882 | | | 7,146,007 |
Regeneron Pharmaceuticals, Inc.(a) | | | 12,753 | | | 13,403,785 |
| | | | | | 20,608,772 |
Broadline Retail - 3.4%
| | | | | | |
Amazon.com, Inc.(a) | | | 65,130 | | | 12,586,373 |
Capital Markets - 2.5%
| | | | | | |
Charles Schwab Corp. | | | 126,526 | | | 9,323,701 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Chautauqua Global Growth Fund
Schedule of Investments
as of June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
|
Commercial Services & Supplies - 3.5%
|
Waste Connections, Inc. | | | 72,916 | | | $ 12,786,550 |
Financial Services - 4.0%
| |
Mastercard, Inc. - Class A | | | 33,308 | | | 14,694,157 |
Independent Power and Renewable Electricity Producers - 1.8%
|
Brookfield Renewable Corp. - Class A | | | 230,523 | | | 6,542,243 |
Interactive Media & Services - 4.5%
|
Alphabet, Inc. - Class A | | | 89,681 | | | 16,335,394 |
Life Sciences Tools & Services - 0.7%
|
Illumina, Inc.(a) | | | 23,024 | | | 2,403,245 |
Semiconductors & Semiconductor Equipment - 9.5%
|
Micron Technology, Inc. | | | 82,382 | | | 10,835,704 |
NVIDIA Corp. | | | 152,250 | | | 18,808,966 |
Universal Display Corp. | | | 22,159 | | | 4,658,930 |
| | | | | | 34,303,600 |
Software - 1.8%
| | | | | | |
Atlassian Corp. - Class A(a) | | | 37,782 | | | 6,682,880 |
Specialty Retail - 3.1%
| | | | | | |
TJX Cos., Inc. | | | 103,080 | | | 11,349,108 |
Total United States | | | | | | 150,611,126 |
TOTAL COMMON STOCKS
|
(Cost $273,765,650) | | | | | | 357,553,631 |
| | | Contracts | | | |
WARRANTS - 0.0%(d)
|
Canada - 0.0%(d)
| | | | | | |
Software - 0.0%(d)
| | | | | | |
Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00(a)(e) | | | 5,137 | | | 0 |
TOTAL WARRANTS
|
(Cost $0) | | | | | | 0 |
| | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 2.1%
|
Money Market Funds - 2.1%
| | | | | | |
First American Government Obligations Fund - Class U, 5.25%(f) | | | 7,805,776 | | | $ 7,805,776 |
TOTAL SHORT-TERM INVESTMENTS
|
(Cost $7,805,776) | | | | | | 7,805,776 |
TOTAL INVESTMENTS - 99.9%
|
(Cost $281,571,426) | | | | | | $365,359,407 |
Other Assets in Excess of
Liabilities - 0.1% | | | | | | 302,413 |
TOTAL NET ASSETS - 100.0% | | | | | | $365,661,820 |
| | | | | | | |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“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. Bank Global Fund Services.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(a)
| Non-income producing security. |
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $9,864,180 or 2.7% of the Fund’s net assets. |
(c)
| To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. |
(d)
| Represents less than 0.05% of net assets. |
(e)
| Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2024. |
(f)
| The rate shown represents the 7-day effective yield as of June 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Baird Chautauqua Global Growth Fund
Summary of Fair Value Exposure
at June 30, 2024 (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, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $249,217,212 | | | $108,336,419 | | | $ — | | | $357,553,631 |
Warrants | | | — | | | — | | | 0(a) | | | 0(a) |
Money Market Funds | | | 7,805,776 | | | — | | | — | | | 7,805,776 |
Total Investments | | | $257,022,988 | | | $108,336,419 | | | $0(a) | | | $365,359,407 |
| | | | | | | | | | | | | |
(a)
| Amount is less than $0.50. |
Refer to the Schedule of Investments for additional information.
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.
TABLE OF CONTENTS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited)
| | | | | | | | | | |
ASSETS:
| | | | | | | | | |
Investments, at value (cost $1,676,181,590, $150,703,110, and $57,363,698, respectively) | | | $2,226,511,254 | | | $ 164,765,335 | | | $ 64,267,737 |
Dividends receivable | | | 499,346 | | | 5,230 | | | 5,638 |
Interest receivable | | | 336,097 | | | 31,034 | | | 1,137 |
Receivable for investments sold | | | 52,670,197 | | | — | | | 156,078 |
Receivable for Fund shares sold | | | 1,379,848 | | | 49,527 | | | — |
Prepaid expenses and other assets | | | 93,201 | | | 37,418 | | | 44,814 |
Total assets | | | 2,281,489,943 | | | 164,888,544 | | | 64,475,404 |
LIABILITIES:
| | | | | | | | | |
Written option contracts, at value (premiums received $0, $0, and $13,148, respectively) | | | — | | | — | | | 25,910 |
Payable for investments purchased | | | 45,218,435 | | | — | | | 207,351 |
Payable for Fund shares redeemed | | | 4,964,211 | | | 46,708 | | | 4,609 |
Payable to Advisor, net (Note 5) | | | 1,398,456 | | | 90,705 | | | 40,188 |
Payable to Directors | | | 14,833 | | | 14,833 | | | 14,833 |
Accrued fund accounting and administration fees | | | 28,301 | | | 8,907 | | | 8,778 |
Accrued shareholder servicing fees | | | 130,686 | | | 5,336 | | | 5,281 |
Accrued professional fees | | | 7,533 | | | 7,533 | | | 8,031 |
Accrued custody fees | | | 3,471 | | | 940 | | | 1,521 |
Accrued interest expense (Note 6) | | | — | | | — | | | 13 |
Accrued Rule 12b-1 fees (Note 7) | | | 60,142 | | | 785 | | | 468 |
Accrued expenses and other liabilities | | | 8,916 | | | — | | | 287 |
Total liabilities | | | 51,834,984 | | | 175,747 | | | 317,270 |
NET ASSETS | | | $2,229,654,959 | | | $164,712,797 | | | $64,158,134 |
NET ASSETS CONSIST OF:
| | | | | | | | | |
Paid-in capital | | | $ 1,632,290,605 | | | $177,060,895 | | | $58,608,902 |
Total distributable earnings (accumulated deficit) | | | 597,364,354 | | | (12,348,098) | | | 5,549,232 |
NET ASSETS | | | $2,229,654,959 | | | $164,712,797 | | | $64,158,134 |
INSTITUTIONAL CLASS SHARES
| | | | | | | | | |
Net Assets | | | $ 2,092,997,292 | | | $164,192,509 | | | $64,155,488 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 88,892,860 | | | 10,685,968 | | | 4,672,372 |
Net asset value, offering and redemption price per share | | | $23.55 | | | $15.37 | | | $13.73 |
INVESTOR CLASS SHARES
| | | | | | | | | |
Net Assets | | | $136,657,667 | | | $520,288 | | | $2,646 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 6,396,164 | | | 34,448 | | | 194 |
Net asset value, offering and redemption price per share | | | $21.37 | | | $15.10 | | | $13.62 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
ASSETS:
| | | | | | |
Investments, at value (cost $771,165,851 and $281,571,426, respectively) | | | $ 942,677,578 | | | $ 365,359,407 |
Foreign currency, at value (cost $2,448,120 and $388,988, respectively) | | | 2,413,182 | | | 384,588 |
Dividends receivable | | | 1,393,216 | | | 355,960 |
Interest receivable | | | 102,070 | | | 37,353 |
Receivable for Fund shares sold | | | 1,055,308 | | | 26,198 |
Prepaid expenses and other assets | | | 80,340 | | | 37,030 |
Total assets | | | 947,721,694 | | | 366,200,536 |
LIABILITIES:
| | | | | | |
Payable for Fund shares redeemed | | | 3,316,404 | | | 11,820 |
Payable to Advisor, net (Note 5) | | | 549,034 | | | 207,804 |
Payable to Directors | | | 14,966 | | | 14,833 |
Accrued fund accounting and administration fees | | | 14,934 | | | 11,459 |
Accrued shareholder servicing fees | | | 34,693 | | | 11,867 |
Accrued professional fees | | | 8,578 | | | 8,578 |
Accrued custody fees | | | 20,321 | | | 9,257 |
Accrued Rule 12b-1 fees (Note 7) | | | 9,258 | | | 912 |
Deferred tax | | | 817,459 | | | 256,226 |
Accrued expenses and other liabilities | | | 10,013 | | | 5,960 |
Total liabilities | | | 4,795,660 | | | 538,716 |
NET ASSETS | | | $942,926,034 | | | $365,661,820 |
NET ASSETS CONSIST OF:
| | | | | | |
Paid-in capital | | | $792,796,171 | | | $280,851,986 |
Total distributable earnings | | | 150,129,863 | | | 84,809,834 |
NET ASSETS | | | $942,926,034 | | | $365,661,820 |
INSTITUTIONAL CLASS SHARES
| | | | | | |
Net Assets | | | $929,280,181 | | | $364,610,505 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 51,239,888 | | | 15,506,087 |
Net asset value, offering and redemption price per share | | | $18.14 | | | $23.51 |
INVESTOR CLASS SHARES
| | | | | | |
Net Assets | | | $13,645,853 | | | $1,051,315 |
Shares outstanding ($0.01 par value, unlimited shares authorized) | | | 758,878 | | | 45,252 |
Net asset value, offering and redemption price per share | | | $17.98 | | | $23.23 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Operations
Six Months Ended June 30, 2024 (Unaudited)
| | | | | | | | | | |
INVESTMENT INCOME:
| | | | | | | | | |
Dividends (net of issuance fees and/or foreign taxes withheld of $0, $475, and $0, respectively) | | | $7,006,304 | | | $ 345,341 | | | $ 97,563 |
Interest | | | 1,745,717 | | | 183,977 | | | 19,890 |
Total investment income | | | 8,752,021 | | | 529,318 | | | 117,453 |
EXPENSES:
| | | | | | | | | |
Investment advisory fees (Note 5) | | | 9,082,776 | | | 648,125 | | | 380,445 |
Shareholder servicing fees | | | 450,564 | | | 16,021 | | | 12,631 |
Directors fees | | | 51,386 | | | 51,386 | | | 51,386 |
Federal and state registration | | | 64,275 | | | 34,660 | | | 23,474 |
Fund accounting and administration fees | | | 76,636 | | | 22,095 | | | 19,932 |
Professional fees | | | 22,589 | | | 22,896 | | | 25,610 |
Reports to shareholders | | | 59,193 | | | 3,645 | | | 2,775 |
Custody fees | | | 10,942 | | | 1,437 | | | 5,357 |
Interest expense (Note 6) | | | — | | | — | | | 13 |
Miscellaneous expenses | | | 1,326 | | | 167 | | | 144 |
Rule 12b-1 fees – Investor Class Shares (Note 7) | | | 191,645 | | | 923 | | | 4 |
Total expenses | | | 10,011,332 | | | 801,355 | | | 521,771 |
Fee waiver by Advisor (Note 5) | | | — | | | (65,889) | | | (141,308) |
Net expenses | | | 10,011,332 | | | 735,466 | | | 380,463 |
NET INVESTMENT LOSS | | | (1,259,311) | | | (206,148) | | | (263,010) |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
| |
Net realized gain on:
| | | | | | | | | |
Investments | | | 56,652,825 | | | 4,562,499 | | | 1,970,772 |
Written option contracts | | | — | | | — | | | 56,273 |
Net change in unrealized appreciation/depreciation on:
| | | | | | | | | |
Investments | | | (167,886,717) | | | (11,379,118) | | | 174,573 |
Written option contracts | | | — | | | — | | | (29,564) |
Net realized and unrealized gain (loss) on investments | | | (111,233,892) | | | (6,816,619) | | | 2,172,054 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | $(112,493,203) | | | $(7,022,767) | | | $1,909,044 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Operations
Six Months Ended June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
INVESTMENT INCOME:
| | | | | | |
Dividends (net of issuance fees and/or foreign taxes withheld of $1,364,035 and $372,654, respectively) | | | $ 7,980,661 | | | $ 2,297,158 |
Interest | | | 669,452 | | | 233,555 |
Total investment income | | | 8,650,113 | | | 2,530,713 |
EXPENSES:
| | | | | | |
Investment advisory fees (Note 5) | | | 3,373,442 | | | 1,287,706 |
Shareholder servicing fees | | | 143,900 | | | 27,576 |
Directors fees | | | 51,519 | | | 51,386 |
Federal and state registration | | | 63,262 | | | 30,937 |
Custody fees | | | 64,699 | | | 21,382 |
Fund accounting and administration fees | | | 42,528 | | | 30,064 |
Professional fees | | | 23,886 | | | 23,886 |
Reports to shareholders | | | 20,379 | | | 5,237 |
Miscellaneous expenses | | | 6,684 | | | 5,753 |
Rule 12b-1 fees – Investor Class Shares (Note 7) | | | 20,166 | | | 1,260 |
Total expenses | | | 3,810,465 | | | 1,485,187 |
Fee waiver by Advisor (Note 5) | | | (191,959) | | | (110,373) |
Net expenses | | | 3,618,506 | | | 1,374,814 |
NET INVESTMENT INCOME | | | 5,031,607 | | | 1,155,899 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSLATION:
|
Net realized gain (loss) on:
| | | | | | |
Investments (net of foreign taxes paid of $61,933 and $0, respectively) | | | (5,309,526) | | | 4,517,649 |
Foreign currency transactions | | | (180,435) | | | (14,560) |
Net change in unrealized appreciation/depreciation on:
| | | | | | |
Investments | | | 57,065,020 | | | 38,705,301 |
Foreign currency translation | | | (51,873) | | | (10,641) |
Net realized and unrealized gain on investments and foreign currency translation | | | 51,523,186 | | | 43,197,749 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $56,554,793 | | | $44,353,648 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | |
OPERATIONS:
| | | | | | | | | | | | |
Net investment loss | | | $(1,259,311) | | | $(1,308,750) | | | $(206,148) | | | $ (362,143) |
Net realized gain (loss) on investments | | | 56,652,825 | | | 102,098,984 | | | 4,562,499 | | | (10,960,374) |
Net change in unrealized appreciation/depreciation on investments | | | (167,886,717) | | | 290,593,196 | | | (11,379,118) | | | 27,715,416 |
Net increase (decrease) in net assets resulting from operations | | | (112,493,203) | | | 391,383,430 | | | (7,022,767) | | | 16,392,899 |
CAPITAL SHARE TRANSACTIONS:
| | | | | | | | | | | | |
Proceeds from shares sold | | | 212,152,755 | | | 722,927,473 | | | 10,392,117 | | | 29,411,729 |
Shares issued to holders in reinvestment of distributions | | | — | | | 49,173,891 | | | — | | | — |
Cost of shares redeemed | | | (399,418,226) | | | (494,791,697) | | | (15,340,932) | | | (16,983,990) |
Net increase (decrease) in net assets resulting from capital share transactions | | | (187,265,471) | | | 277,309,667 | | | (4,948,815) | | | 12,427,739 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | | | | | | | |
Distributions to shareholders:
| | | | | | | | | | | | |
Institutional Class | | | — | | | (51,408,482) | | | — | | | — |
Investor Class | | | — | | | (4,277,963) | | | — | | | — |
Total distributions to shareholders | | | — | | | (55,686,445) | | | — | | | — |
TOTAL INCREASE (DECREASE) IN
NET ASSETS | | | (299,758,674) | | | 613,006,652 | | | (11,971,582) | | | 28,820,638 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of period | | | 2,529,413,633 | | | 1,916,406,981 | | | 176,684,379 | | | 147,863,741 |
End of period | | | $2,229,654,959 | | | $ 2,529,413,633 | | | $ 164,712,797 | | | $176,684,379 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | |
OPERATIONS:
| | | | | | |
Net investment income (loss) | | | $ (263,010) | | | $ 11,163 |
Net realized gain (loss) on investments and written option contracts | | | 2,027,045 | | | (2,157,034) |
Net change in unrealized appreciation/depreciation on investments and written option contracts | | | 145,009 | | | 9,432,022 |
Net increase in net assets resulting from operations | | | 1,909,044 | | | 7,286,151 |
CAPITAL SHARE TRANSACTIONS:
| | | | | | |
Proceeds from shares sold | | | 5,651,509 | | | 6,853,485 |
Shares issued to holders in reinvestment of distributions | | | — | | | 6,261 |
Cost of shares redeemed | | | (3,646,221) | | | (11,710,271) |
Net increase (decrease) in net assets resulting from capital share transactions | | | 2,005,288 | | | (4,850,525) |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | |
Distributions to shareholders:
| | | | | | |
Institutional Class | | | — | | | (6,327) |
Investor Class | | | — | | | — |
Total distributions to shareholders | | | — | | | (6,327) |
TOTAL INCREASE IN NET ASSETS | | | 3,914,332 | | | 2,429,299 |
NET ASSETS:
| | | | | | |
Beginning of period | | | 60,243,802 | | | 57,814,503 |
End of period | | | $64,158,134 | | | $60,243,802 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | |
OPERATIONS:
| | | | | | | |
Net investment income | | | $ 5,031,607 | | | $ 4,995,699 | | | $ 1,155,899 | | | $ 1,596,543 |
Net realized gain (loss) on investments and foreign currency transactions | | | (5,489,961) | | | 2,703,202 | | | 4,503,089 | | | (457,343) |
Net change in unrealized appreciation/depreciation on investments and foreign currency translation | | | 57,013,147 | | | 62,270,476 | | | 38,694,660 | | | 42,773,944 |
Net increase in net assets resulting from operations | | | 56,554,793 | | | 69,969,377 | | | 44,353,648 | | | 43,913,144 |
CAPITAL SHARE TRANSACTIONS:
| | | | | | | | | |
Proceeds from shares sold | | | 134,248,064 | | | 401,673,235 | | | 13,553,217 | | | 32,304,361 |
Shares issued to holders in reinvestment of distributions | | | — | | | 1,494,819 | | | — | | | 1,236,689 |
Cost of shares redeemed | | | (71,883,558) | | | (140,522,720) | | | (11,747,951) | | | (22,510,079) |
Net increase in net assets resulting from capital share transactions | | | 62,364,506 | | | 262,645,334 | | | 1,805,266 | | | 11,030,971 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | | | | |
Distributions to shareholders:
| | | | | | | | | | | | |
Institutional Class | | | — | | | (1,649,060) | | | — | | | (1,307,617) |
Investor Class | | | — | | | (24,611) | | | — | | | (1,777) |
Total distributions to shareholders | | | — | | | (1,673,671) | | | — | | | (1,309,394) |
TOTAL INCREASE IN NET ASSETS | | | 118,919,299 | | | 330,941,040 | | | 46,158,914 | | | 53,634,721 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of period | | | 824,006,735 | | | 493,065,695 | | | 319,502,906 | | | 265,868,185 |
End of period | | | $942,926,034 | | | $824,006,735 | | | $365,661,820 | | | $319,502,906 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Financial Highlights
Baird Mid Cap Growth Fund - Institutional Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $24.69 | | | $21.01 | | | $29.50 | | | $28.17 | | | $22.90 | | | $17.72 |
Income from investment operations:
|
Net investment loss(1) | | | (0.01) | | | (0.01) | | | (0.07) | | | (0.15) | | | (0.08) | | | (0.02) |
Net realized and unrealized gains (losses) on investments | | | (1.13) | | | 4.24 | | | (8.08) | | | 6.30 | | | 7.99 | | | 6.44 |
Total from investment operations | | | (1.14) | | | 4.23 | | | (8.15) | | | 6.15 | | | 7.91 | | | 6.42 |
Less distributions:
|
Distributions from net realized gains | | | — | | | (0.55) | | | (0.34) | | | (4.82) | | | (2.64) | | | (1.24) |
Total distributions | | | — | | | (0.55) | | | (0.34) | | | (4.82) | | | (2.64) | | | (1.24) |
Net asset value, end of period | | | $23.55 | | | $24.69 | | | $21.01 | | | $29.50 | | | $28.17 | | | $22.90 |
Total return | | | (4.66)%(2) | | | 20.17% | | | (27.64)% | | | 22.51% | | | 34.81% | | | 36.31% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $ 2,093.0 | | | $ 2,351.4 | | | $ 1,762.8 | | | $ 2,334.3 | | | $ 2,065.5 | | | $1,825.8 |
Ratio of expenses to average net assets | | | 0.81%(3) | | | 0.81% | | | 0.81% | | | 0.80% | | | 0.82% | | | 0.82% |
Ratio of net investment loss to average
net assets | | | (0.09)%(3) | | | (0.04)% | | | (0.29)% | | | (0.49)% | | | (0.35)% | | | (0.07)% |
Portfolio turnover rate(4) | | | 19%(2) | | | 42% | | | 26% | | | 31% | | | 47% | | | 43% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Mid Cap Growth Fund - Investor Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $22.43 | | | $19.18 | | | $27.04 | | | $26.22 | | | $21.53 | | | $16.76 |
Income from investment operations:
|
Net investment loss(1) | | | (0.04) | | | (0.06) | | | (0.11) | | | (0.21) | | | (0.14) | | | (0.07) |
Net realized and unrealized gains (losses) on investments | | | (1.02) | | | 3.86 | | | (7.41) | | | 5.85 | | | 7.47 | | | 6.08 |
Total from investment operations | | | (1.06) | | | 3.80 | | | (7.52) | | | 5.64 | | | 7.33 | | | 6.01 |
Less distributions:
|
Distributions from net realized gains | | | — | | | (0.55) | | | (0.34) | | | (4.82) | | | (2.64) | | | (1.24) |
Total distributions | | | — | | | (0.55) | | | (0.34) | | | (4.82) | | | (2.64) | | | (1.24) |
Net asset value, end of period | | | $21.37 | | | $22.43 | | | $19.18 | | | $27.04 | | | $26.22 | | | $21.53 |
Total return | | | (4.73)%(2) | | | 19.86% | | | (27.82)% | | | 22.25% | | | 34.32% | | | 35.94% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $136.7 | | | $178.0 | | | $153.6 | | | $233.7 | | | $200.3 | | | $148.3 |
Ratio of expenses to average net assets | | | 1.06%(3) | | | 1.06% | | | 1.06% | | | 1.05% | | | 1.07% | | | 1.07% |
Ratio of net investment loss to average
net assets | | | (0.34)%(3) | | | (0.29)% | | | (0.54)% | | | (0.74)% | | | (0.60)% | | | (0.32)% |
Portfolio turnover rate(4) | | | 19%(2) | | | 42% | | | 26% | | | 31% | | | 47% | | | 43% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Small/Mid Cap Growth Fund - Institutional Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $16.00 | | | $14.43 | | | $19.94 | | | $ 17.39 | | | $ 12.26 | | | $8.95 |
Income from investment operations:
|
Net investment loss(1) | | | (0.02) | | | (0.03) | | | (0.05) | | | (0.12) | | | (0.06) | | | (0.03) |
Net realized and unrealized gains (losses) on investments | | | (0.61) | | | 1.60 | | | (5.36) | | | 3.29 | | | 5.52 | | | 3.34 |
Total from investment operations | | | (0.63) | | | 1.57 | | | (5.41) | | | 3.17 | | | 5.46 | | | 3.31 |
Less distributions:
|
Distributions from net realized gains | | | — | | | — | | | (0.10) | | | (0.62) | | | (0.33) | | | — |
Total distributions | | | — | | | — | | | (0.10) | | | (0.62) | | | (0.33) | | | — |
Net asset value, end of period | | | $15.37 | | | $16.00 | | | $14.43 | | | $19.94 | | | $17.39 | | | $12.26 |
Total return | | | (3.94)%(2) | | | 10.88% | | | (27.14)% | | | 18.42% | | | 44.57% | | | 36.98% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $164.2 | | | $175.9 | | | $147.1 | | | $ 164.3 | | | $51.2 | | | $18.3 |
Ratio of expenses to average net assets | | | 0.85%(3) | | | 0.85% | | | 0.85% | | | 0.85% | | | 0.85% | | | 0.85% |
Ratio of expenses to average net assets (before waivers) | | | 0.93%(3) | | | 0.92% | | | 0.98% | | | 1.00% | | | 1.43% | | | 2.10% |
Ratio of net investment loss to average net assets | | | (0.24)%(3) | | | (0.22)% | | | (0.33)% | | | (0.63)% | | | (0.41)% | | | (0.25)% |
Ratio of net investment loss to average net assets (before waivers) | | | (0.31)%(3) | | | (0.29)% | | | (0.45)% | | | (0.78)% | | | (0.99)% | | | (1.50)% |
Portfolio turnover rate(4) | | | 38%(2) | | | 48% | | | 39% | | | 50% | | | 65% | | | 60% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Small/Mid Cap Growth Fund - Investor Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $ 15.75 | | | $ 14.24 | | | $19.72 | | | $ 17.25 | | | $ 12.21 | | | $8.94 |
Income from investment operations:
|
Net investment loss(1) | | | (0.04) | | | (0.07) | | | (0.09) | | | (0.17) | | | (0.09) | | | (0.06) |
Net realized and unrealized gains (losses) on investments | | | (0.61) | | | 1.58 | | | (5.29) | | | 3.26 | | | 5.46 | | | 3.33 |
Total from investment operations | | | (0.65) | | | 1.51 | | | (5.38) | | | 3.09 | | | 5.37 | | | 3.27 |
Less distributions:
|
Distributions from net realized gains | | | — | | | — | | | (0.10) | | | (0.62) | | | (0.33) | | | — |
Total distributions | | | — | | | — | | | (0.10) | | | (0.62) | | | (0.33) | | | — |
Net asset value, end of period | | | $ 15.10 | | | $ 15.75 | | | $14.24 | | | $ 19.72 | | | $ 17.25 | | | $ 12.21 |
Total return | | | (4.13)%(2) | | | 10.60% | | | (27.29)% | | | 18.10% | | | 43.89% | | | 36.69% |
Supplemental data and ratios:
|
Net assets, end of period (thousands) | | | $ 520.3 | | | $ 826.0 | | | $779.4 | | | $ 863.7 | | | $ 661.0 | | | $ 287.3 |
Ratio of expenses to average net assets | | | 1.10%(3) | | | 1.10% | | | 1.10% | | | 1.10% | | | 1.10% | | | 1.10% |
Ratio of expenses to average net assets (before waivers) | | | 1.18%(3) | | | 1.17% | | | 1.23% | | | 1.25% | | | 1.68% | | | 2.35% |
Ratio of net investment loss to average net assets | | | (0.49)%(3) | | | (0.47)% | | | (0.58)% | | | (0.88)% | | | (0.66)% | | | (0.50)% |
Ratio of net investment loss to average net assets (before waivers) | | | (0.56)%(3) | | | (0.54)% | | | (0.70)% | | | (1.03)% | | | (1.24)% | | | (1.75)% |
Portfolio turnover rate(4) | | | 38%(2) | | | 48% | | | 39% | | | 50% | | | 65% | | | 60% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Equity Opportunity Fund - Institutional Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 13.33 | | | $11.72 | | | $17.68 | | | $ 15.56 | | | $ 15.96 | | | $ 13.58 |
Income from investment operations:
|
Net investment income (loss)(1) | | | (0.06) | | | 0.00(2) | | | (0.09) | | | 0.14 | | | 0.03 | | | 0.13 |
Net realized and unrealized gains (losses) on investments and written option contracts | | | 0.46 | | | 1.61 | | | (1.95) | | | 2.82 | | | 0.43(5) | | | 2.36 |
Total from investment operations | | | 0.40 | | | 1.61 | | | (2.04) | | | 2.96 | | | 0.46 | | | 2.49 |
Less distributions:
|
Distributions from net investment income | | | — | | | (0.00)(2) | | | — | | | (0.17) | | | (0.03) | | | (0.11) |
Distributions from net realized gains | | | — | | | — | | | (3.92) | | | (0.67) | | | (0.83) | | | — |
Total distributions | | | — | | | (0.00)(2) | | | (3.92) | | | (0.84) | | | (0.86) | | | (0.11) |
Net asset value, end of period | | | $ 13.73 | | | $ 13.33 | | | $11.72 | | | $ 17.68 | | | $ 15.56 | | | $ 15.96 |
Total return | | | 3.00%(3) | | | 13.75% | | | (11.56)% | | | 19.40% | | | 2.85% | | | 18.40% |
Supplemental data and ratios:
|
Net assets, end of period (millions) | | | $64.2 | | | $60.2 | | | $57.8 | | | $61.0 | | | $30.4 | | | $33.0 |
Ratio of expenses to average net assets | | | 1.25%(4) | | | 1.25% | | | 1.25% | | | 0.98%(6) | | | 0.95% | | | 0.95% |
Ratio of expenses to average net assets (before waivers) | | | 1.71%(4) | | | 1.70% | | | 1.73% | | | 1.53% | | | 1.64% | | | 1.44% |
Ratio of net investment income (loss) to average net assets | | | (0.86)%(4) | | | 0.02% | | | (0.55)% | | | 0.82% | | | 0.21% | | | 0.87% |
Ratio of net investment income (loss) to average net assets (before waivers) | | | (1.33)%(4) | | | (0.43)% | | | (1.02)% | | | 0.27% | | | (0.48)% | | | 0.38% |
Portfolio turnover rate(8) | | | 38%(3) | | | 67% | | | 72% | | | 67%(7) | | | 61% | | | 55% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(2)
| Amount is less than $0.005.
|
(5)
| 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. |
(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)
| The cost of purchases and the 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. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021. |
(8)
| Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Financial Highlights
Baird Equity Opportunity Fund - Investor Class
| | | | | | | |
Per Share Data:
|
Net asset value, beginning of period | | | $ 13.23 | | | $11.65 | | | $17.65 | | | $ 15.52 | | | $ 15.97 | | | $ 13.58 |
Income from investment operations:
|
Net investment income (loss)(1) | | | (0.08) | | | (0.03) | | | (0.13) | | | 0.10 | | | (0.01) | | | 0.09 |
Net realized and unrealized gains (losses) on investments and written option contracts | | | | | | | | | | | | | | | | | | |
| | 0.47 | | | 1.61 | | | (1.95) | | | 2.83 | | | 0.42(2) | | | 2.37 |
Total from investment operations | | | 0.39 | | | 1.58 | | | (2.08) | | | 2.93 | | | 0.41 | | | 2.46 |
Less distributions:
|
Distributions from net investment income | | | — | | | — | | | — | | | (0.13) | | | (0.03) | | | (0.07) |
Distributions from net realized gains | | | — | | | — | | | (3.92) | | | (0.67) | | | (0.83) | | | — |
Total distributions | | | — | | | — | | | (3.92) | | | (0.80) | | | (0.86) | | | (0.07) |
Net asset value, end of period | | | $ 13.62 | | | $ 13.23 | | | $11.65 | | | $ 17.65 | | | $ 15.52 | | | $ 15.97 |
Total return | | | 2.87%(3) | | | 13.56% | | | (11.77)% | | | 19.16% | | | 2.54% | | | 18.19% |
Supplemental data and ratios:
|
Net assets, end of period (thousands) | | | $2.6 | | | $2.6 | | | $2.3 | | | $2.6 | | | $ 295.7 | | | $ 883.8 |
Ratio of expenses to average net assets | | | 1.50%(4) | | | 1.50% | | | 1.50% | | | 1.23%(5) | | | 1.20% | | | 1.20% |
Ratio of expenses to average net assets (before waivers) | | | 1.96%(4) | | | 1.95% | | | 1.98% | | | 1.78% | | | 1.89% | | | 1.69% |
Ratio of net investment income (loss) to average net assets | | | (1.11)%(4) | | | (0.23)% | | | (0.80)% | | | 0.57% | | | (0.04)% | | | 0.62% |
Ratio of net investment income (loss) to average net assets (before waivers) | | | (1.58)%(4) | | | (0.68)% | | | (1.27)% | | | 0.02% | | | (0.73)% | | | 0.13% |
Portfolio turnover rate(7) | | | 38%(3) | | | 67% | | | 72% | | | 67%(6) | | | 61% | | | 55% |
| | | | | | | | | | | | | | | | | | | |
(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. |
(5)
| 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%. |
(6)
| 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. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021. |
(7)
| Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Financial Highlights
Baird Chautauqua International Growth Fund - Institutional Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $17.04 | | | $ 15.19 | | | $18.65 | | | $ 17.51 | | | $ 12.62 | | | $ 10.17 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income(1) | | | 0.10 | | | 0.13 | | | 0.06 | | | 0.04 | | | 0.01 | | | 0.30 |
Net realized and unrealized gains (losses) on investments and foreign currency translation | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | 1.76 | | | (3.38) | | | 1.19 | | | 5.00 | | | 2.42 |
Total from investment operations | | | 1.10 | | | 1.89 | | | (3.32) | | | 1.23 | | | 5.01 | | | 2.72 |
Less distributions:
| | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | — | | | (0.04) | | | (0.03) | | | (0.09) | | | (0.12) | | | (0.27) |
Distributions from net realized gains | | | — | | | — | | | (0.11) | | | — | | | — | | | — |
Total distributions | | | — | | | (0.04) | | | (0.14) | | | (0.09) | | | (0.12) | | | (0.27) |
Paid in capital from redemption fees(2) | | | — | | | — | | | — | | | 0.00(3) | | | 0.00(3) | | | 0.00(3) |
Net asset value, end of period | | | $ 18.14 | | | $ 17.04 | | | $15.19 | | | $ 18.65 | | | $ 17.51 | | | $ 12.62 |
Total return | | | 6.46%(4) | | | 12.41% | | | (17.84)% | | | 6.90% | | | 39.84% | | | 26.72% |
Supplemental data and ratios:
| | | | | | | | | | | | | | | |
Net assets, end of period (millions) | | | $ 929.3 | | | $ 808.4 | | | $479.1 | | | $ 468.2 | | | $ 321.8 | | | $ 172.7 |
Ratio of expenses to average net assets | | | 0.80%(5) | | | 0.80% | | | 0.80% | | | 0.80% | | | 0.80% | | | 0.80% |
Ratio of expenses to average net assets (before waivers) | | | 0.84%(5) | | | 0.86% | | | 0.87% | | | 0.86% | | | 0.90% | | | 0.96% |
Ratio of net investment income to average net assets | | | 1.12%(5) | | | 0.78% | | | 0.37% | | | 0.20% | | | 0.07% | | | 2.56% |
Ratio of net investment income (loss) to average net assets (before waivers) | | | 1.08%(5) | | | 0.73% | | | 0.31% | | | 0.14% | | | (0.03)% | | | 2.40% |
Portfolio turnover rate(6) | | | 8%(4) | | | 12% | | | 23% | | | 14% | | | 31% | | | 31% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(2)
| Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. |
(3)
| Amount is less than $0.005. |
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Chautauqua International Growth Fund - Investor Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $16.92 | | | $15.11 | | | $18.58 | | | $ 17.48 | | | $ 12.60 | | | $10.15 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income (loss)(1) | | | 0.08 | | | 0.09 | | | 0.02 | | | (0.01) | | | (0.02) | | | 0.27 |
Net realized and unrealized gains (losses) on investments and foreign currency translation | | | | | | | | | | | | | | | | | | |
| | 0.98 | | | 1.75 | | | (3.37) | | | 1.20 | | | 4.95(7) | | | 2.41 |
Total from investment operations | | | 1.06 | | | 1.84 | | | (3.35) | | | 1.19 | | | 4.93 | | | 2.68 |
Less distributions:
| | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | — | | | (0.03) | | | (0.01) | | | (0.09) | | | (0.05) | | | (0.23) |
Distributions from net realized gains | | | — | | | — | | | (0.11) | | | — | | | — | | | — |
Total distributions | | | — | | | (0.03) | | | (0.12) | | | (0.09) | | | (0.05) | | | (0.23) |
Paid in capital from redemption fees(2) | | | — | | | — | | | — | | | 0.00(3) | | | 0.00(3) | | | 0.00(3) |
Net asset value, end of period | | | $17.98 | | | $16.92 | | | $15.11 | | | $ 18.58 | | | $ 17.48 | | | $12.60 |
Total return | | | 6.26%(4) | | | 12.15% | | | (18.03)% | | | 6.62% | | | 39.37% | | | 26.42% |
Supplemental data and ratios:
| | | | | | | | | | | | | | | |
Net assets, end of period (thousands) | | | $ 13,645.9 | | | $ 15,656.4 | | | $ 13,993.5 | | | $ 608.0 | | | $ 697.4 | | | $ 1,494.8 |
Ratio of expenses to average net assets | | | 1.05%(5) | | | 1.05% | | | 1.05% | | | 1.05% | | | 1.05% | | | 1.05% |
Ratio of expenses to average net assets (before waivers) | | | 1.09%(5) | | | 1.11% | | | 1.12% | | | 1.11% | | | 1.15% | | | 1.21% |
Ratio of net investment income (loss) to average net assets | | | 0.87%(5) | | | 0.53% | | | 0.12% | | | (0.05)% | | | (0.18)% | | | 2.31% |
Ratio of net investment income (loss) to average net assets (before waivers) | | | 0.83%(5) | | | 0.48% | | | 0.06% | | | (0.11)% | | | (0.28)% | | | 2.15% |
Portfolio turnover rate(6) | | | 8%(4) | | | 12% | | | 23% | | | 14% | | | 31% | | | 31% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(2)
| Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. |
(3)
| Amount is less than $0.005. |
(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)
| Due to timing of capital share transactions, the per share amount of net realized and unrealized gain (loss) on investments varies from the amounts shown in the Statement of Operations. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Financial Highlights
Baird Chautauqua Global Growth Fund - Institutional Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $ 20.67 | | | $ 17.84 | | | $22.36 | | | $ 19.85 | | | $ 14.47 | | | $11.29 |
Income from investment operations:
| | | | | | | | | | | | | | | |
Net investment income (loss) (1) | | | 0.07 | | | 0.11 | | | 0.04 | | | 0.00(2) | | | (0.03) | | | 0.22 |
Net realized and unrealized gains (losses) on investments and foreign currency translation | | | | | | | | | | | | | | | | | | |
| | 2.77 | | | 2.81 | | | (4.54) | | | 2.59 | | | 5.49 | | | 3.18 |
Total from investment operations | | | 2.84 | | | 2.92 | | | (4.50) | | | 2.59 | | | 5.46 | | | 3.40 |
Less distributions:
| | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | — | | | (0.09) | | | — | | | (0.08) | | | (0.09) | | | (0.16) |
Distributions from net realized gains | | | — | | | — | | | (0.02) | | | — | | | — | | | (0.06) |
Total distributions | | | — | | | (0.09) | | | (0.02) | | | (0.08) | | | (0.09) | | | (0.22) |
Paid in capital from redemption fees(5) | | | — | | | — | | | — | | | 0.00(2) | | | 0.01 | | | 0.00(2) |
Net asset value, end of period | | | $ 23.51 | | | $ 20.67 | | | $17.84 | | | $ 22.36 | | | $ 19.85 | | | $ 14.47 |
Total return | | | 13.74%(3) | | | 16.34% | | | (20.11)% | | | 12.93% | | | 37.97% | | | 30.14% |
Supplemental data and ratios:
| | | | | | | | | | | | | | | |
Net assets, end of period (millions) | | | $ 364.6 | | | $ 318.5 | | | $264.9 | | | $ 314.7 | | | $ 137.3 | | | $55.8 |
Ratio of expenses to average net assets | | | 0.80%(4) | | | 0.80% | | | 0.80% | | | 0.80% | | | 0.80% | | | 0.80% |
Ratio of expenses to average net assets (before waivers) | | | 0.86%(4) | | | 0.88% | | | 0.92% | | | 0.92% | | | 1.04% | | | 1.23% |
Ratio of net investment income (loss) to average net assets | | | 0.67%(4) | | | 0.54% | | | 0.20% | | | 0.01% | | | (0.17)% | | | 1.64% |
Ratio of net investment income (loss) to average net assets (before waivers) | | | 0.61%(4) | | | 0.46% | | | 0.09% | | | (0.11)% | | | (0.41)% | | | 1.21% |
Portfolio turnover rate(6) | | | 7%(3) | | | 14% | | | 12% | | | 13% | | | 24% | | | 26% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(2)
| Amount is less than $0.005. |
(5)
| Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. |
(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.
TABLE OF CONTENTS
Financial Highlights
Baird Chautauqua Global Growth Fund - Investor Class
| | | | | | | |
Per Share Data:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $20.44 | | | $17.65 | | | $22.18 | | | $19.74 | | | $14.36 | | | $11.22 |
Income from investment operations:
| | | | | | | | | | | | | |
Net investment income (loss) (1) | | | 0.05 | | | 0.06 | | | (0.01) | | | (0.05) | | | (0.06) | | | 0.19 |
Net realized and unrealized gains (losses) on investments and foreign currency translation | | | | | | | | | | | | | | | | | | |
| | 2.74 | | | 2.77 | | | (4.50) | | | 2.57 | | | 5.44 | | | 3.15 |
Total from investment operations | | | 2.79 | | | 2.83 | | | (4.51) | | | 2.52 | | | 5.38 | | | 3.34 |
Less distributions:
| | | | | | | | | | | | | | | | | | |
Distributions from net investment income | | | — | | | (0.04) | | | — | | | (0.08) | | | (0.05) | | | (0.14) |
Distributions from net realized gains | | | — | | | — | | | (0.02) | | | — | | | — | | | (0.06) |
Total distributions | | | — | | | (0.04) | | | (0.02) | | | (0.08) | | | (0.05) | | | (0.20) |
Paid in capital from redemption fees(5) | | | — | | | — | | | — | | | 0.00(2) | | | 0.05 | | | 0.00(2) |
Net asset value, end of period | | | $23.23 | | | $20.44 | | | $17.65 | | | $22.18 | | | $19.74 | | | $14.36 |
Total return | | | 13.65%(3) | | | 16.01% | | | (20.32)% | | | 12.64% | | | 37.94% | | | 29.73% |
Supplemental data and ratios:
| | | | | | | | | | | | | | | |
Net assets, end of period (thousands) | | | $ 1,051.3 | | | $ 1,037.9 | | | $931.8 | | | $ 1,590.1 | | | $ 1,676.7 | | | $ 1,606.9 |
Ratio of expenses to average net assets | | | 1.05%(4) | | | 1.05% | | | 1.05% | | | 1.05% | | | 1.05% | | | 1.05% |
Ratio of expenses to average net assets (before waivers) | | | 1.11%(4) | | | 1.13% | | | 1.17% | | | 1.17% | | | 1.29% | | | 1.48% |
Ratio of net investment income (loss) to average net assets | | | 0.42%(4) | | | 0.29% | | | (0.05)% | | | (0.24)% | | | (0.42)% | | | 1.39% |
Ratio of net investment income (loss) to average net assets (before waivers) | | | 0.36%(4) | | | 0.21% | | | (0.16)% | | | (0.36)% | | | (0.66)% | | | 0.96% |
Portfolio turnover rate(6) | | | 7%(3) | | | 14% | | | 12% | | | 13% | | | 24% | | | 26% |
| | | | | | | | | | | | | | | | | | | |
(1)
| Calculated using average shares outstanding during the period. |
(2)
| Amount is less than $0.005. |
(5)
| Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. |
(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.
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Notes to the Financial Statements
June 30, 2024 (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 Baird Chautauqua International Growth Fund and the Baird 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 following table presents the class-specific inception dates for each of the Funds:
| | | | |
Baird Mid Cap Growth Fund | | | December 29, 2000 | | | December 29, 2000 |
Baird Small/Mid Cap Growth Fund | | | October 31, 2018 | | | October 31, 2018 |
Baird Equity Opportunity Fund | | | May 1, 2012 | | | May 1, 2012 |
Baird Chautauqua International Growth Fund | | | April 15, 2016 | | | April 15, 2016 |
Baird Chautauqua Global Growth Fund | | | April 15, 2016 | | | April 15, 2016 |
| | | | | | | |
Institutional Class shares are not subject to a distribution and service (12b-1) fee, while Investor Class shares are subject to a distribution and service (12b-1) fee up to 0.25%. See Note 7.
The Baird Mid Cap Growth Fund seeks to provide long-term growth of capital through investments in equity securities of mid-capitalization companies.
The Baird Small/Mid Cap Growth Fund seeks to provide 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 medium-capitalization companies.
The Baird 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 Baird 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, 2024, 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”). 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.
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 securities are valued at fair value using methods determined by the Advisor as the Valuation
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
Designee of the Board of Directors of the Company (the “Board”) in accordance with policies and procedures adopted pursuant to Rule 2a-5 of the 1940 Act. 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).
Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: equity securities, including common stocks, ETFs and closed end funds, 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. Debt securities are valued at their evaluated bid prices as provided by an independent pricing service based on various market inputs such as benchmark yields, market transactions and dealer quotations. Investments in mutual funds, including money market funds, are valued at their stated 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 the Funds’ fair value procedures. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, such as broker quotes. If prices are unavailable or deemed to be unreliable, fair value will be determined by the Advisor, subject to the oversight of the Board. The Advisor, as Valuation Designee, has further designated its valuation committee to be responsible for fair value determinations. 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 a Fund’s NAV may fluctuate significantly from day to day or from period to period.
Put and call options 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.
The Baird Chautauqua International Growth, Baird Chautauqua Global Growth, and Baird Equity Opportunity Funds have retained an independent fair value pricing service to assist in valuing foreign securities traded on a foreign exchange 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. Occasionally, significant 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 the Funds’ fair value procedures.
b)
Foreign Securities – The Baird Mid Cap Growth Fund, Baird Small/Mid Cap Growth Fund, and Baird Equity Opportunity Fund may invest in common stocks, ADRs or other depositary shares or receipts, or ordinary shares of publicly-traded foreign issuers, and ADRs that are traded on a major U.S. exchange. The Baird Chautauqua International Growth Fund and Baird Chautauqua Global Growth Fund may invest in common stocks, preferred stocks, depositary shares and receipts, rights, warrants and ETFs of non-U.S. companies. 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
TABLE OF CONTENTS
Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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.
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 transactions 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 Derivatives Instruments – Financial derivatives 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. The Fund qualifies as a “limited derivatives user” under Rule 18f-4 of the 1940 Act.
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.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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, 2024, the Baird Equity Opportunity Fund pledged securities with a fair value of $2,219,200 as collateral for option contracts. See the Fund’s Schedule of Investments for the securities pledged as collateral.
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, 2023, or for any other tax years which are open for exam. As of December 31, 2023, open tax years include the tax years ended December 31, 2020 through 2023. 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
i)
Securities Transactions and Investment Income – 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 low.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
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
| | | | | | | |
Shares sold | | | 8,124,017 | | | $198,278,826 | | | 29,037,067 | | | $684,051,811 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 1,856,978 | | | 44,994,578 |
Shares redeemed | | | (14,459,245) | | | (351,461,014) | | | (19,556,605) | | | (450,452,068) |
Net increase (decrease) | | | (6,335,228) | | | $ (153,182,188) | | | 11,337,440 | | | $278,594,321 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 95,228,088 | | | | | | 83,890,648 | | | |
End of period | | | 88,892,860 | | | | | | 95,228,088 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 613,587 | | | $13,873,929 | | | 1,839,593 | | | $38,875,662 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 189,883 | | | 4,179,313 |
Shares redeemed | | | (2,152,649) | | | (47,957,212) | | | (2,104,022) | | | (44,339,629) |
Net decrease | | | (1,539,062) | | | $(34,083,283) | | | (74,546) | | | $(1,284,654) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 7,935,226 | | | | | | 8,009,772 | | | |
End of period | | | 6,396,164 | | | | | | 7,935,226 | | | |
| | | | | | | | | | | | |
Total net increase (decrease) | | | | | | $ (187,265,471) | | | | | | $ 277,309,667 |
| | | | | | | | | | | | | |
Baird Small/Mid Cap Growth Fund
| | | | | | | |
Shares sold | | | 658,657 | | | $10,385,917 | | | 1,890,067 | | | $29,260,638 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | — | | | — |
Shares redeemed | | | (966,245) | | | (15,054,196) | | | (1,089,756) | | | (16,795,892) |
Net increase (decrease) | | | (307,588) | | | $(4,668,279) | | | 800,311 | | | $12,464,746 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 10,993,556 | | | | | | 10,193,245 | | | |
End of period | | | 10,685,968 | | | | | | 10,993,556 | | | |
| | | | | | | | | | | | | |
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
Shares sold | | | 398 | | | $6,200 | | | 9,764 | | | $151,091 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | — | | | — |
Shares redeemed | | | (18,410) | | | (286,736) | | | (12,042) | | | (188,098) |
Net decrease | | | (18,012) | | | $(280,536) | | | (2,278) | | | $(37,007) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 52,460 | | | | | | 54,738 | | | |
End of period | | | 34,448 | | | | | | 52,460 | | | |
| | | | | | | | | | | | |
Total net increase (decrease) | | | | | | $ (4,948,815) | | | | | | $12,427,739 |
| | | | | | | | | | | | | |
Baird Equity Opportunity Fund
| | | | | | | |
Shares sold | | | 427,755 | | | $5,651,509 | | | 544,710 | | | $6,853,485 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 465 | | | 6,261 |
Shares redeemed | | | (274,767) | | | (3,646,221) | | | (959,077) | | | (11,710,271) |
Net increase (decrease) | | | 152,988 | | | $2,005,288 | | | (413,902) | | | $(4,850,525) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 4,519,384 | | | | | | 4,933,286 | | | |
End of period | | | 4,672,372 | | | | | | 4,519,384 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | — | | | $ — | | | — | | | $ — |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | — | | | — |
Shares redeemed | | | — | | | — | | | — | | | — |
Net increase (decrease) | | | — | | | $— | | | — | | | $— |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 194 | | | | | | 194 | | | |
End of period | | | 194 | | | | | | 194 | | | |
| | | | | | | | | | | | |
Total net increase (decrease) | | | | | | $2,005,288 | | | | | | $(4,850,525) |
| | | | | | | | | | | | | |
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
Baird Chautauqua International Growth Fund
| | | | | | | |
Shares sold | | | 7,656,336 | | | $ 133,535,656 | | | 24,161,666 | | | $398,499,097 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 86,180 | | | 1,470,224 |
Shares redeemed | | | (3,856,003) | | | (68,176,756) | | | (8,352,531) | | | (137,364,324) |
Net increase | | | 3,800,333 | | | $65,358,900 | | | 15,895,315 | | | $262,604,997 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 47,439,555 | | | | | | 31,544,240 | | | |
End of period | | | 51,239,888 | | | | | | 47,439,555 | | | |
| | | | | | | | | | | | | |
| | | | | | | |
Shares sold | | | 40,606 | | | $712,408 | | | 192,145 | | | $3,174,138 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 1,453 | | | 24,595 |
Shares redeemed | | | (207,313) | | | (3,706,802) | | | (194,323) | | | (3,158,396) |
Net increase (decrease) | | | (166,707) | | | $(2,994,394) | | | (725) | | | $40,337 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 925,585 | | | | | | 926,310 | | | |
End of period | | | 758,878 | | | | | | 925,585 | | | |
| | | | | | | | | | | | |
Total net increase | | | | | | $ 62,364,506 | | | | | | $ 262,645,334 |
| | | | | | | | | | | | | |
Baird Chautauqua Global Growth Fund
| | | | | | | |
Shares sold | | | 619,346 | | | $13,505,970 | | | 1,649,691 | | | $32,128,385 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 59,665 | | | 1,235,054 |
Shares redeemed | | | (523,128) | | | (11,585,767) | | | (1,146,580) | | | (22,297,065) |
Net increase | | | 96,218 | | | $1,920,203 | | | 562,776 | | | $11,066,374 |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 15,409,869 | | | | | | 14,847,093 | | | |
End of period | | | 15,506,087 | | | | | | 15,409,869 | | | |
| | | | | | | | | | | | | |
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
| | | | | | | |
Shares sold | | | 2,097 | | | $47,247 | | | 9,165 | | | $175,976 |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 80 | | | 1,635 |
Shares redeemed | | | (7,613) | | | (162,184) | | | (11,257) | | | (213,014) |
Net decrease | | | (5,516) | | | $(114,937) | | | (2,012) | | | $(35,403) |
Shares Outstanding:
| | | | | | | | | | | | |
Beginning of period | | | 50,768 | | | | | | 52,780 | | | |
End of period | | | 45,252 | | | | | | 50,768 | | | |
| | | | | | | | | | | | |
Total net increase | | | | | | $ 1,805,266 | | | | | | $ 11,030,971 |
| | | | | | | | | | | | | |
4. Investment Transactions and Income Tax Information
During the six months ended June 30, 2024, purchases and sales of investment securities (excluding short-term investments) were as follows:
| | | | | | | | | | | | | | | | |
Purchases: | | | $447,111,115 | | | $64,199,458 | | | $26,056,191 | | | $154,369,319 | | | $27,067,301 |
Sales: | | | 618,955,435 | | | 69,576,540 | | | 23,178,463 | | | 71,878,756 | | | 24,328,833 |
| | | | | | | | | | | | | | | | |
The Funds did not purchase or sell U.S. Government securities during the six months ended June 30, 2024.
As of December 31, 2023, the components of accumulated earnings (accumulated losses) for income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
Cost of investments | | | $1,818,033,415 | | | $154,937,582 | | | $55,149,998 | | | $723,247,955 | | | $277,029,508 |
Gross unrealized appreciation | | | 764,350,468 | | | 30,796,740 | | | 10,290,008 | | | 182,387,335 | | | 82,551,836 |
Gross unrealized depreciation | | | (52,782,837) | | | (6,205,070) | | | (4,810,418) | | | (89,346,598) | | | (40,694,114) |
Net unrealized appreciation | | | 711,567,631 | | | 24,591,670 | | | 5,479,590 | | | 93,040,737 | | | 41,857,722 |
Undistributed ordinary income | | | — | | | — | | | 4,836 | | | 4,474,758 | | | 646,627 |
Distributable earnings | | | — | | | — | | | 4,836 | | | 4,474,758 | | | 646,627 |
Other accumulated losses | | | (1,710,074) | | | (29,917,001) | | | (1,844,238) | | | (3,940,425) | | | (2,048,163) |
Total distributable earnings (accumulated deficit) | | | $709,857,557 | | | $(5,325,331) | | | $3,640,188 | | | $93,575,070 | | | $40,456,186 |
| | | | | | | | | | | | | | | | |
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.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
For the year ended December 31, 2023, the following table shows the reclassifications made:
| | | | | | | |
Baird Mid Cap Growth Fund | | | $(3,869,570) | | | $3,869,570 |
Baird Small/Mid Cap Growth Fund | | | 362,143 | | | (362,143) |
Baird Chautauqua International Growth Fund | | | 1 | | | (1) |
| | | | | | | |
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, 2024, the Funds did not pay any distributions. During the year ended December 31, 2023, the tax components of distributions paid were as follows:
| | | | |
Baird Mid Cap Growth Fund | | | $— | | | $55,686,445 | | | $55,686,445 |
Baird Equity Opportunity Fund | | | 6,327 | | | — | | | 6,327 |
Baird Chautauqua International Growth Fund | | | 1,673,671 | | | — | | | 1,673,671 |
Baird Chautauqua Global Growth Fund | | | 1,309,394 | | | — | | | 1,309,394 |
| | | | | | | | | | |
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, 2023.
At December 31, 2023, the following Fund deferred, on a tax basis, post-October losses and specified losses of:
| | | | |
Baird Mid Cap Growth Fund | | | $1,710,074 |
| | | | |
At December 31, 2023, accumulated capital loss carryovers without expiration were:
| | | | | | | |
Baird Small/Mid Cap Growth Fund | | | $14,397,685 | | | $15,519,316 | | | Indefinitely | | | Indefinitely |
Baird Equity Opportunity Fund | | | 1,549,548 | | | 311,492 | | | Indefinitely | | | Indefinitely |
Baird Chautauqua International Growth Fund | | | 3,024,809 | | | 932,913 | | | Indefinitely | | | Indefinitely |
Baird Chautauqua Global Growth Fund | | | 641,323 | | | 1,413,051 | | | Indefinitely | | | Indefinitely |
| | | | | | | | | | | | | |
During the year ended December 31, 2023, the Baird Chautauqua International Growth Fund utilized $2,955,716 of long-term capital loss carryover. During the year ended December 31, 2023, the Baird Mid Cap Growth Fund and the Baird Chautauqua International Growth Fund utilized $45,587,598 and $2,661,512 of short-term capital loss carryover, respectively.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
5. Investment Advisory and Other Agreements
The Funds have entered into Investment Advisory Agreements 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 Agreements, the Advisor is entitled to receive a fee, calculated daily and payable monthly, at the annual rates as follows:
| | | | |
Baird Mid Cap Growth Fund | | | 0.75% |
Baird Small/Mid Cap Growth Fund | | | 0.75% |
Baird Equity Opportunity Fund | | | 1.25% |
Baird Chautauqua International Growth Fund | | | 0.75% |
Baird Chautauqua Global Growth Fund | | | 0.75% |
| | | | |
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:
| | | | | | | |
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% |
Baird Chautauqua International Growth Fund | | | 0.80% | | | 1.05% |
Baird Chautauqua Global Growth Fund | | | 0.80% | | | 1.05% |
| | | | | | | |
The Expense Cap/Reimbursement Agreements are in effect through at least April 30, 2025 for all Funds.
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 the Baird Mid Cap Growth Fund, the Baird Small/Mid Cap Growth Fund, the Baird Chautauqua International Growth Fund and the Baird Chautauqua Global Growth 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.
| | | | | | | |
Recoverable amounts reimbursed during:
| | | 2024 | | | 2023 | | | 2022 | | | 2021 |
Subject to recovery on or before:
| | | 2027 | | | 2026 | | | 2025 | | | 2024 |
Fund:
| | | | | | | | | | | | |
Baird Small/Mid Cap Growth Fund | | | $65,889 | | | $114,868 | | | $189,890 | | | $92,913 |
Baird Chautauqua International Growth Fund | | | 191,959 | | | 357,653 | | | 315,901 | | | 166,368 |
Baird Chautauqua Global Growth Fund | | | 110,373 | | | 243,392 | | | 317,746 | | | 179,561 |
| | | | | | | | | | | | | |
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
The Advisor is not entitled to recoup any fees waived and/or expenses reimbursed by the Baird Equity Opportunity Fund under the Expense Cap/Reimbursement Agreement or under prior agreements. For the six months ended June 30, 2024, 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:
| | | | |
Baird Equity Opportunity Fund | | | $141,308 |
| | | | |
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, 2024 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 or other permissible borrowing needs. 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 $1,000,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of 1.00% and the Prime Rate minus 2.00%. As of June 30, 2024, the Prime Rate was 8.50%. The LOC matures on May 19, 2025, 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, 2024, the Funds borrowed from the LOC as follows:
| | | | | | | | | | |
Baird Equity Opportunity Fund | | | $ 74,000 | | | $ 13 | | | 6.50% |
| | | | | | | | | | |
No other borrowings occurred during the six months ended June 30, 2024, nor were any other borrowings outstanding under the LOC as of June 30, 2024.
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.
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
For the six months ended June 30, 2024, the Funds’ Investor Class shares incurred fees pursuant to the Plan as follows:
| | | | |
Baird Mid Cap Growth Fund | | | $191,645 |
Baird Small/Mid Cap Growth Fund | | | 923 |
Baird Equity Opportunity Fund | | | 4 |
Baird Chautauqua International Growth Fund | | | 20,166 |
Baird Chautauqua Global Growth Fund | | | 1,260 |
| | | | |
8. Other Derivatives Information
As a principal investment strategy, the Baird Equity Opportunity Fund may purchase and write options to hedge its portfolio and enhance returns. Options are subject to various risks including market risk, liquidity risk, volatility risk, counterparty risk, legal risk, and operations risk.
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, 2024 as presented on the Fund’s Statement of Assets and Liabilities:
| | | | | | | |
Baird Equity Opportunity Fund
| | | | | | | | | |
Option Contracts
| | | | | | | | | |
Purchased option contracts | | | Investments, at value | | | $290,159 | | | $— |
Written option contracts | | | Written option contracts, at value | | | — | | | 25,910 |
Total Option Contracts | | | | | | $290,159 | | | $25,910 |
| | | | | | | | | | |
The following table presents the results of the derivatives trading and information related to volume for the six months ended June 30, 2024. The below captions of “Net Realized” and “Net Change in Unrealized” correspond to the captions in the Fund’s Statement of Operations.
| | | | |
Baird Equity Opportunity Fund
| | | | | | |
Option Contracts
| | | | | | |
Purchased option contracts(a)
| | | | | | |
Equity | | | $(251,289) | | | $190,391 |
Written option contracts
| | | | | | |
Equity | | | 56,273 | | | (29,564) |
Total Option Contracts | | | $(195,016) | | | $160,827 |
| | | | | | | |
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Notes to the Financial Statements
June 30, 2024 (Unaudited) (Continued)
(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, 2024 were:
| | | | |
Baird Equity Opportunity Fund
| | | | | | |
Option contracts
| | | | | | |
Equity | | | $2,332,144 | | | $1,383,487 |
| | | | | | | |
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, 2024. There were no subsequent events since June 30, 2024, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.
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Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
(Unaudited)
There were no changes in or disagreements with accountants during the period covered by this report.
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Item 9. Proxy Disclosure for Open-End Investment Companies. (Unaudited)
A special meeting of shareholders of Baird Funds, Inc. (the “Company”) was held on April 4, 2024. At the special meeting, shareholders voted on a proposal to elect five directors to serve on the Board of Directors of the Company. Further details regarding the proposal and the special meeting are contained in a definitive proxy statement filed with the Securities and Exchange Commission on February 7, 2024.
At the special meeting, the following action was taken:
The following individuals were elected to serve on the Board of Directors by the shareholders of the Funds, voting together in the aggregate:
| | | | | | | |
Darren R. Jackson | | | 6,171,540,543.793 | | | 123,948,245.995 |
Leonard R. (Randy) Johnson | | | 6,273,130,858.572 | | | 22,357,931.216 |
David J. Lubar | | | 6,170,596,757.787 | | | 124,892,032.001 |
Cory L. Nettles | | | 5,943,884,523.663 | | | 351,604,266.125 |
Marlyn J. Spear | | | 6,170,833,180.312 | | | 124,655,609.476 |
| | | | | | | |
Mr. Jackson, Mr. Lubar, Mr. Nettles and Ms. Spear were each continuing incumbent directors. Mr. Johnson was elected as a new member of the Board of Directors effective May 1, 2024. There were no abstentions or broker non-votes.
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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment
Companies. (Unaudited)
See Statements of Operations within Item 7.
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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)
Not applicable for the period covered by this report.
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Baird Funds, Inc.
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
1-866-442-2473
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
| | | |
Item 12. 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 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable because the Registrant is not a closed-end management investment company.
Item 14. 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 15. 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 16. Controls and Procedures.
| (a) | The Registrant’s management, with the participation of its principal executive and principal financial officers, have reviewed 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 of the filing of this report, 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 their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (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 17. 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 18. Recovery of Erroneously Awarded Compensation.
Not applicable because the Registrant is not a closed-end management investment company.
Item 19. Exhibits.
| (a) | File the exhibits listed below as part of this Form. |
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Incorporated by reference to the Registrant’s Form N-CSR filed on March 9, 2018.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).
Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(5) Change in the registrant’s independent public accountant.
Not applicable.
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, Principal Executive Officer | |
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, Principal Executive Officer | |
| | By (Signature and Title)* | /s/ Dustin J. Hutter | |
| | | Dustin J. Hutter, Principal Financial Officer | |
* Print the name and title of each signing officer under his or her signature.
