Baird Funds NPORT-P Baird Mid Cap Growth Fund (Sep 2024 report)

Baird Mid Cap Growth Fund
Schedule of Investments
September 30, 2024 (Unaudited)
COMMON STOCKS - 96.6%	Shares		Value
Aerospace & Defense - 3.3%
BWX Technologies, Inc.		214,862	$	23,355,500
HEICO Corp.		187,057		48,911,664
				72,267,164
Building Products - 3.8%
AAON, Inc.		205,834		22,197,139
Lennox International, Inc.		46,182		27,907,321
Trex Co., Inc. (a)		486,587		32,396,962
				82,501,422
Capital Markets - 5.9%
MarketAxess Holdings, Inc.		137,414		35,205,467
MSCI, Inc.		87,174		50,816,340
Raymond James Financial, Inc.		354,483		43,409,988
				129,431,795
Commercial Services & Supplies - 3.3%
Copart, Inc. (a)		627,342		32,872,721
Rollins, Inc.		796,797		40,301,992
				73,174,713
Consumer Staples Distribution & Retail - 3.5%
BJ's Wholesale Club Holdings, Inc. (a)		530,741		43,775,517
Casey's General Stores, Inc.		85,563		32,146,875
				75,922,392
Distributors - 1.5%
Pool Corp.		87,711		33,049,505
Electrical Equipment - 2.0%
Vertiv Holdings Co. - Class A		431,395		42,919,489
Electronic Equipment, Instruments & Components - 4.7%
CDW Corp./DE		236,044		53,416,757
Zebra Technologies Corp. - Class A (a)		132,223		48,964,822
				102,381,579
Financial Services - 3.9%
Jack Henry & Associates, Inc.		249,767		44,093,866
Shift4 Payments, Inc. - Class A (a)		476,503		42,218,166
				86,312,032
Food Products - 1.3%
Lamb Weston Holdings, Inc.		435,571		28,198,867
Health Care Equipment & Supplies - 7.8%
Dexcom, Inc. (a)		305,616		20,488,497
IDEXX Laboratories, Inc. (a)		106,506		53,808,961
Insulet Corp. (a)		193,203		44,967,998
Penumbra, Inc. (a)		121,662		23,640,143
ResMed, Inc.		116,709		28,491,001
				171,396,600
Health Care Technology - 2.2%
Veeva Systems, Inc. - Class A (a)		233,896		49,087,753
Hotels, Restaurants & Leisure - 4.2%
Churchill Downs, Inc.		288,849		39,055,273
Dutch Bros, Inc. - Class A (a)		656,877		21,039,771
Texas Roadhouse, Inc.		186,162		32,876,209
				92,971,253
Household Durables - 1.6%
DR Horton, Inc.		181,269		34,580,687
Insurance - 1.9%
Kinsale Capital Group, Inc.		88,964		41,418,969
IT Services - 3.5%
EPAM Systems, Inc. (a)		189,742		37,764,350
Globant SA (a)		195,947		38,824,939
				76,589,289
Life Sciences Tools & Services - 5.3%
Bio-Techne Corp.		402,575		32,177,820
ICON PLC (a)		168,978		48,549,069
Repligen Corp. (a)		242,488		36,087,064
				116,813,953
Machinery - 5.7%
Graco, Inc.		466,300		40,805,913
IDEX Corp.		189,205		40,584,473
Ingersoll Rand, Inc.		448,101		43,985,594
				125,375,980
Oil, Gas & Consumable Fuels - 1.6%
Diamondback Energy, Inc.		202,809		34,964,272
Professional Services - 4.2%
Broadridge Financial Solutions, Inc.		236,641		50,884,914
Equifax, Inc.		141,650		41,625,269
				92,510,183
Real Estate Management & Development - 2.0%
CoStar Group, Inc. (a)		575,551		43,419,567
Semiconductors & Semiconductor Equipment - 4.6%
Microchip Technology, Inc.		250,722		20,130,469
Monolithic Power Systems, Inc.		66,111		61,119,620
Onto Innovation, Inc. (a)		90,515		18,787,293
				100,037,382
Software - 11.7%
ANSYS, Inc. (a)		86,876		27,681,300
Appfolio, Inc. - Class A (a)		99,585		23,442,309
Descartes Systems Group, Inc. (a)		275,723		28,388,440
Dynatrace, Inc. (a)		458,722		24,527,865
Manhattan Associates, Inc. (a)		169,932		47,815,466
PTC, Inc. (a)		250,543		45,263,099
Tyler Technologies, Inc. (a)		102,568		59,870,993
				256,989,472
Specialty Retail - 3.4%
Burlington Stores, Inc. (a)		172,975		45,575,453
Floor & Decor Holdings, Inc. - Class A (a)		225,602		28,013,000
				73,588,453
Trading Companies & Distributors - 3.7%
Fastenal Co.		647,331		46,232,380
Ferguson Enterprises, Inc.		178,465		35,437,795
				81,670,175
TOTAL COMMON STOCKS (Cost $1,459,087,829)				2,117,572,946
SHORT-TERM INVESTMENTS - 3.7%
Money Market Funds - 3.7%	Shares
First American Government Obligations Fund - Class U, 4.84% (b)		80,708,248		80,708,248
TOTAL SHORT-TERM INVESTMENTS (Cost $80,708,248)				80,708,248
TOTAL INVESTMENTS - 100.3% (Cost $1,539,796,077)				2,198,281,194
Liabilities in Excess of Other Assets - (0.3)%				(7,110,459	)
TOTAL NET ASSETS - 100.0%			$	2,191,170,735
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 annualized effective yield as of September 30, 2024.

Baird Mid Cap Growth Fund

Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)

Baird Mid Cap Growth Fund has adopted authoritative fair value accounting standards which establish an authoritative 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	2,117,572,946	$	–	$	–	$	2,117,572,946
Money Market Funds		80,708,248		–		–		80,708,248
Total Investments	$	2,198,281,194	$	–	$	–	$	2,198,281,194
Refer to the Schedule of Investments for further disaggregation of investment categories.

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.