# EDGAR Filing Document

**Accession Number:** 0001282693
**File Stem:** 0000894189-25-015341
**Filing Date:** 2025-11
**Character Count:** 36542
**Document Hash:** 495fe110548ec35680ee8683a5adf0f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015341.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-015341

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAIRD FUNDS INC
- **CENTRAL INDEX KEY:** 0001282693

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09997
- **FILM NUMBER:** 251522283

**BUSINESS ADDRESS:**
- **STREET 1:** 777 EAST WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-3500

**MAIL ADDRESS:**
- **STREET 1:** 777 EAST WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Baird Small/Mid Cap Growth Fund (Series ID: S000063403)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000205477 | Investor Class      | BSGSX           |
| C000205478 | Institutional Class | BSGIX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Baird Small/Mid Cap Growth Fund** | **Baird Small/Mid Cap Growth Fund** | **Baird Small/Mid Cap Growth Fund** | **Baird Small/Mid Cap Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **Shares** | **Value**  |
| **Aerospace & Defense - 4.3%** | **Aerospace & Defense - 4.3%** | **Aerospace & Defense - 4.3%** | |
| BWX Technologies, Inc. | BWX Technologies, Inc. | 29201 | $5383788 |
| **Beverages - 2.4%** | **Beverages - 2.4%** | **Beverages - 2.4%** |  |
| Vita Coco Co., Inc. <sup>(a)</sup> | Vita Coco Co., Inc. <sup>(a)</sup> | 68409 | 2905330 |
| **Biotechnology - 7.2%** | **Biotechnology - 7.2%** | **Biotechnology - 7.2%** |  |
| ADMA Biologics, Inc. <sup>(a)</sup> | ADMA Biologics, Inc. <sup>(a)</sup> | 60207 | 882635 |
| Exact Sciences Corp. <sup>(a)</sup> | Exact Sciences Corp. <sup>(a)</sup> | 41326 | 2260945 |
| Insmed, Inc. <sup>(a)</sup> | Insmed, Inc. <sup>(a)</sup> | 13358 | 1923685 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | Neurocrine Biosciences, Inc. <sup>(a)</sup> | 26999 | 3790120 |
|  |  |  | 8857385 |
| **Building Products - 3.0%** | **Building Products - 3.0%** | **Building Products - 3.0%** |  |
| Lennox International, Inc. | Lennox International, Inc. | 3436 | 1818881 |
| Simpson Manufacturing Co., Inc. | Simpson Manufacturing Co., Inc. | 11267 | 1886772 |
|  |  |  | 3705653 |
| **Capital Markets - 2.1%** | **Capital Markets - 2.1%** | **Capital Markets - 2.1%** |  |
| Houlihan Lokey, Inc. | Houlihan Lokey, Inc. | 12871 | 2642674 |
| **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** |  |
| SoFi Technologies, Inc. <sup>(a)</sup> | SoFi Technologies, Inc. <sup>(a)</sup> | 71719 | 1894816 |
| **Consumer Staples Distribution & Retail - 4.9%** | **Consumer Staples Distribution & Retail - 4.9%** | **Consumer Staples Distribution & Retail - 4.9%** |  |
| BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 17346 | 1617515 |
| Casey's General Stores, Inc. | Casey's General Stores, Inc. | 7966 | 4503339 |
|  |  |  | 6120854 |
| **Electronic Equipment, Instruments & Components - 1.8%** | **Electronic Equipment, Instruments & Components - 1.8%** | **Electronic Equipment, Instruments & Components - 1.8%** |  |
| Badger Meter, Inc. | Badger Meter, Inc. | 12741 | 2275288 |
| **Financial Services - 5.4%** | **Financial Services - 5.4%** | **Financial Services - 5.4%** |  |
| Affirm Holdings, Inc. <sup>(a)</sup> | Affirm Holdings, Inc. <sup>(a)</sup> | 21681 | 1584447 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | 47966 | 2435714 |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 35085 | 2715579 |
|  |  |  | 6735740 |
| **Health Care Equipment & Supplies - 9.0%** | **Health Care Equipment & Supplies - 9.0%** | **Health Care Equipment & Supplies - 9.0%** |  |
| Glaukos Corp. <sup>(a)</sup> | Glaukos Corp. <sup>(a)</sup> | 19696 | 1606209 |
| Inspire Medical Systems, Inc. <sup>(a)</sup> | Inspire Medical Systems, Inc. <sup>(a)</sup> | 15074 | 1118491 |
| Insulet Corp. <sup>(a)</sup> | Insulet Corp. <sup>(a)</sup> | 7711 | 2380617 |
| Masimo Corp. <sup>(a)</sup> | Masimo Corp. <sup>(a)</sup> | 18644 | 2750922 |
| Penumbra, Inc. <sup>(a)</sup> | Penumbra, Inc. <sup>(a)</sup> | 12987 | 3289867 |
|  |  |  | 11146106 |
| **Health Care Providers & Services - 2.6%** | **Health Care Providers & Services - 2.6%** | **Health Care Providers & Services - 2.6%** |  |
| Alignment Healthcare, Inc. <sup>(a)</sup> | Alignment Healthcare, Inc. <sup>(a)</sup> | 85782 | 1496896 |
| HealthEquity, Inc. <sup>(a)</sup> | HealthEquity, Inc. <sup>(a)</sup> | 18560 | 1758931 |
|  |  |  | 3255827 |
| **Health Care Technology - 1.5%** | **Health Care Technology - 1.5%** | **Health Care Technology - 1.5%** |  |
| Waystar Holding Corp. <sup>(a)</sup> | Waystar Holding Corp. <sup>(a)</sup> | 48773 | 1849472 |
| **Hotels, Restaurants & Leisure - 9.6%** | **Hotels, Restaurants & Leisure - 9.6%** | **Hotels, Restaurants & Leisure - 9.6%** |  |
| Cava Group, Inc. <sup>(a)</sup> | Cava Group, Inc. <sup>(a)</sup> | 23957 | 1447242 |
| Churchill Downs, Inc. | Churchill Downs, Inc. | 25687 | 2491896 |
| DraftKings, Inc. - Class A <sup>(a)</sup> | DraftKings, Inc. - Class A <sup>(a)</sup> | 76936 | 2877406 |
| Dutch Bros, Inc. - Class A <sup>(a)</sup> | Dutch Bros, Inc. - Class A <sup>(a)</sup> | 51726 | 2707339 |
| Planet Fitness, Inc. - Class A <sup>(a)</sup> | Planet Fitness, Inc. - Class A <sup>(a)</sup> | 13451 | 1396214 |
| Wingstop, Inc. | Wingstop, Inc. | 4094 | 1030378 |
|  |  |  | 11950475 |
| **Insurance - 1.6%** | **Insurance - 1.6%** | **Insurance - 1.6%** |  |
| Kinsale Capital Group, Inc. | Kinsale Capital Group, Inc. | 4688 | 1993619 |
| **IT Services - 1.4%** | **IT Services - 1.4%** | **IT Services - 1.4%** |  |
| Twilio, Inc. - Class A <sup>(a)</sup> | Twilio, Inc. - Class A <sup>(a)</sup> | 16965 | 1698027 |
| **Life Sciences Tools & Services - 2.9%** | **Life Sciences Tools & Services - 2.9%** | **Life Sciences Tools & Services - 2.9%** |  |
| Bio-Techne Corp. | Bio-Techne Corp. | 29911 | 1663949 |
| Repligen Corp. <sup>(a)</sup> | Repligen Corp. <sup>(a)</sup> | 14786 | 1976445 |
|  |  |  | 3640394 |
| **Machinery - 3.4%** | **Machinery - 3.4%** | **Machinery - 3.4%** |  |
| Federal Signal Corp. | Federal Signal Corp. | 14508 | 1726307 |
| Kadant, Inc. | Kadant, Inc. | 8123 | 2417242 |
|  |  |  | 4143549 |
| **Oil, Gas & Consumable Fuels - 2.5%** | **Oil, Gas & Consumable Fuels - 2.5%** | **Oil, Gas & Consumable Fuels - 2.5%** |  |
| Matador Resources Co. | Matador Resources Co. | 29206 | 1312226 |
| Viper Energy, Inc. - Class A | Viper Energy, Inc. - Class A | 47039 | 1797830 |
|  |  |  | 3110056 |
| **Personal Care Products - 2.4%** | **Personal Care Products - 2.4%** | **Personal Care Products - 2.4%** |  |
| BellRing Brands, Inc. <sup>(a)</sup> | BellRing Brands, Inc. <sup>(a)</sup> | 23132 | 840848 |
| elf Beauty, Inc. <sup>(a)</sup> | elf Beauty, Inc. <sup>(a)</sup> | 16386 | 2170818 |
|  |  |  | 3011666 |
| **Pharmaceuticals - 1.6%** | **Pharmaceuticals - 1.6%** | **Pharmaceuticals - 1.6%** |  |
| Tarsus Pharmaceuticals, Inc. <sup>(a)</sup> | Tarsus Pharmaceuticals, Inc. <sup>(a)</sup> | 32359 | 1923095 |
| **Professional Services - 3.8%** | **Professional Services - 3.8%** | **Professional Services - 3.8%** |  |
| ExlService Holdings, Inc. <sup>(a)</sup> | ExlService Holdings, Inc. <sup>(a)</sup> | 55357 | 2437369 |
| UL Solutions, Inc. | UL Solutions, Inc. | 31279 | 2216430 |
|  |  |  | 4653799 |
| **Semiconductors & Semiconductor Equipment - 3.9%** | **Semiconductors & Semiconductor Equipment - 3.9%** | **Semiconductors & Semiconductor Equipment - 3.9%** |  |
| Astera Labs, Inc. <sup>(a)</sup> | Astera Labs, Inc. <sup>(a)</sup> | 15431 | 3021390 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 14675 | 1826891 |
|  |  |  | 4848281 |
| **Software - 11.1%** | **Software - 11.1%** | **Software - 11.1%** |  |
| CyberArk Software Ltd. <sup>(a)</sup> | CyberArk Software Ltd. <sup>(a)</sup> | 5188 | 2506582 |
| Descartes Systems Group, Inc. <sup>(a)</sup> | Descartes Systems Group, Inc. <sup>(a)</sup> | 17786 | 1675975 |
| Dynatrace, Inc. <sup>(a)</sup> | Dynatrace, Inc. <sup>(a)</sup> | 52218 | 2529962 |
| Elastic NV <sup>(a)</sup> | Elastic NV <sup>(a)</sup> | 20577 | 1738551 |
| Monday.com Ltd. <sup>(a)</sup> | Monday.com Ltd. <sup>(a)</sup> | 11221 | 2173395 |
| ServiceTitan, Inc. - Class A <sup>(a)</sup> | ServiceTitan, Inc. - Class A <sup>(a)</sup> | 16799 | 1693843 |
| Vertex, Inc. - Class A <sup>(a)</sup> | Vertex, Inc. - Class A <sup>(a)</sup> | 56544 | 1401726 |
|  |  |  | 13720034 |
| **Specialized REITs - 1.3%** | **Specialized REITs - 1.3%** | **Specialized REITs - 1.3%** |  |
| National Storage Affiliates Trust | National Storage Affiliates Trust | 54661 | 1651855 |
| **Specialty Retail - 3.3%** | **Specialty Retail - 3.3%** | **Specialty Retail - 3.3%** |  |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | Boot Barn Holdings, Inc. <sup>(a)</sup> | 14897 | 2468731 |
| Burlington Stores, Inc. <sup>(a)</sup> | Burlington Stores, Inc. <sup>(a)</sup> | 6579 | 1674355 |
|  |  |  | 4143086 |
| **Trading Companies & Distributors - 2.1%** | **Trading Companies & Distributors - 2.1%** | **Trading Companies & Distributors - 2.1%** |  |
| Watsco, Inc. | Watsco, Inc. | 6468 | 2615012 |
| **TOTAL COMMON STOCKS** (Cost $106,496,366) | **TOTAL COMMON STOCKS** (Cost $106,496,366) | **TOTAL COMMON STOCKS** (Cost $106,496,366) | 119875881 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.7%** | **MONEY MARKET FUNDS - 3.7%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class U, 4.07%<sup>(b)</sup> | First American Government Obligations Fund - Class U, 4.07%<sup>(b)</sup> | 4550559 | 4550559 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,550,559) | **TOTAL MONEY MARKET FUNDS** (Cost $4,550,559) | **TOTAL MONEY MARKET FUNDS** (Cost $4,550,559) | 4550559 |
| **TOTAL INVESTMENTS - 100.3% (**Cost $111,046,925**)** | **TOTAL INVESTMENTS - 100.3% (**Cost $111,046,925**)** | **TOTAL INVESTMENTS - 100.3% (**Cost $111,046,925**)** | 124426440 |
| Liabilities in Excess of Other Assets - (0.3)% | Liabilities in Excess of Other Assets - (0.3)% | Liabilities in Excess of Other Assets - (0.3)% | (370808) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $124055632 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Baird Small/Mid Cap Growth Fund (the "Fund") has adopted fair value 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, 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 valuation 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 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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $119875881 | $– | $– | $119875881 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4550559 | – | – | 4550559 |
| Total Investments | $124426440 | $– | $– | $124426440 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | 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 core financial statements. <br>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Baird Funds Inc

- **b. Investment Company Act file number:** 811-09997

- **c. CIK number of Registrant:** 0001282693

- **d. LEI of Registrant:** 5493007JR2NWYBC7PO06

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 777 East Wisconsin Avenue

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4147653614

**Item A.2. Information about the Series.**

- **a. Name of Series:** Baird Small/Mid Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000063403

- **c. LEI of Series:** 549300TY4W2QH8N3UI32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $125464307.78

**Total Liabilities:** $1132139.02

**Net Assets:** $124332168.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205477 | -0.19%               | 0.00%                | -3.11%               |
| Class ID C000205478 | -0.19%               | 0.00%                | -3.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $818639.23               | $-960801.79                                |
| Month 2  | $869396.77               | $-1000402.60                               |
| Month 3  | $822482.14               | $-4855051.20                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alignment Healthcare Inc       | Alignment Healthcare Inc                   | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85782 | NS      | $1496895.90   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     29911 | NS      | $1663948.93   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc                     | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     14897 | NS      | $2468730.84   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc     | Casey's General Stores Inc                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      7966 | NS      | $4503339.12   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc             | Houlihan Lokey Inc                         | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     12871 | NS      | $2642673.72   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems Inc                | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     15074 | NS      | $1118490.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                     | Twilio Inc                                 | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     16965 | NS      | $1698026.85   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The           | Vita Coco Co Inc/The                       | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     68409 | NS      | $2905330.23   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                | Astera Labs Inc                            | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |     15431 | NS      | $3021389.80   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc             | ADMA Biologics Inc                         | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60207 | NS      | $882634.62    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc            | Affirm Holdings Inc                        | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21681 | NS      | $1584447.48   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc        | ExlService Holdings Inc                    | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     55357 | NS      | $2437368.71   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5556205 | NS      | $5556204.83   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                   | Glaukos Corp                               | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     19696 | NS      | $1606208.80   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc       | Lennox International Inc                   | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      3436 | NS      | $1818880.96   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol | MACOM Technology Solutions Holdings Inc    | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14675 | NS      | $1826890.75   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc             | Planet Fitness Inc                         | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     13451 | NS      | $1396213.80   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                              | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     14786 | NS      | $1976444.62   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd          | CyberArk Software Ltd                      | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |      5188 | NS      | $2506582.20   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd                             | CUSIP: N/A<br>LEI: 984500MDAFVD86E3B328       | Long             | EC               | CORP              | IL        |     11221 | NS      | $2173395.49   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                     | Elastic NV                                 | CUSIP: N/A<br>LEI: 2549003I48WHHH937I59       | Long             | EC               | CORP              | US        |     20577 | NS      | $1738550.73   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     17346 | NS      | $1617514.50   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc                       | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     29201 | NS      | $5383788.37   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc               | Badger Meter Inc                           | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     12741 | NS      | $2275287.78   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc            | BellRing Brands Inc                        | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     23132 | NS      | $840848.20    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc          | Burlington Stores Inc                      | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      6579 | NS      | $1674355.50   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                 | Cava Group Inc                             | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23957 | NS      | $1447242.37   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc            | Churchill Downs Inc                        | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     25687 | NS      | $2491895.87   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th | Descartes Systems Group Inc/The            | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     17786 | NS      | $1675974.78   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                             | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     76936 | NS      | $2877406.40   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     52218 | NS      | $2529962.10   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                 | elf Beauty Inc                             | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     16386 | NS      | $2170817.28   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     47966 | NS      | $2435713.48   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp            | Exact Sciences Corp                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     41326 | NS      | $2260945.46   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp                        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     14508 | NS      | $1726306.92   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed Inc                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     13358 | NS      | $1923685.58   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      7711 | NS      | $2380617.03   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc                  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      4688 | NS      | $1993618.88   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr | National Storage Affiliates Trust          | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     54661 | NS      | $1651855.42   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc     | Neurocrine Biosciences Inc                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     26999 | NS      | $3790119.62   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc               | ServiceTitan Inc                           | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16799 | NS      | $1693843.17   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc            | Shift4 Payments Inc                        | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35085 | NS      | $2715579.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc   | Simpson Manufacturing Co Inc               | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     11267 | NS      | $1886771.82   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc          | SoFi Technologies Inc                      | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     71719 | NS      | $1894815.98   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc     | Tarsus Pharmaceuticals Inc                 | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32359 | NS      | $1923095.37   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UL Solutions Inc               | UL Solutions Inc                           | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |     31279 | NS      | $2216429.94   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                     | Vertex Inc                                 | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     56544 | NS      | $1401725.76   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                     | Watsco Inc                                 | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      6468 | NS      | $2615012.40   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp                       | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48773 | NS      | $1849472.16   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                   | Wingstop Inc                               | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      4094 | NS      | $1030377.92   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                 | Dutch Bros Inc                             | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51726 | NS      | $2707338.84   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     18560 | NS      | $1758931.20   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant Inc                                 | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      8123 | NS      | $2417242.34   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                    | Masimo Corp                                | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     18644 | NS      | $2750922.20   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                       | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     29206 | NS      | $1312225.58   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc               | Viper Energy Inc                           | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47039 | NS      | $1797830.58   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                   | Penumbra Inc                               | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     12987 | NS      | $3289866.84   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-22

**Name of Applicant:** Baird Funds Inc

**Signature:** Baird Funds Inc

**Name of Signer:** Peter Hammond

**Title:** Vice President