# EDGAR Filing Document

**Accession Number:** 0001282693
**File Stem:** 0000898531-23-000128
**Filing Date:** 2023-3
**Character Count:** 2124578
**Document Hash:** 50570ded0e4d279a0eed4f8dd6509577
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000128.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0000898531-23-000128

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAIRD FUNDS INC
- **CENTRAL INDEX KEY:** 0001282693
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09997
- **FILM NUMBER:** 23715236

**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 Aggregate Bond Fund (Series ID: S000000753)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002163 | Institutional | BAGIX           |
| C000002164 | Investor      | BAGSX           |

### Baird Core Plus Bond Fund (Series ID: S000000754)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002165 | Institutional | BCOIX           |
| C000002166 | Investor      | BCOSX           |

### Baird Intermediate Bond Fund (Series ID: S000000755)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002167 | Institutional | BIMIX           |
| C000002168 | Investor      | BIMSX           |

### Baird Quality Intermediate Municipal Bond Fund (Series ID: S000000756)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002169 | Institutional | BMBIX           |
| C000002170 | Investor      | BMBSX           |

### Baird Short-Term Bond Fund (Series ID: S000000757)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002171 | Institutional  | BSBIX           |
| C000118526 | Investor Class | BSBSX           |

### Baird Mid Cap Growth Fund (Series ID: S000000759)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002174 | Institutional | BMDIX           |
| C000002175 | Investor      | BMDSX           |

### Baird Equity Opportunity Fund (Series ID: S000036810)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000112568 | Investor Class      | BSVSX           |
| C000112569 | Institutional Class | BSVIX           |

### Baird Ultra Short Bond Fund (Series ID: S000043689)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000135467 | Institutional Class | BUBIX           |
| C000135468 | Investor Class      | BUBSX           |

### Baird Short-Term Municipal Bond Fund (Series ID: S000050575)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159636 | Institutional Class | BTMIX           |
| C000159637 | Investor Class      | BTMSX           |

### Baird Core Intermediate Municipal Bond Fund (Series ID: S000050576)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159638 | Institutional Class | BMNIX           |
| C000159639 | Investor Class      | BMNSX           |

### Chautauqua Global Growth Fund (Series ID: S000053415)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168049 | Investor Class      | CCGSX           |
| C000168050 | Institutional Class | CCGIX           |

### Chautauqua International Growth Fund (Series ID: S000053416)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168051 | Investor Class      | CCWSX           |
| C000168052 | Institutional Class | CCWIX           |

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

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

### Baird Strategic Municipal Bond Fund (Series ID: S000067039)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000215708 | Institutional | BSNIX           |
| C000215709 | Investor      | BSNSX           |

### Baird Municipal Bond Fund (Series ID: S000067040)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000215710 | Institutional | BMQIX           |
| C000215711 | Investor      | BMQSX           |

As filed with the U.S. Securities and Exchange Commission on March 8, 2023

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES

Investment Company Act file number **<u>811-09997</u>**

**<u>Baird Funds, Inc.</u>**<br> (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: **<u>December 31</u>**

Date of reporting period: **<u>December 31, 2022</u>**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](baird-logo.jpg)

## Annual Report –

## Baird Funds
December 31, 2022

#### Taxable Bond Funds
&nbsp;&nbsp;&nbsp;&nbsp;Baird Ultra Short Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Short-Term Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Intermediate Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Aggregate Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Core Plus Bond Fund

#### Municipal Bond Funds
&nbsp;&nbsp;&nbsp;&nbsp;Baird Short-Term Municipal Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Strategic Municipal Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Quality Intermediate Municipal Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Core Intermediate Municipal Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;Baird Municipal Bond Fund

---

| | | |
|:---|:---|:---|
| Go Green. | ![](baird-gogreenlogo.jpg) | Go Paperless. |

---

Sign up to receive your Baird Funds' prospectuses and reports online.

------

**Table of Contents**

---

| | |
|:---|:---|
| Letter to Shareholders | 1 |
| 2022 Bond Market Overview | 2 |
| Baird Ultra Short Bond Fund | 5 |
| Baird Short-Term Bond Fund | 16 |
| Baird Intermediate Bond Fund | 29 |
| Baird Aggregate Bond Fund | 47 |
| Baird Core Plus Bond Fund | 78 |
| 2022 Municipal Bond Market Overview | 107 |
| Baird Short-Term Municipal Bond Fund | 109 |
| Baird Strategic Municipal Bond Fund | 139 |
| Baird Quality Intermediate Municipal Bond Fund | 155 |
| Baird Core Intermediate Municipal Bond Fund | 172 |
| Baird Municipal Bond Fund | 207 |
| Additional Information on Fund Expenses | 217 |
| Statements of Assets and Liabilities | 218 |
| Statements of Operations | 220 |
| Statements of Changes in Net Assets | 222 |
| Financial Highlights | 227 |
| Notes to the Financial Statements | 247 |
| Report of Independent Registered Public Accounting Firm | 258 |
| Directors and Officers | 259 |
| Disclosure Regarding the Board of Directors' Approval of the Investment Advisory Agreement for Baird Bond Funds | 261 |
| Additional Information | 263 |
| Privacy Notice | A-1 |

---

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

**Cautionary Note on Analyses, Opinions and Outlooks:** In this report we offer analyses and opinions on the performance of individual securities, companies, industries, sectors, markets, interest rates, asset classes, types of fixed income securities and governmental policies, including predictions, forecasts and outlooks regarding possible future events. These can generally be identified as such because the context of the statements may include such words as "believe," "should," "will," "expects," "anticipates," "hopes" and words of similar effect. These statements reflect the portfolio managers' good faith beliefs and judgments and involve risks and uncertainties, including the risk that the portfolio managers' analyses, opinions and outlooks are or will prove to be inaccurate. It is inherently difficult to correctly assess and explain the performance of particular securities, sectors, markets, interest rate movements, governmental actions or general economic trends and conditions, and many unforeseen factors contribute to the performance of Baird Funds. Investors are, therefore, cautioned not to place undue reliance on subjective judgments contained in this report.

------

![](baird-logo.jpg)

Baird Funds

1-866-442-2473

www.bairdfunds.com

February 27, 2023

Dear Shareholder,

There is no way to sugar coat it. 2022 proved to be an historically difficult environment for bond investors as interest rates rose sharply in response to rising inflation and the US Federal Reserve's policy actions to combat that inflation. While it certainly was a challenging year, we focused on maintaining layers of liquidity in our Bond Funds and were able to take advantage of attractive opportunities the volatile environment presented.

While the 2022 financial markets challenged nominal returns, we are pleased with the consistency of our work and the performance of the Baird Bond Funds relative to their benchmarks. As we look back on the year, we are reminded of the power of our all-season strategy that produced these results for our Fund investors in a year with a lot of weather, reinforcing our belief that our bottom-up investment approach, focused on the risk control discipline that we pioneered and are known for, remains a prudent path.

We are mindful that we continue to operate in an elevated risk environment and are committed to judicious management of your assets. Our team has never been stronger and we continue to play offense by focusing every day on serving our investors, including ongoing investments in our people and the systems and technology they utilize to deliver results and provide service to you.

While the challenging bond market reduced the Baird Bond Funds' AUM at year end to $84.7 billion as rates rose and bond prices fell, we are pleased with our investors' continued use of our products to meet their fixed income needs. As we look ahead, it is our expectation that 2023 will bring some needed relief to bond investors. The increase in rates during 2022 and widening spreads have given all of the Baird Bond Funds attractive income and yield advantages over their respective benchmarks. We will work diligently during 2023 to convert that yield advantage into total return.

We are honored to serve as your fixed income manager and we never lose sight of the fact that our success rests on the trust you have placed in us to be effective stewards of your assets. We are truly grateful for our relationship with you and are committed to delivering competitive performance, exceptional client service and timely and transparent communication to you.

Sincerely,

![](mary_stanek-signature.jpg)

Mary Ellen Stanek, CFA

President

Baird Funds

------

2022 Bond Market Overview

(Unaudited)

------

The Fed viewed the inflation spike in 2021 as transitory (CPI rose from 1.4% to 7.0% on a YoY basis), but it continued to rise further and proved more persistent than expected in 2022, peaking in June at 9.1% YoY. By the Spring, the Fed's view on inflation had shifted and a very aggressive monetary policy ensued. Between March 2022 and year end, the Fed hiked rates seven times for a total increase of 425 bps (much more than the roughly 80 bps total the Fed and market had anticipated at the start of the year) designed to bring inflation back to its long-term target of 2%. Treasury yields reacted in historic fashion to both the inflation data and the aggressive policy changes by pushing up rates across the curve. The benchmark 10yr yield climbed 237 bps in 2022, its biggest annual move since the 1950s, and finished at 3.88%, down modestly from the October intra-year peak of 4.25%. Even greater, 2yr yields rose 369 bps to close the year at 4.43%, resulting in a persistently inverted yield curve from July through year end. The upward trajectory in inflation was exacerbated by global events, specifically the war in Ukraine and China's zero-COVID-19 policy (concluded in December). Russia's invasion led to higher global food and energy prices while China's lockdowns allowed supply chain constraints to persist. For relief, President Biden released an estimated 165 million barrels of oil from the US Strategic Petroleum Reserve which, along with a slowing global economy, helped lower the price of West Texas Intermediate (WTI) Crude from a peak of $124/bbl to $80/bbl at year end. In addition, the Inflation Reduction Act, named in a nod to voter concerns, was primarily focused on clean energy investments and an extension of Affordable Care Act subsidies. Negative fixed income returns driven by the sharp increase in rates in 2022 contributed to record redemptions from fixed income funds. Bond funds experienced $331B of net redemptions (following record inflows in 2021 of $592B), according to ICI data. Short maturity funds, the yields of which are most closely tied to the federal funds rate, bore the brunt of investment grade ("IG") outflows as over 10% of category assets exited. The High Yield category also lost nearly 12% of total AUM.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ![](bfif-ltrchart1.jpg)  | **Treasury Yields** | **Treasury Yields** | **Treasury Yields** | **Treasury Yields** | **Treasury Yields** | **Treasury Yields** |
| ![](bfif-ltrchart1.jpg)  |  |  |  |  |  |  |
| ![](bfif-ltrchart1.jpg)  | **<u>Maturity</u>** | **<u>12/31/21</u>** | **<u>9/30/22</u>** | **<u>12/31/22</u>** | **<u>Q4 Change</u>** | **<u>2022 Change</u>** |
| ![](bfif-ltrchart1.jpg)  | 3 Mo | 0.06% | 3.29% | 4.41% | 1.12% | 4.35% |
| ![](bfif-ltrchart1.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;1 | 0.39% | 4.05% | 4.73% | 0.68% | 4.34% |
| ![](bfif-ltrchart1.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;2 | 0.74% | 4.28% | 4.43% | 0.15% | 3.69% |
| ![](bfif-ltrchart1.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;3 | 0.96% | 4.29% | 4.23% | -0.06% | 3.27% |
| ![](bfif-ltrchart1.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;5 | 1.27% | 4.09% | 4.01% | -0.08% | 2.74% |
| ![](bfif-ltrchart1.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;7 | 1.44% | 3.99% | 3.97% | -0.02% | 2.53% |
| ![](bfif-ltrchart1.jpg)  | 10 | 1.51% | 3.84% | 3.88% | 0.04% | 2.37% |
| ![](bfif-ltrchart1.jpg)  | 20 | 1.94% | 4.09% | 4.15% | 0.06% | 2.21% |
| ![](bfif-ltrchart1.jpg)  | 30 | 1.91% | 3.78% | 3.97% | 0.19% | 2.06% |
| ![](bfif-ltrchart1.jpg)  |  |  |  |  |  |  |

---

#### Resilient Labor Market Boosts GDP but Impacts of Higher Rates are Emerging
The pace of Fed hikes has been faster and greater than any other tightening in the last 30 years, even without factoring in the reduction of the Fed's balance sheet (quantitative tightening (QT)). Strong labor conditions provided cover for aggressive tightening as the unemployment rate fell in 2022 from 3.9% to 3.7% and roughly five million people were hired. For many industries, labor was in short supply, particularly in the service sector. Reasons for the labor shortage included: early retirements, long-COVID-19 health challenges, immigration policies and the personal choice of workers. Wage inflation stayed above 5% as employers sought to attract and retain employees. Although US economic growth was sluggish in the first half of the year, contracting in Q1 (-1.6%) and Q2 (-0.6%) without a recession declaration, growth improved in the second half with 3.2% in Q3 and 2.9% in Q4 expected to be above 2.0%. Nonetheless, even with improving growth and a strong labor market, consumer sentiment, as measured by the University of Michigan survey, slipped from 70.6 to 59.7 over the course of the year. Housing contributed to consumer concerns as elevated property prices paired with rising mortgage rates (Freddie Mac 30yr rates rose from 3.11% to 6.41%) negatively impacted housing affordability. The duration of the Agency RMBS sector ended the year at 5.81 years, extending 1.8 years in 2022 when excluding impacts from prepayment model changes, as refinancing opportunities disappeared and prepayments slowed.

#### Wider Spreads and Elevated Volatility
Spreads widened for all major sectors during 2022. The widening was greatest in HY Corporates (+186 bps) and EM Debt (+106 bps), indicative of risk-asset repricing. IG corporate debt ended the year +38 bps wider. Corporate issuance declined 17% YoY and was the lightest total since 2019. The Financials sector experienced the largest spread widening (+57 bps), driven by a heavy $273B of issuance from US banks (+11% YoY), the highest since the Global Financial Crisis. Agency RMBS widened 20 bps for the year (and was roughly 40 bps factoring in index prepayment model changes), a notable move for a government-sponsored sector, as the Fed transitioned from QE to QT, eliminating an enormous buyer from the market. Non-Agency CMBS widened 84 bps for the year due to elevated selling pressure with larger underperformance down the capital structure (AAA CMBS index 58 bps wider on the year). US sectors, aside from HY Corporates, moved to the widest spreads of 2022 in early Q4, before tightening into year end. For example, early October IG Corporate spreads reached their 2022 high of +164 before rallying -34 bps tighter to finish the year at +130. Agency RMBS spreads reached +88 in mid-October before tightening to +51 bps, -29 bps for the full quarter. Non-Agency CMBS and ABS spreads also rallied into year-end but were wider for Q4 (+25 and +23 bps, respectively).

#### Worst Annual Return for Aggregate Index on Record
Even with solid returns in Q4, the Aggregate Index declined -13.01% for 2022 to cement the worst annual decline since its inception in 1977. It far exceeded the prior record of -2.92% set in 1994. All major bond sectors declined for the year. Agency RMBS, impacted by historically tight spreads to start the year, a sunset of Fed purchases and less demand from banks, significantly underperformed with -2.23% of excess return, second only to 2008's decline of -2.32% for the sector. Excess returns for Agency RMBS swung wildly with the sector producing both its worst (September) and best (November) monthly excess returns since data inception in 1988. Although Q4 returns were strong for the IG Corporate sector (+3.63%), nominal YTD returns were the most negative of all at -15.76%, driven in part by the longer average duration of the sector. Adjusted for duration, the lowest excess returns occurred in HY Corporates (-3.71%) in spite of 3.05% of excess returns in Q4. TIPs, a top-performing sector in 2020 and 2021, declined 11.85% in 2022 underscoring the interest rate risk of these issues despite having an imbedded inflation adjustment to principal.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Option-Adjusted Spreads (in bps)** | **Option-Adjusted Spreads (in bps)** | **Option-Adjusted Spreads (in bps)** | **Option-Adjusted Spreads (in bps)** | **Option-Adjusted Spreads (in bps)** | **Option-Adjusted Spreads (in bps)** |
|  |  |  |  | **Q4** | **YTD** |
|  | **12/31/21** | **9/30/22** | **12/31/22** | **Chg** | **Chg** |
| U.S. Aggregate Index | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;51 | -11 | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| U.S. Agency (non-mortgage) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;18 |
| Mortgage and ABS Sectors |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agency RMBS (Pass-throughs) | &nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;51 | -18 | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Agency CMBS | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Non-Agency CMBS | &nbsp;&nbsp;&nbsp;&nbsp;95 | 154 | 179 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| Corporate Sectors |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Investment Grade | &nbsp;&nbsp;&nbsp;&nbsp;92 | 159 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;-29 | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | &nbsp;&nbsp;&nbsp;&nbsp;95 | 155 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;-30 | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility | 107 | 158 | 129 | &nbsp;&nbsp;&nbsp;&nbsp;-29 | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions | &nbsp;&nbsp;&nbsp;&nbsp;83 | 166 | 140 | &nbsp;&nbsp;&nbsp;&nbsp;-26 | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Corporate Credit | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7 | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| U.S. High Yield Corporates | 283 | 552 | 469 | &nbsp;&nbsp;&nbsp;&nbsp;-83 | 186 |
| Emerging Market Debt | 581 | 824 | 687 | -137 | 106 |
| *Source: Bloomberg Indices* |  |  |  |  |  |

---

------

2022 Bond Market Overview

(Unaudited)

------

#### Total Returns of Selected Bloomberg Indices and Subsectors

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dec Total** | **Dec Excess** | **Q4 Total** | **Q4 Excess** | **2022 Total** | **2022 Excess** | **Effective** |
|  | **<u>Return</u>** | **<u>Return\*</u>** | **<u>Return</u>** | **<u>Return\*</u>** | **<u>Return</u>** | **<u>Return\*</u>** | **<u>Duration (years)</u>** |
| U.S. Aggregate Index | -0.45% | 0.07% | 1.87% | 1.03% | -13.01% | -0.99% | 6.17 |
| U.S. Gov't/Credit Index | -0.48% | 0.07% | 1.80% | 1.06% | -13.58% | -0.51% | 6.38 |
| U.S. Intermediate Gov't/Credit Index | -0.18% | 0.06% | 1.54% | 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;-8.23% | -0.29% | 3.83 |
| U.S. 1-3 Yr. Gov't/Credit Index | 0.19% | 0.00% | 0.89% | 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;-3.69% | -0.05% | 1.86 |
| U.S. Treasury | -0.52% | 0.00% | 0.72% | 0.00% | -12.46% | 0.00% | 6.09 |
| U.S. Agency (Non-Mortgage) | -0.05% | 0.02% | 0.70% | -0.20% | &nbsp;&nbsp;&nbsp;&nbsp;-7.87% | -0.91% | 3.37 |
| U.S. Agency RMBS (Pass-Throughs) | -0.44% | 0.02% | 2.14% | 1.06% | -11.81% | -2.23% | 5.81 |
| CMBS (Commercial Mortgage-Backed Sec.) | 0.04% | 0.41% | 1.02% | -0.10% | -10.91% | -1.20% | 4.61 |
| ABS (Asset-Backed Securities) | 0.66% | 0.61% | 0.81% | -0.20% | &nbsp;&nbsp;&nbsp;&nbsp;-4.30% | -0.30% | 2.86 |
| U.S. Corporate Investment Grade | -0.44% | 0.20% | 3.63% | 2.89% | -15.76% | -1.25% | 7.10 |
| U.S. High Yield Corporates | -0.62% | -0.42% <br>| 4.17% | 3.05% | -11.19% | -3.71% | 3.88 |
| Emerging Market Debt | 1.54% | 2.00% | 10.68% <br>| 9.69% | -11.99% | -1.81% | 4.97 |
| Municipal Bond Index | 0.29% | N/A | 4.10% | N/A | &nbsp;&nbsp;&nbsp;&nbsp;-8.53% | N/A | 6.19 |
| TIPS (Treasury Inflation Protected Sec.) | -1.02% | 0.00% | 2.04% | 0.00% | -11.85% | 0.00% | 6.60 |

---

\* Excess return represents the return of a spread sector versus a like-duration U.S. Treasury.

#### 2023 Outlook
As we enter the new year, we expect that the modest economic momentum from the second half of 2022 will carry into early 2023 but that growth will slow as the year progresses. We know that monetary policy acts with long and variable lags, but it is likely the aggressive Fed tightening of 2022, combined with that of other global central bank tightening measures, will lead to an economic slowdown, if not a mild recession in 2023. At the same time, inflation should also slow, but to what level remains the key question. While modest additional rate hikes are anticipated in coming months, the Fed's focus going forward is less about "how high" the federal funds rate may go, but instead "how long" it may remain restrictive. Fed Chair Powell has been clear in seeking to avoid the mistakes of the 1970s when the Fed eased too soon only to see inflation reemerge and rise to new heights. A "higher for longer" federal funds rate should translate into a flatter (even inverted) Treasury curve for much of the year. However, with most of the Fed's rate hikes over we expect the extreme price volatility of the fixed income markets to moderate.

The massive repricing of the fixed income markets in 2022 provides for a much more favorable backdrop for investors in the new year. The rise in Treasury yields and wider credit spreads that produced negative returns last year now offer investors additional income for perhaps years to come. A diligent focus on valuations and risk remains critical to successfully managing through the still challenging waters ahead. To this point, a slowing economy will pressure corporate earnings, but credit fundamentals of the IG Corporate sector are solid, showcasing good relative value. If credit spreads come under additional pressure in 2023, expectations for moderate new supply combined with the additional yield the sector now offers should provide a beneficial offset. The Fed's cessation of Agency RMBS purchases offered buying opportunities in early Q4 2022 before a robust rally occurred into year end. Following that rally, investors should be patient in 2023 and require additional spread compensation given the Fed's absence.

<u>Disclosures</u>

*This is not a complete analysis of every material fact regarding any company, industry or security. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy.*

*Fixed income is generally considered to be a more conservative investment than stocks, but bonds and other fixed income investments still carry a variety of risks such as interest rate risk, credit risk, inflation risk, and liquidity risk. In a rising interest rate environment, the value of fixed-income securities generally decline and conversely, in a falling interest rate environment, the value of fixed-income securities generally increase. High yield securities may be subject to heightened market, interest rate or credit risk and should not be purchased solely because of the stated yield.*

*Indices are unmanaged, and are not available for direct investment. Past performance is not a guarantee of future results.*

*The Bloomberg U.S. Aggregate Bond Index is an index comprised of approximately 6000 publicly traded bonds including U.S. Government, mortgage-backed, corporate, and Yankee bonds with an average maturity of approximately 10 years.*

*The Bloomberg Government/Credit Index is a combination of the Government Index which measures government-bond general and Treasury funds, and the Credit Bond Index, which is a market value-weighted index which tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC registered, investment grade Corporate Debt.*

*The Bloomberg Intermediate U.S. Government/Credit Bond Index is a combination of the Government Index which measures government-bond general and Treasury funds, and the Credit Bond Index, which is a market value-weighted index which tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC registered, investment grade Corporate Debt with maturities between one and ten years.*

*The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is a combination of the Government Index which measures government-bond general and Treasury funds, and the Credit Bond Index, which is a market value-weighted index which tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC registered, investment grade Corporate Debt with maturities between zero and three years.*

*The Bloomberg U.S. Treasury Index includes public obligations of the U.S. Treasury. Treasury bills are excluded by the maturity constraint of at least one year but are part of a separate Short Treasury Index. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting. Securities in the Index roll up to the U.S. Aggregate, U.S. Universal, and Global Aggregate Indices. The U.S. Treasury Index was launched on January 1, 1973.*

*U.S. Agency: This index is the U.S. Agency component of the U.S. Government/Credit index. Publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government (such as USAID securities). The largest issues are Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System (FHLB). The index includes both callable and non-callable agency securities.*

------

2022 Bond Market Overview

(Unaudited)

 *

------

U.S. Corporate – Investment Grade: This index is the Corporate component of the U.S. Credit index. It includes publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.*

*CMBS (Commercial Mortgage-Backed Securities): This index is the CMBS component of the U.S. Aggregate index. The Bloomberg CMBS ERISA-Eligible Index is the ERISA-eligible component of the Bloomberg CMBS Index. This index, which includes investment grade securities that are ERISA eligible under the underwriter's exemption, is the only CMBS sector that is included in the U.S. Aggregate Index.*

*MBS (Mortgage-Backed Securities): This index is the U.S. MBS component of the U.S. Aggregate index. The MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 generic aggregates.*

*ABS (Asset-Backed Securities): This index is the ABS component of the U.S. Aggregate index. The ABS index has three subsectors: credit and charge cards, autos, and utility. The index includes pass-through, bullet, and controlled amortization structures. The ABS Index includes only the senior class of each ABS issue and the ERISA-eligible B and C tranche. The Manufactured Housing sector was removed as of January 1, 2008, and the Home Equity Loan sector was removed as of October 1, 2009.*

*Corporate High Yield: The Bloomberg U.S. High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody's, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included.*

*Emerging Market: Bloomberg uses a fixed list of countries defined as emerging markets countries for index inclusion purposes that is based on World Bank Income group definitions (Low/Middle), IMF country classifications (Non-Advanced Economies), and other advanced economies that may be less accessible or investable for global debt investors.*

*The Bloomberg Municipal Bond Index is a broad-based, total-return index. The bonds are all investment-grade, tax-exempt, and fixed-rate securities with long-term maturities (greater than 2 years). They are selected from issues larger than $50 million.*

*The Bloomberg TIPS Index consists of Treasury Inflation Protected Securities (TIPS). TIPS are securities whose principal is tied to the Consumer Price Index. TIPS pay interest semi-annually, based on the fixed rate applied to the adjusted principal.*

*Ratings are measured on a scale that ranges from AAA or Aaa (highest) to D or C (lowest). Investment grade investments are those rated from highest down to BBB- or Baa3.*

------

Baird Ultra Short Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Ultra Short Bond Fund seeks current income consistent with preservation of capital. The Fund's primary benchmark index against which it measures performance is the Bloomberg U.S. Short-Term Government/Corporate Bond Index. The Bloomberg U.S. Short-Term Government/Corporate Bond Index is an unmanaged, market value weighted index of investment grade fixed debt, including government and corporate securities, with maturities of less than one year.

The Fed viewed the inflation spike in 2021 as transitory but it continued to rise further and proved more persistent than expected in 2022. By the spring, the Fed's view on inflation had shifted and a very aggressive monetary policy ensued. Between March 2022 and year end, the Fed hiked rates seven times for a total increase of 425 bps designed to bring inflation back to the Fed's long-term target of 2%. Treasury yields reacted in historic fashion to both the inflation data and the aggressive policy changes and rates rose sharply across the curve. The benchmark 10-year Treasury yield climbed 237 bps in 2022, its biggest annual move since the 1950s, and finished the year at 3.88%. The 2-year Treasury yield exhibited an even greater increase of 369 bps, to close the year at 4.43%. The combination of the increase in 2-year and 10-year yields resulted in a persistently inverted yield curve from July through year end. The upward trajectory in inflation was exacerbated by global events, specifically the war in Ukraine and China's zero-COVID-19 policy. Russia's invasion led to higher global food and energy prices, while China's lockdowns allowed supply chain constraints to persist. For relief, President Biden released an estimated 165 million barrels of oil from the US Strategic Petroleum Reserve which, along with a slowing global economy, helped lower the price of West Texas Intermediate (WTI) Crude oil, a key benchmark of oil prices. Negative fixed income returns driven by the sharp increase in rates in 2022 contributed to record redemptions from bond funds, which experienced $331 billion of net redemptions (following record inflows in 2021 of $592 billion).

During 2022, the Institutional Class Shares of the Fund (BUBIX) posted a net return of 0.96% vs. a 0.69% return for the Bloomberg Short-Term U.S. Government/Corporate Bond Index.

Contributors to the Fund's relative performance during the year include:

Credit – Positive

• Positive – Overweight investment grade credit

• Positive – Active positioning within investment grade credit

o Positive – Overweight short (<1.5 year) BBB credit

Securitized – Positive overall

• Positive – Overweight asset-backed securities (ABS) and non-agency commercial mortgage-backed securities (CMBS) at the top of the capital structure

• Modest negative – Overweight non-agency residential mortgage-backed securities (RMBS) at the top of the capital structure

Yield Curve – Neutral

The massive repricing of the fixed income markets in 2022 provides for a more favorable backdrop for investors in 2023. As we enter the new year, we expect the economic momentum from the second half of 2022 will carry into early 2023 but then fade as the aggressive Fed tightening leads to an economic slowdown, if not a mild recession later in 2023. Yet, inflation should also slow, but to what level remains the key question. The Fed's focus going forward is less about "how high" the federal funds rate may go, but instead "how long" it may need to stay at this peak (terminal) rate. A "higher for longer" federal funds rate should translate into the inverted Treasury curve likely continuing for 2023. However, with most of the Fed's rate hikes behind us, we expect the extreme price volatility of the fixed income markets to moderate. The 2022 rise in Treasury yields and wider credit spreads likely offer investors additional income for years to come. A diligent focus on valuations and risk management remains critical, as a slowing economy will pressure corporate earnings. However, corporate credit fundamentals are currently on solid footing, and even if credit spreads widen further, expectations for moderate supply, combined with the additional yield the sector now offers, should be a beneficial offset.

In 2022, we modestly increased the Fund's overweight to investment grade corporate credit at wider spreads favoring the financial sector. We modestly increased the Fund's exposure to securitized sectors at the top of the capital structure given attractive relative valuations and the continued broad sector diversification benefit they provide to the overall portfolio. The Fund remains duration neutral relative to its benchmark.

------

Baird Ultra Short Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(6)</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | **Net Assets** | $5607610313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | **SEC 30-Day Yield<sup>(3)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | Institutional Class (Subsidized) | 4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | Institutional Class (Unsubsidized) | 4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | Investor Class (Subsidized) | 3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | Investor Class (Unsubsidized) | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | **Average Effective Duration** | 0.54 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | **Average Effective Maturity** | 0.60 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | **Annualized Expense Ratio<sup>(4)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | **<u>Gross</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](busbf_qd-piechart.jpg)  | Institutional Class | 0.30% |
|  | Investor Class | 0.55%<br><sup>(5)</sup> |
| **Sector Weightings<sup>(1)</sup>** |  |  |
|  | **<u>Net</u>** |  |
| ![](busbf_sw-piechart.jpg)  | Institutional Class | 0.15% |
| ![](busbf_sw-piechart.jpg)  | Investor Class | 0.40%<br><sup>(5)</sup> |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  | **Portfolio Turnover Rate** | 104% |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  | **Number of Holdings** | 295 |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |
| ![](busbf_sw-piechart.jpg)  |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(4)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022. The Advisor has contractually agreed to waive management fees in an amount equal to an annual rate of 0.15% of average daily net assets for the Fund, at least through April 30, 2024. The agreement may only be terminated prior to the end of this term by or with the consent of the Board of Directors of Baird Funds, Inc.

<sup>(5)</sup> Includes 0.25% 12b-1 fee.

<sup>(6)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Ultra Short Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](busbf_inst-linechart.jpg) | ![](busbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/13, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/13, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Five** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | 0.96% | 0.94% | 1.57% | 1.36% |
| Investor Class Shares | 0.70% | 0.77% | 1.35% | 1.13% |
| Bloomberg U.S. Short-Term Government/Corporate Index<sup>(2)</sup> | 0.69% | 0.70% | 1.35% | 1.00% |

---

<sup>(1)</sup> For the period from December 31, 2013 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg U.S. Short-Term Government/Corporate Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities less than one year. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's gross and net expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as "high yield" bonds). While these types of securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **U.S. Treasury Securities** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 04/30/2023 | $120000000 | $118350000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 05/31/2023 | 265000000 | 260269337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 06/30/2023 | 150000000 | 146671875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 06/30/2023 | 100000000 | 99042969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 07/15/2023 | 310000000 | 302467967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 10/31/2023 | 100000000 | 96433594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 11/15/2023 | 195000000 | 187504687 |  |
| **Total U.S. Treasury Securities** |  |  |  |
| **(Cost $1,217,764,157)** |  | 1210740429 | 21.6% |
| **Corporate Bonds** |  |  |  |
| **Industrials** |  |  |  |
| American Tower Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/31/2023 | 3622000 | 3617643 |  |
| AmerisourceBergen Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.737%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 13327000 | 13214725 |  |
| Avery Dennison Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 5561000 | 5525272 |  |
| Bayer US Finance II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2023)<sup>(1)(2)</sup> | 20078000 | 19786232 |  |
| Berry Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.950%, 02/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2024) | 10910000 | 10338770 |  |
| Boeing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.167%, 02/04/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 20000000 | 19923177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.508%, 05/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2023) | 7650000 | 7635766 |  |
| British Telecommunications PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/04/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/04/2023)<sup>(1)</sup> | 14170000 | 14047106 |  |
| CA Technologies, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023) | 4970000 | 4936406 |  |
| Campbell Soup Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2023) | 3676000 | 3665958 |  |
| Carlisle Companies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.550%, 09/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 10000000 | 9675744 |  |
| CNH Industrial Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.950%, 07/02/2023<sup>(1)</sup> | 13844000 | 13607523 |  |
| CNH Industrial NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2023<sup>(1)</sup> | 5595000 | 5559454 |  |
| Coca-Cola Europacific Partners PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 05/05/2023<sup>(1)(2)</sup> | 18460000 | 18159054 |  |
| Conagra Brands, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 01/25/2023 | 41256000 | 41225084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 08/11/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 7000000 | 6800984 |  |
| ConocoPhillips Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 03/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 30000000 | 28995545 |  |
| Continental Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 3310000 | 3301990 |  |
| Cytec Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2023)<sup>(1)</sup> | 5000000 | 5000000 |  |
| Daimler Finance North America LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 02/22/2023<sup>(1)(2)</sup> | 7345000 | 7317748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 03/10/2023<sup>(1)(2)</sup> | 4841000 | 4814274 |  |
| DCP Midstream LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 6759000 | 6720609 |  |
| Dell International LLC / EMC Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 06/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2023) | 3008000 | 3009878 |  |
| DR Horton, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 1258000 | 1257412 |  |
| Enbridge, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2023)<sup>(1)</sup> | 4034000 | 4001323 |  |
| Energy Transfer LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) | 31959000 | 31880862 |  |
| Energy Transfer Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 17825000 | 17790742 |  |
| Eni SpA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/12/2023<sup>(1)(2)</sup> | 16865000 | 16628508 |  |
| Enterprise Products Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 13025000 | 12987095 |  |
| ERAC USA Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 11/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2023)<sup>(2)</sup> | 4640000 | 4543028 |  |
| Fidelity National Information Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 03/01/2023 | 5985000 | 5939814 |  |
| Fortune Brands Home & Security, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/21/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/21/2023) | 42945000 | 42635485 |  |
| Freeport-McMoRan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 17926000 | 17877062 |  |
| General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/02/2023 | 22499000 | 22427979 |  |
| General Motors Financial Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/05/2023 | 4075000 | 4074756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 05/09/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/09/2023) | 3880000 | 3860755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/15/2023 | 3063000 | 3050298 |  |
| Glencore Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/30/2023<sup>(1)(2)</sup> | 42243000 | 42023315 |  |
| Global Payments, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2023) | 5132000 | 5099236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2023) | 1017000 | 1010840 |  |
| Graphic Packaging International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.821%, 04/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(2)</sup> | 8950000 | 8379022 |  |
| Gray Oak Pipeline LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/15/2023<sup>(2)</sup> | 28995000 | 28204408 |  |
| GSK Consumer Healthcare |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital US LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.024%, 03/24/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/24/2023) | 14375000 | 13956141 |  |
| Heineken NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 04/01/2023<sup>(1)(2)</sup> | 15000000 | 14909539 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Hewlett Packard Enterprise Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2023) | $21585000 | $21423992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 10/02/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/02/2023) | 7900000 | 7852795 |  |
| HF Sinclair Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 10/01/2023 | 24141000 | 23637567 |  |
| Huntington Ingalls Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.670%, 08/16/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2023) | 31152000 | 30246662 |  |
| Hyatt Hotels Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 10/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 15770000 | 15328600 |  |
| Hyundai Capital America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/10/2023<sup>(1)(2)</sup> | 26456000 | 26396378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 09/18/2023<sup>(1)(2)</sup> | 2500000 | 2422832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.800%, 01/08/2024<sup>(1)(2)</sup> | 14605000 | 13897722 |  |
| Infor, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 07/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2023)<sup>(2)</sup> | 6255000 | 6108223 |  |
| International Flavors & Fragrances, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 05/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) | 6000000 | 5962463 |  |
| Kerry Group Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Services Unlimited Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/09/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(1)(2)</sup> | 24675000 | 24439443 |  |
| Kinder Morgan Energy Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 02/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2023) | 6407000 | 6320656 |  |
| Kinder Morgan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 01/15/2023 | 18562000 | 18545934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2023)<sup>(2)</sup> | 17047000 | 17056042 |  |
| Kinross Gold Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2023)<sup>(1)</sup> | 5650000 | 5672417 |  |
| Leidos, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 05/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2023) | 4545000 | 4508661 |  |
| Lennar Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/30/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/31/2024) | 3313000 | 3269869 |  |
| LYB International Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2023 | 23642000 | 23465028 |  |
| Martin Marietta Materials, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 07/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 33650000 | 32781430 |  |
| Microchip Technology, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.333%, 06/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2023) | 40207000 | 40034789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.972%, 02/15/2024 | 1375000 | 1306134 |  |
| MPLX LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2023) | 505000 | 502943 |  |
| Mylan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/15/2023<sup>(2)</sup> | 32441000 | 32416081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 11/29/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/29/2023) | 9805000 | 9703716 |  |
| National Fuel Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 30534000 | 30451866 |  |
| Nissan Motor Acceptance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 03/15/2023<sup>(1)(2)</sup> | 1700000 | 1692644 |  |
| Nissan Motor Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.043%, 09/15/2023<sup>(1)(2)</sup> | 11805000 | 11565772 |  |
| NOVA Gas Transmission Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 04/01/2023<sup>(1)</sup> | 6420000 | 6447354 |  |
| NXP BV / NXP Funding LLC / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NXP USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2024)<sup>(1)</sup> | 15386000 | 15272997 |  |
| ONEOK Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2023) | 13755000 | 13738938 |  |
| ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 09/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2023) | 2152000 | 2176018 |  |
| Oracle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 02/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 9525000 | 9495287 |  |
| Pacific National Finance Pty Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/07/2023<sup>(1)(2)</sup> | 13976000 | 13968453 |  |
| Penske Truck Leasing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/17/2023<sup>(2)</sup> | 11975000 | 11971239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 03/14/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/14/2023)<sup>(2)</sup> | 11610000 | 11548194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2023)<sup>(2)</sup> | 1225000 | 1218112 |  |
| PerkinElmer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.550%, 09/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 23935000 | 23184082 |  |
| Plains All American Pipeline LP / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PAA Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 10/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2023) | 42718000 | 42115324 |  |
| POSCO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 01/17/2023<sup>(1)(2)</sup> | 33566000 | 33532291 |  |
| Reliance Steel & Aluminum Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2023) | 22905000 | 22900978 |  |
| RELX Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/16/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/16/2023)<sup>(1)</sup> | 35342000 | 35199158 |  |
| Royalty Pharma PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 09/02/2023 | 43644000 | 42280167 |  |
| Ryder System, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) | 19428000 | 19372439 |  |
| SES SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 04/04/2023<sup>(1)(2)</sup> | 29924000 | 29654792 |  |
| Shire Acquisitions Investments Ireland DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 09/23/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2023)<sup>(1)</sup> | 5029000 | 4942002 |  |
| Skyworks Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.900%, 06/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) | 34209000 | 33531871 |  |
| Sprint Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 09/15/2023 | 40195000 | 40761950 |  |
| Stellantis NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2023 | 42122000 | 42067241 |  |
| Teck Resources Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(1)</sup> | 7597000 | 7587808 |  |
| Teledyne Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 04/01/2023 | 23400000 | 23115472 |  |
| Thermo Fisher Scientific, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.797%, 10/18/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 25000000 | 24193821 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Time Warner Entertainment Co. LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.375%, 03/15/2023 | $16180000 | $16281057 |  |
| Toll Brothers Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 3000000 | 2985277 |  |
| Triton Container International Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.800%, 08/01/2023<sup>(1)(2)</sup> | 44377000 | 42825576 |  |
| Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.706%, 05/15/2025 (3 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.100%) (Callable 03/15/2025)<sup>(3)</sup> | 4000000 | 4031719 |  |
| Vodafone Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 02/19/2023<sup>(1)</sup> | 4306000 | 4295509 |  |
| Volkswagen Group of America Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/12/2023<sup>(1)(2)</sup> | 14666000 | 14548678 |  |
| Wabtec Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) | 11889000 | 11699025 |  |
| Walgreens Boots Alliance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.950%, 11/17/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 30000000 | 28876102 |  |
| Walt Disney Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.875%, 04/26/2023 | 2450000 | 2477941 |  |
| Warnermedia Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.428%, 03/15/2024<sup>(2)</sup> | 3220000 | 3126340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.528%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2023)<sup>(2)</sup> | 19348000 | 18755155 |  |
| Whirlpool Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/01/2023 | 10609000 | 10589726 |  |
| **Total Industrials** |  |  |  |
| **(Cost $1,658,843,125)** |  | 1647195314 | 29.4% |
| **Utilities** |  |  |  |
| Alliant Energy Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023)<sup>(2)</sup> | 14870000 | 14766716 |  |
| Black Hills Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/30/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/30/2023) | 5846000 | 5812757 |  |
| CenterPoint Energy Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.700%, 03/02/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 6984000 | 6933624 |  |
| Dominion Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 01/15/2023<sup>(2)</sup> | 45010000 | 44963081 |  |
| Evergy Metro, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 2883000 | 2873355 |  |
| Eversource Energy, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) | 2330000 | 2318118 |  |
| Georgia Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/15/2023 | 6431000 | 6451558 |  |
| Indiana Michigan Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 11336000 | 11297016 |  |
| ITC Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 07/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2023)<sup>(1)</sup> | 3925000 | 3892423 |  |
| Public Service Enterprise Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.841%, 11/08/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 9910000 | 9541744 |  |
| Virginia Electric and Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023) | 4672000 | 4652905 |  |
| Washington Gas Light Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.650%, 03/20/2023<sup>(1)</sup> | 9112000 | 9142364 |  |
| Xcel Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 10/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2023) | 6080000 | 5859057 |  |
| **Total Utilities** |  |  |  |
| **(Cost $129,280,688)** |  | 128504718 | 2.3% |
| **Financials** |  |  |  |
| AerCap Holdings NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/03/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/03/2023)<sup>(1)</sup> | 9925000 | 9855370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2023)<sup>(1)</sup> | 22955000 | 22803378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.150%, 10/29/2023<sup>(1)</sup> | 2200000 | 2116700 |  |
| AIB Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/12/2023<sup>(1)(2)</sup> | 6018000 | 5920733 |  |
| Air Lease Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 01/15/2023 | 1663000 | 1661418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/15/2023 | 8250000 | 8240289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/03/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/03/2023) | 31274000 | 30990736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.700%, 02/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2024) | 1100000 | 1038809 |  |
| Ally Financial, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 06/05/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/05/2023) | 3265000 | 3228009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 10/02/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/02/2023) | 32785000 | 31780629 |  |
| Aviation Capital Group LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2023)<sup>(1)(2)</sup> | 15415000 | 15289462 |  |
| Banco Bilbao Vizcaya Argentaria SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 09/18/2023<sup>(1)</sup> | 5088000 | 4927083 |  |
| Banco Santander SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.848%, 04/12/2023<sup>(1)</sup> | 8400000 | 8355069 |  |
| Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.523%, 06/14/2024 (SOFR + 0.410%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2023)<sup>(3)</sup> | 10000000 | 9763307 |  |
| Bank of Nova Scotia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.400%, 09/15/2023<sup>(1)</sup> | 28133000 | 27233156 |  |
| Barclays PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.338%, 05/16/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.356%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/16/2023)<sup>(1)(3)</sup> | 41162000 | 40879562 |  |
| BGC Partners, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/24/2023 | 24196000 | 24080827 |  |
| BNP Paribas SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2023<sup>(1)(2)</sup> | 5090000 | 5077483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.705%, 01/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 2.235%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2024)<sup>(1)(2)(3)</sup> | 10000000 | 9902757 |  |
| Boston Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 02/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2023) | 25005000 | 24564885 |  |
| BPCE SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 10/22/2023<sup>(1)(2)</sup> | 42593000 | 42269954 |  |
| Capital One Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 05/11/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/11/2023) | 24926000 | 24723590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.343%, 12/06/2024 (SOFR + 0.690%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/06/2023)<sup>(3)</sup> | 5305000 | 5080026 |  |
| Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.776%, 10/30/2024 (SOFR + 0.686%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/30/2023)<sup>(3)</sup> | 52580000 | 50391307 |  |
| Cooperatieve Rabobank UA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/01/2023<sup>(1)</sup> | 6048000 | 6003664 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Credit Suisse AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 05/05/2023<sup>(1)</sup> | $6425000 | $6273177 |  |
| Credit Suisse Group AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.207%, 06/12/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.240%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/12/2023)<sup>(1)(2)(3)</sup> | 20842000 | 20323182 |  |
| Danske Bank A/S: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/12/2023<sup>(1)(2)</sup> | 1995000 | 1969960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.773%, 03/28/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.450%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/28/2024)<sup>(1)(2)(3)</sup> | 16615000 | 16105601 |  |
| Deutsche Bank AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 02/27/2023<sup>(1)</sup> | 1759000 | 1752925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.222%, 09/18/2024 (SOFR + 2.159%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/18/2023)<sup>(1)(3)</sup> | 42078000 | 40647694 |  |
| Discover Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 02/06/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 42018000 | 41940288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.682%, 08/09/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year Swap Rate USD + 1.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2023)<sup>(3)</sup> | 10189000 | 9780753 |  |
| F.N.B. Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 02/24/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 23758000 | 23638461 |  |
| First Horizon National Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 05/26/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/26/2023) | 26728000 | 26557129 |  |
| Five Corners Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.419%, 11/15/2023<sup>(2)</sup> | 1000000 | 991334 |  |
| Globe Life, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 05/15/2023 | 1975000 | 1997189 |  |
| Goldman Sachs Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.217%, 12/06/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/05/2023) | 5000000 | 4826293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.673%, 03/08/2024 (SOFR + 0.572%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2023)<sup>(3)</sup> | 8755000 | 8661099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.925%, 10/21/2024 (SOFR + 0.486%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/21/2023)<sup>(3)</sup> | 16930000 | 16256872 |  |
| Host Hotels & Resorts LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2024) | 8470000 | 8246479 |  |
| HSBC Holdings PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 05/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.987%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2023)<sup>(1)(3)</sup> | 19465000 | 19312853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 03/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.211%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/11/2024)<sup>(1)(3)</sup> | 18350000 | 17844234 |  |
| Humana, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 08/03/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2023) | 20000000 | 19483591 |  |
| ING Bank NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 09/25/2023<sup>(1)(2)</sup> | 9300000 | 9287535 |  |
| JPMorgan Chase & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.797%, 07/23/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.890%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2023)<sup>(3)</sup> | 25174000 | 24922686 |  |
| Liberty Mutual Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/15/2023<sup>(2)</sup> | 34405000 | 34159925 |  |
| Lloyds Bank PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.695%, 05/11/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/11/2023)<sup>(1)(3)</sup> | 4591000 | 4502916 |  |
| Markel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/30/2023 | 1520000 | 1514580 |  |
| Metropolitan Tower Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 01/15/2024<sup>(2)</sup> | 2600000 | 2641329 |  |
| Mitsubishi UFJ Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.455%, 03/02/2023<sup>(1)</sup> | 22237000 | 22189620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.848%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.680%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2023)<sup>(1)(3)</sup> | 15700000 | 15155304 |  |
| Mizuho Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.241%, 07/10/2024 (SOFR + 1.252%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/10/2023)<sup>(1)(3)</sup> | 22209000 | 21673961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.922%, 09/11/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2023)<sup>(1)(3)</sup> | 21756000 | 21410168 |  |
| Morgan Stanley: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/25/2023 | 25995000 | 25941641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.766%, 11/10/2023 (SOFR + 0.466%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/10/2023)<sup>(3)</sup> | 23014000 | 22946460 |  |
| National Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.100%, 02/01/2023<sup>(1)</sup> | 1540000 | 1536658 |  |
| Nationwide Building Society: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.766%, 03/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.064%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2023)<sup>(1)(2)(3)</sup> | 8900000 | 8851632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.363%, 08/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.392%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023)<sup>(1)(2)(3)</sup> | 27669000 | 27311346 |  |
| NatWest Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.359%, 05/22/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.150%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/22/2023)<sup>(1)(3)</sup> | 10488000 | 10329044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.519%, 06/25/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/25/2023)<sup>(1)(3)</sup> | 19340000 | 19162730 |  |
| New England Mutual Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/15/2024<sup>(2)</sup> | 2000000 | 2043227 |  |
| Pacific Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.900%, 12/30/2023<sup>(2)</sup> | 12825000 | 13067240 |  |
| Piedmont Operating Partnership LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2023) | 25100000 | 24667732 |  |
| Reliance Standard Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 01/21/2023<sup>(1)(2)</sup> | 725000 | 723812 |  |
| SMBC Aviation Capital Finance DAC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2023)<sup>(1)(2)</sup> | 6795000 | 6723192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 04/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(1)(2)</sup> | 1675000 | 1619708 |  |
| Societe Generale SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/17/2024<sup>(1)(2)</sup> | 3270000 | 3235068 |  |
| Standard Chartered PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.885%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2023)<sup>(1)(2)(3)</sup> | 19163000 | 19071697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.991%, 01/12/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.780%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2024)<sup>(1)(2)(3)</sup> | 24490000 | 23109958 |  |
| Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/18/2023<sup>(1)</sup> | 4175000 | 4171733 |  |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.800%, 09/12/2023<sup>(1)(2)</sup> | 10729000 | 10406802 |  |
| Swedbank AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 06/02/2023<sup>(1)(2)</sup> | 6510000 | 6392898 |  |
| Trinity Acquisition PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/15/2023 | 5948000 | 5916130 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.654%, 06/02/2024 (SOFR + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/02/2023)<sup>(3)</sup> | $43150000 | $42457670 |  |
| **Total Financials** |  |  |  |
| **(Cost $1,144,847,757)** |  | 1139931719 | 20.3% |
| **Total Corporate Bonds** |  |  |  |
| **(Cost $2,932,971,570)** |  | 2915631751 | 52.0% |
| **Municipal Bonds** |  |  |  |
| City of Huron OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/07/2023 | 2275000 | 2284776 |  |
| County of Meade KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 08/01/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(4)</sup> | 19150000 | 19150000 |  |
| Golden State Tobacco Securitization Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.850%, 06/01/2031 | 4110000 | 4052290 |  |
| Louisiana Stadium & Exposition District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.872%, 07/03/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2023)<sup>(2)</sup> | 16595000 | 16251135 |  |
| New York State Dormitory Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 07/01/2023 | 1000000 | 985624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.187%, 07/01/2023 | 1500000 | 1481629 |  |
| New York State Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.600%, 11/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023) | 9390000 | 9059302 |  |
| Tender Option Bond Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.520%, 05/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(2)(4)</sup> | 5625000 | 5625000 |  |
| **Total Municipal Bonds** |  |  |  |
| **(Cost $59,401,111)** |  | 58889756 | 1.0% |
| **Residential Mortgage-Backed Securities** |  |  |  |
| **Non-U.S. Government Agency Issues** |  |  |  |
| Arroyo Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A1, 2.962%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2048 (Callable 01/25/2023)<sup>(2)(4)</sup> | 15446938 | 14120060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A1, 3.805%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2049 (Callable 01/25/2023)<sup>(2)(4)</sup> | 4809085 | 4420252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A1, 3.347%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2049 (Callable 01/25/2023)<sup>(2)(4)</sup> | 8495284 | 7863194 |  |
| Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, 1.219%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2065 (Callable 03/25/2023)<sup>(2)(4)</sup> | 9521936 | 8607996 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2056 (Callable 10/25/2028)<sup>(2)(4)</sup> | 2297018 | 2258387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2057 (Callable 02/25/2026)<sup>(2)(4)</sup> | 2787564 | 2715905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2057 (Callable 08/25/2027)<sup>(2)(4)</sup> | 2265165 | 2149036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2057 (Callable 11/25/2027)<sup>(2)(4)</sup> | 11056564 | 10546785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6, Class A1A, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 08/25/2028)<sup>(2)(4)</sup> | 14393243 | 13971942 |  |
| **Total Residential** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $71,761,143)** |  | 66653557 | 1.2% |
| **Commercial Mortgage-Backed Securities** |  |  |  |
| **Non-U.S. Government Agency Issues** |  |  |  |
| Citigroup Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-GC15, Class A4, 4.371%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/12/2046 (Callable 09/10/2023)<sup>(4)</sup> | 12325000 | 12197945 |  |
| COMM Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR12, Class A3, 3.765%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2046 (Callable 11/10/2023) | 7693221 | 7604582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR12, Class A4, 4.046%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2046 (Callable 11/10/2023) | 57244603 | 56173362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC15, Class A4, 4.006%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 7525000 | 7355028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR16, Class A4, 4.051%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 22750000 | 22173358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR11, Class A3, 3.983%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2050 (Callable 10/10/2023) | 7442694 | 7348888 |  |
| GS Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-GC14, Class A5, 4.243%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/10/2046 (Callable 06/10/2025) | 11749000 | 11632586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC20, Class A5, 3.998%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 9700000 | 9478922 |  |
| JPMBB Commercial Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class A5, 3.664%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2045 (Callable 06/15/2023) | 36013000 | 35708615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC11, Class A5, 2.960%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2046 (Callable 05/15/2023) | 22295585 | 22133862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C14, Class A4, 4.133%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2046 (Callable 08/15/2023)<sup>(4)</sup> | 28293645 | 28086753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C16, Class A4, 4.166%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2046 (Callable 11/15/2023) | 5360000 | 5284393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C17, Class A4, 4.199%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/17/2047 (Callable 01/15/2024) | 19073000 | 18763525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C18, Class A5, 4.079%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2047 (Callable 01/15/2029) | 8458000 | 8263743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20, Class A5, 3.805%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2047 (Callable 06/15/2024) | 18626000 | 18089614 |  |
| Morgan Stanley Bank of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Merrill Lynch Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C9, Class A4, 3.102%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2046 (Callable 05/15/2023) | 18145820 | 18008300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C10, Class A4, 4.070%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2046 (Callable 06/15/2028)<sup>(4)</sup> | 33705000 | 33438343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C11, Class A4, 4.198%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2046 (Callable 08/15/2023)<sup>(4)</sup> | 19025000 | 18748552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class A4, 4.259%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2046 (Callable 10/15/2023)<sup>(4)</sup> | 5182823 | 5123970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C16, Class A5, 3.892%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2047 (Callable 06/15/2026) | 10000000 | 9690909 |  |
| Wells Fargo Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC12, Class ASB, 3.928%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2046 (Callable 07/15/2023)<sup>(4)</sup> | 5355373 | 5338753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC12, Class A4, 4.218%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2046 (Callable 07/15/2023)<sup>(4)</sup> | 21087000 | 20883766 |  |
| WFRBS Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C14, Class ASB, 2.977%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/15/2046 (Callable 06/15/2023) | 28058 | 27915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C14, Class A5, 3.337%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/15/2046 (Callable 06/15/2023) | 20309445 | 20082631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C15, Class A4, 4.153%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2046 (Callable 08/15/2023)<sup>(4)</sup> | 18226000 | 18013815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C16, Class A5, 4.415%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2046 (Callable 10/15/2023) | 15000000 | 14833644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C18, Class A5, 4.162%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2046 (Callable 01/15/2024)<sup>(4)</sup> | 21870000 | 21441090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC14, Class A5, 4.045%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/15/2047 (Callable 02/15/2024) | 11543000 | 11323690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20, Class A5, 3.995%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2047 (Callable 05/15/2024) | 19835000 | 19322400 |  |
| **Total Commercial** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $488,083,719)** |  | 486572954 | 8.7% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Asset Backed Securities** |  |  |  |
| Affirm Asset Securitization Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-Z2, Class A, 1.900%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/15/2025 (Callable 04/15/2023)<sup>(2)</sup> | $20457210 | $19901778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-Z1, Class A, 1.070%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 (Callable 10/15/2023)<sup>(2)</sup> | 24740023 | 24043123 |  |
| Ally Auto Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A3, 1.930%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/15/2024 (Callable 05/15/2023) | 687470 | 686636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A2, 5.290%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 | 8500000 | 8511267 |  |
| ARI Fleet Lease Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B, Class A3, 3.430%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/16/2027 (Callable 01/15/2023)<sup>(2)</sup> | 3421837 | 3420431 |  |
| Capital One Prime Auto Receivables Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A3, 1.600%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/15/2024 (Callable 10/15/2023) | 11601679 | 11490818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A2A, 3.740%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/15/2025 | 21375000 | 21170527 |  |
| Chase Auto Credit Linked Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class B, 0.875%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2028 (Callable 03/25/2025)<sup>(2)</sup> | 18294643 | 17684835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class B, 0.889%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2028 (Callable 04/25/2025)<sup>(2)</sup> | 1008600 | 963920 |  |
| Chase Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-AA, Class A2, 3.860%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/27/2025<sup>(2)</sup> | 8875000 | 8804668 |  |
| Chase Issuance Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A1, Class A1, 1.530%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/15/2025 | 62350000 | 62280841 |  |
| Dell Equipment Finance Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A2, 4.030%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/22/2027 (Callable 03/22/2025)<sup>(2)</sup> | 20000000 | 19822272 |  |
| DLLAD LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 0.350%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/20/2024<sup>(2)</sup> | 8033469 | 7912242 |  |
| Donlen Fleet Lease Funding 2 LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2, 0.560%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/11/2034<sup>(2)</sup> | 1872572 | 1809534 |  |
| Ford Credit Auto Owner Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A, Class A4, 2.850%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024 (Callable 02/15/2023) | 5067139 | 5057949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A, 3.470%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/15/2030 (Callable 07/15/2023)<sup>(2)</sup> | 21334000 | 21043902 |  |
| Ford Credit Floorplan Master Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A, 3.170%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/15/2025 | 58225000 | 57984915 |  |
| GMF Floorplan Owner Revolving Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A, 0.680%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2025<sup>(2)</sup> | 1154000 | 1120517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class A, 0.690%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2025<sup>(2)</sup> | 7750000 | 7468101 |  |
| Honda Auto Receivables Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A2, 0.200%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/20/2024 | 3987789 | 3964630 |  |
| HPEFS Equipment Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 0.300%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/20/2028 (Callable 07/20/2024)<sup>(2)</sup> | 2875451 | 2863016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 1.020%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/21/2029 (Callable 04/20/2025)<sup>(2)</sup> | 2380554 | 2340947 |  |
| Hyundai Auto Lease Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A2, 0.810%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2024<sup>(2)</sup> | 11431909 | 11277846 |  |
| Kubota Credit Owner Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 0.310%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2024<sup>(2)</sup> | 7905274 | 7847564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A2, 0.260%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2024<sup>(2)</sup> | 8619952 | 8512478 |  |
| Marlette Funding Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A, 0.510%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/15/2031 (Callable 05/15/2025)<sup>(2)</sup> | 297599 | 296973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A, Class A, 0.650%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 (Callable 11/15/2025)<sup>(2)</sup> | 5806488 | 5730803 |  |
| MMAF Equipment Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A, Class A2, 0.740%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/09/2024<sup>(2)</sup> | 2409595 | 2384251 |  |
| NextGear Floorplan Master Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2, 1.550%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2025<sup>(2)</sup> | 18472000 | 18398007 |  |
| Nissan Auto Receivables Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B, Class A2, 4.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 | 4100000 | 4074337 |  |
| PFS Financing Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A, Class A, 1.270%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/15/2025<sup>(2)</sup> | 53266000 | 52185680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-E, Class A, 1.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2025<sup>(2)</sup> | 6251000 | 6025723 |  |
| Santander Bank Auto Credit, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class B, 5.281%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2032 (Callable 08/15/2025)<sup>(2)</sup> | 11731673 | 11453279 |  |
| Santander Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 1.833%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2031 (Callable 04/15/2025)<sup>(2)</sup> | 16720313 | 16082147 |  |
| Santander Retail Auto Lease Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A2, 0.320%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/20/2024<sup>(2)</sup> | 3196934 | 3186575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A2, 0.970%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/20/2025 (Callable 12/20/2024)<sup>(2)</sup> | 9184102 | 8970754 |  |
| SCF Equipment Leasing 2022-2 LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A, Class A2, 6.240%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/20/2028<sup>(2)</sup> | 45825000 | 45923542 |  |
| SoFi Consumer Loan Program Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1S, Class A, 6.210%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2031 (Callable 03/15/2025)<sup>(2)</sup> | 36650000 | 36652020 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-MH1, Class A1, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2058 (Callable 09/25/2024)<sup>(2)(4)</sup> | 938619 | 919789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1, 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2060 (Callable 01/25/2023)<sup>(2)(4)</sup> | 13989427 | 13021836 |  |
| Toyota Auto Loan Extended Note Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 2.560%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2031 (Callable 05/25/2024)<sup>(2)</sup> | 2910000 | 2804978 |  |
| Verizon Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B, Class A, 0.470%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/20/2025 (Callable 10/20/2023) | 11928045 | 11748368 |  |
| Wheels SPV 2 LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2, 0.510%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/20/2029 (Callable 02/20/2024)<sup>(2)</sup> | 4698564 | 4640305 |  |
| World Omni Auto Receivables Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C, Class A3, 1.960%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2024 (Callable 10/15/2023) | 3534118 | 3507736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-D, Class A2A, 5.510%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/16/2026 | 12250000 | 12276768 |  |
| **Total Asset Backed Securities** |  |  |  |
| **(Cost $603,987,557)** |  | 598268628 | 10.7% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $5,373,969,257)** |  | 5336757075 | 95.2% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Short-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Commercial Paper** |  |  |  |
| Catholic Health Initiatives, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.80%<sup>(6)</sup>, 01/11/2023 | $44600000 | $44520924 |  |
| Baptist Memorial Health Care Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 02/15/2023 | 25726000 | 25724724 |  |
| **Total Commercial Paper** |  |  |  |
| **(Cost $70,261,578)** |  | 70245648 | 1.2% |
|  | *Shares* |  |  |
| **Money Market Mutual Funds** |  |  |  |
| Fidelity Institutional Money Market |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund – Government Portfolio, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 4.10%<sup>(5)</sup> | 6655174 | 6655174 |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(5)</sup> | 262848118 | 262848118 |  |
| **Total Money Market Mutual Funds** |  |  |  |
| **(Cost $269,503,292)** |  | 269503292 | 4.8% |
| **Total Short-Term Investments** |  |  |  |
| **(Cost $339,764,870)** |  | 339748940 | 6.0% |
| **Total Investments** |  |  |  |
| **(Cost $5,713,734,127)** |  | 5676506015 | 101.2% |
| **Liabilities in Excess of Other Assets** |  | (68895702) | (1.2)% |
| **TOTAL NET ASSETS** |  | $5607610313 | 100.0% |

---

#### Notes to Schedule of Investments
CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

<sup>(1)</sup> Foreign security.

<sup>(2)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $1,312,178,255, which represented 23.40% of total net assets.

<sup>(3)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(4)</sup> Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of December 31, 2022.

<sup>(5)</sup> Seven-day yield.

<sup>(6)</sup> Effective yield as of December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Ultra Short Bond Fund

Schedule of Investments, December 31, 2022

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| U.S. Treasury Securities | $— | $1210740429 | $— | $1210740429 |
| Corporate Bonds |  | 2915631751 |  | 2915631751 |
| Municipal Bonds |  | 58889756 |  | 58889756 |
| Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 66653557 |  | 66653557 |
| Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 486572954 |  | 486572954 |
| Asset Backed Securities |  | 598268628 |  | 598268628 |
| **Total Long-Term Investments** |  | 5336757075 |  | 5336757075 |
| **Short-Term Investments** |  |  |  |  |
| Commercial Paper |  | 70245648 |  | 70245648 |
| Money Market Mutual Funds | 269503292 |  |  | 269503292 |
| **Total Short-Term Investments** | 269503292 | 70245648 |  | 339748940 |
| **Total Investments** | $269503292 | $5407002723 | $— | $5676506015 |

---

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.*

------

Baird Short-Term Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Short-Term Bond Fund seeks an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg 1-3 Year U.S. Government/Credit Bond Index. The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed rate debt issues, including government and credit securities, with maturities between one and three years.

The Fed viewed the inflation spike in 2021 as transitory but it continued to rise further and proved more persistent than expected in 2022. By the spring, the Fed's view on inflation had shifted and a very aggressive monetary policy ensued. Between March 2022 and year end, the Fed hiked rates seven times for a total increase of 425 bps designed to bring inflation back to the Fed's long-term target of 2%. Treasury yields reacted in historic fashion to both the inflation data and the aggressive policy changes and rates rose sharply across the curve. The benchmark 10-year Treasury yield climbed 237 bps in 2022, its biggest annual move since the 1950s, and finished the year at 3.88%. The 2-year Treasury yield exhibited an even greater increase of 369 bps, to close the year at 4.43%. The combination of the increase in 2-year and 10-year yields resulted in a persistently inverted yield curve from July through year end. The upward trajectory in inflation was exacerbated by global events, specifically the war in Ukraine and China's zero-COVID-19 policy. Russia's invasion led to higher global food and energy prices, while China's lockdowns allowed supply chain constraints to persist. For relief, President Biden released an estimated 165 million barrels of oil from the US Strategic Petroleum Reserve which, along with a slowing global economy, helped lower the price of West Texas Intermediate (WTI) Crude oil, a key benchmark of oil prices. Negative fixed income returns driven by the sharp increase in rates in 2022 contributed to record redemptions from bond funds, which experienced $331 billion of net redemptions (following record inflows in 2021 of $592 billion).

During 2022, the Institutional Class Shares of the Fund (BSBIX) posted a net return of -3.64% vs. a -3.69% return for the Bloomberg 1-3 Year U.S. Government/Credit Bond Index.

Contributors to the Fund's relative performance during the year include:

Credit – Positive overall

• Positive – Active positioning within investment grade credit

o Positive – Overweight BBB credit

• Modest negative – Overweight investment grade credit

Securitized – Negative

• Negative – Overweight non-agency residential mortgage-backed securities (RMBS) and asset-backed securities (ABS) at the top of the capital structure

Yield Curve – Positive

• Positive – Underweight 1–2-year maturities and overweight 3–4-year maturities as the 2–5-year portion of the yield curve inverted

The massive repricing of the fixed income markets in 2022 provides for a more favorable backdrop for investors in 2023. As we enter the new year, we expect the economic momentum from the second half of 2022 will carry into early 2023 but then fade as the aggressive Fed tightening leads to an economic slowdown, if not a mild recession later in 2023. Yet, inflation should also slow, but to what level remains the key question. The Fed's focus going forward is less about "how high" the federal funds rate may go, but instead "how long" it may need to stay at this peak (terminal) rate. A "higher for longer" federal funds rate should translate into the inverted Treasury curve likely continuing for 2023. However, with most of the Fed's rate hikes behind us, we expect the extreme price volatility of the fixed income markets to moderate. The 2022 rise in Treasury yields and wider credit spreads likely offer investors additional income for years to come. A diligent focus on valuations and risk management remains critical, as a slowing economy will pressure corporate earnings. However, corporate credit fundamentals are currently on solid footing, and even if credit spreads widen further, expectations for moderate supply combined with the additional yield the sector now offers should be a beneficial offset.

In 2022, we modestly increased the Fund's overweight to investment grade corporate credit at wider spreads favoring the financial sector. In addition, we selectively increased the Fund's exposure within non-agency securitized sub-sectors given more attractive valuations, continued robust levels of loss protection at the top of the capital structure, and the continued broad sector diversification benefit they provide to the overall portfolio. The Fund remains duration neutral relative to its benchmark.

------

Baird Short-Term Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(6)</sup>

---

| | | |
|:---|:---|:---|
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | **Net Assets** | $8964355705 |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | **SEC 30-Day Yield<sup>(3)</sup>** |  |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 4.44% |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 4.19% |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Duration** | 1.86 years |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Maturity** | 2.02 years |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | **Annualized Expense Ratio<sup>(4)</sup>** |  |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 0.30% |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 0.55%<br><sup>(5)</sup> |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  | **Portfolio Turnover Rate** | 77% |
| ![](bstbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
|  | **Number of Holdings** | 458 |
| **Sector Weightings<sup>(1)</sup>** |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |
| ![](bstbf_sw-piechart.jpg)  |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(4)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(5)</sup> Includes 0.25% 12b-1 fee.

<sup>(6)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Short-Term Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bstbf_inst-linechart.jpg) | ![](bstbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** | **Average Annual** |
|  |  |  |  | **Since** | **Since** |
|  | **One** | **Five** | **Ten** | **Inception** | **Inception** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **(8/31/04)** | **(9/19/12)** |
| Institutional Class Shares | -3.64% | 1.22% | 1.36% | 2.33% | N/A |
| Investor Class Shares | -3.88% | 0.97% | 1.11% | N/A | 1.15% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index<sup>(1)</sup> | -3.69% | 0.92% | 0.88% | 1.96% | 0.88% |

---

<sup>(1)</sup> The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and three years. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **U.S. Treasury Securities** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/30/2024 | $277900000 | $270084063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/30/2024 | 521025000 | 508732066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 07/15/2024 | 172500000 | 161658106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2025 | 410175000 | 386349600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 05/31/2025 | 232125000 | 210898257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/2025 | 1083850000 | 1048370842 |  |
| **Total U.S. Treasury Securities** |  |  |  |
| **(Cost $2,612,215,388)** |  | 2586092934 | 28.8% |
| **Other Government Related Securities** |  |  |  |
| Harvest Operations Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/26/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(1)(2)</sup> | 25000000 | 23623336 |  |
| Korea East-West Power Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/06/2025<sup>(1)(2)</sup> | 5875000 | 5684574 |  |
| Korea Electric Power Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/06/2026<sup>(1)(2)</sup> | 15000000 | 15134697 |  |
| NBN Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 10/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/08/2024)<sup>(1)(2)</sup> | 36000000 | 33208198 |  |
| **Total Other Government Related Securities** |  |  |  |
| **(Cost $81,678,074)** |  | 77650805 | 0.9% |
| **Corporate Bonds** |  |  |  |
| **Industrials** |  |  |  |
| Aker BP ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024)<sup>(1)(2)</sup> | 8950000 | 8491936 |  |
| Allegion US Holding Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2024) | 20250000 | 19482081 |  |
| Anglo American Capital PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025)<sup>(1)(2)</sup> | 13250000 | 13111286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/14/2025<sup>(1)(2)</sup> | 956000 | 938938 |  |
| ANR Pipeline Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 02/15/2024<sup>(1)</sup> | 13000000 | 13017895 |  |
| ArcelorMittal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 06/01/2025<sup>(1)</sup> | 1413000 | 1439689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 03/11/2026<sup>(1)</sup> | 4000000 | 3872609 |  |
| Ashtead Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/12/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/12/2026)<sup>(1)(2)</sup> | 25674000 | 21937829 |  |
| AutoNation, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) | 25000000 | 24334514 |  |
| Bayer US Finance II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/15/2025<sup>(1)(2)</sup> | 4000000 | 3956752 |  |
| Becton Dickinson and Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.363%, 06/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/06/2024) | 3118000 | 3047018 |  |
| Berry Global, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.950%, 02/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2024) | 20000000 | 18952832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(2)</sup> | 10343000 | 9943422 |  |
| Boardwalk Pipelines LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 40966000 | 40491994 |  |
| Boeing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.950%, 02/01/2024 | 10000000 | 9636365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.433%, 02/04/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2023) | 35325000 | 33748063 |  |
| BorgWarner, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025<sup>(2)</sup> | 9946000 | 9753831 |  |
| Brambles USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2025)<sup>(1)(2)</sup> | 30041000 | 28906894 |  |
| Broadcom, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2025) | 5000000 | 4740203 |  |
| Brunswick Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.850%, 08/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 12500000 | 11553737 |  |
| Bunge Limited Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.630%, 08/17/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/17/2025) | 5006000 | 4565043 |  |
| Cadence Design Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 10/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2024) | 4103000 | 4071536 |  |
| CDW LLC / CDW Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) | 2958000 | 2957823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 19810000 | 19237095 |  |
| Celanese US Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2024) | 4450000 | 4296829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/15/2025 | 40000000 | 39893747 |  |
| Charter Communications Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.908%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | 13000000 | 12751685 |  |
| Cheniere Corpus Christi Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/31/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/02/2024) | 6595000 | 6632387 |  |
| CNH Industrial Capital LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 05/23/2025<sup>(1)</sup> | 10000000 | 9707718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 10/14/2025<sup>(1)</sup> | 15000000 | 15046029 |  |
| Coca-Cola Europacific Partners PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.800%, 05/03/2024<sup>(1)(2)</sup> | 5050000 | 4744674 |  |
| CVS Pass-Through Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.880%, 01/10/2028 | 5046736 | 4995904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.036%, 12/10/2028 | 10713611 | 10563158 |  |
| Daimler Finance North America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 12/13/2024<sup>(1)(2)</sup> | 25000000 | 23213127 |  |
| DCP Midstream LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2025) | 29000000 | 28730300 |  |
| Dell International LLC / EMC Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024) | 15643000 | 15346115 |  |
| Devon Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024) | 6010000 | 6017630 |  |
| Dollar General Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/20/2024 | 10000000 | 9864997 |  |
| eBay, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 11/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/22/2025) | 20000000 | 20440329 |  |
| Edward-Elmhurst Healthcare, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/04/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2023) | 35000000 | 34798492 |  |
| Element Fleet Management Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.600%, 04/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/06/2024)<sup>(1)(2)</sup> | 39475000 | 37408134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025)<sup>(1)(2)</sup> | 14147000 | 13403149 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Embotelladora Andina SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023<sup>(1)(2)</sup> | $12389000 | $12331143 |  |
| Energy Transfer LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 1276000 | 1253517 |  |
| Energy Transfer Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) | 16781000 | 16267354 |  |
| EQT Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.678%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/04/2023) | 10000000 | 9958192 |  |
| Fidelity National Information Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2025 | 18900000 | 18547389 |  |
| Flex Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2025) | 18999000 | 18673164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 28600000 | 27037401 |  |
| Freeport-McMoRan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 11/14/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/14/2024) | 3547000 | 3497320 |  |
| Fresenius Medical Care |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US Finance II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/17/2024)<sup>(1)(2)</sup> | 18720000 | 18377758 |  |
| General Motors Financial Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 01/17/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/17/2023) | 2925000 | 2914232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 04/07/2025 | 30000000 | 28980850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 06/20/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/20/2025) | 7302000 | 6840790 |  |
| Genpact Luxembourg Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) | 1184000 | 1133088 |  |
| Genuine Parts Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) | 15000000 | 14014722 |  |
| Glencore Funding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/29/2024<sup>(1)(2)</sup> | 7500000 | 7411491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/16/2025<sup>(1)(2)</sup> | 14043000 | 13594817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025)<sup>(1)(2)</sup> | 20000000 | 18117568 |  |
| Global Payments, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 11/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024) | 10000000 | 9281798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025) | 30361000 | 28585121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 10000000 | 9748720 |  |
| Graphic Packaging International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.821%, 04/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(2)</sup> | 10000000 | 9362036 |  |
| Gray Oak Pipeline LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/15/2023<sup>(2)</sup> | 7000000 | 6809134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 10/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025)<sup>(2)</sup> | 5499000 | 4991066 |  |
| Grupo Bimbo SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/27/2024<sup>(1)(2)</sup> | 39006000 | 38213654 |  |
| Gulfstream Natural Gas System LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 09/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 8407000 | 8137792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.190%, 11/01/2025<sup>(2)</sup> | 5720000 | 5734704 |  |
| HCA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2024 | 14570000 | 14491097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 02/01/2025 | 10000000 | 9995465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2025 | 16815000 | 16729368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 4250000 | 4206527 |  |
| HCL America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 03/10/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/10/2026)<sup>(1)(2)</sup> | 4350000 | 3850671 |  |
| HF Sinclair Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 12787000 | 12810934 |  |
| Huntington Ingalls Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.844%, 05/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2025) | 48626000 | 47018070 |  |
| Hyatt Hotels Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 15000000 | 14060161 |  |
| Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 10/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025)<sup>(1)(2)</sup> | 5557000 | 4990256 |  |
| Illumina, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 12/12/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/12/2025) | 42700000 | 43028527 |  |
| Infor, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 07/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2023)<sup>(2)</sup> | 28072000 | 27413277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 8145000 | 7363905 |  |
| International Flavors & Fragrances, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.230%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025)<sup>(2)</sup> | 22000000 | 19443506 |  |
| Inversiones CMPC SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2023)<sup>(1)(2)</sup> | 2325000 | 2311050 |  |
| Johnson Controls International PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/02/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/02/2024)<sup>(7)</sup> | 1651000 | 1614397 |  |
| Kimberly-Clark de Mexico SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/12/2025<sup>(1)(2)</sup> | 5000000 | 4740700 |  |
| Kinross Gold Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2023)<sup>(1)</sup> | 15680000 | 15742212 |  |
| Leidos, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2025) | 10675000 | 10258670 |  |
| Lennar Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 12/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2023) | 21250000 | 21147630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/30/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/31/2024) | 15892000 | 15685107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2024) | 11260000 | 11312650 |  |
| Lennox International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.350%, 08/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) | 5000000 | 4529463 |  |
| Lowe`s Companies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 09/08/2025 | 7000000 | 6900926 |  |
| Lundin Energy Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2026)<sup>(1)(2)</sup> | 800000 | 707522 |  |
| Mercedes-Benz Finance North America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 11/26/2025<sup>(1)(2)</sup> | 10000000 | 10063868 |  |
| Microchip Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.972%, 02/15/2024 | 48775000 | 46332141 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Molex Electronic Technologies LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025)<sup>(2)</sup> | $1000000 | $951903 |  |
| Mondelez International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Holdings Netherlands BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/15/2025<sup>(2)</sup> | 12000000 | 11840423 |  |
| National Fuel Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2025) | 18825000 | 18741535 |  |
| Nissan Motor Acceptance Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 09/16/2024<sup>(1)(2)</sup> | 12000000 | 10939468 |  |
| Nissan Motor Acceptance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 03/15/2023<sup>(1)(2)</sup> | 1585000 | 1578142 |  |
| Nissan Motor Co. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.043%, 09/15/2023<sup>(1)(2)</sup> | 10000000 | 9797350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.522%, 09/17/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/17/2025)<sup>(1)(2)</sup> | 5291000 | 4919138 |  |
| Nutrien Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 11/07/2025<sup>(1)</sup> | 8000000 | 8168332 |  |
| Oracle Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 05/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2025) | 5554000 | 5273449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 11/10/2025 | 12000000 | 12274049 |  |
| Penske Truck Leasing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/17/2023<sup>(2)</sup> | 10000000 | 9996859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2023)<sup>(2)</sup> | 1350000 | 1342410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 8000000 | 7660279 |  |
| Perrigo Finance Unlimited Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 45957000 | 43429365 |  |
| POSCO: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 01/17/2023<sup>(1)(2)</sup> | 13575000 | 13561367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2023<sup>(1)(2)</sup> | 5000000 | 4957250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/04/2025<sup>(1)(2)</sup> | 15000000 | 14529547 |  |
| Premier Health Partners, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.911%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2026) | 1954000 | 1718941 |  |
| PVH Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 07/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/10/2025) | 25839000 | 24970398 |  |
| Quanta Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.950%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 18200000 | 16768645 |  |
| Regency Energy Partners LP / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regency Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) | 13121000 | 13023852 |  |
| Reliance Industries Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 01/28/2025<sup>(1)(2)</sup> | 8778000 | 8525201 |  |
| Renesas Electronics Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.543%, 11/26/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/26/2024)<sup>(1)(2)</sup> | 30000000 | 27518294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.170%, 11/25/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/25/2026)<sup>(1)(2)</sup> | 809000 | 694779 |  |
| Rogers Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2023)<sup>(1)(2)</sup> | 28650000 | 27322403 |  |
| Royalty Pharma PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.200%, 09/02/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/02/2025) | 1000000 | 895708 |  |
| Sabine Pass Liquefaction LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) | 6463000 | 6470827 |  |
| Seagate HDD Cayman: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/01/2023 | 12400000 | 12330560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 2500000 | 2450498 |  |
| Sherwin-Williams Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/08/2025 | 7000000 | 6883632 |  |
| SK Hynix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 01/19/2024<sup>(1)(2)</sup> | 37010000 | 35160930 |  |
| Skyworks Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.900%, 06/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) | 5000000 | 4901031 |  |
| Smurfit Kappa Treasury Funding DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/20/2025<sup>(1)</sup> | 5852000 | 6312966 |  |
| Sociedad Quimica y Minera de Chile SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/03/2023<sup>(1)(2)</sup> | 3000000 | 2978597 |  |
| Solvay Finance America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 12/03/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/03/2025)<sup>(1)(2)</sup> | 32111000 | 31098505 |  |
| Southern Copper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/23/2025<sup>(1)</sup> | 15534000 | 14989396 |  |
| Steel Dynamics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) | 21338000 | 20279310 |  |
| Synnex Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/09/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2023) | 46933000 | 43574413 |  |
| TC PipeLines LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/13/2024)<sup>(1)</sup> | 31166000 | 30510974 |  |
| Thermo Fisher Scientific, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.215%, 10/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 25000000 | 23474207 |  |
| Timken Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) | 33952000 | 33114485 |  |
| T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 04/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2023) | 6000000 | 5497206 |  |
| Toll Road Investors Partnership II LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL)<sup>(1)(2)</sup> | 19590000 | 18048983 |  |
| Triton Container International Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.800%, 08/01/2023<sup>(1)(2)</sup> | 30000000 | 28951197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.150%, 06/07/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2024)<sup>(1)(2)</sup> | 22930000 | 21226409 |  |
| Utah Acquisition Sub, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 06/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026) | 22248000 | 20823490 |  |
| VICI Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/2025 | 10000000 | 9690689 |  |
| Viterra Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/21/2026)<sup>(1)(2)</sup> | 49121000 | 42643430 |  |
| VMware, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 15000000 | 13963567 |  |
| Volkswagen Group of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 06/06/2025<sup>(1)(2)</sup> | 10800000 | 10460299 |  |
| Vontier Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 5056000 | 4272570 |  |
| Wabtec Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) | 20900000 | 20566037 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Warnermedia Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.638%, 03/15/2025<sup>(2)</sup> | $23150000 | $22029912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.788%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2023)<sup>(2)</sup> | 24000000 | 22920849 |  |
| Weir Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 05/13/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/13/2026)<sup>(1)(2)</sup> | 13323000 | 11829333 |  |
| Western Digital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2025) | 52570000 | 49505169 |  |
| Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 1692000 | 1601884 |  |
| Westinghouse Air Brake Technologies Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) | 30724000 | 28947904 |  |
| Westlake Chemical Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 6000000 | 5573533 |  |
| Williams Companies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 01/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024) | 14364000 | 13997331 |  |
| Woodside Finance Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/05/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/05/2024)<sup>(1)(2)</sup> | 39550000 | 37991723 |  |
| **Total Industrials** |  |  |  |
| **(Cost $2,414,673,034)** |  | 2293077643 | 25.6% |
| **Utilities** |  |  |  |
| Black Hills Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.037%, 08/23/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) | 35275000 | 32911921 |  |
| DTE Energy Company, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.220%, 11/01/2025<sup>(7)</sup> | 7000000 | 6883589 |  |
| EDP Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/15/2024<sup>(1)(2)</sup> | 40833000 | 39416779 |  |
| Enel Finance International NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/15/2025<sup>(1)(2)</sup> | 25000000 | 24227700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.800%, 10/14/2025<sup>(1)(2)</sup> | 10000000 | 10278236 |  |
| Entergy Louisiana LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.950%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 33550000 | 31244512 |  |
| ITC Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 07/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2023)<sup>(1)</sup> | 8000000 | 7933600 |  |
| Jersey Central Power & Light Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 04/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024)<sup>(2)</sup> | 3000000 | 2958843 |  |
| NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 06/20/2025 | 7000000 | 6916643 |  |
| Puget Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 05/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2025) | 13944000 | 13272591 |  |
| Transelec SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 07/26/2023<sup>(1)(2)</sup> | 9800000 | 9768640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/14/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/14/2024)<sup>(1)(2)</sup> | 5000000 | 4862342 |  |
| **Total Utilities** |  |  |  |
| **(Cost $200,932,520)** |  | 190675396 | 2.1% |
| **Financials** |  |  |  |
| ABN AMRO Bank NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/28/2025<sup>(1)(2)</sup> | 34188000 | 33155864 |  |
| AerCap Holdings NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 10/29/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/29/2024)<sup>(1)</sup> | 23675000 | 21846230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025)<sup>(1)</sup> | 18937000 | 18206583 |  |
| AIB Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.263%, 04/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.874%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/10/2024)<sup>(1)(2)(3)</sup> | 43531000 | 42013483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.583%, 10/14/2026 (SOFR + 3.456%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/14/2025)<sup>(1)(2)(3)</sup> | 7000000 | 7133465 |  |
| Ally Financial, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 10/02/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/02/2023) | 12100000 | 11729316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 09/30/2024 | 5000000 | 4952804 |  |
| Assurant, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 09/27/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/27/2023) | 3073000 | 3038621 |  |
| Australia & New Zealand |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/19/2024<sup>(1)(2)</sup> | 18269000 | 18048363 |  |
| Banco Santander SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.892%, 05/24/2024<sup>(1)</sup> | 16200000 | 15864713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.746%, 05/28/2025<sup>(1)</sup> | 15423000 | 14435022 |  |
| Bank of America Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.864%, 07/23/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.940%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2023)<sup>(3)</sup> | 5275000 | 5227249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.976%, 04/22/2025 (SOFR + 0.690%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2024)<sup>(3)</sup> | 45000000 | 42204848 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.530%, 12/06/2025 (SOFR + 0.650%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/06/2024)<sup>(3)</sup> | 30000000 | 27686531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.384%, 04/02/2026 (SOFR + 1.330%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/02/2025)<sup>(3)</sup> | 25000000 | 23894714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.827%, 07/22/2026 (SOFR + 1.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2025)<sup>(3)</sup> | 10000000 | 9881149 |  |
| Bank of Ireland Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/2023<sup>(1)(2)</sup> | 2589000 | 2562016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.253%, 09/16/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.650%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/16/2025)<sup>(1)(2)(3)</sup> | 22875000 | 22691618 |  |
| Bank of Montreal, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/10/2025<sup>(1)</sup> | 55000000 | 51284737 |  |
| Banque Federative du Credit Mutuel SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.524%, 07/13/2025<sup>(1)(2)</sup> | 29000000 | 28511491 |  |
| Barclays PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/16/2025<sup>(1)</sup> | 8400000 | 8075144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.932%, 05/07/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2024)<sup>(1)(3)</sup> | 7250000 | 7033124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.852%, 05/07/2026 (SOFR + 2.714%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2025)<sup>(1)(3)</sup> | 27787000 | 25839961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.304%, 08/09/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2025)<sup>(1)(3)</sup> | 8000000 | 7946717 |  |
| BNP Paribas SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.705%, 01/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 2.235%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2024)<sup>(1)(2)(3)</sup> | 11390000 | 11279241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 11/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.111%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2024)<sup>(1)(2)(3)</sup> | 16502000 | 15639831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.219%, 06/09/2026 (SOFR + 2.074%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/09/2025)<sup>(1)(2)(3)</sup> | 12500000 | 11485825 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| BPCE SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 10/22/2023<sup>(1)(2)</sup> | $17793000 | $17658049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 07/11/2024<sup>(1)(2)</sup> | 5294000 | 5151536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 07/21/2024<sup>(1)(2)</sup> | 17675000 | 17307061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2025<sup>(1)(2)</sup> | 6970000 | 6699512 |  |
| Brown & Brown, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024) | 1000000 | 981773 |  |
| Cantor Fitzgerald LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2024)<sup>(2)</sup> | 9600000 | 9430543 |  |
| Capital One Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.166%, 05/09/2025 (SOFR + 1.370%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/09/2024)<sup>(3)</sup> | 10000000 | 9771462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.636%, 03/03/2026 (SOFR + 1.290%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/03/2025)<sup>(3)</sup> | 10000000 | 9373079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.985%, 07/24/2026 (SOFR + 2.160%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/24/2025)<sup>(3)</sup> | 28000000 | 27445661 |  |
| CIT Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.969%, 09/27/2025 (SOFR + 1.715%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/27/2024)<sup>(3)</sup> | 2340000 | 2213165 |  |
| Citigroup, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.981%, 05/01/2025 (SOFR + 0.669%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2024)<sup>(3)</sup> | 15000000 | 14040043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.140%, 05/24/2025 (SOFR + 1.372%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/24/2024)<sup>(3)</sup> | 10000000 | 9805338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.281%, 11/03/2025 (SOFR + 0.528%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/03/2024)<sup>(3)</sup> | 15000000 | 13828392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.290%, 03/17/2026 (SOFR + 1.528%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/17/2025)<sup>(3)</sup> | 17700000 | 16854880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.610%, 09/29/2026 (SOFR + 1.546%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/29/2025)<sup>(3)</sup> | 15000000 | 15041333 |  |
| Citizens Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.119%, 05/23/2025 (SOFR + 1.395%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/23/2024)<sup>(3)</sup> | 12230000 | 11971727 |  |
| CNO Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 01/06/2025<sup>(2)</sup> | 15000000 | 13905034 |  |
| Credit Agricole SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/17/2025<sup>(1)(2)</sup> | 20341000 | 19621841 |  |
| Credit Suisse Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.593%, 09/11/2025 (SOFR + 1.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2024)<sup>(1)(2)(3)</sup> | 12000000 | 10613428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.193%, 06/05/2026 (SOFR + 2.044%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/05/2025)<sup>(1)(2)(3)</sup> | 5000000 | 4273775 |  |
| Danske Bank A/S: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.244%, 12/20/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.591%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/20/2024)<sup>(1)(2)(3)</sup> | 6743000 | 6314204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.621%, 09/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2025)<sup>(1)(2)(3)</sup> | 15000000 | 13222602 |  |
| Deutsche Bank AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.222%, 09/18/2024 (SOFR + 2.159%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/18/2023)<sup>(1)(3)</sup> | 17000000 | 16422140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.447%, 04/01/2025 (SOFR + 1.131%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2024)<sup>(1)(3)</sup> | 14500000 | 13471394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.162%, 05/13/2025<sup>(1)</sup> | 7000000 | 6855730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.961%, 11/26/2025 (SOFR + 2.581%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/26/2024)<sup>(1)(3)</sup> | 12200000 | 11663742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.119%, 07/14/2026 (SOFR + 3.190%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2025)<sup>(1)(3)</sup> | 2000000 | 1990210 |  |
| Discover Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.682%, 08/09/2028 (5 Year Swap |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rate USD + 1.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2023)<sup>(3)</sup> | 11000000 | 10559258 |  |
| Discover Financial Services: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/04/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/04/2024) | 13305000 | 12746069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/30/2025) | 9500000 | 9170722 |  |
| DNB Bank ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.896%, 10/09/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.950%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/09/2025)<sup>(1)(2)(3)</sup> | 47550000 | 47595302 |  |
| F.N.B. Corporation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 02/24/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 19492000 | 19393925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 08/25/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2025) | 20000000 | 19778327 |  |
| Federation des Caisses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Desjardins du Quebec, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 08/23/2025<sup>(1)(2)</sup> | 34475000 | 33661911 |  |
| GATX Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 02/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2024) | 2650000 | 2611569 |  |
| Goldman Sachs Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.673%, 03/08/2024 (SOFR + 0.572%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2023)<sup>(3)</sup> | 21800000 | 21566186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.757%, 01/24/2025 (SOFR + 0.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/24/2024)<sup>(3)</sup> | 8250000 | 7896947 |  |
| Health Care Service Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Mutual Legal Reserve Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2025)<sup>(2)</sup> | 6465000 | 5943461 |  |
| HSBC Holdings PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.732%, 08/17/2024 (SOFR + 0.534%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/17/2023)<sup>(1)(3)</sup> | 15000000 | 14456677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 03/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.211%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/11/2024)<sup>(1)(3)</sup> | 28200000 | 27422747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.976%, 05/24/2025 (SOFR + 0.708%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/24/2024)<sup>(1)(3)</sup> | 9000000 | 8336070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.999%, 03/10/2026 (SOFR + 1.430%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2025)<sup>(1)(3)</sup> | 7000000 | 6583791 |  |
| Huntington National Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.699%, 11/18/2025 (SOFR + 1.215%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/18/2024)<sup>(3)</sup> | 35000000 | 35087924 |  |
| ING Groep NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.869%, 03/28/2026 (SOFR + 1.640%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/28/2025)<sup>(1)(3)</sup> | 24000000 | 23111032 |  |
| Jackson Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 11/22/2023 | 15000000 | 14442002 |  |
| Jackson National Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/12/2025<sup>(2)</sup> | 21850000 | 20292793 |  |
| JPMorgan Chase & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.845%, 06/07/2025 (SOFR + 0.980%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2024)<sup>(3)</sup> | 15000000 | 14671504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.546%, 12/15/2025 (SOFR + 1.070%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024)<sup>(3)</sup> | 28950000 | 28917692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.080%, 04/26/2026 (SOFR + 1.320%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/26/2025)<sup>(3)</sup> | 20000000 | 19455141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.045%, 11/19/2026 (SOFR + 0.800%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2025)<sup>(3)</sup> | 4300000 | 3787243 |  |
| KeyCorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.878%, 05/23/2025 (SOFR + 1.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/23/2024)<sup>(3)</sup> | 7000000 | 6851797 |  |
| Kimco Realty Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 3950000 | 3801971 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| LeasePlan Corp. NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 10/24/2024<sup>(1)(2)</sup> | $45018000 | $42231404 |  |
| Liberty Mutual Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 05/15/2025<sup>(2)</sup> | 2093000 | 2187392 |  |
| Lloyds Bank PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.511%, 03/18/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/18/2025)<sup>(1)(3)</sup> | 15000000 | 14260660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.716%, 08/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/11/2025)<sup>(1)(3)</sup> | 6000000 | 5875079 |  |
| M&T Bank Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/16/2024) | 14505000 | 14246485 |  |
| Macquarie Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/10/2025<sup>(1)(2)</sup> | 16375000 | 16029372 |  |
| Macquarie Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.108%, 08/09/2026 (SOFR + 2.208%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2025)<sup>(1)(2)(3)</sup> | 12000000 | 11959421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.629%, 09/23/2027 (SOFR + 0.910%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/23/2026)<sup>(1)(2)(3)</sup> | 25000000 | 21322627 |  |
| Massachusetts Mutual Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 11/15/2023<sup>(2)</sup> | 15648000 | 15884776 |  |
| Mitsubishi UFJ Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.848%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.680%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2023)<sup>(1)(3)</sup> | 20000000 | 19306119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.788%, 07/18/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/18/2024)<sup>(1)(3)</sup> | 6000000 | 5942638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.953%, 07/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/19/2024)<sup>(1)(3)</sup> | 23200000 | 21565704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.063%, 09/12/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/12/2024)<sup>(1)(3)</sup> | 10000000 | 9934143 |  |
| Mizuho Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/27/2024<sup>(1)(2)</sup> | 37170000 | 36513820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.241%, 07/10/2024 (SOFR + 1.252%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/10/2023)<sup>(1)(3)</sup> | 14700000 | 14345861 |  |
| Morgan Stanley: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.630%, 02/18/2026 (SOFR + 0.940%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/18/2025)<sup>(3)</sup> | 20000000 | 18797340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.679%, 07/17/2026 (SOFR + 1.669%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/17/2025)<sup>(3)</sup> | 15000000 | 14754755 |  |
| Nationwide Building Society, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.766%, 03/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.064%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2023)<sup>(1)(2)(3)</sup> | 9670000 | 9617448 |  |
| NatWest Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.269%, 03/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.762%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/22/2024)<sup>(1)(3)</sup> | 14250000 | 13939326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.472%, 11/10/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/10/2025)<sup>(1)(3)</sup> | 22000000 | 22913230 |  |
| Nomura Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.648%, 01/16/2025<sup>(1)</sup> | 7000000 | 6613655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.099%, 07/03/2025<sup>(1)</sup> | 10000000 | 9895800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.851%, 07/16/2025<sup>(1)</sup> | 34050000 | 31057777 |  |
| Nordea Bank AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/22/2025<sup>(1)(2)</sup> | 20000000 | 19890847 |  |
| Park Aerospace Holdings Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2023)<sup>(1)(2)</sup> | 7746000 | 7726886 |  |
| Principal Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 01/10/2025<sup>(2)</sup> | 15000000 | 13884352 |  |
| Prudential Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 09/15/2023<sup>(2)</sup> | 41192000 | 41482699 |  |
| Reliance Standard Life Global Funding II: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 01/21/2023<sup>(1)(2)</sup> | 15000000 | 14975427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/30/2024<sup>(1)(2)</sup> | 9418000 | 8908699 |  |
| Santander UK Group Holdings PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.373%, 01/05/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/05/2023)<sup>(1)(3)</sup> | 10000000 | 10000000 |  |
| Santander UK PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/07/2023<sup>(1)(2)</sup> | 2300000 | 2292953 |  |
| Skandinaviska Enskilda Banken AB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 06/09/2025<sup>(1)(2)</sup> | 36675000 | 35464901 |  |
| SMBC Aviation Capital Finance DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2023)<sup>(1)(2)</sup> | 1960000 | 1939287 |  |
| Societe Generale SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/17/2024<sup>(1)(2)</sup> | 14511000 | 14355986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/28/2024<sup>(1)(2)</sup> | 17000000 | 16609932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 10/16/2024<sup>(1)(2)</sup> | 14000000 | 13253463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.226%, 01/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2025)<sup>(1)(2)(3)</sup> | 10000000 | 9203079 |  |
| Standard Chartered PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.885%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2023)<sup>(1)(2)(3)</sup> | 18850000 | 18760188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.822%, 11/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.950%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/23/2024)<sup>(1)(2)(3)</sup> | 28000000 | 25586573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 01/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.209%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2025)<sup>(1)(2)(3)</sup> | 8700000 | 8095541 |  |
| Stifel Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/18/2024 | 3021000 | 2961030 |  |
| Sumitomo Mitsui Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.436%, 04/02/2024<sup>(1)(2)</sup> | 14085000 | 13846928 |  |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.850%, 03/25/2024<sup>(1)(2)</sup> | 37000000 | 35006464 |  |
| Synchrony Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.400%, 08/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2025) | 5000000 | 4931337 |  |
| Synchrony Financial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/19/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/19/2024) | 12000000 | 11787784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2024) | 9000000 | 8797108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/13/2025) | 15000000 | 14634044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | 6367000 | 6111659 |  |
| Synovus Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 08/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/11/2025) | 31353000 | 30955360 |  |
| Toronto-Dominion Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.285%, 09/13/2024<sup>(1)</sup> | 20000000 | 19774477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.766%, 06/06/2025<sup>(1)</sup> | 27100000 | 26296694 |  |
| UBS Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.490%, 08/05/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/05/2024)<sup>(1)(2)(3)</sup> | 25000000 | 24583071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.488%, 05/12/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/12/2025)<sup>(1)(2)(3)</sup> | 12000000 | 11737223 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| UBS Group Funding Switzerland AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 09/24/2025<sup>(1)(2)</sup> | $9454000 | $9200359 |  |
| US Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.727%, 10/21/2026 (SOFR + 1.430%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/21/2025)<sup>(3)</sup> | 20000000 | 20379084 |  |
| WEA Finance LLC / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Westfield UK & Europe Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/17/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/17/2024)<sup>(1)(2)</sup> | 6912000 | 6535677 |  |
| Wells Fargo & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.908%, 04/25/2026 (SOFR + 1.320%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/25/2025)<sup>(3)</sup> | 25000000 | 24212853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.188%, 04/30/2026 (SOFR + 2.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/30/2025)<sup>(3)</sup> | 1500000 | 1397047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.540%, 08/15/2026 (SOFR + 1.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2025)<sup>(3)</sup> | 5000000 | 4902707 |  |
| Willis North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024) | 2600000 | 2530027 |  |
| **Total Financials** |  |  |  |
| **(Cost $2,236,608,454)** |  | 2137944953 | 23.8% |
| **Total Corporate Bonds** |  |  |  |
| **(Cost $4,852,214,008)** |  | 4621697992 | 51.5% |
| **Municipal Bonds** |  |  |  |
| Alaska Industrial Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Export Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/2025 (Insured by NATL) | 4925000 | 4404158 |  |
| Arlington Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2044 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (Mandatory Tender Date |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2026) (PSF Guaranteed)<sup>(4)</sup> | 28340000 | 26194500 |  |
| Bloomington Redevelopment District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 08/01/2024 | 400000 | 392252 |  |
| Chicago Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.838%, 12/01/2023 | 1000000 | 973463 |  |
| City of Brockton MA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.410%, 08/01/2027 (Insured by AGM) | 41510000 | 42146697 |  |
| City of Houston TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.054%, 07/01/2023 | 6000000 | 5887094 |  |
| City of Johnson TN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.850%, 03/01/2024 (Insured by NATL) | 2725000 | 2741392 |  |
| City of Ontario CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.216%, 06/01/2023 | 1300000 | 1286472 |  |
| City of Stockton CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.365%, 09/01/2026 (Insured by AGM) | 13200000 | 13247964 |  |
| Clear Creek Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.280%, 02/15/2038 (Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 08/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed)<sup>(4)</sup> | 2775000 | 2617870 |  |
| Colorado Bridge Enterprise, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.923%, 12/31/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/30/2023) | 50175000 | 48042939 |  |
| County of Broward FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.998%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AMBAC) | 20630000 | 21293224 |  |
| County of Riverside CA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.363%, 02/15/2023 | 5000000 | 4985752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.940%, 02/15/2025 | 20000000 | 19998200 |  |
| Florida Development Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.976%, 04/01/2023 | 1255000 | 1244295 |  |
| Great Lakes Water Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.879%, 07/01/2023 | 500000 | 493688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.984%, 07/01/2024 | 500000 | 479891 |  |
| Housing & Redevelopment Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the City of St. Paul MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.539%, 07/01/2023 | 5000000 | 4964371 |  |
| Illinois Housing Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025) | 1765000 | 1732461 |  |
| Massachusetts Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.073%, 07/01/2024 | 1725000 | 1626559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.338%, 07/01/2025 | 5000000 | 4554068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2031) | 1000000 | 828578 |  |
| New Hampshire Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/10/2024) | 1180000 | 1172966 |  |
| New Jersey Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.781%, 06/15/2023 | 2085000 | 2063742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.310%, 07/01/2026 (Insured by AGC) | 6150000 | 6233550 |  |
| New Jersey Sports & Exposition Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.076%, 03/01/2023 (Insured by NATL) | 490000 | 489256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.976%, 03/01/2024 (Insured by NATL) | 675000 | 667845 |  |
| Peralta Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/05/2031 (Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 08/05/2025) (Insured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;by NATL)<sup>(7)</sup> | 27850000 | 24202037 |  |
| Philadelphia Authority for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AMBAC) | 7250000 | 7136979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.964%, 04/15/2026 | 4500000 | 4402718 |  |
| State of Connecticut, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2023 | 3000000 | 2967444 |  |
| State Public School Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.615%, 04/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 2500000 | 2485062 |  |
| Tennessee Housing Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) | 3180000 | 3073983 |  |
| Virginia Small Business |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2023)(Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 12/31/2024)<sup>(2)(4)</sup> | 10000000 | 9935504 |  |
| **Total Municipal Bonds** |  |  |  |
| **(Cost $292,183,755)** |  | 274966974 | 3.1% |
| **Residential Mortgage-Backed Securities** |  |  |  |
| **Non-U.S. Government Agency Issues** |  |  |  |
| Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-J2, Class 3A3, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2034 (Callable 01/25/2023) | 37829 | 36467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-73CB, Class 1A7, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2036 (Callable 01/25/2023)<sup>(6)</sup> | 33598 | 30896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-28CB, Class A17, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2036 (Callable 01/25/2023)<sup>(6)</sup> | 408501 | 218944 |  |
| Arroyo Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A1, 2.962%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2048 (Callable 01/25/2023)<sup>(2)(4)</sup> | 6416471 | 5865302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A1, 3.347%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2049 (Callable 01/25/2023)<sup>(2)(4)</sup> | 5039637 | 4664663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1A, 1.662%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2055 (Callable 06/25/2023)<sup>(2)</sup> | 4184449 | 3801381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1A, 2.495%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2056 (Callable 01/25/2025)<sup>(2)(7)</sup> | 12350639 | 11322578 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Citigroup Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RP2, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.659%, 02/25/2058 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/25/2037)<sup>(2)(4)</sup> | $5196009 | $4981255 |  |
| COLT Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL1, Class A1, 1.390%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2065 (Callable 09/25/2023)<sup>(2)(4)</sup> | 18465152 | 15676315 |  |
| CSMC Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL1, Class A1A, 3.650%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2058 (Callable 02/25/2034)<sup>(2)(4)</sup> | 17955177 | 17117947 |  |
| CWABS Asset-Backed Certificates Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-9, Class 1AF3, 5.859%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2036 (Callable 01/25/2023)<sup>(4)</sup> | 147711 | 149446 |  |
| FirstKey Homes Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.266%, 10/19/2037<sup>(2)</sup> | 51386247 | 45573897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR3, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/19/2038<sup>(2)</sup> | 6550000 | 6186078 |  |
| GCAT Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HX1, Class A1, 2.885%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2066 (Callable 04/25/2036)<sup>(2)(4)</sup> | 31250410 | 27837209 |  |
| Home Partners of America Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A, 2.703%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/19/2039 (Callable 10/17/2024)<sup>(2)</sup> | 48370745 | 42220318 |  |
| J.P. Morgan Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-A4, Class 1A1, 3.708%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 80313 | 79921 |  |
| MASTR Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-5, Class 7A1, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/01/2031 (Callable 01/25/2023) | 33732 | 11437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-5, Class 4A1, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2033 (Callable 01/25/2023) | 1275083 | 1215739 |  |
| MFA Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A1, 4.112%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2066 (Callable 03/25/2025)<sup>(2)(4)</sup> | 25180652 | 23707523 |  |
| Mill City Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A1, 3.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2058 (Callable 07/25/2030)<sup>(2)(4)</sup> | 422887 | 414433 |  |
| Morgan Stanley Capital I Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-HE5, Class M2, 5.034%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Month LIBOR USD + 0.645%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(3)</sup> | 819221 | 814257 |  |
| New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL3, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2059 (Callable 01/25/2039)<sup>(2)(4)</sup> | 16254752 | 15115310 |  |
| Renaissance Home Equity Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-2, Class AF2, 5.675%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2037 (Callable 05/25/2030)<sup>(7)</sup> | 1914212 | 576622 |  |
| Structured Asset Securities Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-4XS, Class 1A6, 4.550%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2034 (Callable 01/25/2023)<sup>(7)</sup> | 9837 | 9382 |  |
| Thornburg Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-5, Class 3A, 3.347%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2043 (Callable 01/25/2023)<sup>(4)</sup> | 1771816 | 1686201 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-5, Class A1, 2.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2056 (Callable 05/25/2030)<sup>(2)(4)</sup> | 3571697 | 3511735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2056 (Callable 10/25/2028)<sup>(2)(4)</sup> | 2803150 | 2756007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2057 (Callable 03/25/2026)<sup>(2)(4)</sup> | 1452340 | 1433578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2057 (Callable 02/25/2026)<sup>(2)(4)</sup> | 9481366 | 9237631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 06/25/2057 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/25/2027)<sup>(2)(4)</sup> | 12788389 | 12132763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2057 (Callable 11/25/2027)<sup>(2)(4)</sup> | 19630928 | 18725817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6, Class A1A, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 08/25/2028)<sup>(2)(4)</sup> | 3164937 | 3072296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4, Class A1, 1.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2060 (Callable 08/25/2029)<sup>(2)</sup> | 33835059 | 29919930 |  |
| WaMu Mortgage Pass-Through |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-AR3, Class A1, 3.104%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2034 (Callable 01/25/2023)<sup>(4)</sup> | 1417889 | 1299810 |  |
| **Total Residential** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $342,520,640)** |  | 311403088 | 3.5% |
| **Commercial Mortgage-Backed Securities** |  |  |  |
| **Non-U.S. Government Agency Issues** |  |  |  |
| Bank of America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-UB10, Class ASB, 3.019%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/16/2049 (Callable 02/15/2031) | 5509717 | 5283660 |  |
| Citigroup Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC19, Class AAB, 3.552%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/12/2047 (Callable 03/10/2024) | 954659 | 943753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC23, Class AAB, 3.337%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/12/2047 (Callable 07/10/2024) | 4497192 | 4404071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC27, Class A5, 3.137%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/10/2048 (Callable 01/10/2025) | 9750000 | 9271829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC31, Class A4, 3.762%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/12/2048 (Callable 06/10/2025) | 24365000 | 23288381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C3, Class AAB, 2.984%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2049 (Callable 11/15/2026) | 1392505 | 1335447 |  |
| COMM Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC15, Class ASB, 3.528%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 2670902 | 2645472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR16, Class ASB, 3.653%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 2494558 | 2469729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC17, Class A5, 3.917%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/11/2047 (Callable 12/10/2024) | 8600000 | 8339120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR21, Class A3, 3.528%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/10/2047 (Callable 12/10/2024) | 13300222 | 12805088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC19, Class A4, 3.183%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/10/2048 (Callable 01/10/2027) | 10882530 | 10372469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-DC1, Class A5, 3.350%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/12/2048 (Callable 02/10/2025) | 11960000 | 11391191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR23, Class A4, 3.497%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/12/2048 (Callable 05/10/2025) | 12400000 | 11789148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC21, Class A4, 3.708%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/10/2048 (Callable 01/10/2026) | 21560955 | 20534369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR11, Class A4, 4.258%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2050 (Callable 10/10/2023) | 5130000 | 5073407 |  |
| CSAIL Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C3, Class A4, 3.718%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2048 (Callable 08/15/2025) | 24716479 | 23543405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C2, Class A4, 3.504%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/15/2057 (Callable 05/15/2025) | 16723632 | 15879064 |  |
| GS Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC20, Class A5, 3.998%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 19078916 | 18644077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC22, Class A5, 3.862%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/10/2047 (Callable 06/10/2024) | 16470023 | 15974017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GS1, Class A2, 3.470%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/13/2048 (Callable 11/10/2025) | 2050000 | 1942658 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| JPMBB Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C14, Class ASB, 3.761%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2046 (Callable 08/15/2023)<sup>(4)</sup> | $3343324 | $3313310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20, Class A5, 3.805%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2047 (Callable 06/15/2024) | 11750000 | 11411627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C22, Class A4, 3.801%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2047 (Callable 03/15/2026) | 23316000 | 22561280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C24, Class A5, 3.639%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 10/15/2025) | 10800000 | 10384300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C25, Class A5, 3.672%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 9543000 | 9183435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C31, Class ASB, 3.540%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2048 (Callable 08/15/2025) | 5078632 | 4920653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C28, Class A4, 3.227%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/19/2048 (Callable 04/15/2025) | 15000000 | 14197596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C33, Class ASB, 3.562%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2048 (Callable 11/15/2025) | 2427973 | 2352614 |  |
| Morgan Stanley Bank of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Merrill Lynch Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C9, Class AAB, 2.657%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2046 | 346411 | 345677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C18, Class A4, 3.923%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/18/2047 (Callable 07/15/2026) | 17470000 | 16889958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C27, Class ASB, 3.557%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2047 (Callable 11/15/2025) | 2780336 | 2703249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C21, Class A4, 3.338%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2048 (Callable 03/15/2031) | 8500000 | 8078276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C25, Class ASB, 3.383%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/19/2048 (Callable 09/15/2025) | 6993521 | 6769592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C30, Class ASB, 2.729%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2049 (Callable 10/15/2026) | 2482891 | 2375899 |  |
| Wells Fargo Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C27, Class ASB, 3.278%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/18/2048 (Callable 03/15/2025) | 1837891 | 1786503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C31, Class ASB, 3.487%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2048 (Callable 11/15/2025) | 1493897 | 1447362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC16, Class ASB, 3.477%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2050 (Callable 07/15/2024) | 4126858 | 4060230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC16, Class A5, 3.817%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2050 (Callable 07/15/2024) | 31850000 | 30926468 |  |
| WFRBS Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C14, Class ASB, 2.977%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/15/2046 (Callable 06/15/2023) | 1329968 | 1323207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class ASB, 3.636%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2057 (Callable 09/15/2025) | 403936 | 396885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class A4, 3.650%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2057 (Callable 09/15/2025) | 13979072 | 13515992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class A5, 3.917%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2057 (Callable 09/15/2025) | 17125000 | 16595224 |  |
| **Total Commercial** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $406,127,132)** |  | 391469692 | 4.4% |
| **Asset Backed Securities** |  |  |  |
| Affirm Asset Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class A, 1.030%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2026 (Callable 08/15/2023)<sup>(2)</sup> | 27500000 | 26081303 |  |
| Ally Auto Receivables, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A3, 5.070%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2027 (Callable 03/15/2026) | 16150000 | 16226228 |  |
| Chase Auto Credit Linked Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class B, 0.840%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2028 (Callable 10/25/2024)<sup>(2)</sup> | 2817803 | 2751098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class B, 0.875%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2028 (Callable 03/25/2025)<sup>(2)</sup> | 14521287 | 14037254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class B, 0.889%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2028 (Callable 04/25/2025)<sup>(2)</sup> | 13577304 | 12975847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class B, 0.760%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2029 (Callable 04/25/2025)<sup>(2)</sup> | 23734138 | 22370014 |  |
| Discover Card Execution Note Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A4, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.030%, 10/15/2027 | 21000000 | 21226493 |  |
| Donlen Fleet Lease Funding 2 LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2, 0.560%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/11/2034<sup>(2)</sup> | 16233547 | 15687064 |  |
| Ford Credit Auto Owner Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-D, Class A3, 5.270%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/15/2027 (Callable 05/15/2026) | 22700000 | 22938972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class A, 3.190%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2031 (Callable 01/15/2025)<sup>(2)</sup> | 9735000 | 9304185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.060%, 04/15/2033<sup>(2)</sup> | 16881000 | 15128943 |  |
| Ford Credit Floorplan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Master Owner Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A, 3.060%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2026 | 14974000 | 14524145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.440%, 09/15/2026 | 8283000 | 7927317 |  |
| Genesis Sales Finance Master Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AA, Class A, 1.200%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/20/2026 (Callable 03/20/2024)<sup>(2)</sup> | 1080000 | 1011754 |  |
| GMF Floorplan Owner Revolving Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 04/15/2026<sup>(2)</sup> | 26900000 | 26099741 |  |
| Golden Credit Card Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.310%, 09/15/2027<sup>(1)(2)</sup> | 34000000 | 33482989 |  |
| Louisiana Local Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental Facilities & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.615%, 02/01/2029 | 27725000 | 26875121 |  |
| Navient Private Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refi Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-EA, Class A2A, 2.640%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/15/2068 (Callable 07/15/2026)<sup>(2)</sup> | 2760499 | 2599585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-FA, Class A2, 2.600%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2068 (Callable 10/15/2026)<sup>(2)</sup> | 10721983 | 9927276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 0.840%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/15/2069 (Callable 01/15/2028)<sup>(2)</sup> | 10877485 | 9413450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GA, Class A, 1.580%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2070 (Callable 02/15/2029)<sup>(2)</sup> | 26754984 | 22688904 |  |
| Navient Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BA, Class A2A, 3.390%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2059 (Callable 11/15/2029)<sup>(2)</sup> | 5150261 | 4868826 |  |
| Nelnet Student Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class APT1, 1.360%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/20/2062 (Callable 09/20/2029)<sup>(2)</sup> | 9112755 | 8071195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BA, Class AFX, 1.420%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/20/2062 (Callable 07/20/2029)<sup>(2)</sup> | 12596588 | 11199765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA, Class AFX, 1.630%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/20/2062 (Callable 08/20/2031)<sup>(2)</sup> | 12683559 | 11440052 |  |
| PFS Financing Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.710%, 04/15/2026<sup>(2)</sup> | 12500000 | 11762882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.890%, 05/17/2027<sup>(2)</sup> | 47550000 | 45545354 |  |
| Santander Bank Auto Credit, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class B, 5.281%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2032 (Callable 08/15/2025)<sup>(2)</sup> | 9215211 | 8996533 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Synchrony Card Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A1, Class A, 3.370%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2028 (Callable 04/15/2025) | $45645000 | $44065322 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-MH1, Class A1, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2058 (Callable 09/25/2024)<sup>(2)(4)</sup> | 3190139 | 3126139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1A, 2.184%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2060 (Callable 01/25/2023)<sup>(2)(4)</sup> | 10672901 | 9923833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1, 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2060 (Callable 01/25/2023)<sup>(2)(4)</sup> | 16597337 | 15449368 |  |
| **Total Asset Backed Securities** |  |  |  |
| **(Cost $529,373,756)** |  | 507726952 | 5.6% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $9,116,312,753)** |  | 8771008437 | 97.8% |
| Short-Term Investment |  |  |  |
|  | *Shares* |  |  |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(5)</sup> | 312588847 | 312588847 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $312,588,847)** |  | 312588847 | 3.5% |
| **Total Investments** |  |  |  |
| **(Cost $9,428,901,600)** |  | 9083597284 | 101.3% |
| **Liabilities in Excess of Other Assets** |  | (119241579) | (1.3)% |
| **TOTAL NET ASSETS** |  | $8964355705 | 100.0% |

---

#### Notes to Schedule of Investments
AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

NATL – National Public Finance Guarantee Corp.

ST AID – State Aid Intercept/Withholding

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SOFR – Secured Overnight Financing Rate

SOFRINDX – Secured Overnight Financing Rate Index

<sup>(1)</sup> Foreign security.

<sup>(2)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $2,612,866,083, which represented 29.15% of total net assets.

<sup>(3)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(4)</sup> Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of December 31, 2022.

<sup>(5)</sup> Seven-day yield.

<sup>(6)</sup> Security that, on the last payment date, missed a partial principal or interest payment.

<sup>(7)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| U.S. Treasury Securities | $— | $2586092934 | $— | $2586092934 |
| Other Government Related Securities |  | 77650805 |  | 77650805 |
| Corporate Bonds |  | 4621697992 |  | 4621697992 |
| Municipal Bonds |  | 274966974 |  | 274966974 |
| Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 311403088 |  | 311403088 |
| Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 391469692 |  | 391469692 |
| Asset Backed Securities |  | 507726952 |  | 507726952 |
| **Total Long-Term Investments** |  | 8771008437 |  | 8771008437 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 312588847 |  |  | 312588847 |
| **Total Short-Term Investment** | 312588847 |  |  | 312588847 |
| **Total Investments** | $312588847 | $8771008437 | $— | $9083597284 |

---

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.*

------

Baird Intermediate Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Intermediate Bond Fund seeks an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg Intermediate U.S. Government/Credit Bond Index. The Bloomberg Intermediate U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and credit securities, with maturities between one and ten years.

The Fed viewed the inflation spike in 2021 as transitory but it continued to rise further and proved more persistent than expected in 2022. By the spring, the Fed's view on inflation had shifted and a very aggressive monetary policy ensued. Between March 2022 and year end, the Fed hiked rates seven times for a total increase of 425 bps designed to bring inflation back to the Fed's long-term target of 2%. Treasury yields reacted in historic fashion to both the inflation data and the aggressive policy changes and rates rose sharply across the curve. The benchmark 10-year Treasury yield climbed 237 bps in 2022, its biggest annual move since the 1950s, and finished the year at 3.88%. The 2-year Treasury yield exhibited an even greater increase of 369 bps, to close the year at 4.43%. The combination of the increase in 2-year and 10-year yields resulted in a persistently inverted yield curve from July through year end. The upward trajectory in inflation was exacerbated by global events, specifically the war in Ukraine and China's zero-COVID-19 policy. Russia's invasion led to higher global food and energy prices, while China's lockdowns allowed supply chain constraints to persist. For relief, President Biden released an estimated 165 million barrels of oil from the US Strategic Petroleum Reserve which, along with a slowing global economy, helped lower the price of West Texas Intermediate (WTI) Crude oil, a key benchmark of oil prices. Negative fixed income returns driven by the sharp increase in rates in 2022 contributed to record redemptions from bond funds, which experienced $331 billion of net redemptions (following record inflows in 2021 of $592 billion).

During 2022, the Institutional Class Shares of the Fund (BIMIX) posted a net return of -8.64% vs. a -8.23% return for the Bloomberg Intermediate U.S. Government/Credit Bond Index.

Contributors to the Fund's relative performance during the year include:

Credit – Negative

• Modest negative – Overweight investment grade credit

• Negative – Active positioning within investment grade credit

o Modest negative – Overweight BBB credit

o Modest negative – Overweight financials

Securitized – Negative

• Negative – Overweight non-agency commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) at the top of the capital structure

Yield Curve – Positive

• Positive – Underweight 1–2-year maturities and overweight 5–7-year maturities as the 2–5-year portion of the yield curve inverted

The massive repricing of the fixed income markets in 2022 provides for a more favorable backdrop for investors in 2023. As we enter the new year, we expect the economic momentum from the second half of 2022 will carry into early 2023 but then fade as the aggressive Fed tightening leads to an economic slowdown, if not a mild recession later in 2023. Yet, inflation should also slow, but to what level remains the key question. The Fed's focus going forward is less about "how high" the federal funds rate may go, but instead "how long" it may need to stay at this peak (terminal) rate. A "higher for longer" federal funds rate should translate into the inverted Treasury curve likely continuing for 2023. However, with most of the Fed's rate hikes behind us, we expect the extreme price volatility of the fixed income markets to moderate. The 2022 rise in Treasury yields and wider credit spreads likely offer investors additional income for years to come. A diligent focus on valuations and risk management remains critical, as a slowing economy will pressure corporate earnings. However, corporate credit fundamentals are currently on solid footing, and even if credit spreads widen further, expectations for moderate supply combined with the additional yield the sector now offers should be a beneficial offset.

In 2022, we modestly increased the Fund's overweight to investment grade corporate credit at wider spreads favoring the financial sector. In addition, we selectively increased the Fund's exposure within non-agency securitized sub-sectors given more attractive valuations, continued robust levels of loss protection at the top of the capital structure, and the continued broad sector diversification benefit they provide to the overall portfolio. The Fund remains duration neutral relative to its benchmark.

------

Baird Intermediate Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(6)</sup>

---

| | | |
|:---|:---|:---|
| ![](bibf_qd-piechart.jpg)  | **Net Assets** | $7039954812 |
| ![](bibf_qd-piechart.jpg)  |  |  |
| ![](bibf_qd-piechart.jpg)  | **SEC 30-Day Yield<sup>(3)</sup>** |  |
| ![](bibf_qd-piechart.jpg)  | Institutional Class | 4.26% |
| ![](bibf_qd-piechart.jpg)  | Investor Class | 4.00% |
| ![](bibf_qd-piechart.jpg)  |  |  |
| ![](bibf_qd-piechart.jpg)  | **Average Effective Duration** | 3.83 years |
| ![](bibf_qd-piechart.jpg)  |  |  |
| ![](bibf_qd-piechart.jpg)  | **Average Effective Maturity** | 4.31 years |
| ![](bibf_qd-piechart.jpg)  |  |  |
| ![](bibf_qd-piechart.jpg)  | **Annualized Expense Ratio<sup>(4)</sup>** |  |
| ![](bibf_qd-piechart.jpg)  | Institutional Class | 0.30% |
| ![](bibf_qd-piechart.jpg)  | Investor Class | 0.55%<br><sup>(5)</sup> |
| ![](bibf_qd-piechart.jpg)  |  |  |
| ![](bibf_qd-piechart.jpg)  | **Portfolio Turnover Rate** | 47% |
| ![](bibf_qd-piechart.jpg)  |  |  |
| ![](bibf_qd-piechart.jpg)  | **Number of Holdings** | 661 |
| **Sector Weightings<sup>(1)</sup>** |  |  |
| ![](bibf_sw-piechart.jpg) |  |  |
| ![](bibf_sw-piechart.jpg) |  |  |
| ![](bibf_sw-piechart.jpg) |  |  |
| ![](bibf_sw-piechart.jpg) |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(4)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(5)</sup> Includes 0.25% 12b-1 fee.

<sup>(6)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Intermediate Bond Fund

December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bibf_inst-linechart.jpg) | ![](bibf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Five** | **Ten** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -8.64% | 0.82% | 1.39% | 3.95% |
| Investor Class Shares | -8.88% | 0.57% | 1.15% | 3.69% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index<sup>(2)</sup> | -8.23% | 0.73% | 1.12% | 3.56% |

---

<sup>(1)</sup> For the period from September 29, 2000 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg Intermediate U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and ten years. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **U.S. Treasury Securities** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/2024 | $34525000 | $33522966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/30/2024 | 306875000 | 299634668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 07/15/2024 | 193000000 | 180869649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2025 | 164725000 | 155156794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 05/31/2025 | 348725000 | 316835734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/2025 | 190025000 | 183804649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2025 | 498450000 | 472222962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 10/31/2026 | 5125000 | 4590078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/30/2027 | 220000000 | 219183580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/31/2028 | 892825000 | 763993138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/31/2029 | 470525000 | 428821047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/2031 | 131975000 | 107379190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2032 | 175625000 | 162425684 |  |
| **Total U.S. Treasury Securities** |  |  |  |
| **(Cost $3,507,216,931)** |  | 3328440139 | 47.3% |
| **Other Government Related Security** |  |  |  |
| NBN Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/05/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/05/2031)<sup>(1)(2)</sup> | 20487000 | 16326272 |  |
| **Total Other Government Related Security** |  |  |  |
| **(Cost $19,684,966)** |  | 16326272 | 0.2% |
| **Corporate Bonds** |  |  |  |
| **Industrials** |  |  |  |
| Adventist Health System, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.952%, 03/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) | 250000 | 214559 |  |
| Agilent Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 09/22/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/22/2026) | 1495000 | 1392323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.100%, 06/04/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/04/2030) | 250000 | 202881 |  |
| Air Products and Chemicals, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 275000 | 230926 |  |
| Albemarle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2027) | 7000000 | 6838407 |  |
| Allegion PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) | 3160000 | 2723033 |  |
| Allegion US Holding Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2024) | 4998000 | 4808466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.411%, 07/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2032) | 2000000 | 1940386 |  |
| Anglo American Capital PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/17/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2028)<sup>(1)(2)</sup> | 6500000 | 5475906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/10/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/10/2030)<sup>(1)(2)</sup> | 300000 | 244461 |  |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 08/15/2033<sup>(1)</sup> | 8085000 | 8939722 |  |
| AP Moller – Maersk A/S, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/20/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/20/2029)<sup>(1)(2)</sup> | 4207000 | 4004392 |  |
| ArcelorMittal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 03/11/2026<sup>(1)</sup> | 11355000 | 10993368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.550%, 11/29/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/29/2027)<sup>(1)</sup> | 10000000 | 10049347 |  |
| Ashtead Capital, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/12/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/12/2026)<sup>(1)(2)</sup> | 10075000 | 8608851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2023)<sup>(1)(2)</sup> | 7166000 | 6552699 |  |
| AT&T, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 03/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) | 2425000 | 2315423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 02/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2029) | 9604000 | 9072918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2031) | 8975000 | 7061073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2033) | 3778000 | 2914703 |  |
| Becton Dickinson and Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.734%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 82000 | 79942 |  |
| Bemis Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.630%, 06/19/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/19/2030) | 7025000 | 5726894 |  |
| Boardwalk Pipelines LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 12095000 | 12259725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/03/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/03/2029) | 1750000 | 1650946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 225000 | 188774 |  |
| BorgWarner, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025<sup>(2)</sup> | 475000 | 465822 |  |
| Broadcom, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) | 925000 | 889488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2025) | 5000000 | 4740203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2026) | 5000000 | 4730586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2029) | 250000 | 238616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 8000000 | 7614249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030)<sup>(2)</sup> | 10000000 | 7903391 |  |
| Broadridge Financial Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 06/27/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/27/2026) | 250000 | 234495 |  |
| Bunge Limited Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/25/2027) | 5225000 | 4885950 |  |
| Campbell Soup Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025) | 8000000 | 7813049 |  |
| Carlisle Companies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2027) | 275000 | 256568 |  |
| Carrier Global Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.242%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025) | 1921000 | 1811030 |  |
| Celanese US Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.050%, 03/15/2025 | 10000000 | 9973437 |  |
| CF Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2026<sup>(2)</sup> | 5950000 | 5765934 |  |
| CH Robinson Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 04/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028) | 12600000 | 11920226 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Charter Communications Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.908%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | $1502000 | $1473310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2027) | 6105000 | 5516923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 03/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027) | 12070000 | 11111571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 01/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2028) | 2200000 | 1774478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/30/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/30/2028) | 4155000 | 3913437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 04/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2033) | 5500000 | 4722879 |  |
| Cheniere Corpus Christi Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 11/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2029) | 3800000 | 3441667 |  |
| Cigna Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/27/2025) | 300000 | 295688 |  |
| CK Hutchison International Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2031)<sup>(1)(2)</sup> | 5000000 | 4137994 |  |
| CNH Industrial Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025)<sup>(1)</sup> | 250000 | 226942 |  |
| CNH Industrial NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027)<sup>(1)</sup> | 2518000 | 2362303 |  |
| Coca-Cola Femsa SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/22/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/22/2029)<sup>(1)</sup> | 8875000 | 7643594 |  |
| Columbia Pipeline Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025)<sup>(1)</sup> | 880000 | 867110 |  |
| CommonSpirit Health, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.760%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) | 525000 | 503601 |  |
| Conagra Brands, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 11/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) | 500000 | 493120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 09/15/2030 | 1140000 | 1298238 |  |
| Constellation Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/09/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/09/2027) | 3625000 | 3399927 |  |
| Cox Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024)<sup>(2)</sup> | 2800000 | 2706747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 09/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2026)<sup>(2)</sup> | 2527000 | 2365486 |  |
| CVS Health Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) | 2500000 | 2375817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 03/25/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/25/2027) | 5818000 | 5636930 |  |
| CVS Pass-Through Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.773%, 01/10/2033<sup>(2)</sup> | 180623 | 176821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.926%, 01/10/2034<sup>(2)</sup> | 1799931 | 1760690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.163%, 08/11/2036<sup>(2)</sup> | 2075501 | 1805993 |  |
| Daimler Finance North America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 04/07/2027<sup>(1)(2)</sup> | 13825000 | 12941786 |  |
| Dell International LLC / EMC Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.020%, 06/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026) | 9000000 | 9201434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 10/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2026) | 425000 | 418922 |  |
| Dentsply Sirona, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 10900000 | 9074955 |  |
| Diageo Capital PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/29/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/29/2030)<sup>(1)</sup> | 3275000 | 2697882 |  |
| Dow Chemical Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 11/30/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2025) | 165000 | 164040 |  |
| DuPont de Nemours, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.493%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025) | 4450000 | 4379894 |  |
| DXC Technology Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 09/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 12000000 | 10466133 |  |
| Ecolab, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/24/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/24/2029) | 10000000 | 9934204 |  |
| Edward-Elmhurst Healthcare, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/04/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2023) | 6575000 | 6537145 |  |
| EI du Pont de Nemours and Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.700%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025) | 10000000 | 9243698 |  |
| Emerson Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.950%, 10/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2030) | 12600000 | 10226076 |  |
| Energy Transfer LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024) | 1000000 | 986074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2027) | 18231000 | 18128319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2029) | 14264000 | 13834760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 275000 | 243269 |  |
| Energy Transfer Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 04/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2027) | 475000 | 448903 |  |
| EQT Midstream Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) | 5000000 | 4446988 |  |
| Equifax, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) | 5000000 | 4777010 |  |
| Equinix, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 07/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2027) | 7000000 | 6001039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2032) | 11000000 | 9809184 |  |
| Express Scripts Holding Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/27/2025) | 18000000 | 17759123 |  |
| Exxon Mobil Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.992%, 03/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/19/2025) | 11250000 | 10847125 |  |
| Ferguson Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/24/2028)<sup>(2)</sup> | 6230000 | 5817327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 04/20/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2032)<sup>(2)</sup> | 8000000 | 7304838 |  |
| Fidelity National Information Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 03/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) | 5000000 | 4158362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 07/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2032) | 4750000 | 4594078 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Fiserv, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 06/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2027) | $16000000 | $14294129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 10/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) | 1035000 | 981020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2029) | 700000 | 631575 |  |
| Flex Intermediate Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.363%, 06/30/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/30/2030)<sup>(2)</sup> | 3515000 | 2751974 |  |
| Flex Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 6765000 | 6395385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/12/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/12/2030) | 4073000 | 3830129 |  |
| Florida Gas Transmission Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 07/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(2)</sup> | 7000000 | 5662674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 10/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2031)<sup>(2)</sup> | 10225000 | 7834817 |  |
| Flowers Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 03/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2030) | 300000 | 242267 |  |
| Fomento Economico Mexicano SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/10/2023<sup>(1)</sup> | 525000 | 519498 |  |
| Fortune Brands Home & Security, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 2725000 | 2367264 |  |
| Freeport-McMoRan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 1100000 | 1096997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/14/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/14/2034) | 691000 | 652501 |  |
| Fresenius Medical Care US Finance III, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2026)<sup>(1)(2)</sup> | 20000000 | 16982877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2029)<sup>(1)(2)</sup> | 500000 | 424431 |  |
| General Mills, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/17/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/17/2025) | 275000 | 268767 |  |
| General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) | 5861000 | 5969838 |  |
| General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 02/26/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/26/2025) | 4000000 | 3790218 |  |
| Genpact Luxembourg Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) | 7525000 | 7201423 |  |
| Genpact Luxembourg SARL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 04/10/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2026) | 21600000 | 19251613 |  |
| Glencore Funding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/30/2023<sup>(1)(2)</sup> | 1750000 | 1740899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/12/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/12/2024)<sup>(1)(2)</sup> | 5000000 | 4921404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/29/2024<sup>(1)(2)</sup> | 1375000 | 1358773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/27/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/27/2026)<sup>(1)(2)</sup> | 4850000 | 4583766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/27/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/27/2027)<sup>(1)(2)</sup> | 1150000 | 1073456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/12/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/12/2028)<sup>(1)(2)</sup> | 175000 | 168004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2030)<sup>(1)(2)</sup> | 6343000 | 5164951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/23/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/23/2031)<sup>(1)(2)</sup> | 8350000 | 6672558 |  |
| Global Payments, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 4535000 | 4421044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 275000 | 226172 |  |
| Graphic Packaging International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.512%, 04/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026)<sup>(2)</sup> | 300000 | 261485 |  |
| Grupo Bimbo SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/27/2024<sup>(1)(2)</sup> | 5340000 | 5231526 |  |
| Hexcel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2026) | 300000 | 279190 |  |
| HP, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/17/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/17/2025) | 18325000 | 17154982 |  |
| Hubbell, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2025) | 225000 | 213936 |  |
| Hyundai Capital America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 02/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2025)<sup>(1)(2)</sup> | 525000 | 494013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 01/08/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/08/2025)<sup>(1)(2)</sup> | 5825000 | 5098445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 09/17/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/17/2026)<sup>(1)(2)</sup> | 15000000 | 13245916 |  |
| IDEX Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) | 1100000 | 944166 |  |
| Infor, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 07/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2023)<sup>(2)</sup> | 250000 | 244134 |  |
| Ingersoll-Rand Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.391%, 11/15/2027 | 1195000 | 1239501 |  |
| Ingredion, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 550000 | 467430 |  |
| International Business Machines Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 05/15/2026 | 6900000 | 6569975 |  |
| International Flavors & Fragrances, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.832%, 10/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027)<sup>(2)</sup> | 10000000 | 8405836 |  |
| JB Hunt Transport Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2023) | 300000 | 294939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 3500000 | 3396261 |  |
| JBS USA LUX SA / JBS USA Food Co. / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JBS USA Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2033)<sup>(2)</sup> | 8000000 | 7630240 |  |
| Johnson Controls International PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/02/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/02/2024)<sup>(7)</sup> | 280000 | 273792 |  |
| Keurig Dr Pepper, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2029) | 7000000 | 6525978 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Kinder Morgan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2023)<sup>(2)</sup> | $1000000 | $1000530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 300000 | 294447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.800%, 08/01/2031 | 15425000 | 17250688 |  |
| Kraft Heinz Foods Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2027) | 8129000 | 7782500 |  |
| Kyndryl Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 10/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026) | 5900000 | 4866926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 10/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2028) | 2730000 | 2054152 |  |
| Lear Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2027) | 410000 | 381593 |  |
| Lennar Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/29/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/29/2027) | 4500000 | 4336016 |  |
| Lennox International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.350%, 08/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) | 7000000 | 6341248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.700%, 08/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) | 475000 | 407670 |  |
| Lundin Energy Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2026)<sup>(1)(2)</sup> | 21000000 | 18572462 |  |
| LYB International Finance III LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) | 5000000 | 3976629 |  |
| Marathon Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026) | 150000 | 149269 |  |
| Marriott International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2027) | 10000000 | 9882748 |  |
| Martin Marietta Materials, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2029) | 200000 | 165817 |  |
| Metropolitan Detroit Area |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hospital Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.480%, 12/01/2029<sup>(2)</sup> | 8469035 | 7961309 |  |
| Microchip Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.972%, 02/15/2024 | 5000000 | 4749579 |  |
| Midwest Connector Capital Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2024)<sup>(2)</sup> | 7450000 | 7215775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029)<sup>(2)</sup> | 2975000 | 2694173 |  |
| Molex Electronic Technologies LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025)<sup>(2)</sup> | 1050000 | 999498 |  |
| MPLX LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 10219000 | 10070037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2026) | 300000 | 267785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2026) | 275000 | 259933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) | 3950000 | 3223101 |  |
| nVent Finance Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028) | 250000 | 229927 |  |
| NXP BV / NXP Funding LLC / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NXP USA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2024)<sup>(1)</sup> | 5790000 | 5747475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 05/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2025)<sup>(1)</sup> | 550000 | 518070 |  |
| Occidental Petroleum Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2024) | 5000000 | 4797193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 10/15/2026 | 1288000 | 1382990 |  |
| Ochsner LSU Health System |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of North Louisiana, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.510%, 05/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 5000000 | 3678313 |  |
| ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2024) | 3300000 | 3160612 |  |
| Oracle Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 04/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) | 11050000 | 10087151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 03/25/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2028) | 3000000 | 2603081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.150%, 11/09/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/09/2029) | 3000000 | 3121148 |  |
| Orange SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 03/01/2031<sup>(1)</sup> | 4125000 | 5060428 |  |
| PeaceHealth Obligated Group, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2025) | 550000 | 493400 |  |
| Penske Truck Leasing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 11/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024)<sup>(2)</sup> | 8000000 | 7544686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2025)<sup>(2)</sup> | 12000000 | 11567133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 6500000 | 6223976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2027)<sup>(2)</sup> | 7200000 | 7261369 |  |
| Phillips 66 Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.605%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024)<sup>(2)</sup> | 2000000 | 1937483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2029)<sup>(2)</sup> | 500000 | 436957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 12/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2030) | 10000000 | 8025035 |  |
| POSCO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2023<sup>(1)(2)</sup> | 5000000 | 4957250 |  |
| Premier Health Partners, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.911%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2026) | 17527000 | 15418566 |  |
| Regency Energy Partners LP / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regency Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) | 1100000 | 1091856 |  |
| Renesas Electronics Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.170%, 11/25/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/25/2026)<sup>(1)(2)</sup> | 5450000 | 4680522 |  |
| Rogers Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(1)(2)</sup> | 15000000 | 12998217 |  |
| Roper Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026) | 1450000 | 1390750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/30/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/30/2030) | 14675000 | 11796573 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Ryder System, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 03/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) | $3775000 | $3412573 |  |
| Sabine Pass Liquefaction LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2025) | 10280000 | 10401479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2029) | 6650000 | 6180293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 09/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2037)<sup>(2)</sup> | 3000000 | 3011562 |  |
| Samarco Mineracao SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/26/2024<sup>(1)(2)(8)</sup> | 1675000 | 767150 |  |
| Sherwin-Williams Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) | 3851000 | 3710749 |  |
| Shire Acquisitions Investments Ireland DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 09/23/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2023)<sup>(1)</sup> | 91000 | 89426 |  |
| Smith & Nephew PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.032%, 10/14/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2030)<sup>(1)</sup> | 5250000 | 4116549 |  |
| Smurfit Kappa Treasury Funding DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/20/2025<sup>(1)</sup> | 7800000 | 8414411 |  |
| Sodexo, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.634%, 04/16/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/16/2026)<sup>(1)(2)</sup> | 15000000 | 13238030 |  |
| Solvay Finance America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 12/03/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/03/2025)<sup>(1)(2)</sup> | 16495000 | 15974895 |  |
| Southern Natural Gas Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.350%, 02/15/2031 | 8020000 | 8429661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 03/01/2032 | 2523000 | 2775764 |  |
| Steel Dynamics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) | 325000 | 308875 |  |
| Stellantis Finance US, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.711%, 01/29/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/29/2026)<sup>(2)</sup> | 575000 | 493980 |  |
| Sysco Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2030) | 4232000 | 4391283 |  |
| Targa Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) | 5000000 | 4907858 |  |
| TC PipeLines LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/13/2024)<sup>(1)</sup> | 5500000 | 5384405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/25/2027)<sup>(1)</sup> | 13850000 | 13067124 |  |
| Timken Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2028) | 225000 | 213582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 04/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2032) | 8000000 | 7143597 |  |
| T-Mobile USA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2024) | 4000000 | 3522644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 23206000 | 21075923 |  |
| Toll Road Investors Partnership II LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL)<sup>(1)(2)</sup> | 5000000 | 3985269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL)<sup>(1)(2)</sup> | 750000 | 515068 |  |
| TransCanada PipeLines Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.600%, 03/31/2034<sup>(1)</sup> | 1335000 | 1312364 |  |
| Transcontinental Gas Pipe Line Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 12/01/2026 | 4748000 | 5058040 |  |
| Triton Container International Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.800%, 08/01/2023<sup>(1)(2)</sup> | 6575000 | 6345137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 04/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026)<sup>(1)(2)</sup> | 10000000 | 8700751 |  |
| TSMC Arizona Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/25/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2031)<sup>(1)</sup> | 8175000 | 6754284 |  |
| Tyson Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 3000000 | 2908634 |  |
| Vale Overseas Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/08/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2030)<sup>(1)</sup> | 9500000 | 8314311 |  |
| Valero Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2027) | 300000 | 263435 |  |
| Var Energi ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/18/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/18/2027)<sup>(1)(2)</sup> | 10000000 | 9370356 |  |
| Verisk Analytics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2028) | 3000000 | 2815252 |  |
| Verizon Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/16/2027 | 3196000 | 3117177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/22/2027) | 13000000 | 12092632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.100%, 03/22/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/22/2028) | 5750000 | 4999429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.329%, 09/21/2028 | 2351000 | 2264667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.016%, 12/03/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/03/2029) | 5628000 | 5284069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.355%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031) | 2309000 | 1832908 |  |
| Viterra Finance BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/21/2026)<sup>(1)(2)</sup> | 25000000 | 21703258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 04/21/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/21/2027)<sup>(1)(2)</sup> | 10500000 | 9892472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/21/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2031)<sup>(1)(2)</sup> | 1605000 | 1216504 |  |
| VMware, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.400%, 08/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2026) | 900000 | 785563 |  |
| Volkswagen Group of America Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 09/26/2024<sup>(1)(2)</sup> | 8850000 | 8473466 |  |
| Vontier Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 6300000 | 5323811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2028) | 16375000 | 13084208 |  |
| Wabtec Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023) | 12427000 | 12304070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 11050000 | 10317361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2028) | 1500000 | 1443443 |  |
| Walgreens Boots Alliance, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 106000 | 100886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 6335000 | 5499836 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.054%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2029)<sup>(2)</sup> | $6000000 | $5200691 |  |
| Waste Connections, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2032) | 875000 | 753303 |  |
| Western Digital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 02/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) | 10000000 | 7736700 |  |
| Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) | 7195000 | 6601413 |  |
| Westinghouse Air Brake Technologies Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) | 5000000 | 4710959 |  |
| Williams Companies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/15/2031 | 3400000 | 3731877 |  |
| Wipro IT Services LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/23/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/23/2026)<sup>(1)(2)</sup> | 9000000 | 7901437 |  |
| Woodside Finance Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/04/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/04/2028)<sup>(1)(2)</sup> | 10000000 | 9396874 |  |
| WRKCo, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 03/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2026) | 275000 | 270051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 06/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2028) | 8275000 | 7617695 |  |
| Yara International ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/06/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/06/2026)<sup>(1)(2)</sup> | 1150000 | 1061239 |  |
| Zoetis, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/13/2025) | 2000000 | 1988295 |  |
| **Total Industrials** |  |  |  |
| **(Cost $1,417,715,195)** |  | 1282834226 | 18.2% |
| **Utilities** |  |  |  |
| Ausgrid Finance Pty Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 08/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2028)<sup>(1)(2)</sup> | 4400000 | 4085757 |  |
| Avangrid, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029)<sup>(1)</sup> | 10975000 | 9997938 |  |
| DTE Electric Company, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2030) | 275000 | 234379 |  |
| Duquesne Light Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.775%, 01/07/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/07/2031)<sup>(2)</sup> | 12400000 | 9732224 |  |
| East Ohio Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2030)<sup>(2)</sup> | 550000 | 433938 |  |
| EDP Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/15/2024<sup>(1)(2)</sup> | 275000 | 265462 |  |
| Enel Finance International NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2027)<sup>(1)(2)</sup> | 10000000 | 9473344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/06/2028<sup>(1)(2)</sup> | 14675000 | 12888468 |  |
| Entergy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2030) | 13250000 | 11204851 |  |
| Eversource Energy, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) | 275000 | 214666 |  |
| Fells Point Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.046%, 01/31/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2026)<sup>(2)</sup> | 325000 | 296193 |  |
| FirstEnergy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 03/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2025) | 6450000 | 5954672 |  |
| ITC Holdings Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027)<sup>(1)</sup> | 275000 | 253647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 05/14/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/14/2030)<sup>(1)(2)</sup> | 15717000 | 13294798 |  |
| KeySpan Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/15/2030<sup>(1)</sup> | 2000000 | 2192321 |  |
| Oncor Electric Delivery Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 6000000 | 5240920 |  |
| Pacific Gas and Electric Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/01/2025 | 259500 | 245826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2028 | 259500 | 230560 |  |
| Puget Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.379%, 06/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2028) | 325000 | 276880 |  |
| **Total Utilities** |  |  |  |
| **(Cost $99,084,117)** |  | 86516844 | 1.2% |
| **Financials** |  |  |  |
| ABN AMRO Bank NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/28/2025<sup>(1)(2)</sup> | 26048000 | 25261611 |  |
| AerCap Holdings NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/14/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2024)<sup>(1)</sup> | 5525000 | 5233187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/29/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/29/2026)<sup>(1)</sup> | 10000000 | 8754712 |  |
| AIA Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 03/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/11/2024)<sup>(1)(2)</sup> | 3000000 | 2878681 |  |
| Air Lease Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 01/15/2023 | 3800000 | 3796386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/15/2023 | 250000 | 249706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 525000 | 516062 |  |
| AmFam Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.805%, 03/11/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/11/2030)<sup>(2)</sup> | 7000000 | 5456157 |  |
| Anthem, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024) | 10225000 | 9915901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 01/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) | 12000000 | 11399600 |  |
| Aon PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/14/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/14/2024) | 300000 | 292911 |  |
| Australia & New Zealand |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/19/2024<sup>(1)(2)</sup> | 275000 | 271679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.742%, 12/08/2032<sup>(1)(2)</sup> | 5000000 | 5066437 |  |
| Banco Santander SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.179%, 11/19/2025<sup>(1)</sup> | 5000000 | 4922827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.722%, 09/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/14/2026)<sup>(1)(3)</sup> | 4500000 | 3848730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.749%, 12/03/2030<sup>(1)</sup> | 4000000 | 3091746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.225%, 11/22/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/22/2031)<sup>(1)(3)</sup> | 2000000 | 1516451 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Bank of America Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.864%, 07/23/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.940%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2023)<sup>(3)</sup> | $10300000 | $10206761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.458%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.970%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(3)</sup> | 5060000 | 4930699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.093%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.090%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024)<sup>(3)</sup> | 3295000 | 3156219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.734%, 07/22/2027 (SOFR + 0.960%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2026)<sup>(3)</sup> | 5000000 | 4383214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.824%, 01/20/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.575%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2027)<sup>(3)</sup> | 375000 | 350282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.705%, 04/24/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.512%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/24/2027)<sup>(3)</sup> | 5050000 | 4680022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.376%, 04/27/2028 (SOFR + 1.580%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/27/2027)<sup>(3)</sup> | 7675000 | 7350352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.948%, 07/22/2028 (SOFR + 2.040%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2027)<sup>(3)</sup> | 10000000 | 9781222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.204%, 11/10/2028 (SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/10/2027)<sup>(3)</sup> | 5000000 | 5155274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.419%, 12/20/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.040%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/20/2027)<sup>(3)</sup> | 1689000 | 1529565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.087%, 06/14/2029 (SOFR + 1.060%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2028)<sup>(3)</sup> | 4350000 | 3668072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.271%, 07/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.310%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2028)<sup>(3)</sup> | 5295000 | 4946559 |  |
| Bank of Ireland Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.029%, 09/30/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2026)<sup>(1)(2)(3)</sup> | 11243000 | 9486933 |  |
| Bank of Nova Scotia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/16/2025<sup>(1)</sup> | 7000000 | 6866726 |  |
| Banque Federative du Credit Mutuel SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.753%, 07/13/2027<sup>(1)(2)</sup> | 6850000 | 6679857 |  |
| Barclays PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/16/2025<sup>(1)</sup> | 275000 | 264365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.932%, 05/07/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2024)<sup>(1)(3)</sup> | 4500000 | 4365387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.337%, 01/10/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2027)<sup>(1)</sup> | 8790000 | 8180447 |  |
| BBVA USA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2025) | 4700000 | 4581507 |  |
| BNP Paribas SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 11/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.111%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2024)<sup>(1)(2)(3)</sup> | 5000000 | 4738768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/12/2026<sup>(1)(2)</sup> | 8288000 | 7905407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.323%, 01/13/2027 (SOFR + 1.004%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/13/2026)<sup>(1)(2)(3)</sup> | 4250000 | 3713396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.159%, 09/15/2029 (SOFR + 1.218%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2028)<sup>(1)(2)(3)</sup> | 2000000 | 1635347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.871%, 04/19/2032 (SOFR + 1.387%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/19/2031)<sup>(1)(2)(3)</sup> | 3000000 | 2355381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.132%, 01/20/2033 (SOFR + 1.561%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2032)<sup>(1)(2)(3)</sup> | 7000000 | 5545929 |  |
| Boston Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 01/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024) | 12400000 | 11868002 |  |
| BPCE SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 10/22/2023<sup>(1)(2)</sup> | 5675000 | 5631958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 07/11/2024<sup>(1)(2)</sup> | 10500000 | 10217440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 04/01/2026<sup>(1)(2)</sup> | 3386000 | 3225983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.116%, 10/19/2032 (SOFR + 1.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/19/2031)<sup>(1)(2)(3)</sup> | 11500000 | 8426581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.748%, 07/19/2033 (SOFR + 2.865%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/19/2032)<sup>(1)(2)(3)</sup> | 6200000 | 5915054 |  |
| Brown & Brown, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024) | 10461000 | 10270329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2028) | 8747000 | 8150749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2030) | 3500000 | 2678012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 03/17/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/17/2031) | 10000000 | 8698718 |  |
| Cantor Fitzgerald LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/14/2027)<sup>(2)</sup> | 5000000 | 4638144 |  |
| Capital One Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 05/11/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/11/2027) | 3275000 | 3085461 |  |
| Centene Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 07/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2028) | 5450000 | 4595562 |  |
| Citigroup, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.352%, 04/24/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.897%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/24/2024)<sup>(3)</sup> | 10590000 | 10260613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.887%, 01/10/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.563%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2027)<sup>(3)</sup> | 14000000 | 13105923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.520%, 10/27/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.151%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/27/2027)<sup>(3)</sup> | 3000000 | 2741606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.057%, 01/25/2033 (SOFR + 1.351%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2032)<sup>(3)</sup> | 10000000 | 8112965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.785%, 03/17/2033 (SOFR + 1.939%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/17/2032)<sup>(3)</sup> | 7425000 | 6373392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.270%, 11/17/2033 (SOFR + 2.338%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/17/2032)<sup>(3)</sup> | 5000000 | 5186045 |  |
| Citizens Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/28/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/28/2025) | 19275000 | 17968714 |  |
| Citizens Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 07/27/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/27/2026) | 300000 | 277726 |  |
| CNA Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/2023 | 1980000 | 2021194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2025) | 5370000 | 5284290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2029) | 4000000 | 3657310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) | 875000 | 690988 |  |
| CNO Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 01/06/2029<sup>(2)</sup> | 15000000 | 12748261 |  |
| Commonwealth Bank of Australia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.784%, 03/14/2032<sup>(1)(2)</sup> | 20000000 | 16541595 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Cooperatieve Rabobank UA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/04/2025<sup>(1)</sup> | $7700000 | $7522411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/21/2026<sup>(1)</sup> | 1826000 | 1719203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.649%, 04/06/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.220%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/06/2027)<sup>(1)(2)(3)</sup> | 7700000 | 7104376 |  |
| Corebridge Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 04/05/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/05/2029)<sup>(2)</sup> | 13825000 | 12618785 |  |
| Credit Agricole SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.247%, 01/26/2027 (SOFR + 0.892%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/26/2026)<sup>(1)(2)(3)</sup> | 4000000 | 3506204 |  |
| Credit Suisse Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.207%, 06/12/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.240%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/12/2023)<sup>(1)(2)(3)</sup> | 4000000 | 3900428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.593%, 09/11/2025 (SOFR + 1.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2024)<sup>(1)(2)(3)</sup> | 12395000 | 10962786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.282%, 01/09/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/09/2027)<sup>(1)(2)</sup> | 500000 | 415094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.442%, 08/11/2028 (SOFR + 3.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/11/2027)<sup>(1)(2)(3)</sup> | 7500000 | 6840035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.869%, 01/12/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.410%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2028)<sup>(1)(2)(3)</sup> | 250000 | 200713 |  |
| Credit Suisse Group Funding Guernsey Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/09/2023<sup>(1)</sup> | 9000000 | 8763750 |  |
| Danske Bank A/S: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.621%, 09/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2025)<sup>(1)(2)(3)</sup> | 5000000 | 4407534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.298%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2027)<sup>(1)(2)(3)</sup> | 25000000 | 23036391 |  |
| Deutsche Bank AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.222%, 09/18/2024 (SOFR + 2.159%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/18/2023)<sup>(1)(3)</sup> | 5000000 | 4830041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.311%, 11/16/2027 (SOFR + 1.219%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2026)<sup>(1)(3)</sup> | 3450000 | 2929582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.035%, 05/28/2032 (SOFR + 1.718%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/28/2031)<sup>(1)(3)</sup> | 5000000 | 3803117 |  |
| Discover Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/27/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/27/2026) | 300000 | 276644 |  |
| Discover Financial Services: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 11/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/06/2024) | 4200000 | 4090691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/04/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/04/2024) | 250000 | 239498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 02/09/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/09/2026) | 12000000 | 11293365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 11/29/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/29/2032) | 6275000 | 6400360 |  |
| Elevance Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2024) | 300000 | 292752 |  |
| Equitable Financial Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.400%, 07/07/2025<sup>(2)</sup> | 225000 | 204191 |  |
| Federation des Caisses Desjardins du Quebec, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 02/10/2025<sup>(1)(2)</sup> | 500000 | 466280 |  |
| Fifth Third Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.772%, 07/28/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 2.127%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/28/2029)<sup>(3)</sup> | 3000000 | 2867402 |  |
| FirstMerit Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.270%, 11/25/2026 | 5450000 | 5215351 |  |
| Goldman Sachs Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/23/2024) | 2000000 | 1933279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.272%, 09/29/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.201%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/29/2024)<sup>(3)</sup> | 3500000 | 3374268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.093%, 12/09/2026 (SOFR + 0.789%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/09/2025)<sup>(3)</sup> | 2000000 | 1767140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.948%, 10/21/2027 (SOFR + 0.913%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/21/2026)<sup>(3)</sup> | 15700000 | 13746108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.640%, 02/24/2028 (SOFR + 1.114%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/24/2027)<sup>(3)</sup> | 2000000 | 1782033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.615%, 03/15/2028 (SOFR + 1.846%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2027)<sup>(3)</sup> | 26125000 | 24312519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.691%, 06/05/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.510%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/05/2027)<sup>(3)</sup> | 5025000 | 4668300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.223%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.301%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2028)<sup>(3)</sup> | 3100000 | 2893044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.383%, 07/21/2032 (SOFR + 1.248%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/21/2031)<sup>(3)</sup> | 5000000 | 3892688 |  |
| Guardian Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 10/28/2027<sup>(2)</sup> | 15000000 | 15325302 |  |
| Hartford Financial Services Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 08/19/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/19/2029) | 4600000 | 3948517 |  |
| Health Care Service Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Mutual Legal Reserve Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030)<sup>(2)</sup> | 10275000 | 8283549 |  |
| High Street Funding Trust I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.111%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2027)<sup>(2)</sup> | 5000000 | 4665370 |  |
| HSBC Holdings PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 03/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.211%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/11/2024)<sup>(1)(3)</sup> | 3000000 | 2917314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.292%, 09/12/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.348%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/12/2025)<sup>(1)(3)</sup> | 7485000 | 7173662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.251%, 11/22/2027 (SOFR + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/22/2026)<sup>(1)(3)</sup> | 10000000 | 8672120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.973%, 05/22/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/22/2029)<sup>(1)(3)</sup> | 1500000 | 1316695 |  |
| Huntington Bancshares, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.443%, 08/04/2028 (SOFR + 1.970%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/04/2027)<sup>(3)</sup> | 4837000 | 4590328 |  |
| ING Groep NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.017%, 03/28/2028 (SOFR + 1.830%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/28/2027)<sup>(1)(3)</sup> | 3833000 | 3580203 |  |
| Invesco Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/15/2026 | 300000 | 287827 |  |
| Jackson National Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/30/2024<sup>(2)</sup> | 10350000 | 10105910 |  |
| Jefferies Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/15/2027 | 1700000 | 1680743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.450%, 06/08/2027 | 3325000 | 3470412 |  |
| John Hancock Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 02/15/2024<sup>(1)(2)</sup> | 11650000 | 11874412 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| JPMorgan Chase & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.301%, 10/15/2025 (SOFR + 1.160%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024)<sup>(3)</sup> | $13000000 | $12264086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.005%, 03/13/2026 (SOFR + 1.585%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/13/2025)<sup>(3)</sup> | 7625000 | 7062432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.083%, 04/22/2026 (SOFR + 1.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2025)<sup>(3)</sup> | 3000000 | 2783487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.045%, 11/19/2026 (SOFR + 0.800%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2025)<sup>(3)</sup> | 5000000 | 4403771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.578%, 04/22/2027 (SOFR + 0.885%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2026)<sup>(3)</sup> | 7000000 | 6160899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.470%, 09/22/2027 (SOFR + 0.765%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2026)<sup>(3)</sup> | 5000000 | 4330441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.851%, 07/25/2028 (SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2027)<sup>(3)</sup> | 7000000 | 6839960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.509%, 01/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.945%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/23/2028)<sup>(3)</sup> | 6150000 | 5590726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.522%, 04/22/2031 (SOFR + 2.040%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2030)<sup>(3)</sup> | 1500000 | 1231037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.953%, 02/04/2032 (SOFR + 1.065%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2031)<sup>(3)</sup> | 150000 | 115115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.580%, 04/22/2032 (SOFR + 1.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2031)<sup>(3)</sup> | 5000000 | 4020079 |  |
| Kemper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 02/23/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/23/2031) | 6000000 | 5031027 |  |
| KeyBank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/20/2026 | 2200000 | 2065733 |  |
| LeasePlan Corp. NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 10/24/2024<sup>(1)(2)</sup> | 10250000 | 9615529 |  |
| Liberty Mutual Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/15/2023<sup>(2)</sup> | 966000 | 959119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.569%, 02/01/2029<sup>(2)</sup> | 1559000 | 1457033 |  |
| Life Storage LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2027) | 8000000 | 7413824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2029) | 1500000 | 1346984 |  |
| Lloyds Bank PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.627%, 05/11/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/11/2026)<sup>(1)(3)</sup> | 8850000 | 7669134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/18/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.800%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/18/2027)<sup>(1)(3)</sup> | 10000000 | 9217337 |  |
| M&T Bank Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/16/2024) | 5000000 | 4910888 |  |
| Macquarie Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/27/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.330%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/27/2023)<sup>(1)(2)(3)</sup> | 4000000 | 3985496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.108%, 08/09/2026 (SOFR + 2.208%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2025)<sup>(1)(2)(3)</sup> | 5000000 | 4983092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.691%, 06/23/2032 (SOFR + 1.440%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/23/2031)<sup>(1)(2)(3)</sup> | 5000000 | 3849445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.871%, 01/14/2033 (SOFR + 1.532%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/14/2032)<sup>(1)(2)(3)</sup> | 4350000 | 3348792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.442%, 06/21/2033 (SOFR + 2.405%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/21/2032)<sup>(1)(2)(3)</sup> | 5000000 | 4354198 |  |
| Marsh & McLennan Companies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2030) | 550000 | 450797 |  |
| Massachusetts Mutual Life Insurance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 11/15/2023<sup>(2)</sup> | 5769000 | 5856293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 05/15/2033<sup>(2)</sup> | 10000000 | 9768252 |  |
| MBIA Insurance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15.339%, 01/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 11.260%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028)<sup>(2)(3)(8)</sup> | 500000 | 37790 |  |
| Metropolitan Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.800%, 11/01/2025<sup>(2)</sup> | 390000 | 413369 |  |
| Mitsubishi UFJ Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.801%, 07/18/2024<sup>(1)</sup> | 500000 | 480709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.193%, 02/25/2025<sup>(1)</sup> | 5000000 | 4682832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.538%, 07/20/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/20/2026)<sup>(1)(3)</sup> | 5000000 | 4340124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.354%, 09/13/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/13/2027)<sup>(1)(3)</sup> | 5000000 | 4957369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.494%, 10/13/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.970%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/13/2031)<sup>(1)(3)</sup> | 6000000 | 4691078 |  |
| Mizuho Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/27/2024<sup>(1)(2)</sup> | 7000000 | 6876426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.922%, 09/11/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2023)<sup>(1)(3)</sup> | 3000000 | 2952312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.414%, 09/13/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/13/2027)<sup>(1)(3)</sup> | 7000000 | 7002971 |  |
| Morgan Stanley: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.188%, 04/28/2026 (SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/28/2025)<sup>(3)</sup> | 10000000 | 9299694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/27/2026 | 4750000 | 4437260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.296%, 10/18/2028 (SOFR + 2.240%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/18/2027)<sup>(3)</sup> | 15000000 | 15453628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.622%, 04/01/2031 (SOFR + 3.120%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(3)</sup> | 525000 | 459618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.239%, 07/21/2032 (SOFR + 1.178%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/21/2031)<sup>(3)</sup> | 10000000 | 7670768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.511%, 10/20/2032 (SOFR + 1.200%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/20/2031)<sup>(3)</sup> | 8200000 | 6415328 |  |
| National Australia Bank Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 01/14/2026<sup>(1)</sup> | 500000 | 478632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.332%, 08/21/2030<sup>(1)(2)</sup> | 7850000 | 5976179 |  |
| National Securities Clearing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 11/21/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/21/2027)<sup>(2)</sup> | 6825000 | 6875431 |  |
| Nationwide Building Society: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.766%, 03/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.064%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2023)<sup>(1)(2)(3)</sup> | 5000000 | 4972827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/14/2026<sup>(1)(2)</sup> | 20675000 | 18816170 |  |
| Nationwide Mutual Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 12/01/2031<sup>(2)</sup> | 2195000 | 2514863 |  |
| NatWest Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.269%, 03/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.762%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/22/2024)<sup>(1)(3)</sup> | 7454000 | 7291490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.076%, 01/27/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.905%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/27/2029)<sup>(1)(3)</sup> | 4700000 | 4437841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.445%, 05/08/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.871%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/08/2029)<sup>(1)(3)</sup> | 6850000 | 6219403 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Nomura Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.653%, 07/14/2026<sup>(1)</sup> | $13725000 | $11958064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.103%, 01/16/2030<sup>(1)</sup> | 5000000 | 4171764 |  |
| Pacific Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/24/2025<sup>(2)</sup> | 550000 | 499003 |  |
| Peachtree Corners Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.976%, 02/15/2025<sup>(2)</sup> | 6556000 | 6332693 |  |
| Pine Street Trust I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.572%, 02/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2028)<sup>(2)</sup> | 5000000 | 4634764 |  |
| Principal Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 850000 | 794971 |  |
| Principal Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/18/2026<sup>(2)</sup> | 7000000 | 6513634 |  |
| Protective Life Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 09/30/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/30/2028)<sup>(1)(2)</sup> | 1400000 | 1310147 |  |
| Prudential Insurance Co. of America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.300%, 07/01/2025<sup>(2)</sup> | 8600000 | 9095803 |  |
| Realty Income Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2024) | 300000 | 294617 |  |
| Reliance Standard Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/21/2027<sup>(1)(2)</sup> | 11775000 | 10628823 |  |
| Sammons Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/08/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/08/2032)<sup>(2)</sup> | 14000000 | 11727933 |  |
| Santander UK Group Holdings PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.373%, 01/05/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/05/2023)<sup>(1)(3)</sup> | 2500000 | 2500000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.796%, 11/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.570%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2023)<sup>(1)(3)</sup> | 5000000 | 4917097 |  |
| Santander UK PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/07/2023<sup>(1)(2)</sup> | 3950000 | 3937897 |  |
| SMBC Aviation Capital Finance DAC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 04/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(1)(2)</sup> | 6550000 | 6333785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.900%, 10/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026)<sup>(1)(2)</sup> | 2000000 | 1704675 |  |
| Societe Generale SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/17/2024<sup>(1)(2)</sup> | 3350000 | 3314214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 01/22/2025<sup>(1)(2)</sup> | 3355000 | 3156275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/14/2025<sup>(1)(2)</sup> | 5846000 | 5610078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.226%, 01/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2025)<sup>(1)(2)(3)</sup> | 3968000 | 3651782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.488%, 12/14/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/14/2025)<sup>(1)(2)(3)</sup> | 7415000 | 6451033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.792%, 06/09/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/09/2026)<sup>(1)(2)(3)</sup> | 10000000 | 8626867 |  |
| Standard Chartered PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 01/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.209%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2025)<sup>(1)(2)(3)</sup> | 19825000 | 18447597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.971%, 03/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.650%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/30/2025)<sup>(1)(2)(3)</sup> | 4500000 | 4301240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.456%, 01/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/14/2026)<sup>(1)(2)(3)</sup> | 4500000 | 3899313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.608%, 01/12/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.180%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2027)<sup>(1)(2)(3)</sup> | 5000000 | 4342729 |  |
| State Street Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.901%, 03/30/2026 (SOFR + 2.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/30/2025)<sup>(3)</sup> | 275000 | 261423 |  |
| Stifel Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/18/2024 | 10139000 | 9937729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 12245000 | 10650852 |  |
| Sumitomo Mitsui Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.474%, 07/08/2025<sup>(1)</sup> | 250000 | 227980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.544%, 01/17/2028<sup>(1)</sup> | 2094000 | 1934349 |  |
| Synchrony Financial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2024) | 5275000 | 5156083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | 775000 | 743920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 08/04/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/04/2026) | 3000000 | 2763084 |  |
| Toronto-Dominion Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.456%, 06/08/2032<sup>(1)</sup> | 13000000 | 12387890 |  |
| Trinity Acquisition PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025) | 1125000 | 1092453 |  |
| Trustage Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2032)<sup>(2)</sup> | 15000000 | 12974220 |  |
| UBS Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.490%, 08/05/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/05/2024)<sup>(1)(2)(3)</sup> | 5000000 | 4916614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.494%, 08/10/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/10/2026)<sup>(1)(2)(3)</sup> | 5000000 | 4307270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.751%, 05/12/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/12/2027)<sup>(1)(2)(3)</sup> | 1500000 | 1437532 |  |
| Voya Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 06/15/2026 | 2910000 | 2747057 |  |
| Wells Fargo & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.406%, 10/30/2025 (SOFR + 1.087%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/30/2024)<sup>(3)</sup> | 500000 | 473070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.164%, 02/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/11/2025)<sup>(3)</sup> | 5000000 | 4659489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.188%, 04/30/2026 (SOFR + 2.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/30/2025)<sup>(3)</sup> | 16000000 | 14901838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.196%, 06/17/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.170%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/17/2026)<sup>(3)</sup> | 600000 | 556356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.526%, 03/24/2028 (SOFR + 1.510%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/24/2027)<sup>(3)</sup> | 15000000 | 13908341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.393%, 06/02/2028 (SOFR + 2.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/02/2027)<sup>(3)</sup> | 10864000 | 9603055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.808%, 07/25/2028 (SOFR + 1.980%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2027)<sup>(3)</sup> | 5000000 | 4882314 |  |
| Western & Southern Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/15/2033<sup>(2)</sup> | 4250000 | 4316963 |  |
| Westpac Banking Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.894%, 02/04/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2025)<sup>(1)(3)</sup> | 2300000 | 2110019 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Westpac Banking Corp.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.405%, 08/10/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.680%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/10/2032)<sup>(1)(3)</sup> | $4000000 | $3751382 |  |
| Willis North America, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024) | 8150000 | 7930661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2027) | 8000000 | 7736286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2028) | 8800000 | 8307299 |  |
| **Total Financials** |  |  |  |
| **(Cost $1,388,658,771)** |  | 1274143262 | 18.1% |
| **Total Corporate Bonds** |  |  |  |
| **(Cost $2,905,458,083)** |  | 2643494332 | 37.5% |
| **Municipal Bonds** |  |  |  |
| Alabama Economic Settlement Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.163%, 09/15/2025 | 2050000 | 1984039 |  |
| City of College Park GA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.965%, 01/01/2031 (Insured by NATL) | 2555000 | 2630924 |  |
| County of Hamilton OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.374%, 06/01/2034 (Insured by AGM) | 10000000 | 8292311 |  |
| County of Miami-Dade FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.536%, 10/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2030) | 2800000 | 2134351 |  |
| Dallas/Fort Worth International Airport, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.329%, 11/01/2025 | 525000 | 474546 |  |
| Florida Development Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.223%, 02/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2031) (Insured by AGM) | 5250000 | 4310375 |  |
| GBG LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 09/01/2030<sup>(2)</sup> | 921454 | 789962 |  |
| Great Lakes Water Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.315%, 07/01/2031 | 2000000 | 1612638 |  |
| Indiana Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.683%, 09/15/2023 | 200000 | 195740 |  |
| Massachusetts Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.921%, 07/01/2027 | 10000000 | 8645794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.161%, 07/01/2028 | 10000000 | 8457795 |  |
| New Hampshire Business |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) | 7000000 | 5996029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2032) | 13600000 | 10342970 |  |
| New Jersey Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Student Assistance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1600000 | 1706431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1225000 | 1321214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1205000 | 1299643 |  |
| New Jersey Turnpike Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.223%, 01/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025)<sup>(2)</sup> | 5000000 | 4278893 |  |
| New York State Dormitory Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2036 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/01/2031) (Insured by BAM) | 2480000 | 1950098 |  |
| Niagara Area Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.004%, 05/01/2025 | 1000000 | 950025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.204%, 05/01/2026 | 1995000 | 1861984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.272%, 05/01/2027 | 2060000 | 1887957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.372%, 05/01/2028 | 2130000 | 1919822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.422%, 05/01/2029 | 2200000 | 1953952 |  |
| North Carolina Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 225000 | 224465 |  |
| North East Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.240%, 08/01/2027 | 2100000 | 2135129 |  |
| San Diego Convention Center |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expansion Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.987%, 04/15/2026 | 3440000 | 3165410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.363%, 04/15/2028 | 1325000 | 1174755 |  |
| South Dakota Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 11/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2025) | 465000 | 448208 |  |
| Westvaco Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.670%, 01/15/2027<sup>(2)</sup> | 8400000 | 8903573 |  |
| **Total Municipal Bonds** |  |  |  |
| **(Cost $106,049,645)** |  | 91049033 | 1.3% |
| **Residential Mortgage-Backed Securities** |  |  |  |
| **U.S. Government Agency Issues** |  |  |  |
| Fannie Mae REMIC Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1993-32, Class H, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/2023 | 65 | 65 |  |
| Federal Gold Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Corp. (FGLMC), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2028 | 1252 | 1296 |  |
| **Total U.S. Government Agency Issues** |  |  |  |
| **(Cost $1,293)** |  | 1361 | 0.0% |
| **Non-U.S. Government Agency Issues** |  |  |  |
| Arroyo Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A1, 3.347%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2049 (Callable 01/25/2023)<sup>(2)(4)</sup> | 1445309 | 1337771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1A, 2.495%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2056 (Callable 01/25/2025)<sup>(2)(7)</sup> | 20136448 | 18460301 |  |
| Banc of America Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2, Class 1CB1, 5.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/20/2034 (Callable 03/20/2024) | 685896 | 669257 |  |
| Bear Stearns ARM Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-5, Class 2A, 3.169%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2034 (Callable 01/25/2023)<sup>(4)(6)</sup> | 376161 | 335737 |  |
| CWABS Asset-Backed Certificates Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-9, Class 1AF3, 5.859%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2036 (Callable 01/25/2023)<sup>(4)</sup> | 135894 | 137490 |  |
| Delta Funding Home Equity Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1999-2, Class A7F, 7.030%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2030 (Callable 01/15/2023) | 121 | 118 |  |
| FirstKey Homes Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.266%, 10/19/2037<sup>(2)</sup> | 321387 | 285034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR3, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/19/2038<sup>(2)</sup> | 21775000 | 20565168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.376%, 09/17/2038<sup>(2)</sup> | 22001155 | 18818723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR1, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.145%, 05/19/2039<sup>(2)</sup> | 21130501 | 19845644 |  |
| Home Partners of America Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A, 2.908%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/19/2039 (Callable 09/17/2024)<sup>(2)</sup> | 17481677 | 15709442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 01/17/2041<sup>(2)</sup> | 33050985 | 27864436 |  |
| IMC Home Equity Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1998-1, Class A6, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.020%, 06/20/2029<sup>(7)</sup> | 41 | 41 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| J.P. Morgan Alternative Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A1, Class 2A1, 3.507%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2036 (Callable 07/25/2023)<sup>(4)</sup> | $143871 | $134825 |  |
| MASTR Alternative Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-5, Class 4A1, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2033 (Callable 01/25/2023) | 166365 | 158622 |  |
| MFA Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A1, 4.112%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2066 (Callable 03/25/2025)<sup>(2)(4)</sup> | 30948865 | 29138282 |  |
| Mill City Mortgage Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3, Class A1, 3.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2058 (Callable 01/25/2032)<sup>(2)(4)</sup> | 175820 | 167906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A1, 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2069 (Callable 09/25/2032)<sup>(2)(4)</sup> | 223432 | 210261 |  |
| New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class A3, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2057 (Callable 02/25/2030)<sup>(2)(4)</sup> | 1402992 | 1315736 |  |
| RALI Series Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-QS6, Class A1, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2023 (Callable 01/25/2023) | 1183 | 1101 |  |
| Soundview Home Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2, Class A2, 5.689%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2033 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(3)</sup> | 453165 | 445011 |  |
| Thornburg Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-5, Class 3A, 3.347%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2043 (Callable 01/25/2023)<sup>(4)</sup> | 1063090 | 1011720 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2056 (Callable 10/25/2028)<sup>(2)(4)</sup> | 1833049 | 1802221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2057 (Callable 11/25/2027)<sup>(2)(4)</sup> | 40389 | 38527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A1, 3.722%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 05/25/2028)<sup>(2)(4)</sup> | 4139933 | 3899847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6, Class A1A, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 08/25/2028)<sup>(2)(4)</sup> | 144366 | 140140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class A1, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2058 (Callable 07/25/2030)<sup>(2)(4)</sup> | 158270 | 144492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class A1, 2.900%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2059 (Callable 04/25/2031)<sup>(2)(4)</sup> | 10240363 | 9516736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4, Class A1, 1.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2060 (Callable 08/25/2029)<sup>(2)</sup> | 13151245 | 11629485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2062 (Callable 07/25/2028)<sup>(2)(4)</sup> | 6270805 | 5845504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2062 (Callable 12/25/2027)<sup>(2)(4)</sup> | 10434144 | 9784229 |  |
| WaMu Mortgage Pass-Through |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-AR3, Class A1, 3.104%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2034 (Callable 01/25/2023)<sup>(4)</sup> | 858295 | 786818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-CB2, Class 3A, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2034 (Callable 01/25/2023)<sup>(6)</sup> | 1034510 | 1009112 |  |
| **Total Non-U.S. Government Agency Issues** |  |  |  |
| **(Cost $219,453,657)** |  | 201209737 | 2.9% |
| **Total Residential Mortgage-Backed Securities** |  |  |  |
| **(Cost $219,454,950)** |  | 201211098 | 2.9% |
| **Commercial Mortgage-Backed Securities** |  |  |  |
| **U.S. Government Agency Issues** |  |  |  |
| Freddie Mac Multifamily Structured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass Through Certificates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K038, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.389%, 03/25/2024 | 2325000 | 2280766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K041, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.171%, 10/25/2024 | 5195000 | 5033499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K043, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.062%, 12/25/2024 | 4250000 | 4117775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K048, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.284%, 06/25/2025<sup>(4)</sup> | 8725000 | 8445264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K734, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.208%, 02/25/2026 | 9750000 | 9367250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K062, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.413%, 12/25/2026 | 11274000 | 10828201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K063, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.430%, 01/25/2027<sup>(4)</sup> | 300000 | 288321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K064, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.224%, 03/25/2027 | 1325000 | 1262617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K065, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.243%, 04/25/2027 | 2075000 | 1976879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K066, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.117%, 06/25/2027 | 170000 | 161028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K068, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.244%, 08/25/2027 | 24446000 | 23247973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K069, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.187%, 09/25/2027<sup>(4)</sup> | 1075000 | 1019246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K071, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.286%, 11/25/2027 | 7375000 | 7015076 |  |
| **Total U.S. Government Agency Issues** |  |  |  |
| **(Cost $80,253,287)** |  | 75043895 | 1.1% |
| **Non-U.S. Government Agency Issues** |  |  |  |
| BANK: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK4, Class A4, 3.625%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2050 (Callable 04/15/2027) | 575000 | 536791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8, Class A4, 3.488%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2050 (Callable 11/15/2027) | 575000 | 530957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK9, Class A4, 3.538%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2054 (Callable 12/15/2029) | 9275000 | 8598250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK44, Class A5, 5.746%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2055 (Callable 11/15/2032)<sup>(4)</sup> | 13475000 | 14075959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK5, Class A5, 3.390%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2060 (Callable 07/15/2027) | 2665000 | 2461955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK7, Class ASB, 3.265%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2060 (Callable 09/15/2027) | 1175912 | 1119961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK7, Class A5, 3.435%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2060 (Callable 09/15/2027) | 950000 | 878615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN10, Class A5, 3.688%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/17/2061 (Callable 02/15/2028) | 895000 | 835040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40, Class ASB, 3.394%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2064 (Callable 03/15/2032)<sup>(4)</sup> | 16205000 | 14728052 |  |
| Benchmark Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33, Class ASB, 3.469%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2055 (Callable 03/15/2032) | 6407000 | 5815838 |  |
| CD Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CD6, Class ASB, 3.332%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/15/2050 (Callable 11/13/2027) | 10541018 | 10027391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CD7, Class A4, 4.279%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2051 (Callable 08/15/2028) | 2495000 | 2367165 |  |
| CFCRE Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C4, Class ASB, 3.091%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/10/2058 (Callable 05/10/2026) | 231689 | 222523 |  |
| Citigroup Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-GC11, Class A4, 3.093%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/10/2046 (Callable 04/10/2023) | 9967816 | 9934331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC23, Class A4, 3.622%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/12/2047 (Callable 07/10/2024) | 5285000 | 5101588 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Citigroup Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Trust: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC27, Class A5, 3.137%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/10/2048 (Callable 01/10/2025) | $14085576 | $13394774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC35, Class A4, 3.818%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/13/2048 (Callable 11/10/2025) | 15860000 | 15110388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-P8, Class A3, 3.203%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2050 (Callable 09/15/2027) | 2350000 | 2154304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-P8, Class A4, 3.465%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2050 (Callable 09/15/2027) | 350000 | 322924 |  |
| COMM Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR19, Class A5, 3.796%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2047 (Callable 08/10/2024) | 2954200 | 2857705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR21, Class A3, 3.528%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/10/2047 (Callable 12/10/2024) | 4302006 | 4141853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR11, Class A4, 4.258%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2050 (Callable 10/10/2023) | 13025000 | 12881312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-COR2, Class A3, 3.510%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/12/2050 (Callable 09/10/2027) | 16210172 | 14910087 |  |
| CSAIL Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C20, Class ASB, 2.436%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2054 (Callable 03/15/2031) | 6866000 | 5994899 |  |
| GS Mortgage Securities Corp. II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-GS10, Class A5, 4.155%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/12/2051 (Callable 07/10/2028)<sup>(4)</sup> | 9372252 | 8839939 |  |
| JP Morgan Chase Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-JP2, Class A4, 2.822%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2049 (Callable 07/15/2026) | 6545000 | 5978611 |  |
| JPMBB Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class A5, 3.664%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2045 (Callable 06/15/2023) | 3373000 | 3344491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC11, Class A5, 2.960%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2046 (Callable 05/15/2023) | 857216 | 850998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C17, Class A3, 3.928%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/17/2047 (Callable 01/15/2024) | 56862 | 55764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class A5, 3.934%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2047 (Callable 02/15/2026) | 600000 | 581337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C25, Class ASB, 3.407%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 93862 | 91627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C26, Class A4, 3.494%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/17/2048 (Callable 01/15/2025) | 14480202 | 13870814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C30, Class A5, 3.822%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2048 (Callable 07/15/2025) | 250000 | 238365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C4, Class A3, 3.141%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2049 (Callable 04/15/2027) | 17200000 | 15839086 |  |
| JPMCC Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C7, Class A5, 3.409%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2050 (Callable 11/15/2027) | 5300000 | 4876614 |  |
| Morgan Stanley Bank of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Merrill Lynch Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C16, Class A4, 3.600%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2047 (Callable 06/15/2026) | 8546774 | 8322221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C27, Class A4, 3.753%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2047 (Callable 11/15/2025) | 29745000 | 28241536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C25, Class ASB, 3.383%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/19/2048 (Callable 09/15/2025) | 106098 | 102701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C29, Class ASB, 3.140%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2049 (Callable 05/15/2026) | 3599486 | 3447820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C34, Class A4, 3.536%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2052 (Callable 10/15/2027) | 14450000 | 13376980 |  |
| Morgan Stanley Capital I, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-L8, Class ASB, 3.795%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/16/2055 (Callable 04/15/2032)<sup>(4)</sup> | 9422000 | 8702357 |  |
| Wells Fargo Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-LC18, Class ASB, 3.244%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2047 (Callable 01/15/2025) | 6302919 | 6142538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C26, Class ASB, 2.991%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2048 (Callable 02/15/2025) | 43027 | 41767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P2, Class ASB, 3.656%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2048 (Callable 12/15/2025) | 7396396 | 7170556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P2, Class A4, 3.809%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2048 (Callable 12/15/2025) | 21269144 | 20241906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C40, Class A3, 3.317%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2050 (Callable 10/15/2027) | 8800000 | 8096246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C50, Class ASB, 3.635%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2052 (Callable 05/15/2029) | 4100000 | 3867887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C54, Class A4, 3.146%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2052 (Callable 11/15/2029) | 14625000 | 12810490 |  |
| WFRBS Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C24, Class ASB, 3.324%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 3750721 | 3675559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C24, Class A4, 3.343%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 250000 | 238365 |  |
| **Total Non-U.S. Government Agency Issues** |  |  |  |
| **(Cost $356,802,883)** |  | 328049237 | 4.6% |
| **Total Commercial** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $437,056,170)** |  | 403093132 | 5.7% |
| **Asset Backed Securities** |  |  |  |
| Ford Credit Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class A, 3.190%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2031 (Callable 01/15/2025)<sup>(2)</sup> | 12375000 | 11827354 |  |
| GMF Floorplan Owner Revolving Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 04/15/2026<sup>(2)</sup> | 225000 | 218306 |  |
| Golden Credit Card Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.310%, 09/15/2027<sup>(1)(2)</sup> | 24675000 | 24299787 |  |
| Louisiana Local Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental Facilities & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.615%, 02/01/2029 | 27875000 | 27020523 |  |
| MMAF Equipment Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A, Class A3, 0.970%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/09/2027 (Callable 09/09/2026)<sup>(2)</sup> | 6550000 | 6078294 |  |
| Navient Private Education Refi Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GA, Class A, 1.580%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2070 (Callable 02/15/2029)<sup>(2)</sup> | 17237824 | 14618111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BA, Class A, 4.160%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2070 (Callable 06/15/2029)<sup>(2)</sup> | 19436929 | 18184864 |  |
| Nelnet Student Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class APT1, 1.360%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/20/2062 (Callable 09/20/2029)<sup>(2)</sup> | 5858200 | 5188626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA, Class AFX, 1.630%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/20/2062 (Callable 08/20/2031)<sup>(2)</sup> | 1361617 | 1228123 |  |
| Oakwood Mortgage Investors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1999-B, Class A3, 6.450%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2023 (Callable 01/15/2023) | 1595 | 1589 |  |
| PFS Financing Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-G, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.970%, 02/17/2026<sup>(2)</sup> | 4985000 | 4703375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.710%, 04/15/2026<sup>(2)</sup> | 14675000 | 13809624 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| SBA Tower Trust, 1.840%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2051 (Callable 04/15/2026)<sup>(2)</sup> | $16200000 | $13742687 |  |
| Synchrony Card Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A1, Class A, 3.370%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2028 (Callable 04/15/2025) | 21075000 | 20345639 |  |
| Texas Electric Market |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stabilization Funding N LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.265%, 08/01/2036<sup>(2)</sup> | 16275000 | 15483656 |  |
| Towd Point Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1, 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2060 (Callable 01/25/2023)<sup>(2)(4)</sup> | 6893155 | 6416383 |  |
| Toyota Auto Loan Extended Note Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 2.560%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2031 (Callable 05/25/2024)<sup>(2)</sup> | 26242000 | 25294929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 1.350%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2033 (Callable 05/25/2025)<sup>(2)</sup> | 225000 | 205984 |  |
| **Total Asset Backed Securities** |  |  |  |
| **(Cost $222,207,081)** |  | 208667854 | 3.0% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $7,417,127,826)** |  | 6892281860 | 97.9% |
| Short-Term Investment |  |  |  |
|  | *Shares* |  |  |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(5)</sup> | 120654995 | 120654995 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $120,654,995)** |  | 120654995 | 1.7% |
| **Total Investments** |  |  |  |
| **(Cost $7,537,782,821)** |  | 7012936855 | 99.6% |
| Other Assets in Excess of Liabilities |  | 27017957 | 0.4% |
| **TOTAL NET ASSETS** |  | $7039954812 | 100.0% |

---

#### Notes to Schedule of Investments
AGM – Assured Guaranty Municipal

BAM – Build America Mutual Assurance Co.

NATL – National Public Finance Guarantee Corp.

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

SOFRINDX – Secured Overnight Financing Rate Index

<sup>(1)</sup> Foreign security.

<sup>(2)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $1,359,270,815, which represented 19.31% of total net assets.

<sup>(3)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(4)</sup> Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of December 31, 2022.

<sup>(5)</sup> Seven-day yield.

<sup>(6)</sup> Security that, on the last payment date, missed a partial principal or interest payment.

<sup>(7)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

<sup>(8)</sup> Security in default.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Intermediate Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| U.S. Treasury Securities | $— | $3328440139 | $— | $3328440139 |
| Other Government Related Security |  | 16326272 |  | 16326272 |
| Corporate Bonds |  | 2643494332 |  | 2643494332 |
| Municipal Bonds |  | 91049033 |  | 91049033 |
| Residential Mortgage-Backed Securities – U.S. Government Agency Issues |  | 1361 |  | 1361 |
| Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 201209737 |  | 201209737 |
| Commercial Mortgage-Backed Securities – U.S. Government Agency Issues |  | 75043895 |  | 75043895 |
| Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 328049237 |  | 328049237 |
| Asset Backed Securities |  | 208667854 |  | 208667854 |
| **Total Long-Term Investments** |  | 6892281860 |  | 6892281860 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 120654995 |  |  | 120654995 |
| **Total Short-Term Investment** | 120654995 |  |  | 120654995 |
| **Total Investments** | $120654995 | $6892281860 | $— | $7012936855 |

---

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.*

------

Baird Aggregate Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Aggregate Bond Fund seeks an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Aggregate Bond Index. The Bloomberg Aggregate Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government, credit, asset-backed (ABS), mortgage-backed (MBS) and commercial mortgage-backed (CMBS) securities with maturities of at least one year.

The Fed viewed the inflation spike in 2021 as transitory but it continued to rise further and proved more persistent than expected in 2022. By the spring, the Fed's view on inflation had shifted and a very aggressive monetary policy ensued. Between March 2022 and year end, the Fed hiked rates seven times for a total increase of 425 bps designed to bring inflation back to the Fed's long-term target of 2%. Treasury yields reacted in historic fashion to both the inflation data and the aggressive policy changes and rates rose sharply across the curve. The benchmark 10-year Treasury yield climbed 237 bps in 2022, its biggest annual move since the 1950s, and finished the year at 3.88%. The 2-year Treasury yield exhibited an even greater increase of 369 bps, to close the year at 4.43%. The combination of the increase in 2-year and 10-year yields resulted in a persistently inverted yield curve from July through year end. The upward trajectory in inflation was exacerbated by global events, specifically the war in Ukraine and China's zero-COVID-19 policy. Russia's invasion led to higher global food and energy prices, while China's lockdowns allowed supply chain constraints to persist. For relief, President Biden released an estimated 165 million barrels of oil from the US Strategic Petroleum Reserve which, along with a slowing global economy, helped lower the price of West Texas Intermediate (WTI) Crude oil, a key benchmark of oil prices. Negative fixed income returns driven by the sharp increase in rates in 2022 contributed to record redemptions from bond funds, which experienced $331 billion of net redemptions (following record inflows in 2021 of $592 billion).

During 2022, the Institutional Class Shares of the Fund (BAGIX) posted a net return of -13.35% vs. a -13.01% return for the Bloomberg U.S. Aggregate Bond Index.

Contributors to the Fund's relative performance during the year include:

Credit – Negative

• Modest negative – Overweight investment grade credit

• Negative – Active positioning within investment grade credit

o Modest negative – Overweight BBB credit

o Negative – Overweight financials and 5–10-year credit overall

Securitized – Positive overall

• Positive – Underweight agency residential mortgage-backed securities (RMBS)

• Modest negative – Overweight non-agency commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) at the top of the capital structure

Yield Curve and Convexity – Positive overall

• Positive – Positive convexity tilt of overall portfolio versus the benchmark

• Modest positive – Yield curve positioning

o Positive – Underweight 1–2-year maturities and overweight 5–7-year maturities as the 2–5-year portion of the yield curve inverted

o Negative – Overweight 20-year maturities and underweight 30-year maturities as the 20–30-year portion of the yield curve inverted further

The massive repricing of the fixed income markets in 2022 provides for a more favorable backdrop for investors in 2023. As we enter the new year, we expect the economic momentum from the second half of 2022 will carry into early 2023 but then fade as the aggressive Fed tightening leads to an economic slowdown, if not a mild recession later in 2023. Yet, inflation should also slow, but to what level remains the key question. The Fed's focus going forward is less about "how high" the federal funds rate may go, but instead "how long" it may need to stay at this peak (terminal) rate. A "higher for longer" federal funds rate should translate into the inverted Treasury curve likely continuing for 2023. However, with most of the Fed's rate hikes behind us, we expect the extreme price volatility of the fixed income markets to moderate. The 2022 rise in Treasury yields and wider credit spreads likely offer investors additional income for years to come. A diligent focus on valuations and risk management remains critical, as a slowing economy will pressure corporate earnings. However, corporate credit fundamentals are currently on solid footing, and even if credit spreads widen further, expectations for moderate supply combined with the additional yield the sector now offers should be a beneficial offset.

In 2022, we modestly increased the Fund's overweight to investment grade corporate credit at wider spreads favoring the financial sector. While we are maintaining the Fund's underweight to agency residential mortgage-backed securities (RMBS), we used periods of weakness during 2022 to increase the Fund's relative exposure at more attractive spread levels. In addition, we selectively increased the Fund's exposure within non-agency securitized sub-sectors given more attractive relative valuations and continued robust levels of loss protection at the top of the capital structure. The Fund remains duration neutral relative to its benchmark.

------

Baird Aggregate Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(6)</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | **Net Assets** | $34783647536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | **SEC 30-Day Yield<sup>(3)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | Institutional Class | 4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | Investor Class | 3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | **Average Effective Duration** | 6.17 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | **Average Effective Maturity** | 8.23 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | **Annualized Expense Ratio<sup>(4)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | Institutional Class | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | Investor Class | 0.55%<br><sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) | **Portfolio Turnover Rate** | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](babf_qd-piechart.jpg) |  |  |
|  | **Number of Holdings** | 1582 |
| **Sector Weightings<sup>(1)</sup>**  |  |  |
| ![](babf_sw-piechart.jpg) |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(4)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(5)</sup> Includes 0.25% 12b-1 fee.

<sup>(6)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Aggregate Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](babf_inst-linechart.jpg) | ![](babf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Five** | **Ten** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -13.35% | 0.25% | 1.49% | 4.25% |
| Investor Class Shares | -13.52% | 0.01% | 1.24% | 4.00% |
| Bloomberg U.S. Aggregate Bond Index<sup>(2)</sup> | -13.01% | 0.02% | 1.06% | 3.80% |

---

<sup>(1)</sup> For the period from September 29, 2000 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government, corporate, asset-backed, mortgage-backed and commercial mortgage-backed securities, with maturities of at least one year. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund maintains securities with longer maturities in order to provide a greater potential for return. Generally, the longer a bond's maturity, the greater the interest rate risk. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **U.S. Treasury Securities** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/30/2024 | $432175000 | $421978371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2025 | 255800000 | 240941617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 05/31/2025 | 345025000 | 313474082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/2025 | 659200000 | 637621497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2025 | 202875000 | 192200288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 10/31/2026 | 580875000 | 520246172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2026 | 154125000 | 142692055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/31/2027 | 75000000 | 75398437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/31/2028 | 878850000 | 752034687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/31/2029 | 407025000 | 370949230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/2031 | 345500000 | 281110136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2032 | 671175000 | 620732004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040 | 1036475000 | 678931610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/15/2041 | 192700000 | 145894977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/15/2042 | 50000000 | 38449219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2043 | 1074020000 | 882878003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/2045 | 1570375000 | 1191399354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/2050 | 330175000 | 179571349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 08/15/2050 | 434450000 | 243919915 |  |
| **Total U.S. Treasury Securities** |  |  |  |
| **(Cost $9,252,503,324)** |  | 7930423003 | 22.8% |
| **Other Government Related Securities** |  |  |  |
| Comision Federal de Electricidad, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/15/2024<sup>(1)(2)</sup> | 3423000 | 3387059 |  |
| Freeport Indonesia PT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.315%, 04/14/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2032)<sup>(1)(2)</sup> | 15000000 | 13758514 |  |
| NBN Co. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/05/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/05/2031)<sup>(1)(2)</sup> | 18625000 | 14842427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/08/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/08/2031)<sup>(1)(2)</sup> | 46650000 | 36358741 |  |
| Petroleos Mexicanos: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 01/28/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/28/2030)<sup>(1)</sup> | 558000 | 422277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 02/16/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2031)<sup>(1)</sup> | 1020000 | 801103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.350%, 02/12/2048<sup>(1)</sup> | 8500000 | 5195625 |  |
| **Total Other Government** |  |  |  |
| **Related Securities** |  |  |  |
| **(Cost $92,616,905)** |  | 74765746 | 0.2% |
| **Corporate Bonds** |  |  |  |
| **Industrials** |  |  |  |
| Abbott Laboratories, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 11/30/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/30/2046) | 4700000 | 4582198 |  |
| AbbVie, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) | 16425000 | 16021277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 11/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/21/2026) | 9625000 | 8961875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 03/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2034) | 26098000 | 24513364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/14/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/14/2034) | 17395000 | 16159924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 05/14/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/14/2035) | 6000000 | 5456114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 11/21/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/21/2039) | 12700000 | 10933423 |  |
| Adventist Health System: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.952%, 03/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) | 19250000 | 16521061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.630%, 03/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2048) | 9000000 | 6421391 |  |
| Agilent Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.100%, 06/04/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/04/2030) | 14000000 | 11361316 |  |
| Air Products and Chemicals, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 05/15/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2039) | 10425000 | 7801978 |  |
| Alcon Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/23/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2026)<sup>(1)(2)</sup> | 14770000 | 13531618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 09/23/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/23/2049)<sup>(1)(2)</sup> | 7000000 | 5353348 |  |
| Allegion PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) | 21494000 | 18521795 |  |
| Allegion US Holding Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2024) | 29750000 | 28621823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 10/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2027) | 11975000 | 10825464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.411%, 07/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2032) | 12675000 | 12297193 |  |
| Amgen, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 02/21/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/21/2039) | 13350000 | 9874240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 05/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2044) | 12300000 | 10343974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 02/22/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/22/2051) | 4000000 | 3191854 |  |
| Anglo American Capital PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/14/2025<sup>(1)(2)</sup> | 3376000 | 3315747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/10/2027<sup>(1)(2)</sup> | 10000000 | 9672279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027)<sup>(1)(2)</sup> | 2570000 | 2434768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/10/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/10/2030)<sup>(1)(2)</sup> | 35000000 | 28520445 |  |
| Anheuser-Busch InBev Worldwide, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/23/2028)<sup>(1)</sup> | 4075000 | 4031685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2037)<sup>(1)</sup> | 7000000 | 6288185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/23/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2038)<sup>(1)</sup> | 20000000 | 20061984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2045)<sup>(1)</sup> | 67184000 | 61576495 |  |
| AP Moller – Maersk A/S: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/28/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/28/2025)<sup>(1)(2)</sup> | 8900000 | 8589450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/20/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/20/2029)<sup>(1)(2)</sup> | 8000000 | 7614723 |  |
| Apple, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/11/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/11/2049) | 10000000 | 6671583 |  |
| AptarGroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031) | 7500000 | 6235751 |  |
| ArcelorMittal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 03/11/2026<sup>(1)</sup> | 13000000 | 12585979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.550%, 11/29/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/29/2027)<sup>(1)</sup> | 4925000 | 4949303 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| ArcelorMittal: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/16/2029<sup>(1)</sup> | $25000000 | $22456868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.800%, 11/29/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/29/2032)<sup>(1)</sup> | 25000000 | 24833090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 10/15/2039<sup>(1)</sup> | 15906000 | 16218786 |  |
| Ashtead Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/11/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/11/2032)<sup>(1)(2)</sup> | 10000000 | 9596546 |  |
| AT&T, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2033) | 22965000 | 17717354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 08/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/14/2037) | 20000000 | 18496989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/15/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2053) | 10000000 | 6743732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/15/2055 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2055) | 60110000 | 40288350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/01/2057 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2057) | 19423000 | 13507181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 09/15/2059 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2059) | 49359000 | 33204910 |  |
| BAE Systems PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.900%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030)<sup>(1)(2)</sup> | 18500000 | 14391759 |  |
| Bayer US Finance II LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/15/2025<sup>(1)(2)</sup> | 14400000 | 14244307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2025)<sup>(1)(2)</sup> | 14440000 | 14006418 |  |
| Bayport Polymers LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.743%, 04/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/14/2027)<sup>(2)</sup> | 61325000 | 56899091 |  |
| Becle SAB de, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/14/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2031)<sup>(1)(2)</sup> | 32375000 | 25155375 |  |
| Becton Dickinson and Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.363%, 06/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/06/2024) | 2855000 | 2790006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.734%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 1094000 | 1066546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.823%, 05/20/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/20/2030) | 15000000 | 12909891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2043) | 10815000 | 9116723 |  |
| Bell Canada, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.464%, 04/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2047)<sup>(1)</sup> | 1225000 | 1050165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 07/29/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/29/2049)<sup>(1)</sup> | 4123000 | 3369982 |  |
| Bimbo Bakeries USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/17/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/17/2050)<sup>(1)(2)</sup> | 18930000 | 14348133 |  |
| Boardwalk Pipelines LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 27631000 | 27311289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 28506000 | 28894230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 07/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2027) | 14877000 | 14170235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/03/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/03/2029) | 16918000 | 15960406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 5825000 | 4887152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 09/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2032) | 25550000 | 21216808 |  |
| Boeing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2023) | 47500000 | 43203578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.040%, 05/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2027) | 5140000 | 5088979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 05/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) | 26150000 | 25582786 |  |
| Bon Secours Mercy Health, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.464%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 8000000 | 7169435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.205%, 06/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2049) | 10800000 | 7237969 |  |
| BorgWarner, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025<sup>(2)</sup> | 27301000 | 26773510 |  |
| Boston Scientific Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.900%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2025) | 15000000 | 14011527 |  |
| Bristol-Myers Squibb Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051) | 10000000 | 7738664 |  |
| British Telecommunications PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.625%, 12/15/2030<sup>(1)</sup> | 42015000 | 50446111 |  |
| Broadcom, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 10/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 13075000 | 12736349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2025) | 23600000 | 22373760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2029)<sup>(2)</sup> | 6000000 | 5461237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2029) | 43900000 | 41900953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 11000000 | 10469592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 04/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2032)<sup>(2)</sup> | 33000000 | 29070284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.137%, 11/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2035)<sup>(2)</sup> | 12000000 | 8863794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2040)<sup>(2)</sup> | 21000000 | 15096110 |  |
| Broadridge Financial Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 12/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2029) | 11300000 | 9596209 |  |
| Bunge Limited Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.630%, 08/17/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/17/2025) | 10000000 | 9119144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2026) | 11550000 | 10772478 |  |
| Burlington Northern Santa Fe LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2044) | 3000000 | 2575623 |  |
| Cameron LNG LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.302%, 01/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2034)<sup>(2)</sup> | 20000000 | 16183823 |  |
| Campbell Soup Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025) | 21325000 | 20826659 |  |
| Canadian Natural Resources Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/15/2037<sup>(1)</sup> | 982000 | 983170 |  |
| Carlisle Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024) | 5000000 | 4834066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 16000000 | 13361779 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Carrier Global Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.242%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025) | $1130000 | $1065312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.493%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2026) | 25975000 | 23447572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.722%, 02/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2029) | 6861000 | 5789234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 18500000 | 15318517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.377%, 04/05/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/05/2039) | 10000000 | 7634323 |  |
| CCL Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030)<sup>(1)(2)</sup> | 20000000 | 16519644 |  |
| CDW LLC / CDW Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.670%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2026) | 9000000 | 7990362 |  |
| Celanese US Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2024) | 10640000 | 10273767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.330%, 07/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2029) | 8675000 | 8446382 |  |
| Cellnex Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/07/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/07/2041)<sup>(1)(2)</sup> | 47507000 | 32494788 |  |
| Celulosa Arauco y Constitucion SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/02/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/02/2027)<sup>(1)</sup> | 12000000 | 11229512 |  |
| CF Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 03/15/2034 | 3000000 | 2851359 |  |
| Charter Communications Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.908%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | 54750000 | 53704210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2027) | 5000000 | 4518365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/30/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/30/2028) | 36857000 | 34714211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2031) | 15525000 | 11468943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.384%, 10/23/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2035) | 37906000 | 37102566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2040) | 22225000 | 14561638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2041) | 11050000 | 7163831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 12/01/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2061) | 24375000 | 15684356 |  |
| Cheniere Corpus Christi Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/31/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/02/2024) | 5646000 | 5678007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/30/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027) | 25486000 | 25212615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 11/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2029) | 13723000 | 12428948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.742%, 12/31/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/04/2039) | 15000000 | 11645210 |  |
| Church & Dwight Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2051) | 6725000 | 6367726 |  |
| Cia Cervecerias Unidas SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 01/19/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/19/2031)<sup>(1)(2)</sup> | 25000000 | 21085500 |  |
| Cigna Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025) | 3190000 | 3118869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/27/2025) | 9810000 | 9668996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 03/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2029) | 15000000 | 12591744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 08/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2038) | 5000000 | 4654836 |  |
| CNH Industrial Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025)<sup>(1)</sup> | 20000000 | 18155327 |  |
| CNH Industrial NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027)<sup>(1)</sup> | 23656000 | 22193267 |  |
| Columbia Pipeline Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025)<sup>(1)</sup> | 6199000 | 6108196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 06/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2044)<sup>(1)</sup> | 10776000 | 10448702 |  |
| Comcast Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) | 9125000 | 8611657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 07/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2036) | 6000000 | 4886211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.969%, 11/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2047) | 8622000 | 6892737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.987%, 11/01/2063 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2063) | 14646000 | 8944393 |  |
| CommonSpirit Health, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.347%, 10/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2029) | 17635000 | 15397429 |  |
| Conagra Brands, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 10/01/2026 | 6441000 | 6785211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 10/01/2028 | 4300000 | 4592506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.300%, 11/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2038) | 5000000 | 4763305 |  |
| Corning, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/2057 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2057) | 9000000 | 7015655 |  |
| Cox Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024)<sup>(2)</sup> | 4725000 | 4567636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 09/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2026)<sup>(2)</sup> | 25300000 | 23682937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 02/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2034)<sup>(2)</sup> | 14000000 | 12460744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 06/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2050)<sup>(2)</sup> | 21000000 | 14615465 |  |
| CSL Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 04/27/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/27/2029)<sup>(2)</sup> | 7500000 | 7084696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/27/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/27/2051)<sup>(2)</sup> | 5000000 | 4512652 |  |
| CSX Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 03/01/2068 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2067) | 9000000 | 7648617 |  |
| CVS Health Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) | 3000000 | 2850980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2029) | 8000000 | 7175506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.780%, 03/25/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/25/2037) | 40059000 | 36621129 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| CVS Health Corp.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 08/21/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/21/2040) | $5000000 | $3476117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 07/20/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2045) | 44155000 | 40065359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/25/2047) | 42300000 | 38158465 |  |
| Dell International LLC / EMC Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.020%, 06/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026) | 80596000 | 82399859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.100%, 07/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2027) | 5580000 | 5740680 |  |
| Dentsply Sirona, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 27000000 | 22479246 |  |
| Deutsche Telekom International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 06/15/2030<sup>(1)</sup> | 8661000 | 10239719 |  |
| Dignity Health, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.267%, 11/01/2064 | 2921000 | 2535208 |  |
| Dollar General Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/03/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/03/2030) | 7000000 | 6305708 |  |
| DuPont de Nemours, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.493%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025) | 10000000 | 9842458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.319%, 11/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2038) | 29000000 | 27962085 |  |
| DXC Technology Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 09/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 29000000 | 25293156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2028) | 65000000 | 54803464 |  |
| Eagle Materials, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2031) | 8700000 | 6847532 |  |
| Eastern Gas Transmission & Storage, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 11/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2043) | 4017000 | 3499735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 12/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2044) | 3674000 | 3035032 |  |
| Eaton Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/23/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/23/2052) | 6325000 | 5766578 |  |
| Edward-Elmhurst Healthcare, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/04/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2023) | 4000000 | 3976971 |  |
| Element Fleet Management Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025)<sup>(1)(2)</sup> | 18492000 | 17519688 |  |
| Enbridge Energy Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/15/2038<sup>(1)</sup> | 4500000 | 4963627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 10/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2045)<sup>(1)</sup> | 20000000 | 22465248 |  |
| Energy Transfer LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) | 5000000 | 4871351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) | 10000000 | 9451842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2027) | 7019000 | 6979468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2027) | 2000000 | 1869557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2029) | 22666000 | 21983923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 2775000 | 2454804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2034) | 4550000 | 4068115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 10/15/2036 | 15094000 | 15193268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 06/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2037) | 9539000 | 8773083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/01/2038 | 12294000 | 13116027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.050%, 06/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2040) | 1611000 | 1520927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2041) | 7603000 | 7518511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 10/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2043) | 3550000 | 3296446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 12/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2045) | 5797000 | 5395994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.400%, 10/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2047) | 7425000 | 6276782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2047) | 10000000 | 9034882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2048) | 3850000 | 3602485 |  |
| Energy Transfer Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) | 21190000 | 20541399 |  |
| Eni SpA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/09/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/09/2029)<sup>(1)(2)</sup> | 18250000 | 16916036 |  |
| Enterprise Products Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/2035 | 4930000 | 4824836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 02/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2051) | 30725000 | 20306110 |  |
| EQT Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2028) | 10000000 | 9945660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2029) | 5493000 | 5696900 |  |
| EQT Midstream Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2024) | 1123000 | 1079169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) | 10000000 | 8893975 |  |
| Equinix, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 11/18/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/18/2029) | 2000000 | 1743631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 07/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2030) | 7675000 | 6122646 |  |
| ERAC USA Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026)<sup>(2)</sup> | 20225000 | 18785491 |  |
| Exxon Mobil Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.992%, 03/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/19/2025) | 33700000 | 32493164 |  |
| FedEx Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 10/17/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/17/2048) | 15000000 | 13148796 |  |
| Ferguson Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/24/2028)<sup>(2)</sup> | 43025000 | 40175042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/02/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/02/2030)<sup>(2)</sup> | 28100000 | 23838699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 04/20/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2032)<sup>(2)</sup> | 28125000 | 25681071 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Fidelity National Information |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 07/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2032) | $4500000 | $4352285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2040) | 7100000 | 4920660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2046) | 23740000 | 18523133 |  |
| Fiserv, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2026) | 11650000 | 10915603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 10/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) | 5000000 | 4739227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 28900000 | 24366109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2049) | 11000000 | 8992194 |  |
| Flex Intermediate Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.363%, 06/30/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/30/2030)<sup>(2)</sup> | 16000000 | 12526765 |  |
| Flex Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 15000000 | 14180455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027) | 20000000 | 20038204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2029) | 30627000 | 28893192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/12/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/12/2030) | 21830000 | 20528287 |  |
| FLIR Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2030) | 7000000 | 5664029 |  |
| Florida Gas Transmission Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 07/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(2)</sup> | 18500000 | 14965638 |  |
| Flowserve Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2031) | 9625000 | 7234506 |  |
| FMC Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 02/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2023) | 46920000 | 46275562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2026) | 5000000 | 4650472 |  |
| Fomento Economico |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexicano SAB de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/10/2023<sup>(1)</sup> | 5000000 | 4947600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/10/2043<sup>(1)</sup> | 1874000 | 1561492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/16/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/16/2049)<sup>(1)</sup> | 42509000 | 29811987 |  |
| Ford Motor Credit Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.584%, 03/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/18/2024) | 9350000 | 9227048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.664%, 09/08/2024 | 5565000 | 5304343 |  |
| Fortune Brands Home & Security, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 15000000 | 13030811 |  |
| Freeport-McMoRan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 8000000 | 7260250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025) | 5000000 | 4658150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/15/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2042) | 8750000 | 7892850 |  |
| Fresenius Medical Care |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US Finance II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/17/2024)<sup>(1)(2)</sup> | 14530000 | 14264360 |  |
| Fresenius Medical Care |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US Finance III, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2026)<sup>(1)(2)</sup> | 4200000 | 3566404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2029)<sup>(1)(2)</sup> | 24200000 | 20542447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/16/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2030)<sup>(1)(2)</sup> | 25000000 | 18376413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2031)<sup>(1)(2)</sup> | 10000000 | 7540093 |  |
| GE Capital Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 05/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2032) | 10716000 | 10184986 |  |
| General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) | 21479000 | 21877861 |  |
| General Motors Financial Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.700%, 08/18/2023 | 40500000 | 39569625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 01/17/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/17/2023) | 33000000 | 32878508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 02/26/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/26/2025) | 13000000 | 12318209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.050%, 10/10/2025 | 22125000 | 22490971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/08/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/08/2025) | 19000000 | 16749115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.350%, 02/26/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/26/2027) | 11000000 | 9620380 |  |
| Genpact Luxembourg Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) | 59575000 | 57013262 |  |
| Genpact Luxembourg SARL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 04/10/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2026) | 25000000 | 22281960 |  |
| Gilead Sciences, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 09/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2035) | 4600000 | 4389698 |  |
| Glencore Finance (Canada) Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 10/25/2042<sup>(1)(2)</sup> | 5000000 | 4514301 |  |
| Glencore Funding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/30/2023<sup>(1)(2)</sup> | 3691000 | 3671805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/29/2024<sup>(1)(2)</sup> | 35620000 | 35199640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/16/2025<sup>(1)(2)</sup> | 4450000 | 4307978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/27/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/27/2026)<sup>(1)(2)</sup> | 25550000 | 24147471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/27/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/27/2027)<sup>(1)(2)</sup> | 2000000 | 1866880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/12/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/12/2028)<sup>(1)(2)</sup> | 11000000 | 10560274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2030)<sup>(1)(2)</sup> | 61437000 | 50026655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/27/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/27/2050)<sup>(1)(2)</sup> | 6000000 | 4326719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 09/23/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/23/2051)<sup>(1)(2)</sup> | 6000000 | 3935681 |  |
| Global Payments, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 13830000 | 13482480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 08/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2029) | 7500000 | 6388415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 14467000 | 11898279 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Grupo Bimbo SAB de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/27/2024<sup>(1)(2)</sup> | $18220000 | $17849889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/27/2044<sup>(1)(2)</sup> | 8250000 | 7174612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 11/10/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/10/2047)<sup>(1)(2)</sup> | 25000000 | 21259831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/06/2049<sup>(1)(2)</sup> | 7300000 | 5568891 |  |
| Gulfstream Natural Gas System LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 09/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 5000000 | 4839891 |  |
| HCA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2025 | 30686000 | 30529729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 15000000 | 14476257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2029) | 15000000 | 13727676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 14405000 | 12461648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(2)</sup> | 16000000 | 13585627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051)<sup>(2)</sup> | 20000000 | 15676759 |  |
| HP, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/17/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/17/2025) | 15000000 | 14042278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/17/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/17/2027) | 35000000 | 31993867 |  |
| Hubbell, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 08/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2027) | 11700000 | 10652375 |  |
| Huntington Ingalls Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.043%, 08/16/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/16/2028) | 35513000 | 29327735 |  |
| Hutchison Whampoa International Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 10/31/2024<sup>(1)(2)</sup> | 7850000 | 7632319 |  |
| Hyundai Capital America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 09/18/2023<sup>(1)(2)</sup> | 14000000 | 13567856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 06/20/2024<sup>(1)(2)</sup> | 19025000 | 18365264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 10/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025)<sup>(1)(2)</sup> | 3000000 | 2694038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 01/08/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/08/2025)<sup>(1)(2)</sup> | 10000000 | 8752695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 09/17/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/17/2026)<sup>(1)(2)</sup> | 22550000 | 19913027 |  |
| Infor, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 17375000 | 15708760 |  |
| Ingersoll-Rand Luxembourg Finance SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/21/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/21/2048) | 10000000 | 8159886 |  |
| Ingredion, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 26775000 | 22755319 |  |
| Intel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 08/05/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/05/2052) | 10000000 | 8897532 |  |
| International Business Machines Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 05/15/2039 | 11325000 | 9818871 |  |
| International Flavors & Fragrances, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.832%, 10/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027)<sup>(2)</sup> | 10000000 | 8405836 |  |
| JAB Holdings BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 11/23/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/23/2030)<sup>(1)(2)</sup> | 18925000 | 14229673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/08/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/08/2051)<sup>(1)(2)</sup> | 20750000 | 14170241 |  |
| JBS USA Lux SA / JBS USA Food Co. / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JBS USA Finance, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/02/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/02/2028)<sup>(2)</sup> | 10000000 | 8270590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2032)<sup>(2)</sup> | 18525000 | 14173487 |  |
| JBS USA LUX SA / JBS USA Food Co. / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JBS USA Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2033)<sup>(2)</sup> | 27975000 | 26681995 |  |
| JM Smucker Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2025 | 5000000 | 4841302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2029) | 9125000 | 7579877 |  |
| Johnson Controls International PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/14/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/14/2025) | 3645000 | 3543330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2036 | 892000 | 931526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2046) | 4400000 | 3642830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 07/02/2064 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/02/2064)<sup>(7)</sup> | 4029000 | 3367354 |  |
| Kansas City Southern: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 05/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2047)<sup>(1)</sup> | 10075000 | 8733115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2049)<sup>(1)</sup> | 12000000 | 8603477 |  |
| Kellogg Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.100%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 20000000 | 16307416 |  |
| Keurig Dr Pepper, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2029) | 17650000 | 16454788 |  |
| Keysight Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 04/06/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/06/2027) | 36562000 | 35721438 |  |
| Kimberly-Clark de Mexico SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.431%, 07/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2031)<sup>(1)(2)</sup> | 10000000 | 8014600 |  |
| Kinder Morgan Energy Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 05/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2024) | 10000000 | 9874185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.300%, 08/15/2033 | 8103000 | 8774867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 03/15/2035 | 2150000 | 2108373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2037 | 6400000 | 6475352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.950%, 01/15/2038 | 14008000 | 14942530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2039 | 5359000 | 5428002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/15/2040 | 7917000 | 8675972 |  |
| Kinder Morgan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2023)<sup>(2)</sup> | 5017000 | 5019661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.050%, 10/15/2030 | 3670000 | 3989803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.800%, 08/01/2031 | 16745000 | 18726921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 01/15/2032 | 44035000 | 49545368 |  |
| Kinross Gold Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2041)<sup>(1)</sup> | 3000000 | 2896626 |  |
| Kraft Heinz Foods Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 9249000 | 8666944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2035) | 10613000 | 10188232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 08/01/2039<sup>(2)</sup> | 1425000 | 1575826 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Kyndryl Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 10/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2028) | $35000000 | $26335274 |  |
| L3Harris Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.832%, 04/27/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/27/2025) | 5000000 | 4859137 |  |
| Lafarge SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 07/15/2036 | 13596000 | 14534085 |  |
| Leidos, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2025) | 12925000 | 12420919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 47279000 | 42753168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 8175000 | 6282790 |  |
| Lundin Energy Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2026)<sup>(1)(2)</sup> | 16875000 | 14924300 |  |
| LYB International Finance III LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) | 5925000 | 4712305 |  |
| Magellan Midstream Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) | 5000000 | 4768956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2049) | 5100000 | 3758668 |  |
| Marathon Petroleum Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024) | 1600000 | 1557701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2044) | 1500000 | 1257925 |  |
| Marriott International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2027) | 12950000 | 12798159 |  |
| Marshfield Clinic Health System, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.703%, 02/15/2030 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2029) (Insured by AGM) | 23125000 | 19109054 |  |
| Martin Marietta Materials, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2029) | 6200000 | 5140332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 05/01/2037 | 893000 | 896394 |  |
| McDonald's Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 07/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2025) | 3000000 | 2902272 |  |
| Mercedes-Benz Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/29/2027<sup>(1)(2)</sup> | 8225000 | 8278510 |  |
| Microchip Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.972%, 02/15/2024 | 10000000 | 9499158 |  |
| Microsoft Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.921%, 03/17/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/17/2051) | 3125000 | 2232248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 08/08/2056 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/08/2056) | 9903000 | 8474046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.675%, 06/01/2060 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2059) | 2097000 | 1342886 |  |
| Midwest Connector Capital Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029)<sup>(2)</sup> | 26022000 | 23565639 |  |
| Mohawk Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 10000000 | 8639938 |  |
| Molex Electronic Technologies LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025)<sup>(2)</sup> | 9365000 | 8914568 |  |
| Molson Coors Beverage Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) | 9889000 | 9188744 |  |
| Mosaic Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2033) | 2000000 | 1950931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/15/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2041) | 5000000 | 4260671 |  |
| MPLX LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) | 6000000 | 5818983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 18665000 | 18392920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2026) | 17125000 | 15286047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2026) | 11700000 | 11058952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) | 22125000 | 18053445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2037) | 8725000 | 7389111 |  |
| Mylan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/15/2023<sup>(2)</sup> | 5000000 | 4996159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028) | 16705000 | 15501139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 04/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2047) | 9000000 | 6743108 |  |
| Netflix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 02/15/2025 | 5000000 | 5063000 |  |
| Norfolk Southern Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 05/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2049) | 17000000 | 11430212 |  |
| Nova Southeastern University, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.809%, 04/01/2053 | 7200000 | 6004943 |  |
| Nutrien Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029)<sup>(1)</sup> | 7000000 | 6592209 |  |
| nVent Finance Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028) | 32634000 | 30013810 |  |
| NXP BV / NXP Funding LLC / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NXP USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 02/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2031)<sup>(1)</sup> | 10000000 | 7853440 |  |
| Occidental Petroleum Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 05/01/2031 | 7170000 | 7686885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 09/15/2031 | 6320000 | 6958320 |  |
| Ochsner LSU Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;System of North Louisiana, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.510%, 05/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 26620000 | 19583337 |  |
| ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2024) | 1200000 | 1149314 |  |
| Oracle Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 04/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) | 26225000 | 23939868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/09/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2032) | 18000000 | 18892632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2036) | 7500000 | 6165305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/08/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/08/2044) | 3000000 | 2423960 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Oracle Corp.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2047) | $10250000 | $7546670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/25/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/25/2050) | 3300000 | 2366031 |  |
| Orange SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 03/01/2031<sup>(1)</sup> | 29044000 | 35630317 |  |
| Otis Worldwide Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.362%, 02/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2049) | 3025000 | 2132959 |  |
| PeaceHealth Obligated Group, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.218%, 11/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2050) | 7200000 | 4710800 |  |
| Penske Truck Leasing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 11/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024)<sup>(2)</sup> | 5275000 | 4974777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 31150000 | 29827210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2027)<sup>(2)</sup> | 12000000 | 12102282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 11/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2029)<sup>(2)</sup> | 2199000 | 1856516 |  |
| PerkinElmer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 24200000 | 21115017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2050) | 12000000 | 8380384 |  |
| Perrigo Finance Unlimited Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025) | 4875000 | 4522001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2030) | 10000000 | 8520173 |  |
| Phillips 66 Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.605%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024)<sup>(2)</sup> | 3000000 | 2906225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 04/09/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/09/2025) | 8000000 | 7810838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 10/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2026)<sup>(2)</sup> | 7000000 | 6573845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2029)<sup>(2)</sup> | 12000000 | 10486967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 12/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2030) | 12000000 | 9630041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 05/01/2042 | 6000000 | 6183424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2044) | 26130000 | 24035528 |  |
| Plains All American Pipeline LP / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PAA Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2029) | 10000000 | 8695526 |  |
| Premier Health Partners, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.911%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2026) | 33267000 | 29265101 |  |
| Quanta Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) | 8275000 | 6824632 |  |
| Raytheon Technologies Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2026) | 9578000 | 9134574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 07/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030) | 24375000 | 20348006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 04/15/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2046) | 9175000 | 7854436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2050) | 6000000 | 4234803 |  |
| Reliance Industries Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 01/12/2032<sup>(1)(2)</sup> | 26000000 | 21152604 |  |
| Reliance Steel & Aluminum Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) | 10000000 | 7901779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.850%, 11/15/2036 | 1650000 | 1721818 |  |
| Rio Tinto Alcan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2035<sup>(1)</sup> | 446000 | 456365 |  |
| Roche Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.607%, 12/13/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/13/2051)<sup>(2)</sup> | 7000000 | 4551740 |  |
| Rogers Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(1)(2)</sup> | 13000000 | 11265121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2041)<sup>(1)(2)</sup> | 8750000 | 7187160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 10/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2043)<sup>(1)</sup> | 16560000 | 15012989 |  |
| RPM International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2031) | 7350000 | 5811229 |  |
| Sabine Pass Liquefaction LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 03/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) | 32000000 | 32059236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2025) | 60000000 | 60709021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2029) | 4633000 | 4305759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 09/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2037)<sup>(2)</sup> | 10000000 | 10038540 |  |
| Samarco Mineracao SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/24/2023<sup>(1)(2)(9)</sup> | 4463000 | 2008350 |  |
| Seagate HDD Cayman, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/01/2023 | 7500000 | 7458000 |  |
| Shell International Finance BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/11/2025<sup>(1)</sup> | 5725000 | 5551576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/11/2035<sup>(1)</sup> | 10000000 | 9312542 |  |
| Sherwin-Williams Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2046) | 9000000 | 7609879 |  |
| SK Hynix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/19/2026<sup>(1)(2)</sup> | 21852000 | 18957484 |  |
| SK Telecom Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 07/20/2027<sup>(1)(2)</sup> | 1339000 | 1411855 |  |
| Smith & Nephew PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.032%, 10/14/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2030)<sup>(1)</sup> | 14575000 | 11428325 |  |
| Smithfield Foods, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2030)<sup>(1)(2)</sup> | 10000000 | 7619653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/13/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/13/2031)<sup>(1)(2)</sup> | 20000000 | 14352124 |  |
| Sociedad Quimica y Minera de Chile SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/03/2023<sup>(1)(2)</sup> | 10000000 | 9928656 |  |
| Sodexo, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.634%, 04/16/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/16/2026)<sup>(1)(2)</sup> | 7000000 | 6177747 |  |
| Solvay Finance America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 12/03/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/03/2025)<sup>(1)(2)</sup> | 61307000 | 59373923 |  |
| Southern Copper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/27/2035<sup>(1)</sup> | 5000000 | 5807550 |  |
| Spectra Energy Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2044)<sup>(1)</sup> | 12000000 | 9957691 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Steel Dynamics, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) | $5000000 | $4692319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2030) | 7000000 | 5995650 |  |
| Stellantis Finance US, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.711%, 01/29/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/29/2026)<sup>(2)</sup> | 8175000 | 7023106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 01/12/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/12/2027)<sup>(2)</sup> | 5575000 | 5528161 |  |
| STERIS Irish FinCo Unlimited Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2050) | 7500000 | 5369885 |  |
| Suntory Holdings Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 10/16/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/16/2024)<sup>(1)(2)</sup> | 8500000 | 7973302 |  |
| Synnex Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 08/09/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/09/2026) | 24000000 | 20424950 |  |
| Sysco Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) | 11550000 | 10908173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2030) | 4000000 | 4150551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.600%, 04/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2049) | 12455000 | 13664459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/14/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2051) | 9000000 | 5964661 |  |
| Takeda Pharmaceutical Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.175%, 07/09/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/09/2050)<sup>(1)</sup> | 10000000 | 6837067 |  |
| Targa Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) | 15000000 | 14723574 |  |
| TC PipeLines LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/13/2024)<sup>(1)</sup> | 31115000 | 30461046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/25/2027)<sup>(1)</sup> | 30327000 | 28612757 |  |
| Telecom Italia Capital SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 07/18/2036<sup>(1)</sup> | 5475000 | 4445153 |  |
| Telefonica Emisiones SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.665%, 03/06/2038<sup>(1)</sup> | 4000000 | 3164401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.213%, 03/08/2047<sup>(1)</sup> | 18100000 | 14625323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.895%, 03/06/2048<sup>(1)</sup> | 29050000 | 22444752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.520%, 03/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2048)<sup>(1)</sup> | 18775000 | 15811898 |  |
| Teva Pharmaceutical Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands III BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 07/21/2023<sup>(1)</sup> | 25000000 | 24437500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 10/01/2026<sup>(1)</sup> | 15000000 | 13117500 |  |
| Textron, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 19675000 | 16790299 |  |
| Time Warner Cable LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.550%, 05/01/2037 | 893000 | 853620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 06/15/2039 | 2767000 | 2624971 |  |
| Timken Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) | 11255000 | 10977366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2028) | 6550000 | 6217599 |  |
| T-Mobile USA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2024) | 5350000 | 4711536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 119330000 | 108376710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 20000000 | 16398360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) | 7000000 | 6042320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2039) | 24900000 | 21366630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 11/15/2060 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2060) | 19500000 | 12983486 |  |
| TransCanada PipeLines Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.200%, 10/15/2037<sup>(1)</sup> | 8400000 | 8600614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 01/15/2039<sup>(1)</sup> | 21077000 | 24242932 |  |
| Transcontinental Gas Pipe Line Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 12/01/2026 | 3500000 | 3728547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2047) | 5150000 | 4307283 |  |
| Triton Container International Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 04/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026)<sup>(1)(2)</sup> | 20000000 | 17401502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(1)</sup> | 10000000 | 7726900 |  |
| TSMC Arizona Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 10/25/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/25/2041)<sup>(1)</sup> | 3000000 | 2347343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/22/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/22/2051)<sup>(1)</sup> | 23225000 | 21766640 |  |
| TTX Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 01/15/2025<sup>(2)</sup> | 5000000 | 4823108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2044)<sup>(2)</sup> | 13250000 | 10547914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 02/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2048)<sup>(2)</sup> | 8325000 | 7233320 |  |
| Tyson Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 09/23/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/28/2048) | 10000000 | 9290492 |  |
| United Rentals North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025)<sup>(2)</sup> | 15000000 | 14906250 |  |
| Universal Health Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 09/01/2026 | 24000000 | 20638615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 10/15/2030 | 10000000 | 7987937 |  |
| UPMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 04/03/2025 | 45000000 | 43237498 |  |
| Utah Acquisition Sub, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 06/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026) | 32400000 | 30325471 |  |
| Vale Overseas Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/08/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2030)<sup>(1)</sup> | 26721000 | 23385968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 01/17/2034<sup>(1)</sup> | 13526000 | 16025152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/21/2036<sup>(1)</sup> | 43171000 | 45574891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/10/2039<sup>(1)</sup> | 16643000 | 17529793 |  |
| Valero Energy Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2027) | 14150000 | 12425332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029) | 15475000 | 14597884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 06/15/2037 | 2100000 | 2244090 |  |
| Var Energi ASA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/18/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/18/2027)<sup>(1)(2)</sup> | 23850000 | 22348298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027)<sup>(1)(2)</sup> | 42512000 | 43302799 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Verizon Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/22/2027) | $5000000 | $4651012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.329%, 09/21/2028 | 3077000 | 2964007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 03/21/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/21/2030) | 6600000 | 5436844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/10/2033 | 16325000 | 15339578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.272%, 01/15/2036 | 17148000 | 15438586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/16/2037 | 28793000 | 28577323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.812%, 03/15/2039 | 36839000 | 33864001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 11/20/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/20/2040) | 10000000 | 6795515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/22/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2040) | 3850000 | 2907402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.862%, 08/21/2046 | 2500000 | 2256702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/16/2047 | 5650000 | 5491685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/22/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2060) | 26725000 | 18802670 |  |
| Viatris, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/22/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/22/2039) | 13083000 | 8810708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/22/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/22/2049) | 40600000 | 25155789 |  |
| VICI Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028) | 20000000 | 18946761 |  |
| Viterra Finance BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/21/2026)<sup>(1)(2)</sup> | 23641000 | 20523469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 04/21/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/21/2027)<sup>(1)(2)</sup> | 45000000 | 42396307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/21/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2031)<sup>(1)(2)</sup> | 80020000 | 60650883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/21/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2032)<sup>(1)(2)</sup> | 10000000 | 8812133 |  |
| VMware, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.400%, 08/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2026) | 18850000 | 16453188 |  |
| Vodafone Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/15/2030<sup>(1)</sup> | 3100000 | 3502559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/30/2038<sup>(1)</sup> | 6800000 | 6288136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 02/19/2043<sup>(1)</sup> | 15554000 | 12485174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/30/2048<sup>(1)</sup> | 24200000 | 21443149 |  |
| Volkswagen Group of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Finance LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 09/26/2024<sup>(1)(2)</sup> | 14000000 | 13404353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 05/13/2025<sup>(1)(2)</sup> | 10000000 | 9556926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 11/24/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/24/2025)<sup>(1)(2)</sup> | 30000000 | 26768983 |  |
| Vontier Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2028) | 4921000 | 3932054 |  |
| Vulcan Materials Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 03/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2047) | 3446000 | 2941132 |  |
| Wabtec Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023) | 2678000 | 2651509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) | 24825000 | 24428319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 28315000 | 26437655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2028) | 4739000 | 4560317 |  |
| Walgreens Boots Alliance, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 2080000 | 1979652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 13575000 | 11785362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 11/18/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2044) | 5145000 | 4331355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2045) | 4000000 | 3191704 |  |
| Warnermedia Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.054%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2029)<sup>(2)</sup> | 5000000 | 4333909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.279%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(2)</sup> | 5000000 | 4124351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.141%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051)<sup>(2)</sup> | 5000000 | 3652585 |  |
| Weir Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 05/13/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/13/2026)<sup>(1)(2)</sup> | 31625000 | 28079461 |  |
| Western Digital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2025) | 4000000 | 3766800 |  |
| Western Gas Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 8000000 | 7572480 |  |
| Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 20000000 | 18934800 |  |
| Westinghouse Air Brake |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Technologies Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) | 10295000 | 9699866 |  |
| WestRock MWV LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.200%, 01/15/2030 | 7963000 | 9001194 |  |
| Williams Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 01/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024) | 3160000 | 3079335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/15/2032 | 5750000 | 6791183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 04/15/2040 | 8142000 | 8360621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 03/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2047) | 7000000 | 5946518 |  |
| Woodside Finance Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/05/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/05/2024)<sup>(1)(2)</sup> | 12300000 | 11815378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/04/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/04/2028)<sup>(1)(2)</sup> | 42480000 | 39917921 |  |
| Worthington Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/2026 | 9155000 | 8867538 |  |
| WRKCo, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2024) | 14895000 | 14241322 |  |
| Yara International ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/06/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/06/2026)<sup>(1)(2)</sup> | 23500000 | 21686180 |  |
| Zimmer Biomet Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/30/2039 | 11967000 | 11554039 |  |
| Zoetis, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 02/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2042) | 3568000 | 3224600 |  |
| **Total Industrials** |  |  |  |
| **(Cost $8,297,552,028)** |  | 7189074052 | 20.7% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Utilities** |  |  |  |
| Ameren Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2030) | $20000000 | $17727870 |  |
| American Electric Power Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2049) | 10175000 | 6857254 |  |
| Ausgrid Finance Pty Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 05/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2023)<sup>(1)(2)</sup> | 5000000 | 4974500 |  |
| Avangrid, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2025)<sup>(1)</sup> | 14000000 | 13386109 |  |
| Berkshire Hathaway Energy Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 07/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2030) | 18425000 | 16926165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2050) | 13675000 | 8995567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 05/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2052)<sup>(2)</sup> | 21825000 | 19083857 |  |
| Commonwealth Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051) | 6050000 | 4863204 |  |
| Consumers Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2051) | 9400000 | 7178224 |  |
| Dominion Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2030) | 10000000 | 8836190 |  |
| Duke Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 09/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2026) | 10000000 | 9256095 |  |
| Duke Energy Progress LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2051) | 9600000 | 7739808 |  |
| Duquesne Light Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.616%, 08/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2027)<sup>(2)</sup> | 5000000 | 4503596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.775%, 01/07/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/07/2031)<sup>(2)</sup> | 2810000 | 2205448 |  |
| EDP Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/15/2024<sup>(1)(2)</sup> | 19175000 | 18509949 |  |
| Enel Finance International NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/06/2028<sup>(1)(2)</sup> | 8000000 | 7026081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.800%, 09/15/2037<sup>(1)(2)</sup> | 8440000 | 8397553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/25/2047<sup>(1)(2)</sup> | 66700000 | 52655946 |  |
| Entergy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 09/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2026) | 13075000 | 12153189 |  |
| Essential Utilities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.704%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 14100000 | 11865916 |  |
| Evergy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2024) | 6675000 | 6340753 |  |
| Eversource Energy, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) | 9925000 | 7747503 |  |
| Exelon Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 8900000 | 8283484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 06/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2034) | 3500000 | 3356029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051)<sup>(2)</sup> | 5000000 | 4023257 |  |
| Fells Point Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.046%, 01/31/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2026)<sup>(2)</sup> | 28100000 | 25609276 |  |
| FirstEnergy Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 4300000 | 3505962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2049) | 15000000 | 9975000 |  |
| FirstEnergy Transmission LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.866%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2028)<sup>(2)</sup> | 10000000 | 8737061 |  |
| Interstate Power and Light Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 9350000 | 7662776 |  |
| ITC Holdings Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027)<sup>(1)</sup> | 25581000 | 23594679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 05/14/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/14/2030)<sup>(1)(2)</sup> | 10000000 | 8458865 |  |
| KeySpan Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/15/2030<sup>(1)</sup> | 6500000 | 7125043 |  |
| Liberty Utilities Finance GP 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 09/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2030)<sup>(1)(2)</sup> | 10000000 | 7535529 |  |
| National Rural Utilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooperative Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 03/01/2032 | 4659000 | 5514255 |  |
| NiSource, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) | 6835000 | 6106767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/15/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2042) | 5779000 | 5475129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/30/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2047) | 11750000 | 9190126 |  |
| Oncor Electric Delivery Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 9500000 | 8298123 |  |
| Southern Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 10/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2032) | 7000000 | 7186455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2036) | 5525000 | 4852365 |  |
| Southern Company Gas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Corporation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 09/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2032) | 16425000 | 16204998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 09/30/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/30/2051) | 7850000 | 5123487 |  |
| Xcel Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 15000000 | 13425885 |  |
| **Total Utilities** |  |  |  |
| **(Cost $544,750,003)** |  | 456475328 | 1.3% |
| **Financials** |  |  |  |
| ABN AMRO Bank NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 05/15/2023<sup>(1)(2)</sup> | 7200000 | 7226137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/28/2025<sup>(1)(2)</sup> | 62453000 | 60567544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 04/18/2026<sup>(1)(2)</sup> | 42935000 | 41193076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.542%, 06/16/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.800%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/16/2026)<sup>(1)(2)(3)</sup> | 5000000 | 4305439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.324%, 03/13/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/13/2031)<sup>(1)(2)(3)</sup> | 5000000 | 3624384 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| AerCap Holdings NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/16/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/16/2023)<sup>(1)</sup> | $20000000 | $19809320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/14/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2024)<sup>(1)</sup> | 20000000 | 18943663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/29/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/29/2026)<sup>(1)</sup> | 9350000 | 8185656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/29/2028)<sup>(1)</sup> | 9175000 | 7702220 |  |
| Agree LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 10/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2032) | 7000000 | 6498295 |  |
| AIA Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 03/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/11/2024)<sup>(1)(2)</sup> | 6000000 | 5757362 |  |
| AIB Group PLC, 7.583%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/14/2026 (SOFR + 3.456%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/14/2025)<sup>(1)(2)(3)</sup> | 23000000 | 23438527 |  |
| Air Lease Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 8550000 | 8404436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 15000000 | 13971519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2027) | 10000000 | 9995493 |  |
| American International Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.820%, 11/15/2037 | 1410000 | 1513969 |  |
| Anthem, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 01/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) | 6000000 | 5699800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2047) | 8650000 | 7451222 |  |
| Aon Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/28/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/28/2051) | 5000000 | 3847481 |  |
| Aon PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025) | 9126000 | 8905627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/24/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/24/2043) | 1274000 | 1022184 |  |
| Arthur J. Gallagher & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/20/2050) | 5625000 | 3955317 |  |
| ASB Bank Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.284%, 06/17/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 2.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/17/2027)<sup>(1)(2)(3)</sup> | 4000000 | 3774760 |  |
| Australia & New Zealand |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/19/2024<sup>(1)(2)</sup> | 44423000 | 43886499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 07/22/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.288%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2025)<sup>(1)(2)(3)</sup> | 5000000 | 4523891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.742%, 12/08/2032<sup>(1)(2)</sup> | 32000000 | 32425196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.570%, 11/25/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/25/2030)<sup>(1)(2)(3)</sup> | 15000000 | 11045928 |  |
| Banco Bilbao Vizcaya Argentaria SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 09/18/2025<sup>(1)</sup> | 25000000 | 22350104 |  |
| Banco Santander SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.746%, 05/28/2025<sup>(1)</sup> | 7000000 | 6551589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.179%, 11/19/2025<sup>(1)</sup> | 25983000 | 25581964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.722%, 09/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/14/2026)<sup>(1)(3)</sup> | 11325000 | 9685971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.379%, 04/12/2028<sup>(1)</sup> | 13400000 | 12594995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.490%, 05/28/2030<sup>(1)</sup> | 5000000 | 4228091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.749%, 12/03/2030<sup>(1)</sup> | 19250000 | 14879024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.225%, 11/22/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/22/2031)<sup>(1)(3)</sup> | 35000000 | 26537886 |  |
| Bank of America Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.458%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.970%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(3)</sup> | 28881000 | 28142989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.093%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.090%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024)<sup>(3)</sup> | 10000000 | 9578813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.456%, 10/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.870%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/22/2024)<sup>(3)</sup> | 17775000 | 16802956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.559%, 04/23/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.060%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2026)<sup>(3)</sup> | 9000000 | 8442197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.734%, 07/22/2027 (SOFR + 0.960%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2026)<sup>(3)</sup> | 35000000 | 30682500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.376%, 04/27/2028 (SOFR + 1.580%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/27/2027)<sup>(3)</sup> | 16000000 | 15323209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.204%, 11/10/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/10/2027)<sup>(3)</sup> | 6425000 | 6624527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.419%, 12/20/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.040%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/20/2027)<sup>(3)</sup> | 37683000 | 34125885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.970%, 03/05/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.070%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/05/2028)<sup>(3)</sup> | 14230000 | 13152762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.087%, 06/14/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.060%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2028)<sup>(3)</sup> | 15000000 | 12648523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.271%, 07/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.310%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2028)<sup>(3)</sup> | 39571000 | 36967002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.194%, 07/23/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.180%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2029)<sup>(3)</sup> | 5000000 | 4311659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.496%, 02/13/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/13/2030)<sup>(3)</sup> | 13000000 | 10596609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.592%, 04/29/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.150%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/29/2030)<sup>(3)</sup> | 60000000 | 49009632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.972%, 02/04/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.330%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2032)<sup>(3)</sup> | 10000000 | 8087376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.015%, 07/22/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.160%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2032)<sup>(3)</sup> | 17000000 | 16194318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 05/14/2038 | 1138000 | 1328862 |  |
| Bank of Ireland Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.029%, 09/30/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2026)<sup>(1)(2)(3)</sup> | 20000000 | 16876160 |  |
| Bank of Montreal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/14/2024<sup>(1)</sup> | 20000000 | 19742524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/10/2025<sup>(1)</sup> | 7000000 | 6527148 |  |
| Bank of New Zealand, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/21/2025<sup>(1)(2)</sup> | 16000000 | 14958400 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Bank of Nova Scotia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/16/2025<sup>(1)</sup> | $8500000 | $8338167 |  |
| Banque Federative du Credit Mutuel SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.753%, 07/13/2027<sup>(1)(2)</sup> | 7000000 | 6826131 |  |
| Barclays PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.338%, 05/16/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.356%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/16/2023)<sup>(1)(3)</sup> | 13000000 | 12910799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/16/2025<sup>(1)</sup> | 8100000 | 7786746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.932%, 05/07/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2024)<sup>(1)(3)</sup> | 34300000 | 33273950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.852%, 05/07/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 2.714%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2025)<sup>(1)(3)</sup> | 10000000 | 9299299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.337%, 01/10/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2027)<sup>(1)</sup> | 20000000 | 18613077 |  |
| BBVA USA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2025) | 36235000 | 35321470 |  |
| Belrose Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.330%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030)<sup>(2)</sup> | 13950000 | 10596343 |  |
| Berkshire Hathaway Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 05/15/2042 | 3500000 | 3213048 |  |
| BNP Paribas SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 11/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.111%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2024)<sup>(1)(2)(3)</sup> | 17100000 | 16206588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/12/2026<sup>(1)(2)</sup> | 45131000 | 43047651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.219%, 06/09/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.074%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/09/2025)<sup>(1)(2)(3)</sup> | 15000000 | 13782990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.323%, 01/13/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.004%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/13/2026)<sup>(1)(2)(3)</sup> | 28350000 | 24770535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/13/2027<sup>(1)(2)</sup> | 4500000 | 4272813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.904%, 09/30/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.609%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2027)<sup>(1)(2)(3)</sup> | 27000000 | 22519414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.159%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.218%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2028)<sup>(1)(2)(3)</sup> | 10200000 | 8340267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.871%, 04/19/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.387%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/19/2031)<sup>(1)(2)(3)</sup> | 19075000 | 14976298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.132%, 01/20/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.561%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2032)<sup>(1)(2)(3)</sup> | 10000000 | 7922756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.588%, 08/12/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 2.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/12/2030)<sup>(1)(2)(3)</sup> | 14000000 | 10280545 |  |
| BPCE SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 10/22/2023<sup>(1)(2)</sup> | 22955000 | 22780898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 07/21/2024<sup>(1)(2)</sup> | 31285000 | 30633742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 01/14/2025<sup>(1)(2)</sup> | 12000000 | 11199694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2025<sup>(1)(2)</sup> | 55492000 | 53338499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.652%, 10/06/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.520%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/06/2025)<sup>(1)(2)(3)</sup> | 25000000 | 22237129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.277%, 01/20/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.312%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2031)<sup>(1)(2)(3)</sup> | 12850000 | 9671198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.116%, 10/19/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/19/2031)<sup>(1)(2)(3)</sup> | 40100000 | 29383121 |  |
| Brown & Brown, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2028) | 23825000 | 22200937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2030) | 27360000 | 20934404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 03/17/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/17/2031) | 5000000 | 4349359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 03/17/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/17/2051) | 9500000 | 7719254 |  |
| Cantor Fitzgerald LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/14/2027)<sup>(2)</sup> | 17450000 | 16187122 |  |
| Capital One Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 10/30/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2024) | 2998000 | 2894929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 05/11/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/11/2027) | 42750000 | 40275861 |  |
| Centene Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2030) | 35000000 | 27386559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 08/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2031) | 12000000 | 9409499 |  |
| Charles Schwab Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 7000000 | 6819442 |  |
| Citigroup, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.044%, 06/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.023%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2023)<sup>(3)</sup> | 22600000 | 22451933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.352%, 04/24/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.897%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/24/2024)<sup>(3)</sup> | 5650000 | 5474265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/12/2026 | 4500000 | 4332640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.106%, 04/08/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.842%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2025)<sup>(3)</sup> | 20000000 | 18912401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.887%, 01/10/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.563%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2027)<sup>(3)</sup> | 40600000 | 38007178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.668%, 07/24/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.390%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/24/2027)<sup>(3)</sup> | 3142000 | 2892690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.520%, 10/27/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.151%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/27/2027)<sup>(3)</sup> | 11500000 | 10509488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.572%, 06/03/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.107%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/03/2030)<sup>(3)</sup> | 25000000 | 20279805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.561%, 05/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.167%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2031)<sup>(3)</sup> | 6000000 | 4752362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.520%, 11/03/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.177%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/03/2031)<sup>(3)</sup> | 10000000 | 7782875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.785%, 03/17/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.939%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/17/2032)<sup>(3)</sup> | 18000000 | 15450647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.270%, 11/17/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.338%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/17/2032)<sup>(3)</sup> | 29000000 | 30079063 |  |
| Citizens Bank NA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/28/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/28/2025) | 20000000 | 18644580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/18/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/18/2025) | 12120000 | 11631197 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Citizens Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 07/27/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/27/2026) | $10000000 | $9257533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/30/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2030) | 28025000 | 24372504 |  |
| CNA Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/2023 | 4000000 | 4083219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2025) | 14000000 | 13776548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 08/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2027) | 12000000 | 11145587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2029) | 8000000 | 7314620 |  |
| CNO Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 01/06/2029<sup>(2)</sup> | 10000000 | 8498840 |  |
| Comerica Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/27/2025 | 10000000 | 9702842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.332%, 08/25/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/25/2032)<sup>(3)</sup> | 15325000 | 14770344 |  |
| Commonwealth Bank of Australia: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.688%, 03/11/2031<sup>(1)(2)</sup> | 10000000 | 7708960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.784%, 03/14/2032<sup>(1)(2)</sup> | 10000000 | 8270798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.610%, 09/12/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 2.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/12/2029)<sup>(1)(2)(3)</sup> | 10000000 | 8285003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.743%, 09/12/2039<sup>(1)(2)</sup> | 23500000 | 17315727 |  |
| Cooperatieve Rabobank UA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/04/2025<sup>(1)</sup> | 20397000 | 19926573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/21/2026<sup>(1)</sup> | 20829000 | 19610776 |  |
| Credit Agricole SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 10/04/2024<sup>(1)(2)</sup> | 8575000 | 8257394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/17/2025<sup>(1)(2)</sup> | 4204000 | 4055367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.247%, 01/26/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 0.892%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/26/2026)<sup>(1)(2)(3)</sup> | 20000000 | 17531018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/14/2030<sup>(1)(2)</sup> | 6800000 | 5565909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/10/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year Swap Rate USD + 1.644%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2028)<sup>(1)(2)(3)</sup> | 8000000 | 6981902 |  |
| Credit Suisse AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/09/2024<sup>(1)</sup> | 4325000 | 4034588 |  |
| Credit Suisse Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.207%, 06/12/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.240%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/12/2023)<sup>(1)(2)(3)</sup> | 8325000 | 8117766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.593%, 09/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2024)<sup>(1)(2)(3)</sup> | 12250000 | 10834541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.193%, 06/05/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.044%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/05/2025)<sup>(1)(2)(3)</sup> | 15000000 | 12821327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.305%, 02/02/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 0.980%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/02/2026)<sup>(1)(2)(3)</sup> | 40000000 | 31947337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.282%, 01/09/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/09/2027)<sup>(1)(2)</sup> | 17403000 | 14447763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.442%, 08/11/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 3.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/11/2027)<sup>(1)(2)(3)</sup> | 17500000 | 15960081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.869%, 01/12/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.410%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2028)<sup>(1)(2)(3)</sup> | 11000000 | 8831360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.194%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 3.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(1)(2)(3)</sup> | 20000000 | 15567736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.091%, 05/14/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/14/2031)<sup>(1)(2)(3)</sup> | 10000000 | 6939891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.537%, 08/12/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 3.920%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/12/2032)<sup>(1)(2)(3)</sup> | 6000000 | 5280695 |  |
| Credit Suisse Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding Guernsey Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/09/2023<sup>(1)</sup> | 14550000 | 14168062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/17/2026<sup>(1)</sup> | 7000000 | 6180595 |  |
| Credit Suisse USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 07/15/2032<sup>(1)</sup> | 5063000 | 5131760 |  |
| Danske Bank A/S, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.621%, 09/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2025)<sup>(1)(2)(3)</sup> | 20000000 | 17630136 |  |
| Deutsche Bank AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 02/27/2023<sup>(1)</sup> | 14875000 | 14823631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 05/30/2024<sup>(1)</sup> | 10000000 | 9721208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.222%, 09/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.159%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/18/2023)<sup>(1)(3)</sup> | 52000000 | 50232428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.119%, 07/14/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 3.190%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2025)<sup>(1)(3)</sup> | 11425000 | 11369074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.129%, 11/24/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.870%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/24/2025)<sup>(1)(3)</sup> | 22755000 | 20093393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.311%, 11/16/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.219%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2026)<sup>(1)(3)</sup> | 10000000 | 8491541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.035%, 05/28/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.718%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/28/2031)<sup>(1)(3)</sup> | 14000000 | 10648729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.742%, 01/07/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.257%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/07/2031)<sup>(1)(3)</sup> | 27125000 | 19375358 |  |
| Digital Realty Trust LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027) | 9775000 | 9855322 |  |
| Discover Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/27/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/27/2026) | 22000000 | 20287210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 09/13/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/13/2028) | 13747000 | 12901042 |  |
| Discover Financial Services: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 11/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/06/2024) | 10000000 | 9739740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 02/09/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/09/2026) | 38019000 | 35780205 |  |
| DNB Bank ASA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.127%, 09/16/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/16/2025)<sup>(1)(2)(3)</sup> | 2000000 | 1766898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.535%, 05/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.720%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/25/2026)<sup>(1)(2)(3)</sup> | 15000000 | 13053342 |  |
| Elevance Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 01/15/2044 | 1584000 | 1502498 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Extra Space Storage LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 06/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2031) | $10000000 | $7848620 |  |
| Federation des Caisses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Desjardins du Quebec: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 02/10/2025<sup>(1)(2)</sup> | 12100000 | 11283978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 08/23/2027<sup>(1)(2)</sup> | 11000000 | 10583247 |  |
| Fifth Third Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.772%, 07/28/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 2.127%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/28/2029)<sup>(3)</sup> | 7525000 | 7192399 |  |
| FirstMerit Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.270%, 11/25/2026 | 4600000 | 4401948 |  |
| Five Corners Funding Trust II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030)<sup>(2)</sup> | 30000000 | 25292642 |  |
| FMR LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 02/01/2033<sup>(2)</sup> | 1750000 | 1629388 |  |
| Globe Life, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2028) | 5000000 | 4854575 |  |
| Goldman Sachs Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/23/2024) | 3000000 | 2899919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 5000000 | 4810761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/22/2025) | 5000000 | 4839716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.272%, 09/29/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.201%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/29/2024)<sup>(3)</sup> | 15000000 | 14461148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.093%, 12/09/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 0.789%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/09/2025)<sup>(3)</sup> | 10000000 | 8835702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.124%, 10/28/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/28/2026)<sup>(3)</sup> | 10000000 | 10174668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.640%, 02/24/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.114%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/24/2027)<sup>(3)</sup> | 89350000 | 79612340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.691%, 06/05/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.510%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/05/2027)<sup>(3)</sup> | 6775000 | 6294076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.814%, 04/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.158%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2028)<sup>(3)</sup> | 10000000 | 9150235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.223%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.301%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2028)<sup>(3)</sup> | 13348000 | 12456890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 03/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2029) | 30000000 | 27014518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.992%, 01/27/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.090%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/27/2031)<sup>(3)</sup> | 10000000 | 7629006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.615%, 04/22/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.281%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2031)<sup>(3)</sup> | 9625000 | 7681246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.383%, 07/21/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.248%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/21/2031)<sup>(3)</sup> | 30000000 | 23356126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.345%, 02/15/2034 | 1053000 | 1071182 |  |
| Guardian Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 10/28/2027<sup>(2)</sup> | 16350000 | 16704579 |  |
| Guardian Life Insurance Co. of America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/19/2064<sup>(2)</sup> | 5000000 | 4269195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/22/2070 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2069)<sup>(2)</sup> | 15062000 | 9973469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/24/2077<sup>(2)</sup> | 24727000 | 20344931 |  |
| Hanover Insurance Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2030) | 10550000 | 8129331 |  |
| Hartford Financial Services Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 08/19/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/19/2049) | 7000000 | 5065223 |  |
| Health Care Service Corp. A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Legal Reserve Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030)<sup>(2)</sup> | 6125000 | 4937882 |  |
| High Street Funding Trust II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.682%, 02/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2047)<sup>(2)</sup> | 2000000 | 1620051 |  |
| HSBC Bank USA NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 01/15/2039<sup>(1)</sup> | 4200000 | 4560802 |  |
| HSBC Holdings PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 05/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.987%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2023)<sup>(1)(3)</sup> | 6000000 | 5953101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 03/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.211%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/11/2024)<sup>(1)(3)</sup> | 26550000 | 25818224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.645%, 04/18/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.538%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/18/2025)<sup>(1)(3)</sup> | 15000000 | 13566181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.292%, 09/12/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.348%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/12/2025)<sup>(1)(3)</sup> | 7450000 | 7140118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/23/2026<sup>(1)</sup> | 5000000 | 4810195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.589%, 05/24/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.290%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/24/2026)<sup>(1)(3)</sup> | 22500000 | 19428156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.251%, 11/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/22/2026)<sup>(1)(3)</sup> | 10000000 | 8672120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.210%, 08/11/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/11/2027)<sup>(1)(3)</sup> | 7000000 | 6763388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.013%, 09/22/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.732%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2027)<sup>(1)(3)</sup> | 25000000 | 20929159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.206%, 08/17/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.285%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/17/2028)<sup>(1)(3)</sup> | 13200000 | 10716155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.973%, 05/22/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/22/2029)<sup>(1)(3)</sup> | 2000000 | 1755594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.804%, 05/24/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.187%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/24/2031)<sup>(1)(3)</sup> | 16000000 | 12384215 |  |
| Huntington Bancshares, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.443%, 08/04/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.970%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/04/2027)<sup>(3)</sup> | 9500000 | 9015530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.023%, 05/17/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/17/2032)<sup>(3)</sup> | 5000000 | 4762929 |  |
| Invesco Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/15/2026 | 4900000 | 4701182 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Jackson National Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/30/2024<sup>(2)</sup> | $23475000 | $22921375 |  |
| Jefferies Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/15/2027 | 4600000 | 4547894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 01/23/2030 | 10000000 | 8914090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 01/15/2036 | 1390000 | 1407360 |  |
| John Hancock Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 02/15/2024<sup>(1)(2)</sup> | 13339000 | 13595947 |  |
| JPMorgan Chase & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.559%, 04/23/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2023)<sup>(3)</sup> | 5000000 | 4967485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/23/2024) | 14000000 | 13519360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.301%, 10/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.160%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024)<sup>(3)</sup> | 10000000 | 9433912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.005%, 03/13/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.585%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/13/2025)<sup>(3)</sup> | 50000000 | 46311030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.083%, 04/22/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2025)<sup>(3)</sup> | 52000000 | 48247109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.045%, 11/19/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 0.800%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2025)<sup>(3)</sup> | 25000000 | 22018856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.578%, 04/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 0.885%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2026)<sup>(3)</sup> | 50000000 | 44006422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.470%, 09/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 0.765%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2026)<sup>(3)</sup> | 11875000 | 10284797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.851%, 07/25/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2027)<sup>(3)</sup> | 39000000 | 38108347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.702%, 05/06/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.160%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/06/2029)<sup>(3)</sup> | 15000000 | 13486899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.522%, 04/22/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.040%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2030)<sup>(3)</sup> | 28000000 | 22979363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.953%, 02/04/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.065%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2031)<sup>(3)</sup> | 22000000 | 16883595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.580%, 04/22/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2031)<sup>(3)</sup> | 10000000 | 8040158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.600%, 07/15/2041 | 4106000 | 4126807 |  |
| Kemper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 02/23/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/23/2031) | 13000000 | 10900559 |  |
| KeyBank NA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/20/2026 | 18965000 | 17807557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 08/08/2032 | 6000000 | 5571618 |  |
| LeasePlan Corp. NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 10/24/2024<sup>(1)(2)</sup> | 59600000 | 55910784 |  |
| Liberty Mutual Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/15/2023<sup>(2)</sup> | 591000 | 586790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.569%, 02/01/2029<sup>(2)</sup> | 2087000 | 1950499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.951%, 10/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2050)<sup>(2)</sup> | 2231000 | 1571946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2051)<sup>(2)</sup> | 5000000 | 4515853 |  |
| Liberty Mutual Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.697%, 10/15/2097<sup>(2)</sup> | 465000 | 505772 |  |
| Life Storage LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2026) | 6819000 | 6377910 |  |
| Lincoln National Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 01/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2029) | 24650000 | 20466779 |  |
| Lloyds Bank PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.870%, 07/09/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 3.500%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/09/2024)<sup>(1)(3)</sup> | 15000000 | 14523904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.438%, 02/05/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/05/2025)<sup>(1)(3)</sup> | 15725000 | 14650344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.627%, 05/11/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/11/2026)<sup>(1)(3)</sup> | 10000000 | 8665688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.574%, 11/07/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.205%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/07/2027)<sup>(1)(3)</sup> | 10000000 | 9020069 |  |
| LXP Industrial Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 09/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2030) | 7000000 | 5589162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 10/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2031) | 2770000 | 2107207 |  |
| M&T Bank Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/16/2024) | 11400000 | 11196824 |  |
| Macquarie Bank Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/10/2025<sup>(1)(2)</sup> | 23717000 | 23216404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.624%, 06/03/2030<sup>(1)(2)</sup> | 12550000 | 10182641 |  |
| Macquarie Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/27/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.330%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/27/2023)<sup>(1)(2)(3)</sup> | 24000000 | 23912976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.108%, 08/09/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.208%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2025)<sup>(1)(2)(3)</sup> | 22000000 | 21925606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.340%, 01/12/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.069%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2026)<sup>(1)(2)(3)</sup> | 19000000 | 16577310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.871%, 01/14/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.532%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/14/2032)<sup>(1)(2)(3)</sup> | 25000000 | 19245934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.442%, 06/21/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.405%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/21/2032)<sup>(1)(2)(3)</sup> | 9000000 | 7837556 |  |
| Manulife Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/04/2026<sup>(1)</sup> | 10000000 | 9748753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/04/2046<sup>(1)</sup> | 5150000 | 4983473 |  |
| Maple Grove Funding Trust I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.161%, 08/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2051)<sup>(2)</sup> | 28600000 | 19299934 |  |
| Marsh & McLennan Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2030) | 5000000 | 4098153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 08/01/2033 | 8429000 | 8915030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 01/30/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/30/2046) | 3450000 | 2915151 |  |
| Massachusetts Mutual Life Insurance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.672%, 12/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2052)<sup>(2)</sup> | 20000000 | 19944973 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Massachusetts Mutual |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Insurance Co.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.077%, 02/15/2069 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 3.191%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2049)<sup>(2)(3)</sup> | $40670000 | $36147496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.729%, 10/15/2070<sup>(2)</sup> | 16676000 | 11022808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 04/01/2077<sup>(2)</sup> | 11175000 | 9201603 |  |
| MBIA Insurance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15.339%, 01/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 11.260%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028)<sup>(2)(9)</sup> | 714000 | 53964 |  |
| MetLife, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/15/2032 | 466000 | 513749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/13/2043 | 3375000 | 3162896 |  |
| Metropolitan Life Global Funding I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/09/2030<sup>(2)</sup> | 22375000 | 19560721 |  |
| Metropolitan Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.800%, 11/01/2025<sup>(2)</sup> | 6300000 | 6677494 |  |
| Mitsubishi UFJ Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.801%, 07/18/2024<sup>(1)</sup> | 10000000 | 9614189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.193%, 02/25/2025<sup>(1)</sup> | 25000000 | 23414160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.538%, 07/20/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/20/2026)<sup>(1)(3)</sup> | 10000000 | 8680248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.017%, 07/20/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.950%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/20/2027)<sup>(1)(3)</sup> | 6700000 | 6549795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.354%, 09/13/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/13/2027)<sup>(1)(3)</sup> | 13600000 | 13484042 |  |
| Mizuho Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.922%, 09/11/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2023)<sup>(1)(3)</sup> | 5000000 | 4920520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.555%, 09/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.362%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/13/2024)<sup>(1)(3)</sup> | 20000000 | 18885597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.234%, 05/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.670%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/22/2026)<sup>(1)(3)</sup> | 8000000 | 6937555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.414%, 09/13/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/13/2027)<sup>(1)(3)</sup> | 6725000 | 6727855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.979%, 09/08/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.532%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/08/2030)<sup>(1)(3)</sup> | 10000000 | 7671266 |  |
| Morgan Stanley: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.720%, 07/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.152%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2024)<sup>(3)</sup> | 19000000 | 18171944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.591%, 07/22/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.340%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2027)<sup>(3)</sup> | 12000000 | 11051698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.296%, 10/18/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.240%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/18/2027)<sup>(3)</sup> | 62625000 | 64518899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.772%, 01/24/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.140%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/24/2028)<sup>(3)</sup> | 1000000 | 917291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.622%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 3.120%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(3)</sup> | 10000000 | 8754621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.928%, 04/28/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.020%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/28/2031)<sup>(3)</sup> | 25000000 | 18926736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.239%, 07/21/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.178%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/21/2031)<sup>(3)</sup> | 25000000 | 19176920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.342%, 10/18/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/18/2032)<sup>(3)</sup> | 20000000 | 21002442 |  |
| National Australia Bank Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.332%, 08/21/2030<sup>(1)(2)</sup> | 83282000 | 63402314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.990%, 05/21/2031<sup>(1)(2)</sup> | 18911000 | 14850769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.933%, 08/02/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.880%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/02/2029)<sup>(1)(2)(3)</sup> | 10000000 | 8440698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.347%, 01/12/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2032)<sup>(1)(2)(3)</sup> | 10000000 | 7632253 |  |
| National Securities Clearing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 04/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/23/2025)<sup>(2)</sup> | 12124000 | 11246944 |  |
| Nationwide Building Society: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.766%, 03/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.064%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2023)<sup>(1)(2)(3)</sup> | 20000000 | 19891309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/14/2026<sup>(1)(2)</sup> | 73507000 | 66898195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.302%, 03/08/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.452%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2028)<sup>(1)(2)(3)</sup> | 20000000 | 18122877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.960%, 07/18/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.855%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/18/2029)<sup>(1)(2)(3)</sup> | 10125000 | 8832342 |  |
| Nationwide Financial Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 11/30/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/30/2049)<sup>(2)</sup> | 10000000 | 7021405 |  |
| Nationwide Mutual Insurance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.375%, 08/15/2039<sup>(2)</sup> | 14000000 | 18083891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 04/30/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/30/2049)<sup>(2)</sup> | 25000000 | 18805132 |  |
| NatWest Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.269%, 03/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.762%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/22/2024)<sup>(1)(3)</sup> | 27351000 | 26754702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.472%, 11/10/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/10/2025)<sup>(1)(3)</sup> | 13000000 | 13539636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.642%, 06/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2026)<sup>(1)(3)</sup> | 35000000 | 30342315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.073%, 05/22/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/22/2027)<sup>(1)(3)</sup> | 18301000 | 16388541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.516%, 09/30/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.270%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2027)<sup>(1)(3)</sup> | 10000000 | 9900090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.892%, 05/18/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.754%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2028)<sup>(1)(3)</sup> | 10000000 | 9477946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.076%, 01/27/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.905%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/27/2029)<sup>(1)(3)</sup> | 7000000 | 6609551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.445%, 05/08/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.871%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/08/2029)<sup>(1)(3)</sup> | 35000000 | 31777971 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| New York Life Insurance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 11/15/2039<sup>(2)</sup> | $12026000 | $13463606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2049)<sup>(2)</sup> | 17000000 | 13100339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/15/2069 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2068)<sup>(2)</sup> | 10000000 | 8305255 |  |
| Nomura Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.648%, 01/16/2025<sup>(1)</sup> | 20000000 | 18896156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.851%, 07/16/2025<sup>(1)</sup> | 19000000 | 17330331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.653%, 07/14/2026<sup>(1)</sup> | 32975000 | 28729847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.386%, 07/06/2027<sup>(1)</sup> | 10000000 | 9873830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.172%, 07/14/2028<sup>(1)</sup> | 16055000 | 13258643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.710%, 01/22/2029<sup>(1)</sup> | 8000000 | 6680046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.103%, 01/16/2030<sup>(1)</sup> | 2000000 | 1668706 |  |
| Pacific Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/24/2025<sup>(2)</sup> | 22300000 | 20232298 |  |
| Peachtree Corners Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.976%, 02/15/2025<sup>(2)</sup> | 12295000 | 11876213 |  |
| Penn Mutual Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 04/29/2061<sup>(2)</sup> | 15000000 | 9972930 |  |
| Pine Street Trust I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.572%, 02/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2028)<sup>(2)</sup> | 7825000 | 7253405 |  |
| Principal Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 11/15/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2046) | 2325000 | 1878060 |  |
| Principal Life Global Funding II: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 06/23/2025<sup>(2)</sup> | 16000000 | 14563058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/18/2026<sup>(2)</sup> | 13400000 | 12468957 |  |
| Protective Life Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 09/30/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/30/2028)<sup>(1)(2)</sup> | 10000000 | 9358194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.450%, 10/15/2039<sup>(1)</sup> | 2650000 | 3130680 |  |
| Prudential Financial, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 12/01/2037 | 5000000 | 5441232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.935%, 12/07/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/07/2049) | 11426000 | 8964842 |  |
| Raymond James Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 04/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2030) | 9700000 | 9368649 |  |
| Realty Income Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 10/13/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/13/2032) | 6725000 | 6852875 |  |
| Regions Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/18/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/18/2025) | 21650000 | 20247858 |  |
| Reliance Standard Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/30/2024<sup>(1)(2)</sup> | 22800000 | 21567034 |  |
| Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 01/27/2026<sup>(1)</sup> | 7773000 | 7677216 |  |
| Sammons Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/16/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/16/2031)<sup>(2)</sup> | 14350000 | 10956557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/08/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/08/2032)<sup>(2)</sup> | 23000000 | 19267319 |  |
| Santander Holdings USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/07/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2024)<sup>(1)</sup> | 5695000 | 5534912 |  |
| Santander UK Group Holdings PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.373%, 01/05/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/05/2023)<sup>(1)(3)</sup> | 5967000 | 5967000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.796%, 11/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.570%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2023)<sup>(1)(3)</sup> | 5250000 | 5162952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.673%, 06/14/2027 (SOFR + 0.989%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2026)<sup>(1)(3)</sup> | 9500000 | 8088528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.823%, 11/03/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.400%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/03/2027)<sup>(1)(3)</sup> | 15400000 | 13786817 |  |
| Santander UK PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/07/2023<sup>(1)(2)</sup> | 21921000 | 21853834 |  |
| SMBC Aviation Capital Finance DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.900%, 10/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026)<sup>(1)(2)</sup> | 6725000 | 5731968 |  |
| Societe Generale SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/14/2023<sup>(1)(2)</sup> | 8000000 | 7929209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/17/2024<sup>(1)(2)</sup> | 20000000 | 19786350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/28/2024<sup>(1)(2)</sup> | 15300000 | 14948938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 10/16/2024<sup>(1)(2)</sup> | 23000000 | 21773546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 01/22/2025<sup>(1)(2)</sup> | 41125000 | 38689067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.226%, 01/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2025)<sup>(1)(2)(3)</sup> | 21032000 | 19355916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.488%, 12/14/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/14/2025)<sup>(1)(2)(3)</sup> | 28800000 | 25055936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.797%, 01/19/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/19/2027)<sup>(1)(2)(3)</sup> | 2225000 | 1949697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.889%, 06/09/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/09/2031)<sup>(1)(2)(3)</sup> | 6775000 | 5231624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.337%, 01/21/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2032)<sup>(1)(2)(3)</sup> | 10000000 | 7902727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.221%, 06/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 3.200%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2032)<sup>(1)(2)(3)</sup> | 9150000 | 8590632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/01/2041<sup>(1)(2)</sup> | 12000000 | 7817835 |  |
| Standard Chartered PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.885%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2023)<sup>(1)(2)(3)</sup> | 31557000 | 31406645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.785%, 05/21/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/21/2024)<sup>(1)(2)(3)</sup> | 36294000 | 35037030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 01/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.209%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2025)<sup>(1)(2)(3)</sup> | 21000000 | 19540960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.456%, 01/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/14/2026)<sup>(1)(2)(3)</sup> | 20658000 | 17900446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.608%, 01/12/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.180%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2027)<sup>(1)(2)(3)</sup> | 24000000 | 20845098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.767%, 11/16/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 3.450%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2027)<sup>(1)(2)(3)</sup> | 8000000 | 8490650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.644%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 3.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(1)(2)(3)</sup> | 14700000 | 13251496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 03/26/2044<sup>(1)(2)</sup> | 6000000 | 5441143 |  |
| Stifel Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/18/2024 | 17850000 | 17495657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 51140000 | 44482202 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Sumitomo Mitsui Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.696%, 07/16/2024<sup>(1)</sup> | $12000000 | $11512676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.448%, 09/27/2024<sup>(1)</sup> | 2015000 | 1915128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.348%, 01/15/2025<sup>(1)</sup> | 8245000 | 7800156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.474%, 07/08/2025<sup>(1)</sup> | 8740000 | 7970181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.130%, 07/08/2030<sup>(1)</sup> | 7575000 | 6006609 |  |
| SunTrust Banks, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 05/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) | 3925000 | 3675863 |  |
| Synchrony Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/23/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2027) | 8250000 | 8057355 |  |
| Synchrony Financial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/19/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/19/2024) | 1538000 | 1510801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2024) | 26864000 | 26258389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | 23127000 | 22199520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 08/04/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/04/2026) | 23023000 | 21204831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2027) | 44825000 | 40042866 |  |
| Toronto-Dominion Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.456%, 06/08/2032<sup>(1)</sup> | 19000000 | 18105378 |  |
| Trinity Acquisition PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025) | 27305000 | 26515036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 08/15/2043 | 22561000 | 21643917 |  |
| UBS Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.364%, 01/30/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2026)<sup>(1)(2)(3)</sup> | 10950000 | 9599950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.494%, 08/10/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/10/2026)<sup>(1)(2)(3)</sup> | 9000000 | 7753087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.095%, 02/11/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/11/2031)<sup>(1)(2)(3)</sup> | 43570000 | 32767123 |  |
| UBS Group Funding Switzerland AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.253%, 03/23/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/23/2027)<sup>(1)(2)</sup> | 17150000 | 16038073 |  |
| UnitedHealth Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/15/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2039) | 7000000 | 5112470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2051) | 8275000 | 7681681 |  |
| Wells Fargo & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.406%, 10/30/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.087%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/30/2024)<sup>(3)</sup> | 19000000 | 17976662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.164%, 02/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/11/2025)<sup>(3)</sup> | 15000000 | 13978467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/22/2026 | 3000000 | 2806636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.908%, 04/25/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.320%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/25/2025)<sup>(3)</sup> | 5000000 | 4842571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.393%, 06/02/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/02/2027)<sup>(3)</sup> | 64086000 | 56647768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.808%, 07/25/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.980%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2027)<sup>(3)</sup> | 13000000 | 12694015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.068%, 04/30/2041 (SOFR + 2.530%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/30/2040)<sup>(3)</sup> | 25000000 | 17853200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/01/2045 | 5000000 | 3868033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.013%, 04/04/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 4.502%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/04/2050)<sup>(3)</sup> | 7000000 | 6209627 |  |
| Wells Fargo Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 02/01/2037 | 10000000 | 10126855 |  |
| Western & Southern |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/15/2033<sup>(2)</sup> | 8300000 | 8430775 |  |
| Westpac Banking Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.894%, 02/04/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2025)<sup>(1)(3)</sup> | 11425000 | 10481288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.322%, 11/23/2031 (5 Year Mid |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Rate USD + 2.236%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/23/2026)<sup>(1)(3)</sup> | 8350000 | 7868954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.405%, 08/10/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.680%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/10/2032)<sup>(1)(3)</sup> | 5000000 | 4689228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.110%, 07/24/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 2.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/24/2029)<sup>(1)(3)</sup> | 10000000 | 8588579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.668%, 11/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030)<sup>(1)(3)</sup> | 13600000 | 10124634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.421%, 07/24/2039<sup>(1)</sup> | 10000000 | 8219287 |  |
| Willis North America, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024) | 9000000 | 8757786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2027) | 8525000 | 8243980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 7500000 | 6322789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 09/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2048) | 10200000 | 8558807 |  |
| **Total Financials** |  |  |  |
| **(Cost $6,393,600,835)** |  | 5724876376 | 16.4% |
| **Total Corporate Bonds** |  |  |  |
| **(Cost $15,235,902,866)** |  | 13370425756 | 38.4% |
| **Municipal Bonds** |  |  |  |
| Atlanta Independent School System, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.557%, 03/01/2026 | 4465000 | 4543475 |  |
| California Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Choice Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 08/01/2029<sup>(8)</sup> | 3155000 | 3109371 |  |
| California Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.794%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025) | 3125000 | 2990817 |  |
| California Qualified School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bond Joint Powers Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.155%, 03/01/2027 | 5590000 | 5834674 |  |
| County of Cuyahoga OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.125%, 10/01/2023 (Insured by AGC) | 300000 | 302161 |  |
| County of Riverside CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.617%, 02/15/2024 | 20000000 | 19521298 |  |
| Dallas/Fort Worth International Airport: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.246%, 11/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2030) | 2500000 | 1989603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.416%, 11/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2030) | 5000000 | 3943242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.516%, 11/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2030) | 1220000 | 949422 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Eaton Community City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.390%, 08/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | $2305000 | $2305679 |  |
| Kentucky Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) | 1595000 | 1543056 |  |
| Kentucky Public Energy Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.227%, 12/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Month LIBOR USD + 1.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) (Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 06/01/2025)<sup>(3)</sup> | 28000000 | 27826655 |  |
| Louisiana Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.100%, 12/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1095347 | 1047378 |  |
| Maine State Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 11/15/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 10000000 | 6839144 |  |
| Maryland Community Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration Housing Revenue, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.160%, 09/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) | 4490000 | 4365483 |  |
| Maryland Economic Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.997%, 04/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2034) | 18575000 | 14653531 |  |
| Massachusetts Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 05/25/2033 | 12173872 | 11763272 |  |
| Minnesota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.730%, 08/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2105805 | 2020284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 4777703 | 4565221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 5841168 | 5325928 |  |
| New Hampshire Business |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) | 45000000 | 38545902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2032) | 35000000 | 26617938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.872%, 07/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2035) | 17710000 | 12282053 |  |
| New Hampshire Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2023) | 90000 | 89725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) | 1490000 | 1471898 |  |
| New Jersey Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Student Assistance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) | 15125000 | 14561008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) | 13250000 | 12755925 |  |
| New Jersey Turnpike Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.223%, 01/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025)<sup>(2)</sup> | 90230000 | 77216894 |  |
| New York State Dormitory Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.219%, 07/01/2035 | 15000000 | 11468134 |  |
| North Carolina Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.812%, 07/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 615000 | 599747 |  |
| State Public School Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.966%, 04/01/2027 (Insured by BAM) | 5800000 | 5293552 |  |
| Texas Private Activity Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Surface Transportation Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.922%, 12/31/2049 | 8800000 | 6663920 |  |
| Three Rivers Local School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.209%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 2365000 | 2365391 |  |
| West Contra Costa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 08/01/2030 | 1785000 | 1900955 |  |
| Western Michigan University |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Homer Stryker MD School of Medicine, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 12310000 | 12171243 |  |
| Westlake City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.227%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 3570000 | 3571376 |  |
| Westvaco Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.670%, 01/15/2027<sup>(2)</sup> | 8000000 | 8479594 |  |
| **Total Municipal Bonds** |  |  |  |
| **(Cost $415,724,392)** |  | 361494949 | 1.0% |
| **Residential Mortgage-Backed Securities** |  |  |  |
| **U.S. Government Agency Issues** |  |  |  |
| Fannie Mae REMIC Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1993-58, Class H, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2023 | 971 | 968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1998-66, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/2028 | 3367 | 3380 |  |
| Federal Gold Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Corp. (FGLMC): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/2029 | 43045 | 44202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/01/2030 | 95890108 | 90013572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2032 | 1109179 | 1045600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2032 | 7141727 | 6732191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2032 | 47914146 | 45166114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2033 | 974600 | 918676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 | 2197538 | 2242180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2034 | 7109497 | 6901744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2035 | 5917264 | 5436130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2035 | 46610909 | 41633482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 4449389 | 4552751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2036 | 72705 | 75394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2036 | 1788207 | 1829745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2036 | 67465 | 70546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2037 | 3037581 | 2911005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2037 | 1704165 | 1644775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2038 | 33402411 | 31973757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2038 | 1026728 | 1050554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2038 | 211754 | 219984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2039 | 4734034 | 4890658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2039 | 1278328 | 1269970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2039 | 1546578 | 1535870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2039 | 7438123 | 7368114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2040 | 10350005 | 9589835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2040 | 308652 | 313173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2040 | 250750 | 249110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2040 | 25843712 | 22047718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2040 | 1021225 | 1014547 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Federal Gold Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Corp. (FGLMC): (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2041 | $9874076 | $9504942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2041 | 5042296 | 4853810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2041 | 751793 | 746876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2041 | 3108980 | 2916798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2041 | 79614934 | 66763863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2041 | 17846977 | 15070335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/2042 | 49259723 | 41595324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2042 | 11732894 | 10219941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2042 | 2960014 | 2849365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2042 | 1565360 | 1469039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2042 | 4021772 | 3774284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2042 | 5897083 | 5380323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2042 | 2432788 | 2219582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2042 | 21752351 | 19846212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2042 | 4745564 | 4453432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2043 | 10050484 | 9169581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2043 | 8243030 | 7730385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2043 | 1355187 | 1236405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 3470051 | 3165888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 3000049 | 2737090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 8172909 | 7456553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2043 | 11054072 | 10821834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2043 | 5632312 | 5285674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2043 | 29578036 | 26985267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2043 | 2311310 | 2108699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2043 | 3152019 | 2958117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2044 | 4451488 | 4176599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2044 | 14239082 | 13362834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2044 | 1747330 | 1677642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2044 | 19941911 | 18702277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2044 | 8245020 | 7936726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2044 | 1344010 | 1290402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2044 | 22743612 | 21258907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2044 | 4039599 | 3878481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2045 | 8050057 | 7273498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2045 | 12894790 | 12098591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2045 | 12659770 | 12463473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2045 | 16269459 | 14843676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2045 | 1999053 | 1920659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2045 | 4445793 | 4272400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2045 | 3317803 | 3090879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2046 | 59241815 | 53567839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2046 | 46465866 | 42064771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2046 | 13647683 | 12720247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2046 | 5841214 | 5546788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2046 | 29411198 | 28280787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2046 | 4133224 | 3968369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2046 | 2501516 | 2348737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2046 | 14776737 | 13766451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2046 | 50006672 | 44893624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2046 | 53433025 | 48176999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2046 | 32567280 | 29247512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2046 | 28443498 | 25469819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2047 | 25370566 | 24368495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2047 | 18297872 | 16359272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2047 | 12363494 | 12171694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2047 | 29795284 | 26766507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2047 | 76229908 | 74902604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2047 | 19810538 | 19476900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2047 | 6824814 | 6530359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2048 | 11250931 | 10753378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2048 | 8728467 | 8539162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2049 | 41721812 | 37570250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2049 | 48030608 | 43053894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2050 | 81167634 | 77752255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2050 | 23293298 | 19987400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2051 | 43471486 | 37492275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2051 | 21673733 | 18644687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2051 | 60960682 | 52291395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/2051 | 79380347 | 65932232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2051 | 34599776 | 30503274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2051 | 32740470 | 27011085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2051 | 40926060 | 34861081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/2051 | 17546424 | 14929714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2051 | 34218609 | 29272568 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/01/2051 | 18419625 | 15847224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2051 | 116023672 | 94766521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2051 | 17579018 | 15673681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2051 | 12049903 | 10631131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | 10202908 | 8712392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | 139939284 | 120537838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2052 | 128779290 | 114548177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2052 | 36516658 | 35446224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2052 | 108684734 | 107355164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2052 | 156063563 | 138958939 |  |
| Federal National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (FNMA): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 62739 | 63114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2029 | 492072 | 488776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2029 | 547148 | 543484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2032 | 17577657 | 17045079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2032 | 911663 | 858402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2032 | 1800729 | 1695502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2033 | 18553 | 19197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2033 | 9159074 | 8790686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2033 | 6546891 | 6460618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 7482146 | 7647104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2033 | 43716939 | 41859151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 | 20941 | 21403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 | 2836251 | 2748417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2034 | 2602411 | 2685438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2034 | 3783661 | 3647883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 4196883 | 4046253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2034 | 68916 | 71158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/2034 | 49904635 | 46036724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/01/2034 | 19442 | 20117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2035 | 23900643 | 23182850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2035 | 230634 | 238422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2035 | 5474176 | 5086514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1941250 | 1984084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 915666 | 935887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2036 | 1326017 | 1352854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2036 | 16317203 | 15160874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2036 | 86891 | 90148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2036 | 8903564 | 8021931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/2037 | 33894476 | 30283787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2037 | 6108741 | 5863496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2037 | 584879 | 602396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037 | 15268603 | 14719875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2038 | 11806714 | 11323961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/2038 | 23969766 | 21596005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2038 | 13162283 | 12229747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2038 | 9690771 | 9450126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2039 | 4854699 | 4668295 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Federal National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (FNMA): (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2039 | $12079873 | $12117882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2039 | 9521876 | 9227412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2039 | 4581876 | 4683001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2039 | 6634091 | 6751790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2039 | 72563 | 71791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2040 | 512479 | 492780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2040 | 11050822 | 10332263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 | 13264730 | 12756522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2040 | 3057785 | 2865632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 | 3105520 | 2986053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2041 | 26163415 | 23047931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2041 | 5029248 | 4713713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2041 | 24795100 | 24607279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/2041 | 2879014 | 2851536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2041 | 5515071 | 5303029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2041 | 3096012 | 3063411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 5147441 | 5261016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2041 | 7398369 | 6935684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2041 | 724957 | 697082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2041 | 2387995 | 2296167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2041 | 134119786 | 113253439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2041 | 3076440 | 2958143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/2042 | 50380923 | 42542344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2042 | 4041672 | 3886244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2042 | 4688762 | 4652853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/2042 | 41746188 | 34994614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/2042 | 44744582 | 37508508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/2042 | 14308861 | 12082457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2042 | 17733052 | 17051105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2042 | 97814329 | 82594472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2042 | 50760354 | 44154798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2042 | 26941783 | 24316221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2042 | 2925287 | 2665862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2042 | 44739223 | 41938473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2042 | 3266282 | 3061920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2042 | 11230081 | 10234075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2043 | 16444377 | 14985435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2043 | 3209991 | 2925230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2043 | 16841660 | 15347552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2043 | 7703997 | 7020605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2043 | 16791371 | 15740108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2043 | 3386457 | 3086083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2043 | 1396042 | 1272215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2043 | 12058259 | 11594514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2043 | 2185668 | 1991787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2043 | 42826084 | 39027361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2043 | 18962103 | 17755091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2043 | 4520675 | 4463726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2043 | 50074705 | 45191614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2043 | 22539412 | 21108023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2043 | 11467960 | 10451869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2043 | 4290602 | 4114917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2044 | 110695574 | 106455380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 | 2830508 | 2714582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2045 | 7064468 | 6792824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2045 | 11621804 | 10844017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2045 | 2030754 | 1947575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2045 | 2653121 | 2544452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2045 | 112456289 | 111007628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2045 | 9908772 | 9453840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2045 | 13585320 | 12636785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2046 | 12189819 | 12096475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2046 | 6947241 | 6240620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2046 | 12700466 | 11884250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2046 | 5048755 | 4533185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2046 | 8887665 | 8739912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2046 | 4684934 | 4358281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/2046 | 13213693 | 11363319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2046 | 9880428 | 8893518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2046 | 21467527 | 19525513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2046 | 23277095 | 21685626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2046 | 14403394 | 12912448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2047 | 2464685 | 2363724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2047 | 1044288 | 970821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2047 | 5266643 | 4889587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2047 | 19049986 | 18283447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2047 | 4973590 | 4617515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2047 | 12877835 | 12318373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2047 | 9963759 | 9537753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2047 | 4654569 | 4647210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2047 | 76871772 | 71201562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2047 | 15843828 | 15150591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2047 | 2552840 | 2488532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2048 | 18554666 | 17229882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2048 | 24968802 | 23170854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2048 | 22381783 | 20732224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2048 | 34663894 | 33178866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2048 | 13299467 | 12762348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2048 | 3464398 | 3307434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2048 | 10291946 | 10080221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2048 | 13351775 | 13114647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2048 | 17503802 | 17633162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2049 | 3379500 | 3230625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2049 | 9184127 | 9027650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2049 | 12650672 | 11250582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2049 | 9521964 | 9307048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2049 | 7602124 | 7257946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2050 | 40364073 | 36198019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2050 | 36878501 | 31693009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2050 | 106200239 | 91399436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2050 | 55825792 | 50278672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/2050 | 41377246 | 35531413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2050 | 7185860 | 6220943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2050 | 57380591 | 49122266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2050 | 6376441 | 5684394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2050 | 69095251 | 62216457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2050 | 82526642 | 70815309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2050 | 54546309 | 46469376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2051 | 35539046 | 30586015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/2051 | 19292150 | 16562777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2051 | 71374906 | 62005275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2051 | 37775005 | 32422620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2051 | 82637505 | 71543528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/2051 | 27372486 | 23622067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2051 | 45876692 | 37933453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2051 | 23824266 | 20261908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2051 | 72048241 | 62178658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2051 | 16869310 | 13940479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2051 | 12779489 | 10554761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2051 | 128490539 | 109678760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/2051 | 39891525 | 34120464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2051 | 64158440 | 56413741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2051 | 60235771 | 49584934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | 30636942 | 26161404 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Federal National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (FNMA): (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | $106037301 | $90431234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | 35833986 | 30904829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2051 | 125305511 | 111180857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2051 | 26428536 | 21858637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2051 | 37157690 | 30642877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2051 | 35272524 | 29017396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2051 | 108638115 | 89266390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 137600220 | 117871160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 48313859 | 41060549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 108950187 | 92915188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 24361623 | 20804994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2052 | 46757685 | 39993189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2052 | 31604587 | 28005864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2052 | 25863095 | 22918053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2052 | 33457040 | 30615018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2052 | 70971507 | 62718917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2052 | 90660473 | 82771058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2052 | 47468302 | 44023612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2052 | 15407990 | 14956303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2052 | 68605333 | 67773793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2052 | 120585458 | 119012605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2054 | 94364748 | 83922394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2059 | 52637073 | 46413283 |  |
| Government National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (GNMA): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2033 | 18413 | 19288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2040 | 666755 | 676225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2041 | 3251807 | 3068386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2042 | 5571746 | 5248103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/20/2042 | 3572808 | 3479441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/20/2042 | 1369451 | 1292911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/20/2043 | 28726886 | 27104358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2043 | 4733722 | 4570017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2044 | 18171745 | 17510952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/2045 | 4004758 | 3856827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/20/2045 | 6339768 | 5923457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2045 | 7457297 | 6817975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2045 | 9024745 | 8446857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2045 | 3186905 | 3074264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2046 | 24446265 | 22237120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/20/2046 | 5450674 | 5468942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2046 | 28445071 | 26566782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/2046 | 3451904 | 3301935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2046<sup>(6)</sup> | 17907410 | 16742465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2046 | 8425108 | 8114986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2046 | 29704281 | 27756712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/20/2046 | 21249472 | 19307070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/20/2047 | 809968 | 819587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2047 | 12836105 | 11583211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/20/2047 | 11992621 | 11769529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/20/2047 | 2911509 | 2872521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2047<sup>(6)</sup> | 3868906 | 3823440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2047 | 18344632 | 16552485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/20/2047 | 80189254 | 72649137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/2048 | 5355581 | 5147844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2048 | 80720825 | 75392625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2048 | 70148160 | 65448446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2049 | 30354631 | 30271236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2050 | 67425570 | 63343102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/20/2050 | 115530416 | 101083488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/20/2051 | 53642788 | 45406151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/20/2051 | 69386717 | 58858524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/20/2051 | 35382396 | 30019922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/2052 | 19583930 | 18556612 |  |
| Seasoned Credit Risk Transfer Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class MA, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2059 (Callable 06/25/2043) | 34967805 | 32428684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class MT, 2.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2059 (Callable 06/25/2043) | 58807656 | 48505290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class MT, 2.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2060 (Callable 09/25/2042) | 38853471 | 32185889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class MTU, 2.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2061 (Callable 10/25/2044) | 70897815 | 59799903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class MTU, 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2061 (Callable 06/25/2045) | 55735733 | 49267005 |  |
| **Total U.S. Government Agency Issues** |  |  |  |
| **(Cost $8,567,935,254)** |  | 7743616389 | 22.3% |
| **Non-U.S. Government Agency Issues** |  |  |  |
| Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-43CB, Class 2A1, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2023 (Callable 01/25/2023)<sup>(6)</sup> | 5375 | 5344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-28CB, Class A17, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2036 (Callable 01/25/2023)<sup>(6)</sup> | 410188 | 219848 |  |
| Arroyo Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A1, 2.962%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2048 (Callable 01/25/2023)<sup>(2)(3)</sup> | 10438590 | 9541925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1A, 1.662%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2055 (Callable 06/25/2023)<sup>(2)</sup> | 9763714 | 8869888 |  |
| Banc of America Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-1, Class 1A1, 3.921%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2023 (Callable 01/25/2023)<sup>(4)</sup> | 70218 | 59839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-11, Class 1CB4, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (Callable 01/25/2023)<sup>(6)</sup> | 36532 | 32123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-5, Class CB7, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2046 (Callable 01/25/2023)<sup>(6)</sup> | 153808 | 133144 |  |
| Bayview Financial Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-B, Class 1A2, 7.331%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/28/2037 (Callable 01/28/2023)<sup>(7)</sup> | 893351 | 748068 |  |
| Bear Stearns ALT-A Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-4, Class A1, 4.989%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2034 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.600%) (Callable 01/25/2023)<sup>(3)</sup> | 76017 | 76192 |  |
| Bear Stearns Asset Backed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities I Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-AC2, Class 2A, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2034 (Callable 01/25/2023) | 107942 | 93085 |  |
| Chase Mortgage Finance Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A1, Class 2A3, 3.989%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2036 (Callable 01/25/2023)<sup>(4)(6)</sup> | 528921 | 452867 |  |
| CIM Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R2, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2061 (Callable 05/25/2027)<sup>(2)(4)</sup> | 33263122 | 31310936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R3, Class A1, 4.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2062 (Callable 09/25/2027)<sup>(2)(4)</sup> | 66289486 | 63365039 |  |
| Citigroup Mortgage Loan Trust, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9, Class 2A2, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2035 (Callable 01/25/2023) | 6528 | 4820 |  |
| Countrywide Asset-Backed Certificates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-S1, Class A3, 5.115%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2035 (Callable 01/25/2023)<sup>(7)</sup> | 62666 | 61846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-10, Class AF6, 4.915%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 6248 | 6076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-10, Class 1AF3, 5.971%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (Callable 01/25/2023)<sup>(4)(6)</sup> | 105583 | 104850 |  |
| Credit Suisse First Boston |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-AR26, Class 8A1, 3.691%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2033 (Callable 01/25/2023)<sup>(4)</sup> | 2616726 | 2413059 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| CWABS Asset-Backed Certificates Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-17, Class 1AF5, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.564%, 03/25/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(4)</sup> | $56581 | $52532 |  |
| First Horizon Alternative |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-FA6, Class 3A1, 5.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2036 (Callable 01/25/2023) | 2996 | 2237 |  |
| FirstKey Homes Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR3, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/19/2038<sup>(2)</sup> | 55750000 | 52652496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.538%, 08/19/2038<sup>(2)</sup> | 162338754 | 140950932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.376%, 09/17/2038<sup>(2)</sup> | 48872228 | 41802939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR1, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.145%, 05/19/2039<sup>(2)</sup> | 120717309 | 113376996 |  |
| Fremont Home Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A, Class 1A1, 4.679%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2036 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.290%) (Callable 01/25/2023)<sup>(3)</sup> | 7878901 | 7405616 |  |
| GE Capital Mortgage Services, Inc. Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1999-HE1, Class A7, 6.265%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2029 (Callable 01/25/2023) | 20 | 19 |  |
| Home Partners of America Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.901%, 12/17/2038<sup>(2)</sup> | 113446685 | 98108864 |  |
| IMC Home Equity Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1997-5, Class A10, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.880%, 11/20/2028 | 6 | 6 |  |
| Impac CMB Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-4, Class 2A2, 5.749%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2034 (Callable 01/25/2023)<sup>(7)</sup> | 46961 | 47380 |  |
| Imperial Fund Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 4.380%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2067 (Callable 04/25/2025)<sup>(2)(7)</sup> | 7164670 | 6768963 |  |
| J.P. Morgan Alternative Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A1, Class 2A1, 3.507%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2036 (Callable 07/25/2023)<sup>(4)</sup> | 128413 | 120339 |  |
| J.P. Morgan Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A1, Class 5A2, 3.453%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2035 (Callable 12/25/2025)<sup>(4)</sup> | 748704 | 722481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A1, Class 5A5, 3.453%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2035 (Callable 12/25/2025)<sup>(4)</sup> | 1133658 | 1094992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-A4, Class 1A1, 3.708%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 144959 | 144252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A7, Class 2A2, 3.848%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2037 (Callable 01/25/2023)<sup>(4)(6)</sup> | 54855 | 42285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A7, Class 2A4R, 3.848%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2037 (Callable 01/25/2023)<sup>(4)(6)</sup> | 234367 | 180660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A2, Class 2A3, 3.480%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2037 (Callable 01/25/2023)<sup>(4)</sup> | 579571 | 425381 |  |
| Merrill Lynch Mortgage Investors Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-F, Class A1A, 4.569%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2029 (Callable 01/25/2023)<sup>(4)</sup> | 2153577 | 2088976 |  |
| MetLife, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class A1A, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2058 (Callable 02/25/2034)<sup>(2)(4)</sup> | 5827416 | 5645182 |  |
| Mill City Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NMR1, Class A1, 1.125%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2060 (Callable 08/25/2033)<sup>(2)(4)</sup> | 17469885 | 16136272 |  |
| Morgan Stanley Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-7AR, Class 2A1, 3.705%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2034 (Callable 05/25/2029)<sup>(4)</sup> | 1003156 | 976843 |  |
| New Residential Mortgage Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class A3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2057 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/25/2030)<sup>(2)(4)</sup> | 5201133 | 4877660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A, Class A1, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2057 (Callable 02/25/2032)<sup>(2)(3)</sup> | 7289187 | 6887868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A, Class A1, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2057 (Callable 06/25/2031)<sup>(2)(3)</sup> | 10664629 | 9920627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class A1A, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2057 (Callable 07/25/2032)<sup>(2)(3)</sup> | 5796562 | 5440194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A1B, 3.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2059 (Callable 12/25/2034)<sup>(2)(3)</sup> | 11242698 | 10366946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.079%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2062 (Callable 02/25/2024)<sup>(2)(4)</sup> | 36656708 | 32651963 |  |
| OBX Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 2.944%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2062 (Callable 02/25/2025)<sup>(2)(4)</sup> | 87172355 | 76005916 |  |
| Progress Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR8, Class A, 1.510%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/19/2038<sup>(2)</sup> | 73250078 | 62485987 |  |
| RALI Series Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-QS6, Class A1, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2023 (Callable 01/25/2023) | 6151 | 5722 |  |
| Renaissance Home Equity Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-1, Class AF3, 5.612%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2037 (Callable 04/25/2029)<sup>(7)</sup> | 2482525 | 732633 |  |
| Starwood Mortgage Residential Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A1, 1.162%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2056 (Callable 09/25/2024)<sup>(2)(3)</sup> | 35474524 | 28542277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4, Class A1, 5.192%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2067 (Callable 06/25/2025)<sup>(2)(7)</sup> | 58438066 | 57597697 |  |
| Structured Adjustable Rate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-12, Class 3A1, 3.980%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2034 (Callable 01/25/2023)<sup>(4)</sup> | 833649 | 796608 |  |
| Thornburg Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-5, Class 3A, 3.347%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2043 (Callable 01/25/2023)<sup>(4)</sup> | 4120027 | 3920944 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-5, Class A1, 2.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2056 (Callable 05/25/2030)<sup>(2)(3)</sup> | 825807 | 811943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2056 (Callable 10/25/2028)<sup>(2)(3)</sup> | 3653137 | 3591699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2057 (Callable 11/25/2027)<sup>(2)(3)</sup> | 15832384 | 15102410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class A1, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/28/2058 (Callable 06/25/2027)<sup>(2)(3)</sup> | 1521438 | 1467060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A1, 3.722%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 05/25/2028)<sup>(2)(4)</sup> | 24531368 | 23108728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6, Class A1A, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 08/25/2028)<sup>(2)(3)</sup> | 11142131 | 10815993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class A1, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2058 (Callable 07/25/2030)<sup>(2)(3)</sup> | 13294713 | 12137311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class A1, 2.900%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2059 (Callable 04/25/2031)<sup>(2)(3)</sup> | 72083290 | 66989582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class A1A, 1.636%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2060 (Callable 08/25/2030)<sup>(2)(4)</sup> | 9899030 | 8716306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4, Class A1, 1.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2060 (Callable 08/25/2029)<sup>(2)</sup> | 74577236 | 65947740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2062 (Callable 07/25/2028)<sup>(2)(4)</sup> | 177794489 | 165736022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2062 (Callable 12/25/2027)<sup>(2)(4)</sup> | 177976145 | 166890491 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| WaMu Mortgage Pass-Through |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-CB2, Class 3A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(6)</sup> | $2557798 | $2495002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-CB3, Class 2A, 6.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2034 (Callable 01/25/2023) | 1185319 | 1128797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-AR14, Class A1, 3.952%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 3413233 | 3078152 |  |
| **Total Non-U.S. Government** |  |  |  |
| **Agency Issues** |  |  |  |
| **(Cost $1,578,367,402)** |  | 1454495870 | 4.2% |
| **Total Residential** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $10,146,302,656)** |  | 9198112259 | 26.5% |
| **Commercial Mortgage-Backed Securities** |  |  |  |
| **U.S. Government Agency Issues** |  |  |  |
| Fannie Mae REMIC Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-M2, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.513%, 12/25/2023<sup>(3)</sup> | 3283507 | 3228668 |  |
| Freddie Mac Multifamily Structured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass Through Certificates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K734, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.208%, 02/25/2026 | 21500000 | 20655987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K736, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.282%, 07/25/2026 | 67700000 | 62845714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K057, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.570%, 07/25/2026 | 21420000 | 20096535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K058, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.653%, 08/25/2026 | 24865000 | 23320476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K061, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.347%, 11/25/2026<sup>(3)</sup> | 2000000 | 1915820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K063, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.430%, 01/25/2027<sup>(3)</sup> | 79804512 | 76697579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K064, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.224%, 03/25/2027 | 60635903 | 57781092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K065, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.243%, 04/25/2027 | 34635000 | 32997208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K066, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.117%, 06/25/2027 | 13214000 | 12516576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K067, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.194%, 07/25/2027 | 68324045 | 64860419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K068, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.244%, 08/25/2027 | 105313000 | 100151915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K069, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.187%, 09/25/2027<sup>(3)</sup> | 25488779 | 24166816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K071, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.286%, 11/25/2027 | 25529000 | 24283103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K072, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.444%, 12/25/2027 | 6050000 | 5795129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K073, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 01/25/2028 | 1350000 | 1286773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K074, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 01/25/2028 | 21722000 | 20943229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K076, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/25/2028 | 92070000 | 89895822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K077, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 05/25/2028<sup>(3)</sup> | 68650000 | 66821500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K078, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.854%, 06/25/2028 | 59788633 | 58173832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K080, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.926%, 07/25/2028<sup>(3)</sup> | 14950000 | 14575362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K082, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.920%, 09/25/2028<sup>(3)</sup> | 56545000 | 55041418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K083, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 09/25/2028<sup>(3)</sup> | 1000000 | 979244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K156, Class A3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 06/25/2033<sup>(3)</sup> | 11088000 | 10250909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K-1510, Class A3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.794%, 01/25/2034 | 13525000 | 12430890 |  |
| **Total U.S. Government Agency Issues** |  |  |  |
| **(Cost $935,141,892)** |  | 861712016 | 2.5% |
| **Non-U.S. Government Agency Issues** |  |  |  |
| BANK: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK4, Class A4, 3.625%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2050 (Callable 04/15/2027) | 44535000 | 41575649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8, Class A4, 3.488%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2050 (Callable 11/15/2027) | 67663000 | 62480224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN21, Class A5, 2.851%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/18/2052 (Callable 10/15/2029) | 39560000 | 34264404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29, Class A4, 1.997%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2053 (Callable 12/15/2030) | 66985000 | 53205904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK9, Class A4, 3.538%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2054 (Callable 12/15/2029) | 98103000 | 90944924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK44, Class A5, 5.746%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2055 (Callable 11/15/2032)<sup>(4)</sup> | 79775000 | 83332814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK5, Class A5, 3.390%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2060 (Callable 07/15/2027) | 22501000 | 20786658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK7, Class A4, 3.175%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2060 (Callable 09/15/2027) | 21500000 | 19703651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK7, Class A5, 3.435%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2060 (Callable 09/15/2027) | 350000 | 323700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN10, Class A5, 3.688%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/17/2061 (Callable 02/15/2028) | 11050000 | 10309709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN12, Class A4, 4.255%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2061 (Callable 05/15/2028)<sup>(4)</sup> | 15302008 | 14626216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN13, Class A5, 4.217%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2061 (Callable 08/15/2028)<sup>(4)</sup> | 8565000 | 8162630 |  |
| BBCMS Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C15, Class ASB, 3.684%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/16/2055 (Callable 04/15/2032)<sup>(4)</sup> | 7104000 | 6564769 |  |
| Benchmark Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B6, Class A4, 4.261%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/10/2051 (Callable 10/10/2028) | 17420000 | 16710043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B8, Class A5, 4.232%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/18/2052 (Callable 12/15/2028) | 24235000 | 23158140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B19, Class A5, 1.850%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2053 (Callable 10/15/2030) | 56766000 | 45633938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B20, Class A5, 2.034%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/20/2053 (Callable 10/15/2030) | 31916000 | 25764682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B21, Class A5, 1.978%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2053 (Callable 12/15/2030) | 32760000 | 26202673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24, Class A5, 2.584%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2054 (Callable 03/15/2031) | 40000000 | 33304288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B31, Class A5, 2.669%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2054 (Callable 12/15/2031) | 74100000 | 61479792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B10, Class A4, 3.717%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2062 (Callable 03/15/2029) | 31738170 | 29370969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B14, Class A5, 3.049%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2062 (Callable 11/15/2029) | 28769000 | 25408985 |  |
| CD Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-CD1, Class A4, 2.724%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2049 (Callable 08/10/2026) | 46415000 | 42152961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CD3, Class A4, 3.631%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/11/2050 (Callable 02/10/2027) | 7200000 | 6704049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CD7, Class A4, 4.279%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2051 (Callable 08/15/2028) | 7400000 | 7020850 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| CFCRE Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C4, Class A4, 3.283%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/10/2058 (Callable 05/10/2026) | $29732980 | $27900016 |  |
| Citigroup Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-GC11, Class A4, 3.093%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/10/2046 (Callable 04/10/2023) | 28720119 | 28623640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC19, Class A3, 3.753%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/12/2047 (Callable 03/10/2024) | 5557807 | 5461058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC25, Class A4, 3.635%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/10/2047 (Callable 10/10/2024) | 16838590 | 16200337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC27, Class A5, 3.137%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/10/2048 (Callable 01/10/2025) | 59202541 | 56299059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC29, Class A4, 3.192%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/10/2048 (Callable 04/10/2025) | 17480000 | 16528866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC35, Class A4, 3.818%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/13/2048 (Callable 11/10/2025) | 68175000 | 64952756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-P7, Class A4, 3.712%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2050 (Callable 04/14/2027) | 12275000 | 11517464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-P8, Class A4, 3.465%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2050 (Callable 09/15/2027) | 22000000 | 20298080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C7, Class A4, 3.102%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/16/2072 (Callable 12/15/2029) | 22880000 | 20015447 |  |
| COMM Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR10, Class A3, 3.923%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/10/2046 (Callable 08/10/2023) | 5974324 | 5951100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR15, Class ASB, 3.595%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/12/2047 (Callable 02/10/2024) | 3231033 | 3196901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR19, Class A5, 3.796%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2047 (Callable 08/10/2024) | 15789828 | 15274072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS5, Class A4, 3.838%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/12/2047 (Callable 09/10/2024) | 17596000 | 16993810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-CR11, Class A3, 3.983%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2050 (Callable 10/10/2023) | 10258821 | 10129522 |  |
| CSAIL Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CX11, Class A5, 4.033%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/17/2051 (Callable 04/15/2028)<sup>(4)</sup> | 10000000 | 9335556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CX12, Class A4, 4.224%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2051 (Callable 08/15/2028)<sup>(4)</sup> | 6003000 | 5662003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C16, Class A3, 3.329%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2052 (Callable 06/15/2029) | 15365000 | 13605620 |  |
| DBGS Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C1, Class A4, 4.466%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2051 (Callable 10/15/2028) | 19875000 | 18976807 |  |
| DBJPM Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C3, Class ASB, 2.756%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2049 (Callable 08/10/2026) | 7707723 | 7360685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C6, Class A5, 3.328%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/10/2050 (Callable 06/10/2027) | 20800000 | 19111685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C9, Class A5, 1.926%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2053 (Callable 09/15/2030) | 22555000 | 18301334 |  |
| GS Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-GC14, Class A5, 4.243%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/10/2046 (Callable 06/10/2025) | 25500000 | 25247336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GS1, Class A3, 3.734%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/10/2048 (Callable 11/10/2025) | 30493248 | 28963993 |  |
| JPMBB Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class A5, 3.664%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2045 (Callable 06/15/2023) | 6835000 | 6777230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C15, Class A4, 4.096%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2045 (Callable 10/15/2023) | 1031694 | 1023178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC11, Class A5, 2.960%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2046 (Callable 05/15/2023) | 14435445 | 14330736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C17, Class A3, 3.928%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/17/2047 (Callable 01/15/2024) | 2092524 | 2052106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C17, Class A4, 4.199%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/17/2047 (Callable 01/15/2024) | 17276000 | 16995683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C24, Class ASB, 3.368%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 10/15/2025) | 3519414 | 3441852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C25, Class ASB, 3.407%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 3382037 | 3301499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C30, Class A5, 3.822%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2048 (Callable 07/15/2025) | 22658000 | 21603555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C28, Class A4, 3.227%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/19/2048 (Callable 04/15/2025) | 16688500 | 15795772 |  |
| JPMCC Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-JP7, Class A5, 3.454%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2050 (Callable 08/15/2027) | 9000000 | 8303522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C7, Class A5, 3.409%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2050 (Callable 11/15/2027) | 6035000 | 5552900 |  |
| JPMDB Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C5, Class A5, 3.694%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2050 (Callable 04/15/2027) | 24380000 | 22808395 |  |
| Morgan Stanley Bank of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Merrill Lynch Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C10, Class A3, 3.955%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2046 (Callable 06/15/2028)<sup>(4)</sup> | 1716703 | 1705364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class A3, 3.973%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2046 (Callable 10/15/2023) | 14055809 | 13907101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C16, Class A5, 3.892%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2047 (Callable 06/15/2026) | 25000000 | 24227273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C29, Class ASB, 3.140%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2049 (Callable 05/15/2026) | 7928383 | 7594317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C30, Class A5, 2.860%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2049 (Callable 10/15/2026) | 18082000 | 16461912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C34, Class A4, 3.536%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2052 (Callable 10/15/2027) | 41287079 | 38221208 |  |
| Morgan Stanley Capital I Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-H3, Class A5, 4.177%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2051 (Callable 07/15/2028) | 22101510 | 20859717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-H4, Class A4, 4.310%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2051 (Callable 01/15/2029) | 4750000 | 4508933 |  |
| UBS Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class A4, 2.921%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/18/2052 (Callable 10/15/2029) | 67494355 | 58264745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C18, Class A4, 3.035%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2052 (Callable 12/15/2029) | 5475000 | 4710172 |  |
| Wells Fargo Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C27, Class ASB, 3.278%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/18/2048 (Callable 03/15/2025) | 7690311 | 7475291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-SG1, Class ASB, 3.556%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2048 (Callable 08/15/2025) | 10124290 | 9876664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-SG1, Class A4, 3.789%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2048 (Callable 08/15/2025) | 19376623 | 18508494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P2, Class A3, 3.541%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2048 (Callable 12/15/2025) | 32066930 | 30418989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C42, Class A4, 3.589%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/16/2050 (Callable 12/15/2027) | 7315000 | 6738921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C50, Class ASB, 3.635%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2052 (Callable 05/15/2029) | 20000000 | 18867740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C51, Class A4, 3.311%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2052 (Callable 06/15/2029) | 22581000 | 20115787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C52, Class A5, 2.892%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/16/2052 (Callable 08/15/2029) | 10000000 | 8685795 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Wells Fargo Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Trust: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C54, Class A4, 3.146%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2052 (Callable 11/15/2029) | $30610609 | $26812778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C62, Class A4, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/16/2055 (Callable 04/15/2032)<sup>(3)</sup> | 42914000 | 39033296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-RC1, Class A4, 3.631%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/15/2060 (Callable 03/15/2027) | 14225000 | 13293719 |  |
| WFRBS Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C13, Class ASB, 2.654%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2045 (Callable 05/15/2023) | 140879 | 140505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C18, Class A4, 3.896%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2046 (Callable 01/15/2024) | 9017901 | 8829665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C21, Class A5, 3.678%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/16/2047 (Callable 08/15/2024) | 34719000 | 33536717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C24, Class A4, 3.343%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 36730000 | 35020630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class ASB, 3.636%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2057 (Callable 09/15/2025) | 2389094 | 2347386 |  |
| **Total Non-U.S. Government** |  |  |  |
| **Agency Issues** |  |  |  |
| **(Cost $2,072,732,850)** |  | 1847249316 | 5.3% |
| **Total Commercial Mortgage-Backed Securities** |  |  |  |
| **(Cost $3,007,874,742)** |  | 2708961332 | 7.8% |
| **Asset Backed Securities** |  |  |  |
| Donlen Fleet Lease Funding 2 LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.560%, 12/11/2034<sup>(2)</sup> | 20914976 | 20210899 |  |
| Ford Credit Auto Owner Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A, 3.520%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2030 (Callable 01/15/2024)<sup>(2)</sup> | 25192000 | 24699685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class A, 3.190%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2031 (Callable 01/15/2025)<sup>(2)</sup> | 51650000 | 49364271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A, 2.040%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2031 (Callable 02/15/2025)<sup>(2)</sup> | 15086000 | 14133242 |  |
| Ford Credit Floorplan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Master Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.060%, 09/15/2027 | 11938000 | 10737550 |  |
| GM Financial Revolving |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A, 5.910%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/11/2035 (Callable 11/11/2027)<sup>(2)</sup> | 64950000 | 66226534 |  |
| Navient Private Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refi Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GA, Class A, 1.580%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2070 (Callable 02/15/2029)<sup>(2)</sup> | 16917021 | 14346062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A, 2.230%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2070 (Callable 04/15/2029)<sup>(2)</sup> | 20404743 | 17733562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BA, Class A, 4.160%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2070 (Callable 06/15/2029)<sup>(2)</sup> | 47945671 | 44857164 |  |
| Nelnet Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class APT1, 1.360%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/20/2062 (Callable 09/20/2029)<sup>(2)</sup> | 38559320 | 34152109 |  |
| Oakwood Mortgage Investors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1999-B, Class A3, 6.450%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2023 (Callable 01/15/2023) | 712 | 709 |  |
| SBA Tower Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.840%, 10/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026)<sup>(2)</sup> | 94050000 | 79783932 |  |
| Towd Point Asset Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SL1, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.050%, 11/21/2061<sup>(2)</sup> | 13422972 | 12180707 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.184%, 02/25/2060 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(2)(3)</sup> | 28836363 | 26812509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/25/2060 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(2)(4)</sup> | 18381745 | 17110355 |  |
| Toyota Auto Loan Extended Note Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 2.560%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2031 (Callable 05/25/2024)<sup>(2)</sup> | 68654950 | 66177200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 1.350%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2033 (Callable 05/25/2025)<sup>(2)</sup> | 104383000 | 95561613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, 3.820%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2035 (Callable 04/25/2027)<sup>(2)</sup> | 25275000 | 23977685 |  |
| **Total Asset Backed Securities** |  |  |  |
| **(Cost $660,596,782)** |  | 618065788 | 1.8% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $38,811,521,667)** |  | 34262248833 | 98.5% |
|  | *Shares* |  |  |
| Short-Term Investment |  |  |  |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(5)</sup> | 438123593 | 438123593 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $438,123,593)** |  | 438123593 | 1.3% |
| **Total Investments** |  |  |  |
| **(Cost $39,249,645,260)** |  | 34700372426 | 99.8% |
| Other Assets in Excess of Liabilities |  | 83275110 | 0.2% |
| **TOTAL NET ASSETS** |  | $34783647536 | 100.0% |

---

#### Notes to Schedule of Investments
AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

BAM – Build America Mutual Assurance Co.

GNMA – Government National Mortgage Association

SD CRED PROG – State Credit Enhancement Program

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

SOFRINDX – Secured Overnight Financing Rate Index

<sup>(1)</sup> Foreign security.

<sup>(2)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $6,444,476,453, which represented 18.53% of total net assets.

<sup>(3)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(4)</sup> Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of December 31, 2022.

<sup>(5)</sup> Seven-day yield.

<sup>(6)</sup> Security that, on the last payment date, missed a partial principal or interest payment.

<sup>(7)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

<sup>(8)</sup> Security or a portion of the security, purchased on a when-issued or delayed delivery basis.

<sup>(9)</sup> Security in default.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Aggregate Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| U.S. Treasury Securities | $— | $7930423003 | $— | $7930423003 |
| Other Government Related Securities |  | 74765746 |  | 74765746 |
| Corporate Bonds |  | 13370425756 |  | 13370425756 |
| Municipal Bonds |  | 361494949 |  | 361494949 |
| Residential Mortgage-Backed Securities – U.S. Government Agency Issues |  | 7743616389 |  | 7743616389 |
| Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 1454495870 |  | 1454495870 |
| Commercial Mortgage-Backed Securities – U.S. Government Agency Issues |  | 861712016 |  | 861712016 |
| Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 1847249316 |  | 1847249316 |
| Asset Backed Securities |  | 618065788 |  | 618065788 |
| **Total Long-Term Investments** |  | 34262248833 |  | 34262248833 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 438123593 |  |  | 438123593 |
| **Total Short-Term Investment** | 438123593 |  |  | 438123593 |
| **Total Investments** | $438123593 | $34262248833 | $— | $34700372426 |

---

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.*

------

Baird Core Plus Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Core Plus Bond Fund seeks an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Universal Bond Index. The Bloomberg U.S. Universal Bond Index is an unmanaged, market value weighted index of fixed income securities issued in dollars, including U.S. government, investment grade and non-investment grade credit, emerging market debt, asset-backed (ABS) and mortgage-backed securities (MBS), Eurobonds, 144A securities and commercial mortgage- backed securities (CMBS) with maturities of at least one year.

The Fed viewed the inflation spike in 2021 as transitory but it continued to rise further and proved more persistent than expected in 2022. By the spring, the Fed's view on inflation had shifted and a very aggressive monetary policy ensued. Between March 2022 and year end, the Fed hiked rates seven times for a total increase of 425 bps designed to bring inflation back to the Fed's long-term target of 2%. Treasury yields reacted in historic fashion to both the inflation data and the aggressive policy changes and rates rose sharply across the curve. The benchmark 10-year Treasury yield climbed 237 bps in 2022, its biggest annual move since the 1950s, and finished the year at 3.88%. The 2-year Treasury yield exhibited an even greater increase of 369 bps, to close the year at 4.43%. The combination of the increase in 2-year and 10-year yields resulted in a persistently inverted yield curve from July through year end. The upward trajectory in inflation was exacerbated by global events, specifically the war in Ukraine and China's zero-COVID-19 policy. Russia's invasion led to higher global food and energy prices, while China's lockdowns allowed supply chain constraints to persist. For relief, President Biden released an estimated 165 million barrels of oil from the US Strategic Petroleum Reserve which, along with a slowing global economy, helped lower the price of West Texas Intermediate (WTI) Crude oil, a key benchmark of oil prices. Negative fixed income returns driven by the sharp increase in rates in 2022 contributed to record redemptions from bond funds, which experienced $331 billion of net redemptions (following record inflows in 2021 of $592 billion).

During 2022, the Institutional Class Shares of the Fund (BCOIX) posted a net return of -12.87% vs. a -12.99% return for the Bloomberg U.S. Universal Bond Index.

Contributors to the Fund's relative performance during the year include:

Credit – Neutral overall

• Modest negative – Overweight investment grade credit

• Negative – Active positioning within investment grade credit

o Negative – Overweight BBB credit

o Negative – Overweight financials and 5–10-year credit overall

o Positive – No exposure to Russian sovereign debt which was an investment grade issuer included in the U.S. Universal Investment Grade Credit Index but not in the U.S. Aggregate Credit Index

• Positive – Underweight high yield U.S. corporate credit

Securitized – Positive overall

• Positive – Underweight agency residential mortgage-backed securities (RMBS)

• Modest negative – Overweight non-agency commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) at the top of the capital structure

Yield Curve and Convexity – Positive overall

• Positive – Positive convexity tilt of overall portfolio versus the benchmark

• Modest positive – Yield curve positioning

o Positive – Underweight 1–2-year maturities and overweight 5–7-year maturities as the 2–5-year portion of the yield curve inverted

o Negative – Overweight 20-year maturities and underweight 30-year maturities as the 20–30-year portion of the yield curve inverted further

The massive repricing of the fixed income markets in 2022 provides for a more favorable backdrop for investors in 2023. As we enter the new year, we expect the economic momentum from the second half of 2022 will carry into early 2023 but then fade as the aggressive Fed tightening leads to an economic slowdown, if not a mild recession later in 2023. Yet, inflation should also slow, but to what level remains the key question. The Fed's focus going forward is less about "how high" the federal funds rate may go, but instead "how long" it may need to stay at this peak (terminal) rate. A "higher for longer" federal funds rate should translate into the inverted Treasury curve likely continuing for 2023. However, with most of the Fed's rate hikes behind us, we expect the extreme price volatility of the fixed income markets to moderate. The 2022 rise in Treasury yields and wider credit spreads likely offer investors additional income for years to come. A diligent focus on valuations and risk management remains critical, as a slowing economy will pressure corporate earnings. However, corporate credit fundamentals are currently on solid footing, and even if credit spreads widen further, expectations for moderate supply combined with the additional yield the sector now offers should be a beneficial offset.

In 2022, we modestly increased the Fund's overweight to investment grade corporate credit at wider spreads favoring the financial sector. We continue to prefer the risk-reward profile of investment grade credit and select crossover/BB-rated issuers relative to lower-rated segments of U.S. high yield and emerging market debt. While we are maintaining the Fund's underweight to agency residential mortgage-backed securities (RMBS), we used periods of weakness during 2022 to increase the Fund's relative exposure at more attractive spread levels. In addition, we selectively increased the Fund's exposure within non-agency securitized sub-sectors given more attractive relative valuations and continued robust levels of loss protection at the top of the capital structure. The Fund remains duration neutral relative to its benchmark.

------

Baird Core Plus Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(6)</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | **Net Assets** | $22333571811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | **SEC 30-Day Yield<sup>(3)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | Institutional Class | 4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | Investor Class | 4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | **Average Effective Duration** | 5.96 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | **Average Effective Maturity** | 8.06 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | **Annualized Expense Ratio<sup>(4)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | Institutional Class | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | Investor Class | 0.55%<br><sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | **Portfolio Turnover Rate** | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](bcpbf_qd-piechart.jpg)  | **Number of Holdings** | 1432 |
| **Sector Weightings<sup>(1)</sup>** |  |  |
| ![](bcpbf_sw-piechart.jpg) |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(4)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(5)</sup> Includes 0.25% 12b-1 fee.

<sup>(6)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Core Plus Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bcpbf_inst-linechart.jpg) | ![](bcpbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Five** | **Ten** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -12.87% | 0.55% | 1.73% | 4.70% |
| Investor Class Shares | -13.09% | 0.29% | 1.47% | 4.44% |
| Bloomberg U.S. Universal Bond Index<sup>(2)</sup> | -12.99% | 0.18% | 1.33% | 4.05% |

---

<sup>(1)</sup> For the period from September 29, 2000 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg U.S. Universal Bond Index is an unmanaged, market value weighted index of fixed income securities issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt, with maturities of at least one year. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest up to 20% of its net assets in non-investment grade debt securities (commonly referred to as "high yield" bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund maintains securities with longer maturities in order to provide a greater potential for return. Generally, the longer a bond's maturity, the greater the interest rate risk. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **U.S. Treasury Securities** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/30/2024 | $75175000 | $73401340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/2025 | 21775000 | 21062209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 10/31/2026 | 45700000 | 40930062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2026 | 238325000 | 220646125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/31/2027 | 75000000 | 75398438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2027 | 157075000 | 144993724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/31/2028 | 263175000 | 225199669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 03/31/2029 | 295500000 | 269309005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/2031 | 5000000 | 4068164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2032 | 316550000 | 292759289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040 | 456375000 | 298943451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/15/2041 | 58175000 | 44044838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2043 | 702150000 | 577189242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/15/2045 | 960100000 | 728400872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/2050 | 172900000 | 94034637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 08/15/2050 | 209750000 | 117763154 |  |
| **Total U.S. Treasury Securities** |  |  |  |
| **(Cost $3,953,915,875)** |  | 3228144219 | 14.5% |
| **Other Government Related Securities** |  |  |  |
| Comision Federal de Electricidad, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 02/14/2042<sup>(1)(2)</sup> | 5200000 | 4222824 |  |
| Electricite de France SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/13/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/13/2035)<sup>(1)(2)</sup> | 10000000 | 8453753 |  |
| NBN Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/05/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/05/2031)<sup>(1)(2)</sup> | 5000000 | 3984544 |  |
| Petroleos Mexicanos: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 01/28/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/28/2030)<sup>(1)</sup> | 1005000 | 760552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 02/16/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2031)<sup>(1)</sup> | 31343000 | 24616658 |  |
| **Total Other Government** |  |  |  |
| **Related Securities** |  |  |  |
| **(Cost $50,018,749)** |  | 42038331 | 0.2% |
| **Corporate Bonds** |  |  |  |
| **Industrials** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;180 Medical, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/07/2024)<sup>(1)(2)</sup> | 500000 | 429850 |  |
| AbbVie, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) | 29200000 | 28482270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/14/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/14/2025) | 2500000 | 2424805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 05/14/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/14/2035) | 3825000 | 3478273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 11/21/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/21/2039) | 11250000 | 9685118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/21/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/21/2049) | 20000000 | 16855732 |  |
| ADT Security Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2028)<sup>(2)</sup> | 2250000 | 1913526 |  |
| Advanced Drainage Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2025)<sup>(2)</sup> | 1500000 | 1457490 |  |
| Adventist Health System: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.952%, 03/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) | 7250000 | 6222218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.630%, 03/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2048) | 8900000 | 6350042 |  |
| Air Products and Chemicals, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2049) | 5000000 | 3482994 |  |
| Aker BP ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 01/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025)<sup>(1)(2)</sup> | 25000000 | 23124608 |  |
| Albertsons Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(2)</sup> | 5000000 | 4560274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2023)<sup>(2)</sup> | 1500000 | 1258485 |  |
| Alcon Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/23/2029)<sup>(1)(2)</sup> | 6110000 | 5333951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 05/27/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/27/2030)<sup>(1)(2)</sup> | 6475000 | 5515693 |  |
| Alimentation Couche-Tard, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 01/25/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/25/2029)<sup>(1)(2)</sup> | 6500000 | 5524775 |  |
| Allegion PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) | 10000000 | 8617193 |  |
| Alpek SAB de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/18/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/18/2029)<sup>(1)(2)</sup> | 6000000 | 5445000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/25/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/25/2030)<sup>(1)(2)</sup> | 10000000 | 8332681 |  |
| America Movil SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/07/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/07/2030)<sup>(1)</sup> | 28000000 | 23841257 |  |
| Amgen, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 02/21/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/21/2039) | 5000000 | 3698217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 05/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2044) | 8000000 | 6727788 |  |
| Anglo American Capital PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/10/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/10/2030)<sup>(1)(2)</sup> | 16025000 | 13058289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 09/10/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2050)<sup>(1)(2)</sup> | 10000000 | 7348832 |  |
| Anheuser-Busch InBev Worldwide, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/23/2028)<sup>(1)</sup> | 5000000 | 4946852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/23/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2038)<sup>(1)</sup> | 9975000 | 10005915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2045)<sup>(1)</sup> | 70275000 | 64409505 |  |
| Antofagasta PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 10/14/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2030)<sup>(1)(2)</sup> | 6000000 | 4802800 |  |
| AP Moller – Maersk A/S: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/28/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/28/2025)<sup>(1)(2)</sup> | 18140000 | 17507036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/20/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/20/2029)<sup>(1)(2)</sup> | 20575000 | 19584115 |  |
| AptarGroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031) | 7500000 | 6235751 |  |
| Aramark Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023)<sup>(2)</sup> | 1000000 | 932935 |  |
| ArcelorMittal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 06/01/2025<sup>(1)</sup> | 6078000 | 6192802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 03/11/2026<sup>(1)</sup> | 30930000 | 29944948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/16/2029<sup>(1)</sup> | 15000000 | 13474121 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| ArcelorMittal: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.800%, 11/29/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/29/2032)<sup>(1)</sup> | $24100000 | $23939099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 10/15/2039<sup>(1)</sup> | 11096000 | 11314199 |  |
| Arcosa, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2024)<sup>(2)</sup> | 3000000 | 2601542 |  |
| Ardagh Metal Packaging S.A., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2024)<sup>(1)(2)</sup> | 500000 | 424910 |  |
| Arrow Electronics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/08/2024) | 15000000 | 14419864 |  |
| Ashtead Capital, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2023)<sup>(1)(2)</sup> | 9000000 | 8229736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/12/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/12/2031)<sup>(1)(2)</sup> | 23840000 | 18416611 |  |
| AT&T, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 02/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2029) | 10980000 | 10372828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2033) | 14329000 | 11054734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2043) | 9700000 | 8190488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/15/2055 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2055) | 40029000 | 26829186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/01/2057 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2057) | 25315000 | 17604607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 09/15/2059 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2059) | 31734000 | 21348176 |  |
| Avery Dennison Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 04/30/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) | 10175000 | 8402544 |  |
| Ball Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2025 | 21675000 | 21385670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025) | 23125000 | 22410448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 03/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) | 2000000 | 2054340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) | 5000000 | 3987075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 09/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2031) | 25000000 | 20078250 |  |
| Bayer US Finance II LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2025)<sup>(1)(2)</sup> | 25000000 | 24249339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/25/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/25/2037)<sup>(1)(2)</sup> | 12000000 | 10457756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2044)<sup>(1)(2)</sup> | 5125000 | 4064318 |  |
| Beam Suntory, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/17/2023)<sup>(1)</sup> | 10960000 | 10854512 |  |
| Becton Dickinson and Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.363%, 06/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/06/2024) | 4531000 | 4427851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.734%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 2528000 | 2464560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2043) | 5455000 | 4598403 |  |
| Berry Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(2)</sup> | 28000000 | 26918286 |  |
| Bimbo Bakeries USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/17/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/17/2050)<sup>(1)(2)</sup> | 5000000 | 3789787 |  |
| Boardwalk Pipelines LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 17475000 | 17272802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 26406000 | 26765629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/03/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/03/2029) | 28916000 | 27279294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 09/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2032) | 15000000 | 12456052 |  |
| Boeing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2023) | 25550000 | 23238977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 05/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) | 26000000 | 25436040 |  |
| Bon Secours Mercy Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.464%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 16330000 | 14634609 |  |
| Booz Allen Hamilton, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2023)<sup>(2)</sup> | 1000000 | 885963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024)<sup>(2)</sup> | 500000 | 440072 |  |
| Boral Finance Pty Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2028)<sup>(1)(2)</sup> | 1440000 | 1284654 |  |
| BorgWarner, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025<sup>(2)</sup> | 8285000 | 8124923 |  |
| Bristol-Myers Squibb Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051) | 6425000 | 4972091 |  |
| British Telecommunications PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.625%, 12/15/2030<sup>(1)</sup> | 19000000 | 22812712 |  |
| Broadcom, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 10/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 26800000 | 26105863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2025) | 7150000 | 6778491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2029)<sup>(2)</sup> | 4000000 | 3640825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 11000000 | 10469592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 11/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2030) | 10000000 | 8973033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030)<sup>(2)</sup> | 7250000 | 5729959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 04/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2032)<sup>(2)</sup> | 22000000 | 19380189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.137%, 11/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2035)<sup>(2)</sup> | 13250000 | 9787105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2040)<sup>(2)</sup> | 16000000 | 11501798 |  |
| Bunge Limited Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2026) | 13188000 | 12300211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/25/2027) | 23800000 | 22255618 |  |
| Burlington Northern Santa Fe LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2044) | 3100000 | 2661477 |  |
| Cameron LNG LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.701%, 01/15/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2038)<sup>(2)</sup> | 15000000 | 11932473 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Canpack SA / Canpack US LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024)<sup>(1)(2)</sup> | $15000000 | $11818815 |  |
| Carlisle Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2027) | 4600000 | 4291684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 21832000 | 18232147 |  |
| Carrier Global Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.493%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2026) | 12845000 | 11595151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 14700000 | 12172011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.577%, 04/05/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/05/2049) | 3050000 | 2190020 |  |
| CCL Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030)<sup>(1)(2)</sup> | 19725000 | 16292499 |  |
| CDW LLC / CDW Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.569%, 12/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2031) | 15000000 | 12335536 |  |
| Celanese US Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.330%, 07/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2029) | 5600000 | 5452420 |  |
| Cellnex Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/07/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/07/2041)<sup>(1)(2)</sup> | 28000000 | 19152000 |  |
| CF Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 03/15/2044 | 10922000 | 9885086 |  |
| Charles River Laboratories |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026)<sup>(2)</sup> | 3000000 | 2595000 |  |
| Charter Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.908%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | 63550000 | 62336119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2027) | 5000000 | 4518365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 04/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2033) | 5000000 | 4293527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.384%, 10/23/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2035) | 32905000 | 32207565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2037) | 6000000 | 5003178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 04/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2050) | 6700000 | 4099108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 04/01/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2060) | 12075000 | 7012924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 12/01/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2061) | 10000000 | 6434607 |  |
| Cheniere Corpus Christi Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/31/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/02/2024) | 5005000 | 5033373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/30/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027) | 11397000 | 11274746 |  |
| Cia Cervecerias Unidas SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 01/19/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/19/2031)<sup>(1)(2)</sup> | 20000000 | 16868400 |  |
| Cigna Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/27/2025) | 5725000 | 5642712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 03/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2029) | 9850000 | 8268578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 08/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2038) | 7600000 | 7075351 |  |
| Clean Harbors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 07/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2024)<sup>(2)</sup> | 100000 | 92774 |  |
| CNH Industrial Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 01/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025)<sup>(1)</sup> | 14250000 | 12935671 |  |
| CNH Industrial NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027)<sup>(1)</sup> | 26114000 | 24499280 |  |
| Columbia Pipeline Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025)<sup>(1)</sup> | 2830000 | 2788546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 06/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2044)<sup>(1)</sup> | 4733000 | 4589245 |  |
| Comcast Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/2033 | 6500000 | 6134700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 08/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2035) | 13575000 | 12687810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 07/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2036) | 15000000 | 12215529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.937%, 11/01/2056 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2056) | 2622000 | 1633973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.987%, 11/01/2063 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2063) | 10984000 | 6707989 |  |
| CommonSpirit Health: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.760%, 10/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) | 7500000 | 7194304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.782%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030) | 20400000 | 16869437 |  |
| Conagra Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.300%, 11/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2038) | 6625000 | 6311379 |  |
| ConocoPhillips Canada Funding Co. I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 10/15/2036 | 845000 | 874216 |  |
| Constellation Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/01/2025 | 1000000 | 997405 |  |
| Corning, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/2057 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2057) | 10000000 | 7795172 |  |
| Cox Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024)<sup>(2)</sup> | 2875000 | 2779249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 02/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2034)<sup>(2)</sup> | 4450000 | 3960737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 12/15/2042<sup>(2)</sup> | 1670000 | 1388660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 06/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2050)<sup>(2)</sup> | 22900000 | 15937817 |  |
| CSX Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.220%, 04/30/2040 | 475000 | 516199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 03/01/2068 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2067) | 9000000 | 7648616 |  |
| CVS Health Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/20/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/20/2025) | 2302000 | 2248034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2029) | 11800000 | 10583872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.780%, 03/25/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/25/2037) | 35075000 | 32064857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/25/2047) | 32600000 | 29408179 |  |
| CVS Pass-Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.507%, 01/10/2032<sup>(2)</sup> | 3185954 | 3320792 |  |
| Darling Ingredients, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 1500000 | 1466250 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| DCP Midstream LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2025) | $3000000 | $2972100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2027) | 17000000 | 16880970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2029) | 8000000 | 7706167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) | 10000000 | 8251600 |  |
| Dell International LLC / EMC Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025) | 5000000 | 5057059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.020%, 06/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026) | 37004000 | 37832205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 10/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2026) | 8395000 | 8274944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 12/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2051)<sup>(2)</sup> | 20000000 | 12332420 |  |
| Dentsply Sirona, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 46120000 | 38397882 |  |
| Deutsche Telekom |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 06/15/2030<sup>(1)</sup> | 28015000 | 33121548 |  |
| Dignity Health, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.267%, 11/01/2064 | 7625000 | 6617925 |  |
| DISH DBS Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2023 | 2500000 | 2488512 |  |
| Dominion Gas Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 4067000 | 3929502 |  |
| DuPont de Nemours, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.493%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025) | 9275000 | 9128880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.319%, 11/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2038) | 17350000 | 16729041 |  |
| DXC Technology Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 09/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 21000000 | 18315733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2028) | 60000000 | 50587813 |  |
| Eagle Materials, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2031) | 15000000 | 11806089 |  |
| Eastern Gas Transmission & Storage, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 2033000 | 1964268 |  |
| Eaton Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/02/2032 | 3660000 | 3379427 |  |
| Edward-Elmhurst Healthcare, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/04/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2023) | 4000000 | 3976971 |  |
| Element Fleet Management Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025)<sup>(1)(2)</sup> | 23000000 | 21790657 |  |
| Enbridge Energy Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/15/2038<sup>(1)</sup> | 4500000 | 4963628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 10/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2045)<sup>(1)</sup> | 23298000 | 26169767 |  |
| Energy Transfer LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 01/15/2023 | 2000000 | 1998330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2023) | 15000000 | 15040854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2026) | 15000000 | 14277564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2027) | 4653000 | 4626793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 05/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2028) | 1620000 | 1558443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 06/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2028) | 4693000 | 4546003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2029) | 18925000 | 18355499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 16585000 | 15020245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 10/15/2036 | 3575000 | 3598512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2041) | 18727000 | 18518894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.100%, 02/15/2042 | 1000000 | 921717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 10/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2043) | 2702000 | 2509013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2047) | 5000000 | 4517441 |  |
| Energy Transfer Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 04/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2027) | 8650000 | 8174765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 03/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2044) | 5000000 | 4171467 |  |
| Eni SpA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/09/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/09/2029)<sup>(1)(2)</sup> | 18250000 | 16916036 |  |
| Enterprise Products Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 01/31/2060 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/31/2059) | 14475000 | 10516792 |  |
| EQT Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 10000000 | 10023500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2028) | 1000000 | 941769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030)<sup>(2)</sup> | 100000 | 84902 |  |
| EQT Midstream Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) | 14750000 | 13118613 |  |
| Equinix, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 11/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/18/2024) | 8000000 | 7623489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 11/18/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/18/2029) | 15000000 | 13077235 |  |
| Exxon Mobil Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.992%, 03/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/19/2025) | 35000000 | 33746610 |  |
| FedEx Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/01/2035 | 7000000 | 5979754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 10/17/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/17/2048) | 13500000 | 11833916 |  |
| Ferguson Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/24/2028)<sup>(2)</sup> | 37052000 | 34597691 |  |
| Fiserv, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 11720000 | 11376150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2026) | 6400000 | 5996554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2029) | 8810000 | 7948819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 07/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2049) | 12500000 | 10218402 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Flex Intermediate Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.363%, 06/30/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/30/2030)<sup>(2)</sup> | $30000000 | $23487684 |  |
| Flex Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 28300000 | 26753792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027) | 10000000 | 10019102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/12/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/12/2030) | 17550000 | 16503501 |  |
| Flowserve Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) | 7075000 | 5901846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2031) | 5000000 | 3758185 |  |
| FMG Resources Pty Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024)<sup>(1)(2)</sup> | 2045000 | 2009871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2031)<sup>(1)(2)</sup> | 1000000 | 831684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 04/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2032)<sup>(1)(2)</sup> | 10000000 | 9326000 |  |
| Fomento Economico |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexicano SAB de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/10/2023<sup>(1)</sup> | 11700000 | 11577384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/10/2043<sup>(1)</sup> | 2000000 | 1666480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/16/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/16/2049)<sup>(1)</sup> | 11625000 | 8152729 |  |
| Ford Motor Credit Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.584%, 03/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/18/2024) | 29367000 | 28980824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.664%, 09/08/2024 | 34000000 | 32407489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.063%, 11/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024) | 7000000 | 6724598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2025) | 30000000 | 27095254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/13/2025) | 30000000 | 27120385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 08/10/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/10/2026) | 15000000 | 13027200 |  |
| Fortune Brands Home & Security, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 14000000 | 12162090 |  |
| Freeport-McMoRan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 12000000 | 11738928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2023) | 11550000 | 10673132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) | 6545000 | 6108906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) | 14415000 | 13907592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 29799000 | 27043525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025) | 3000000 | 2794890 |  |
| Fresenius Medical Care US Finance II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/17/2024)<sup>(1)(2)</sup> | 8075000 | 7927371 |  |
| Fresenius Medical Care US Finance III, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2029)<sup>(1)(2)</sup> | 34130000 | 28971641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/16/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2030)<sup>(1)(2)</sup> | 32300000 | 23742326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2031)<sup>(1)(2)</sup> | 13625000 | 10273377 |  |
| General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) | 22112000 | 22522616 |  |
| General Motors Financial Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 01/17/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/17/2023) | 18750000 | 18680970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 02/26/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/26/2025) | 17725000 | 16795404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/08/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/08/2025) | 18125000 | 15977775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.350%, 02/26/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/26/2027) | 10900000 | 9532922 |  |
| Genpact Luxembourg Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) | 36370000 | 34806082 |  |
| Genpact Luxembourg SARL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 04/10/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2026) | 29775000 | 26537814 |  |
| Glencore Finance (Canada) Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2041<sup>(1)(2)</sup> | 9400000 | 8896346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.550%, 10/25/2042<sup>(1)(2)</sup> | 3543000 | 3198833 |  |
| Glencore Funding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/29/2024<sup>(1)(2)</sup> | 29230000 | 28885050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/27/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/27/2026)<sup>(1)(2)</sup> | 17000000 | 16066810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/12/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/12/2028)<sup>(1)(2)</sup> | 18000000 | 17280449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2030)<sup>(1)(2)</sup> | 5615000 | 4572158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/27/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/27/2050)<sup>(1)(2)</sup> | 7500000 | 5408399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 09/23/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/23/2051)<sup>(1)(2)</sup> | 4000000 | 2623787 |  |
| Global Payments, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 10035000 | 9782840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 5000000 | 4112214 |  |
| Grand Canyon University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/01/2024 | 30000000 | 28139325 |  |
| Graphic Packaging International LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2028<sup>(2)</sup> | 5000000 | 4349469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2028)<sup>(2)</sup> | 5000000 | 4267889 |  |
| Gray Oak Pipeline LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 10/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025)<sup>(2)</sup> | 15000000 | 13614473 |  |
| Grupo Bimbo SAB de CV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/27/2024<sup>(1)(2)</sup> | 15651000 | 15333074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/27/2044<sup>(1)(2)</sup> | 9575000 | 8326899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 11/10/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/10/2047)<sup>(1)(2)</sup> | 25671000 | 21830445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/06/2049<sup>(1)(2)</sup> | 19500000 | 14875804 |  |
| Gulfstream Natural Gas System LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 09/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 10000000 | 9679781 |  |
| GYP Holdings III Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2024)<sup>(2)</sup> | 2500000 | 2053650 |  |
| HB Fuller Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2026) | 6725000 | 6203813 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| HCA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2024 | $10366000 | $10309864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 02/01/2025 | 25300000 | 25288527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2025 | 19200000 | 19102222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 1000000 | 989771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 16500000 | 15923883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 02/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2028) | 8500000 | 8506622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 5000000 | 4325459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/15/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2041)<sup>(2)</sup> | 3900000 | 3122922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051)<sup>(2)</sup> | 12475000 | 9778379 |  |
| Hexcel Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 08/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) | 8303000 | 8106661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2026) | 19000000 | 17682048 |  |
| Holly Energy Partners LP / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Holly Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 04/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2024)<sup>(2)</sup> | 5000000 | 4912460 |  |
| Hologic, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/28/2023)<sup>(2)</sup> | 21238000 | 18236995 |  |
| HP, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/17/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/17/2025) | 10000000 | 9361519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/17/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/17/2027) | 25000000 | 22852762 |  |
| Huntington Ingalls Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.844%, 05/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2025) | 10000000 | 9669327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.043%, 08/16/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/16/2028) | 12000000 | 9909972 |  |
| Huntsman International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 06/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2031) | 4900000 | 3815197 |  |
| Hyundai Capital America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/10/2023<sup>(1)(2)</sup> | 20000000 | 19954927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 09/18/2023<sup>(1)(2)</sup> | 14125000 | 13688997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 06/20/2024<sup>(1)(2)</sup> | 16850000 | 16265687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 01/08/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/08/2025)<sup>(1)(2)</sup> | 10000000 | 8752696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 09/17/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/17/2026)<sup>(1)(2)</sup> | 30000000 | 26491832 |  |
| Infor, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 8375000 | 7571849 |  |
| Ingersoll-Rand Global Holding Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/15/2043 | 4126000 | 4075405 |  |
| Ingersoll-Rand Luxembourg Finance SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 11/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2044) | 1300000 | 1100685 |  |
| Ingredion, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 28000000 | 23796412 |  |
| Intel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 08/05/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/05/2052) | 2600000 | 2313358 |  |
| International Business Machines Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 05/15/2039 | 13000000 | 11271111 |  |
| International Flavors & Fragrances, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/26/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/26/2048) | 10000000 | 8547727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.468%, 12/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2050)<sup>(2)</sup> | 8000000 | 5460624 |  |
| Iron Mountain, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2023)<sup>(2)</sup> | 20303000 | 18678760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2023)<sup>(2)</sup> | 4000000 | 3592722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2026)<sup>(2)</sup> | 10000000 | 8219400 |  |
| JAB Holdings BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/28/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/28/2050)<sup>(1)(2)</sup> | 8600000 | 5088138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/08/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/08/2051)<sup>(1)(2)</sup> | 13000000 | 8877741 |  |
| JBS USA Lux SA / JBS USA Food Co. / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JBS USA Finance, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2026)<sup>(2)</sup> | 13000000 | 10626695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 02/02/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/02/2051)<sup>(2)</sup> | 7825000 | 5515393 |  |
| JBS USA LUX SA / JBS USA Food Co. / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JBS USA Finance, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2026)<sup>(2)</sup> | 15000000 | 13120800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2027)<sup>(2)</sup> | 7000000 | 5670000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2033)<sup>(2)</sup> | 3000000 | 2861340 |  |
| JM Smucker Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 03/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2049) | 3350000 | 2308686 |  |
| Kansas City Southern: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 05/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2047)<sup>(1)</sup> | 12000000 | 10401725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2049)<sup>(1)</sup> | 13000000 | 9320433 |  |
| KB Home, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 07/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2025) | 5000000 | 4858450 |  |
| Kennametal, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2028) | 7900000 | 7424021 |  |
| Keurig Dr Pepper, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.417%, 05/25/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/25/2025) | 1671000 | 1653307 |  |
| Keysight Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 10/30/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/30/2024) | 7283000 | 7174719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 04/06/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/06/2027) | 50189000 | 49035152 |  |
| Kinder Morgan Energy Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.300%, 08/15/2033 | 1675000 | 1813884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2037 | 6785000 | 6864885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.950%, 01/15/2038 | 14755000 | 15739365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/15/2040 | 27248000 | 29860161 |  |
| Kinder Morgan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.050%, 10/15/2030 | 15384000 | 16724556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.800%, 08/01/2031 | 16174000 | 18088338 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Kinross Gold Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2041)<sup>(1)</sup> | $5500000 | $5310481 |  |
| Kraft Heinz Foods Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 03/15/2032 | 10000000 | 10883444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2035) | 5311000 | 5098436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/04/2042 | 5000000 | 4554394 |  |
| Kyndryl Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 10/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026) | 18100000 | 14930740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 10/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2028) | 7939000 | 5973592 |  |
| Lafarge SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 07/15/2036 | 1500000 | 1603496 |  |
| LafargeHolcim Finance US LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/22/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/22/2026)<sup>(2)</sup> | 12565000 | 11741962 |  |
| Lear Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2027) | 3167000 | 2947571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/30/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/28/2030) | 15000000 | 12637214 |  |
| Leidos Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 12/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/04/2040) | 2000000 | 1879298 |  |
| Leidos, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 46222000 | 41797351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 7500000 | 5764027 |  |
| Lennox International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2023) | 10000000 | 9821107 |  |
| Louisiana-Pacific Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(2)</sup> | 25000000 | 21596160 |  |
| Lundin Energy Finance BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2026)<sup>(1)(2)</sup> | 10000000 | 8844030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 07/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2031)<sup>(1)(2)</sup> | 20958000 | 17204418 |  |
| Magellan Midstream Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2025) | 10000000 | 9944021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 03/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2044) | 8770000 | 6305197 |  |
| Magna International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2030)<sup>(1)</sup> | 10000000 | 8281921 |  |
| Marathon Petroleum Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024) | 2500000 | 2433908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 05/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2025) | 15000000 | 14781609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026) | 3000000 | 2985374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2044) | 3985000 | 3341888 |  |
| Martin Marietta Materials, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2029) | 5000000 | 4145430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 05/01/2037 | 450000 | 451710 |  |
| Masco Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/15/2032 | 15834000 | 16276079 |  |
| MasTec, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2023)<sup>(2)</sup> | 12948000 | 11618226 |  |
| Microchip Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 4000000 | 3886159 |  |
| Microsoft Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 11/03/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/03/2035) | 5650000 | 5500516 |  |
| Midwest Connector Capital Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2024)<sup>(2)</sup> | 13695000 | 13264434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029)<sup>(2)</sup> | 12000000 | 10867253 |  |
| Minera Mexico SA de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/26/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/26/2049)<sup>(1)(2)</sup> | 8000000 | 6040000 |  |
| Mohawk Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 5000000 | 4319969 |  |
| Molex Electronic Technologies LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025)<sup>(2)</sup> | 8250000 | 7853197 |  |
| Molson Coors Beverage Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) | 23888000 | 22196452 |  |
| Mosaic Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.450%, 11/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2033) | 11101000 | 10828641 |  |
| MPLX LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) | 13125000 | 12729025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 19150000 | 18870850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2026) | 20000000 | 17852317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2027) | 6519000 | 6169897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2048) | 8825000 | 7812407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 04/15/2058 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2057) | 5000000 | 3945234 |  |
| MSCI, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024)<sup>(2)</sup> | 7562000 | 6586765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 11/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2026)<sup>(2)</sup> | 10000000 | 8269800 |  |
| Mueller Water Products, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024)<sup>(2)</sup> | 500000 | 439375 |  |
| Mylan, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/15/2023<sup>(2)</sup> | 16800000 | 16787095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 11/29/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/29/2023) | 4525000 | 4478258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028) | 5000000 | 4639670 |  |
| NCL Corp. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2023)<sup>(2)</sup> | 20000000 | 17087160 |  |
| Netflix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 02/15/2025 | 4270000 | 4323802 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Newell Brands, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2025) | $1500000 | $1458750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) | 15000000 | 14111929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2027) | 5000000 | 4970550 |  |
| NGPL PipeCo LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 08/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2027)<sup>(2)</sup> | 20000000 | 19023721 |  |
| Nissan Motor Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.345%, 09/17/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/17/2027)<sup>(1)(2)</sup> | 10000000 | 9077287 |  |
| Norfolk Southern Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 05/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2049) | 18000000 | 12102577 |  |
| North Mississippi Health Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.183%, 10/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2051) | 11800000 | 7727400 |  |
| Nova Southeastern University, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.809%, 04/01/2053 | 4800000 | 4003295 |  |
| Nutrien Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026)<sup>(1)</sup> | 10000000 | 9627478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2034)<sup>(1)</sup> | 6550000 | 5676300 |  |
| nVent Finance Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028) | 32435000 | 29830787 |  |
| NXP BV / NXP Funding LLC / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NXP USA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 06/18/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/18/2029)<sup>(1)</sup> | 9625000 | 8956021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 02/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2031)<sup>(1)</sup> | 15000000 | 11780160 |  |
| Occidental Petroleum Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2024) | 10000000 | 9594386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 07/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2027) | 15000000 | 16154054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.150%, 05/15/2028 | 7000000 | 7210000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 09/15/2031 | 12790000 | 14081790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.450%, 09/15/2036 | 7125000 | 7267500 |  |
| Ochsner LSU Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;System of North Louisiana, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.510%, 05/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030) | 17800000 | 13094794 |  |
| ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2024) | 8300000 | 7949419 |  |
| Oracle Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 04/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) | 46000000 | 41991761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/09/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2032) | 7000000 | 7347135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2034) | 7425000 | 6238874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2036) | 7500000 | 6165305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2047) | 2565000 | 1888508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/25/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/25/2050) | 5000000 | 3584895 |  |
| Orange SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 03/01/2031<sup>(1)</sup> | 33426000 | 41006024 |  |
| Oshkosh Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 5000000 | 4229894 |  |
| Owens Corning: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) | 10000000 | 9848863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 08/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2026) | 5000000 | 4673422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/2036 | 13205000 | 14031778 |  |
| Penske Truck Leasing Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 20000000 | 19150697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.200%, 11/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2025)<sup>(2)</sup> | 22800000 | 20080247 |  |
| PerkinElmer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 25000000 | 21813034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2050) | 11775000 | 8223252 |  |
| Perrigo Finance Unlimited Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2024) | 42000000 | 39690000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2030) | 25250000 | 21513437 |  |
| Phillips 66 Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2029)<sup>(2)</sup> | 12550000 | 10967620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 12/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2030) | 6000000 | 4815021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 11/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2034) | 13000000 | 12178089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 05/01/2042 | 5000000 | 5152853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.680%, 02/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2044)<sup>(2)</sup> | 2000000 | 1744216 |  |
| Plains All American Pipeline LP / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PAA Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2029) | 10000000 | 8695526 |  |
| Premier Health Partners, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.911%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2026) | 10000000 | 8797036 |  |
| Quanta Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) | 10000000 | 8247290 |  |
| Raytheon Technologies Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 12/15/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2043) | 7925000 | 7290159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2050) | 6000000 | 4234803 |  |
| Regency Energy Partners LP / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regency Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) | 11850000 | 11762262 |  |
| Reliance Industries Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 01/12/2032<sup>(1)(2)</sup> | 20400000 | 16596658 |  |
| Reliance Steel & Aluminum Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 08/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2025) | 6100000 | 5515927 |  |
| Rogers Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(1)(2)</sup> | 13000000 | 11265121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.350%, 05/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2048)<sup>(1)</sup> | 10000000 | 7703242 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Sabine Pass Liquefaction LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2025) | $55015000 | $55665113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2026) | 20300000 | 19929028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2029) | 10500000 | 9758358 |  |
| Samarco Mineracao SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/24/2023<sup>(1)(2)(8)</sup> | 5475000 | 2463750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/26/2024<sup>(1)(2)(8)</sup> | 5125000 | 2347250 |  |
| Santos Finance Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.649%, 04/29/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/29/2031)<sup>(1)(2)</sup> | 15000000 | 11972602 |  |
| Schlumberger Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/17/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/17/2028)<sup>(2)</sup> | 11096000 | 10356667 |  |
| Seagate HDD Cayman, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 24400000 | 23916860 |  |
| Sealed Air Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2025)<sup>(2)</sup> | 5000000 | 4700000 |  |
| Sherwin-Williams Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2046) | 5550000 | 4692759 |  |
| Silgan Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) | 4000000 | 3700630 |  |
| SK Hynix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/19/2026<sup>(1)(2)</sup> | 13000000 | 11278020 |  |
| SK Telecom Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 07/20/2027<sup>(1)(2)</sup> | 960000 | 1012234 |  |
| Smith & Nephew PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.032%, 10/14/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2030)<sup>(1)</sup> | 10000000 | 7841046 |  |
| Smithfield Foods, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029)<sup>(1)(2)</sup> | 16566000 | 15173075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 09/13/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/13/2031)<sup>(1)(2)</sup> | 18500000 | 13275714 |  |
| Sociedad Quimica y Minera de Chile SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/03/2023<sup>(1)(2)</sup> | 8093000 | 8035262 |  |
| Sodexo, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.634%, 04/16/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/16/2026)<sup>(1)(2)</sup> | 6725000 | 5935050 |  |
| Solvay Finance America LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 12/03/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/03/2025)<sup>(1)(2)</sup> | 40018000 | 38756188 |  |
| Southern Copper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 07/27/2035<sup>(1)</sup> | 19786000 | 22981637 |  |
| Spectra Energy Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024)<sup>(1)</sup> | 15150000 | 14564032 |  |
| Standard Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(2)</sup> | 24408000 | 21916193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2025)<sup>(2)</sup> | 7000000 | 5704472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 01/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2025)<sup>(2)</sup> | 5000000 | 3768917 |  |
| Stanley Black & Decker, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 11/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2048) | 4175000 | 3652098 |  |
| Steel Dynamics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) | 7000000 | 6652693 |  |
| Stellantis Finance US, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 01/12/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/12/2027)<sup>(2)</sup> | 3650000 | 3619334 |  |
| Stericycle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2023)<sup>(2)</sup> | 1000000 | 872500 |  |
| STERIS Irish FinCo Unlimited Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2050) | 7500000 | 5369885 |  |
| Synnex Corporation, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 08/09/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/09/2028) | 25000000 | 20306370 |  |
| Sysco Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 04/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2030) | 22570000 | 23419486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/14/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2051) | 9250000 | 6130346 |  |
| Takeda Pharmaceutical Co. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 03/31/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2029)<sup>(1)</sup> | 11825000 | 9683440 |  |
| Targa Resources Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 1000000 | 1006340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 28000000 | 26710841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2026) | 10500000 | 9424411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2026) | 14000000 | 11757900 |  |
| TC PipeLines LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/13/2024)<sup>(1)</sup> | 26205000 | 25654241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/25/2027)<sup>(1)</sup> | 23285000 | 21968808 |  |
| Teck Resources Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 07/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2030)<sup>(1)</sup> | 10000000 | 8968698 |  |
| Telecom Italia Capital SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.303%, 05/30/2024<sup>(1)(2)</sup> | 21500000 | 20369960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 07/18/2036<sup>(1)</sup> | 3175000 | 2577783 |  |
| Telefonica Emisiones SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.103%, 03/08/2027<sup>(1)</sup> | 8125000 | 7719717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.045%, 06/20/2036<sup>(1)</sup> | 4925000 | 5078607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.213%, 03/08/2047<sup>(1)</sup> | 24108000 | 19479961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.895%, 03/06/2048<sup>(1)</sup> | 9475000 | 7320621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.520%, 03/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2048)<sup>(1)</sup> | 12000000 | 10106140 |  |
| Tenet Healthcare Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024)<sup>(2)</sup> | 3000000 | 2596695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 06/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(2)</sup> | 1000000 | 952800 |  |
| Teva Pharmaceutical Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands III BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 07/21/2023<sup>(1)</sup> | 24275000 | 23728812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 10/01/2026<sup>(1)</sup> | 51000000 | 44599500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/09/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/09/2027)<sup>(1)</sup> | 9000000 | 8135098 |  |
| Textron, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 15000000 | 12800736 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Timken Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) | $18500000 | $18043649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2028) | 6025000 | 5719242 |  |
| T-Mobile USA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) | 17250000 | 16769834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2024) | 5000000 | 4403305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2030) | 53473000 | 48564718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) | 60000000 | 51791310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2039) | 10000000 | 8580976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 11/15/2060 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2060) | 15000000 | 9987296 |  |
| Toll Road Investors Partnership II LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL)<sup>(1)(2)</sup> | 10000000 | 8572800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL)<sup>(1)(2)</sup> | 32855000 | 24297775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL)<sup>(1)(2)</sup> | 2000000 | 1184343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL)<sup>(1)(2)</sup> | 2938000 | 2007410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(1)(2)</sup> | 5396000 | 3482449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(1)(2)</sup> | 12500000 | 5933931 |  |
| TopBuild Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(2)</sup> | 2500000 | 2049762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2026)<sup>(2)</sup> | 1000000 | 812610 |  |
| TransCanada PipeLines Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2037)<sup>(1)</sup> | 10000000 | 8952478 |  |
| Transcontinental Gas Pipe Line Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 08/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2042) | 2600000 | 2218232 |  |
| TreeHouse Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2023) | 1500000 | 1275000 |  |
| Triton Container International Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 04/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026)<sup>(1)(2)</sup> | 7425000 | 6460308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 06/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2031)<sup>(1)(2)</sup> | 30475000 | 23800134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(1)</sup> | 10000000 | 7726900 |  |
| TTX Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 06/15/2044<sup>(2)</sup> | 7710000 | 6565441 |  |
| Tyco Electronics Group SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 10/01/2037<sup>(1)</sup> | 500000 | 569310 |  |
| Tyson Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 09/23/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/28/2048) | 4650000 | 4320079 |  |
| United Rentals North America, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 5000000 | 4627450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2023) | 5000000 | 4738250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025)<sup>(2)</sup> | 8700000 | 8645625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025) | 5000000 | 4697900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2025) | 10000000 | 8547966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2025) | 3000000 | 2514870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2026) | 1000000 | 815830 |  |
| Universal Health Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.650%, 09/01/2026 | 16000000 | 13759076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 10/15/2030 | 24322000 | 19428261 |  |
| UPMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 04/03/2025 | 47575000 | 45711643 |  |
| Utah Acquisition Sub, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 06/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2026) | 5000000 | 4679857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2045) | 4000000 | 3042310 |  |
| Vale Canada Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 09/15/2032<sup>(1)</sup> | 1600000 | 1736800 |  |
| Vale Overseas Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/08/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2030)<sup>(1)</sup> | 25339000 | 22176455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 01/17/2034<sup>(1)</sup> | 5201000 | 6161971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/21/2036<sup>(1)</sup> | 27519000 | 29051340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/10/2039<sup>(1)</sup> | 18121000 | 19086545 |  |
| Valero Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.625%, 06/15/2037 | 5000000 | 5343070 |  |
| Valero Energy Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027) | 20000000 | 19424573 |  |
| Var Energi ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027)<sup>(1)(2)</sup> | 5000000 | 5093009 |  |
| Verisk Analytics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2025) | 10000000 | 9727379 |  |
| Verizon Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/22/2027) | 5000000 | 4651012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/10/2033 | 15710000 | 14761701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 11/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2034) | 790000 | 726427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.272%, 01/15/2036 | 10793000 | 9717090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/16/2037 | 18225000 | 18088484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.812%, 03/15/2039 | 38575000 | 35459807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.862%, 08/21/2046 | 2500000 | 2256702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/16/2047 | 2500000 | 2429949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/22/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2060) | 11200000 | 7879884 |  |
| Viatris, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/22/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/22/2039) | 10000000 | 6734470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/22/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/22/2049) | 22000000 | 13631216 |  |
| Viterra Finance BV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/21/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/21/2026)<sup>(1)(2)</sup> | 15000000 | 13021955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 04/21/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/21/2027)<sup>(1)(2)</sup> | 7725000 | 7278033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/21/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2031)<sup>(1)(2)</sup> | 55139000 | 41792415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/21/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/21/2032)<sup>(1)(2)</sup> | 15000000 | 13218199 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| VMware, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 08/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2028) | $15000000 | $12275429 |  |
| Vodafone Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/15/2030<sup>(1)</sup> | 16293000 | 18408772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.150%, 02/27/2037<sup>(1)</sup> | 13920000 | 14161490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 02/19/2043<sup>(1)</sup> | 5054000 | 4056839 |  |
| Volkswagen Group of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Finance LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 09/26/2024<sup>(1)(2)</sup> | 5000000 | 4787269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 05/13/2025<sup>(1)(2)</sup> | 15000000 | 14335389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 11/24/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/24/2025)<sup>(1)(2)</sup> | 8300000 | 7406085 |  |
| Vontier Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2028) | 15725000 | 12564834 |  |
| Vulcan Materials Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 3000000 | 2977255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) | 11050000 | 9776347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 03/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2047) | 500000 | 426746 |  |
| Wabtec Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023) | 9750000 | 9653552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) | 13109000 | 12899530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) | 36775000 | 34336738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2028) | 10205000 | 9820222 |  |
| Walgreens Boots Alliance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2026) | 5957000 | 5669610 |  |
| Walt Disney Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.400%, 10/01/2043 | 5000000 | 5018445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2044) | 1950000 | 1812320 |  |
| Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.279%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2031)<sup>(2)</sup> | 9550000 | 7877510 |  |
| Weir Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 05/13/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/13/2026)<sup>(1)(2)</sup> | 28748000 | 25525007 |  |
| Western Digital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2025) | 57075000 | 53747528 |  |
| Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2049) | 10000000 | 8148139 |  |
| Westinghouse Air Brake |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Technologies Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) | 14736000 | 13884140 |  |
| WestRock MWV LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.200%, 01/15/2030 | 5012000 | 5665451 |  |
| Williams Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/15/2031 | 120000 | 131713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 06/15/2031 | 3500000 | 3870411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.750%, 03/15/2032 | 11275000 | 13316625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 04/15/2040 | 1590000 | 1632693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/24/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/24/2043) | 2500000 | 2393876 |  |
| Wipro IT Services LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/23/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/23/2026)<sup>(1)(2)</sup> | 17800000 | 15627286 |  |
| Woodside Finance Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/05/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/05/2024)<sup>(1)(2)</sup> | 15575000 | 14961342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/04/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/04/2028)<sup>(1)(2)</sup> | 30000000 | 28190622 |  |
| Worthington Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 04/15/2026 | 9154000 | 8866570 |  |
| WRKCo, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2024) | 6000000 | 5736686 |  |
| Wynn Las Vegas LLC / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Las Vegas Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/30/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/28/2023)<sup>(2)</sup> | 4000000 | 3941456 |  |
| Xerox Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2023) | 16237000 | 16115223 |  |
| Xerox Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2025)<sup>(2)</sup> | 1000000 | 914989 |  |
| XPO Escrow Sub LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024)<sup>(2)</sup> | 7000000 | 7083440 |  |
| Yara International ASA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/06/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/06/2026)<sup>(1)(2)</sup> | 20250000 | 18687027 |  |
| Zimmer Biomet Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/30/2039 | 11375000 | 10982468 |  |
| Zoetis, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/13/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/13/2025) | 5653000 | 5619915 |  |
| **Total Industrials** |  |  |  |
| **(Cost $7,473,726,744)** |  | 6585710644 | 29.5% |
| **Utilities** |  |  |  |
| American Transmission Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2031)<sup>(2)</sup> | 4850000 | 3993971 |  |
| Appalachian Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.700%, 08/15/2037 | 1400000 | 1461957 |  |
| Avangrid, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2025)<sup>(1)</sup> | 14000000 | 13386109 |  |
| Berkshire Hathaway Energy Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) | 7000000 | 6871398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2050) | 10000000 | 6578111 |  |
| Consolidated Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of New York, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 12/01/2054 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2054) | 7600000 | 6502239 |  |
| Consumers Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2051) | 9425000 | 7197315 |  |
| Dominion Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 06/15/2035 | 1880000 | 1898595 |  |
| DTE Electric Company, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2030) | 15200000 | 12954781 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Duquesne Light Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.532%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030)<sup>(2)</sup> | $8775000 | $6991081 |  |
| EDP Finance BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/15/2024<sup>(1)(2)</sup> | 51299000 | 49519784 |  |
| Enel Finance International NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/06/2028<sup>(1)(2)</sup> | 7000000 | 6147821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 10/14/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2032)<sup>(1)(2)</sup> | 20000000 | 21270305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/07/2039<sup>(1)(2)</sup> | 4286000 | 3918902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/25/2047<sup>(1)(2)</sup> | 54084000 | 42696315 |  |
| Engie Energia Chile SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 01/28/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/28/2029)<sup>(1)(2)</sup> | 3000000 | 2474456 |  |
| Exelon Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 06/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2025) | 15775000 | 15413242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.600%, 04/01/2032 | 1650000 | 1876570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 06/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2044) | 5875000 | 5497874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 03/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2051)<sup>(2)</sup> | 5000000 | 4023257 |  |
| Exelon Generation Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.600%, 06/15/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2041) | 6100000 | 5883256 |  |
| Fells Point Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.046%, 01/31/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2026)<sup>(2)</sup> | 10300000 | 9387030 |  |
| FirstEnergy Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 4300000 | 3505962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2049) | 11325000 | 7531125 |  |
| FirstEnergy Transmission LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.866%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2028)<sup>(2)</sup> | 15000000 | 13105592 |  |
| Fortis, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.055%, 10/04/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/04/2026)<sup>(1)</sup> | 8762000 | 8137641 |  |
| Infraestructura Energetica |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova SAB de CV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/14/2028<sup>(2)</sup> | 5000000 | 4462500 |  |
| KeySpan Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/15/2030<sup>(1)</sup> | 8375000 | 9180343 |  |
| Liberty Utilities Finance GP 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 09/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2030)<sup>(1)(2)</sup> | 10600000 | 7987661 |  |
| NiSource, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) | 20800000 | 18583872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 03/30/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2047) | 11775000 | 9209679 |  |
| Oncor Electric Delivery Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 9500000 | 8298123 |  |
| **Total Utilities** |  |  |  |
| **(Cost $377,734,408)** |  | 325946867 | 1.5% |
| **Financials** |  |  |  |
| ABN AMRO Bank NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 05/15/2023<sup>(1)(2)</sup> | 8000000 | 8029041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/28/2025<sup>(1)(2)</sup> | 37818000 | 36676275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 04/18/2026<sup>(1)(2)</sup> | 47025000 | 45117139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.542%, 06/16/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.800%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/16/2026)<sup>(1)(2)(3)</sup> | 12250000 | 10548327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.324%, 03/13/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/13/2031)<sup>(1)(2)(3)</sup> | 31325000 | 22706762 |  |
| AerCap Holdings NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/14/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/14/2024)<sup>(1)</sup> | 39395000 | 37314279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2025)<sup>(1)</sup> | 15000000 | 15211464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/29/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/29/2026)<sup>(1)</sup> | 8000000 | 7003770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/29/2028)<sup>(1)</sup> | 7500000 | 6296093 |  |
| AIG SunAmerica Global Financing X, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.900%, 03/15/2032<sup>(2)</sup> | 2000000 | 2134220 |  |
| Air Lease Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 8175000 | 8035820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2025) | 14150000 | 13179800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2027) | 10000000 | 9995493 |  |
| Ally Financial, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 10/02/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/02/2023) | 15000000 | 14540474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 09/30/2024 | 13000000 | 12877291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 05/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2025) | 10000000 | 9954895 |  |
| American International Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.820%, 11/15/2037 | 4173000 | 4480703 |  |
| Aon PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025) | 14490000 | 14140097 |  |
| Assurant, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/27/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/27/2027) | 4250000 | 4078261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 02/22/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/22/2029) | 7000000 | 5942156 |  |
| Australia & New Zealand |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/19/2024<sup>(1)(2)</sup> | 32000000 | 31613532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 07/22/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.288%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2025)<sup>(1)(2)(3)</sup> | 14803000 | 13393433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.742%, 12/08/2032<sup>(1)(2)</sup> | 28000000 | 28372046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.570%, 11/25/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/25/2030)<sup>(1)(2)(3)</sup> | 13000000 | 9573138 |  |
| Avolon Holdings Funding Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2024)<sup>(1)(2)</sup> | 5000000 | 4904913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 02/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2025)<sup>(1)(2)</sup> | 10000000 | 9233312 |  |
| Banco Santander Chile, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 01/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/10/2024)<sup>(1)(2)</sup> | 8000000 | 7542074 |  |
| Banco Santander SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.179%, 11/19/2025<sup>(1)</sup> | 11150000 | 10977905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.722%, 09/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/14/2026)<sup>(1)(3)</sup> | 10000000 | 8552733 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Banco Santander SA: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.749%, 12/03/2030<sup>(1)</sup> | $5000000 | $3864682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.225%, 11/22/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/22/2031)<sup>(1)(3)</sup> | 35000000 | 26537886 |  |
| Bank of America Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.864%, 07/23/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.940%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2023)<sup>(3)</sup> | 12575000 | 12461167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.458%, 03/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.970%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(3)</sup> | 9650000 | 9403409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.093%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.090%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024)<sup>(3)</sup> | 22000000 | 21073388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.456%, 10/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.870%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/22/2024)<sup>(3)</sup> | 8000000 | 7562512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.366%, 01/23/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.810%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/23/2025)<sup>(3)</sup> | 22700000 | 21694702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.734%, 07/22/2027 (SOFR + 0.960%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2026)<sup>(3)</sup> | 6000000 | 5259857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.204%, 11/10/2028 (SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/10/2027)<sup>(3)</sup> | 7000000 | 7217384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.419%, 12/20/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.040%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/20/2027)<sup>(3)</sup> | 19539000 | 17694601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.087%, 06/14/2029 (SOFR + 1.060%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2028)<sup>(3)</sup> | 12000000 | 10118818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.271%, 07/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.310%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2028)<sup>(3)</sup> | 10000000 | 9341943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.496%, 02/13/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/13/2030)<sup>(3)</sup> | 7000000 | 5705866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.592%, 04/29/2031 (SOFR + 2.150%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/29/2030)<sup>(3)</sup> | 35000000 | 28588952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.015%, 07/22/2033 (SOFR + 2.160%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2032)<sup>(3)</sup> | 5000000 | 4763035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.750%, 05/14/2038 | 725000 | 846595 |  |
| Bank of Ireland Group PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.029%, 09/30/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2026)<sup>(1)(2)(3)</sup> | 5425000 | 4577658 |  |
| Bank of Montreal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/14/2024<sup>(1)</sup> | 10000000 | 9871262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/10/2025<sup>(1)</sup> | 7000000 | 6527148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 12/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year Swap Rate USD + 1.432%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2027)<sup>(1)(3)</sup> | 5000000 | 4409791 |  |
| Bank of New Zealand, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/21/2025<sup>(1)(2)</sup> | 15475000 | 14467577 |  |
| Barclays PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.338%, 05/16/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.356%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/16/2023)<sup>(1)(3)</sup> | 5000000 | 4965692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 03/16/2025<sup>(1)</sup> | 17350000 | 16679019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.852%, 05/07/2026 (SOFR + 2.714%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/07/2025)<sup>(1)(3)</sup> | 10000000 | 9299298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.337%, 01/10/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2027)<sup>(1)</sup> | 10000000 | 9306539 |  |
| BBVA USA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/10/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/10/2025) | 45470000 | 44323644 |  |
| BGC Partners, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2025) | 13000000 | 12190580 |  |
| BNP Paribas SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 09/28/2025<sup>(1)(2)</sup> | 8200000 | 7969084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 11/19/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.111%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2024)<sup>(1)(2)(3)</sup> | 42500000 | 40279531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/12/2026<sup>(1)(2)</sup> | 16910000 | 16129396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.219%, 06/09/2026 (SOFR + 2.074%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/09/2025)<sup>(1)(2)(3)</sup> | 16500000 | 15161290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.323%, 01/13/2027 (SOFR + 1.004%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/13/2026)<sup>(1)(2)(3)</sup> | 8000000 | 6989922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.904%, 09/30/2028 (SOFR + 1.609%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/30/2027)<sup>(1)(2)(3)</sup> | 16000000 | 13344838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.052%, 01/13/2031 (SOFR + 1.507%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/13/2030)<sup>(1)(2)(3)</sup> | 10500000 | 8638092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.871%, 04/19/2032 (SOFR + 1.387%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/19/2031)<sup>(1)(2)(3)</sup> | 25000000 | 19628176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.588%, 08/12/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 2.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/12/2030)<sup>(1)(2)(3)</sup> | 5000000 | 3671623 |  |
| BPCE SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 10/22/2023<sup>(1)(2)</sup> | 33770000 | 33513872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 07/11/2024<sup>(1)(2)</sup> | 3185000 | 3099290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, 07/21/2024<sup>(1)(2)</sup> | 30902000 | 30258715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2025<sup>(1)(2)</sup> | 40275000 | 38712032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.652%, 10/06/2026 (SOFR + 1.520%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/06/2025)<sup>(1)(2)(3)</sup> | 15000000 | 13342277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.116%, 10/19/2032 (SOFR + 1.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/19/2031)<sup>(1)(2)(3)</sup> | 22000000 | 16120415 |  |
| Brown & Brown, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2028) | 11840000 | 11032910 |  |
| Canadian Imperial Bank of Commerce, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 01/28/2025<sup>(1)</sup> | 8000000 | 7554998 |  |
| Cantor Fitzgerald LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 05/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2024)<sup>(2)</sup> | 7525000 | 7392171 |  |
| Capital One Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/28/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/28/2026) | 5000000 | 4713033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 01/31/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/31/2027) | 6960000 | 6516707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.273%, 03/01/2030 (SOFR + 1.790%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029)<sup>(3)</sup> | 3250000 | 2784560 |  |
| Centene Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2030) | 10000000 | 8197492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2030) | 64850000 | 50743381 |  |
| CIT Bank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.969%, 09/27/2025 (SOFR + 1.715%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/27/2024)<sup>(3)</sup> | 21219000 | 20068863 |  |
| Citigroup, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.352%, 04/24/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.897%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/24/2024)<sup>(3)</sup> | 11000000 | 10657861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/12/2026 | 4700000 | 4525202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.106%, 04/08/2026 (SOFR + 2.842%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2025)<sup>(3)</sup> | 15000000 | 14184301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.887%, 01/10/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.563%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/10/2027)<sup>(3)</sup> | 21200000 | 19846112 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Citigroup, Inc.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.572%, 06/03/2031 (SOFR + 2.107%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/03/2030)<sup>(3)</sup> | $50000000 | $40559611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.561%, 05/01/2032 (SOFR + 1.167%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2031)<sup>(3)</sup> | 5000000 | 3960302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.270%, 11/17/2033 (SOFR + 2.338%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/17/2032)<sup>(3)</sup> | 5000000 | 5186045 |  |
| Citizens Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 07/27/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/27/2026) | 23400000 | 21662627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/30/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2030) | 40000000 | 34786804 |  |
| CNA Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/15/2023 | 12400000 | 12657979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2025) | 21125000 | 20787826 |  |
| CNO Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/30/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/28/2025) | 18640000 | 18514871 |  |
| CNO Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 01/06/2029<sup>(2)</sup> | 7625000 | 6480366 |  |
| Comerica Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/27/2025 | 21425000 | 20788338 |  |
| Commonwealth Bank of Australia: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.688%, 03/11/2031<sup>(1)(2)</sup> | 15000000 | 11563441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.784%, 03/14/2032<sup>(1)(2)</sup> | 7250000 | 5996328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.610%, 09/12/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 2.050%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/12/2029)<sup>(1)(2)(3)</sup> | 35000000 | 28997511 |  |
| Compeer Financial, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 06/01/2036 (SOFR + 1.965%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2031)<sup>(2)(3)</sup> | 5500000 | 4181880 |  |
| Cooperatieve Rabobank UA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/04/2025<sup>(1)</sup> | 11975000 | 11698814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/21/2026<sup>(1)</sup> | 36000000 | 33894471 |  |
| Credit Agricole SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/17/2025<sup>(1)(2)</sup> | 37093000 | 35781571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.907%, 06/16/2026 (SOFR + 1.676%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/16/2025)<sup>(1)(2)(3)</sup> | 7000000 | 6385693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/14/2030<sup>(1)(2)</sup> | 5000000 | 4092580 |  |
| Credit Suisse Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.593%, 09/11/2025 (SOFR + 1.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2024)<sup>(1)(2)(3)</sup> | 13700000 | 12116997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.193%, 06/05/2026 (SOFR + 2.044%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/05/2025)<sup>(1)(2)(3)</sup> | 10000000 | 8547551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.305%, 02/02/2027 (SOFR + 0.980%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/02/2026)<sup>(1)(2)(3)</sup> | 19400000 | 15494459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.282%, 01/09/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/09/2027)<sup>(1)(2)</sup> | 24750000 | 20547154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.869%, 01/12/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.410%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2028)<sup>(1)(2)(3)</sup> | 10850000 | 8710932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.194%, 04/01/2031 (SOFR + 3.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(1)(2)(3)</sup> | 20000000 | 15567737 |  |
| Credit Suisse Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding Guernsey Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/09/2023<sup>(1)</sup> | 21400000 | 20838250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/26/2025<sup>(1)</sup> | 15000000 | 13510150 |  |
| Danske Bank A/S, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.621%, 09/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/11/2025)<sup>(1)(2)(3)</sup> | 33945000 | 29922748 |  |
| Deutsche Bank AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.311%, 11/16/2027 (SOFR + 1.219%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/16/2026)<sup>(1)(3)</sup> | 6000000 | 5094925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.882%, 07/08/2031 (SOFR + 5.438%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/08/2030)<sup>(1)(3)</sup> | 42175000 | 36529450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.547%, 09/18/2031 (SOFR + 3.043%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/18/2030)<sup>(1)(3)</sup> | 10000000 | 8057924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.729%, 01/14/2032 (SOFR + 2.757%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/14/2030)<sup>(1)(3)</sup> | 10000000 | 7356277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.742%, 01/07/2033 (SOFR + 2.257%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/07/2031)<sup>(1)(3)</sup> | 25000000 | 17857473 |  |
| Digital Realty Trust LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 07/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2028) | 7000000 | 6631594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2029) | 41950000 | 37562046 |  |
| Discover Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.682%, 08/09/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year Swap Rate USD + 1.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2023)<sup>(3)</sup> | 6500000 | 6239562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 09/13/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/13/2028) | 23225000 | 21795788 |  |
| Discover Financial Services, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 11/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/06/2024) | 25000000 | 24349350 |  |
| DNB Bank ASA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.127%, 09/16/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/16/2025)<sup>(1)(2)(3)</sup> | 10000000 | 8834492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.535%, 05/25/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.720%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/25/2026)<sup>(1)(2)(3)</sup> | 5800000 | 5047292 |  |
| Extra Space Storage LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 06/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2031) | 11000000 | 8633482 |  |
| Federation des Caisses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Desjardins du Quebec, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 08/23/2027<sup>(1)(2)</sup> | 5000000 | 4810567 |  |
| Fifth Third Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.772%, 07/28/2030 (SOFRINDX + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.127%) (Callable 07/28/2029)<sup>(3)</sup> | 4000000 | 3823202 |  |
| First Horizon National Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/26/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/26/2025) | 30000000 | 29211795 |  |
| First Republic Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/13/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/13/2046) | 1850000 | 1445053 |  |
| Five Corners Funding Trust II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030)<sup>(2)</sup> | 10000000 | 8430880 |  |
| FMR LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 02/01/2033<sup>(2)</sup> | 4235000 | 3943120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/14/2040<sup>(2)</sup> | 1820000 | 1880562 |  |
| Globe Life, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2028) | 9350000 | 9078056 |  |
| Goldman Sachs Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/23/2024) | 9400000 | 9086413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 10000000 | 9621523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.814%, 04/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.158%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2028)<sup>(3)</sup> | 17875000 | 16356046 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Goldman Sachs Group, Inc.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.223%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.301%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2028)<sup>(3)</sup> | $15050000 | $14045265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.992%, 01/27/2032 (SOFR + 1.090%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/27/2031)<sup>(3)</sup> | 30000000 | 22887017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.615%, 04/22/2032 (SOFR + 1.281%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2031)<sup>(3)</sup> | 10000000 | 7980516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.383%, 07/21/2032 (SOFR + 1.248%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/21/2031)<sup>(3)</sup> | 11332000 | 8822387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.345%, 02/15/2034 | 125000 | 127158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 10/01/2037 | 300000 | 319156 |  |
| Guardian Life Insurance Co. of America: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/19/2064<sup>(2)</sup> | 11215000 | 9575805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/22/2070 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2069)<sup>(2)</sup> | 14000000 | 9270254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/24/2077<sup>(2)</sup> | 16363000 | 13463182 |  |
| Hartford Financial Services Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.100%, 10/01/2041 | 2925000 | 2968217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 08/19/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/19/2049) | 15725000 | 11378661 |  |
| High Street Funding Trust I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.111%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2027)<sup>(2)</sup> | 9000000 | 8397667 |  |
| High Street Funding Trust II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.682%, 02/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2047)<sup>(2)</sup> | 7000000 | 5670177 |  |
| HSBC Holdings PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 05/18/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.987%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2023)<sup>(1)(3)</sup> | 9000000 | 8929652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.803%, 03/11/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.211%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/11/2024)<sup>(1)(3)</sup> | 5200000 | 5056677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.645%, 04/18/2026 (SOFR + 1.538%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/18/2025)<sup>(1)(3)</sup> | 8125000 | 7348348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.251%, 11/22/2027 (SOFR + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/22/2026)<sup>(1)(3)</sup> | 10000000 | 8672120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.013%, 09/22/2028 (SOFR + 1.732%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2027)<sup>(1)(3)</sup> | 25000000 | 20929158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.390%, 11/03/2028 (SOFR + 3.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/03/2027)<sup>(1)(3)</sup> | 15000000 | 15741819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.583%, 06/19/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.535%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/19/2028)<sup>(1)(3)</sup> | 17125000 | 15795385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.206%, 08/17/2029 (SOFR + 1.285%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/17/2028)<sup>(1)(3)</sup> | 10000000 | 8118299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.973%, 05/22/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.610%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/22/2029)<sup>(1)(3)</sup> | 4775000 | 4191480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.804%, 05/24/2032 (SOFR + 1.187%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/24/2031)<sup>(1)(3)</sup> | 14550000 | 11261896 |  |
| Humana, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.150%, 06/15/2038 | 8983000 | 10486256 |  |
| Huntington Bancshares, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 08/06/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/06/2024) | 1500000 | 1440328 |  |
| Jackson Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/23/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/23/2031) | 15000000 | 11535917 |  |
| Jefferies Group LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/15/2027 | 15750000 | 15571591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.450%, 06/08/2027 | 1300000 | 1356853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 01/23/2030 | 30200000 | 26920553 |  |
| John Hancock Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 02/15/2024<sup>(1)(2)</sup> | 17615000 | 17954315 |  |
| JPMorgan Chase & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.559%, 04/23/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.730%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2023)<sup>(3)</sup> | 10725000 | 10655255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/23/2024) | 21850000 | 21099859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.301%, 10/15/2025 (SOFR + 1.160%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024)<sup>(3)</sup> | 19859000 | 18734807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.005%, 03/13/2026 (SOFR + 1.585%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/13/2025)<sup>(3)</sup> | 17000000 | 15745750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.083%, 04/22/2026 (SOFR + 1.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2025)<sup>(3)</sup> | 55000000 | 51030596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.045%, 11/19/2026 (SOFR + 0.800%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2025)<sup>(3)</sup> | 18500000 | 16293953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.470%, 09/22/2027 (SOFR + 0.765%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/22/2026)<sup>(3)</sup> | 10000000 | 8660881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.851%, 07/25/2028 (SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2027)<sup>(3)</sup> | 16000000 | 15634194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.509%, 01/23/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.945%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/23/2028)<sup>(3)</sup> | 35000000 | 31817140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.522%, 04/22/2031 (SOFR + 2.040%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2030)<sup>(3)</sup> | 30500000 | 25031092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.953%, 02/04/2032 (SOFR + 1.065%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2031)<sup>(3)</sup> | 5000000 | 3837181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.580%, 04/22/2032 (SOFR + 1.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/22/2031)<sup>(3)</sup> | 15000000 | 12060236 |  |
| Kemper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 02/23/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/23/2031) | 11000000 | 9223550 |  |
| KeyBank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/20/2026 | 21575000 | 20258267 |  |
| LeasePlan Corp. NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 10/24/2024<sup>(1)(2)</sup> | 77403000 | 72611786 |  |
| Liberty Mutual Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 03/15/2035<sup>(2)</sup> | 750000 | 760796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.951%, 10/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2050)<sup>(2)</sup> | 900000 | 634133 |  |
| Liberty Mutual Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.697%, 10/15/2097<sup>(2)</sup> | 375000 | 407881 |  |
| Life Storage LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2027) | 2575000 | 2386325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 10/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2030) | 6950000 | 5416077 |  |
| Lincoln National Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 01/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2030) | 15000000 | 12445210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 10/09/2037 | 2190000 | 2150788 |  |
| Lloyds Bank PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.870%, 07/09/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 3.500%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/09/2024)<sup>(1)(3)</sup> | 15000000 | 14523904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/11/2027<sup>(1)</sup> | 7800000 | 7256277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/22/2028<sup>(1)</sup> | 15000000 | 14260698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.574%, 11/07/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.205%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/07/2027)<sup>(1)(3)</sup> | 21550000 | 19438250 |  |
| LPL Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(2)</sup> | 20076000 | 17468128 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| M&T Bank Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/16/2024) | $4400000 | $4321581 |  |
| Macquarie Bank Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/10/2025<sup>(1)(2)</sup> | 7800000 | 7635365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.624%, 06/03/2030<sup>(1)(2)</sup> | 28805000 | 23371393 |  |
| Macquarie Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/27/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.330%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/27/2023)<sup>(1)(2)(3)</sup> | 21000000 | 20923854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.108%, 08/09/2026 (SOFR + 2.208%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/09/2025)<sup>(1)(2)(3)</sup> | 9850000 | 9816692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.691%, 06/23/2032 (SOFR + 1.440%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/23/2031)<sup>(1)(2)(3)</sup> | 10000000 | 7698889 |  |
| Manulife Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.150%, 03/04/2026<sup>(1)</sup> | 15000000 | 14623130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.484%, 05/19/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/19/2027)<sup>(1)</sup> | 15225000 | 13680070 |  |
| Maple Grove Funding Trust I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.161%, 08/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2051)<sup>(2)</sup> | 15000000 | 10122343 |  |
| Marsh & McLennan Companies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/14/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/14/2025) | 9225000 | 8956342 |  |
| Massachusetts Mutual Life Insurance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.625%, 11/15/2023<sup>(2)</sup> | 1632000 | 1656694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.077%, 02/15/2069 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 3.191%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2049)<sup>(2)(3)</sup> | 26000000 | 23108800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.729%, 10/15/2070<sup>(2)</sup> | 19253000 | 12726200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.900%, 04/01/2077<sup>(2)</sup> | 13000000 | 10704326 |  |
| MBIA Insurance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15.339%, 01/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 11.260%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2028)<sup>(2)(3)(8)</sup> | 700000 | 52906 |  |
| MetLife, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/13/2043 | 3375000 | 3162896 |  |
| Metropolitan Life Global Funding I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/09/2030<sup>(2)</sup> | 9025000 | 7889855 |  |
| Metropolitan Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.800%, 11/01/2025<sup>(2)</sup> | 3725000 | 3948201 |  |
| Mitsubishi UFJ Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.801%, 07/18/2024<sup>(1)</sup> | 5956000 | 5726211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.193%, 02/25/2025<sup>(1)</sup> | 11500000 | 10770513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.538%, 07/20/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/20/2026)<sup>(1)(3)</sup> | 24400000 | 21179806 |  |
| Mizuho Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.555%, 09/13/2025 (SOFR + 1.362%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/13/2024)<sup>(1)(3)</sup> | 20000000 | 18885597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.234%, 05/22/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.670%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/22/2026)<sup>(1)(3)</sup> | 10000000 | 8671944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.170%, 09/11/2027<sup>(1)</sup> | 22000000 | 20022186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.018%, 03/05/2028<sup>(1)</sup> | 2650000 | 2490047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.979%, 09/08/2031 (SOFR + 1.532%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/08/2030)<sup>(1)(3)</sup> | 7250000 | 5561668 |  |
| Morgan Stanley: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.720%, 07/22/2025 (SOFR + 1.152%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2024)<sup>(3)</sup> | 5000000 | 4782090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/23/2025 | 2500000 | 2444453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.188%, 04/28/2026 (SOFR + 1.990%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/28/2025)<sup>(3)</sup> | 40000000 | 37198775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/27/2026 | 13175000 | 12307559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.591%, 07/22/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.340%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/22/2027)<sup>(3)</sup> | 22350000 | 20583788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.296%, 10/18/2028 (SOFR + 2.240%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/18/2027)<sup>(3)</sup> | 25000000 | 25756047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.239%, 07/21/2032 (SOFR + 1.178%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/21/2031)<sup>(3)</sup> | 9705000 | 7444481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.342%, 10/18/2033 (SOFR + 2.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/18/2032)<sup>(3)</sup> | 5000000 | 5250611 |  |
| National Australia Bank Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.332%, 08/21/2030<sup>(1)(2)</sup> | 60200000 | 45830063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.990%, 05/21/2031<sup>(1)(2)</sup> | 24495000 | 19235872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.933%, 08/02/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.880%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/02/2029)<sup>(1)(2)(3)</sup> | 5000000 | 4220349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.347%, 01/12/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2032)<sup>(1)(2)(3)</sup> | 14000000 | 10685155 |  |
| Nationwide Building Society: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.766%, 03/08/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.064%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2023)<sup>(1)(2)(3)</sup> | 14500000 | 14421199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 07/21/2025<sup>(1)(2)</sup> | 8100000 | 7795622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/14/2026<sup>(1)(2)</sup> | 63394000 | 57694426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.302%, 03/08/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.452%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/08/2028)<sup>(1)(2)(3)</sup> | 3525000 | 3194157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.960%, 07/18/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.855%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/18/2029)<sup>(1)(2)(3)</sup> | 10125000 | 8832342 |  |
| Nationwide Financial Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 11/30/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/30/2049)<sup>(2)</sup> | 17500000 | 12287458 |  |
| Nationwide Mutual Insurance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 04/01/2033<sup>(2)</sup> | 5600000 | 6263073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.375%, 08/15/2039<sup>(2)</sup> | 22409000 | 28945851 |  |
| NatWest Group PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.519%, 06/25/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/25/2023)<sup>(1)(3)</sup> | 17475000 | 17314824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.269%, 03/22/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.762%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/22/2024)<sup>(1)(3)</sup> | 8300000 | 8119046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.642%, 06/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2026)<sup>(1)(3)</sup> | 11725000 | 10164676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.892%, 05/18/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.754%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/18/2028)<sup>(1)(3)</sup> | 5150000 | 4881142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.445%, 05/08/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.871%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/08/2029)<sup>(1)(3)</sup> | 11000000 | 9987362 |  |
| New England Mutual Life Insurance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/15/2024<sup>(2)</sup> | 3200000 | 3269163 |  |
| New York Life Insurance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 11/15/2039<sup>(2)</sup> | 25105000 | 28106090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/15/2069 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2068)<sup>(2)</sup> | 10000000 | 8305255 |  |
| Nomura Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.648%, 01/16/2025<sup>(1)</sup> | 10000000 | 9448078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.851%, 07/16/2025<sup>(1)</sup> | 15000000 | 13681841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.172%, 07/14/2028<sup>(1)</sup> | 30000000 | 24774793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.710%, 01/22/2029<sup>(1)</sup> | 9600000 | 8016055 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Old Republic International Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/11/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/11/2050) | $12550000 | $8671331 |  |
| Peachtree Corners Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.976%, 02/15/2025<sup>(2)</sup> | 16000000 | 15455015 |  |
| Pine Street Trust I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.572%, 02/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2028)<sup>(2)</sup> | 5000000 | 4634763 |  |
| Protective Life Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 09/30/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/30/2028)<sup>(1)(2)</sup> | 4105000 | 3841539 |  |
| Prudential Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.878%, 03/27/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/27/2027) | 4656000 | 4472188 |  |
| Prudential Insurance Co. of America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.300%, 07/01/2025<sup>(2)</sup> | 21011000 | 22222316 |  |
| Raymond James Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 07/15/2046 | 15000000 | 13433537 |  |
| Realty Income Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2025) | 10000000 | 9804275 |  |
| Regions Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.450%, 06/26/2037 | 3864000 | 4035086 |  |
| Reliance Standard Life Global Funding II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/30/2024<sup>(1)(2)</sup> | 20000000 | 18918451 |  |
| Rexford Industrial Realty LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 12/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2030) | 13000000 | 10179356 |  |
| Rocket Mortgage LLC / |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Mortgage Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 10/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2023)<sup>(2)</sup> | 10000000 | 8612800 |  |
| Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 01/27/2026<sup>(1)</sup> | 29930000 | 29561184 |  |
| Sammons Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/16/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/16/2031)<sup>(2)</sup> | 25000000 | 19088078 |  |
| Santander Holdings USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/02/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/02/2025)<sup>(1)</sup> | 10000000 | 9541963 |  |
| Santander UK Group Holdings PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.673%, 06/14/2027 (SOFR + 0.989%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/14/2026)<sup>(1)(3)</sup> | 20000000 | 17028480 |  |
| Santander UK PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/07/2023<sup>(1)(2)</sup> | 36375000 | 36263547 |  |
| SMBC Aviation Capital Finance DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 04/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024)<sup>(1)(2)</sup> | 15000000 | 14504851 |  |
| Societe Generale SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/17/2024<sup>(1)(2)</sup> | 18000000 | 17807715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/28/2024<sup>(1)(2)</sup> | 10000000 | 9770548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 10/16/2024<sup>(1)(2)</sup> | 14575000 | 13797802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 01/22/2025<sup>(1)(2)</sup> | 24600000 | 23142883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/14/2025<sup>(1)(2)</sup> | 30420000 | 29192366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/19/2026<sup>(1)(2)</sup> | 10572000 | 9864391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.797%, 01/19/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/19/2027)<sup>(1)(2)(3)</sup> | 8000000 | 7010145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.889%, 06/09/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/09/2031)<sup>(1)(2)(3)</sup> | 7000000 | 5405367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 03/01/2041<sup>(1)(2)</sup> | 9200000 | 5993674 |  |
| Standard Chartered PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.885%, 03/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.080%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2023)<sup>(1)(2)(3)</sup> | 17600000 | 17516144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.785%, 05/21/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/21/2024)<sup>(1)(2)(3)</sup> | 25225000 | 24351382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.819%, 01/30/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.209%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2025)<sup>(1)(2)(3)</sup> | 14075000 | 13097096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.456%, 01/14/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/14/2026)<sup>(1)(2)(3)</sup> | 15000000 | 12997710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.608%, 01/12/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.180%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/12/2027)<sup>(1)(2)(3)</sup> | 18000000 | 15633824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.644%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 3.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030)<sup>(1)(2)(3)</sup> | 7000000 | 6310236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 03/26/2044<sup>(1)(2)</sup> | 14000000 | 12696001 |  |
| State Street Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.901%, 03/30/2026 (SOFR + 2.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/30/2025)<sup>(3)</sup> | 12975000 | 12334432 |  |
| Stifel Financial Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/18/2024 | 19615000 | 19225620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2030) | 6325000 | 5501563 |  |
| Sumitomo Mitsui Financial Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.696%, 07/16/2024<sup>(1)</sup> | 10400000 | 9977652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.448%, 09/27/2024<sup>(1)</sup> | 20000000 | 19008714 |  |
| Synchrony Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/23/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/23/2027) | 5000000 | 4883245 |  |
| Synchrony Financial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2024) | 33325000 | 32573735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/23/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/23/2025) | 12795000 | 12281873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2027) | 43000000 | 38412565 |  |
| Trinity Acquisition PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025) | 15776000 | 15319583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 08/15/2043 | 23630000 | 22669463 |  |
| UBS Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.494%, 08/10/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/10/2026)<sup>(1)(2)(3)</sup> | 10000000 | 8614541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.095%, 02/11/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/11/2031)<sup>(1)(2)(3)</sup> | 12550000 | 9438315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.988%, 08/05/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.400%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/05/2032)<sup>(1)(2)(3)</sup> | 3000000 | 2787063 |  |
| UBS Group Funding Switzerland AG, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 09/24/2025<sup>(1)(2)</sup> | 6500000 | 6325612 |  |
| UnitedHealth Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 07/15/2035 | 12175000 | 11847310 |  |
| Wells Fargo & Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/19/2025 | 5225000 | 5008237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.406%, 10/30/2025 (SOFR + 1.087%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/30/2024)<sup>(3)</sup> | 2500000 | 2365350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.164%, 02/11/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/11/2025)<sup>(3)</sup> | 15000000 | 13978467 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Wells Fargo & Co.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/22/2026 | $4000000 | $3742181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.808%, 07/25/2028 (SOFR + 1.980%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/25/2027)<sup>(3)</sup> | 5500000 | 5370545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.068%, 04/30/2041 (SOFR + 2.530%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/30/2040)<sup>(3)</sup> | 35000000 | 24994480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.013%, 04/04/2051 (SOFR + 4.502%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/04/2050)<sup>(3)</sup> | 8000000 | 7096717 |  |
| Westpac Banking Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.894%, 02/04/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/04/2025)<sup>(1)(3)</sup> | 18059000 | 16567316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.322%, 11/23/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year Mid Swap Rate USD + 2.236%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/23/2026)<sup>(1)(3)</sup> | 10000000 | 9423897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.110%, 07/24/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 2.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/24/2029)<sup>(1)(3)</sup> | 10000000 | 8588579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.668%, 11/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5 Year CMT Rate + 1.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2030)<sup>(1)(3)</sup> | 10000000 | 7444584 |  |
| Willis North America, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 09/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2029) | 10600000 | 8936209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 09/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2048) | 15000000 | 12586481 |  |
| **Total Financials** |  |  |  |
| **(Cost $4,772,253,511)** |  | 4268333204 | 19.1% |
| **Total Corporate Bonds** |  |  |  |
| **(Cost $12,623,714,663)** |  | 11179990715 | 50.1% |
| **Municipal Bonds** |  |  |  |
| Arizona Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2024) (Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 04/01/2025)<sup>(2)(4)</sup> | 41325000 | 39601599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 04/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2024) (Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 04/01/2025)<sup>(4)</sup> | 15830000 | 15144662 |  |
| Brazos Higher Education Authority, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.931%, 04/01/2024 | 1000000 | 961618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.981%, 04/01/2025 | 1000000 | 930633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.076%, 04/01/2026 | 1000000 | 903944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.176%, 04/01/2027 | 1300000 | 1143255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.310%, 04/01/2028 | 1000000 | 859276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.410%, 04/01/2029 | 2360000 | 1981995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.510%, 04/01/2030 | 1175000 | 965173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.760%, 04/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030) | 125000 | 124634 |  |
| California Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.794%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025) | 4305000 | 4120150 |  |
| California Qualified School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bond Joint Powers Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.155%, 03/01/2027 | 1415000 | 1476934 |  |
| Colton Joint Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.008%, 08/01/2026 | 1250000 | 1300138 |  |
| County of Hamilton OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.756%, 06/01/2042 (Insured by AGM) | 25725000 | 19905938 |  |
| County of Riverside CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.667%, 02/15/2025 | 15000000 | 14320557 |  |
| Great Lakes Water Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.615%, 07/01/2036 (Insured by AGM) | 20000000 | 15534380 |  |
| Illinois International Port District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026)<sup>(2)</sup> | 3475000 | 3001362 |  |
| Iowa Student Loan Liquidity Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.989%, 12/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2029) | 1035000 | 1025507 |  |
| Maryland Economic Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.997%, 04/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2034) | 40540000 | 31981382 |  |
| Massachusetts Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.455%, 07/01/2030 | 8375000 | 6776159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.555%, 07/01/2031 | 5000000 | 3962563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.775%, 07/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) | 4555000 | 4523562 |  |
| Minnesota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.680%, 10/01/2046 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2026) (Insured by GNMA) | 10759626 | 9575649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 11/01/2046 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2026) (Insured by GNMA) | 10724558 | 10204035 |  |
| New Hampshire Business |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) | 33000000 | 28266995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2032) | 20000000 | 15210250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.872%, 07/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2035) | 17780000 | 12330599 |  |
| New Hampshire Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2023) | 310000 | 309055 |  |
| New Jersey Turnpike Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.223%, 01/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025)<sup>(2)</sup> | 40000000 | 34231140 |  |
| North Carolina Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.870%, 07/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 1225000 | 1181736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.812%, 07/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | 1080000 | 1053215 |  |
| North East Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.240%, 08/01/2027 | 3000000 | 3050184 |  |
| Public Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 12770000 | 9301709 |  |
| Rhode Island Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.913%, 10/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2023) | 245000 | 241270 |  |
| Rhode Island Student Loan Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 12/01/2023 | 1400000 | 1364691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 12/01/2024 | 1165000 | 1105637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.530%, 12/01/2025 | 2310000 | 2140482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.730%, 12/01/2026 | 1490000 | 1354459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 12/01/2027 | 1800000 | 1607770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1265000 | 1364356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | 1295000 | 1414644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 12/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2030) | 4800000 | 4565472 |  |
| Suburban Hospital Healthcare System, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.865%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AMBAC) | 7660000 | 8103803 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Three Rivers Local School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.209%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | $1350000 | $1350223 |  |
| Western Michigan University Homer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker MD School of Medicine, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/15/2028 (Insured by AGM) | 12305000 | 12166299 |  |
| Westlake City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.227%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) | 1160000 | 1160447 |  |
| **Total Municipal Bonds** |  |  |  |
| **(Cost $387,614,877)** |  | 333199541 | 1.5% |
| **Residential Mortgage-Backed Securities** |  |  |  |
| **U.S. Government Agency Issues** |  |  |  |
| Fannie Mae REMIC Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1993-32, Class H, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/2023 | 75 | 75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1993-58, Class H, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2023 | 614 | 613 |  |
| Federal Gold Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Corp. (FGLMC): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2028 | 5226 | 5366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/01/2029 | 2129 | 2186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2032 | 4373921 | 4123092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2032 | 3291997 | 3103189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2032 | 5207999 | 4909279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2032 | 5179467 | 4882321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2033 | 2455711 | 2314833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2034 | 9046751 | 8782388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2035 | 6655903 | 6191195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2035 | 5738639 | 5337833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2036 | 35529390 | 32772445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2036 | 1974781 | 2020652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2037 | 47017 | 48844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2038 | 26522 | 27551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2038 | 44025 | 45736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2039 | 7611662 | 7863492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2039 | 224485 | 222930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2039 | 741785 | 736935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2040 | 754081 | 749150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2040 | 983862 | 977428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 | 8331676 | 8020416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2041 | 5012701 | 4825306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2041 | 40050227 | 33585507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2041 | 111298645 | 93982739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2042 | 17862115 | 15633468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2042 | 23548487 | 20511868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2042 | 2036910 | 1911572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2042 | 7634293 | 7164502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2042 | 11451557 | 10746868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2042 | 7033252 | 6416929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2042 | 4468519 | 4193533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2042 | 24891474 | 22710257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2042 | 7507452 | 7045300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2043 | 13105343 | 11956688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2043 | 2530526 | 2308726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2043 | 9361736 | 8785723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2043 | 8430278 | 7691384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 6370742 | 5812336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 5372564 | 4901639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2043 | 4443808 | 4054270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2043 | 18058152 | 16475201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2043 | 10239775 | 9342149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2043 | 4265715 | 4237841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2044 | 18677230 | 17516212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2044 | 12437326 | 11668096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2044 | 3516606 | 3339359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2044 | 6697198 | 6430083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2045 | 10295529 | 9659824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2045 | 4062407 | 3900361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2045 | 8544665 | 8009126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2045 | 13528040 | 12342503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2045 | 5662963 | 5406460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2045 | 3317803 | 3090879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2045 | 2368369 | 2273883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2046 | 48382877 | 43800209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2046 | 18792219 | 17515184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2046 | 3007324 | 2855741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2046 | 8808733 | 8470172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2046 | 2775894 | 2588411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2046 | 259793 | 249376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2046 | 4683913 | 4497150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2046 | 44435900 | 40064891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2046 | 30823392 | 27681388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2046 | 28353054 | 28167821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2047 | 18323722 | 17599983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2047 | 18429179 | 16532910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2047 | 34484537 | 30979084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2047 | 36462521 | 34022415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2047 | 24106289 | 22412619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2047 | 9050924 | 8445086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2048 | 42178315 | 39057982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2048 | 29920479 | 28946936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2048 | 9205307 | 8798219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2049 | 31784244 | 28621528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2050 | 53980931 | 51709517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2051 | 107628827 | 93383373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2051 | 62626340 | 54012460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2051 | 75087426 | 61947579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2051 | 25946137 | 22316928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2051 | 16049928 | 13270913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2051 | 88376300 | 72184533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | 104386769 | 89914391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2052 | 87696038 | 78004944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2052 | 56580038 | 50378845 |  |
| Federal National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (FNMA): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 12698 | 12774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2028 | 3963 | 4103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/01/2029 | 8438 | 8736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2030 | 1442781 | 1433109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2032 | 16014895 | 15529666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2032 | 3695 | 3783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2032 | 3276522 | 3087091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2033 | 5712092 | 5378190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2033 | 5708868 | 5361053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 4499132 | 4598336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2033 | 9101538 | 8981600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 | 4922161 | 4769730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2034 | 303896 | 309093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 | 6783885 | 6540406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2034 | 13725 | 14172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2035 | 6938843 | 7091881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2035 | 5101718 | 5214218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2035 | 11903 | 12305 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Federal National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (FNMA): (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2035 | $500839 | $511894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1518058 | 1551553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2036 | 56288296 | 51707390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2036 | 899633 | 917840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2036 | 413340 | 422469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2036 | 3006372 | 2898373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2036 | 1356070 | 1405096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2036 | 43906164 | 39216362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2036 | 19605708 | 17509019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036 | 4862754 | 4712333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037 | 20180754 | 19455491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2037 | 11882344 | 11374756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/2038 | 24128191 | 21738742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2038 | 2222968 | 2320175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2039 | 7348519 | 7371640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2039 | 4338647 | 4172181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2039 | 6545862 | 6661995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2040 | 1464451 | 1446492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2040 | 3319487 | 3293640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2040 | 4682404 | 4732964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2040 | 339571 | 326518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2040 | 4341073 | 4307838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2040 | 1550766 | 1538893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 | 582589 | 560192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2040 | 6638200 | 6382844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 | 1983548 | 1922879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2041 | 696091 | 652550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2041 | 1372050 | 1319303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2041 | 779002 | 730127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2041 | 134496 | 127580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2041 | 22637218 | 22465744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2041 | 2593941 | 2494154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2041 | 1974238 | 1953449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2041 | 11027832 | 10338165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2041 | 947450 | 911019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 11/01/2041 | 26874704 | 22025109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2041 | 996303 | 933933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2041 | 4612729 | 4435359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/2042 | 93316943 | 78798111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2042 | 9123762 | 8772896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2042 | 4280397 | 4247616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2042 | 9438626 | 9075652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/01/2042 | 9614361 | 7712754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2042 | 27433982 | 24760454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2042 | 1249205 | 1138421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2042 | 6603299 | 6190172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2042 | 2363268 | 2215305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2042 | 52215567 | 48946784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2042 | 4115609 | 3858107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2042 | 6590839 | 6178154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2042 | 10388499 | 9467134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2043 | 2740740 | 2495813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 1011324 | 921614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2043 | 10035877 | 9145632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2043 | 3908671 | 3561925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2043 | 8843647 | 8282928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2043 | 11277634 | 10277326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2043 | 4879539 | 4576889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2043 | 8935439 | 8098525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2043 | 12173009 | 11704851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2043 | 3278502 | 2987681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2043 | 4335961 | 4055754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2043 | 13500563 | 12641200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2043 | 5918859 | 5844297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 | 4829364 | 4631574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2045 | 2591360 | 2491716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2045 | 1184066 | 1135577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2045 | 4660344 | 4481120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2045 | 9411307 | 9025868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2045 | 3913585 | 3753298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2045 | 4940470 | 4595524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2045 | 17954365 | 17218882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2045 | 10001095 | 9712136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2046 | 11203263 | 11117474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2046 | 18559509 | 17848259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2046 | 9766275 | 9603916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2046 | 13719316 | 12311911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2046 | 5466097 | 5092376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2047 | 12188037 | 11693489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2047 | 22623247 | 21008192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2047 | 3710652 | 3552001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2047 | 18938938 | 18110276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2048 | 14326776 | 12834831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2048 | 34361399 | 31904922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2048 | 13037828 | 13134183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2049 | 13669369 | 13228107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2049 | 2575139 | 2451173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2049 | 51065751 | 47564744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2050 | 40626382 | 39856658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2050 | 93117120 | 83506323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/2050 | 13247186 | 11344898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2050 | 59090625 | 50885592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2050 | 8942352 | 7953205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2050 | 21910298 | 18763911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2050 | 70082277 | 60136920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2050 | 43214591 | 38547851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2051 | 43987024 | 37856609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2051 | 45411143 | 40603843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2051 | 10920571 | 9014365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/01/2051 | 39993663 | 34408116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2051 | 93217056 | 79569524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2051 | 36127677 | 32169399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2051 | 23622437 | 19480953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | 50136395 | 42812318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2051 | 35498413 | 30274414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2051 | 68759464 | 61225729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2051 | 20212242 | 16750038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 85755979 | 73134642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 83644954 | 71652176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 125852064 | 106973833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2051 | 66141584 | 56485368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/01/2052 | 116801346 | 99284391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2052 | 88701131 | 87626016 |  |
| Government National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (GNMA): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/20/2028 | 6614 | 6732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/20/2029 | 3540 | 3615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2033 | 5501 | 5763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2040 | 229268 | 232524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/20/2041 | 3514495 | 3386535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2041 | 2069908 | 2002459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2041 | 4045517 | 3817326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/20/2041 | 2842571 | 2749892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/20/2042 | 5292902 | 5154774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/20/2042 | 4658527 | 4536787 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Government National Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Association (GNMA): (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/20/2042 | $3066581 | $2895187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2044 | 14473616 | 13947301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2045 | 4361670 | 3987739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2045 | 5983577 | 5600426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2045 | 5851716 | 5636345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2045 | 6052510 | 5652705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2045 | 19917552 | 18601454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/20/2046 | 15163181 | 14195350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/20/2046 | 5758376 | 5777675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/2046 | 6997297 | 6693299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2046<sup>(6)</sup> | 26065796 | 24370118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2046 | 2585569 | 2490396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/20/2046 | 12400328 | 11228658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/20/2047 | 6771304 | 6645342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/20/2047 | 4583344 | 4521968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2047<sup>(6)</sup> | 23395369 | 23120438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2047 | 73038244 | 65902900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/20/2047 | 59468427 | 53876669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2048 | 69693333 | 65093033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2048 | 21964653 | 20058818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2049 | 26873084 | 26799254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/20/2051 | 43620704 | 37311390 |  |
| Seasoned Credit Risk Transfer Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class MA, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2059 (Callable 06/25/2043) | 33406391 | 30980649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class MT, 2.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2060 (Callable 09/25/2042) | 28313160 | 23454384 |  |
| **Total U.S. Government Agency Issues** |  |  |  |
| **(Cost $4,516,108,640)** |  | 4130207977 | 18.5% |
| **Non-U.S. Government Agency Issues** |  |  |  |
| Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-43CB, Class 2A1, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2023 (Callable 01/25/2023)<sup>(6)</sup> | 7844 | 7800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3CB, Class 2A1, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2023 (Callable 01/25/2023)<sup>(6)</sup> | 67125 | 61579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-11CB, Class 2A6, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2025 (Callable 01/25/2023)<sup>(6)</sup> | 3256196 | 2638832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-18CB, Class 1A1, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2034 (Callable 01/25/2023) | 1097476 | 1059732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-6CB, Class 1A4, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2035 (Callable 01/25/2023)<sup>(6)</sup> | 7526538 | 6387067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-29CB, Class A1, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2035 (Callable 01/25/2023) | 1260075 | 794111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-49CB, Class A5, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2035 (Callable 01/25/2023)<sup>(6)</sup> | 1338457 | 914063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-73CB, Class 1A7, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2036 (Callable 01/25/2023)<sup>(6)</sup> | 202393 | 186117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-85CB, Class 2A2, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2036 (Callable 01/25/2023)<sup>(6)</sup> | 1807571 | 1423610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-28CB, Class A17, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2036 (Callable 01/25/2023)<sup>(6)</sup> | 349779 | 187471 |  |
| Arroyo Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class A1, 2.962%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2048 (Callable 01/25/2023)<sup>(2)(4)</sup> | 10802636 | 9874699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1B, 3.269%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2056 (Callable 01/25/2025)<sup>(2)(7)</sup> | 11500000 | 10193613 |  |
| Asset Backed Securities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Equity Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-HE2, Class A1, 4.769%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2036 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.380%) (Callable 01/25/2023)<sup>(3)</sup> | 3878183 | 3776170 |  |
| Banc of America Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-1, Class 1A1, 3.921%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2023 (Callable 01/25/2023)<sup>(4)</sup> | 73164 | 62348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-6, Class 4A1, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2023 (Callable 01/25/2023) | 225900 | 180450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-8, Class 1CB1, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2033 (Callable 01/25/2023) | 901565 | 853831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-5, Class CB7, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2046 (Callable 01/25/2023)<sup>(6)</sup> | 106266 | 91989 |  |
| Banc of America Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-C, Class 1A3, 3.473%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/20/2036 (Callable 01/20/2023)<sup>(4)(6)</sup> | 924380 | 865976 |  |
| Bayview Financial Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-B, Class 1A2, 7.331%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/28/2037 (Callable 01/28/2023)<sup>(7)</sup> | 60053 | 50287 |  |
| Bear Stearns ARM Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9, Class A1, 5.230%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.300%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(3)</sup> | 233304 | 215762 |  |
| BRAVO Residential Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL2, Class A1, 2.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2059 (Callable 12/25/2047)<sup>(2)(4)</sup> | 30179157 | 27017764 |  |
| Chase Mortgage Finance Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-A2, Class 1A5, 3.643%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2036 (Callable 01/25/2023)<sup>(4)</sup> | 395436 | 344212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A1, Class 2A3, 3.989%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2036 (Callable 01/25/2023)<sup>(4)(6)</sup> | 306191 | 262164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A1, Class 3A1, 3.370%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2037 (Callable 12/25/2029)<sup>(4)</sup> | 1480529 | 1371255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A1, Class 2A3, 3.645%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2037 (Callable 12/25/2029)<sup>(4)</sup> | 483754 | 441332 |  |
| CHL Mortgage Pass-Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-6, Class 2A1, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2035 (Callable 01/25/2023) | 222358 | 169464 |  |
| CIM Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R1, Class A1, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2061 (Callable 02/25/2027)<sup>(2)(4)</sup> | 21293790 | 19093432 |  |
| Citicorp Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3, Class 1A4, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2036 (Callable 01/25/2023) | 2300318 | 2008065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-2, Class 1A3, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2037 (Callable 01/25/2023)<sup>(6)</sup> | 733325 | 596086 |  |
| Citicorp Residential Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-1, Class A6, 6.202%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2037 (Callable 01/25/2023)<sup>(7)</sup> | 410 | 406 |  |
| Citigroup Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RP2, Class A1, 2.659%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2058 (Callable 09/25/2037)<sup>(2)(4)</sup> | 11795537 | 11308022 |  |
| Citigroup Mortgage Loan Trust, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-AR1, Class 1A1, 3.150%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Year CMT Rate + 2.400%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(3)</sup> | 3290509 | 3153506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9, Class 22A2, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2035 (Callable 01/25/2023)<sup>(6)</sup> | 1202840 | 1164287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-9, Class 2A2, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2035 (Callable 01/25/2023) | 20685 | 15273 |  |
| Countrywide Asset-Backed Certificates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-10, Class AF6, 4.915%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 10221 | 9939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-10, Class 1AF3, 5.971%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (Callable 01/25/2023)<sup>(4)(6)</sup> | 102520 | 101808 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Credit Suisse First Boston |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-7, Class 3A1, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2023 (Callable 01/25/2023) | $11866 | $11237 |  |
| Credit-Based Asset Servicing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Securitization LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-CB4, Class A1A, 4.479%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2037 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.090%) (Callable 09/25/2025)<sup>(3)</sup> | 893430 | 852114 |  |
| CWABS Asset-Backed Certificates Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-9, Class 1AF3, 5.859%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2036 (Callable 01/25/2023)<sup>(4)</sup> | 60660 | 61373 |  |
| Deutsche Alt-A Securities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-1, Class 1A1, 4.889%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%) (Callable 01/25/2023)<sup>(3)</sup> | 2717204 | 2547233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2, Class 1A7, 5.159%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 4678463 | 4313950 |  |
| First Franklin Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-FF6, Class A4, 4.889%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2036 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%) (Callable 01/25/2023)<sup>(3)</sup> | 9264568 | 9026238 |  |
| First Horizon Alternative |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-AA1, Class A1, 4.538%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2034 (Callable 01/25/2023)<sup>(4)</sup> | 2171521 | 2012279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-AA2, Class 2A1, 3.939%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 946988 | 917222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-FA6, Class 3A1, 5.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2036 (Callable 01/25/2023) | 2587 | 1932 |  |
| FirstKey Homes Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR3, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/19/2038<sup>(2)</sup> | 70700000 | 66771866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.538%, 08/19/2038<sup>(2)</sup> | 98184759 | 85249103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.376%, 09/17/2038<sup>(2)</sup> | 38563822 | 32985627 |  |
| GE Capital Mortgage Services, Inc. Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1999-HE1, Class A7, 6.265%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2029 (Callable 01/25/2023) | 12 | 12 |  |
| GS Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL1, Class A1A, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2057 (Callable 09/25/2034)<sup>(2)</sup> | 25121587 | 24037186 |  |
| GSAA Home Equity Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-14, Class 1A1, 4.889%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%)(Callable 01/25/2023)<sup>(3)</sup> | 5260145 | 5029852 |  |
| GSR Mortgage Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-15F, Class 5A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/25/2023 | 20368 | 19021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3F, Class 2A4, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2035 (Callable 12/25/2034) | 1293549 | 1096033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-AR2, Class 2A1, 2.954%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 1366904 | 1226806 |  |
| Home Equity Asset Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-7, Class A1, 5.109%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.720%)(Callable 01/25/2023)<sup>(3)</sup> | 9921381 | 9505028 |  |
| Home Partners of America Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.901%, 12/17/2038<sup>(2)</sup> | 80863465 | 69930846 |  |
| J.P. Morgan Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A1, Class 2A1, 3.507%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2036 (Callable 07/25/2023)<sup>(4)</sup> | 39565 | 37077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-S1, Class A1, 4.949%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2037 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.560%) (Callable 01/25/2023)<sup>(3)</sup> | 2494332 | 2358406 |  |
| J.P. Morgan Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-A8, Class 2A3, 3.879%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 2410207 | 2088693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A2, Class 3A3, 2.783%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2036 (Callable 01/25/2023)<sup>(4)</sup> | 655641 | 550959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A2, Class 2A1, 3.051%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2036 (Callable 01/25/2023)<sup>(4)</sup> | 561451 | 477550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A7, Class 2A2, 3.848%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2037 (Callable 01/25/2023)<sup>(4)(6)</sup> | 936627 | 721991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-A7, Class 2A4R, 3.848%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2037 (Callable 01/25/2023)<sup>(4)(6)</sup> | 957987 | 738457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A2, Class 2A3, 3.480%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2037 (Callable 01/25/2023)<sup>(4)</sup> | 1814415 | 1331705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-A4, Class 2A3, 3.464%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2037 (Callable 01/25/2023)<sup>(4)(6)</sup> | 2140309 | 1681590 |  |
| MASTR Alternative Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2, Class 2A1, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2034 (Callable 01/25/2023) | 1144240 | 1088098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-8, Class 2A1, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2034 (Callable 01/25/2023) | 758277 | 717296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-6, Class 1A5, 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (Callable 01/25/2023)<sup>(6)</sup> | 1257698 | 892941 |  |
| Merrill Lynch Mortgage Investors Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-F, Class A1B, 5.009%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2029 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.620%) (Callable 01/25/2023)<sup>(3)</sup> | 2778083 | 2607608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-A5, Class A3, 3.484%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 837810 | 770534 |  |
| Mill City Mortgage Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class A1, 3.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2058 (Callable 07/25/2030)<sup>(2)(4)</sup> | 6241672 | 6116893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3, Class A1, 3.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2058 (Callable 01/25/2032)<sup>(2)(4)</sup> | 6719517 | 6417056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A1, 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2069 (Callable 09/25/2032)<sup>(2)(4)</sup> | 16746735 | 15759602 |  |
| MortgageIT Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-4, Class A1, 4.949%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.560%) (Callable 01/25/2023)<sup>(3)</sup> | 1118288 | 1035775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-5, Class A1, 4.909%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.520%) (Callable 01/25/2023)<sup>(3)</sup> | 1333550 | 1251765 |  |
| New Residential Mortgage Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2056 (Callable 04/25/2030)<sup>(2)(4)</sup> | 5655490 | 5192720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A, Class A1, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2057 (Callable 12/25/2030)<sup>(2)(4)</sup> | 11722098 | 11028592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A, Class A1, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2057 (Callable 02/25/2032)<sup>(2)(4)</sup> | 9688749 | 9155318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6A, Class A1, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2057 (Callable 08/25/2033)<sup>(2)(4)</sup> | 12375164 | 11576163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class A1A, 4.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/25/2057 (Callable 07/25/2032)<sup>(2)(4)</sup> | 6468855 | 6071155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RPL2, Class A1, 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2059 (Callable 06/25/2035)<sup>(2)(4)</sup> | 14401313 | 13532281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1, 3.079%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2062 (Callable 02/25/2024)<sup>(2)(4)</sup> | 27492531 | 24488972 |  |
| OBX Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3, Class A1, 3.381%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/25/2062 (Callable 03/25/2025)<sup>(2)(4)</sup> | 36833572 | 33787052 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| OBX Trust: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM5, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.310%, 05/25/2062 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/25/2025)<sup>(2)(7)</sup> | $69126042 | $65298519 |  |
| RALI Series Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-QS13, Class CB, 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2023 (Callable 01/25/2023) | 3495 | 3486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-QS5, Class A1, 4.789%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.400%) (Callable 01/25/2023)<sup>(3)(6)</sup> | 1078086 | 837232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-QA7, Class A22, 3.839%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2035 (Callable 01/25/2023)<sup>(4)</sup> | 914858 | 811078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-QS11, Class A2, 4.889%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%) (Callable 01/25/2023)<sup>(3)(6)</sup> | 2182953 | 1591053 |  |
| Renaissance Home Equity Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-1, Class AF6, 4.970%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2035 (Callable 01/25/2023)<sup>(7)</sup> | 3422 | 3370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2, Class AF6, 4.781%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2035 (Callable 02/25/2023)<sup>(7)</sup> | 287151 | 269948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-2, Class AF3, 5.797%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2036 (Callable 05/25/2028)<sup>(7)</sup> | 14782419 | 5868928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3, Class AF2, 5.580%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2036 (Callable 10/25/2027)<sup>(7)</sup> | 9847275 | 3606660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-1, Class AF3, 5.612%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2037 (Callable 04/25/2029)<sup>(7)</sup> | 278136 | 82082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-2, Class AF2, 5.675%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2037 (Callable 05/25/2030)<sup>(7)</sup> | 1435659 | 432467 |  |
| Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A1, 1.486%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2065 (Callable 07/25/2023)<sup>(2)(4)</sup> | 3879023 | 3551041 |  |
| Structured Asset Securities Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2003-31A, Class 2A7, 4.176%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2033 (Callable 01/25/2023)<sup>(4)</sup> | 634595 | 607561 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2056 (Callable 10/25/2028)<sup>(2)(4)</sup> | 390949 | 384374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-6, Class A1, 2.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2057 (Callable 11/25/2027)<sup>(2)(4)</sup> | 10265812 | 9792492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A1, 3.722%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 05/25/2028)<sup>(2)(4)</sup> | 6158528 | 5801378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6, Class A1A, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/25/2058 (Callable 08/25/2028)<sup>(2)(4)</sup> | 6901783 | 6699762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class A1, 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2058 (Callable 07/25/2030)<sup>(2)(4)</sup> | 22295022 | 20354078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class A1, 2.900%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2059 (Callable 04/25/2031)<sup>(2)(4)</sup> | 44276661 | 41147886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class A1A, 1.636%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/25/2060 (Callable 08/25/2030)<sup>(2)(4)</sup> | 27975188 | 24632746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4, Class A1, 1.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2060 (Callable 08/25/2029)<sup>(2)</sup> | 71906215 | 63585789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/25/2062 (Callable 07/25/2028)<sup>(2)(4)</sup> | 117470935 | 109503763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1, 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2062 (Callable 12/25/2027)<sup>(2)(4)</sup> | 116680867 | 109413131 |  |
| WaMu Mortgage Pass-Through |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-CB3, Class 1A, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2034 (Callable 01/25/2023) | 603194 | 584721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2004-CB3, Class 2A, 6.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2034 (Callable 01/25/2023) | 1366468 | 1301307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class 1CB3, 4.466%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2035 (1 Month LIBOR USD + |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.450%) (Callable 01/25/2023)<sup>(3)(6)</sup> | 3162312 | 2680813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2005-6, Class 2A4, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/25/2023)<sup>(6)</sup> | 2642450 | 2211558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-HY3, Class 4A1, 3.293%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/25/2036 (Callable 01/25/2023)<sup>(4)</sup> | 5625925 | 5051458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-AR10, Class 1A1, 3.738%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/25/2036 (Callable 01/25/2023)<sup>(4)(6)</sup> | 509299 | 457215 |  |
| Wells Fargo Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Backed Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2006-AR14, Class 2A3, 4.511%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2036 (Callable 01/25/2023)<sup>(4)(6)</sup> | 882936 | 759152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2007-7, Class A49, 6.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/25/2037 (Callable 01/25/2023)<sup>(6)</sup> | 1147413 | 947106 |  |
| **Total Non-U.S. Government** |  |  |  |
| **Agency Issues** |  |  |  |
| **(Cost $1,175,004,078)** |  | 1072225883 | 4.8% |
| **Total Residential** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $5,691,112,718)** |  | 5202433860 | 23.3% |
| **Commercial Mortgage-Backed Securities** |  |  |  |
| **U.S. Government Agency Issues** |  |  |  |
| Fannie Mae REMIC Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-M4, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.555%, 12/25/2026<sup>(4)</sup> | 21701725 | 20070667 |  |
| Freddie Mac Multifamily Structured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass Through Certificates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K061, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.347%, 11/25/2026<sup>(4)</sup> | 57540000 | 55118147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K063, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.430%, 01/25/2027<sup>(4)</sup> | 16715490 | 16064726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K064, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.224%, 03/25/2027 | 9810250 | 9348372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K065, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.243%, 04/25/2027 | 54115000 | 51556053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K066, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.117%, 06/25/2027 | 16491658 | 15621241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K067, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.194%, 07/25/2027 | 9015000 | 8557993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K068, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.244%, 08/25/2027 | 71580000 | 68072072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K072, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.444%, 12/25/2027 | 12000000 | 11494470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K074, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 01/25/2028 | 40495000 | 39043185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K077, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 05/25/2028<sup>(4)</sup> | 46199000 | 44968485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K079, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.926%, 06/25/2028 | 63251000 | 61709162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K080, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.926%, 07/25/2028<sup>(4)</sup> | 34095000 | 33240600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K122, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.521%, 11/25/2030 | 23000000 | 18496786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K153, Class A3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.117%, 10/25/2031<sup>(4)</sup> | 15655000 | 14142915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K158, Class A3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/25/2033<sup>(4)</sup> | 18777000 | 17535142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K-1517, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.716%, 07/25/2034 | 1000000 | 728849 |  |
| **Total U.S. Government Agency Issues** |  |  |  |
| **(Cost $519,639,780)** |  | 485768865 | 2.2% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Non-U.S. Government Agency Issues** |  |  |  |
| BANK: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK4, Class A4, 3.625%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/17/2050 (Callable 04/15/2027) | $30037000 | $28041041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8, Class A4, 3.488%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2050 (Callable 11/15/2027) | 69721751 | 64381281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK9, Class A4, 3.538%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2054 (Callable 12/15/2029) | 32737000 | 30348348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK44, Class A5, 5.746%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2055 (Callable 11/15/2032)<sup>(4)</sup> | 69300000 | 72390648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK5, Class A5, 3.390%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2060 (Callable 07/15/2027) | 2070000 | 1912288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN10, Class A5, 3.688%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/17/2061 (Callable 02/15/2028) | 6400000 | 5971234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN33, Class A5, 2.556%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/16/2064 (Callable 05/15/2031) | 53919000 | 44712412 |  |
| BBCMS Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C2, Class A5, 4.314%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2051 (Callable 12/15/2028) | 14445000 | 13778749 |  |
| Benchmark Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B19, Class A5, 1.850%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2053 (Callable 10/15/2030) | 40850000 | 32839135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B21, Class A5, 1.978%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2053 (Callable 12/15/2030) | 46400000 | 37112455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24, Class A5, 2.584%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2054 (Callable 03/15/2031) | 29000000 | 24145609 |  |
| BMO Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C1, Class A5, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.374%, 02/18/2055<sup>(4)</sup> | 31900000 | 27769444 |  |
| Citigroup Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC27, Class A5, 3.137%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/10/2048 (Callable 01/10/2025) | 50189111 | 47727676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC29, Class A4, 3.192%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/10/2048 (Callable 04/10/2025) | 25065000 | 23701146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C2, Class A4, 2.832%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2049 (Callable 08/10/2026) | 33387000 | 30399485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-P8, Class A4, 3.465%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2050 (Callable 09/15/2027) | 29775000 | 27471606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GC43, Class A4, 3.038%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/13/2052 (Callable 11/10/2029) | 7350000 | 6415510 |  |
| COMM Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR18, Class A4, 3.550%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2047 (Callable 07/15/2024) | 4732527 | 4583027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR19, Class A5, 3.796%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/12/2047 (Callable 08/10/2024) | 33800000 | 32695964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR20, Class ASB, 3.305%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/13/2047 (Callable 01/10/2029) | 10790233 | 10585819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC19, Class A4, 3.183%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/10/2048 (Callable 01/10/2027) | 27105399 | 25834977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-DC1, Class A5, 3.350%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/12/2048 (Callable 02/10/2025) | 23390000 | 22277588 |  |
| CSAIL Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C14, Class A4, 4.422%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2051 (Callable 11/15/2028)<sup>(4)</sup> | 14929000 | 14125724 |  |
| DBJPM Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C9, Class A5, 1.926%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2053 (Callable 09/15/2030) | 31100000 | 25234826 |  |
| GS Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC20, Class AAB, 3.655%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 5462164 | 5382868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC20, Class A5, 3.998%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/12/2047 (Callable 04/10/2024) | 9959000 | 9732018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GC42, Class A4, 3.001%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/12/2052 (Callable 09/10/2029) | 16285000 | 14023268 |  |
| JPMBB Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C15, Class A4, 4.096%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/17/2045 (Callable 10/15/2023) | 4843636 | 4803652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C17, Class A3, 3.928%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/17/2047 (Callable 01/15/2024) | 5390525 | 5286404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C24, Class ASB, 3.368%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 10/15/2025) | 4372871 | 4276502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C25, Class A5, 3.672%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 45697000 | 43975210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C30, Class A5, 3.822%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2048 (Callable 07/15/2025) | 42110000 | 40150310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C4, Class A3, 3.141%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2049 (Callable 04/15/2027) | 29133000 | 26827913 |  |
| JPMCC Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-JP5, Class A5, 3.723%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/17/2050 (Callable 04/15/2027) | 17310000 | 16165065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-JP7, Class A5, 3.454%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2050 (Callable 08/15/2027) | 27356184 | 25239187 |  |
| Morgan Stanley Bank of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;America Merrill Lynch Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class A3, 3.973%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2046 (Callable 10/15/2023) | 11902841 | 11776911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C16, Class A5, 3.892%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/17/2047 (Callable 06/15/2026) | 35020000 | 33937563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C25, Class ASB, 3.383%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/19/2048 (Callable 09/15/2025) | 13697041 | 13258469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C30, Class A5, 2.860%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/17/2049 (Callable 10/15/2026) | 9062000 | 8250075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C32, Class A4, 3.720%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2049 (Callable 01/15/2027) | 14175000 | 13283385 |  |
| Morgan Stanley Capital I, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-L8, Class A5, 3.795%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/16/2055 (Callable 04/15/2032)<sup>(4)</sup> | 56678000 | 50850855 |  |
| Wells Fargo Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C26, Class ASB, 2.991%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2048 (Callable 02/15/2025) | 6475206 | 6285539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C35, Class ASB, 2.788%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/17/2048 (Callable 07/15/2026) | 7672095 | 7344532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK1, Class A3, 2.652%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/17/2049 (Callable 08/15/2026) | 7952000 | 7195613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C40, Class A4, 3.581%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/17/2050 (Callable 10/15/2027) | 48894000 | 45330009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C42, Class A4, 3.589%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/16/2050 (Callable 12/15/2027) | 52370521 | 48246180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-RC1, Class A4, 3.631%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/15/2060 (Callable 03/15/2027) | 11875000 | 11097568 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C47, Class A4, 4.442%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2061 (Callable 10/15/2028) | 10850000 | 10399849 |  |
| WFRBS Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C18, Class A4, 3.896%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/17/2046 (Callable 01/15/2024) | 15414320 | 15092567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C21, Class ASB, 3.393%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/16/2047 (Callable 08/15/2024) | 3133786 | 3089697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C24, Class A5, 3.607%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2047 (Callable 11/15/2024) | 54091000 | 52083635 |  |
| **Total Non-U.S.** |  |  |  |
| **Government Agency Issues** |  |  |  |
| **(Cost $1,329,432,197)** |  | 1187840836 | 5.3% |
| **Total Commercial** |  |  |  |
| **Mortgage-Backed Securities** |  |  |  |
| **(Cost $1,849,071,977)** |  | 1673609701 | 7.5% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Asset Backed Securities** |  |  |  |
| Affirm Asset Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.030%, 08/17/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2023)<sup>(2)</sup> | $15650000 | $14842632 |  |
| Ford Credit Auto Owner Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class A, 3.520%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2030 (Callable 01/15/2024)<sup>(2)</sup> | 18675000 | 18310044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class A, 3.190%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2031 (Callable 01/15/2025)<sup>(2)</sup> | 28641000 | 27373515 |  |
| Navient Private Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refi Loan Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-EA, Class A, 0.970%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/16/2069 (Callable 06/15/2029)<sup>(2)</sup> | 11442595 | 9597328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GA, Class A, 1.580%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2070 (Callable 02/15/2029)<sup>(2)</sup> | 10590782 | 8981251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A, 2.230%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2070 (Callable 04/15/2029)<sup>(2)</sup> | 10352485 | 8997243 |  |
| Nelnet Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class APT1, 1.360%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/20/2062 (Callable 09/20/2029)<sup>(2)</sup> | 29290998 | 25943128 |  |
| Oakwood Mortgage Investors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 1999-B, Class A3, 6.450%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2023 (Callable 01/15/2023) | 456 | 454 |  |
| PFS Financing Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.710%, 04/15/2026<sup>(2)</sup> | 29800000 | 28042712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.770%, 08/17/2026<sup>(2)</sup> | 44400000 | 40950768 |  |
| SBA Tower Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.840%, 10/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026)<sup>(2)</sup> | 45100000 | 38258962 |  |
| Texas Electric Market |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stabilization Funding N LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.966%, 02/01/2044<sup>(2)</sup> | 24000000 | 22811865 |  |
| Towd Point Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1A, 2.184%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2060 (Callable 01/25/2023)<sup>(2)(4)</sup> | 29422281 | 27357305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-MH1, Class A1, 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/25/2060 (Callable 01/25/2023)<sup>(2)(4)</sup> | 21368779 | 19890788 |  |
| Toyota Auto Loan Extended Note Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 2.560%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/25/2031 (Callable 05/25/2024)<sup>(2)</sup> | 62085050 | 59844407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 1.350%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/25/2033 (Callable 05/25/2025)<sup>(2)</sup> | 65158000 | 59651510 |  |
| **Total Asset Backed Securities** |  |  |  |
| **(Cost $440,713,585)** |  | 410853912 | 1.8% |
|  | *Shares* |  |  |
| **Common Stock** |  |  |  |
| **Industrials** |  |  |  |
| Weatherford International PLC<sup>(9)</sup> | 46003 | 2342473 |  |
| **Total Common Stock** |  |  |  |
| **(Cost $3,790,589)** |  | 2342473 | 0.0% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $24,999,953,033)** |  | 22072612752 | 98.9% |
| Short-Term Investment |  |  |  |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(5)</sup> | 253075282 | 253075282 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $253,075,282)** |  | 253075282 | 1.1% |
| **Total Investments** |  |  |  |
| **(Cost $25,253,028,315)** |  | 22325688034 | 100.0% |
| Other Assets in Excess of Liabilities |  | 7883777 | 0.0% |
| **TOTAL NET ASSETS** |  | $22333571811 | 100.0% |

---

#### Notes to Schedule of Investments
AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

GNMA – Government National Mortgage Association

NATL – National Public Finance Guarantee Corp.

SD CRED PROG – State Credit Enhancement Program

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

SOFRINDX – Secured Overnight Financing Rate Index

<sup>(1)</sup> Foreign security.

<sup>(2)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $5,119,276,858, which represented 22.92% of total net assets.

<sup>(3)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(4)</sup> Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of December 31, 2022.

<sup>(5)</sup> Seven-day yield.

<sup>(6)</sup> Security that, on the last payment date, missed a partial principal or interest payment.

<sup>(7)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

<sup>(8)</sup> Security in default.

<sup>(9)</sup> Non-income producing.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Plus Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| U.S. Treasury Securities | $— | $3228144219 | $— | $3228144219 |
| Other Government Related Securities |  | 42038331 |  | 42038331 |
| Corporate Bonds |  | 11179990715 |  | 11179990715 |
| Municipal Bonds |  | 333199541 |  | 333199541 |
| Residential Mortgage-Backed Securities – U.S. Government Agency Issues |  | 4130207977 |  | 4130207977 |
| Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 1072225883 |  | 1072225883 |
| Commercial Mortgage-Backed Securities – U.S. Government Agency Issues |  | 485768865 |  | 485768865 |
| Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues |  | 1187840836 |  | 1187840836 |
| Asset Backed Securities |  | 410853912 |  | 410853912 |
| Common Stock | 2342473 |  |  | 2342473 |
| **Total Long-Term Investments** | 2342473 | 22070270279 |  | 22072612752 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 253075282 |  |  | 253075282 |
| **Total Short-Term Investment** | 253075282 |  |  | 253075282 |
| **Total Investments** | $255417755 | $22070270279 | $— | $22325688034 |

---

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.*

------

2022 Municipal Bond Market Overview

(Unaudited)

------

The tax-exempt market closed the year with a strong tone, as yields fell modestly in December, adding to the strong rally that began in November. Although yields were lower for the quarter, they still rose significantly across the curve for the full year with short-term rates rising more than long. The 1yr tax-exempt yield rose an amazing 263 bps while 10yr and 30yr yields rose 159 bps and 209 bps, respectively. The magnitude of the move in short rates left yields between the 1 – 10-year curve inverted for the first time ever (-18 bps at year end). Inflation, which rose much more than expected and proved to be more persistent than transitory, was the obvious catalyst for the big upward yield adjustment in 2022. The CPI rose to a 40-year high in June, to 9.1% YoY, before declining to 7.1% at year end. Exacerbating the inflation pressures was Russia's invasion of Ukraine, especially impacting global food and energy prices, as well as China's strict COVID-19 lockdowns which prolonged global supply constraints. A tight labor market in the US, with nearly two job openings for every unemployed individual, also kept wage pressures elevated. The Fed reacted aggressively as the inflation data became more troubling. Rather than boost rates by the total of 75 bps they expected at the start of the year, the federal funds rate rose by 425 bps (including four successive 75 bps increases); the most aggressive Fed rate campaign on record combined with transitioning from quantitative easing (QE) to quantitative tightening (QT) as the Fed's balance sheet is unwound.

#### AAA Municipal Yields

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![](bfif-ltrchart3.jpg)  | **<u>Maturity</u>** | **<u>12/31/21</u>** | **<u>9/30/22</u>** | **<u>11/30/22</u>** | **<u>12/31/22</u>** | **<u>1 Mo</u>** | **<u>Q4</u>** | **<u>2022</u>** |
| ![](bfif-ltrchart3.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;1 | 0.19% | 3.04% | 2.56% | 2.82% | 0.26% | -0.22% | 2.63% |
| ![](bfif-ltrchart3.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;2 | 0.25% | 3.07% | 2.59% | 2.67% | 0.08% | -0.40% | 2.42% |
| ![](bfif-ltrchart3.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;3 | 0.34% | 3.09% | 2.60% | 2.58% | -0.02% | -0.51% | 2.24% |
| ![](bfif-ltrchart3.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;5 | 0.60% | 3.13% | 2.65% | 2.56% | -0.09% | -0.57% | 1.96% |
| ![](bfif-ltrchart3.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;7 | 0.85% | 3.14% | 2.66% | 2.56% | -0.10% | -0.58% | 1.71% |
| ![](bfif-ltrchart3.jpg)  | 10 | 1.05% | 3.26% | 2.75% | 2.64% | -0.11% | -0.62% | 1.59% |
| ![](bfif-ltrchart3.jpg)  | 30 | 1.54% | 3.95% | 3.57% | 3.63% | 0.06% | -0.32% | 2.09% |

---

Specific to the municipal market, a record level of net municipal fund redemptions was the dominant story in 2022. A total of $121.6B exited funds as rising rates and declining fund net asset values (NAVs) created a significant opportunity to harvest tax losses. For perspective, this was more than one-third of all fixed income outflows for the year ($331B). The fact that municipal funds had record *inflows* of $102B in 2021, when rates were near all-time lows and fund NAVs near their highs, certainly added to the tax harvesting incentive. Also, some investors simply sought to reduce portfolio risk and volatility by going to cash. Contributing to the market volatility was an understandably cautious and capital-restricted dealer community, reluctant to add inventory as rates rose given the inherent difficulty in hedging municipal bonds against rate movements. Fortunately, the level of new municipal supply in 2022 was light or the rate rise might have been greater. Issuance in Q4 of $70.5B was the lowest in at least 13 years and total supply for the year ($372.8B) was off 23% YoY; the annual decline overstates the available supply for most municipal investors since it was taxable issuance that fell most dramatically (-57% YoY) as refunding opportunities faded. Tax-exempt supply was still off 9% YoY, as many issuers had less need to borrow and/or were willing to wait for more market stability to do so.

![](bfif-ltrchart4.jpg)

Even with the aforementioned market challenges, 2022 was, to oversimplify, a municipal rate move, not a credit driven market sell-off (as was the case during the Global Financial Crisis and the COVID-19 pandemic). Fixed income managers could, therefore, focus on meeting uncertain liquidity needs without heightened concern over a wave of ratings downgrades. In fact, by many measures the financial position of state and local governments was never better than this year. Rainy day reserves were at record levels, thanks to unprecedented federal fiscal support surrounding the pandemic. In addition, the strong post-pandemic economic recovery and favorable financial markets of 2021 led to a surge in tax revenues in 2022.

#### Solid Q4 Returns Partially Offset Significant Declines in 2022
The rally in Q4 led to positive returns across the recent period, but it was insufficient to offset the full year declines of 2022. For the quarter, long maturities significantly outperformed short and intermediate maturities as rates fell. The opposite was true, however, for the year where short-term maturities outperformed longer curve segments. Notably, the Bloomberg Municipal Bond Index return of -8.53% in 2022 was its worst annual return since 1981. Across market sectors, the Prerefunded sector outperformed both GOs and Revenue bonds for the year. Finally, wider credit spreads led to AAAs outperforming lower-quality issues for the quarter and calendar year.

#### Total Returns of Selected Bloomberg Municipal Indices and Subsectors

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Bloomberg Index/Sector</u>** | **<u>December</u>** | **<u>Q4</u>** | **<u>2022</u>** | **<u>2021</u>** | **<u>Duration</u>** | **<u>Bloomberg Quality</u>** | **<u>December</u>** | **<u>Q4</u>** | **<u>2022</u>** | **<u>2021</u>** | **<u>Duration</u>** |
| Municipal Bond Index | 0.29% | 4.10% | &nbsp;&nbsp;&nbsp;&nbsp;-8.53% | 1.52% | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | AAA | 0.19% | 4.29% | &nbsp;&nbsp;&nbsp;&nbsp;-7.93% | 0.47% | 5.94 |
| General Obligation bonds | 0.31% | 4.19% | &nbsp;&nbsp;&nbsp;&nbsp;-7.74% | 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | AA | 0.28% | 4.13% | &nbsp;&nbsp;&nbsp;&nbsp;-7.97% | 0.92% | 6.09 |
| Revenue bonds | 0.29% | 4.21% | &nbsp;&nbsp;&nbsp;&nbsp;-9.29% | 1.86% | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | A | 0.43% | 3.98% | &nbsp;&nbsp;&nbsp;&nbsp;-9.06% | 2.25% | 6.30 |
| Prerefunded bonds | 0.05% | 2.09% | &nbsp;&nbsp;&nbsp;&nbsp;-3.01% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | BBB | 0.04% | 3.88% | -11.63% | 4.85% | 7.27 |
| Long maturities (22+ yrs.) | -0.28% <br>| 5.19% | -15.58% | 3.17% | 10.49 | High Yield | -0.16% | 3.48% | -13.10% | 7.77% | 7.87 |
| Intermediate maturities (1 - 17 yrs.) | 0.47% | 3.59% | &nbsp;&nbsp;&nbsp;&nbsp;-4.84% | 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | HY, ex-Puerto Rico | -0.36% | 3.53% | -12.64% | 7.74% | 7.65 |
| Short maturities (1 - 5 yrs.) | 0.15% | 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;-3.17% | 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |  |  |  |  |  |  |

---

#### <br>

#### 2023 Outlook and Opportunities
The US economy grew at a faster pace in the second half of 2022 than the first half, which implies at least modest growth momentum as we enter 2023. Supporting the economy is a resilient consumer, given the low unemployment rate and rising wages. Yet, concerns are emerging as excess savings from COVID-19-related fiscal support are coming down rapidly and the personal savings rate has fallen sharply, suggesting a spending slowdown is looming. Appreciating that monetary policy changes by the Fed and other global central banks operate with long and variable lags, an economic slowdown, if not mild recession, is likely to unfold over the course of the year. We expect this will lower inflation as demand eases and supply levels rise. The big question, however, is to what level will inflation fall? The goal to return to a 2% target inflation rate remains the Fed's primary focus as Chair Powell and the other Fed governors have made clear. They want to avoid the mistakes of the 1970s, when the Fed eased too soon only to see inflation reemerge and rise to new heights. Therefore, a "higher for longer" federal funds rate outlook is likely which should translate into a flatter (even inverted) curve through much of 2023.

In the municipal market, with the tax-loss harvesting volatility behind us, municipal fund cash flows should stabilize as we enter the new year. We also expect that with tax-free yields now among the highest of the last decade that investor demand will return given the desire/need for safe, supplemental income. The new supply of municipal debt is likely to

------

2022 Municipal Bond Market Overview

(Unaudited)

------

remain modest in 2023, perhaps even less than what was issued in 2022. While the $1.2 trillion Infrastructure Investment and Jobs Act of 2022 should help to spur more project activity and increase the level of new money borrowings, refunding supply will once again remain low, limiting total municipal volume.

From a credit perspective, municipal budgets are likely to come under pressure in coming quarters as tax revenues slow and the demand for public services and spending rises. Fortunately, municipalities enter this slower economic phase from a position of fiscal strength with record reserves to draw upon as needed. As a result, we expect credit ratings for state and local governments to remain stable in 2023. Closer scrutiny will be required, however, for large, urban credits where office vacancies remain high and mass transit ridership and revenues low, still below pre-pandemic levels. Two sectors where we anticipate challenges as well as opportunities are Healthcare and Higher Education. Many Healthcare issuers are battling rising costs, particularly wages, in order to attract and retain critical care workers. In the Higher Education sector, many colleges/universities face declining enrollment, requiring cost-cutting measures and larger draws from endowment assets. With this backdrop, we expect modest spread widening among lower quality credits, but welcome the opportunities that may emerge as a result. Finally, yield spreads also widened on some higher-quality issues with varying cash flow characteristics, such as Housing bonds. We expect that the additional yield offered through structural opportunities, identified through individual security selection, will be helpful in 2023 as well.

<u>Disclosures</u>

*Fixed income is generally considered to be a more conservative investment than stocks, but bonds and other fixed income investments still carry a variety of risks such as interest rate risk, credit risk, inflation risk, and liquidity risk. In a rising interest rate environment, the value of fixed-income securities generally decline and conversely, in a falling interest rate environment, the value of fixed-income securities generally increase. High yield securities may be subject to heightened market, interest rate or credit risk and should not be purchased solely because of the stated yield.*

*The Bloomberg Municipal Bond Index is a broad-based, total-return index. The bonds are all investment-grade, tax-exempt, and fixed-rate securities with long-term maturities (greater than 2 years). They are selected from issues larger than $50 million. The components listed below the Municipal Bond Index (long maturities, intermediate maturities, short maturities, prefunded bonds, general obligation bonds and revenue bonds) are subsectors of the Bloomberg Municipal Bond Index and do not represent separate indices.*

*The Bloomberg High Yield Municipal Index includes bonds with a par value of at least $3 million and must be issued as part of a transaction of at least $20 million. The maximum rating for inclusion is Ba1/BB+/BB+ using the middle rating.*

*For more information about the Bloomberg Municipal Bond Index or Bloomberg High Yield Municipal Index, please visit https://index.barcap.com/Home/Guides_and_Factsheets.*

*Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. The alternative minimum tax (AMT) may be applicable, even for securities identified as tax exempt. Past performance is not a guarantee of future results.*

*Ratings are measured on a scale that ranges from AAA or Aaa (highest) to D or C (lowest). Investment grade investments are those rated from highest down to BBB- or Baa3.*

*Robert W. Baird & Co. Incorporated.*

*This is not a complete analysis of every material fact regarding any company, industry or security. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. Indices are unmanaged and are not available for direct investment.*

------

Baird Short-Term Municipal Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Short-Term Municipal Bond Fund seeks current income that is exempt from federal income tax and is consistent with the preservation of capital.

The tax-exempt market closed the year with a strong tone, as yields fell modestly in December, adding to the strong rally that began in November. Although yields were lower for the quarter, they still rose significantly across the curve for the full year with short-term rates rising more than long. The magnitude of the move in short rates left yields between the 1–10-year curve inverted for the first time ever (-18 bps at year end). Inflation, which rose much more than expected and proved to be more persistent than transitory, was the obvious catalyst for the big upward yield adjustment in 2022. Exacerbating the inflation pressures was Russia's invasion of Ukraine, especially impacting global food and energy prices, as well as China's strict COVID-19 lockdowns, which prolonged global supply constraints. A tight labor market in the US, with nearly two job openings for every unemployed individual, also kept wage pressures elevated. The Fed reacted aggressively as the inflation data became more troubling. Rather than boost rates by the total of 75 bps they expected at the start of the year, the federal funds rate rose by 425 bps (including four successive 75 bps increases); the most aggressive Fed rate campaign on record combined with transitioning from quantitative easing (QE) to quantitative tightening (QT) as the Fed's balance sheet was unwound.

During 2022, the Institutional Class Shares of the Fund (BTMIX) posted a net return of -3.66% vs. a -3.17% return for the Bloomberg Short 1-5 Year Municipal Bond Index.

Positive contributors to the Fund's relative performance during the year include:

• Curve Positioning – Overweight to cash and near-cash maturities which held their value relatively well as interest rates rose

• Credit Positioning – Higher-quality (AAA and AA) outperformed lower-quality, particularly in 5-year maturities or longer

Negative contributors to the Fund's relative performance during the year include:

• Security Selection – Lower-coupon structures lagged due to their longer average duration relative to higher-coupon issues

• Pricing Service Impact – ICE (Fund) lagged the pricing of Benchmark (BVAL) securities

We expect economic growth to slow over the course of 2023, with the understanding that monetary policy changes operate with long and variable lags. Inflation should also fall, but to what level and at what pace are the key questions that will determine how high the federal funds rate rises and how long it remains elevated. Our view is that a "higher for longer" federal funds rate is likely, which implies that an unusually flat yield curve is probable for much of the year. Municipal issuance should remain modest even as infrastructure spending picks up but refunding volume will once again be quite low given the higher rate levels. With tax-loss harvesting largely behind us and much more attractive yields than a year ago, investor demand should improve, leading to positive municipal fund flows once again in 2023. The backdrop for municipal credit fundamentals remains strong. State and local governments begin the new year with record reserves that will help cushion an expected slowdown in tax revenues. Therefore, we expect credit ratings to remain relatively stable throughout 2023. Two sectors that we are more cautious on are Hospitals, which face labor shortages and rising costs, and Higher Education, which is challenged by declining enrollment growth. That said, structural opportunities in various sectors of the market (e.g., Housing) combined with modestly wider credit spreads over the year would be viewed as an opportunity in 2023.

The Fund maintains a neutral duration posture relative to the benchmark while seeking a yield curve allocation that optimizes roll-down benefit. Sector weightings will likely favor revenue-backed issues, with a particular focus, selectively, on Hospitals and Housing bonds. Given the recent widening in credit spreads, we believe a modest credit overweight is appropriate, particularly shorter on the curve. Although the pace of economic growth and tax revenues are likely to slow, credit fundamentals across most municipalities remains strong. That said, careful fundamental credit analysis and review remains critically important to adding value. Additional yield will also be sought from structural nuances at the individual security level where differing bond characteristics, such as coupon, call optionality and cash-flow variability help to create market inefficiencies.

------

Baird Short-Term Municipal Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(7)</sup>

---

| | | |
|:---|:---|:---|
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Net Assets** | $1767219463 |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **SEC 30-Day Yield<sup>(4)</sup>** |  |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 2.95% |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 2.70% |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Duration** | 2.35 years |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Maturity** | 2.77 years |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Annualized Expense Ratio<sup>(5)</sup>** |  |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 0.30% |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 0.55%<br><sup>(6)</sup> |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bstmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Portfolio Turnover Rate** | 64% |
| **Sector Weightings<sup>(1)</sup>** | **Number of Holdings** | 1602 |
| ![](bstmbf_sw-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> Includes pre-refunded and escrowed-to-maturity (ETM) bonds.

<sup>(4)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(5)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(6)</sup> Includes 0.25% 12b-1 fee.

<sup>(7)</sup> Percentages shown are based on the Fund's total investments.

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Baird Short-Term Municipal Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bstmbf_inst-linechart.jpg) | ![](bstmbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 08/31/15, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 08/31/15, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Five** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -3.66% | 0.07% | 1.17% | 1.41% |
| Investor Class Shares | -4.01% | -0.22% | 0.92% | 1.13% |
| Bloomberg Short 1-5 Year Municipal Bond Index<sup>(2)</sup> | -3.17% | -0.02% | 1.06% | 1.01% |

---

<sup>(1)</sup> For the period from August 31, 2015 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg Short 1-5 Year Municipal Bond Index is an unmanaged, market value weighted index that measures the performance of investment-grade, tax-exempt, and fixed-rated municipal securities with time to maturity of more than one year and less than five years. Securities must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as "high yield" bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund's share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

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Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Municipal Bonds** |  |  |  |
| **Alabama** |  |  |  |
| Alabama Community College System, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2027 (Insured by BAM) | $375000 | $388504 |  |
| Alabama Economic Settlement Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2033 (Callable 09/15/2026) | 10000000 | 10002934 |  |
| Alabama Housing Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (Insured by HUD)<sup>(1)</sup> | 5000000 | 4987608 |  |
| Birmingham Airport Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 (Insured by BAM) | 190000 | 195514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Insured by BAM) | 500000 | 524615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 (Insured by BAM) | 450000 | 479422 |  |
| Birmingham-Jefferson Civic Center Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2024 | 430000 | 441447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 | 500000 | 535460 |  |
| Black Belt Energy Gas District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 750000 | 754656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2028 | 3205000 | 3343559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.842%, 12/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.900%) (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2023)<sup>(2)</sup> | 1730000 | 1715722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.480%, 10/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2026)<sup>(2)</sup> | 1000000 | 950013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2053 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2029)<sup>(1)</sup> | 3250000 | 3387867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2028)<sup>(1)</sup> | 13000000 | 13655677 |  |
| Chatom Industrial Development Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 08/01/2037<sup>(1)</sup> | 3000000 | 2999096 |  |
| Chilton County Health Care Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 825000 | 853752 |  |
| City of Oxford AL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 09/01/2041 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 3000000 | 3000000 |  |
| City of Phenix AL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2023 (Insured by BAM) | 100000 | 99814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/2027 | 1775000 | 1683819 |  |
| County of Jefferson AL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2023) (Insured by AGM) | 750000 | 675942 |  |
| County of Morgan AL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2023 | 210000 | 210481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2024 | 220000 | 222983 |  |
| Douglas Water Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2024 (Insured by AGM) | 270000 | 269957 |  |
| Greenville Public Improvement |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooperative District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2023 (Insured by BAM) | 100000 | 100137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 (Insured by BAM) | 140000 | 143301 |  |
| Lauderdale County Agriculture |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 495000 | 505222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Callable 07/01/2024) | 490000 | 500759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024) | 545000 | 562026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024) | 570000 | 587806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024) | 600000 | 618744 |  |
| Macon County Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/01/2026 (Callable 02/01/2023) | 375000 | 373430 |  |
| Mobile County Board of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School Commissioners, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2023 | 875000 | 877463 |  |
| Pickens County Water Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2023 (Insured by BAM) | 155000 | 155000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2024 (Insured by BAM) | 100000 | 99874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2025 (Insured by BAM) | 160000 | 160184 |  |
| Selma Industrial Development Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2024)<sup>(1)</sup> | 750000 | 721694 |  |
| Southeast Alabama Gas Supply District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.827%, 04/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Month LIBOR USD + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(2)</sup> | 920000 | 906324 |  |
| Southeast Energy Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Cooperative District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2053 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2029)<sup>(1)</sup> | 1250000 | 1323251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (Callable 05/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2028)<sup>(1)</sup> | 1250000 | 1283139 |  |
| Tallassee Board of Education: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027 (Insured by AGM) | 360000 | 373561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 (Insured by AGM) | 405000 | 423216 |  |
| Town of Berry AL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) (Insured by AGM) | 720000 | 729420 |  |
| **Total Alabama** |  |  |  |
| **(Cost $63,430,542)** |  | 61823393 | 3.5% |
| **Alaska** |  |  |  |
| Alaska Housing Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2042 (Callable 06/01/2028) | 6155000 | 6121924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 (Callable 06/01/2027) | 1615000 | 1618690 |  |
| Alaska Industrial Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Export Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 600000 | 607228 |  |
| Borough of Matanuska-Susitna AK, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/01/2027 (Callable 09/01/2025) | 5615000 | 5925790 |  |
| University of Alaska: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 | 800000 | 824931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2025 | 330000 | 336271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2026 (Callable 10/01/2023) | 1400000 | 1407018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 865000 | 916176 |  |
| **Total Alaska** |  |  |  |
| **(Cost $18,510,735)** |  | 17758028 | 1.0% |
| **Arizona** |  |  |  |
| Arizona Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2023<sup>(3)</sup> | 265000 | 263656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 | 405000 | 366766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 07/01/2026) | 230000 | 239103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2026) | 170000 | 176700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2028<sup>(3)</sup> | 375000 | 364136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 (Callable 07/01/2026) | 260000 | 269596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 (Callable 07/01/2026) | 380000 | 393187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (Callable 07/01/2026) | 195000 | 201494 |  |
| BluePath TE Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(3)</sup> | 2250372 | 2118547 |  |
| Glendale Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2025 (Callable 05/15/2024) | 340000 | 331752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2026 (Callable 05/15/2024) | 320000 | 308750 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Industrial Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority of the County of Pima: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2023 | $265000 | $264650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 (Callable 03/01/2023) | 3700000 | 3700560 |  |
| Maricopa County AZ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2024) | 295000 | 299994 |  |
| Maricopa County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 135000 | 136353 |  |
| Maricopa County Unified |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 4: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 1000000 | 1031832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 1000000 | 1056387 |  |
| Maricopa County Unified |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 89, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 07/01/2024) | 450000 | 463392 |  |
| Salt Verde Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2026 | 2500000 | 2594020 |  |
| Santa Cruz County Jail District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2027) (Insured by AGM) | 150000 | 161347 |  |
| University of Arizona, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 (Callable 06/01/2026) | 1020000 | 1084148 |  |
| **Total Arizona** |  |  |  |
| **(Cost $16,444,183)** |  | 15826370 | 0.9% |
| **Arkansas** |  |  |  |
| Arkansas Development Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2023 | 110000 | 109749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2024 | 100000 | 99548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2025 | 140000 | 139159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2026 | 190000 | 188576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2027 | 225000 | 222727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2028 | 230000 | 225617 |  |
| Batesville Public Facilities Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2024 | 1000000 | 1015449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 | 1385000 | 1424383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 850000 | 884427 |  |
| Benton Washington Regional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Water Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 (Insured by BAM) | 465000 | 491189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 (Insured by BAM) | 1000000 | 1073009 |  |
| City of Bentonville AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.050%, 11/01/2046 (Callable 11/01/2028) | 1930000 | 1877661 |  |
| City of Brookland AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 09/01/2046 (Callable 09/01/2026) | 865000 | 806661 |  |
| City of Conway AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Callable 01/30/2023) | 35000 | 35024 |  |
| City of Elkins AR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 09/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) (Insured by AGM) | 430000 | 389725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 09/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) (Insured by AGM) | 635000 | 596997 |  |
| City of Fayetteville AR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/01/2032 (Callable 11/01/2026) | 135000 | 134907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 01/01/2047 (Callable 01/01/2027) | 465000 | 446768 |  |
| City of Forrest City AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.550%, 11/01/2044 (Callable 11/01/2029) | 860000 | 776968 |  |
| City of Heber Springs AR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2023 (Insured by BAM) | 40000 | 39952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2025 (Insured by BAM) | 125000 | 125015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2026 (Insured by BAM) | 105000 | 104836 |  |
| City of Hot Springs AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/01/2023) (Insured by BAM) | 255000 | 258037 |  |
| City of Lonoke AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2023 | 160000 | 161192 |  |
| City of Marion AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 09/01/2047 (Callable 09/01/2027) | 5000 | 4989 |  |
| City of Maumelle AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/01/2038 (Callable 02/01/2023) | 195000 | 194956 |  |
| City of Mountain Home AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2026 | 865000 | 859769 |  |
| City of Mountain View AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2027) (Insured by BAM) | 475000 | 458790 |  |
| City of North Little Rock AR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 305000 | 315740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 510000 | 539509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 535000 | 577895 |  |
| City of Pine Bluff AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027) (Insured by BAM) | 405000 | 380981 |  |
| City of Rogers AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/01/2043 (Callable 11/01/2026) | 360000 | 358685 |  |
| Conway Health Facilities Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 735000 | 741158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024 | 410000 | 420208 |  |
| County of Cross AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 10/01/2030 (Callable 10/01/2024) | 795000 | 734676 |  |
| County of Pulaski AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 (Callable 09/01/2026) | 760000 | 803181 |  |
| Dumas Arkansas School District No. 6: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.450%, 02/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by ST AID) | 245000 | 244529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by ST AID) | 245000 | 240270 |  |
| Jacksonville North Pulaski |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) (Insured by ST AID) | 1240000 | 1291985 |  |
| National Park College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2023 | 65000 | 64893 |  |
| Northwest Arkansas Conservation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by BAM) | 375000 | 375322 |  |
| Southern Arkansas University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2023 (Insured by AGM) | 465000 | 465473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2024 (Insured by AGM) | 245000 | 247869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2024 (Insured by AGM) | 175000 | 177149 |  |
| Van Buren School District No. 42, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/2024 (Insured by ST AID) | 130000 | 127617 |  |
| **Total Arkansas** |  |  |  |
| **(Cost $22,060,786)** |  | 21253220 | 1.2% |
| **California** |  |  |  |
| Anaheim City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (Insured by AGM) | 580000 | 488204 |  |
| Anaheim Public Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 2610000 | 2726376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 990000 | 1049470 |  |
| Bay Area Toll Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.030%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2023)<sup>(2)</sup> | 1565000 | 1565314 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Bay Area Toll Authority: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.230%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2023) (Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 04/01/2024)<sup>(2)</sup> | $3500000 | $3522256 |  |
| Beaumont Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 08/01/2041 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 08/01/2026) (Insured by AGM)<sup>(5)</sup> | 160000 | 184768 |  |
| Burbank Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2024 (Insured by NATL) | 6550000 | 6225522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2027 (Insured by NATL) | 2000000 | 1727378 |  |
| California Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;College Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2032<sup>(3)</sup> | 500000 | 471570 |  |
| California Health Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2041 (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2024)<sup>(1)</sup> | 395000 | 393381 |  |
| California Infrastructure & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Economic Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.830%, 12/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026)<sup>(2)</sup> | 5550000 | 5353199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 08/01/2055 (Callable 02/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2026)<sup>(1)</sup> | 1265000 | 1176905 |  |
| California Municipal Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 670000 | 672952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2031 (Callable 10/01/2026) | 2280000 | 2293369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2032 (Callable 10/01/2026) | 1500000 | 1502638 |  |
| California Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023)<sup>(3)</sup> | 3445000 | 3189417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023)<sup>(3)</sup> | 4250000 | 3896272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2023)<sup>(3)</sup> | 1000000 | 871912 |  |
| California State Public Works Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2038 (Callable 11/01/2023) | 2500000 | 2537315 |  |
| California Statewide Communities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2026 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/30/2023) (Insured by CA MTG) | 625000 | 625502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 (Callable 02/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 3300000 | 3291483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Callable 03/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)(3)</sup> | 1000000 | 1000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2037 (Callable 09/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2027)<sup>(1)</sup> | 2125000 | 2257932 |  |
| Campbell Union School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 08/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2026)<sup>(5)</sup> | 775000 | 852380 |  |
| City & County of San Francisco CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 07/01/2023<sup>(1)</sup> | 810000 | 810000 |  |
| City of Vernon CA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025 | 500000 | 515682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 600000 | 626214 |  |
| Corona-Norco Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2024<sup>(5)</sup> | 30000 | 31151 |  |
| Department of Veterans Affairs Veteran's |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Farm & Home Purchase Program, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (Callable 06/01/2028) | 1750000 | 1757027 |  |
| Fresno Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 100000 | 55870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 645000 | 336204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 400000 | 194672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 150000 | 68095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 650000 | 222957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 805000 | 257291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 1000000 | 297126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2044 (Callable 08/01/2023) | 1140000 | 269230 |  |
| Indio Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/02/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/02/2024)<sup>(3)</sup> | 5380000 | 5310267 |  |
| La Mirada Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Successor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2027 (Insured by NATL) | 500000 | 430110 |  |
| Newman-Crows Landing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2025 | 1000000 | 916374 |  |
| Oakland California University School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 (Callable 08/01/2026) | 395000 | 425747 |  |
| Ontario Public Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 (Insured by AGM) | 100000 | 103883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 (Insured by AGM) | 250000 | 265795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 (Insured by AGM) | 175000 | 193409 |  |
| Piedmont Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2029 (Callable 08/01/2023) | 200000 | 139786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 (Callable 08/01/2023) | 1040000 | 463863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2037 (Callable 08/01/2023) | 400000 | 166944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2039 (Callable 08/01/2023) | 420000 | 153755 |  |
| Ripon Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2025 (Callable 08/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 60000 | 53742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2026 (Callable 08/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 35000 | 29761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 (Callable 08/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 585000 | 298976 |  |
| Rosemead School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2032 (Callable 08/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 495000 | 282731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2033 (Callable 08/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 700000 | 372076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 (Callable 08/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 735000 | 336391 |  |
| Roseville Natural Gas Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2023 | 330000 | 330389 |  |
| Sacramento City Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Callable 07/01/2024) | 900000 | 923996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2026 (Insured by AGM) | 300000 | 268955 |  |
| San Joaquin Hills Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corridor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/15/2025 (Insured by NATL) | 270000 | 251581 |  |
| San Mateo Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2043 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 12/15/2024) (Insured by AMBAC)<sup>(5)</sup> | 480000 | 500830 |  |
| Sutter Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 300000 | 45898 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Tulare Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2026 (Insured by NATL) | $2245000 | $2010237 |  |
| Tuolumne Utilities District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/2024 (Callable 08/15/2023) | 8000000 | 7702402 |  |
| Twin Rivers Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 02/01/2024) (Insured by BAM) | 275000 | 130349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 02/01/2024) (Insured by BAM) | 135000 | 59778 |  |
| Vallejo City Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 08/01/2025 (Insured by NATL) | 485000 | 495607 |  |
| Victor Valley Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2023) | 1000000 | 299493 |  |
| Western Placer Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2025 (Callable 06/01/2023) | 5735000 | 5504248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2025 (Callable 06/01/2023) | 3300000 | 3166580 |  |
| Westminster School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 315000 | 135628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 620000 | 232449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 2660000 | 467481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by BAM) | 580000 | 69188 |  |
| **Total California** |  |  |  |
| **(Cost $88,635,921)** |  | 85855733 | 4.9% |
| **Colorado** |  |  |  |
| Adams & Arapahoe Joint School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Insured by ST AID) | 1380000 | 1471921 |  |
| Bromley Park Metropolitan District No. 2: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 (Insured by BAM) | 300000 | 310551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Insured by BAM) | 315000 | 331908 |  |
| City & County of Denver CO: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2026 | 2000000 | 2132435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2026 (Callable 11/15/2023) | 1500000 | 1525173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 5000000 | 5289285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2027 | 1500000 | 1615582 |  |
| Colorado Bridge Enterprise, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/30/2025 | 570000 | 576169 |  |
| Colorado Educational & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cultural Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2023 | 35000 | 35055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 (ETM) | 1360000 | 1379089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2025 (Insured by NATL) | 1950000 | 2015986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2025 | 140000 | 142572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2025<sup>(3)</sup> | 545000 | 545475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (Callable 06/15/2026) | 635000 | 668641 |  |
| Colorado Health Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 425000 | 448611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 05/15/2028 (Callable 05/15/2023) | 1750000 | 1591378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 1235000 | 1332956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/15/2030 (Callable 05/15/2023) | 3500000 | 3088426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Callable 06/01/2025) | 1030000 | 1052227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/15/2023)<sup>(1)</sup> | 55000 | 55877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/15/2023)<sup>(1)</sup> | 140000 | 141958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2027) | 1750000 | 1908672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/20/2025)<sup>(1)</sup> | 195000 | 203979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 05/15/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/17/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/17/2026)<sup>(2)</sup> | 3000000 | 2965346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2062 (Callable 08/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/15/2028)<sup>(1)</sup> | 7515000 | 8312741 |  |
| Colorado Housing & Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2026) (Insured by GNMA) | 225000 | 225141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2028) (Insured by GNMA) | 670000 | 675949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2030) (Insured by GNMA) | 4505000 | 4382778 |  |
| Denver Health & Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Callable 12/01/2023) | 255000 | 255530 |  |
| E-470 Public Highway Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.231%, 09/01/2039 (SOFR + 0.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024)<sup>(2)</sup> | 7525000 | 7468305 |  |
| Fort Collins Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 07/01/2024 (Callable 01/01/2024) | 2600000 | 2528344 |  |
| Gunnison County Crested |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Butte Fire Protection District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 675000 | 696377 |  |
| High Plains Metropolitan District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 (Insured by NATL) | 225000 | 228854 |  |
| Lincoln Park Metropolitan District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Insured by AGM) | 150000 | 151235 |  |
| Pueblo Urban Renewal Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2025<sup>(3)</sup> | 850000 | 716770 |  |
| Tallyns Reach Metropolitan District No. 3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by BAM) | 30000 | 30487 |  |
| Vauxmont Metropolitan District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) (Insured by AGM) | 135000 | 144505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) (Insured by AGM) | 160000 | 171403 |  |
| Vista Ridge Metropolitan District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2024 (Insured by BAM) | 200000 | 205634 |  |
| **Total Colorado** |  |  |  |
| **(Cost $58,097,020)** |  | 57023325 | 3.2% |
| **Connecticut** |  |  |  |
| City of Bridgeport CT: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2024 (Insured by BAM) | 475000 | 485192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 | 850000 | 867820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024 | 175000 | 180363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025 | 200000 | 210088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 | 2480000 | 2674839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 300000 | 326002 |  |
| City of West Haven CT: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2025 | 505000 | 517588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2026 | 505000 | 520970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2027 | 245000 | 253444 |  |
| Connecticut Housing Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2044 (Callable 11/15/2023) | 25000 | 24976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2045 (Callable 11/15/2027) | 120000 | 120209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2049 (Callable 11/15/2028) | 1125000 | 1128650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2051 (Callable 05/15/2031) | 3420000 | 3352697 |  |
| Connecticut State Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2023 | 855000 | 860057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 965000 | 981834 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Connecticut State Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2023)<sup>(3)</sup> | $100000 | $99987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2024) | 685000 | 700866 |  |
| Connecticut State Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplement Loan Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2023 (ETM) | 400000 | 407248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2023 (ETM) | 850000 | 865401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2024 (ETM) | 450000 | 468756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2024 (ETM) | 225000 | 234378 |  |
| East Hartford Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/2027 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 1000000 | 1008668 |  |
| State of Connecticut: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.080%, 03/01/2024 (SIFMA Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Index + 0.950%)<sup>(2)</sup> | 270000 | 272552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2025 | 1000000 | 1027889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2026 | 1000000 | 1082049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 1040000 | 1128229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 | 500000 | 547462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (Callable 10/01/2023) | 1005000 | 1022110 |  |
| Town of Hamden CT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 (Insured by BAM) | 150000 | 151556 |  |
| Town of Plainfield CT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 07/15/2026 (Callable 07/15/2024) | 275000 | 277129 |  |
| Town of Plymouth CT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2024) (Insured by BAM) | 300000 | 301721 |  |
| Town of Stratford CT: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2026 (Insured by BAM) | 265000 | 282684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028 (Insured by BAM) | 400000 | 440103 |  |
| University of Connecticut, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 | 2000000 | 2102514 |  |
| **Total Connecticut** |  |  |  |
| **(Cost $25,588,083)** |  | 24926031 | 1.4% |
| **Delaware** |  |  |  |
| Delaware Municipal Electric Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 (Insured by BAM) | 230000 | 238755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 (Insured by BAM) | 140000 | 148570 |  |
| Delaware State Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2024) (Insured by AGM) | 1000000 | 1035630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Callable 01/30/2023) | 1000000 | 1001388 |  |
| Delaware State Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 07/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2023) (Insured by GNMA) | 98426 | 91664 |  |
| Delaware Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2029 (Callable 07/01/2026) | 1000000 | 972404 |  |
| **Total Delaware** |  |  |  |
| **(Cost $3,602,914)** |  | 3488411 | 0.2% |
| **District of Columbia** |  |  |  |
| District of Columbia: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 500000 | 514896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2030 | 1205000 | 1108207 |  |
| District of Columbia Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2023 | 50000 | 49981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.350%, 04/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 04/01/2024) (Insured by FNMA)<sup>(1)</sup> | 1800000 | 1712884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 09/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 09/01/2023) (Insured by FHA)<sup>(1)</sup> | 2260000 | 2232350 |  |
| District of Columbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Water & Sewer Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2057 (Callable 07/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2027)<sup>(1)</sup> | 12100000 | 11835182 |  |
| Metropolitan Washington Airports Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Callable 10/01/2024) | 3250000 | 3322000 |  |
| **Total District of Columbia** |  |  |  |
| **(Cost $21,475,174)** |  | 20775500 | 1.2% |
| **Florida** |  |  |  |
| Capital Trust Agency, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2024 | 145000 | 144487 |  |
| City of Jacksonville FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 500000 | 530198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (Callable 11/01/2027) | 445000 | 471430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Callable 10/01/2026) | 1175000 | 1261648 |  |
| City of Lakeland FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 (Callable 11/15/2026) | 640000 | 676867 |  |
| City of Melbourne FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2023 (Insured by NATL) | 100000 | 97634 |  |
| City of Tallahassee FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 200000 | 205349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 500000 | 520186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Callable 12/01/2025) | 955000 | 992497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2025) | 400000 | 414513 |  |
| County of Brevard FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (Callable 07/01/2027) | 550000 | 594242 |  |
| County of Broward FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 (Callable 09/01/2023) | 1540000 | 1559817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Callable 09/01/2023) | 1045000 | 1058242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Callable 09/01/2023) | 1525000 | 1544124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2042 (Callable 01/30/2023) | 300000 | 285752 |  |
| County of Miami-Dade FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 200000 | 195525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2033 (Callable 03/01/2023) | 200000 | 200508 |  |
| Florida Department of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental Protection, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 525000 | 553823 |  |
| Florida Development Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2024 | 860000 | 859232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 12/15/2024<sup>(3)</sup> | 375000 | 364062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2025 | 200000 | 206907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2025 | 220000 | 224975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2023) | 100000 | 101305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 370000 | 381281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 270000 | 278232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 06/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2023)<sup>(3)</sup> | 830000 | 738962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 | 390000 | 404144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 | 285000 | 295336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 (Callable 06/15/2027) | 355000 | 367217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2027)<sup>(3)</sup> | 1000000 | 967600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2031<sup>(3)</sup> | 1225000 | 1089292 |  |
| Florida Gulf Coast |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;University Financing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027 | 270000 | 288034 |  |
| Florida Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Financial Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 (Callable 04/01/2026) | 485000 | 506580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 (Callable 11/01/2026) | 965000 | 1018096 |  |
| Florida Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/01/2025) (Insured by GNMA) | 50000 | 49933 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Florida Municipal Loan Council: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/01/2023 (Insured by NATL) | $265000 | $262416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by AGM) | 160000 | 162753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 (Insured by AGM) | 85000 | 88390 |  |
| Greater Orlando Aviation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 4000000 | 4257874 |  |
| Herons Glen Recreation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2027 (Insured by BAM) | 250000 | 239133 |  |
| Hillsborough County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 10/01/2023) | 405000 | 406180 |  |
| Hillsborough County School Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2026) | 370000 | 392677 |  |
| Hollywood Beach Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development District I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 545000 | 575258 |  |
| Hollywood Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2023 | 665000 | 666712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 | 820000 | 837170 |  |
| Jacksonville Electric Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 150000 | 152228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 210000 | 213118 |  |
| Lee County School Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 190000 | 192265 |  |
| Miami-Dade County Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2023 | 150000 | 150649 |  |
| Orange County Health Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2024 | 25000 | 24995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (Callable 08/01/2024) | 2000000 | 2034013 |  |
| Orange County Housing Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by GNMA) | 110000 | 109898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2027) (Insured by GNMA) | 170000 | 171347 |  |
| Osceola County Expressway Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2024 (ETM) | 275000 | 260769 |  |
| Pinellas County Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 11/01/2027 (Insured by FNMA) | 2595000 | 2387586 |  |
| Pinellas County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 450000 | 454341 |  |
| Reedy Creek Improvement District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 (Callable 10/01/2023) | 145000 | 147336 |  |
| Sarasota County Public Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2024 (Insured by NATL) | 130000 | 132760 |  |
| School Board of Miami-Dade County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/01/2024)<sup>(1)</sup> | 1455000 | 1492969 |  |
| Seminole County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2024<sup>(3)</sup> | 130000 | 128560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2025<sup>(3)</sup> | 100000 | 97901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2026<sup>(3)</sup> | 155000 | 149858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2027<sup>(3)</sup> | 240000 | 229331 |  |
| St. Johns River Power Park, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 (Callable 01/30/2023) | 105000 | 105163 |  |
| St. Lucie County School Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 07/01/2023) | 1150000 | 1159939 |  |
| State of Florida, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 1500000 | 1586069 |  |
| Sumter County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) | 2550000 | 2618845 |  |
| UCF Convocation Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Callable 10/01/2025) | 655000 | 689764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 10/01/2025) | 935000 | 981853 |  |
| University of North Florida Financing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 (Insured by AGM) | 485000 | 490931 |  |
| Volusia County Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2029 (Callable 04/15/2025) | 1035000 | 1069330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2033 (Callable 04/15/2025) | 550000 | 566571 |  |
| **Total Florida** |  |  |  |
| **(Cost $46,918,985)** |  | 45134982 | 2.6% |
| **Georgia** |  |  |  |
| Athens Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 | 1570000 | 1705994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 (Callable 06/15/2027) | 1755000 | 1902820 |  |
| Atlanta Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 140000 | 143918 |  |
| Atlanta Urban Residential Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.350%, 01/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)(3)</sup> | 2000000 | 2000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024)<sup>(1)</sup> | 8053000 | 7881671 |  |
| Barnesville-Lamar County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 | 350000 | 385360 |  |
| Burke County Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 10/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/25/2023)<sup>(1)</sup> | 170000 | 168886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/03/2025)<sup>(1)</sup> | 6695000 | 6326101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.700%, 12/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/22/2024)<sup>(1)</sup> | 1680000 | 1623264 |  |
| City of Atlanta GA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2023 | 450000 | 450000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 (Callable 01/30/2023) | 515000 | 515875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2026 (Callable 07/01/2023) | 100000 | 100448 |  |
| Cobb-Marietta Coliseum |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Exhibit Hall Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2026 (Insured by NATL) | 620000 | 654936 |  |
| Development Authority for Fulton County: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 1490000 | 1594413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 1015000 | 1103543 |  |
| Development Authority of Bulloch County: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2023 | 260000 | 262565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 200000 | 205922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 315000 | 330895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 330000 | 353046 |  |
| Development Authority of Cobb County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2024 (ETM) | 445000 | 459591 |  |
| Development Authority of Monroe County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 07/01/2025 (Callable 06/13/2024) | 1390000 | 1333282 |  |
| Forsyth County Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 10/01/2028 (ETM) | 540000 | 604203 |  |
| George L Smith II Congress Center Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/01/2031<sup>(3)</sup> | 5120000 | 4463736 |  |
| Housing Authority of Clayton County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.400%, 04/01/2025 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2023)<sup>(1)(3)</sup> | 1900000 | 1889175 |  |
| Macon-Bibb County Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2024 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 2350000 | 2349346 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Main Street Natural Gas, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2026 | $610000 | $627398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Callable 06/01/2026) | 500000 | 511464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2028 | 1000000 | 1067027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.677%, 04/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.750%) (Callable 06/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2023)<sup>(2)</sup> | 4965000 | 4942953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (Callable 06/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2026)<sup>(1)</sup> | 8330000 | 8212360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2052 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2027)<sup>(1)</sup> | 6700000 | 6645144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (Callable 05/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2027)<sup>(1)(3)</sup> | 14750000 | 13867686 |  |
| Monroe County Public Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 | 200000 | 209970 |  |
| Municipal Electric Authority of Georgia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 (Callable 07/01/2026) | 1500000 | 1588395 |  |
| Pelham School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 (Insured by ST AID) | 290000 | 293485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 (Insured by ST AID) | 210000 | 216777 |  |
| Private Colleges & Universities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2024 | 325000 | 333347 |  |
| **Total Georgia** |  |  |  |
| **(Cost $82,313,674)** |  | 77324996 | 4.4% |
| **Hawaii** |  |  |  |
| State of Hawaii, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2024 (Callable 08/01/2023) | 2000000 | 2021499 |  |
| **Total Hawaii** |  |  |  |
| **(Cost $2,018,755)** |  | 2021499 | 0.1% |
| **Idaho** |  |  |  |
| Boise-Kuna Irrigation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 (Callable 12/01/2024) | 555000 | 575983 |  |
| **Total Idaho** |  |  |  |
| **(Cost $590,113)** |  | 575983 | 0.0% |
| **Illinois** |  |  |  |
| Adams & Hancock Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Unit School District No. 4, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2025) (Insured by BAM) | 275000 | 283718 |  |
| Channahon Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2025 (Insured by BAM) | 365000 | 375102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2026 (Insured by BAM) | 380000 | 393796 |  |
| Chicago Board of Education: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by AGM) | 500000 | 507479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2023 (Insured by AGC) | 345000 | 350925 |  |
| Chicago Midway International Airport, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 (Callable 01/01/2026) | 1750000 | 1810726 |  |
| Chicago Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 (ETM) | 1150000 | 1173675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 155000 | 157642 |  |
| City of Chicago IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 (Callable 01/30/2023) | 705000 | 705870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 2000000 | 2088035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 (Callable 11/01/2024) | 1410000 | 1444620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 2900000 | 3054855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2027 (Insured by NATL) | 5510000 | 4771832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 (Callable 01/01/2025) | 1085000 | 1120779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (Callable 11/01/2024) | 900000 | 921453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (Callable 11/01/2026) | 1000000 | 1044275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 (Callable 11/01/2026) | 1550000 | 1612053 |  |
| City of Country Club Hills IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2026 (Insured by BAM) | 285000 | 284048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2027 (Insured by BAM) | 425000 | 422973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2028 (Insured by BAM) | 185000 | 183608 |  |
| City of Evanston IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2028 | 5885000 | 5933733 |  |
| City of Galesburg IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 125000 | 129265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 145000 | 151447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 175000 | 184249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 | 175000 | 185499 |  |
| City of Princeton IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2023 (Insured by AGM) | 50000 | 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2025 (Insured by AGM) | 120000 | 122483 |  |
| City of Rockford IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2023 (Insured by BAM) | 110000 | 111985 |  |
| City of Springfield IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 155000 | 157667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 | 180000 | 183934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2025) | 325000 | 341705 |  |
| Community Unit School District No. 427, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2026 (Insured by AGM) | 1000000 | 898224 |  |
| Cook County School District No. 130, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Insured by AGM) | 1320000 | 1398410 |  |
| Cook County School District No. 154, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2024 (Insured by BAM) | 114000 | 114568 |  |
| Cook County School District No. 99: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 | 760000 | 774980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 (Insured by BAM) | 1150000 | 1199158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Insured by BAM) | 1195000 | 1256326 |  |
| Cook County Township |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 201, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2025 (Insured by AGM) | 165000 | 148796 |  |
| County of Cook IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 (Callable 11/15/2026) | 3000000 | 3203097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 (Callable 11/15/2027) | 1000000 | 1073341 |  |
| DeKalb County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 424, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AMBAC) | 855000 | 829724 |  |
| Exceptional Children Have Opportunities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 380000 | 394295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 505000 | 534708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 245000 | 259413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 530000 | 571329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 255000 | 274885 |  |
| Hampshire Special Service Area No. 13: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2023 (Insured by BAM) | 210000 | 209644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2026 (Insured by BAM) | 90000 | 88362 |  |
| Hoffman Estates Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 1630000 | 1699293 |  |
| Illinois Development Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2025 (ETM) | 2885000 | 2653923 |  |
| Illinois Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2023 | 120000 | 120748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 1455000 | 1462235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2024 | 350000 | 358674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 385000 | 392435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 (Callable 08/15/2025) | 1000000 | 1039402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 (Callable 09/01/2026) | 1575000 | 1657538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 10/01/2026) | 500000 | 530425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2030 | 3395000 | 3431144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 06/01/2026) | 1000000 | 1000477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.217%, 11/01/2034 (SOFR + 1.200%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(2)</sup> | 1970000 | 1965670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2026) | 5005000 | 5230088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050 (Callable 05/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/15/2026)<sup>(1)</sup> | 4160000 | 4385652 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Illinois Housing Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 10/01/2025 (Insured by GNMA) | $475000 | $465643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 04/01/2026 (Insured by GNMA) | 605000 | 594018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 06/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by GNMA) | 189294 | 151687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2028) (Insured by GNMA) | 430000 | 435941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.830%, 05/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/15/2025)<sup>(2)</sup> | 1250000 | 1251124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 10/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2032) (Insured by GNMA) | 5000000 | 5479843 |  |
| Joliet Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2023 (Insured by BAM) | 150000 | 150078 |  |
| Joliet Regional Port District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/30/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/30/2024) (Insured by AGM) | 40000 | 40703 |  |
| Kane County School District No. 131, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by AGM) | 5000 | 5005 |  |
| Kankakee, Iroquois, Ford, Etc. Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Unit School District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Insured by AGM) | 445000 | 448703 |  |
| Kankakee, Will, Grundy, Etc. Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community College District No. 520, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2026 | 2885000 | 2894842 |  |
| Kendall County Forest Preserve District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2025 (Insured by BAM) | 215000 | 219448 |  |
| Kendall Kane & Will Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Unit School District No. 308, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2026 (Insured by BAM) | 2775000 | 2951032 |  |
| Lake County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 116, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2025 (Callable 01/15/2023) | 340000 | 340193 |  |
| Lake County Elementary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 6, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2024 (Insured by AMBAC) | 70000 | 64739 |  |
| Lake County School District No. 38: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2023 (Insured by AMBAC) | 1135000 | 1131673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2025 (Insured by AMBAC) | 210000 | 194392 |  |
| Macon County School District No. 61: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 (Insured by AGM) | 460000 | 475869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Insured by AGM) | 850000 | 873200 |  |
| McHenry & Kane Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated School District No. 158, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2024 (Insured by AGC) | 5200000 | 5034957 |  |
| McHenry County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 200, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/2027 (Callable 01/15/2024) | 160000 | 163834 |  |
| Metropolitan Pier & Exposition Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2023 (Insured by NATL) | 80000 | 81016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2024 (Insured by NATL) | 35000 | 33204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2025 (Insured by NATL) | 65000 | 58405 |  |
| Metropolitan Water Reclamation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Greater Chicago, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2026) | 535000 | 578159 |  |
| Newport Township Fire Protection District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2023 (Insured by BAM) | 135000 | 135000 |  |
| Northern Illinois University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (Insured by BAM) | 550000 | 583172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 (Insured by BAM) | 650000 | 695858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Insured by BAM) | 480000 | 519229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Insured by BAM) | 325000 | 352561 |  |
| Park Ridge Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2028 | 2960000 | 2895543 |  |
| Pike & Adams Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 4, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 (Insured by BAM) | 345000 | 351753 |  |
| Plano Special Service Areas No. 3 & 4, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2030 (Callable 03/01/2025) | 235000 | 240547 |  |
| Regional Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2023 (Insured by AGM) | 40000 | 40424 |  |
| Sales Tax Securitization Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 200000 | 203920 |  |
| Shelby Christian Macon Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community School District No. 21: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2023) (Insured by AGM) | 400000 | 403222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2023) (Insured by AGM) | 435000 | 438153 |  |
| South Sangamon Water Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2027 (Insured by AGM) | 400000 | 410300 |  |
| Southwestern Illinois Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.125%, 11/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/01/2023) | 195000 | 201077 |  |
| St. Charles Public Library District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2028 (Callable 11/01/2024) | 455000 | 465038 |  |
| St. Clair County School District No. 119, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2023 (Insured by AGM) | 300000 | 301327 |  |
| State of Illinois: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 270000 | 271818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 670000 | 674513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 2785000 | 2811293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 4350000 | 4457085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 6560000 | 6829571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/15/2026 (Insured by BAM) | 200000 | 218801 |  |
| Town of Cicero IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2026 (Insured by BAM) | 590000 | 599144 |  |
| United City of Yorkville IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 12/01/2027 (Callable 12/01/2023) | 120000 | 121429 |  |
| Upper Illinois River Valley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 400000 | 404227 |  |
| Village of Calumet Park IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) (Insured by BAM) | 500000 | 522376 |  |
| Village of Crestwood IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2023 (Insured by BAM) | 540000 | 544743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by BAM) | 60000 | 60075 |  |
| Village of Glendale Heights IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2030 (Callable 12/15/2027) | 750000 | 788242 |  |
| Village of Kenilworth IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 | 375000 | 383814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 390000 | 404458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 | 405000 | 424465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 220000 | 232832 |  |
| Village of Lansing IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2023 (Insured by AGM) | 275000 | 275576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 (Insured by BAM) | 230000 | 233895 |  |
| Village of Lyons IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by BAM) | 25000 | 25034 |  |
| Village of Matteson IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 (Insured by BAM) | 400000 | 412915 |  |
| Village of Orland Hills IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Insured by BAM) | 130000 | 130687 |  |
| Village of Rantoul IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.300%, 01/01/2025 (Callable 01/30/2023) | 125000 | 125128 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Village of River Grove IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2028 (Insured by BAM) | $430000 | $449064 |  |
| Village of Sauk Village IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 (Insured by BAM) | 1260000 | 1284835 |  |
| Village of Stone Park IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2023 (Insured by BAM) | 130000 | 130059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2024 (Insured by BAM) | 135000 | 136165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2025 (Insured by BAM) | 140000 | 142745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026 (Insured by BAM) | 220000 | 226735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) (Insured by BAM) | 50000 | 50068 |  |
| Village of Sugar Grove IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2025 (Callable 01/30/2023) | 225000 | 225051 |  |
| Washington County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School Dist No. 10, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2024 (Insured by AGM) | 250000 | 255024 |  |
| Will County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 210: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 365000 | 365000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2023 (Insured by AGM) | 325000 | 325000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 510000 | 494923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2024 (Insured by AGM) | 275000 | 265857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2023) | 35000 | 35000 |  |
| Will County Elementary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 122, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 195000 | 190164 |  |
| Will County School District No. 86, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2025 (Callable 03/01/2024) | 600000 | 600508 |  |
| Will County Township |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 204, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2023 | 195000 | 195000 |  |
| Winnebago & Boone Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 205, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2028 (Callable 02/01/2023) | 965000 | 965634 |  |
| Woodford, Lasalle, Livingston, Etc. Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Unit School District No. 6, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 (Insured by BAM) | 175000 | 181560 |  |
| **Total Illinois** |  |  |  |
| **(Cost $133,564,392)** |  | 129241740 | 7.3% |
| **Indiana** |  |  |  |
| Aurora School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2025 (Insured by ST AID) | 1300000 | 1346353 |  |
| Cass County Indiana Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2028 (Insured by ST AID) | 400000 | 433540 |  |
| City of Elkhart IN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2028 (Insured by BAM) | 340000 | 337126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2028 (Insured by BAM) | 345000 | 341598 |  |
| City of Hobart IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2025 (Insured by ST AID) | 395000 | 388543 |  |
| City of Kendallville IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2024 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 11/01/2023) (Insured by HUD)<sup>(1)</sup> | 1935000 | 1929051 |  |
| City of Mishawaka IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 (Insured by AGM) | 100000 | 104550 |  |
| City of Muncie IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2024 (Insured by AGM) | 170000 | 171362 |  |
| City of Valparaiso IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2026 (Callable 08/01/2023) | 375000 | 377822 |  |
| County of St. Joseph IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2025 | 1405000 | 1456294 |  |
| Fairfield School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2028 (Insured by ST AID) | 1800000 | 1813798 |  |
| Fishers Redevelopment Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2023 | 270000 | 270063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2023 | 275000 | 276280 |  |
| Hammond Multi-School Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2025 (Insured by ST AID) | 525000 | 546266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2025 (Insured by ST AID) | 125000 | 128320 |  |
| Indiana Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2023 | 25000 | 25035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2023 | 75000 | 75615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 | 390000 | 395187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2024 | 815000 | 834104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2024 | 155000 | 158351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 445000 | 453681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2025 | 325000 | 334124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2025 (Callable 10/01/2023) | 95000 | 91335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 675000 | 697672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 730000 | 762200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 1520000 | 1556918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2026 (Callable 09/15/2024) | 700000 | 715328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2026 (Callable 10/01/2023) | 95000 | 90045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 | 260000 | 274775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Callable 10/01/2026) | 1225000 | 1319846 |  |
| Indiana Housing & Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2024)<sup>(1)</sup> | 1300000 | 1327175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029) (Insured by GNMA) | 900000 | 890618 |  |
| Indianapolis Board of School Commissioners: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2024 (Insured by ST AID) | 500000 | 515610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2025 (Insured by ST AID) | 750000 | 788839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2026 (Insured by ST AID) | 1000000 | 1062277 |  |
| Indianapolis Local Public |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvement Bond Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 (Callable 12/29/2023) | 1025000 | 1042160 |  |
| Marion High School Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2023 (Insured by ST AID) | 215000 | 215049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2025 (Insured by ST AID) | 200000 | 203831 |  |
| Michigan City School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2023 (Insured by ST AID) | 350000 | 351868 |  |
| Mishawaka School City |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2024 (Insured by ST AID) | 615000 | 620888 |  |
| Munster School Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2023 (Insured by ST AID) | 215000 | 215119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2023 (Insured by ST AID) | 160000 | 160795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2024 (Insured by ST AID) | 225000 | 229502 |  |
| Plainfield Redevelopment Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026 (Insured by ST AID) | 605000 | 618125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2026 (Insured by ST AID) | 630000 | 643201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2027 (Insured by ST AID) | 645000 | 657434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027 (Insured by ST AID) | 665000 | 676068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by ST AID) | 470000 | 470056 |  |
| Salem Middle School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2024 (Insured by ST AID) | 195000 | 196701 |  |
| Town of Rossville IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2023 | 115000 | 114996 |  |
| Vinton-Tecumseh School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2023 (Insured by ST AID) | 145000 | 145079 |  |
| Wabash City Schools Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2024 (Insured by ST AID) | 110000 | 111370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2025 (Insured by ST AID) | 140000 | 142488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2025 (Insured by ST AID) | 240000 | 245489 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Washington Indiana |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Elementary School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2024 (Insured by ST AID) | $335000 | $333578 |  |
| Westfield High School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2024 (Insured by ST AID) | 200000 | 203594 |  |
| **Total Indiana** |  |  |  |
| **(Cost $30,822,707)** |  | 29887092 | 1.7% |
| **Iowa** |  |  |  |
| Bondurant-Farrar Community School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2023 (Insured by AGM) | 110000 | 109931 |  |
| City of Coralville IA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2024 | 300000 | 299098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2025 (Callable 06/01/2024) | 455000 | 453514 |  |
| City of New Hampton IA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2023 (Insured by BAM) | 135000 | 134882 |  |
| Iowa Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2031 (Callable 02/15/2024) | 2225000 | 2263645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2030)<sup>(3)</sup> | 2250000 | 2156645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) (Insured by GNMA) | 80000 | 79384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2027) (Insured by GNMA) | 500000 | 500210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) (Insured by GNMA) | 775000 | 777438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2031) (Insured by GNMA) | 970000 | 931664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2032) (Insured by GNMA) | 3250000 | 3544641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.570%, 05/15/2056 (SOFR + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/15/2026)<sup>(2)</sup> | 6000000 | 5666531 |  |
| Iowa Higher Education Loan Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2024 | 500000 | 497760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2025 | 775000 | 766398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2026 | 800000 | 787724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2027 | 820000 | 801365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2028 | 845000 | 814740 |  |
| Lake Panorama Improvement Zone: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2023 | 405000 | 403923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2024 | 420000 | 417353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2025 | 430000 | 424716 |  |
| PEFA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2049 (Callable 06/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2026)<sup>(1)</sup> | 1900000 | 1945331 |  |
| **Total Iowa** |  |  |  |
| **(Cost $24,648,461)** |  | 23776893 | 1.4% |
| **Kansas** |  |  |  |
| City of Derby KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 03/01/2037 (Callable 03/01/2025) | 950000 | 934719 |  |
| City of Manhattan KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2027 (Callable 06/01/2025) | 1350000 | 1345757 |  |
| Kansas Power Pool, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 545000 | 554231 |  |
| Public Building Commission |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of Johnson County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 | 50000 | 50663 |  |
| **Total Kansas** |  |  |  |
| **(Cost $2,855,109)** |  | 2885370 | 0.2% |
| **Kentucky** |  |  |  |
| Calloway County Public Library District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/01/2029 | 790000 | 769421 |  |
| City of Henderson KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2028 | 2865000 | 2904536 |  |
| City of Versailles KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2026 (Callable 08/15/2024) | 2570000 | 2562634 |  |
| County of Carroll KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.550%, 09/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2026)<sup>(1)</sup> | 750000 | 682241 |  |
| County of Kenton KY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 | 375000 | 384439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 | 725000 | 775891 |  |
| Danville Independent School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2023 (Insured by ST AID) | 75000 | 74782 |  |
| Frankfort Independent School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 08/01/2024 (Insured by ST AID) | 615000 | 599009 |  |
| Harlan County School District Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2025) (Insured by ST AID) | 1150000 | 1148332 |  |
| Kentucky Association of Counties, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026 | 10000 | 10292 |  |
| Kentucky Association of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Counties Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2028 | 240000 | 251489 |  |
| Kentucky Bond Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2024 | 160000 | 159741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2025 | 165000 | 167551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 150000 | 157853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 345000 | 368332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 190000 | 205168 |  |
| Kentucky Economic Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2024 (Insured by NATL) | 1145000 | 1075565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 60000 | 56796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 1500000 | 1520187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2025 (Insured by NATL) | 335000 | 303714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 240000 | 252390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2026 (Insured by NATL) | 100000 | 87359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2025) | 1000000 | 1013511 |  |
| Kentucky Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 04/01/2048 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2023)<sup>(1)</sup> | 1182900 | 1183736 |  |
| Kentucky Public Energy Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.047%, 12/01/2049 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.120%) (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2025)<sup>(2)</sup> | 4410000 | 4364756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (Callable 03/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026)<sup>(1)</sup> | 7925000 | 7844942 |  |
| Kentucky State Property |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Building Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 300000 | 329722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2027) (Insured by AGM) | 250000 | 272309 |  |
| Kentucky State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 (Insured by BAM) | 140000 | 153001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (Insured by BAM) | 290000 | 321997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 (Insured by BAM) | 175000 | 200050 |  |
| Kentucky Turnpike Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2026 | 1000000 | 1038712 |  |
| Louisville & Jefferson County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (Callable 10/01/2023) | 500000 | 504739 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Magoffin County Justice Center Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2023 | $345000 | $344398 |  |
| Murray State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 (Insured by ST AID) | 435000 | 440826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) (Insured by ST AID) | 400000 | 395000 |  |
| Northern Kentucky University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2028 (Insured by ST AID) | 3305000 | 3368164 |  |
| Perry County School District Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2029 (Insured by ST AID) | 2580000 | 2451289 |  |
| Rural Water Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 11/01/2024 (Callable 05/01/2023) | 1000000 | 985713 |  |
| University of Louisville, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Insured by BAM) | 845000 | 900569 |  |
| **Total Kentucky** |  |  |  |
| **(Cost $42,173,691)** |  | 40631156 | 2.3% |
| **Louisiana** |  |  |  |
| Calcasieu Parish Fire Protection District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2024 (Insured by BAM) | 155000 | 156638 |  |
| Calcasieu Parish School District No. 23, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 (Insured by BAM) | 250000 | 258521 |  |
| Calcasieu Parish School District No. 30, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2023 (Insured by AGM) | 125000 | 125116 |  |
| City of Shreveport LA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 (Insured by BAM) | 175000 | 176616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 (Insured by BAM) | 435000 | 443062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027) (Insured by BAM) | 1615000 | 1733890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2024) | 3650000 | 3766005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 10/01/2030<sup>(3)</sup> | 2215000 | 2057530 |  |
| East Ouachita Parish School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2024 | 200000 | 198227 |  |
| Ernest N. Morial New Orleans |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibition Hall Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2024 | 1925000 | 1972007 |  |
| Jefferson Sales Tax District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by AGM) | 550000 | 560408 |  |
| Louisiana Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 07/01/2024) (Insured by HUD)<sup>(1)</sup> | 5000000 | 4976075 |  |
| Louisiana Local Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental Facilities & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024 (Callable 08/01/2023) | 185000 | 187045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.020%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2025)<sup>(3)</sup> | 5428000 | 5331702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2023) | 75000 | 76343 |  |
| Louisiana Public Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 705000 | 713961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/15/2026) | 2015000 | 2149016 |  |
| Louisiana State University & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural & Mechanical College, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2026) (Insured by BAM) | 340000 | 358808 |  |
| Morehouse Parish Hospital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 | 635000 | 614835 |  |
| New Orleans Aviation Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 (Insured by AGM) | 200000 | 211156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 (Callable 01/01/2025) | 4000000 | 4112430 |  |
| St. Landry Parish Road District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2024) (Insured by BAM) | 210000 | 210295 |  |
| St. Tammany Parish Wide |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 12: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 500000 | 523820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 415000 | 443942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 605000 | 659188 |  |
| State of Louisiana, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/15/2024) | 85000 | 87682 |  |
| **Total Louisiana** |  |  |  |
| **(Cost $32,874,679)** |  | 32104318 | 1.8% |
| **Maine** |  |  |  |
| Maine State Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 11/15/2029 (Callable 11/15/2025) | 190000 | 179424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2045 (Callable 05/15/2025) | 725000 | 720217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2045 (Callable 11/15/2025) | 90000 | 89914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2046 (Callable 05/15/2026) | 770000 | 769330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2047 (Callable 11/15/2026) | 555000 | 550124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2049 (Callable 05/15/2028) | 935000 | 936081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2050 (Callable 05/15/2029) | 1420000 | 1423766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (Callable 11/15/2031) | 3765000 | 3925795 |  |
| **Total Maine** |  |  |  |
| **(Cost $8,869,760)** |  | 8594651 | 0.5% |
| **Maryland** |  |  |  |
| City of Baltimore MD: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 60000 | 60807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2025 | 1465000 | 1558455 |  |
| County of Baltimore MD, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2025 (Callable 01/20/2023) | 950000 | 950113 |  |
| County of Howard MD, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 4805000 | 5208173 |  |
| Maryland Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Administration: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2024 (Insured by GNMA) | 6000000 | 5877488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 10/01/2024 | 2000000 | 2004428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 12/01/2024 | 7545000 | 7558827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/01/2050 (Callable 03/01/2029) | 2610000 | 2598954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2031) (Insured by GNMA) | 3000000 | 3126135 |  |
| Maryland Health & Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2023 | 580000 | 580000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 3375000 | 3442725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 495000 | 511927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 430000 | 448522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AMBAC) | 1995000 | 2102960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2045 (Callable 01/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2027)<sup>(1)</sup> | 3200000 | 3401147 |  |
| Maryland Stadium Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 1515000 | 1650395 |  |
| Montgomery County Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Opportunities Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2048 (Callable 07/01/2026) | 290000 | 289929 |  |
| State of Maryland, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2029 (Callable 03/15/2028) | 3225000 | 3604281 |  |
| **Total Maryland** |  |  |  |
| **(Cost $45,508,266)** |  | 44975266 | 2.6% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Massachusetts** |  |  |  |
| Massachusetts Development Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | $190000 | $193184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 230000 | 233863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 (Callable 01/30/2023) | 635000 | 635325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (Callable 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(1)</sup> | 1075000 | 1090565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.730%, 07/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.600%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 01/29/2026)<sup>(2)(3)</sup> | 3300000 | 3253240 |  |
| Massachusetts Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2044 (Callable 06/01/2025) | 90000 | 89885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) (Insured by GNMA) | 520000 | 520467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) (Insured by GNMA) | 310000 | 310121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (Callable 12/01/2028) | 640000 | 641168 |  |
| **Total Massachusetts** |  |  |  |
| **(Cost $7,089,061)** |  | 6967818 | 0.4% |
| **Michigan** |  |  |  |
| Bad Axe Public Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2027 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2024) (Insured by Q-SBLF) | 630000 | 640585 |  |
| City of Allen Park Brownfield |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2023 (Insured by BAM) | 620000 | 621629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2024 (Insured by BAM) | 320000 | 323976 |  |
| City of Allen Park MI: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2023 (Insured by BAM) | 115000 | 115254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by BAM) | 300000 | 301648 |  |
| City of Kalamazoo MI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 50000 | 50746 |  |
| Comstock Public Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 (Insured by AGM) | 240000 | 243878 |  |
| County of Ionia MI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 | 125000 | 132632 |  |
| Detroit Wayne County Stadium Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by AGM) | 90000 | 90088 |  |
| Ferris State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 | 950000 | 985010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 1500000 | 1698257 |  |
| Fruitport Community Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2023 (Insured by Q-SBLF) | 135000 | 135403 |  |
| Holly Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2025 (Insured by Q-SBLF) | 450000 | 461357 |  |
| Ingham County Brownfield |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by AGM) | 215000 | 215251 |  |
| Michigan Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 | 185000 | 187211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 | 200000 | 205082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2024 | 1350000 | 1348037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) (Insured by AGM) | 1620000 | 1671088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 200000 | 207985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2026 | 60000 | 61760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 200000 | 210601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2026 (Callable 06/01/2025) | 635000 | 675475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 280000 | 298636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2029 (Callable 10/01/2024) | 3000000 | 3007196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) (Insured by AGM) | 2000000 | 2052147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/15/2024)<sup>(1)</sup> | 3135000 | 3153153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2044 (Callable 05/16/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/16/2026)<sup>(1)</sup> | 3735000 | 3967027 |  |
| Michigan State Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2024 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2023) (Insured by HUD)<sup>(1)</sup> | 3440000 | 3422856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2046 (Callable 12/01/2024) | 455000 | 454609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2047 (Callable 06/01/2026) | 2120000 | 2101483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2050 (Callable 06/01/2029) | 1650000 | 1629933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2052 (Callable 12/01/2030) | 950000 | 919465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2053 (Callable 12/01/2031) | 3000000 | 3202285 |  |
| Novi Community School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2025 | 1000000 | 1022354 |  |
| Saginaw Valley State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2026) | 855000 | 916180 |  |
| South Lake Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2023 (Insured by Q-SBLF) | 500000 | 503712 |  |
| Southeastern Oakland County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Resource Recovery Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2024 | 580000 | 582870 |  |
| Tri-County Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2023 (Insured by AGM) | 705000 | 706761 |  |
| Western Michigan University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 (Insured by AGM) | 250000 | 276616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 (Insured by AGM) | 100000 | 112169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 (Insured by AGM) | 280000 | 314074 |  |
| **Total Michigan** |  |  |  |
| **(Cost $40,086,139)** |  | 39226479 | 2.2% |
| **Minnesota** |  |  |  |
| Alexandria Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 206, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2029 | 470000 | 458579 |  |
| Chaska Independent School District No. 112, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2029 | 2340000 | 2251757 |  |
| City of St. Paul MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (Callable 11/01/2024) | 1035000 | 1072565 |  |
| County of Chippewa MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2024 | 1340000 | 1345048 |  |
| Duluth Economic Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 350000 | 360444 |  |
| Duluth Independent School District No. 709: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 815000 | 816063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2029 (Callable 02/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 1850000 | 1480047 |  |
| Fergus Falls Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 544, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2024 | 105000 | 103716 |  |
| Golden Valley Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2030 (Callable 02/01/2024) | 1070000 | 1084617 |  |
| Housing & Redevelopment Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the City of St. Paul MN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025 | 465000 | 488246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 285000 | 289998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2026 (Callable 09/01/2024) | 325000 | 294180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1065000 | 1090530 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Minneapolis-Saint Paul Metropolitan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Airports Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 | $310000 | $323287 |  |
| Minnesota Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2023 | 150000 | 148920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 | 165000 | 167851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 | 100000 | 100551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 (Callable 03/01/2026) | 250000 | 259085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 750000 | 811977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Callable 10/01/2027) | 1445000 | 1559506 |  |
| Minnesota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2038 (Callable 01/01/2024) | 320000 | 320125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 01/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) (Insured by GNMA) | 4630000 | 4009392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 07/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2023) (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/12/2023) (Insured by GNMA)<sup>(2)</sup> | 315000 | 314829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) (Insured by GNMA) | 1230000 | 1054575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.560%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.430%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023) (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 07/03/2023) (Insured by GNMA)<sup>(2)</sup> | 4935000 | 4928840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) (Insured by GNMA) | 1805000 | 1790367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) (Insured by GNMA) | 100000 | 99884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027) (Insured by GNMA) | 225000 | 224879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2031) (Insured by GNMA) | 4910000 | 4730473 |  |
| Moorhead Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 152: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2023 | 235000 | 235124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2024 | 245000 | 247244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2025 | 255000 | 260001 |  |
| Northern Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 (Callable 01/30/2023) | 230000 | 230307 |  |
| Shakopee Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 720, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 675000 | 675983 |  |
| Zumbro Education District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2025 | 330000 | 331317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2027 | 395000 | 397405 |  |
| **Total Minnesota** |  |  |  |
| **(Cost $36,754,559)** |  | 34357712 | 1.9% |
| **Mississippi** |  |  |  |
| Brookhaven School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2023 (Insured by AGM) | 200000 | 200042 |  |
| City of Oxford MS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2024 | 170000 | 162716 |  |
| City of Ridgeland MS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2023 | 1335000 | 1322461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2024 | 1505000 | 1494746 |  |
| City of Yazoo MS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2025 (Insured by AGM) | 125000 | 125171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2026 (Insured by AGM) | 130000 | 130532 |  |
| County of Warren MS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 09/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2023)<sup>(1)</sup> | 800000 | 795929 |  |
| Mississippi Business Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 09/01/2028 (Callable 03/13/2024) | 2460000 | 2424231 |  |
| Mississippi Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023<sup>(3)</sup> | 400000 | 402477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 | 190000 | 192323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 (Insured by AGM) | 50000 | 51127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024<sup>(3)</sup> | 460000 | 467758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 335000 | 344688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 (Insured by BAM) | 240000 | 252818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 170000 | 186878 |  |
| Mississippi Home Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 (Insured by GNMA) | 1250000 | 1376285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2028) (Insured by GNMA) | 325000 | 325484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) (Insured by GNMA) | 710000 | 702336 |  |
| Mississippi Hospital Equipment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 (Callable 12/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2027)<sup>(1)</sup> | 1065000 | 1114303 |  |
| Natchez-Adams School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027 | 380000 | 408840 |  |
| State of Mississippi: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2025 | 405000 | 427043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2028 (Callable 10/15/2025) | 1255000 | 1317480 |  |
| **Total Mississippi** |  |  |  |
| **(Cost $14,695,329)** |  | 14225668 | 0.8% |
| **Missouri** |  |  |  |
| Arnold Retail Corridor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation Development District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2028 (Callable 11/01/2024) | 355000 | 322543 |  |
| City of Berkeley MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2024 (Insured by BAM) | 205000 | 204642 |  |
| City of St. Louis MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2023 (Insured by AGM) | 415000 | 418870 |  |
| Hanley Road Corridor Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 10/01/2033 (Callable 10/01/2029) | 345000 | 342806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2039 (Callable 10/01/2029) | 1160000 | 1119691 |  |
| Health & Educational Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority of the State of Missouri: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2023 | 140000 | 138452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 | 285000 | 287105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2024 | 235000 | 241035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 | 295000 | 299160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2025 | 150000 | 146342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025 (Callable 08/01/2024) | 350000 | 349819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029 (Callable 02/01/2024) | 4775000 | 4785701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029 (Callable 02/01/2026) | 215000 | 216330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029 (Callable 02/01/2026) | 1195000 | 1202391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 (Callable 02/01/2026) | 440000 | 441474 |  |
| Missouri Housing Development Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 11/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2024) (Insured by GNMA) | 55000 | 53941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2030) (Insured by GNMA) | 3895000 | 3796026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2032) (Insured by GNMA) | 4275000 | 4412033 |  |
| Missouri Joint Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utility Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 06/01/2025) | 1715000 | 1789094 |  |
| Missouri Southern State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 (Insured by AGM) | 105000 | 111936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (Insured by AGM) | 100000 | 108126 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Move Rolla Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2026) | $70000 | $67684 |  |
| Neosho R-V School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2024 (Insured by ST AID) | 275000 | 278157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2025 (Insured by ST AID) | 220000 | 225203 |  |
| Northwest Missouri State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2024 (Insured by BAM) | 500000 | 512981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 (Insured by BAM) | 570000 | 593683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (Insured by BAM) | 500000 | 528123 |  |
| St. Joseph Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 01/01/2024 | 125000 | 121996 |  |
| St. Louis Land Clearance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;for Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/2026 | 3460000 | 3479213 |  |
| State of Missouri Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2023)<sup>(1)</sup> | 195000 | 195160 |  |
| **Total Missouri** |  |  |  |
| **(Cost $27,385,715)** |  | 26789717 | 1.5% |
| **Montana** |  |  |  |
| City of Forsyth MT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2023)<sup>(1)</sup> | 11000000 | 10886753 |  |
| City of Red Lodge MT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2023 (Insured by BAM) | 270000 | 267966 |  |
| Montana Board of Housing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024)<sup>(1)</sup> | 4000000 | 3990692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2024)<sup>(1)</sup> | 7000000 | 7142217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2043 (Callable 12/01/2027) | 615000 | 615408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by FHA) | 645000 | 645390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2053 (Callable 06/01/2032) | 2140000 | 2334709 |  |
| Montana Facility Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2023 | 100000 | 100000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2025 | 155000 | 155779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Insured by MT BRD) | 110000 | 115740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2026 | 330000 | 331569 |  |
| **Total Montana** |  |  |  |
| **(Cost $26,768,313)** |  | 26586223 | 1.5% |
| **Nebraska** |  |  |  |
| City of Gretna NE, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2025 (Callable 12/15/2024) | 1000000 | 1017604 |  |
| Nebraska Investment Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2031) (Insured by GNMA) | 4845000 | 4651928 |  |
| Papio-Missouri River |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Resources District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2029 (Callable 10/12/2026) | 330000 | 327061 |  |
| Public Power Generation Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2025) | 385000 | 397869 |  |
| **Total Nebraska** |  |  |  |
| **(Cost $6,641,397)** |  | 6394462 | 0.4% |
| **Nevada** |  |  |  |
| City of Yerington NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by USDA) | 7000000 | 6867950 |  |
| Clark County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 585000 | 590038 |  |
| County of Clark NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 490000 | 517144 |  |
| Las Vegas Redevelopment Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2032 (Callable 06/15/2026) | 790000 | 716320 |  |
| Nevada Housing Division: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2028) (Insured by GNMA) | 1005000 | 1006967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2030) (Insured by GNMA) | 1300000 | 1258925 |  |
| **Total Nevada** |  |  |  |
| **(Cost $11,337,255)** |  | 10957344 | 0.6% |
| **New Hampshire** |  |  |  |
| Hollis School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.769%, 06/28/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023)<sup>(3)</sup> | 1495447 | 1395619 |  |
| New Hampshire Business Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2028 (Callable 01/01/2026) | 575000 | 555288 |  |
| **Total New Hampshire** |  |  |  |
| **(Cost $2,121,775)** |  | 1950907 | 0.1% |
| **New Jersey** |  |  |  |
| Atlantic City Board of Education: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 08/15/2023<sup>(3)</sup> | 2171000 | 2168938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 08/15/2024<sup>(3)</sup> | 793000 | 784326 |  |
| City of Atlantic City NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 (Insured by BAM) | 300000 | 306316 |  |
| City of Trenton NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2023 (Insured by AGM) | 200000 | 200868 |  |
| City of Union City NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 (Insured by ST AID) | 435000 | 440816 |  |
| New Jersey Economic Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2023 | 50000 | 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2024 | 390000 | 399828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 455000 | 434811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2025 (Insured by NATL) | 380000 | 396321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.380%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID)<sup>(2)</sup> | 20000 | 20005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 (Callable 03/01/2023) | 1310000 | 1313600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 (Callable 06/15/2024) | 400000 | 410137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (Callable 06/15/2024) | 1090000 | 1115972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2029 (Callable 07/01/2027) | 935000 | 916932 |  |
| New Jersey Health Care Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2043 (Callable 04/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2024)<sup>(1)</sup> | 2250000 | 2306681 |  |
| New Jersey Housing & Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/01/2025 (Callable 02/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 1000000 | 986762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2048 (Callable 10/01/2027) | 530000 | 538093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/01/2050 (Callable 04/01/2028) | 1185000 | 1209569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2053 (Callable 04/01/2031) | 3425000 | 3577107 |  |
| New Jersey Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust Fund Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2023 | 275000 | 279344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2023 | 360000 | 366518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2024 | 860000 | 882778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2026 (Insured by AMBAC) | 110000 | 95713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2026 (Insured by BHAC) | 480000 | 425020 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| New Jersey Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust Fund Authority: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2026 | $1390000 | $1482287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2027 (Insured by NATL) | 130000 | 108371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (Insured by AGM) | 3190000 | 2483970 |  |
| Newark Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2026) (Insured by AGM) | 1500000 | 1608928 |  |
| North Hudson Sewerage Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 25000 | 23143 |  |
| Passaic Valley Sewerage Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) (Insured by AGM) | 5555000 | 5556664 |  |
| Salem County Improvement Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2026 (Insured by AGM) | 475000 | 482061 |  |
| Township of Little Falls NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.050%, 08/01/2025 | 650000 | 581239 |  |
| Washington Township Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2023 (Insured by NATL) | 25000 | 24203 |  |
| **Total New Jersey** |  |  |  |
| **(Cost $32,984,127)** |  | 31977321 | 1.8% |
| **New Mexico** |  |  |  |
| New Mexico Mortgage Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2045 (Callable 03/01/2026) | 50000 | 49508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2027) (Insured by GNMA) | 195000 | 194145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) (Insured by GNMA) | 65000 | 65498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029) (Insured by GNMA) | 1415000 | 1408854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) (Insured by GNMA) | 1935000 | 1950173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) (Insured by GNMA) | 4025000 | 3900403 |  |
| **Total New Mexico** |  |  |  |
| **(Cost $7,853,520)** |  | 7568581 | 0.4% |
| **New York** |  |  |  |
| Albany Capital Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 (Callable 05/01/2026) | 1000000 | 1032048 |  |
| Albany County Capital Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 07/01/2025 | 640000 | 609092 |  |
| Amherst Industrial Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 04/01/2025) (Insured by FHA)<sup>(1)</sup> | 8250000 | 8319365 |  |
| City of Amsterdam NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/22/2023 | 2204474 | 2201042 |  |
| City of Long Beach NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/17/2023 | 5658500 | 5643751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/17/2023 | 900000 | 897401 |  |
| City of New York NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2044 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2025)<sup>(1)</sup> | 4000000 | 4171868 |  |
| City of Plattsburgh NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 (Insured by AGM) | 495000 | 526636 |  |
| City of Poughkeepsie NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2024 | 280000 | 281340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2026 | 450000 | 457990 |  |
| County of Rockland NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2023 (Insured by AGM) | 415000 | 416315 |  |
| County of Suffolk NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2023 | 2845000 | 2861763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 (Callable 05/01/2024) | 500000 | 511997 |  |
| Genesee Valley Central School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (Insured by AGM) | 1390000 | 1510403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 (Insured by AGM) | 1460000 | 1613897 |  |
| Geneva Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 (ETM) | 30000 | 30402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2023) | 50000 | 50669 |  |
| Hempstead Town Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Callable 07/01/2023) | 815000 | 822907 |  |
| Huntington Local Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2025 | 1965000 | 1889537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2027 | 5050000 | 4780943 |  |
| Long Island Power Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.808%, 05/01/2033 (1 Month LIBOR USD + 0.750%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2023)<sup>(2)</sup> | 5610000 | 5606609 |  |
| New York City Housing Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.950%, 11/01/2045 (Callable 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FNMA)<sup>(1)</sup> | 225000 | 222383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2048 (Callable 05/15/2024) | 8000000 | 7761682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2048 (Callable 05/15/2024) | 5100000 | 4961762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/01/2050 (Callable 01/17/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/29/2023)<sup>(1)</sup> | 300000 | 297291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.100%, 11/01/2058 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/03/2023)<sup>(1)</sup> | 205000 | 203327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.700%, 11/01/2060 (Callable 05/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA)<sup>(1)</sup> | 2590000 | 2410259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.600%, 05/01/2061 (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA)<sup>(1)</sup> | 1520000 | 1403814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 11/01/2062 (Callable 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/22/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA)<sup>(1)</sup> | 4000000 | 3997627 |  |
| New York City Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 06/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 2000000 | 2000000 |  |
| New York Convention Center |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 (Callable 11/15/2025) | 400000 | 420527 |  |
| New York State Dormitory Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 (Callable 02/15/2024) | 1180000 | 1207088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2025) | 505000 | 526674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2048 (Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2024)<sup>(1)</sup> | 2000000 | 2027233 |  |
| New York State Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.700%, 11/01/2024 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA) | 2500000 | 2381493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.600%, 11/01/2024 (Callable 01/20/2023) | 10045000 | 9691234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 05/01/2025 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA) | 3775000 | 3541181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 11/01/2025 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA) | 7525000 | 6875456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 11/01/2056 (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA)<sup>(1)</sup> | 4300000 | 3912082 |  |
| New York Transportation Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 900000 | 955697 |  |
| Oneida County Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 12/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 715000 | 727679 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| St. Lawrence County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/03/2023) | $235000 | $235000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 315000 | 335918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 01/03/2023) | 315000 | 315000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 07/01/2026) | 200000 | 212693 |  |
| State of New York Mortgage Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2043 (Callable 04/01/2023) | 65000 | 64561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2046 (Callable 04/01/2025) | 140000 | 139841 |  |
| Town of Oyster Bay NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2026 (Insured by BAM) | 95000 | 98518 |  |
| Triborough Bridge & Tunnel Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.261%, 01/01/2032 (SOFR + 0.380%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2024)<sup>(2)</sup> | 2795000 | 2762127 |  |
| Utility Debt Securitization Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2025 (Callable 12/15/2023) | 210000 | 214146 |  |
| Westchester County Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 07/01/2028<sup>(3)</sup> | 5855000 | 5519383 |  |
| **Total New York** |  |  |  |
| **(Cost $111,968,601)** |  | 109657651 | 6.2% |
| **North Carolina** |  |  |  |
| Inlivian: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(1)</sup> | 8332000 | 8229062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2043 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 5348000 | 5553925 |  |
| North Carolina Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2027) (Insured by GNMA) | 230000 | 230171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2050 (Callable 07/01/2029) | 2725000 | 2731183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2031) (Insured by GNMA) | 4200000 | 4580571 |  |
| North Carolina Medical Care Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 | 1020000 | 1003939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 (Callable 06/01/2026) | 250000 | 255380 |  |
| **Total North Carolina** |  |  |  |
| **(Cost $22,950,389)** |  | 22584231 | 1.3% |
| **North Dakota** |  |  |  |
| Cass County Joint Water Resource District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.480%, 05/01/2024 (Callable 01/30/2023) | 2500000 | 2376324 |  |
| City of Horace ND: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 08/01/2023 (Callable 01/30/2023) | 1250000 | 1219158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2025 (Callable 01/01/2024) | 2000000 | 1990318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2025 | 250000 | 245029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2025 | 205000 | 200924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2026 | 345000 | 336227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2026 | 100000 | 97457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2027 (Callable 05/01/2026) | 265000 | 256425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2028 (Callable 05/01/2027) | 305000 | 293117 |  |
| City of Mandan ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2041 (Callable 01/30/2023) | 30000 | 24199 |  |
| City of Mayville ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/01/2025 (Callable 08/01/2023) | 4000000 | 3910513 |  |
| City of Watford City ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2023 (Insured by AGM) | 1825000 | 1810095 |  |
| City of West Fargo ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2024 | 900000 | 911768 |  |
| County of McKenzie ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 2300000 | 2314695 |  |
| County of Ward ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2024 (Callable 04/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 400000 | 400932 |  |
| Jamestown Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 07/01/2035 (Callable 01/17/2023) | 320000 | 315599 |  |
| North Dakota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2048 (Callable 01/01/2027) | 380000 | 380050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2051 (Callable 07/01/2029) | 2190000 | 2195003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2052 (Callable 01/01/2031) | 2900000 | 2787629 |  |
| Williston Parks & Recreation District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2025 (Callable 01/17/2023) | 300000 | 292610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 03/01/2026 (Callable 01/17/2023) | 2620000 | 2528384 |  |
| Williston Public School District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2026 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 1015000 | 1014803 |  |
| **Total North Dakota** |  |  |  |
| **(Cost $26,827,742)** |  | 25901259 | 1.5% |
| **Ohio** |  |  |  |
| Akron Bath Copley Joint |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Township Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 120000 | 126513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 | 1240000 | 1325878 |  |
| American Municipal Power, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/29/2023 (Insured by ST AID) | 1105000 | 1116777 |  |
| City of Cleveland OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 (Callable 04/01/2028) | 1070000 | 1180739 |  |
| City of Gahanna OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/02/2023 | 5000000 | 5045272 |  |
| City of Huron OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 12/01/2024 | 225000 | 222617 |  |
| City of Lorain OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2023 (Insured by BAM) | 185000 | 185061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2024 (Insured by BAM) | 130000 | 130438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2025 (Insured by BAM) | 135000 | 134975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2026 (Insured by BAM) | 135000 | 134477 |  |
| City of Middleburg Heights OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2025 | 165000 | 168315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 270000 | 285786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 280000 | 299073 |  |
| City of St. Clairsville OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Insured by BAM) | 340000 | 343134 |  |
| City of Tiffin OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/01/2024 (Callable 12/01/2023) | 250000 | 246603 |  |
| City of Waterville OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 12/01/2026 | 1670000 | 1547353 |  |
| City of Whitehall OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/30/2023 (Insured by ST AID) | 5545000 | 5566050 |  |
| Cleveland-Cuyahoga County Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 (Callable 08/01/2024) | 550000 | 566327 |  |
| County of Allen OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2049 (Callable 02/03/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/03/2027)<sup>(1)</sup> | 800000 | 850473 |  |
| County of Montgomery OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2024 | 1460000 | 1486598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025 | 2500000 | 2588187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 2015000 | 2126702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/12/2023) | 1140000 | 1157665 |  |
| Cuyahoga Metropolitan Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 | 310000 | 311887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 | 335000 | 339998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 335000 | 342322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/01/2027 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2025) (Insured by FHA)<sup>(1)</sup> | 2550000 | 2622676 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Euclid City School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Insured by BAM) | $130000 | $131082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 (Insured by BAM) | 65000 | 66953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 (Insured by BAM) | 100000 | 104011 |  |
| Greater Cleveland Regional Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 145000 | 147692 |  |
| Miami University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 575000 | 629592 |  |
| Northeast Ohio Medical University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 125000 | 130012 |  |
| Norton City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2026 (Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 430000 | 433271 |  |
| Ohio Air Quality Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 4745000 | 4726132 |  |
| Ohio Higher Educational Facility Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 | 580000 | 588752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2024 | 705000 | 720993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2024 | 415000 | 424414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 620000 | 626987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 | 595000 | 619077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 | 455000 | 473412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 (Callable 05/01/2025) | 750000 | 781146 |  |
| Ohio Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 07/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 07/01/2024) (Insured by HUD)<sup>(1)</sup> | 2500000 | 2476778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2024)<sup>(1)</sup> | 7000000 | 7041303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) (Insured by GNMA) | 50000 | 49979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2050 (Callable 09/01/2028) | 2155000 | 2184451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by GNMA) | 5805000 | 5777247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2031) (Insured by GNMA) | 5605000 | 5459065 |  |
| Ohio Turnpike & Infrastructure Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2024 (Insured by BHAC) | 815000 | 828477 |  |
| Port of Greater Cincinnati |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2023 (Callable 01/30/2023) | 7705000 | 7665641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/15/2023 | 125000 | 124633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 | 175000 | 184609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 | 250000 | 267626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2028 | 770000 | 788771 |  |
| State of Ohio: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 (Callable 04/01/2023) | 25000 | 25113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034 (Callable 05/01/2025) | 575000 | 600898 |  |
| Toledo-Lucas County Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2031 | 1005000 | 929960 |  |
| Troy City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.050%, 12/01/2023 (Callable 01/30/2023) | 45000 | 44430 |  |
| University of Akron, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2026) (Insured by BAM) | 2195000 | 2267808 |  |
| Village of Bluffton OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 1500000 | 1560138 |  |
| Village of Cuyahoga Heights OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Insured by AGM) | 95000 | 95578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 (Insured by AGM) | 100000 | 101548 |  |
| Wadsworth City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Callable 12/01/2026) | 325000 | 340016 |  |
| **Total Ohio** |  |  |  |
| **(Cost $82,072,356)** |  | 79869491 | 4.5% |
| **Oklahoma** |  |  |  |
| Catoosa Industrial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2026) | 100000 | 95334 |  |
| City of Midwest City OK, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2023 | 485000 | 484875 |  |
| Custer County Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 | 450000 | 452739 |  |
| Garfield County Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 1800000 | 1921587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Callable 09/01/2026) | 3780000 | 4059748 |  |
| Grady County School Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 565000 | 582114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 945000 | 989280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 1015000 | 1077161 |  |
| Oklahoma County Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 | 350000 | 361353 |  |
| Oklahoma County Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 12, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.050%, 03/01/2024 | 1465000 | 1399683 |  |
| Oklahoma Development Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 485000 | 486453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 03/01/2024 | 675000 | 663042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024 | 585000 | 590247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 (Callable 08/15/2025) | 950000 | 987805 |  |
| Oklahoma Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2031) (Insured by GNMA) | 1900000 | 1980536 |  |
| Oklahoma Municipal Power Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 01/01/2023 (SIFMA Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Index + 0.390%)<sup>(2)</sup> | 130000 | 130000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 (Callable 01/01/2026) | 415000 | 433733 |  |
| Oklahoma Water Resources Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2023 (Insured by OK CERF) | 750000 | 753556 |  |
| Purcell Public Works Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 | 250000 | 255063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 200000 | 208075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 435000 | 461132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 880000 | 948394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 (Callable 03/01/2028) | 500000 | 552860 |  |
| Sallisaw Municipal Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2023 | 735000 | 734377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2024 | 655000 | 655338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2025 | 680000 | 680559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2026 | 710000 | 710369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2028 (Callable 06/01/2026) | 765000 | 761889 |  |
| Texas County Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 | 675000 | 678627 |  |
| Tulsa County Industrial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 | 400000 | 413304 |  |
| Tulsa Industrial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 790000 | 791052 |  |
| **Total Oklahoma** |  |  |  |
| **(Cost $25,995,217)** |  | 25300285 | 1.4% |
| **Oregon** |  |  |  |
| Columbia County School District No. 502, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY)<sup>(5)</sup> | 835000 | 946899 |  |
| County of Crook OR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2028<sup>(5)</sup> | 455000 | 409786 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| County of Yamhill OR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2023 | $425000 | $425643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2024 | 425000 | 427795 |  |
| Oregon State Business |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 12/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/14/2023)<sup>(1)</sup> | 100000 | 99224 |  |
| Oregon State Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (Callable 10/01/2026) | 700000 | 734208 |  |
| State of Oregon, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 (Callable 12/01/2026) | 455000 | 455139 |  |
| State of Oregon Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Services Department: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/01/2033 (Callable 07/01/2024) | 235000 | 230468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2036 (Callable 01/01/2025) | 35000 | 34810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2049 (Callable 07/01/2027) | 845000 | 850874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2049 (Callable 07/01/2027) | 235000 | 236942 |  |
| Yamhill County Hospital Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/15/2026 (Callable 01/20/2023) | 680000 | 622961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 11/15/2027 (Callable 01/20/2023) | 2250000 | 1987105 |  |
| **Total Oregon** |  |  |  |
| **(Cost $7,967,912)** |  | 7461854 | 0.4% |
| **Pennsylvania** |  |  |  |
| Abington Heights School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Lackawanna County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by ST AID) | 195000 | 194365 |  |
| Albert Gallatin Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2027 (Insured by AGM) | 2130000 | 2248274 |  |
| Aliquippa Municipal Water Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by BAM) | 250000 | 246543 |  |
| Avon Grove School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2026) (Insured by ST AID) | 635000 | 685434 |  |
| Blacklick Valley School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2023 (Insured by AGM) | 190000 | 193341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2024 (Insured by AGM) | 200000 | 208139 |  |
| Borough of Lewistown PA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by AGM) | 315000 | 316833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 (Insured by AGM) | 100000 | 101720 |  |
| Bucks County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 | 350000 | 357500 |  |
| Caernarvon Township Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by AGM) | 100000 | 100615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 (Insured by AGM) | 140000 | 142749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by AGM) | 130000 | 131956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by AGM) | 165000 | 166937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by AGM) | 170000 | 171841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by AGM) | 175000 | 174564 |  |
| Carmichaels Area School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by BAM) | 155000 | 155902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 (Insured by BAM) | 220000 | 223783 |  |
| City of Bradford PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2025 (Insured by AGM) | 395000 | 383811 |  |
| City of Erie Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 | 160000 | 163229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 225000 | 232234 |  |
| City of Oil City PA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Insured by AGM) | 200000 | 209983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Insured by AGM) | 200000 | 210440 |  |
| City of Pittston PA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2024 (Insured by BAM) | 265000 | 268110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2025 (Insured by BAM) | 275000 | 280293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2025) (Insured by BAM) | 240000 | 244579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2025) (Insured by BAM) | 125000 | 127671 |  |
| City of Wilkes-Barre PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2025 (Insured by BAM) | 200000 | 203795 |  |
| City of York PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025 | 1505000 | 1537946 |  |
| Coatesville School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2023 (Insured by ST AID) | 1250000 | 1251181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 (Insured by AGM) | 150000 | 151625 |  |
| Commonwealth Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2023 | 225000 | 226631 |  |
| County of Allegheny PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.525%, 11/01/2026 (3 Month |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LIBOR USD + 0.550%) (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/30/2023) (Insured by AGM)<sup>(2)</sup> | 1320000 | 1312914 |  |
| County of McKean PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2023 (Insured by BAM) | 395000 | 397772 |  |
| Crawford Central School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2025 (Insured by BAM) | 2455000 | 2511767 |  |
| Cumberland County Municipal Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 190000 | 198181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 445000 | 464161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2025) | 490000 | 496105 |  |
| Delaware Valley Regional Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.660%, 09/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.530%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2023)<sup>(2)</sup> | 5250000 | 5244362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.687%, 09/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.760%) (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024)<sup>(2)</sup> | 2000000 | 1989585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.807%, 09/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.880%) (Callable 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(2)</sup> | 2000000 | 1968838 |  |
| East Hempfield Township Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024) | 1730000 | 1781485 |  |
| Greater Hazleton Joint Sewer Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2024 (Insured by BAM) | 325000 | 329316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2025 (Insured by BAM) | 255000 | 261950 |  |
| Hazleton Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2025 (Insured by BAM) | 430000 | 439394 |  |
| Indiana County Municipal Services Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 (Insured by BAM) | 270000 | 276521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 (Insured by BAM) | 285000 | 296309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 (Insured by BAM) | 300000 | 315589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (Insured by BAM) | 310000 | 329289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Insured by BAM) | 325000 | 348132 |  |
| Lancaster City Parking Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2027 (Insured by BAM) | 645000 | 633078 |  |
| Latrobe Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 395000 | 405901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 215000 | 221552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 | 150000 | 154905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 125000 | 128899 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Lycoming County Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2024)<sup>(1)</sup> | $1260000 | $1262306 |  |
| Montgomery County Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education & Health Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 05/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2023)<sup>(5)</sup> | 1270000 | 1259018 |  |
| Montgomery County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 | 125000 | 125261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 | 200000 | 201433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 240000 | 242913 |  |
| North Penn Water Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.590%, 11/01/2023 (SIFMA Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Index + 0.460%)<sup>(2)</sup> | 205000 | 204970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.690%, 11/01/2024 (SIFMA Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Index + 0.560%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2023)<sup>(2)</sup> | 845000 | 844350 |  |
| North Pocono School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2024 (Insured by BAM) | 230000 | 233071 |  |
| Northampton County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General Purpose Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.098%, 08/15/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.040%) (Callable 02/15/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/15/2024)<sup>(2)</sup> | 75000 | 75014 |  |
| Octorara Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2025 (Insured by AGM) | 355000 | 363641 |  |
| Palmyra Area School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2025) (Insured by ST AID) | 1045000 | 1090889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2025) (Insured by ST AID) | 400000 | 417376 |  |
| Pennsylvania Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2029 | 3000000 | 3203195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2030 | 1500000 | 1602145 |  |
| Pennsylvania Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 | 575000 | 600634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 | 595000 | 631357 |  |
| Pennsylvania Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2046 (Callable 04/01/2026) | 700000 | 699520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2049 (Callable 10/01/2029) | 4655000 | 4547924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2049 (Callable 10/01/2028) | 4420000 | 4417549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2052 (Callable 10/01/2031) | 1300000 | 1236486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2052 (Callable 04/01/2032) | 1140000 | 1153282 |  |
| Pennsylvania Turnpike Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2023 | 85000 | 82494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.830%, 12/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(2)</sup> | 2150000 | 2150139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028<sup>(5)</sup> | 450000 | 483370 |  |
| Perkasie Regional Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2023 (Insured by BAM) | 460000 | 460218 |  |
| Philadelphia Authority for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Development, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 725000 | 771310 |  |
| Pittsburgh Water & Sewer Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.780%, 09/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.650%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2023) (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2023) (Insured by AGM)<sup>(2)</sup> | 11025000 | 11014019 |  |
| Pottsville Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2026 (Insured by BAM) | 185000 | 190141 |  |
| Public Parking Authority Of Pittsburgh, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Callable 06/01/2025) | 470000 | 493654 |  |
| Reading School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2023 (Insured by BAM) | 160000 | 160257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2023 (Insured by BAM) | 565000 | 565908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2023 (Insured by BAM) | 750000 | 752989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2024 (Insured by BAM) | 615000 | 621462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 (Insured by BAM) | 2250000 | 2300813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/15/2026 (Insured by NATL) | 670000 | 599181 |  |
| Sayre Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2024 (Insured by BAM) | 25000 | 24991 |  |
| Sayre Health Care Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.970%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.780%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(2)</sup> | 125000 | 125550 |  |
| School District of Philadelphia: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2024 (Insured by AGM) | 560000 | 573993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 (Insured by ST AID) | 135000 | 141723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 (Insured by ST AID) | 500000 | 525161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Insured by ST AID) | 1000000 | 1065405 |  |
| School District of Reading, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 (Insured by AGM) | 100000 | 102094 |  |
| School District of the City of Erie: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2023 (Insured by AGM) | 265000 | 266108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 (Insured by AGM) | 230000 | 235138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 (Insured by AGM) | 250000 | 255584 |  |
| Scranton School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.821%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Month LIBOR USD + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 06/01/2023) (Insured by ST AID)<sup>(2)</sup> | 6340000 | 6330139 |  |
| Scranton-Lackawanna Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and Welfare Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 | 35000 | 35571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 40000 | 41926 |  |
| State Public School Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/15/2028 (Insured by NATL) | 2075000 | 1708718 |  |
| Steel Valley School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2024 (Insured by BAM) | 260000 | 265038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2024 (Insured by BAM) | 50000 | 50969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2025 (Insured by BAM) | 270000 | 276867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2025 (Insured by BAM) | 50000 | 51272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2026 (Insured by BAM) | 280000 | 288758 |  |
| Township of Hampton PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 02/01/2023 (Insured by FGIC) | 125000 | 125227 |  |
| Township of North Fayette PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2025 (Callable 04/15/2024) | 210000 | 212343 |  |
| University of Pittsburgh-of the Commonwealth |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;System of Higher Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.490%, 02/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.360%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2023)<sup>(2)</sup> | 2500000 | 2496486 |  |
| Westmoreland County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2023 | 375000 | 375227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2024 | 450000 | 451772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2025 | 550000 | 553416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2026 | 725000 | 730333 |  |
| Westmoreland County Municipal Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 220000 | 215688 |  |
| Wilkes-Barre Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 40000 | 41264 |  |
| **Total Pennsylvania** |  |  |  |
| **(Cost $96,521,073)** |  | 94443079 | 5.3% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Puerto Rico** |  |  |  |
| Commonwealth of Puerto Rico: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2023 | $2984925 | $2984921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2024 | 5039303 | 4670536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2025 | 1806000 | 1819614 |  |
| Puerto Rico Public Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/01/2024 (Insured by AMBAC) | 710000 | 720271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 545000 | 603265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 3510000 | 3872676 |  |
| **Total Puerto Rico** |  |  |  |
| **(Cost $14,872,648)** |  | 14671283 | 0.8% |
| **Rhode Island** |  |  |  |
| Rhode Island Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.450%, 10/01/2040 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 2060000 | 2000014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2049 (Callable 04/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1530000 | 1523307 |  |
| State of Rhode Island, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 (Callable 11/01/2028) | 1585000 | 1779109 |  |
| Tobacco Settlement Financing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 (Callable 06/01/2025) | 1075000 | 1098824 |  |
| **Total Rhode Island** |  |  |  |
| **(Cost $6,689,069)** |  | 6401254 | 0.4% |
| **South Carolina** |  |  |  |
| Barnwell Facilities Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 (Insured by BAM) | 285000 | 288499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 (Insured by BAM) | 280000 | 289313 |  |
| City of Myrtle Beach SC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (Callable 10/01/2026) | 1000000 | 1069842 |  |
| City of Walhalla SC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2023 (Insured by BAM) | 320000 | 322450 |  |
| Greenwood Fifty School Facilities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2026) (Insured by BAM) | 1125000 | 1202549 |  |
| Patriots Energy Group Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.787%, 10/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Month LIBOR USD + 0.860%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2024)<sup>(2)</sup> | 1500000 | 1491718 |  |
| Piedmont Municipal Power Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 01/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 220000 | 229924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2025) | 1000000 | 1034151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Callable 01/01/2027) | 4190000 | 4461795 |  |
| South Carolina Jobs-Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2023) | 110000 | 111436 |  |
| South Carolina State Housing Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) (Insured by GNMA) | 80000 | 79976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027) (Insured by FHA) | 335000 | 334793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2048 (Callable 07/01/2027) | 300000 | 302970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2050 (Callable 07/01/2028) | 1800000 | 1805164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2050 (Callable 07/01/2029) | 1705000 | 1709809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2052 (Callable 07/01/2030) | 11815000 | 11396622 |  |
| Spartanburg Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2025)<sup>(1)</sup> | 2671000 | 2595885 |  |
| University of South Carolina, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 785000 | 851251 |  |
| **Total South Carolina** |  |  |  |
| **(Cost $30,955,461)** |  | 29578147 | 1.7% |
| **South Dakota** |  |  |  |
| Aberdeen School District No. 6-1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 01/01/2023 | 255000 | 255000 |  |
| City of Rapid City SD, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 310000 | 319313 |  |
| South Dakota Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2025 | 100000 | 98578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2027 | 105000 | 101701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 | 200000 | 191279 |  |
| South Dakota Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2030) (Insured by GNMA) | 1585000 | 1540239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (Callable 11/01/2031) | 3000000 | 3126721 |  |
| **Total South Dakota** |  |  |  |
| **(Cost $5,917,875)** |  | 5632831 | 0.3% |
| **Tennessee** |  |  |  |
| City of Jackson TN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 (ETM) | 10000 | 10243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 | 240000 | 245066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2025) | 20000 | 20929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (Callable 04/01/2025) | 645000 | 665121 |  |
| City of Manchester TN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2028 | 1820000 | 1716906 |  |
| City of Memphis TN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 12/01/2026) | 2165000 | 2349042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 12/01/2026) | 2185000 | 2370743 |  |
| City of Morristown TN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2029 | 2015000 | 1878929 |  |
| City of Sevierville TN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 2845000 | 3114083 |  |
| Cleveland Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2026 (Mandatory |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Date 08/01/2025)<sup>(1)(3)</sup> | 2880000 | 2854930 |  |
| Hollow Rock-Bruceton |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Special School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2023 | 346000 | 345738 |  |
| Nashville & Davidson County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 125000 | 121830 |  |
| Tennergy Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2024 | 575000 | 586609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2025 | 560000 | 576907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2026 | 700000 | 726070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2027 | 770000 | 810392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2028 | 1000000 | 1060078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2029 | 2230000 | 2372869 |  |
| Tennessee Energy Acquisition Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 09/01/2026 | 6705000 | 7017591 |  |
| Tennessee Housing Development Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 07/01/2029 (Callable 07/01/2024) | 100000 | 97720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 01/01/2031 (Callable 01/20/2023) | 1020000 | 1020052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/01/2032 (Callable 01/01/2025) | 685000 | 672641 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Tennessee Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Agency: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2024) | $260000 | $259741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2043 (Callable 07/01/2027) | 440000 | 440234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2046 (Callable 01/01/2025) | 5000 | 4994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/01/2050 (Callable 01/01/2029) | 1900000 | 1891773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2051 (Callable 01/01/2030) | 885000 | 862218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2053 (Callable 07/01/2031) | 1750000 | 1823878 |  |
| **Total Tennessee** |  |  |  |
| **(Cost $37,085,392)** |  | 35917327 | 2.0% |
| **Texas** |  |  |  |
| Abilene Convention Center |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/2031 | 1000000 | 831031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2031<sup>(3)</sup> | 1120000 | 981855 |  |
| Arlington Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2023 (PSF Guaranteed) | 325000 | 328928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2024 (PSF Guaranteed) | 505000 | 522354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (PSF Guaranteed) | 535000 | 552727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 550000 | 580599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 75000 | 79095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (PSF Guaranteed) | 555000 | 588765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2026 (PSF Guaranteed) | 345000 | 355206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2026 (PSF Guaranteed) | 200000 | 206331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 (PSF Guaranteed) | 450000 | 483086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 (PSF Guaranteed) | 350000 | 360029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2027 (PSF Guaranteed) | 360000 | 370568 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 (PSF Guaranteed) | 500000 | 545925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2028 (PSF Guaranteed) | 370000 | 382545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2028 (PSF Guaranteed) | 385000 | 398054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2029 (PSF Guaranteed) | 285000 | 294851 |  |
| Arlington Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2043 (Callable 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2025)<sup>(1)</sup> | 6500000 | 6512443 |  |
| Bandera Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 (PSF Guaranteed) | 460000 | 470917 |  |
| Brazoria County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 17, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2023) (Insured by AGM) | 175000 | 176380 |  |
| Bryan Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2029 (PSF Guaranteed) | 1435000 | 1524546 |  |
| Bryson Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027) (PSF Guaranteed) | 785000 | 823063 |  |
| Caney Creek Municipal Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 405000 | 419120 |  |
| Central Texas Regional Mobility Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 (Callable 07/01/2024) | 5440000 | 5581272 |  |
| Central Texas Turnpike System: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2023 | 205000 | 207403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2026 (Insured by BHAC) | 1110000 | 993077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 (Callable 08/15/2024) | 545000 | 558474 |  |
| Cimarron Municipal Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2025 (Insured by AGM) | 70000 | 71706 |  |
| Cinco Municipal Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2023 (Insured by BAM) | 690000 | 695743 |  |
| City of Brownsville TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 (Callable 09/01/2025) | 830000 | 871522 |  |
| City of Dallas Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2044 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2026)<sup>(1)</sup> | 1900000 | 1891159 |  |
| City of Dallas TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) | 630000 | 646149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 (Callable 08/15/2026) | 1000000 | 1009021 |  |
| City of Denton TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 (Callable 12/01/2026) | 900000 | 955439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034 (Callable 12/01/2026) | 195000 | 206190 |  |
| City of Elgin TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2023 (Insured by AGM) | 155000 | 155795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2023 (Insured by BAM) | 50000 | 50256 |  |
| City of Frisco TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2028 | 500000 | 526367 |  |
| City of Hearne TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2023 (Insured by BAM) | 230000 | 229783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2024 (Insured by BAM) | 240000 | 240026 |  |
| City of Houston TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 635000 | 654620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 500000 | 461872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 (Callable 09/01/2024) | 1500000 | 1531300 |  |
| City of San Antonio TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 1000000 | 1022991 |  |
| City of Temple TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (Insured by BAM) | 150000 | 165014 |  |
| City of Wilmer TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Insured by BAM) | 410000 | 439016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Insured by BAM) | 380000 | 412446 |  |
| Clear Creek Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 (PSF Guaranteed) | 115000 | 117614 |  |
| Clifton Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 (PSF Guaranteed) | 1960000 | 2135601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 700000 | 723890 |  |
| Collin County Water |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Control & Improvement District No. 3: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/15/2023 (Insured by BAM) | 335000 | 331204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/15/2024 (Insured by BAM) | 350000 | 342080 |  |
| Comal County Water Control |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Improvement District No. 6: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2025 (Insured by BAM) | 510000 | 516444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2026 (Insured by BAM) | 535000 | 545465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2027 (Insured by BAM) | 555000 | 569042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2028 (Insured by BAM) | 580000 | 597516 |  |
| Cotulla Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2023 (PSF Guaranteed) | 100000 | 100213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 (PSF Guaranteed) | 1250000 | 1384982 |  |
| County of Archer TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2024 | 350000 | 354266 |  |
| County of Bexar TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 (Callable 06/15/2026) | 855000 | 918636 |  |
| County of El Paso TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2032 (Callable 08/15/2027) | 885000 | 969756 |  |
| County of Fort Bend TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2027 (Insured by BAM) | 745000 | 700187 |  |
| County of McLennan TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 (Insured by AGM) | 240000 | 248561 |  |
| County of Montgomery TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) (Insured by BAM) | 435000 | 396442 |  |
| County of Wise TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 | 500000 | 517042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 850000 | 886733 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Crane County Water District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2025) | $915000 | $957338 |  |
| Cypress-Fairbanks Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 (PSF Guaranteed) | 1000000 | 1112531 |  |
| Dallas Convention Center |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2025 | 4450000 | 4129133 |  |
| Dallas County Utility & Reclamation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 | 290000 | 307724 |  |
| Dallas Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2029 (PSF Guaranteed) | 60000 | 63856 |  |
| Decatur Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2029 (ETM) | 1135000 | 1254393 |  |
| Denton County Fresh |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Supply District No. 6, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2023 (Insured by BAM) | 275000 | 275223 |  |
| Denton County Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 02/01/2025)<sup>(1)</sup> | 1750000 | 1803223 |  |
| Denton Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2044 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 08/01/2024) (PSF Guaranteed)<sup>(1)</sup> | 1450000 | 1433953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2044 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (PSF Guaranteed)<sup>(1)</sup> | 1475000 | 1438014 |  |
| Eanes Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (PSF Guaranteed) | 1060000 | 1182791 |  |
| Everman Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2025 (PSF Guaranteed) | 225000 | 235020 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 116, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by BAM) | 325000 | 330873 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 134B, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 09/01/2024 (Insured by AGM) | 320000 | 328668 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 139: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by BAM) | 190000 | 191106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 (Insured by BAM) | 200000 | 203406 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 30, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 (Insured by BAM) | 500000 | 508362 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 58, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2024 (Insured by AGM) | 125000 | 125452 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 81, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by AGM) | 220000 | 220003 |  |
| Fort Bend-Waller Counties Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2026) (Insured by AGM) | 675000 | 703658 |  |
| Fredericksburg Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2025 (PSF Guaranteed) | 1000000 | 1047265 |  |
| Harris County Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2049 (Callable 09/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2026)<sup>(1)</sup> | 655000 | 699823 |  |
| Harris County Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/01/2027 (ETM) | 905000 | 966218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AMBAC) | 3895000 | 4196411 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 120, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2025 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/30/2023) (Insured by AGM) | 350000 | 350075 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 153, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by BAM) | 100000 | 100062 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 276, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2024 (Insured by BAM) | 445000 | 445145 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 284: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by AGM) | 370000 | 372153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 (Insured by AGM) | 235000 | 239003 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 374, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2024 (Insured by BAM) | 225000 | 224679 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 63, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by AGM) | 100000 | 100152 |  |
| Harris County Water Control |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Improvement District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 (Insured by AGM) | 360000 | 373305 |  |
| Hitchcock Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2023 (PSF Guaranteed) | 100000 | 100211 |  |
| Housing Options, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 02/01/2025) (Insured by HUD)<sup>(1)</sup> | 8000000 | 8035161 |  |
| Houston Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2039 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 06/01/2025) (PSF Guaranteed)<sup>(1)</sup> | 4575000 | 4524657 |  |
| Hunt Memorial Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 | 200000 | 203093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 | 1500000 | 1592139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 1000000 | 1074343 |  |
| Ingleside Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2024 (PSF Guaranteed) | 120000 | 124258 |  |
| Katy Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2025 (Insured by BAM) | 500000 | 513333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2026 (Insured by BAM) | 600000 | 623117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2027 (Insured by BAM) | 415000 | 435280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) (Insured by BAM) | 375000 | 371602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) (Insured by BAM) | 450000 | 444809 |  |
| Klein Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 (PSF Guaranteed) | 1230000 | 1353194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (PSF Guaranteed) | 750000 | 839350 |  |
| La Vernia Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2025 (PSF Guaranteed) | 260000 | 267955 |  |
| Leander Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2033 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 50000 | 31035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2034 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 485000 | 283696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2036 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 35000 | 19010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2036 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 225000 | 116475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2038 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 255000 | 124838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2039 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 50000 | 21771 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Leander Independent School District: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2039 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | $175000 | $81449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2040 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 175000 | 77403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2040 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 100000 | 41199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2041 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 1335000 | 561860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2041 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 435000 | 169221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2041 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 8465000 | 3556993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2042 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 50000 | 19940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2042 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 455000 | 181745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2043 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 40000 | 15197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2045 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 1010000 | 311786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2046 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 1440000 | 417703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2047 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 175000 | 47662 |  |
| Lewisville Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2024 (PSF Guaranteed) | 20000 | 20710 |  |
| Lower Colorado River Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 235000 | 246555 |  |
| Manor Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 (PSF Guaranteed) | 100000 | 107879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 (PSF Guaranteed) | 1015000 | 1114824 |  |
| Matagorda County Navigation District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 (Callable 06/03/2023) | 5000000 | 4997901 |  |
| Montgomery County Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2023 (ETM) | 595000 | 585481 |  |
| Montgomery County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 112, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2024 (Insured by BAM) | 215000 | 215123 |  |
| Montgomery County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 119, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/01/2025 | 400000 | 370422 |  |
| Montgomery County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 95, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2023 (Insured by AGM) | 115000 | 114745 |  |
| Montgomery Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 (PSF Guaranteed) | 175000 | 179250 |  |
| New Caney Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2025 (PSF Guaranteed) | 100000 | 104474 |  |
| New Hope Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2024 | 50000 | 50502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 (Callable 11/01/2024) | 1050000 | 1063438 |  |
| Newark Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2023 (PSF Guaranteed) | 260000 | 263142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2024) (PSF Guaranteed) | 705000 | 725845 |  |
| North Central Texas Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 345000 | 363349 |  |
| North East Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 08/01/2049 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (PSF Guaranteed)<sup>(1)</sup> | 725000 | 712390 |  |
| North Mission Glen |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2024 (Insured by AGM) | 185000 | 185060 |  |
| Northeast Travis County Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2024 (Insured by BAM) | 470000 | 438098 |  |
| Northwest Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 19: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2023 (Insured by AGM) | 105000 | 103926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2024 (Insured by AGM) | 110000 | 110454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2025 (Insured by AGM) | 275000 | 276738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2026) (Insured by AGM) | 225000 | 226382 |  |
| Orange County Water Control & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvement District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 (Insured by AGM) | 630000 | 658139 |  |
| Palestine Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 (PSF Guaranteed) | 135000 | 137994 |  |
| Paseo del Este Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 10: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2023 (Insured by AGM) | 130000 | 130747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2024 (Insured by AGM) | 180000 | 182995 |  |
| Prosper Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 (PSF Guaranteed) | 110000 | 112586 |  |
| Rockwall Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2024 (PSF Guaranteed) | 1270000 | 1223505 |  |
| San Antonio Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 (PSF Guaranteed) | 1500000 | 1652778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 (PSF Guaranteed) | 750000 | 841578 |  |
| San Benito Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2024 (PSF Guaranteed) | 100000 | 102240 |  |
| Sedona Lakes Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2024 (Insured by BAM) | 105000 | 105034 |  |
| Sienna Municipal Utility District No. 4: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) (Insured by AGM) | 500000 | 459979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) (Insured by AGM) | 315000 | 286021 |  |
| South Shore Harbor Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 7, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by BAM) | 370000 | 372250 |  |
| Southwest Houston Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 (Insured by AGM) | 250000 | 261082 |  |
| Southwest Texas Junior College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2023 (Insured by BAM) | 100000 | 100626 |  |
| Spring Creek Utility District |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of Montgomery County: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/2023 (Insured by AGM) | 150000 | 148949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2023 (Insured by AGM) | 145000 | 144783 |  |
| State of Texas: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 (Callable 08/01/2025) | 2500000 | 2575591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2028 (Callable 10/01/2025) | 3000000 | 2989761 |  |
| Sugar Land Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2025 (Insured by AGM) | 235000 | 240503 |  |
| Tarrant County Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2023 | 310000 | 312488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2024 | 275000 | 280556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2025 | 225000 | 215503 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Texas Department of Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Community Affairs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (Insured by HUD)<sup>(1)</sup> | $1175000 | $1180460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/01/2049 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/01/2027) (Insured by GNMA) | 525000 | 533666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2052 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/01/2032) (Insured by GNMA) | 2995000 | 3202772 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. I: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.645%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.450%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/03/2023)<sup>(2)</sup> | 8300000 | 8088695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2026 | 835000 | 877231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/15/2026 | 2095000 | 2205357 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.065%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.870%)<sup>(2)</sup> | 20865000 | 20597292 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. III: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2023 | 1000000 | 1007601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2025 | 3100000 | 3179827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 | 6250000 | 6473291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2028 | 1500000 | 1556484 |  |
| Texas Public Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 06/01/2025) | 975000 | 1019432 |  |
| Texas State Affordable Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by GNMA) | 320000 | 322180 |  |
| Tioga Independent School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Public Facility Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2023 | 470000 | 467564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2024 | 185000 | 182410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/2026 (Callable 08/15/2024) | 195000 | 183776 |  |
| Town of Providence Village TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2024 (Insured by BAM) | 275000 | 278063 |  |
| Travis County Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/01/2045 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 4150000 | 4177728 |  |
| Viridian Municipal Management District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2023 (Insured by BAM) | 50000 | 51391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 (Insured by BAM) | 425000 | 432663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) (Insured by BAM) | 440000 | 447484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2023) (Insured by AGM) | 340000 | 342815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) (Insured by BAM) | 460000 | 467892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) (Insured by BAM) | 475000 | 483100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) (Insured by BAM) | 495000 | 503377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) (Insured by BAM) | 455000 | 462700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2024) (Insured by BAM) | 685000 | 695476 |  |
| West Harris County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Utility District No. 17, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2023 (Insured by AGM) | 360000 | 359309 |  |
| Willow Creek Farms |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Utility District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 09/01/2023 (Insured by AGM) | 45000 | 44656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2023 (Insured by AGM) | 125000 | 125243 |  |
| Wink-Loving Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 02/15/2023) (PSF Guaranteed) | 530000 | 531156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2023) (PSF Guaranteed) | 60000 | 59304 |  |
| **Total Texas** |  |  |  |
| **(Cost $194,022,212)** |  | 188874007 | 10.7% |
| **Utah** |  |  |  |
| City of Salt Lake City UT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 (Callable 10/01/2025) | 1220000 | 1264518 |  |
| County of Utah UT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2060 (Callable 02/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024)<sup>(1)</sup> | 400000 | 411324 |  |
| Duchesne County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 | 200000 | 207933 |  |
| Utah Charter School Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2023 (Insured by UT CSCE) | 160000 | 160795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2024 (Insured by UT CSCE) | 100000 | 100753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2024 (Insured by UT CSCE) | 240000 | 244788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2024 (Insured by UT CSCE) | 355000 | 365910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2025 (Insured by UT CSCE) | 135000 | 139990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2026 (Insured by UT CSCE) | 150000 | 157851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 06/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2027)<sup>(3)</sup> | 375000 | 340873 |  |
| Utah Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) (Insured by FHA) | 35000 | 34963 |  |
| Utah Infrastructure Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2023 | 180000 | 181398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2024 | 190000 | 192908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2025 | 100000 | 102526 |  |
| Vineyard Redevelopment Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 (Insured by AGM) | 445000 | 490470 |  |
| Wasatch County School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2030 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/01/2026) (Insured by SCH BD GTY) | 1000000 | 1031396 |  |
| **Total Utah** |  |  |  |
| **(Cost $5,612,063)** |  | 5428396 | 0.3% |
| **Vermont** |  |  |  |
| Vermont Educational & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Buildings Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 (Callable 06/01/2026) | 2445000 | 2569334 |  |
| Vermont Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2044 (Callable 11/01/2023) | 35000 | 35041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2048 (Callable 05/01/2027) | 835000 | 835420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2028) (Insured by GNMA) | 1960000 | 1966189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2029) (Insured by GNMA) | 1275000 | 1269496 |  |
| Vermont Student Assistance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2024 | 850000 | 866463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2025 | 825000 | 853972 |  |
| **Total Vermont** |  |  |  |
| **(Cost $8,863,141)** |  | 8395915 | 0.5% |
| **Virginia** |  |  |  |
| Alexandria Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 10/01/2025) | 2275000 | 2405598 |  |
| City of Danville VA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026 (Insured by ST AID) | 3460000 | 3617547 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Portsmouth Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 07/01/2024) (Insured by HUD)<sup>(1)</sup> | $3591000 | $3565376 |  |
| Virginia Public Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 | 2400000 | 2731930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 (Callable 08/01/2026) | 3500000 | 3701366 |  |
| Wise County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.200%, 11/01/2040 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 05/31/2024)<sup>(1)</sup> | 1905000 | 1817629 |  |
| **Total Virginia** |  |  |  |
| **(Cost $17,874,516)** |  | 17839446 | 1.0% |
| **Washington** |  |  |  |
| Central Puget Sound Regional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by NATL) | 155000 | 159369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.330%, 11/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.200%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2026)<sup>(2)</sup> | 9000000 | 8755481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.580%, 11/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.450%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2023)<sup>(2)</sup> | 100000 | 100000 |  |
| Central Washington University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2024 (Callable 05/01/2023) | 260000 | 260875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2026 (Callable 05/01/2023) | 410000 | 411276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 (Insured by BAM) | 410000 | 437596 |  |
| City of Seattle WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.380%, 05/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2026)<sup>(2)</sup> | 8610000 | 8442395 |  |
| County of King WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 01/01/2042 (Callable 04/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 01/01/2026)<sup>(1)</sup> | 450000 | 411789 |  |
| King County Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 810000 | 867944 |  |
| King County Public Hospital District No. 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2026) | 1000000 | 1058608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 (Callable 12/01/2026) | 1250000 | 1305091 |  |
| Metropolitan Park District of Tacoma WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Callable 12/01/2026) | 4630000 | 4606421 |  |
| Pend Oreille County Public |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2023 | 665000 | 665000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 1020000 | 1031709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 700000 | 707967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 | 445000 | 456326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 | 735000 | 753566 |  |
| San Juan County School District No. 137, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/30/2023) (Insured by SCH BD GTY) | 675000 | 675202 |  |
| Seattle Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 06/01/2024 (Callable 12/01/2023) | 2000000 | 1942147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 (Callable 03/01/2025) | 7700000 | 7831358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 06/01/2026 (Callable 06/01/2023) | 2000000 | 1819381 |  |
| Spokane Public Facilities District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2023) | 550000 | 554256 |  |
| State of Washington, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 01/30/2023) (Insured by ST AID) | 55000 | 55085 |  |
| Tacoma Metropolitan Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2023 | 115000 | 114137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 390000 | 399705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 | 175000 | 174417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 | 2480000 | 2467458 |  |
| **Total Washington** |  |  |  |
| **(Cost $47,887,086)** |  | 46464559 | 2.6% |
| **Wisconsin** |  |  |  |
| Baldwin-Woodville Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/2023 (Callable 01/30/2023) | 110000 | 109552 |  |
| City of Marinette WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2027 (Callable 05/01/2023) | 150000 | 150444 |  |
| City of Menomonie WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2024 | 415000 | 414713 |  |
| City of Milwaukee WI: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 | 2000000 | 2042464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2027 (Callable 06/01/2026) | 950000 | 962788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2030 (Callable 06/01/2026) | 455000 | 443696 |  |
| City of Oshkosh WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2029 (Callable 05/01/2023) | 125000 | 125342 |  |
| City of Plymouth WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2023 (Callable 01/30/2023) | 825000 | 820303 |  |
| Coleman School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2025 (Callable 03/01/2024) | 200000 | 202001 |  |
| County of Waushara WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2027 (Callable 06/01/2025) | 2500000 | 2576674 |  |
| Oshkosh Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 03/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2023) (Insured by BAM) | 15000000 | 14499507 |  |
| Palmyra-Eagle Area School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2024 (Callable 03/01/2023) | 700000 | 681643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2025 (Callable 03/01/2023) | 175000 | 167190 |  |
| Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 395000 | 396228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023<sup>(3)</sup> | 2000000 | 2005916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024<sup>(3)</sup> | 1605000 | 1613646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(3)</sup> | 2250000 | 2110547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029<sup>(3)</sup> | 2850000 | 2848166 |  |
| Pulaski Community School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2023 (Callable 01/30/2023) | 40000 | 39937 |  |
| Southeast Wisconsin Professional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baseball Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 95000 | 89826 |  |
| State of Wisconsin, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 (Callable 05/01/2023) | 60000 | 60395 |  |
| Town of Delavan WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2024 | 130000 | 132406 |  |
| Town of St. Joseph WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2023 (Insured by AGM) | 450000 | 449631 |  |
| Village of DeForest WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/01/2023 (Callable 01/30/2023) | 100000 | 100022 |  |
| Village of Waunakee WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2026 (Callable 01/30/2023) | 225000 | 225009 |  |
| Wisconsin Center District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 10000 | 10033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2023 (Insured by AGM) | 10000 | 10176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2024 (Insured by NATL) | 115000 | 107610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2025 | 245000 | 260691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 50000 | 53962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2027 (Insured by AGM) | 1295000 | 1397792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2028 (Insured by AGM) | 315000 | 253946 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Wisconsin Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2023 | $300000 | $300186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2023 (Callable 01/30/2023) | 415000 | 415672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 150000 | 152717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2023) | 360000 | 362391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Callable 07/01/2024) | 660000 | 677300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/2025 (Callable 08/15/2024) | 1440000 | 1419083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2025 | 765000 | 755154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2023) | 375000 | 377490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 245000 | 240876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 | 1105000 | 1155087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 (Insured by AGM) | 500000 | 529029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 2000000 | 2146017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 710000 | 693077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2027 | 830000 | 807082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 (Callable 11/15/2024) | 930000 | 958456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 (Callable 08/15/2027) | 720000 | 781566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 (Callable 11/01/2026) | 815000 | 778614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2023) | 500000 | 506740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/15/2025) | 220000 | 221095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/15/2025) | 575000 | 592695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2051 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/15/2027)<sup>(1)</sup> | 5200000 | 5432985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2052 (Callable 08/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/15/2025)<sup>(1)</sup> | 2050000 | 2093710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 08/15/2054 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/26/2023)<sup>(2)</sup> | 530000 | 529926 |  |
| Wisconsin Housing & Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) (Insured by FNMA) | 160000 | 158601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2027) (Insured by FNMA) | 350000 | 349872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2028) (Insured by FNMA) | 620000 | 625522 |  |
| **Total Wisconsin** |  |  |  |
| **(Cost $59,752,165)** |  | 58423199 | 3.3% |
| **Wyoming** |  |  |  |
| Carbon County Specific |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purpose Tax Joint Powers Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 675000 | 678981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2024 | 735000 | 748329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2025 | 950000 | 976157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 340000 | 350839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2029 (Callable 06/15/2025) | 1540000 | 1566300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2030 (Callable 06/15/2025) | 1400000 | 1423628 |  |
| Wyoming Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2043 (Callable 06/01/2027) | 500000 | 499344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2049 (Callable 12/01/2028) | 1285000 | 1279335 |  |
| **Total Wyoming** |  |  |  |
| **(Cost $7,883,159)** |  | 7522913 | 0.4% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $1,796,439,217)** |  | 1743253316 | 98.6% |
| Short-Term Investment |  |  |  |
|  | *Shares* |  |  |
| **Money Market Mutual Fund** |  |  |  |
| Federated Hermes Institutional Tax-Free |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Trust, Premier Shares, 3.56%<sup>(4)</sup> | 3219049 | 3219049 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $3,219,049)** |  | 3219049 | 0.2% |
| **Total Investments** |  |  |  |
| **(Cost $1,799,658,266)** |  | 1746472365 | 98.8% |
| Other Assets in Excess of Liabilities |  | 20747098 | 1.2% |
| **TOTAL NET ASSETS** |  | $1767219463 | 100.0% |

---

#### Notes to Schedule of Investments
AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

BHAC – Berkshire Hathaway Assurance Corp.

CA MTG – CA Mortgage Insurance

FGIC – Financial Guaranty Insurance Company

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

HUD – US Department of Housing and Development

MT BRD – Montana Board of Investments

NATL – National Public Finance Guarantee Corp.

OK CERF – Oklahoma Credit Enhancement Reserve Fund

Q-SBLF – Qualified School Building Loan Fund

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

SONYMA – State of New York Mortgage Agency

ST AID – State Aid Intercept/Withholding

USDA – USDA OneRD Guarantee

UT CSCE – Utah Charter School Credit Enhancement Program

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

SOFR – Secured Overnight Financing Rate

<sup>(1)</sup> Variable rate security. The rate reported is the rate in effect as of December 31, 2022.

<sup>(2)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(3)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $81,127,723, which represented 4.59% of total net assets.

<sup>(4)</sup> Seven-day yield.

<sup>(5)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Short-Term Municipal Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| Municipal Bonds | $— | $1743253316 | $— | $1743253316 |
| **Total Long-Term Investments** |  | 1743253316 |  | 1743253316 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 3219049 |  |  | 3219049 |
| **Total Short-Term Investment** | 3219049 |  |  | 3219049 |
| **Total Investments** | $3219049 | $1743253316 | $— | $1746472365 |

---

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.*

------

Baird Strategic Municipal Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Strategic Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and is consistent with the preservation of capital.

The tax-exempt market closed the year with a strong tone, as yields fell modestly in December, adding to the strong rally that began in November. Although yields were lower for the quarter, they still rose significantly across the curve for the full year with short-term rates rising more than long. The magnitude of the move in short rates left yields between the 1–10-year curve inverted for the first time ever (-18 bps at year end). Inflation, which rose much more than expected and proved to be more persistent than transitory, was the obvious catalyst for the big upward yield adjustment in 2022. Exacerbating the inflation pressures was Russia's invasion of Ukraine, especially impacting global food and energy prices, as well as China's strict COVID-19 lockdowns, which prolonged global supply constraints. A tight labor market in the US, with nearly two job openings for every unemployed individual, also kept wage pressures elevated. The Fed reacted aggressively as the inflation data became more troubling. Rather than boost rates by the total of 75 bps they expected at the start of the year, the federal funds rate rose by 425 bps (including four successive 75 bps increases); the most aggressive Fed rate campaign on record combined with transitioning from quantitative easing (QE) to quantitative tightening (QT) as the Fed's balance sheet was unwound.

During 2022, the Institutional Class Shares of the Fund (BSNIX) posted a net return of -5.31% vs. a -4.84% return for the Bloomberg 1-10 Year Municipal Bond Index.

Positive contributors to the Fund's relative performance during the year include:

• Curve/Duration Positioning – Favorable yield curve positioning

• Sector Positioning – Transportation, Housing and Education allocation enhanced performance

Negative contributors to the Fund's relative performance during the year include:

• Credit Positioning – Overweight to lower-quality (BBBs) detracted from performance as credit spreads widened

• Security selection – Lower-coupon structures lagged due to their longer average duration relative to higher-coupon issues

• Pricing Service Impact – ICE (Fund) lagged the pricing of Benchmark (BVAL) securities

We expect economic growth to slow over the course of 2023, with the understanding that monetary policy changes operate with long and variable lags. Inflation should also fall, but to what level and at what pace are the key questions that will determine how high the federal funds rate rises and how long it remains elevated. Our view is that a "higher for longer" federal funds rate is likely, which implies that an unusually flat yield curve is probable for much of the year. Municipal issuance should remain modest even as infrastructure spending picks up but refunding volume will once again be quite low given the higher rate levels. With tax-loss harvesting largely behind us and much more attractive yields than a year ago, investor demand should improve, leading to positive municipal fund flows once again in 2023. The backdrop for municipal credit fundamentals remains strong. State and local governments begin the new year with record reserves that will help cushion an expected slowdown in tax revenues. Therefore, we expect credit ratings to remain relatively stable throughout 2023. Two sectors that we are more cautious on are Hospitals, which face labor shortages and rising costs, and Higher Education, which is challenged by declining enrollment growth. That said, structural opportunities in various sectors of the market (e.g., Housing) combined with modestly wider credit spreads over the year would be viewed as an opportunity in 2023.

The Fund's overweight to duration will likely be gradually reduced, approaching a neutral stance, as municipal valuations richen and nominal yields decline. We will seek a yield curve allocation that optimizes roll-down benefit. Sector weightings will likely favor revenue-backed issues, with a particular focus, selectively, on Hospitals and Higher Education bonds. Given the recent widening in credit spreads, we believe a modest credit overweight is appropriate, particularly shorter on the curve. Although the pace of economic growth and tax revenues are likely to slow, credit fundamentals across most municipalities remains strong. That said, careful fundamental credit analysis and review remains critically important to adding value. Additional yield will also be sought from structural nuances at the individual security level where differing bond characteristics, such as coupon, call optionality and cash-flow variability help to create market inefficiencies.

------

Baird Strategic Municipal Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(7)</sup>

---

| | | |
|:---|:---|:---|
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Net Assets** | $481460072 |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **SEC 30-Day Yield<sup>(4)</sup>** |  |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 3.40% |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 3.16% |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Duration** | 5.46 years |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Maturity** | 6.15 years |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Annualized Expense Ratio<sup>(5)</sup>** |  |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 0.30% |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 0.55%<br><sup>(6)</sup> |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bsmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Portfolio Turnover Rate** | 89% |
| **Sector Weightings<sup>(1)</sup>** | **Number of Holdings** | 626 |
| ![](bsmbf_sw-piechart.jpg) |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> Includes pre-refunded and escrowed-to-maturity (ETM) bonds.

<sup>(4)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(5)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(6)</sup> Includes 0.25% 12b-1 fee.

<sup>(7)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Strategic Municipal Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bsmbf_inst-linechart.jpg) | ![](bsmbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 11/15/19, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 11/15/19, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -5.31% | 1.62% | 1.84% |
| Investor Class Shares | -5.55% | 1.37% | 1.59% |
| Bloomberg 1-10 Year Municipal Bond Index<sup>(2)</sup> | -4.84% | -0.10% | 0.12% |

---

<sup>(1)</sup> For the period from November 15, 2019 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg 1-10 Year Municipal Bond Index is a market value-weighted index which covers the short and intermediate components of the Bloomberg Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market. The Bloomberg 1-10 Year Municipal Blend index tracks tax-exempt municipal General Obligation, Revenue, Insured, and Pre-refunded bonds with a minimum $5 million par amount outstanding, issued as part of a transaction of at least $50 million, and with a remaining maturity from 1 up to (but not including) 12 years. The Index includes reinvestment of income. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest up to 30% of its net assets in non-investment grade debt securities (commonly referred to as "high yield" bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund's share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.***

***The Fund may invest up to 20% of its net assets in U.S. government and corporate bonds and other debt securities that are of the same quality as its investments in municipal bonds. These bonds produce income that is taxable for federal income tax purposes, unlike municipal bonds which generally provide income exempt from federal income tax.***

***The Fund may also invest in U.S. Treasury futures contracts. Futures contracts are subject to the risk of loss caused by unanticipated market movements, the risk that there may be an imperfect correlation between the prices of futures contracts and the value of their underlying instruments or indexes, and the risk there may not be a liquid secondary market for them. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Municipal Bonds** |  |  |  |
| **Alabama** |  |  |  |
| Alabama Corrections Institution |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 (Callable 07/01/2032) | $195000 | $214784 |  |
| Black Belt Energy Gas District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.480%, 10/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2026)<sup>(2)</sup> | 1000000 | 950013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2028)<sup>(1)</sup> | 2500000 | 2626092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2053 (Callable 09/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2028)<sup>(1)</sup> | 1000000 | 1049367 |  |
| County of Elmore AL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2032) (Insured by BAM) | 1000000 | 1055284 |  |
| Southeast Alabama Gas Supply District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.777%, 06/01/2049 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.850%) (Callable 03/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2024)<sup>(2)</sup> | 800000 | 787081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (Callable 03/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2024)<sup>(1)</sup> | 830000 | 827091 |  |
| Southeast Energy Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Cooperative District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (Callable 05/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2028)<sup>(1)</sup> | 500000 | 513256 |  |
| **Total Alabama** |  |  |  |
| **(Cost $8,085,302)** |  | 8022968 | 1.7% |
| **Alaska** |  |  |  |
| Alaska Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2025) | 215000 | 221559 |  |
| Alaska Industrial Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Export Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/01/2031 (Callable 04/01/2023) | 185000 | 185276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2032 (Callable 04/01/2029) | 1875000 | 1900954 |  |
| Alaska Municipal Bond Bank Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 175000 | 187263 |  |
| CIVIC Ventures: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 | 235000 | 235975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 170000 | 173918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Callable 09/01/2025) | 680000 | 695327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Callable 09/01/2025) | 250000 | 255571 |  |
| Southeast Alaska Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2029 (Callable 12/01/2024) | 150000 | 155936 |  |
| University of Alaska, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Callable 10/01/2025) | 110000 | 114257 |  |
| **Total Alaska** |  |  |  |
| **(Cost $4,223,368)** |  | 4126036 | 0.9% |
| **Arizona** |  |  |  |
| Arizona Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.470%, 07/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 115000 | 110782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.169%, 10/01/2025 | 95000 | 89959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/01/2025<sup>(3)</sup> | 155000 | 153383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 | 110000 | 116483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2028 | 1000000 | 1000711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 10000 | 10657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 10/01/2026)<sup>(3)</sup> | 105000 | 103274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 10/01/2029) | 140000 | 148891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2031 (Callable 10/01/2029) | 65000 | 63965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (Callable 10/01/2029) | 100000 | 97124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 (Callable 10/01/2029) | 85000 | 81688 |  |
| Cochise County Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) (Insured by BAM) | 120000 | 126154 |  |
| Maricopa County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2025<sup>(3)</sup> | 125000 | 120345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 475000 | 491440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2026<sup>(3)</sup> | 1150000 | 1141639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 430000 | 450404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 710000 | 751207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 (Callable 01/01/2027) | 250000 | 266185 |  |
| **Total Arizona** |  |  |  |
| **(Cost $5,684,838)** |  | 5324291 | 1.1% |
| **Arkansas** |  |  |  |
| Arkansas Development Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 09/01/2044 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 2000000 | 2000000 |  |
| Batesville Public Facilities Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 500000 | 525602 |  |
| Benton Washington Regional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Water Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2029) (Insured by BAM) | 250000 | 260093 |  |
| City of Heber Springs AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 06/01/2047 (Callable 06/01/2028) | 930000 | 823089 |  |
| City of Prairie Grove AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 06/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2026) (Insured by BAM) | 740000 | 663212 |  |
| Lonoke School District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by ST AID) | 255000 | 241215 |  |
| **Total Arkansas** |  |  |  |
| **(Cost $4,715,819)** |  | 4513211 | 0.9% |
| **California** |  |  |  |
| Bay Area Toll Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.030%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.900%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2023)<sup>(2)</sup> | 100000 | 100020 |  |
| California Community College |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/01/2060 (Callable 07/01/2032)<sup>(3)</sup> | 2250000 | 2112516 |  |
| California Health Facilities Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2041 (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2024)<sup>(1)</sup> | 925000 | 921209 |  |
| California Infrastructure & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Economic Development Bank, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.830%, 12/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026)<sup>(2)</sup> | 200000 | 192908 |  |
| California Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 11/15/2027 (Callable 05/15/2023)<sup>(3)</sup> | 600000 | 555486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/15/2028 (Callable 05/15/2023)<sup>(3)</sup> | 565000 | 517975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/2029 (Callable 11/15/2023)<sup>(3)</sup> | 500000 | 435956 |  |
| California Statewide Communities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 (Callable 02/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 1000000 | 997419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2036 (Callable 04/01/2030) | 1175000 | 1175905 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Calipatria Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2027 (Insured by ACA) | $165000 | $139648 |  |
| Cathedral City Public Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2032 (Insured by NATL) | 1085000 | 747383 |  |
| City & County of San Francisco CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 07/01/2023<sup>(1)</sup> | 200000 | 200000 |  |
| City of Los Angeles Department of Airports, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2034 (Callable 05/15/2028) | 1710000 | 1800639 |  |
| Freddie Mac Multifamily |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Rate Certificate, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 07/25/2036 | 3143681 | 2699973 |  |
| Long Beach Bond Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.516%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.430%)<sup>(2)</sup> | 700000 | 689845 |  |
| Mammoth CA Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/01/2035 | 120000 | 95964 |  |
| Mayers Memorial Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2026 | 230000 | 195941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2029 | 165000 | 122744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2032 | 210000 | 135594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 | 260000 | 151704 |  |
| Metropolitan Water District |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of Southern California, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.270%, 07/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.140%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/23/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/21/2024)<sup>(2)</sup> | 150000 | 149005 |  |
| Norman Y Mineta San Jose |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Airport SJC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2031) (Insured by BAM) | 1525000 | 1491304 |  |
| River Islands Public Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2029) (Insured by AGM) | 400000 | 454011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2029) (Insured by AGM) | 385000 | 434033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2029) (Insured by AGM) | 500000 | 558990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2029) (Insured by AGM) | 675000 | 748512 |  |
| Riverside County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Successor Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 (Insured by BAM)<sup>(5)</sup> | 200000 | 212352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2026) (Insured by BAM)<sup>(5)</sup> | 80000 | 83993 |  |
| Santa Cruz City High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2024 (Insured by NATL) | 200000 | 192973 |  |
| Savanna School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2029) (Insured by AGM)<sup>(5)</sup> | 1000000 | 1006848 |  |
| Tuolumne Utilities District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/2024 (Callable 08/15/2023) | 2000000 | 1925600 |  |
| Western Placer Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2025 (Callable 06/01/2023) | 225000 | 215903 |  |
| Yorba Linda Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Successor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2026 (Insured by NATL) | 315000 | 277110 |  |
| **Total California** |  |  |  |
| **(Cost $22,559,204)** |  | 21739463 | 4.5% |
| **Colorado** |  |  |  |
| Arkansas River Power Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Callable 10/01/2028) | 725000 | 748227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2028) | 1000000 | 1027144 |  |
| City & County of Denver CO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 3000000 | 3272712 |  |
| City of Greeley CO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2036 (Callable 08/01/2028) | 100000 | 102859 |  |
| Colorado Educational & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cultural Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2025 (Insured by NATL) | 200000 | 206768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2030 (Callable 09/01/2028) | 550000 | 494036 |  |
| Colorado Health Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 05/15/2028 (Callable 05/15/2023) | 750000 | 682019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 390000 | 420934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/15/2029 (Callable 05/15/2023) | 1000000 | 894636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2034 (Callable 11/01/2032) | 1000000 | 1106816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 (Callable 08/01/2029) | 170000 | 170301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 05/15/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/17/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/17/2026)<sup>(2)</sup> | 2000000 | 1976898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2062 (Callable 02/17/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/17/2026)<sup>(1)</sup> | 2000000 | 2144411 |  |
| Denver Convention Center Hotel Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 (Callable 12/01/2026) | 570000 | 585935 |  |
| Denver Health & Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Callable 12/01/2023) | 100000 | 100081 |  |
| Fort Collins Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 07/01/2024 (Callable 01/01/2024) | 565000 | 549429 |  |
| Glen Metropolitan District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2030 (Insured by BAM) | 220000 | 193602 |  |
| Poudre Tech Metropolitan District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2026 (Insured by AGM) | 115000 | 115059 |  |
| Prairie Center Metropolitan District No. 7, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/15/2036 (Callable 12/15/2025) | 210000 | 181239 |  |
| Regional Transportation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2033 (Callable 01/15/2031) | 2225000 | 2176486 |  |
| State of Colorado, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2036 (Callable 12/15/2031) | 700000 | 712510 |  |
| Vauxmont Metropolitan District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) (Insured by AGM) | 135000 | 144506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 12/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) (Insured by AGM) | 1643000 | 1351204 |  |
| **Total Colorado** |  |  |  |
| **(Cost $19,806,043)** |  | 19357812 | 4.0% |
| **Connecticut** |  |  |  |
| Connecticut Housing Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2045 (Callable 05/15/2029) | 955000 | 941738 |  |
| Connecticut State Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/01/2026 (Callable 01/15/2023)<sup>(3)</sup> | 45000 | 44994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2026 | 700000 | 675420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 07/01/2026) | 60000 | 60669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 400000 | 431683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 425000 | 462991 |  |
| East Hartford Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/2027 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 1000000 | 1008668 |  |
| State of Connecticut, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2036 (Callable 05/01/2030) | 3200000 | 3257298 |  |
| Town of Sprague CT: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 (Insured by BAM) | 40000 | 40396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 (Insured by BAM) | 55000 | 55922 |  |
| **Total Connecticut** |  |  |  |
| **(Cost $7,172,204)** |  | 6979779 | 1.5% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **District of Columbia** |  |  |  |
| District of Columbia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/28/2034 | $1000000 | $1094189 |  |
| District of Columbia Water & Sewer Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2057 (Callable 07/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2027)<sup>(1)</sup> | 1000000 | 978114 |  |
| Metropolitan Washington Airports Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 (Callable 10/01/2027) | 1000000 | 1035253 |  |
| **Total District of Columbia** |  |  |  |
| **(Cost $3,219,019)** |  | 3107556 | 0.6% |
| **Florida** |  |  |  |
| Brevard County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2052 (Callable 04/01/2032) | 1250000 | 1266134 |  |
| Capital Trust Agency, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2024<sup>(3)</sup> | 450000 | 440972 |  |
| City of Jacksonville FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (Callable 10/01/2026) | 100000 | 103082 |  |
| City of Tallahassee FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2025) | 500000 | 518141 |  |
| County of Broward FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 (Callable 09/01/2031) | 3000000 | 3036453 |  |
| County of Miami-Dade FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 | 285000 | 291447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 (Callable 10/01/2024) | 160000 | 163580 |  |
| Florida Development Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2023 | 115000 | 113918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2024 | 105000 | 102903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2024 | 600000 | 618889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2025 | 445000 | 444791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 06/01/2027 (Callable 06/01/2023)<sup>(3)</sup> | 835000 | 743414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2029 (Callable 06/15/2027)<sup>(3)</sup> | 1000000 | 967600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032<sup>(3)</sup> | 455000 | 430036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2035 (Callable 02/01/2032) | 1000000 | 1016227 |  |
| Florida Housing Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) (Insured by GNMA) | 65000 | 62931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) (Insured by GNMA) | 10000 | 9985 |  |
| Lee Memorial Health System, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 04/01/2049 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 230000 | 230000 |  |
| Orange County Convention Center, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 (Callable 10/01/2026) | 300000 | 305220 |  |
| Orange County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (Callable 08/01/2024) | 300000 | 305102 |  |
| Palm Beach County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2023 | 300000 | 300061 |  |
| Sarasota County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2023 | 75000 | 74654 |  |
| School Board of Miami-Dade County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 (Callable 02/01/2026) | 1000000 | 1059496 |  |
| UCF Stadium Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 370000 | 383682 |  |
| **Total Florida** |  |  |  |
| **(Cost $13,276,735)** |  | 12988718 | 2.7% |
| **Georgia** |  |  |  |
| Atlanta Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 200000 | 205598 |  |
| Atlanta Urban Residential Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.350%, 01/01/2025 (Insured by HUD)<sup>(1)(3)</sup> | 600000 | 600000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024)<sup>(1)</sup> | 2000000 | 1957450 |  |
| Bartow County Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 09/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2026)<sup>(1)</sup> | 1000000 | 892248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 08/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/19/2025)<sup>(1)</sup> | 2000000 | 1955282 |  |
| Clayton County Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2034 (Callable 07/01/2027) | 100000 | 100780 |  |
| Development Authority of Gwinnett County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2040 (Callable 07/01/2027) | 3310000 | 3464847 |  |
| George L Smith II Congress Center Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/01/2031<sup>(3)</sup> | 750000 | 653867 |  |
| Macon-Bibb County Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2024 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 1000000 | 999722 |  |
| Main Street Natural Gas, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2024 | 65000 | 65707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.757%, 08/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.830%) (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2023)<sup>(2)</sup> | 290000 | 288275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2052 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2027)<sup>(1)</sup> | 1000000 | 991813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (Callable 05/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2027)<sup>(1)(3)</sup> | 2850000 | 2679519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2052 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2029)<sup>(1)</sup> | 1250000 | 1290433 |  |
| Oconee County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/2045 (Callable 03/01/2031) | 1750000 | 1471240 |  |
| Private Colleges & Universities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2023 | 145000 | 146051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 200000 | 213425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 (Callable 06/01/2031) | 500000 | 550022 |  |
| **Total Georgia** |  |  |  |
| **(Cost $19,599,354)** |  | 18526279 | 3.8% |
| **Idaho** |  |  |  |
| Idaho Housing & Finance Association, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2042 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 480000 | 353599 |  |
| **Total Idaho** |  |  |  |
| **(Cost $358,457)** |  | 353599 | 0.1% |
| **Illinois** |  |  |  |
| Champaign & Piatt Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2029 (Callable 01/30/2023) | 180000 | 180081 |  |
| Chicago O'Hare International Airport, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2055 (Callable 01/01/2032) | 750000 | 784947 |  |
| Chicago Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 225000 | 228835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2024) | 1125000 | 1142779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2024) | 100000 | 102059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Callable 01/01/2024) | 50000 | 50821 |  |
| City of Chicago IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 | 125000 | 126753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2026) (Insured by BAM) | 100000 | 107730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2029 (Insured by NATL) | 4125000 | 3239140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2029 (Callable 01/01/2025) | 350000 | 357017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 (Callable 11/01/2026) | 390000 | 405613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2030 | 515000 | 382131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2040 (Callable 01/01/2032)<sup>(6)</sup> | 1000000 | 1046539 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Cook County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;College District No. 508, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2028 (Callable 12/01/2023) | $325000 | $326959 |  |
| Crawford Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2027 (Insured by AGM) | 315000 | 328721 |  |
| Exceptional Children Have Opportunities, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 12/01/2029) | 500000 | 530757 |  |
| Hoffman Estates Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 315000 | 328391 |  |
| Illinois Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2023 | 495000 | 494663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 100000 | 101131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 50000 | 50966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2025 | 330000 | 319044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 150000 | 155713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Callable 09/01/2026) | 500000 | 526392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2030 | 100000 | 101065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2037 (Callable 11/15/2025) | 300000 | 300177 |  |
| Illinois Housing Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 08/01/2031 (Callable 02/01/2026) | 1000000 | 931689 |  |
| Illinois Sports Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030 | 900000 | 913814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031 | 575000 | 581699 |  |
| Joliet Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) (Insured by AGM) | 150000 | 150145 |  |
| Madison County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 8: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) (Insured by BAM) | 1000000 | 1057384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) (Insured by BAM) | 1000000 | 1053372 |  |
| Madison, Bond, Etc. Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 5: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) (Insured by AGM) | 475000 | 544575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) (Insured by AGM) | 600000 | 683868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) (Insured by AGM) | 570000 | 645191 |  |
| Metropolitan Pier & Exposition Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2034 (Insured by NATL) | 2000000 | 1166661 |  |
| Niles Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2032 (Callable 01/30/2023) | 700000 | 686798 |  |
| Northern Illinois University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 (Insured by BAM) | 500000 | 511784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2031) (Insured by BAM) | 450000 | 488576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2031) (Insured by BAM) | 500000 | 503557 |  |
| Southern Illinois University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2030 (Insured by BAM) | 1575000 | 1587190 |  |
| State of Illinois: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/15/2024 (Insured by NATL) | 100000 | 103334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 50000 | 51304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 2000000 | 2061583 |  |
| University of Illinois, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034 (Callable 04/01/2025) | 650000 | 650329 |  |
| Upper Illinois River Valley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2031 (Callable 01/01/2027)<sup>(3)</sup> | 225000 | 201521 |  |
| Village of Crestwood IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025) (Insured by BAM) | 135000 | 137775 |  |
| Village of River Grove IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2030 (Insured by BAM) | 470000 | 494873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2030) (Insured by BAM) | 505000 | 526814 |  |
| Will County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 210: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2028 (Insured by BAM) | 310000 | 260285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2032 (Insured by BAM) | 125000 | 88724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 01/01/2033 (Callable 01/01/2023) | 25000 | 25000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029) (Insured by AGM) | 150000 | 152151 |  |
| **Total Illinois** |  |  |  |
| **(Cost $28,605,122)** |  | 27978420 | 5.8% |
| **Indiana** |  |  |  |
| City of Rockport IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2025 | 2000000 | 1965089 |  |
| Indiana Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2023 | 795000 | 802061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2042 (Callable 10/01/2023) | 40000 | 32253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (Callable 04/01/2032) | 1250000 | 1147180 |  |
| Indiana Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2046 (Callable 11/15/2026) | 150000 | 151936 |  |
| Noblesville Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2043 (Callable 07/15/2031) | 1000000 | 1098552 |  |
| Plainfield Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) (Insured by ST AID) | 145000 | 136712 |  |
| Plainfield Redevelopment District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2031 (Callable 07/01/2027) | 435000 | 405710 |  |
| **Total Indiana** |  |  |  |
| **(Cost $5,850,952)** |  | 5739493 | 1.2% |
| **Iowa** |  |  |  |
| City of Coralville IA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2024 | 200000 | 199399 |  |
| Iowa Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2032 (Callable 01/01/2030)<sup>(3)</sup> | 1000000 | 958509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2032 (Callable 05/15/2026) | 1180000 | 1115706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) (Insured by GNMA) | 175000 | 175550 |  |
| Iowa Higher Education Loan Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2023 | 280000 | 279757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2024 | 255000 | 253857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 (Callable 10/01/2030) | 400000 | 408690 |  |
| **Total Iowa** |  |  |  |
| **(Cost $3,598,941)** |  | 3391468 | 0.7% |
| **Kansas** |  |  |  |
| City of Derby KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 03/01/2037 (Callable 03/01/2025) | 50000 | 49196 |  |
| Wyandotte County-Kansas City |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unified Government, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2027 (Insured by NATL) | 95000 | 77790 |  |
| **Total Kansas** |  |  |  |
| **(Cost $123,637)** |  | 126986 | 0.0% |
| **Kentucky** |  |  |  |
| Kentucky Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2025 (Insured by NATL) | 35000 | 31731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2025) | 2335000 | 2366548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030 (Callable 06/01/2027) | 50000 | 52504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2040 (Callable 07/01/2025) | 1290000 | 1264031 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Kentucky Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Student Loan Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2024 | $130000 | $132707 |  |
| Kentucky Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 04/01/2048 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2023)<sup>(1)</sup> | 812990 | 813564 |  |
| Kentucky Public Energy Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2025)<sup>(1)</sup> | 320000 | 317047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.047%, 12/01/2049 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.120%) (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2025)<sup>(2)</sup> | 700000 | 692818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (Callable 03/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026)<sup>(1)</sup> | 275000 | 272222 |  |
| Morehead State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2025) (Insured by ST AID) | 230000 | 239663 |  |
| **Total Kentucky** |  |  |  |
| **(Cost $6,455,706)** |  | 6182835 | 1.3% |
| **Louisiana** |  |  |  |
| Louisiana Local Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental Facilities & Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2023 | 100000 | 100006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2024 | 145000 | 145419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.020%, 04/01/2031 (Callable 04/01/2025)<sup>(3)</sup> | 1243000 | 1220948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2033 (Callable 06/15/2031)<sup>(3)</sup> | 1150000 | 1054381 |  |
| Louisiana Public Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2024<sup>(5)</sup> | 350000 | 338129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2029<sup>(5)</sup> | 380000 | 379975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2033 (Callable 05/15/2030) | 350000 | 378912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2033<sup>(5)</sup> | 2515000 | 2531778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2046 (Callable 10/01/2033)<sup>(5)</sup> | 110000 | 103379 |  |
| Morehouse Parish Hospital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2030 (Callable 10/01/2027) | 100000 | 84817 |  |
| St. Tammany Parish Hospital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2028) | 1520000 | 1583676 |  |
| **Total Louisiana** |  |  |  |
| **(Cost $8,126,937)** |  | 7921420 | 1.6% |
| **Maine** |  |  |  |
| Finance Authority of Maine: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by AGM) | 125000 | 127004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 (Insured by AGM) | 125000 | 128927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Insured by AGM) | 200000 | 209315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Insured by AGM) | 200000 | 211196 |  |
| Maine Health & Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 (Insured by ST AID) | 100000 | 106061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) (Insured by ST AID) | 960000 | 1033244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) (Insured by ST AID) | 1510000 | 1613659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) (Insured by ST AID) | 1615000 | 1721291 |  |
| Maine State Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (Callable 11/15/2031) | 990000 | 1032281 |  |
| **Total Maine** |  |  |  |
| **(Cost $6,279,376)** |  | 6182978 | 1.3% |
| **Maryland** |  |  |  |
| Maryland Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Administration: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 10/01/2024 | 1000000 | 1002214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.550%, 09/01/2026 | 555000 | 499161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2032 (Callable 09/01/2030) | 400000 | 338451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/01/2050 (Callable 03/01/2029) | 1735000 | 1727657 |  |
| Maryland Health & Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 540000 | 545936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 | 470000 | 480692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2045 (Callable 01/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2027)<sup>(1)</sup> | 380000 | 403886 |  |
| **Total Maryland** |  |  |  |
| **(Cost $5,123,357)** |  | 4997997 | 1.0% |
| **Massachusetts** |  |  |  |
| Massachusetts Development Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2023<sup>(3)</sup> | 115000 | 115646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2024<sup>(3)</sup> | 125000 | 127098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2025<sup>(3)</sup> | 65000 | 66654 |  |
| Massachusetts Educational Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2037 (Callable 07/01/2031) | 2600000 | 2154301 |  |
| Massachusetts Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2032) | 1200000 | 1311918 |  |
| **Total Massachusetts** |  |  |  |
| **(Cost $4,270,129)** |  | 3775617 | 0.8% |
| **Michigan** |  |  |  |
| Charter Township of Lansing MI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/01/2028 (Callable 01/30/2023) | 265000 | 264165 |  |
| City of Detroit MI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2023 | 275000 | 275601 |  |
| Flint Hospital Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2023 | 30000 | 30156 |  |
| Grandville Public Schools: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 (Insured by BAM) | 900000 | 980470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2032) (Insured by BAM) | 940000 | 1010146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2032) (Insured by BAM) | 975000 | 1037312 |  |
| Michigan Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 260000 | 262692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Callable 07/01/2024) | 25000 | 25284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 07/01/2025) | 160000 | 166507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2029 (Callable 10/01/2024) | 3550000 | 3558515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 (Callable 07/01/2024) | 165000 | 166849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044 (Callable 07/01/2024) | 130000 | 129704 |  |
| Michigan State Hospital Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 (Callable 05/15/2025) | 255000 | 265346 |  |
| Michigan State Housing Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2050 (Callable 06/01/2029) | 245000 | 242020 |  |
| **Total Michigan** |  |  |  |
| **(Cost $8,609,193)** |  | 8414767 | 1.7% |
| **Minnesota** |  |  |  |
| City of Center City MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 (Callable 11/01/2027) | 245000 | 236492 |  |
| County of Chippewa MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2023 | 1060000 | 1060198 |  |
| County of Hennepin MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2035 (Callable 12/15/2028) | 1580000 | 1755149 |  |
| Housing & Redevelopment Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the City of St. Paul MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 (Callable 09/01/2024) | 350000 | 328678 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Minnesota Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2050 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/01/2029) (Insured by GNMA) | $1350000 | $1334962 |  |
| Zumbro Education District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2031 | 370000 | 369669 |  |
| **Total Minnesota** |  |  |  |
| **(Cost $5,337,151)** |  | 5085148 | 1.1% |
| **Mississippi** |  |  |  |
| City of Ridgeland MS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2025 | 325000 | 322049 |  |
| Mississippi Business Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 09/01/2028 (Callable 03/13/2024) | 1000000 | 985460 |  |
| Mississippi Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 540000 | 556413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 515000 | 533901 |  |
| Mississippi Home Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2026) (Insured by GNMA) | 60000 | 59997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2031) (Insured by GNMA) | 2400000 | 2505440 |  |
| Mississippi Hospital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment & Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 (Callable 12/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2027)<sup>(1)</sup> | 415000 | 434212 |  |
| Vicksburg Warren School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 350000 | 360727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 270000 | 289172 |  |
| **Total Mississippi** |  |  |  |
| **(Cost $6,218,430)** |  | 6047371 | 1.3% |
| **Missouri** |  |  |  |
| County of Platte MO: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2025 (Callable 02/01/2023) | 125000 | 125041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2027 (Callable 03/01/2023) | 200000 | 188171 |  |
| Health & Educational Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority of the State of Missouri: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2025 (Callable 02/01/2024) | 180000 | 180684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027 | 440000 | 421843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 150000 | 154634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029 (Callable 02/01/2024) | 1000000 | 1002241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 (Callable 02/01/2026) | 160000 | 160536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 (Callable 08/01/2024) | 570000 | 533036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2032 (Callable 02/01/2029) | 325000 | 297500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 (Callable 11/15/2025) | 1200000 | 1238923 |  |
| St. Louis Land Clearance for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/2026 | 205000 | 206138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 (Callable 12/01/2026) | 1000000 | 1036769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2035 (Callable 10/01/2029) | 400000 | 315556 |  |
| St. Louis Municipal Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2025 | 300000 | 311107 |  |
| **Total Missouri** |  |  |  |
| **(Cost $6,292,373)** |  | 6172179 | 1.3% |
| **Montana** |  |  |  |
| Silver Bow County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030 (Callable 07/01/2029) | 1745000 | 1823846 |  |
| **Total Montana** |  |  |  |
| **(Cost $1,759,918)** |  | 1823846 | 0.4% |
| **Nebraska** |  |  |  |
| Madison County Hospital Authority No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 07/01/2025) | 500000 | 512962 |  |
| **Total Nebraska** |  |  |  |
| **(Cost $546,008)** |  | 512962 | 0.1% |
| **Nevada** |  |  |  |
| City of Sparks NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/15/2024<sup>(3)</sup> | 50000 | 48491 |  |
| Clark County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 100000 | 100861 |  |
| Henderson Public Improvement Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2026 (ETM) | 270000 | 269768 |  |
| Nevada Housing Division, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2023)<sup>(1)</sup> | 1215000 | 1211402 |  |
| State of Nevada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2025<sup>(3)</sup> | 800000 | 789708 |  |
| **Total Nevada** |  |  |  |
| **(Cost $2,462,919)** |  | 2420230 | 0.5% |
| **New Hampshire** |  |  |  |
| New Hampshire Business Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2028 (Callable 01/01/2028) | 2000000 | 1713151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 09/20/2036 | 2484532 | 2399102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2036 | 1993992 | 1856405 |  |
| **Total New Hampshire** |  |  |  |
| **(Cost $6,154,677)** |  | 5968658 | 1.2% |
| **New Jersey** |  |  |  |
| Atlantic City Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 08/15/2024<sup>(3)</sup> | 140000 | 138469 |  |
| City of Atlantic City NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2027) (Insured by BAM) | 3500000 | 3691473 |  |
| New Jersey Economic Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.380%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.250%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) (Insured by ST AID)<sup>(2)</sup> | 380000 | 380102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 01/01/2052 (Callable 01/01/2024) | 1000000 | 1003059 |  |
| New Jersey Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2025) | 55000 | 57993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 (Callable 07/01/2025) | 70000 | 73040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 (Callable 07/01/2025) | 595000 | 617514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Insured by AGM) | 125000 | 133622 |  |
| New Jersey Health Care Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2025) (Insured by AGM) | 1095000 | 1145773 |  |
| New Jersey Housing & Mortgage Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 10/01/2027 | 3735000 | 3374002 |  |
| New Jersey Transportation Trust Fund Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (Insured by AGM) | 2000000 | 1557348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2030 | 1000000 | 728314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2032 | 1000000 | 678633 |  |
| Oceanport School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2027) (Insured by BAM) | 1405000 | 987208 |  |
| South Jersey Port Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2032 (Callable 01/01/2026) | 100000 | 96193 |  |
| South Jersey Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2032) (Insured by BAM) | 1250000 | 1306096 |  |
| **Total New Jersey** |  |  |  |
| **(Cost $16,141,155)** |  | 15968839 | 3.3% |
| **New Mexico** |  |  |  |
| Town of Clayton NM, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2025) (Insured by NATL) | 185000 | 191763 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Village of Los Ranchos de Albuquerque NM, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | $350000 | $376102 |  |
| **Total New Mexico** |  |  |  |
| **(Cost $595,747)** |  | 567865 | 0.1% |
| **New York** |  |  |  |
| Albany Capital Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2023 | 140000 | 140679 |  |
| Albany County Capital Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 07/01/2030 | 200000 | 172947 |  |
| Amherst Industrial Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 04/01/2025) (Insured by FHA)<sup>(1)</sup> | 2000000 | 2016816 |  |
| Build NYC Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Callable 12/01/2029)<sup>(3)</sup> | 600000 | 526805 |  |
| City of Amsterdam NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/22/2023 | 1500000 | 1497665 |  |
| City of Long Beach NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2030) (Insured by BAM) | 200000 | 213816 |  |
| City of New York NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 04/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 1300000 | 1300000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2046 (Callable 09/01/2032) | 750000 | 702533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 10/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 1000000 | 1000000 |  |
| City of Poughkeepsie NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2028 | 230000 | 235674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2030 | 250000 | 258036 |  |
| Dutchess County NY Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 180000 | 186603 |  |
| East Ramapo Central School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/31/2023 (Insured by ST AID) | 1000000 | 1001188 |  |
| Genesee County Funding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2052 (Callable 12/01/2032) | 600000 | 607637 |  |
| Huntington Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2027 | 1000000 | 946721 |  |
| Long Island Power Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.580%, 09/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.450%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(2)</sup> | 485000 | 475170 |  |
| Monroe County Industrial Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.840%, 11/01/2040 (Insured by FNMA) | 2498728 | 2690303 |  |
| New York City Housing Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2048 (Callable 05/15/2024) | 2000000 | 1940420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2048 (Callable 05/15/2024) | 1600000 | 1556631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.700%, 11/01/2060 (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2025)<sup>(1)</sup> | 3510000 | 3250754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.600%, 05/01/2061 (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA)<sup>(1)</sup> | 2420000 | 2235019 |  |
| New York City Industrial Development Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 (Insured by AGM) | 250000 | 272932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2031) (Insured by AGM) | 300000 | 206322 |  |
| New York City Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 06/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 1000000 | 1000000 |  |
| New York City Transitional Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2028) (Insured by ST AID) | 1500000 | 1466173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2038 (Callable 05/01/2029) | 2675000 | 2610747 |  |
| New York Convention Center |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2033 (Insured by BAM) | 1120000 | 724982 |  |
| New York State Dormitory Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2027) | 1840000 | 2009796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2036 (Callable 02/15/2030) | 1750000 | 1757732 |  |
| New York State Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 05/01/2025 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/20/2023) (Insured by SONYMA) | 2000000 | 1876122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 11/01/2056 (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA)<sup>(1)</sup> | 1000000 | 909787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 11/01/2061 (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA)<sup>(1)</sup> | 3000000 | 2713023 |  |
| New York State Urban Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2041 (Callable 03/15/2030) | 1500000 | 1435908 |  |
| New York Transportation Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2028) | 1900000 | 1936913 |  |
| Onondaga Civic Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 165000 | 165560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 | 35000 | 35130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 225000 | 225439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/01/2035 (Callable 10/01/2025) | 355000 | 304525 |  |
| Onondaga County Trust for Cultural Resources: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 180000 | 187437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 (Callable 05/01/2027) | 345000 | 358558 |  |
| Southwestern Central School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/15/2029 (Insured by BAM) | 1320000 | 1188243 |  |
| State of New York Mortgage Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2049 (Callable 10/01/2028) | 150000 | 148611 |  |
| Town of Ramapo NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/15/2024 (Callable 05/15/2023) | 25000 | 24197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2027 (Callable 01/20/2023) | 100000 | 90633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/15/2028 (Callable 05/15/2023) | 115000 | 108841 |  |
| Triborough Bridge & Tunnel Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.261%, 01/01/2032 (SOFR + 0.380%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2024)<sup>(2)</sup> | 1470000 | 1452711 |  |
| Village of Johnson City NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/29/2023 | 1000000 | 1002971 |  |
| Westchester County Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 07/01/2026<sup>(3)</sup> | 1000000 | 961603 |  |
| **Total New York** |  |  |  |
| **(Cost $49,533,404)** |  | 48130313 | 10.0% |
| **North Carolina** |  |  |  |
| North Carolina Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2050 (Callable 01/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 945000 | 946902 |  |
| North Carolina Medical Care Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2049 (Callable 01/01/2026) | 1250000 | 1178917 |  |
| State of North Carolina, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2032 (Callable 06/01/2029) | 550000 | 481785 |  |
| Winston-Salem State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/2032 (Callable 06/01/2024) | 50000 | 48935 |  |
| **Total North Carolina** |  |  |  |
| **(Cost $2,887,554)** |  | 2656539 | 0.6% |
| **North Dakota** |  |  |  |
| Cass County Joint Water Resource District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.480%, 05/01/2024 (Callable 01/30/2023) | 2000000 | 1901059 |  |
| City of Grand Forks ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 100000 | 102712 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| City of Horace ND: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 08/01/2023 (Callable 01/30/2023) | $500000 | $487663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2025 (Callable 01/01/2024) | 1000000 | 995159 |  |
| City of Larimore ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.850%, 05/01/2024 (Callable 01/30/2023) | 1100000 | 1048336 |  |
| City of Mandan ND: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 (Callable 09/01/2024) | 1010000 | 1018744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2036 (Callable 09/01/2024) | 255000 | 226841 |  |
| City of Mayville ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/01/2025 (Callable 08/01/2023) | 1000000 | 977628 |  |
| County of McKenzie ND: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 300000 | 301917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024 (Callable 08/01/2023) | 400000 | 402870 |  |
| County of Ward ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 (Callable 06/01/2028) | 1365000 | 1297094 |  |
| Jamestown Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 07/01/2035 (Callable 01/17/2023) | 65000 | 64106 |  |
| State Board of Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the State of North Dakota, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2033 (Callable 04/01/2027) | 145000 | 136520 |  |
| Williston Parks & Recreation District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2025 (Callable 01/17/2023) | 425000 | 414532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2032 (Callable 01/17/2023) | 20000 | 16850 |  |
| **Total North Dakota** |  |  |  |
| **(Cost $9,662,573)** |  | 9392031 | 2.0% |
| **Ohio** |  |  |  |
| Buckeye Tobacco Settlement |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 (Callable 06/01/2030) | 2500000 | 2170001 |  |
| City of Middleburg Heights OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2034 (Callable 08/01/2031) | 200000 | 217280 |  |
| City of Whitehall OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/30/2023 (Insured by ST AID) | 1000000 | 1003796 |  |
| Cleveland-Cuyahoga County Port Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 350000 | 393491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 07/01/2031) | 495000 | 561267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2052 (Callable 08/01/2032) | 1400000 | 1498409 |  |
| Columbus Metropolitan Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2026 (Callable 09/01/2023) | 265000 | 252664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2028 (Callable 09/01/2023) | 275000 | 269006 |  |
| County of Cuyahoga OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2033 (Callable 01/01/2031) | 300000 | 313418 |  |
| County of Montgomery OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2034 (Callable 02/01/2031) | 200000 | 180500 |  |
| Hamilton County Convention |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Callable 12/01/2023) | 1000000 | 1006917 |  |
| Lancaster Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (Callable 11/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2025)<sup>(1)</sup> | 635000 | 645773 |  |
| Northeast Ohio Medical University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 75000 | 76992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 100000 | 105150 |  |
| Ohio Air Quality Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2024)<sup>(1)</sup> | 1000000 | 946977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 2000000 | 1992047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 1000000 | 997233 |  |
| Ohio Higher Educational Facility Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.662%, 12/01/2023 (CPI YOY + 1.120%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AMBAC)<sup>(2)</sup> | 500000 | 513307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 595000 | 628098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 (Callable 07/01/2033) | 1700000 | 1815705 |  |
| Ohio Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2050 (Callable 09/01/2028) | 920000 | 932573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by GNMA) | 130000 | 129379 |  |
| Ohio Turnpike & Infrastructure Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2032 | 1390000 | 1637670 |  |
| Port of Greater Cincinnati |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2023 (Callable 01/30/2023) | 2875000 | 2860314 |  |
| Township of Miami OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Callable 12/01/2029) | 300000 | 318883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Callable 12/01/2029) | 200000 | 211548 |  |
| Warren County Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2041 (Callable 12/01/2031) | 570000 | 484494 |  |
| **Total Ohio** |  |  |  |
| **(Cost $22,559,857)** |  | 22162892 | 4.6% |
| **Oklahoma** |  |  |  |
| Cleveland County Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031 | 2000000 | 2126562 |  |
| Delaware County Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 1630000 | 1784035 |  |
| Oklahoma Agricultural & Mechanical Colleges, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 (Callable 07/01/2027) | 500000 | 515199 |  |
| Pontotoc County Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026 | 200000 | 205669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2027 | 325000 | 336197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 300000 | 311328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 275000 | 286972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 | 400000 | 417815 |  |
| Tulsa Industrial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 185000 | 185246 |  |
| **Total Oklahoma** |  |  |  |
| **(Cost $6,295,115)** |  | 6169023 | 1.3% |
| **Oregon** |  |  |  |
| Clackamas Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 (Callable 06/15/2027)<sup>(5)</sup> | 125000 | 133833 |  |
| Oregon State Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 225000 | 234347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 | 150000 | 160436 |  |
| Seaside School District No. 10: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2034 (Callable 06/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 1000000 | 1084013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2035 (Callable 06/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 1130000 | 1220532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2036 (Callable 06/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 1000000 | 1075376 |  |
| State of Oregon Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Services Department: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 01/01/2033 (Callable 07/01/2023) | 70000 | 70061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 07/01/2034 (Callable 07/01/2024) | 700000 | 702329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 07/01/2043 (Callable 07/01/2027) | 1000000 | 885050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2047 (Callable 07/01/2025) | 15000 | 14981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable 07/01/2026) | 165000 | 164903 |  |
| Tri-County Metropolitan Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Oregon, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (Callable 04/01/2028) | 1910000 | 1946310 |  |
| Yamhill County Hospital Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/15/2026 (Callable 01/20/2023) | 535000 | 490124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 11/15/2027 (Callable 01/20/2023) | 1000000 | 883158 |  |
| **Total Oregon** |  |  |  |
| **(Cost $9,299,600)** |  | 9065453 | 1.9% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Pennsylvania** |  |  |  |
| Allegheny County Airport Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2056 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2031) (Insured by BAM) | $3500000 | $2959984 |  |
| Allegheny County Sanitary Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2043 (Callable 06/01/2028) | 2185000 | 2307868 |  |
| Bucks County Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 470000 | 485609 |  |
| Central Bradford Progress Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 12/01/2041 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 2560000 | 2560000 |  |
| Chester County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 (Callable 08/01/2023) | 730000 | 710053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2045 (Callable 08/01/2023) | 500000 | 458794 |  |
| City of Bradford PA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2025) (Insured by AGM) | 415000 | 426090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2025) (Insured by AGM) | 370000 | 378812 |  |
| City of Erie Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 370000 | 382562 |  |
| City of Philadelphia PA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027) (Insured by AGM) | 2000000 | 2154943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2040 (Callable 07/01/2030) | 845000 | 812483 |  |
| City of York PA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025 | 525000 | 536493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 205000 | 210965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 220000 | 227837 |  |
| Coatesville School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2023 (Insured by ST AID) | 1000000 | 1000945 |  |
| Cumberland County Municipal Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 30000 | 31292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 70000 | 73014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2025) | 75000 | 75934 |  |
| Delaware Valley Regional Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.807%, 09/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.880%) (Callable 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(2)</sup> | 1000000 | 984419 |  |
| East Hempfield Township Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2025) | 1510000 | 1574531 |  |
| Indiana County Municipal Services Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Insured by BAM) | 345000 | 372126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 (Insured by BAM) | 285000 | 311129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2031) (Insured by BAM) | 295000 | 321160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2031) (Insured by BAM) | 310000 | 336299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2031) (Insured by BAM) | 330000 | 356688 |  |
| Latrobe Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 | 80000 | 80747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 110000 | 111949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 260000 | 266223 |  |
| Montgomery County Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education & Health Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 05/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2023)<sup>(5)</sup> | 245000 | 242882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.640%, 09/01/2050 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 930000 | 930000 |  |
| Montgomery County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036 (Callable 10/01/2026) | 430000 | 391035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2041 (Callable 10/01/2026) | 425000 | 362019 |  |
| Northeastern Pennsylvania Hospital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and Education Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2033 (Callable 05/01/2029) | 260000 | 268009 |  |
| Pennsylvania Economic Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2031 (County Guaranteed) | 1405000 | 1009519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2034 (Callable 06/30/2026) | 2970000 | 3004267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2037 (Insured by AGM) | 3495000 | 1777459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2046 (Insured by BAM) | 1155000 | 342330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2061 (Callable 12/31/2032) | 3100000 | 3271567 |  |
| Pennsylvania Higher Education Assistance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2043 (Callable 06/01/2031) | 1445000 | 1441506 |  |
| Pennsylvania Higher Educational |  |  |  |
| Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 | 200000 | 208917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2026) | 1300000 | 1248625 |  |
| Pennsylvania Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/01/2040 (Callable 10/01/2025) | 155000 | 133939 |  |
| Pennsylvania Turnpike Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2039 (Callable 06/01/2029)<sup>(5)</sup> | 190000 | 186000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2040 (Callable 06/01/2029)<sup>(5)</sup> | 35000 | 34165 |  |
| Philadelphia Authority for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 350000 | 392934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2052 (Callable 11/01/2032) | 1750000 | 1831344 |  |
| Redevelopment Authority of the |  |  |  |
| City of Philadelphia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2027 (Callable 04/15/2025) | 100000 | 104774 |  |
| Scranton School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.821%, 04/01/2031 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.850%) (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID)<sup>(2)</sup> | 975000 | 973484 |  |
| State Public School Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 12/01/2026) (Insured by AGM) | 15000 | 16274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2026) (Insured by AGM) | 85000 | 90623 |  |
| Westmoreland County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 575000 | 607035 |  |
| York County Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2036 (Callable 05/01/2026) | 730000 | 617461 |  |
| **Total Pennsylvania** |  |  |  |
| **(Cost $41,157,513)** |  | 39995117 | 8.3% |
| **Puerto Rico** |  |  |  |
| Commonwealth of Puerto Rico, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2024 | 1000000 | 926822 |  |
| Puerto Rico Sales Tax Financing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.329%, 07/01/2040 (Callable 07/01/2028) | 1735000 | 1562954 |  |
| **Total Puerto Rico** |  |  |  |
| **(Cost $2,526,221)** |  | 2489776 | 0.5% |
| **Rhode Island** |  |  |  |
| Providence Redevelopment Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (Callable 04/01/2025) | 500000 | 512124 |  |
| **Total Rhode Island** |  |  |  |
| **(Cost $517,160)** |  | 512124 | 0.1% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **South Carolina** |  |  |  |
| County of Florence SC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035 (Callable 05/01/2025) | $2550000 | $2642393 |  |
| Patriots Energy Group Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.787%, 10/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.860%) (Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2024)<sup>(2)</sup> | 850000 | 845307 |  |
| Piedmont Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 (Callable 01/01/2031) | 1240000 | 1260316 |  |
| South Carolina Jobs-Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 (Callable 08/15/2026) | 130000 | 129512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/15/2033 (Callable 08/15/2026) | 350000 | 364325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.670%, 05/01/2048 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 1775000 | 1775000 |  |
| South Carolina Public Service Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (Callable 06/01/2026) | 465000 | 486390 |  |
| Spartanburg Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2025)<sup>(1)</sup> | 3500000 | 3401572 |  |
| **Total South Carolina** |  |  |  |
| **(Cost $11,122,251)** |  | 10904815 | 2.3% |
| **South Dakota** |  |  |  |
| City of Rapid City SD, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2029) | 250000 | 237169 |  |
| South Dakota Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/01/2023 | 260000 | 260515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 (Callable 09/01/2027) | 100000 | 105931 |  |
| **Total South Dakota** |  |  |  |
| **(Cost $637,866)** |  | 603615 | 0.1% |
| **Tennessee** |  |  |  |
| Greeneville Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2023) | 1035000 | 1036566 |  |
| Knox County Health Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Housing Facility Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 (Callable 09/01/2026) | 925000 | 964218 |  |
| Tennergy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 (Callable 09/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2030)<sup>(1)</sup> | 2000000 | 2115779 |  |
| Tennessee Energy Acquisition Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 09/01/2026 | 1100000 | 1151283 |  |
| Tennessee Housing Development Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2048 (Callable 01/01/2027) | 130000 | 129991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2049 (Callable 01/01/2028) | 25000 | 25310 |  |
| **Total Tennessee** |  |  |  |
| **(Cost $5,455,645)** |  | 5423147 | 1.1% |
| **Texas** |  |  |  |
| Arlington Higher Education Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/15/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 2000000 | 1968958 |  |
| Austin-Bergstrom Landhost Enterprises, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 (Callable 10/01/2027) | 1160000 | 1201432 |  |
| Brazos Higher Education Authority, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.350%, 04/01/2040 (Callable 04/01/2030) | 5000 | 4963 |  |
| Caney Creek Municipal Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 | 390000 | 398077 |  |
| Central Texas Regional Mobility Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 (Callable 07/01/2024) | 750000 | 769477 |  |
| City of Austin TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/2025 (Insured by BHAC) | 90000 | 92885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 (Callable 11/15/2029) | 2550000 | 2691510 |  |
| City of Donna TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2042 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 02/15/2024) (Insured by BAM) | 120000 | 122852 |  |
| City of Magnolia TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 09/01/2046<sup>(3)</sup> | 480000 | 454813 |  |
| Clifton Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2029 (Callable 03/01/2024)<sup>(5)</sup> | 1740000 | 1762533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027) (PSF Guaranteed) | 900000 | 940072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2032 (Callable 01/30/2023) | 265000 | 254181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/2034 (Callable 12/01/2024) | 200000 | 195637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030) (PSF Guaranteed) | 1000000 | 760631 |  |
| County of Wise TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2024 | 225000 | 229994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 | 250000 | 258521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 330000 | 344261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 | 505000 | 529098 |  |
| Grand Mission Municipal Utility District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2023) (Insured by NATL) | 95000 | 87131 |  |
| Green Valley Special Utility District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 09/15/2030 (Insured by BAM) | 615000 | 768631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 09/15/2031 (Insured by BAM) | 545000 | 694103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/15/2031) (Insured by BAM) | 800000 | 784158 |  |
| Greenwood Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 08/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2030) (Insured by BAM)<sup>(6)</sup> | 205000 | 274365 |  |
| Harris County Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2029 (Callable 05/15/2026) | 285000 | 292798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.708%, 11/15/2046 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.650%) (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2024)<sup>(2)</sup> | 1000000 | 1000701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 12/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.570%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/04/2024)<sup>(2)</sup> | 80000 | 79471 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 450, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by AGM) | 190000 | 172636 |  |
| Harris County-Houston Sports Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) (Insured by AGM) | 150000 | 155517 |  |
| Housing Options, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 02/01/2025) (Insured by HUD)<sup>(1)</sup> | 1000000 | 1004395 |  |
| Houston Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2039 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 06/01/2025) (PSF Guaranteed)<sup>(1)</sup> | 1000000 | 988996 |  |
| Hunt Memorial Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2030 | 1000000 | 1096701 |  |
| Love Field Airport Modernization Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2031) (Insured by AGM) | 2295000 | 2218778 |  |
| Matagorda County Navigation District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 (Callable 06/03/2023) | 1400000 | 1399412 |  |
| Port Beaumont Navigation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2050 (Callable 01/30/2023)<sup>(3)</sup> | 500000 | 359278 |  |
| Port of Beaumont Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.100%, 01/01/2028 (Callable 07/01/2023)<sup>(3)</sup> | 1750000 | 1423167 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Port of Corpus Christi Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of Nueces County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | $1100000 | $1100000 |  |
| Tarrant County Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 160000 | 167854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 (Callable 09/01/2024) | 365000 | 374397 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.645%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.450%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/03/2023)<sup>(2)</sup> | 500000 | 487271 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.065%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.870%)<sup>(2)</sup> | 2700000 | 2665358 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. III, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 | 2000000 | 2072035 |  |
| Texas Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) (Insured by AGM) | 1865000 | 1331356 |  |
| Texas Public Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2035 (Callable 02/01/2029) | 2000000 | 2071212 |  |
| Travis County Water Control & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvement District No. 17, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2026) (Insured by AGM) | 235000 | 206302 |  |
| **Total Texas** |  |  |  |
| **(Cost $37,438,276)** |  | 36255918 | 7.5% |
| **Utah** |  |  |  |
| City of Salt Lake City UT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2027) | 1700000 | 1797585 |  |
| Duchesne County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 260000 | 283466 |  |
| Utah Charter School Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2027 (Insured by UT CSCE) | 160000 | 155549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2026) (Insured by UT CSCE) | 270000 | 276527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/15/2031) (Insured by UT CSCE) | 1890000 | 1611456 |  |
| Utah Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) (Insured by FHA) | 175000 | 174817 |  |
| **Total Utah** |  |  |  |
| **(Cost $4,340,091)** |  | 4299400 | 0.9% |
| **Vermont** |  |  |  |
| Vermont Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2032) (Insured by HUD) | 1000000 | 1055214 |  |
| **Total Vermont** |  |  |  |
| **(Cost $1,083,812)** |  | 1055214 | 0.2% |
| **Virginia** |  |  |  |
| Farmville Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2053 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2043) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1500000 | 1567626 |  |
| Portsmouth Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 07/01/2024) (Insured by HUD)<sup>(1)</sup> | 1000000 | 992864 |  |
| Toll Road Investors Partnership II LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2027 (Insured by NATL)<sup>(3)</sup> | 1000000 | 739546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2028 (Insured by NATL)<sup>(3)</sup> | 740000 | 508200 |  |
| Virginia Small Business Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2029 | 125000 | 124631 |  |
| **Total Virginia** |  |  |  |
| **(Cost $4,292,851)** |  | 3932867 | 0.8% |
| **Washington** |  |  |  |
| County of Lewis WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2026 (Callable 01/20/2023) | 100000 | 99613 |  |
| King County Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.160%, 11/01/2025 | 2061580 | 2081061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Callable 12/01/2026) | 400000 | 425403 |  |
| Metropolitan Park District of Tacoma WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Callable 12/01/2026) | 605000 | 601919 |  |
| Pend Oreille County Public Utility District No. 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 220000 | 233517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2028) | 165000 | 174881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 (Callable 01/01/2029) | 300000 | 308133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039 (Callable 01/01/2028) | 500000 | 511376 |  |
| Port of Seattle WA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2036 (Callable 08/01/2031) | 1755000 | 1713972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2047 (Callable 08/01/2032) | 1750000 | 1867433 |  |
| Seattle Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 (Callable 03/01/2025) | 2000000 | 2034119 |  |
| Vancouver Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.700%, 12/01/2024 | 140000 | 135922 |  |
| Washington Health Care Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027<sup>(3)</sup> | 475000 | 509919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.530%, 01/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.400%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 01/01/2025)<sup>(2)</sup> | 150000 | 150653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 (Callable 02/15/2028) | 1500000 | 1560849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 (Callable 04/01/2025) | 1255000 | 1278365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (Callable 08/01/2029) | 2440000 | 2381472 |  |
| Washington State Housing Finance Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2035 | 2445094 | 2154119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2029) (Insured by GNMA) | 365000 | 366038 |  |
| **Total Washington** |  |  |  |
| **(Cost $19,243,365)** |  | 18588764 | 3.9% |
| **Wisconsin** |  |  |  |
| City of Milwaukee WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2031) (Insured by BAM) | 1410000 | 1296352 |  |
| Palmyra-Eagle Area School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2025 (Callable 03/01/2023) | 100000 | 95537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2027 (Callable 03/01/2023) | 500000 | 460072 |  |
| Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023<sup>(3)</sup> | 100000 | 100296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2026 (Callable 01/30/2023)<sup>(3)</sup> | 700000 | 656614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2027 (Callable 01/30/2023) | 565000 | 411548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030<sup>(3)</sup> | 1250000 | 1084996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.850%, 07/01/2031<sup>(3)</sup> | 475000 | 413405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2033 (Callable 07/01/2029) | 605000 | 588598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 (Callable 07/01/2029) | 1150000 | 1115056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 (Callable 10/01/2029)<sup>(3)</sup> | 1000000 | 967154 |  |
| Village of Mount Pleasant WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2028) (Insured by BAM) | 325000 | 336444 |  |
| Waunakee Community School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/2025 (Callable 01/30/2023) | 250000 | 245584 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Wisconsin Center District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2030)<sup>(3)</sup> | $1000000 | $992703 |  |
| Wisconsin Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2024 | 160000 | 158723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2025 | 230000 | 226958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 (Callable 11/01/2026) | 745000 | 722600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2023) | 45000 | 45607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 (Callable 11/01/2026) | 430000 | 410802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2039 (Callable 05/15/2026) | 2000000 | 2041044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2051 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/15/2027)<sup>(1)</sup> | 345000 | 360458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2052 (Callable 12/01/2032) | 1750000 | 1872078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 02/15/2053 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/04/2023)<sup>(1)</sup> | 3000000 | 3000000 |  |
| Wisconsin Housing & Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) (Insured by HUD)<sup>(3)</sup> | 135000 | 119722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) (Insured by HUD)<sup>(3)</sup> | 500000 | 406107 |  |
| **Total Wisconsin** |  |  |  |
| **(Cost $18,520,307)** |  | 18128458 | 3.8% |
| **Total Municipal Bonds** |  |  |  |
| **(Cost $477,825,532)** |  | 464084257 | 96.4% |
|  | *Shares* |  |  |
| **Closed-End Investment Company** |  |  |  |
| Nuveen AMT-Free Municipal Credit Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Series C Preferred Shares, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.580%, 12/01/2031<sup>(1)</sup> | 1000 | 1000000 |  |
| **Total Closed-End Investment Company** |  |  |  |
| **(Cost $1,000,000)** |  | 1000000 | 0.2% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $478,825,532)** |  | 465084257 | 96.6% |
| Short-Term Investment |  |  |  |
| **Money Market Mutual Fund** |  |  |  |
| Federated Hermes Institutional Tax-Free Cash |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust, Premier Shares, 3.56%<sup>(4)</sup> | 14903046 | 14903046 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $14,903,046)** |  | 14903046 | 3.1% |
| **Total Investments** |  |  |  |
| **(Cost $493,728,578)** |  | 479987303 | 99.7% |
| Other Assets in Excess of Liabilities |  | 1472769 | 0.3% |
| **TOTAL NET ASSETS** |  | $481460072 | 100.0% |

---

#### Notes to Schedule of Investments
ACA – American Capital Access

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

BHAC – Berkshire Hathaway Assurance Corp.

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

HUD – US Department of Housing and Development

NATL – National Public Finance Guarantee Corp.

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

SONYMA – State of New York Mortgage Agency

ST AID – State Aid Intercept/Withholding

UT CSCE – Utah Charter School Credit Enhancement Program

CPI YOY – Consumer Price Index – Year-Over-Year

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

SOFR – Secured Overnight Financing Rate

<sup>(1)</sup> Variable rate security. The rate reported is the rate in effect as of December 31, 2022.

<sup>(2)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(3)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $26,646,729, which represented 5.53% of total net assets.

<sup>(4)</sup> Seven-day yield.

<sup>(5)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

<sup>(6)</sup> Security or a portion of the security purchased on a when-issued or delayed delivery basis.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Strategic Municipal Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| Municipal Bonds | $— | $464084257 | $— | $464084257 |
| Closed-End Investment Company |  | 1000000 |  | 1000000 |
| **Total Long-Term Investments** |  | 465084257 |  | 465084257 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 14903046 |  |  | 14903046 |
| **Total Short-Term Investment** | 14903046 |  |  | 14903046 |
| **Total Investments** | $14903046 | $465084257 | $— | $479987303 |

---

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.*

------

Baird Quality Intermediate Municipal Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Quality Intermediate Municipal Bond Fund primarily seeks 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 tax-exempt market closed the year with a strong tone, as yields fell modestly in December, adding to the strong rally that began in November. Although yields were lower for the quarter, they still rose significantly across the curve for the full year with short-term rates rising more than long. The magnitude of the move in short rates left yields between the 1–10-year curve inverted for the first time ever (-18 bps at year end). Inflation, which rose much more than expected and proved to be more persistent than transitory, was the obvious catalyst for the big upward yield adjustment in 2022. Exacerbating the inflation pressures was Russia's invasion of Ukraine, especially impacting global food and energy prices, as well as China's strict COVID-19 lockdowns, which prolonged global supply constraints. A tight labor market in the US, with nearly two job openings for every unemployed individual, also kept wage pressures elevated. The Fed reacted aggressively as the inflation data became more troubling. Rather than boost rates by the total of 75 bps they expected at the start of the year, the federal funds rate rose by 425 bps (including four successive 75 bps increases); the most aggressive Fed rate campaign on record combined with transitioning from quantitative easing (QE) to quantitative tightening (QT)as the Fed's balance sheet was unwound.

During 2022, the Institutional Class Shares of the Fund (BMBIX) posted a net return of -5.74% vs. a -5.15% return for the Bloomberg Quality Intermediate Municipal Bond Index.

Positive contributors to the Fund's relative performance during the year include:

• Curve Positioning – Overweight to cash and near-cash which held their value relatively well as interest rates rose

• Credit Positioning – Higher-quality focus outperformed as credit spreads widened

• Sector Positioning – Pre-refunded overweight and underweight to the general obligation sector enhanced performance

Negative contributors to the Fund's relative performance during the year include:

• Security Selection – Lower-coupon structures lagged due to their longer average duration relative to higher-coupon issues

We expect economic growth to slow over the course of 2023, with the understanding that monetary policy changes operate with long and variable lags. Inflation should also fall, but to what level and at what pace are the key questions that will determine how high the federal funds rate rises and how long it remains elevated. Our view is that a "higher for longer" federal funds rate is likely, which implies that an unusually flat yield curve is probable for much of the year. Municipal issuance should remain modest even as infrastructure spending picks up but refunding volume will once again be quite low given the higher rate levels. With tax-loss harvesting largely behind us and much more attractive yields than a year ago, investor demand should improve, leading to positive municipal fund flows once again in 2023. The backdrop for municipal credit fundamentals remains strong. State and local governments begin the new year with record reserves that will help cushion an expected slowdown in tax revenues. Therefore, we expect credit ratings to remain relatively stable throughout 2023. Two sectors that we are more cautious on are Hospitals, which face labor shortages and rising costs, and Higher Education, which is challenged by declining enrollment growth. That said, structural opportunities in various sectors of the market (e.g., Housing) combined with modestly wider credit spreads over the year would be viewed as an opportunity in 2023.

As a reminder, the Fund maintains a quality focus and there are several key strategies employed on an ongoing basis that differentiate it from others in the intermediate municipal fund space. These include a consistent overweight among higher quality issues, with particular emphasis on AAA-rated securities, a persistent overweight to U.S. government backed issues, and minimization of maturity extension risk. The Fund maintains a neutral duration posture relative to the benchmark while seeking a yield curve allocation that optimizes roll-down benefit. Sector weightings will likely favor the higher-rated Pre-refunded sector and Housing bonds, particularly those with Federal Agency credit support. Although the pace of economic growth and tax revenues are likely to slow, credit fundamentals across most municipalities remains strong. That said, careful fundamental credit analysis and review remains critically important to adding value. Additional yield will also be sought from structural nuances at the individual security level where differing bond characteristics, such as coupon, call optionality and cash-flow variability help to create market inefficiencies.

------

Baird Quality Intermediate Municipal Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(7)</sup>

---

| | | |
|:---|:---|:---|
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Net Assets** | $1113629240 |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **SEC 30-Day Yield<sup>(4)</sup>** |  |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 2.85% |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 2.59% |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Duration** | 4.35 years |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Maturity** | 4.59 years |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Annualized Expense Ratio<sup>(5)</sup>** |  |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 0.30% |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 0.55%<br><sup>(6)</sup> |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bqimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Portfolio Turnover Rate** | 33% |
| **Sector Weightings<sup>(1)</sup>** | **Number of Holdings** | 609 |
| ![](bqimbf_sw-piechart.jpg) |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> Includes pre-refunded and escrowed-to-maturity (ETM) bonds.

<sup>(4)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(5)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(6)</sup> Includes 0.25% 12b-1 fee.

<sup>(7)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Quality Intermediate Municipal Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bqimbf_inst-linechart.jpg) | ![](bqimbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Five** | **Ten** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -5.74% | 1.08% | 1.35% | 3.34% |
| Investor Class Shares | -5.99% | 0.82% | 1.10% | 3.08% |
| Bloomberg Quality Intermediate Municipal Bond Index<sup>(2)</sup> | -5.15% | 1.36% | 1.77% | 3.43% |

---

<sup>(1)</sup> For the period from March 30, 2001 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg Quality Intermediate Municipal Bond Index is an unmanaged, market value weighted index consisting of tax-exempt, fixed-rate securities that are rated A3 or better, with maturities between 2 and 12 years. Securities must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund's share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Municipal Bonds** |  |  |  |
| **Alabama** |  |  |  |
| Alabama Housing Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (Insured by HUD)<sup>(1)</sup> | $4855000 | $4842967 |  |
| Black Belt Energy Gas District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2028)<sup>(1)</sup> | 4000000 | 4201747 |  |
| Montgomery Water Works |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Sanitary Sewer Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 (Callable 09/01/2029) | 410000 | 432215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 (Callable 09/01/2029) | 500000 | 516172 |  |
| **Total Alabama** |  |  |  |
| **(Cost $10,223,742)** |  | 9993101 | 0.9% |
| **Alaska** |  |  |  |
| Alaska Housing Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2025) | 290000 | 298847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036 (Callable 06/01/2025) | 710000 | 699881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 (Callable 06/01/2027) | 685000 | 686565 |  |
| City of Valdez AK, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2029 (Callable 01/20/2023) | 1225000 | 1226111 |  |
| **Total Alaska** |  |  |  |
| **(Cost $2,989,755)** |  | 2911404 | 0.2% |
| **Arizona** |  |  |  |
| City of Tempe AZ: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2028) | 40000 | 44636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2027) | 165000 | 180956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2028) | 325000 | 362664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2027) | 185000 | 202891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2028) | 215000 | 239916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2028) | 350000 | 390561 |  |
| City of Tucson AZ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2025) | 750000 | 788768 |  |
| Maricopa County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 (Callable 07/01/2030) | 2000000 | 1872090 |  |
| **Total Arizona** |  |  |  |
| **(Cost $4,123,780)** |  | 4082482 | 0.4% |
| **Arkansas** |  |  |  |
| City of Little Rock AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2025) | 5000000 | 5254476 |  |
| City of Pine Bluff AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027) (Insured by BAM) | 1590000 | 1495703 |  |
| County of St. Francis AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) (Insured by BAM) | 455000 | 429160 |  |
| University of Arkansas: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/01/2024) | 665000 | 692149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2037 (Callable 04/01/2029) | 160000 | 159498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2039 (Callable 04/01/2029) | 245000 | 241851 |  |
| **Total Arkansas** |  |  |  |
| **(Cost $8,401,813)** |  | 8272837 | 0.7% |
| **California** |  |  |  |
| Anaheim Public Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 10470000 | 6450465 |  |
| Antelope Valley Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2025) | 150000 | 94738 |  |
| Brea Redevelopment Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027)<sup>(5)</sup> | 1500000 | 1578389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027)<sup>(5)</sup> | 1750000 | 1838310 |  |
| California School Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.400%, 08/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2024)<sup>(3)</sup> | 1000000 | 1031745 |  |
| Central Basin Municipal Water District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2028) | 70000 | 78109 |  |
| Citrus Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2024)<sup>(5)</sup> | 885000 | 901085 |  |
| City & County of San Francisco CA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2037 (Callable 06/15/2029) | 925000 | 949785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2038 (Callable 06/15/2029) | 2100000 | 2137132 |  |
| City of Pasadena CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/2034 (Callable 06/01/2023) | 500000 | 502434 |  |
| City of Richmond CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 180000 | 153185 |  |
| Department of Veterans Affairs Veteran's |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Farm & Home Purchase Program, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (Callable 06/01/2028) | 1135000 | 1139557 |  |
| El Rancho Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/01/2023) (Insured by BAM) | 300000 | 143378 |  |
| Fontana Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 460000 | 343095 |  |
| Foothill-Eastern Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corridor Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2025 (ETM) | 50000 | 47322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2026 (ETM) | 4695000 | 4326602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2028 (ETM) | 3260000 | 2835762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2030 (ETM) | 95000 | 78087 |  |
| Freddie Mac Multifamily |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Rate Certificate, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 07/25/2036 | 7455014 | 6402794 |  |
| Fresno Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2026) | 195000 | 133099 |  |
| Gateway Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 100000 | 61215 |  |
| Golden State Tobacco Securitization Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 240000 | 218647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 160000 | 137558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2027) | 425000 | 470414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/01/2034 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/01/2025) (Insured by ST AID) | 160000 | 162701 |  |
| Imperial Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 08/01/2040 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/01/2030) (Insured by AGM)<sup>(5)</sup> | 180000 | 233170 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| La Canada Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2028) | $1000000 | $968648 |  |
| Long Beach Community College District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 1540000 | 1168617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 1560000 | 1144324 |  |
| Moorpark Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/01/2032) (Insured by AGM)<sup>(5)</sup> | 535000 | 497599 |  |
| Moreno Valley Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 75000 | 62135 |  |
| Morongo Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2030)<sup>(5)</sup> | 195000 | 187547 |  |
| Mount San Antonio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2028)<sup>(5)</sup> | 600000 | 654728 |  |
| Pacheco Union Elementary School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 300000 | 185375 |  |
| Pajaro Valley Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 25000 | 21964 |  |
| Palmdale Elementary School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 30000 | 23196 |  |
| Paramount Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2043 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/01/2023) (Insured by BAM) | 250000 | 63872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2045 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/01/2033) (Insured by AGM)<sup>(5)</sup> | 325000 | 386370 |  |
| Peralta Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2032 (Callable 08/01/2025) | 1715000 | 1724914 |  |
| Pleasanton Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2033 (Callable 08/01/2025) | 2000000 | 1897440 |  |
| Rio Hondo Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2034)<sup>(5)</sup> | 6975000 | 8057529 |  |
| Riverside County Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Successor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.250%, 10/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 10/01/2026)<sup>(5)</sup> | 650000 | 775361 |  |
| Roseville Joint Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 (Callable 08/01/2026) | 85000 | 55675 |  |
| San Diego Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2034 (Callable 07/01/2025) | 2000000 | 1279934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2034 (Callable 07/01/2027) | 1000000 | 1038107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2039 (Callable 07/01/2025) | 75000 | 37509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2044 (Callable 07/01/2029) | 2000000 | 1948582 |  |
| San Joaquin Hills |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation Corridor Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2023 (ETM) | 4005000 | 4005000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2027 (ETM) | 1380000 | 1237653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2028 (ETM) | 1010000 | 880730 |  |
| San Marcos Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2024) | 150000 | 107115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2024) | 400000 | 255942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2024) | 55000 | 27938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2024) | 1500000 | 680322 |  |
| San Mateo Union High School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2036)<sup>(5)</sup> | 900000 | 837940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2041 (Callable 09/01/2023) | 2105000 | 2131536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2043 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/15/2024) (Insured by AMBAC)<sup>(5)</sup> | 1635000 | 1705951 |  |
| Solano County Community College District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2024 (ETM)<sup>(5)</sup> | 180000 | 181123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025)<sup>(5)</sup> | 250000 | 251746 |  |
| St. Helena Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028<sup>(5)</sup> | 130000 | 133859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2037 (Callable 08/01/2023) | 25000 | 12502 |  |
| State of California, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2042 (Callable 10/01/2027) | 2250000 | 2396075 |  |
| Sutter Union High School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 185000 | 122819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 75000 | 32196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 50000 | 19985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 50000 | 14967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 200000 | 51600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 1065000 | 254949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 700000 | 107095 |  |
| **Total California** |  |  |  |
| **(Cost $73,378,728)** |  | 70077247 | 6.3% |
| **Colorado** |  |  |  |
| Boulder Valley School District No. Re-2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1225000 | 1274454 |  |
| Brush School District No. RE-2J: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by BAM) | 380000 | 414400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by BAM) | 395000 | 429629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by BAM) | 460000 | 498800 |  |
| City of Fort Lupton CO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by AGM) | 850000 | 831561 |  |
| Colorado Health Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2024 (ETM) | 1810000 | 1727642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2023) | 335000 | 335000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2027) | 5800000 | 6325884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 05/15/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/17/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/17/2026)<sup>(2)</sup> | 10000000 | 9884488 |  |
| Mesa County Valley School District No. 51, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2037 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/01/2027) (Insured by ST AID) | 1000000 | 1104534 |  |
| **Total Colorado** |  |  |  |
| **(Cost $23,342,849)** |  | 22826392 | 2.0% |
| **Connecticut** |  |  |  |
| City of Norwalk CT: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2035 (Callable 08/15/2030) | 3465000 | 3934307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2036 (Callable 08/15/2030) | 2555000 | 2884736 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Connecticut Housing Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 11/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) | $1325000 | $1265943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2045 (Callable 05/15/2028) | 4390000 | 4397033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2047 (Callable 11/15/2026) | 715000 | 715067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2049 (Callable 11/15/2028) | 1780000 | 1785775 |  |
| Connecticut State Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 100000 | 114604 |  |
| State of Connecticut: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 (Callable 03/01/2023) | 3000000 | 3004251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 (Callable 11/15/2032) | 180000 | 201817 |  |
| University of Connecticut, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/15/2027) (Insured by AGM) | 1250000 | 1351091 |  |
| **Total Connecticut** |  |  |  |
| **(Cost $20,063,984)** |  | 19654624 | 1.8% |
| **District of Columbia** |  |  |  |
| District of Columbia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2027) | 465000 | 508595 |  |
| District of Columbia Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2023)<sup>(1)</sup> | 1900000 | 1886476 |  |
| Washington Metropolitan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Area Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2046 (Callable 07/15/2031) | 1000000 | 937474 |  |
| **Total District of Columbia** |  |  |  |
| **(Cost $3,566,866)** |  | 3332545 | 0.3% |
| **Florida** |  |  |  |
| City of Fort Myers FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2025) | 480000 | 471602 |  |
| City of Melbourne FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 40000 | 35948 |  |
| City of Miramar FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Callable 10/01/2027) | 1025000 | 1128175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 10/01/2027) | 1000000 | 1100373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 (Callable 10/01/2027) | 1000000 | 1092431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 (Callable 10/01/2027) | 1030000 | 1119863 |  |
| City of Orlando FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2027) (Insured by AGM) | 1000000 | 1080850 |  |
| City of Tallahassee FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (Callable 10/01/2024) | 255000 | 263385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 (Callable 10/01/2024) | 825000 | 851278 |  |
| County of Miami-Dade FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 50000 | 44936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 330000 | 287606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 4560000 | 5207721 |  |
| Florida Housing Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.940%, 08/01/2036 (Insured by FNMA) | 5000000 | 4011913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) (Insured by GNMA) | 2400000 | 2323623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2029) (Insured by GNMA) | 940000 | 929493 |  |
| Leon County – City of Tallahassee |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Blueprint Intergovernmental Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2038 (Callable 10/01/2031) | 4805000 | 4694999 |  |
| Osceola County Expressway Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2028 (ETM)<sup>(5)</sup> | 95000 | 102245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2031 (ETM)<sup>(5)</sup> | 55000 | 64410 |  |
| Reedy Creek Improvement District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 (Callable 10/01/2028) | 310000 | 345946 |  |
| Seminole County School Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2026) | 145000 | 152660 |  |
| **Total Florida** |  |  |  |
| **(Cost $26,869,728)** |  | 25309457 | 2.3% |
| **Georgia** |  |  |  |
| Atlanta Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2023 (ETM) | 2450000 | 2482009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2023) | 910000 | 921889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2023) | 1315000 | 1332181 |  |
| City of Decatur GA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2038 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/01/2025) (Insured by ST AID) | 500000 | 431937 |  |
| Forsyth County Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 10/01/2028 (ETM) | 5820000 | 6511962 |  |
| Georgia Housing & Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2046 (Callable 12/01/2025) | 340000 | 337333 |  |
| Houston Healthcare System, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2024)<sup>(5)</sup> | 23000000 | 23406767 |  |
| Main Street Natural Gas, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.757%, 08/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.830%) (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2023)<sup>(2)</sup> | 1400000 | 1391672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2052 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2027)<sup>(1)</sup> | 1615000 | 1601777 |  |
| **Total Georgia** |  |  |  |
| **(Cost $38,767,767)** |  | 38417527 | 3.4% |
| **Illinois** |  |  |  |
| Boone & Winnebago Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 200, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 815000 | 785909 |  |
| City of Chicago IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 2170000 | 2265584 |  |
| City of Springfield IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2025) | 500000 | 525699 |  |
| City of Woodstock IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2037 (Callable 01/01/2031) | 675000 | 683235 |  |
| Community Unit School District No. 427, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 2785000 | 2546117 |  |
| Cook County School District No. 130, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2025) (Insured by AGM) | 1140000 | 1212969 |  |
| Cook County School District No. 144, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 5000 | 5086 |  |
| Cook County School District No. 159: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 230000 | 211549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 475000 | 437521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 475000 | 399867 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Cook County School District No. 163, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2028 (Insured by BAM) | $1305000 | $1452509 |  |
| County of Cook IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 (Callable 11/15/2027) | 3000000 | 3207307 |  |
| Exceptional Children Have Opportunities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 340000 | 371916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 270000 | 295345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 585000 | 648382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | 615000 | 689047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Callable 12/01/2029) | 645000 | 739271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2029) | 675000 | 773811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 12/01/2029) | 210000 | 222918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2033 (Callable 12/01/2029) | 740000 | 784660 |  |
| Hoffman Estates Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2030) (Insured by BAM) | 1415000 | 1522430 |  |
| Illinois Development Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2025 (ETM) | 81820000 | 75266537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 11/15/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/03/2026)<sup>(1)</sup> | 2230000 | 2179269 |  |
| Illinois Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (Callable 01/01/2026) | 1200000 | 1266062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2024) | 700000 | 721560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 (Callable 01/01/2026) | 1030000 | 1048297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 (Callable 01/01/2026) | 1000000 | 1012860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2036 (Callable 02/15/2027) | 215000 | 226594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036 (Callable 12/01/2028) | 1000000 | 1028255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2044 (Callable 05/01/2025) | 135000 | 138653 |  |
| Illinois Housing Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 04/01/2025 (Insured by GNMA) | 590000 | 578002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 02/01/2035 (Callable 02/01/2026) | 875000 | 828711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2046 (Callable 02/01/2026) | 725000 | 718618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027) (Insured by GNMA) | 480000 | 480725 |  |
| Kane County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 304, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 01/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 805000 | 805000 |  |
| Kane McHenry Cook & De Kalb |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Counties Unit School District No. 300, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 (Callable 01/01/2027) | 2085000 | 2232758 |  |
| Knox & Warren Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 205: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by BAM) | 425000 | 437917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by BAM) | 1305000 | 1312143 |  |
| Lake County Township |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 113, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2023) | 3675000 | 3675000 |  |
| McHenry County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated School District No. 47, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2032 (Callable 02/01/2028) | 850000 | 890867 |  |
| Metropolitan Pier & Exposition Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 435000 | 439361 |  |
| Metropolitan Water Reclamation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Greater Chicago, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034 (Callable 12/01/2026) | 295000 | 313512 |  |
| Regional Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2027 (Insured by AGM) | 1000000 | 1137378 |  |
| State of Illinois, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2038 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/15/2028) (Insured by BAM) | 1850000 | 1822903 |  |
| Village of Manhattan IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2030 (Callable 01/01/2027) | 250000 | 253465 |  |
| Will County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 210: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 1355000 | 1314943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 250000 | 236007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 (Callable 01/01/2023) | 300000 | 300000 |  |
| Will County Community Unit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 201-U, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 905000 | 855431 |  |
| Will County Elementary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 122, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 470000 | 409621 |  |
| **Total Illinois** |  |  |  |
| **(Cost $123,574,254)** |  | 121711581 | 10.9% |
| **Indiana** |  |  |  |
| City of Indianapolis IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2027 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 11/01/2024) (Insured by HUD)<sup>(1)</sup> | 1325000 | 1316360 |  |
| Columbus Multi-High School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2028 (Insured by ST AID) | 1000000 | 1107428 |  |
| Fishers Town Hall Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2040 (Callable 07/15/2032) | 1000000 | 1130953 |  |
| Fort Wayne Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2025 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/01/2024) (Insured by ST AID) | 335000 | 342045 |  |
| Indianapolis Local Public |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvement Bond Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 1780000 | 1860168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2029) | 2200000 | 2489128 |  |
| Kankakee Valley Middle |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 (Insured by ST AID) | 475000 | 531041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2029 (Insured by ST AID) | 1180000 | 1329429 |  |
| Kokomo-Center School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2037 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2027) (Insured by ST AID) | 500000 | 538298 |  |
| Northern Wells Multi-School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2035 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/15/2027) (Insured by ST AID) | 160000 | 163812 |  |
| Purdue University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (Callable 07/01/2026) | 1415000 | 1507032 |  |
| **Total Indiana** |  |  |  |
| **(Cost $12,614,562)** |  | 12315694 | 1.1% |
| **Iowa** |  |  |  |
| Clinton Community School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 07/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2028) (Insured by AGM) | 2100000 | 2172438 |  |
| Iowa Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2026) | 3625000 | 3920932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 950000 | 1005917 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Iowa Finance Authority: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/01/2027) (Insured by GNMA) | $400000 | $400168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/01/2028) (Insured by GNMA) | 930000 | 932926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 07/01/2050 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;07/01/2029) (Insured by GNMA) | 1485000 | 1458216 |  |
| **Total Iowa** |  |  |  |
| **(Cost $10,278,095)** |  | 9890597 | 0.9% |
| **Kansas** |  |  |  |
| Crawford County Unified |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 250: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/01/2027) (Insured by BAM) | 60000 | 66138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2027) (Insured by BAM) | 385000 | 420830 |  |
| Johnson County Unified |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 512, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 10/01/2025) | 300000 | 310969 |  |
| **Total Kansas** |  |  |  |
| **(Cost $820,272)** |  | 797937 | 0.1% |
| **Kentucky** |  |  |  |
| City of Versailles KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2026 (Callable 08/15/2024) | 2000000 | 1994268 |  |
| Kentucky Bond Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2034 (Callable 05/01/2026) | 695000 | 676643 |  |
| **Total Kentucky** |  |  |  |
| **(Cost $2,755,742)** |  | 2670911 | 0.2% |
| **Louisiana** |  |  |  |
| Louisiana Public Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/15/2026) | 26700000 | 28475798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/15/2026) | 22190000 | 24142933 |  |
| Webster Parish School District No. 6: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by AGM) | 665000 | 700788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by AGM) | 840000 | 881473 |  |
| **Total Louisiana** |  |  |  |
| **(Cost $54,250,285)** |  | 54200992 | 4.9% |
| **Maryland** |  |  |  |
| City of Baltimore MD: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 790000 | 800619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 230000 | 243149 |  |
| Maryland Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Administration, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2024 (Insured by GNMA) | 7000000 | 6857070 |  |
| Maryland Health & Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AMBAC) | 1410000 | 1486302 |  |
| State of Maryland, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 (Callable 08/01/2027) | 2130000 | 2256199 |  |
| **Total Maryland** |  |  |  |
| **(Cost $11,850,934)** |  | 11643339 | 1.0% |
| **Massachusetts** |  |  |  |
| Massachusetts Department of Transportation, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 01/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 330000 | 330000 |  |
| Massachusetts Development Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2034 (Callable 07/15/2026) | 2495000 | 2671047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/15/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/15/2023)<sup>(3)</sup> | 240000 | 246626 |  |
| Massachusetts Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.875%, 12/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023) (Insured by FHA) | 610000 | 598352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2044 (Callable 06/01/2025) | 350000 | 349552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) (Insured by GNMA) | 820000 | 820736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (Callable 12/01/2028) | 430000 | 430785 |  |
| Massachusetts State College Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 390000 | 343338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 5790000 | 4945237 |  |
| **Total Massachusetts** |  |  |  |
| **(Cost $11,353,243)** |  | 10735673 | 1.0% |
| **Michigan** |  |  |  |
| Algonac Community Schools: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2028 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2027) (Insured by Q-SBLF) | 175000 | 181945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2029 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2027) (Insured by Q-SBLF) | 370000 | 384608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2030 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2027) (Insured by Q-SBLF) | 470000 | 488418 |  |
| Clarkston Community Schools: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2026) (Insured by Q-SBLF) | 445000 | 478173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2037 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2026) (Insured by Q-SBLF) | 100000 | 107455 |  |
| Ecorse Public School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 (Insured by Q-SBLF) | 515000 | 550891 |  |
| Fraser Public School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2024 (Insured by Q-SBLF) | 1000000 | 1028070 |  |
| Great Lakes Water Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2046 (Callable 07/01/2026) | 100000 | 103032 |  |
| Michigan Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 07/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024)<sup>(3)</sup> | 6700000 | 7021165 |  |
| Michigan State Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.700%, 12/01/2034 (Callable 12/01/2028) | 4700000 | 4097770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 10/01/2037 (Callable 10/01/2025) | 755000 | 659920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/2049 (Callable 06/01/2028) | 2835000 | 2859057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2053 (Callable 12/01/2031) | 980000 | 1021372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2053 (Callable 12/01/2031) | 2000000 | 2134857 |  |
| Utica Community Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2029) (Insured by Q-SBLF) | 305000 | 343641 |  |
| Warren Consolidated Schools: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2033 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2026) (Insured by Q-SBLF) | 2595000 | 2740932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2033 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2026) (Insured by Q-SBLF) | 4660000 | 4922059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;05/01/2026) (Insured by Q-SBLF) | 950000 | 997909 |  |
| **Total Michigan** |  |  |  |
| **(Cost $30,940,415)** |  | 30121274 | 2.7% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Minnesota** |  |  |  |
| Brainerd Independent School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District No. 181, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | $660000 | $681776 |  |
| Housing & Redevelopment Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the City of St. Paul MN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2026) | 375000 | 386077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2026) | 1315000 | 1406383 |  |
| Minneapolis-Saint Paul Metropolitan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Airports Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 (Callable 01/01/2027) | 505000 | 541965 |  |
| Minnesota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable 01/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 180000 | 179903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2049 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 925000 | 932494 |  |
| Pipestone-Jasper Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 2689, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2032 (Callable 02/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 580000 | 616224 |  |
| **Total Minnesota** |  |  |  |
| **(Cost $4,900,137)** |  | 4744822 | 0.4% |
| **Mississippi** |  |  |  |
| Mississippi Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 (Callable 03/01/2027) | 825000 | 899569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2035 (Callable 03/01/2028) | 495000 | 527921 |  |
| Oxford School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2027 | 500000 | 524094 |  |
| West Rankin Utility Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2025) (Insured by AGM) | 550000 | 574771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2043 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2028) (Insured by AGM) | 5500000 | 6110765 |  |
| **Total Mississippi** |  |  |  |
| **(Cost $9,160,120)** |  | 8637120 | 0.8% |
| **Missouri** |  |  |  |
| County of Clay MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/01/2028) | 485000 | 515724 |  |
| Jackson County School District No. R-IV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2037 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1040000 | 1165203 |  |
| Metropolitan St. Louis Sewer District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2036 (Callable 05/01/2025) | 1275000 | 1327757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2045 (Callable 05/01/2025) | 2335000 | 2431618 |  |
| Missouri Housing Development Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.950%, 05/01/2025 (Insured by GNMA) | 45000 | 43602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 11/01/2040 (Callable 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 300000 | 294516 |  |
| Moberly School District No. 81: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2037 (Callable 09/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1700000 | 1499153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2038 (Callable 09/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 863172 |  |
| Normandy Schools Collaborative: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2038 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1950000 | 1720547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2039 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 2000000 | 1732461 |  |
| St. Louis County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) | 1480000 | 1519220 |  |
| St. Louis County Special School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034 (Callable 04/01/2029) | 400000 | 417410 |  |
| **Total Missouri** |  |  |  |
| **(Cost $14,924,791)** |  | 13530383 | 1.2% |
| **Montana** |  |  |  |
| Flathead County School District No. 44, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 (Callable 07/01/2028) | 210000 | 216060 |  |
| Montana Board of Housing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2045 (Callable 06/01/2029) | 550000 | 470262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 06/01/2050 (Callable 06/01/2029) | 270000 | 231371 |  |
| Montana Facility Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by MT BRD) | 430000 | 467881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 (Callable 07/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by MT BRD) | 535000 | 581999 |  |
| **Total Montana** |  |  |  |
| **(Cost $2,136,392)** |  | 1967573 | 0.2% |
| **Nebraska** |  |  |  |
| Nebraska Educational Health Cultural |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Social Services Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2033 (Callable 01/01/2026) | 400000 | 407749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 (Callable 01/01/2026) | 2000000 | 2038367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2035 (Callable 01/01/2026) | 1000000 | 1012882 |  |
| Nebraska Investment Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2050 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1605000 | 1585796 |  |
| University of Nebraska: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2026) | 30000 | 30375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/15/2026) | 20000 | 20241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2026) | 15000 | 15187 |  |
| Village of Boys Town NE, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 | 250000 | 250191 |  |
| **Total Nebraska** |  |  |  |
| **(Cost $5,678,750)** |  | 5360788 | 0.5% |
| **Nevada** |  |  |  |
| County of Clark NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2024) | 1925000 | 1981150 |  |
| Nevada Housing Division, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2023)<sup>(1)</sup> | 2000000 | 1994078 |  |
| **Total Nevada** |  |  |  |
| **(Cost $3,988,722)** |  | 3975228 | 0.3% |
| **New Jersey** |  |  |  |
| New Jersey Economic Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 80000 | 74322 |  |
| New Jersey Health Care Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 10000 | 9852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2027 (ETM) | 220000 | 224420 |  |
| New Jersey Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2048 (Callable 10/01/2027) | 875000 | 888361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/01/2050 (Callable 04/01/2029) | 540000 | 388068 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| New Jersey Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust Fund Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2026 (Insured by BHAC) | $1410000 | $1248497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2030 (Insured by BHAC) | 960000 | 726988 |  |
| North Hudson Sewerage Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 500000 | 476337 |  |
| **Total New Jersey** |  |  |  |
| **(Cost $4,374,596)** |  | 4036845 | 0.4% |
| **New Mexico** |  |  |  |
| New Mexico Hospital Equipment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan Council, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 210000 | 216755 |  |
| New Mexico Mortgage Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2033 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 685000 | 668289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 09/01/2040 (Callable 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 775000 | 751613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2053 (Callable 03/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2125000 | 2246409 |  |
| New Mexico Mortgage Financial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/01/2037 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 685000 | 667750 |  |
| Ruidoso Municipal School District No. 3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2032 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 115000 | 118706 |  |
| **Total New Mexico** |  |  |  |
| **(Cost $4,829,488)** |  | 4669522 | 0.4% |
| **New York** |  |  |  |
| City of New York NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.330%, 04/01/2042 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 9400000 | 9400000 |  |
| Monroe County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.840%, 11/01/2040 (Insured by FNMA) | 3098422 | 3335975 |  |
| New York City Housing Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.700%, 11/01/2060 (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2025)<sup>(1)</sup> | 2150000 | 1991203 |  |
| New York City Municipal Water |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2040 (Callable 12/15/2029) | 500000 | 484962 |  |
| New York City Transitional Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 (Callable 08/01/2026) | 1550000 | 1670487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 (Callable 08/01/2026) | 2835000 | 3033385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 (Callable 05/01/2027) | 500000 | 524085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2043 (Callable 05/01/2029) | 2000000 | 1891098 |  |
| New York State Dormitory Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 65000 | 55722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 230000 | 191648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2030 (Callable 03/15/2024) | 3735000 | 3815627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2033 (Callable 03/15/2025) | 5050000 | 5269802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2037 (Callable 09/15/2025) | 155000 | 162593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/15/2039 (Callable 09/15/2028) | 3750000 | 4038708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2044 (Callable 02/15/2025) | 1500000 | 1539436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2048 (Callable 09/15/2028) | 4000000 | 4188825 |  |
| New York State Environmental Facilities Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/2029 (ETM) | 185000 | 216856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/2030 (ETM) | 390000 | 461778 |  |
| New York State Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.600%, 11/01/2024 (Callable 01/20/2023) | 5475000 | 5282181 |  |
| New York State Urban Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/15/2024) | 6000000 | 6135215 |  |
| State of New York Mortgage Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2049 (Callable 04/01/2028) | 3045000 | 3048522 |  |
| **Total New York** |  |  |  |
| **(Cost $58,351,553)** |  | 56738108 | 5.1% |
| **North Carolina** |  |  |  |
| Inlivian: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 05/01/2037 (Insured by FNMA) | 4818439 | 4271200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2043 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 2000000 | 2077010 |  |
| North Carolina Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2050 (Callable 07/01/2029) | 1535000 | 1538483 |  |
| **Total North Carolina** |  |  |  |
| **(Cost $8,531,739)** |  | 7886693 | 0.7% |
| **North Dakota** |  |  |  |
| North Dakota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/01/2033 (Callable 01/01/2028) | 1140000 | 1113892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2026) (Insured by FHA) | 900000 | 881565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2046 (Callable 01/01/2026) | 625000 | 619557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2050 (Callable 07/01/2028) | 985000 | 988056 |  |
| North Dakota Public Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2028) | 2640000 | 2956734 |  |
| **Total North Dakota** |  |  |  |
| **(Cost $6,920,759)** |  | 6559804 | 0.6% |
| **Ohio** |  |  |  |
| City of Cleveland OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 01/30/2023) | 10000 | 10013 |  |
| County of Franklin OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2048 (Callable 06/01/2028) | 515000 | 547727 |  |
| County of Montgomery OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/12/2023) | 990000 | 1005341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/13/2023) | 1495000 | 1516552 |  |
| Greater Cleveland Regional Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2029) | 325000 | 370367 |  |
| Lucas-Plaza Housing Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FHA) | 1660000 | 1592272 |  |
| Ohio Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 09/01/2043 (Callable 09/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 165000 | 161534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2046 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 560000 | 554974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/01/2050 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2080000 | 2070056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/01/2052 (Callable 09/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 3000000 | 2921890 |  |
| Ohio Water Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 (Callable 12/01/2029) | 1240000 | 1380858 |  |
| State of Ohio: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 (Callable 01/01/2032) | 540000 | 612348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 (Callable 01/01/2032) | 430000 | 477321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039 (Callable 01/01/2032) | 875000 | 963014 |  |
| University of Akron, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 (Callable 07/01/2026) | 335000 | 346333 |  |
| **Total Ohio** |  |  |  |
| **(Cost $15,505,254)** |  | 14530600 | 1.3% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Oklahoma** |  |  |  |
| Oklahoma Water Resources Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2030) | $560000 | $576978 |  |
| **Total Oklahoma** |  |  |  |
| **(Cost $577,781)** |  | 576978 | 0.0% |
| **Oregon** |  |  |  |
| Clackamas Community College: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2028 (Callable 06/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 1375000 | 1120111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2029 (Callable 06/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 1000000 | 778091 |  |
| Hillsboro School District No. 1J, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2035 (Callable 06/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 600000 | 647293 |  |
| State of Oregon: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2045 (Callable 06/01/2025) | 1145000 | 1144010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 (Callable 12/01/2026) | 1480000 | 1480451 |  |
| State of Oregon Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Services Department: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 07/01/2043 (Callable 07/01/2027) | 1000000 | 885050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2047 (Callable 07/01/2025) | 505000 | 504347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2048 (Callable 01/01/2027) | 1020000 | 989609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2051 (Callable 01/01/2029) | 3350000 | 3311019 |  |
| **Total Oregon** |  |  |  |
| **(Cost $11,260,010)** |  | 10859981 | 1.0% |
| **Pennsylvania** |  |  |  |
| Centennial School District Bucks County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2029 (Callable 12/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 265000 | 271706 |  |
| City of Sharon PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 250000 | 237173 |  |
| Commonwealth Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2039 (Callable 06/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1500000 | 1475815 |  |
| Delaware Valley Regional Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.660%, 09/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.530%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/17/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2023)<sup>(2)</sup> | 2000000 | 1997852 |  |
| Mckeesport Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AMBAC) | 110000 | 101766 |  |
| Pennsylvania Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2046 (Callable 10/01/2025) | 450000 | 446780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2051 (Callable 10/01/2029) | 3395000 | 3364436 |  |
| Pittsburgh Water & Sewer Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 720000 | 649094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 1110000 | 969768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by FGIC) | 370000 | 313767 |  |
| Pottsville Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024)<sup>(3)</sup> | 1260000 | 1323372 |  |
| **Total Pennsylvania** |  |  |  |
| **(Cost $11,505,452)** |  | 11151529 | 1.0% |
| **Puerto Rico** |  |  |  |
| Puerto Rico Public Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/01/2024 (Insured by AMBAC) | 2355000 | 2389068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2026 (ETM) | 4315000 | 4760853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 1565000 | 1726706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 1440000 | 1588790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 1825000 | 2020110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGC) | 1910000 | 2107353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AMBAC) | 7665000 | 8512979 |  |
| **Total Puerto Rico** |  |  |  |
| **(Cost $23,702,038)** |  | 23105859 | 2.1% |
| **Rhode Island** |  |  |  |
| Rhode Island Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2050 (Callable 10/01/2029) | 1160000 | 1147016 |  |
| **Total Rhode Island** |  |  |  |
| **(Cost $1,230,914)** |  | 1147016 | 0.1% |
| **South Carolina** |  |  |  |
| City of Columbia SC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2029) | 10680000 | 12068964 |  |
| Patriots Energy Group Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.787%, 10/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.860%) (Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2024)<sup>(2)</sup> | 2895000 | 2879016 |  |
| Piedmont Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 01/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 5400000 | 5643585 |  |
| South Carolina Jobs-Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/15/2026)<sup>(3)(5)</sup> | 7500000 | 8051500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/15/2026)<sup>(3)(5)</sup> | 4165000 | 4471266 |  |
| Tobacco Settlement Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 05/15/2030 (ETM) | 1750000 | 2105845 |  |
| **Total South Carolina** |  |  |  |
| **(Cost $36,642,428)** |  | 35220176 | 3.2% |
| **South Dakota** |  |  |  |
| Harrisburg School District No. 41-2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 08/01/2026 (Insured by ST AID) | 335000 | 331834 |  |
| South Dakota State Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2040 (Callable 06/01/2030) | 365000 | 364280 |  |
| **Total South Dakota** |  |  |  |
| **(Cost $754,543)** |  | 696114 | 0.1% |
| **Tennessee** |  |  |  |
| Nashville & Davidson County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 1535000 | 1635621 |  |
| Tennessee Housing Development Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 07/01/2028 | 350000 | 314506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.950%, 07/01/2030 (Callable 07/01/2029) | 550000 | 472609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 01/01/2035 (Callable 01/01/2025) | 245000 | 243697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 07/01/2042 (Callable 07/01/2027) | 350000 | 334647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2043 (Callable 07/01/2027) | 620000 | 620330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/01/2043 (Callable 07/01/2027) | 1810000 | 1737584 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Tennessee Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Agency: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 07/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027) | $705000 | $681376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 01/01/2049 (Callable 01/01/2028) | 1645000 | 1592676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/01/2050 (Callable 07/01/2028) | 1060000 | 1066739 |  |
| **Total Tennessee** |  |  |  |
| **(Cost $9,232,771)** |  | 8699785 | 0.8% |
| **Texas** |  |  |  |
| Alvarado Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 02/15/2052 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/15/2025) (PSF Guaranteed)<sup>(1)</sup> | 1500000 | 1493068 |  |
| Anna Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 910000 | 965329 |  |
| Arlington Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2024 (PSF Guaranteed) | 1025000 | 1041242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (PSF Guaranteed) | 1010000 | 1043466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 195000 | 204490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 (PSF Guaranteed) | 500000 | 536763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 875000 | 899950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 (PSF Guaranteed) | 240000 | 260099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2025) (PSF Guaranteed) | 1905000 | 1980283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 850000 | 872945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 555000 | 573390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 (PSF Guaranteed) | 130000 | 145068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2026) (PSF Guaranteed) | 125000 | 131991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 835000 | 804490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 1070000 | 1016732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 500000 | 471188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 475000 | 489096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 1460000 | 1508376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 500000 | 464501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 195000 | 197548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 480000 | 482239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2027) (PSF Guaranteed) | 450000 | 452047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2030) (PSF Guaranteed) | 510000 | 507751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 1000000 | 995591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2032) (PSF Guaranteed) | 510000 | 567512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2030) (PSF Guaranteed) | 550000 | 544843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 290000 | 236884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 300000 | 241421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 265000 | 209843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 210000 | 164897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 245000 | 190604 |  |
| Austin Community College |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Public Facility Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 (Callable 08/01/2025) | 750000 | 786349 |  |
| Balmorhea Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2031) (PSF Guaranteed) | 335000 | 378913 |  |
| Bexar Metropolitan Water District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 50000 | 44206 |  |
| Brazoria County Toll Road Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/2044 (Callable 03/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(County Guaranteed)<sup>(5)</sup> | 255000 | 230550 |  |
| Burleson Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025 (PSF Guaranteed) | 1260000 | 1332873 |  |
| City of Denton TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 (Callable 02/15/2031) | 3055000 | 3465688 |  |
| City of Fort Worth TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2035 (Callable 02/15/2028) | 2530000 | 2583693 |  |
| City of Houston TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 1255000 | 1293778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 735000 | 659934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 170000 | 148154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 2770000 | 2345474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 16050000 | 18044028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 24965000 | 31411662 |  |
| City of San Antonio TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2025 (ETM) | 205000 | 214631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2029 (Callable 02/01/2023) | 2205000 | 2206622 |  |
| Clifton Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 460000 | 484996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 (PSF Guaranteed) | 235000 | 256054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2024) (PSF Guaranteed) | 215000 | 221906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 (PSF Guaranteed) | 295000 | 329756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2026) (PSF Guaranteed) | 170000 | 176112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027) (PSF Guaranteed) | 2000000 | 2084363 |  |
| County of Bexar TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2030 (Callable 06/15/2026) | 150000 | 155242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/15/2025) | 3795000 | 3917168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/15/2026) | 2145000 | 2314208 |  |
| County of Williamson TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2039 (Callable 02/15/2029) | 1350000 | 1344225 |  |
| Crowley Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/01/2025) (PSF Guaranteed) | 2000000 | 2115159 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Dallas Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2034 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2025) (PSF Guaranteed) | $20715000 | $21239769 |  |
| Decatur Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2029 (ETM) | 380000 | 419973 |  |
| DeSoto Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032 (Callable 08/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1080000 | 1127160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2024) (PSF Guaranteed) | 1825000 | 1878087 |  |
| Eagle Mountain & Saginaw |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2025) (PSF Guaranteed) | 675000 | 650414 |  |
| Ennis Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 1145000 | 1211077 |  |
| Forney Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2025) (PSF Guaranteed) | 525000 | 552443 |  |
| Grand Parkway Transportation Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2028)<sup>(5)</sup> | 200000 | 216716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2043 (Callable 04/01/2028) | 3680000 | 3843750 |  |
| Harlingen Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 1445000 | 1526515 |  |
| Harris County Health Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/01/2027 (ETM) | 7870000 | 8402356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 07/01/2027 (ETM) | 6765000 | 7313482 |  |
| Harris County-Houston Sports Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 2150000 | 1688228 |  |
| Hays Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2027) (PSF Guaranteed) | 880000 | 914740 |  |
| Honda Auto Receivables Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) (PSF Guaranteed) | 1030000 | 1050571 |  |
| Houston Higher Education Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2024) (PSF Guaranteed) | 1795000 | 1826106 |  |
| Kenedy Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2031 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2023) (PSF Guaranteed) | 100000 | 100637 |  |
| Klein Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2025) (PSF Guaranteed) | 1000000 | 1020787 |  |
| La Porte Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2025 (PSF Guaranteed) | 1080000 | 1129684 |  |
| Leander Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/16/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/16/2026) (PSF Guaranteed) | 100000 | 90002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2034 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 125000 | 73118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2035 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 395000 | 217231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2036 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 750000 | 388249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2037 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 700000 | 360206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2039 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 570000 | 248192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2040 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 35000 | 15481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2040 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 665000 | 294133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2041 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 8915000 | 3468056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2041 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 135000 | 56727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2042 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 1500000 | 551628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2043 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 200000 | 69632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/16/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/16/2026) (PSF Guaranteed) | 765000 | 291882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2045 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 2000000 | 617398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2046 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 150000 | 43511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2047 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 290000 | 78983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2048 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 820000 | 210020 |  |
| Lower Colorado River Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AGM) | 1055000 | 1106875 |  |
| Luling Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2028) (PSF Guaranteed) | 90000 | 94816 |  |
| Mansfield Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2030) (PSF Guaranteed) | 2000000 | 1806592 |  |
| McKinney Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2026) (PSF Guaranteed) | 1325000 | 1361068 |  |
| Melissa Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2026) (PSF Guaranteed) | 1020000 | 1079636 |  |
| Mesquite Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 5000 | 5294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 1500000 | 1588122 |  |
| Midland County Fresh |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Supply District No. 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2027) | 355000 | 229725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2027) | 50000 | 30667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2027) | 100000 | 54989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2027) | 45000 | 23429 |  |
| Millsap Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2026 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2024) (PSF Guaranteed) | 15000 | 15152 |  |
| Montgomery County Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2023 (ETM) | 200000 | 196800 |  |
| Moulton Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027) (PSF Guaranteed) | 545000 | 553491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027) (PSF Guaranteed) | 285000 | 288652 |  |
| Navasota Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2048 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2025) (PSF Guaranteed) | 6785000 | 7081019 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| New Caney Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2027) (PSF Guaranteed) | $500000 | $531110 |  |
| New Hope Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2025 (ETM) | 715000 | 748206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2027) | 1150000 | 1250588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2027) | 1180000 | 1283212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2027) | 7755000 | 8433311 |  |
| North Lamar Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2031) (PSF Guaranteed) | 650000 | 700350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2031) (PSF Guaranteed) | 675000 | 719663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2031) (PSF Guaranteed) | 700000 | 725636 |  |
| North Texas Tollway Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2031) | 7125000 | 3494765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2031) | 29285000 | 9154924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2031)<sup>(5)</sup> | 7710000 | 9618428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 09/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2031)<sup>(5)</sup> | 16440000 | 21452063 |  |
| Northside Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 1000000 | 1058488 |  |
| Pasadena Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2044 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/15/2024) (PSF Guaranteed)<sup>(1)</sup> | 1710000 | 1672361 |  |
| Pflugerville Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2025 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2024) (PSF Guaranteed) | 1020000 | 1043108 |  |
| Princeton Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2025) (PSF Guaranteed) | 560000 | 585174 |  |
| Prosper Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2028) (PSF Guaranteed) | 1020000 | 1130584 |  |
| Rockwall Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (PSF Guaranteed) | 745000 | 746166 |  |
| Sherman Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2024) (PSF Guaranteed) | 1775000 | 1817180 |  |
| Smithville Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2028) (PSF Guaranteed) | 110000 | 113740 |  |
| Socorro Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2027) (PSF Guaranteed) | 900000 | 932863 |  |
| Tarrant County Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2024 (ETM) | 2040000 | 2108473 |  |
| Terrell Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2026) (PSF Guaranteed) | 510000 | 512030 |  |
| Texas Department of Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Community Affairs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2035 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/01/2034) (Insured by FNMA) | 4637306 | 4319629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.150%, 09/01/2035 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/01/2029) (Insured by GNMA) | 545000 | 440037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/01/2028) (Insured by GNMA) | 885000 | 887823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2052 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;03/01/2032) (Insured by GNMA) | 2995000 | 3202772 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.065%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.870%)<sup>(2)</sup> | 14225000 | 14042486 |  |
| Texas State Affordable Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by GNMA) | 160000 | 161090 |  |
| Texas Water Development Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2033 (Callable 10/15/2027) | 600000 | 623547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2036 (Callable 10/15/2028) | 3940000 | 4017885 |  |
| United Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2027) (PSF Guaranteed) | 225000 | 241547 |  |
| Webb Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2033 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2025) (PSF Guaranteed) | 175000 | 179252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2033 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2025) (PSF Guaranteed) | 75000 | 76822 |  |
| Whitehouse Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/15/2027) (PSF Guaranteed) | 1200000 | 1274920 |  |
| **Total Texas** |  |  |  |
| **(Cost $286,562,538)** |  | 276242895 | 24.8% |
| **Utah** |  |  |  |
| Timpanogos Special Service District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2028 (Callable 06/01/2024) | 425000 | 431981 |  |
| Utah Charter School Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2024 (Insured by UT CSCE) | 235000 | 239837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2037 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2026) (Insured by UT CSCE) | 500000 | 512087 |  |
| Utah Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2026) (Insured by FHA) | 2290000 | 2287605 |  |
| Utah Telecommunication |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open Infrastructure Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2040 (Callable 06/01/2032) | 500000 | 561826 |  |
| **Total Utah** |  |  |  |
| **(Cost $4,118,067)** |  | 4033336 | 0.4% |
| **Vermont** |  |  |  |
| Vermont Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 11/01/2036 (Callable 11/01/2025) | 1280000 | 1219386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2048 (Callable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/01/2026) (Insured by GNMA) | 475000 | 474562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2048 (Callable 05/01/2027) | 345000 | 345174 |  |
| **Total Vermont** |  |  |  |
| **(Cost $2,140,111)** |  | 2039122 | 0.2% |
| **Virginia** |  |  |  |
| Danville Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by AMBAC) | 635000 | 664658 |  |
| Hampton Roads Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accountability Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2057 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2028) | 15000000 | 17059730 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Virginia Resources Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2027 (ETM) | $520000 | $452092 |  |
| **Total Virginia** |  |  |  |
| **(Cost $18,066,863)** |  | 18176480 | 1.6% |
| **Washington** |  |  |  |
| Central Puget Sound |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regional Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/01/2025) | 2725000 | 2901762 |  |
| Clark County School District No. 114, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2040 (Callable 06/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 9400000 | 10575788 |  |
| County of King WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 705000 | 736752 |  |
| King County Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/01/2033 (Callable 05/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(County Guaranteed) | 1500000 | 1433128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2034 (Callable 11/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(County Guaranteed) | 1520000 | 1564952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2036 (Callable 11/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(County Guaranteed) | 2740000 | 2787358 |  |
| Pierce County School District No. 3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 2600000 | 2823371 |  |
| Port of Seattle WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 (Callable 01/01/2027) | 1000000 | 1062089 |  |
| State of Washington: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 01/01/2025) | 6005000 | 6242236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 (Callable 06/01/2028) | 1000000 | 1092667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038 (Callable 08/01/2026) | 1225000 | 1290273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2040 (Callable 07/01/2028) | 660000 | 701759 |  |
| Washington Health Care Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 300000 | 327722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 (Callable 09/01/2030) | 175000 | 189853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 (Callable 09/01/2030) | 465000 | 503219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 (Callable 09/01/2030) | 190000 | 204982 |  |
| Washington State Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2023 (ETM) | 170000 | 170000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 12/01/2040 (Callable 06/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1800000 | 1399958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 12/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2023)<sup>(2)</sup> | 4465000 | 4458113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (Callable 06/01/2028) | 395000 | 395652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2050 (Callable 06/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1500000 | 1504267 |  |
| **Total Washington** |  |  |  |
| **(Cost $42,658,691)** |  | 42365901 | 3.8% |
| **West Virginia** |  |  |  |
| West Virginia Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2027) | 875000 | 956341 |  |
| **Total West Virginia** |  |  |  |
| **(Cost $996,729)** |  | 956341 | 0.1% |
| **Wisconsin** |  |  |  |
| Baraboo School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2026) (Insured by BAM) | 650000 | 637652 |  |
| City of Milwaukee WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2033 (Callable 06/01/2026) | 2500000 | 2399652 |  |
| City of Oshkosh WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2023) | 25000 | 25068 |  |
| Oshkosh Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 03/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2023) (Insured by BAM) | 1840000 | 1778606 |  |
| Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 535000 | 559341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 11/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/15/2024)<sup>(3)</sup> | 1100000 | 1149491 |  |
| Southeast Wisconsin Professional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baseball Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2026 (Insured by NATL) | 1630000 | 1744689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 520000 | 450481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 505000 | 424640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(ETM) (Insured by NATL) | 675000 | 547240 |  |
| State of Wisconsin, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 (Callable 05/01/2026) | 1000000 | 1063384 |  |
| State of Wisconsin Clean Water |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Leveraged Loan Portfolio: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2024) | 5430000 | 5581569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2024) | 10515000 | 10808508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2024) | 7975000 | 8197609 |  |
| University of Wisconsin Hospitals & Clinics, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2023) | 2680000 | 2692968 |  |
| Village of Mount Pleasant WI: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 (Callable 04/01/2028) | 275000 | 297914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2037 (Callable 04/01/2028) | 2400000 | 2387327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2028) (Insured by BAM) | 1500000 | 1552818 |  |
| West De Pere School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2030) | 2500000 | 2404062 |  |
| Wisconsin Center District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2029 (Callable 06/15/2026) | 1480000 | 1541060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 (Callable 06/15/2026) | 775000 | 828989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2030) (Insured by AGM) | 1810000 | 1119409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2034 (Callable 06/15/2026) | 445000 | 458435 |  |
| Wisconsin Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/15/2025) | 20000 | 21116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/15/2025) | 100000 | 103078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 (Callable 05/15/2026) | 205000 | 211360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/15/2025) | 500000 | 515388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2042 (Callable 07/01/2027) | 2000000 | 2045077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/15/2023) | 2545000 | 2579306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/15/2026) | 1470000 | 1517035 |  |
| Wisconsin Housing & Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2046 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FNMA) | 610000 | 604666 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2048 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FNMA) | $765000 | $764720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2048 (Callable 03/01/2027) | 345000 | 344963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2049 (Callable 09/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FNMA) | 1415000 | 1427603 |  |
| **Total Wisconsin** |  |  |  |
| **(Cost $60,161,097)** |  | 58785224 | 5.3% |
| **Wyoming** |  |  |  |
| Wyoming Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2043 (Callable 06/01/2027) | 240000 | 239685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 (Callable 06/01/2028) | 1880000 | 1883012 |  |
| **Total Wyoming** |  |  |  |
| **(Cost $2,204,527)** |  | 2122697 | 0.2% |
| **Total Municipal Bonds** |  |  |  |
| **(Cost $1,121,283,675)** |  | 1087782534 | 97.7% |
|  | *Shares* |  |  |
| **Closed-End Investment Company** |  |  |  |
| Nuveen AMT-Free Municipal Credit Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Series C Preferred Shares, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.580%, 12/01/2031<sup>(1)</sup> | 2000 | 2000000 |  |
| **Total Closed-End Investment Company** |  |  |  |
| **(Cost $2,000,000)** |  | 2000000 | 0.2% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $1,123,283,647)** |  | 1089782534 | 97.9% |
| Short-Term Investment |  |  |  |
| **Money Market Mutual Fund** |  |  |  |
| Federated Hermes Institutional Tax-Free |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Trust, Premier Shares, 3.56%<sup>(4)</sup> | 7376970 | 7376970 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $7,376,970)** |  | 7376970 | 0.6% |
| **Total Investments** |  |  |  |
| **(Cost $1,130,660,645)** |  | 1097159504 | 98.5% |
| Other Assets in Excess of Liabilities |  | 16469736 | 1.5% |
| **TOTAL NET ASSETS** |  | $1113629240 | 100.0% |

---

#### Notes to Schedule of Investments
AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

BHAC – Berkshire Hathaway Assurance Corp.

FGIC – Financial Guaranty Insurance Company

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

HUD – US Department of Housing and Development

MT BRD – Montana Board of Investments

NATL – National Public Finance Guarantee Corp.

Q-SBLF – Qualified School Building Loan Fund

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

ST AID – State Aid Intercept/Withholding

UT CSCE – Utah Charter School Credit Enhancement Program

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

<sup>(1)</sup> Variable rate security. The rate reported is the rate in effect as of December 31, 2022.

<sup>(2)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(3)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $23,295,165, which represented 2.09% of total net assets.

<sup>(4)</sup> Seven-day yield.

<sup>(5)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Quality Intermediate Municipal Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| Municipal Bonds | $— | $1087782534 | $— | $1087782534 |
| Closed-End Investment Company |  | 2000000 |  | 2000000 |
| **Total Long-Term Investments** |  | 1089782534 |  | 1089782534 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 7376970 |  |  | 7376970 |
| **Total Short-Term Investment** | 7376970 |  |  | 7376970 |
| **Total Investments** | $7376970 | $1089782534 | $— | $1097159504 |

---

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.*

------

Baird Core Intermediate Municipal Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Core Intermediate Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.

The tax-exempt market closed the year with a strong tone, as yields fell modestly in December, adding to the strong rally that began in November. Although yields were lower for the quarter, they still rose significantly across the curve for the full year with short-term rates rising more than long. The magnitude of the move in short rates left yields between the 1–10-year curve inverted for the first time ever (-18 bps at year end). Inflation, which rose much more than expected and proved to be more persistent than transitory, was the obvious catalyst for the big upward yield adjustment in 2022. Exacerbating the inflation pressures was Russia's invasion of Ukraine, especially impacting global food and energy prices, as well as China's strict COVID-19 lockdowns, which prolonged global supply constraints. A tight labor market in the US, with nearly two job openings for every unemployed individual, also kept wage pressures elevated. The Fed reacted aggressively as the inflation data became more troubling. Rather than boost rates by the total of 75 bps they expected at the start of the year, the federal funds rate rose by 425 bps (including four successive 75 bps increases); the most aggressive Fed rate campaign on record combined with transitioning from quantitative easing (QE) to quantitative tightening (QT) as the Fed's balance sheet was unwound.

During 2022, the Institutional Class Shares of the Fund (BMNIX) posted a net return of -6.07% vs. a -5.95% return for the Bloomberg 1-15 Year Municipal Bond Index.

Positive contributors to the Fund's relative performance during the year include:

• Curve Positioning – Overweight to cash and near-cash maturities, which held their value relatively well as interest rates rose

• Sector Positioning – Hospital and Education overweight benefit partially offset by Housing performance drag

Negative contributors to the Fund's relative performance during the year include:

• Security Selection – Lower-coupon structures lagged due to their longer average duration relative to higher-coupon issues

We expect economic growth to slow over the course of 2023, with the understanding that monetary policy changes operate with long and variable lags. Inflation should also fall, but to what level and at what pace are the key questions that will determine how high the federal funds rate rises and how long it remains elevated. Our view is that a "higher for longer" federal funds rate is likely, which implies that an unusually flat yield curve is probable for much of the year. Municipal issuance should remain modest even as infrastructure spending picks up but refunding volume will once again be quite low given the higher rate levels. With tax-loss harvesting largely behind us and much more attractive yields than a year ago, investor demand should improve, leading to positive municipal fund flows once again in 2023. The backdrop for municipal credit fundamentals remains strong. State and local governments begin the new year with record reserves that will help cushion an expected slowdown in tax revenues. Therefore, we expect credit ratings to remain relatively stable throughout 2023. Two sectors that we are more cautious on are Hospitals, which face labor shortages and rising costs, and Higher Education, which is challenged by declining enrollment growth. That said, structural opportunities in various sectors of the market (e.g., Housing) combined with modestly wider credit spreads over the year would be viewed as an opportunity in 2023.

The Fund maintains a neutral duration posture relative to the benchmark while seeking a yield curve allocation that optimizes roll-down benefit. Sector weightings will likely favor revenue-backed issues, with a particular focus, selectively, on Hospitals and Housing bonds. Given the recent widening in credit spreads, we believe a modest credit overweight is appropriate, particularly shorter on the curve. Although the pace of economic growth and tax revenues are likely to slow, credit fundamentals across most municipalities remains strong. That said, careful fundamental credit analysis and review remains critically important to adding value. Additional yield will also be sought from structural nuances at the individual security level where differing bond characteristics, such as coupon, call optionality and cash-flow variability help to create market inefficiencies.

------

Baird Core Intermediate Municipal Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(7)</sup>

---

| | | |
|:---|:---|:---|
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Net Assets** | $2488480082 |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **SEC 30-Day Yield<sup>(4)</sup>** |  |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 3.24% |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 2.99% |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Duration** | 4.60 years |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Average Effective Maturity** | 5.25 years |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Annualized Expense Ratio<sup>(5)</sup>** |  |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Institutional Class | 0.30% |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Investor Class | 0.55%<br><sup>(6)</sup> |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **Portfolio Turnover Rate** | 59% |
| ![](bcimbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |
|  | **Number of Holdings** | 1916 |
| **Sector Weightings<sup>(1)</sup>** |  |  |
| ![](bcimbf_sw-piechart.jpg) |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> Includes pre-refunded and escrowed-to-maturity (ETM) bonds.

<sup>(4)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(5)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(6)</sup> Includes 0.25% 12b-1 fee.

<sup>(7)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Core Intermediate Municipal Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bcimbf_inst-linechart.jpg) | ![](bcimbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 08/31/15, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 08/31/15, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Five** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -6.07% | 0.15% | 1.67% | 2.27% |
| Investor Class Shares | -6.40% | -0.10% | 1.40% | 2.01% |
| Bloomberg 1-15 Year Municipal Bond Index<sup>(2)</sup> | -5.95% | -0.22% | 1.44% | 1.82% |

---

<sup>(1)</sup> For the period from August 31, 2015 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg 1-15 Year Municipal Bond Index is an unmanaged, market value weighted index of investment-grade, tax-exempt, and fixed-rate securities with maturities between 1 and 17 years. Securities must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as "high yield" bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund's share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Municipal Bonds** |  |  |  |
| **Alabama** |  |  |  |
| Alabama Community College System: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2024 (Insured by BAM) | $1010000 | $1019704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2025 (Insured by BAM) | 1100000 | 1108083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Callable 10/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 310000 | 329576 |  |
| Alabama Economic Settlement Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2033 (Callable 09/15/2026) | 5810000 | 5811705 |  |
| Alabama Housing Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (Insured by HUD)<sup>(1)</sup> | 5000000 | 4987607 |  |
| Birmingham Airport Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Insured by BAM) | 500000 | 540433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 (Callable 07/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 360000 | 358680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037 (Callable 07/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 497204 |  |
| Black Belt Energy Gas District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2052 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 4000000 | 3972076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.480%, 10/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2026)<sup>(2)</sup> | 3000000 | 2850039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2028)<sup>(1)</sup> | 12500000 | 13130459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2053 (Callable 09/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2028)<sup>(1)</sup> | 2000000 | 2098734 |  |
| Chatom Industrial Development Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 08/01/2037 | 3750000 | 3748870 |  |
| Chilton County Health Care Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2045 (Callable 11/01/2025) | 205000 | 194692 |  |
| City of Birmingham AL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2025)<sup>(5)</sup> | 205000 | 217474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2025)<sup>(5)</sup> | 1205000 | 1278321 |  |
| City of Oxford AL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 09/01/2041 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 5300000 | 5300000 |  |
| City of Troy AL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (Callable 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 555000 | 580789 |  |
| County of Elmore AL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2024 (Insured by BAM) | 420000 | 423963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2025 (Insured by BAM) | 540000 | 548753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2026 (Insured by BAM) | 400000 | 408581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 05/01/2042 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1625000 | 1611983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2047 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1055285 |  |
| County of Jefferson AL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2025 (Callable 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 901257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029 (Callable 03/15/2027) | 570000 | 617627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2034 (Callable 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 480000 | 238371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2048 (Callable 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 125000 | 128465 |  |
| Homewood Educational Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2033 (Callable 12/01/2029) | 785000 | 793198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 (Callable 12/01/2029) | 255000 | 255327 |  |
| Jefferson County Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2042 (Callable 02/01/2028) | 825000 | 867137 |  |
| Lauderdale County Agriculture |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024) | 1235000 | 1255669 |  |
| Leeds Public Educational Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034 (Callable 10/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 450000 | 464863 |  |
| Lower Alabama Gas District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2025)<sup>(1)</sup> | 500000 | 496047 |  |
| Madison Water & Wastewater Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2029) | 530000 | 534083 |  |
| Orange Beach Water Sewer & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fire Protection Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/15/2052 (Callable 05/15/2032) | 2250000 | 2080636 |  |
| Southeast Alabama Gas Supply District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2049 (Callable 01/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(1)</sup> | 5000000 | 4992153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.777%, 06/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Month LIBOR USD + 0.850%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2024)<sup>(2)</sup> | 5140000 | 5056995 |  |
| Southeast Energy Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Cooperative District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2053 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2029)<sup>(1)</sup> | 7000000 | 7410203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (Callable 05/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2028)<sup>(1)</sup> | 2000000 | 2053023 |  |
| Tallassee Board of Education: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 (Insured by AGM) | 435000 | 457427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2031 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 455000 | 474559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2032 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 470000 | 484208 |  |
| UAB Medicine Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 (Callable 09/01/2029) | 500000 | 497730 |  |
| University of Alabama at Birmingham, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2037 (Callable 10/01/2026) | 500000 | 500469 |  |
| Wilsonville Industrial Development Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 01/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 2000000 | 2000000 |  |
| **Total Alabama** |  |  |  |
| **(Cost $86,429,126)** |  | 84632458 | 3.4% |
| **Alaska** |  |  |  |
| Alaska Housing Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2024) | 225000 | 231753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2025) | 505000 | 520406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036 (Callable 06/01/2025) | 1245000 | 1227256 |  |
| Alaska Industrial Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Export Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2030 (Callable 04/01/2029) | 2010000 | 2021473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 (Callable 10/01/2029) | 1585000 | 1589708 |  |
| Alaska Municipal Bond Bank Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2023) | 500000 | 505531 |  |
| University of Alaska, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2026 (Callable 10/01/2023) | 650000 | 653258 |  |
| **Total Alaska** |  |  |  |
| **(Cost $6,953,554)** |  | 6749385 | 0.3% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Arizona** |  |  |  |
| Apache County Unified School District No. 8, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/01/2042 (Callable 07/01/2032) | $1625000 | $1548942 |  |
| Arizona Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 270000 | 233266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 08/01/2028<sup>(3)</sup> | 1160000 | 1126394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 07/01/2026) | 205000 | 211362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2026) | 340000 | 349594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2034 (Callable 07/01/2026) | 230000 | 218790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 (Callable 07/01/2026) | 475000 | 445002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 (Callable 07/01/2026) | 445000 | 411383 |  |
| BluePath TE Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(3)</sup> | 1826218 | 1719240 |  |
| City of Phoenix Civic Improvement Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1800000 | 1924160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2027) | 250000 | 269564 |  |
| City of Tucson AZ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 07/01/2025) | 500000 | 522408 |  |
| Industrial Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the City of Phoenix, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2047 (Callable 10/01/2026) | 115000 | 103562 |  |
| Industrial Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the County of Pima, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 (Callable 03/01/2023) | 2000000 | 2000303 |  |
| Maricopa County Department of Public Health, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2028) | 300000 | 328836 |  |
| Maricopa County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 755000 | 806303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 3740000 | 3902565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 (Callable 07/01/2030) | 7000000 | 6552313 |  |
| Maricopa County Unified |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 4: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 450000 | 464325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 1000000 | 1078464 |  |
| **Total Arizona** |  |  |  |
| **(Cost $24,642,805)** |  | 24216776 | 1.0% |
| **Arkansas** |  |  |  |
| Arkansas Development Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Callable 12/01/2027) | 380000 | 392072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 12/01/2027) | 400000 | 412709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2027) | 445000 | 451010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 (Callable 12/01/2027) | 250000 | 247426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2041 (Callable 07/01/2028) | 500000 | 440119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 09/01/2044 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 15000000 | 15000000 |  |
| Arkansas Technical University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2028 (Callable 06/01/2023) | 1025000 | 1028532 |  |
| Benton Washington Regional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Water Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (Callable 10/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 261727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2041 (Callable 10/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 510000 | 416099 |  |
| Carroll-Boone Water District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2028 (Callable 12/01/2025) | 780000 | 759921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2029 (Callable 12/01/2025) | 505000 | 490767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2030 (Callable 12/01/2025) | 630000 | 608399 |  |
| City of Beebe AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2041 (Callable 08/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1500000 | 1210140 |  |
| City of Cabot AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2056 (Callable 12/01/2028) | 2000000 | 1453030 |  |
| City of Fayetteville AR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/01/2032 (Callable 11/01/2026) | 85000 | 84941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.050%, 01/01/2047 (Callable 01/01/2027) | 730000 | 701379 |  |
| City of Heber Springs AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2034 (Callable 11/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 685000 | 633120 |  |
| City of Magnolia AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 08/01/2033 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 635000 | 630912 |  |
| City of Maumelle AR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2026 (Callable 08/01/2025) | 25000 | 25328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 (Callable 08/01/2025) | 290000 | 292925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 (Callable 08/01/2025) | 700000 | 706692 |  |
| City of North Little Rock AR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2028 (Callable 05/01/2027) | 645000 | 671851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2030 (Callable 05/01/2027) | 650000 | 676118 |  |
| City of Pine Bluff AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2047 (Callable 08/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 655000 | 616154 |  |
| City of Rogers AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/01/2043 (Callable 11/01/2026) | 355000 | 353703 |  |
| City of Russellville AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2028 (Callable 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 325000 | 335256 |  |
| City of West Memphis AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2041 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1750000 | 1425587 |  |
| Conway Health Facilities Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 (Callable 08/01/2026) | 360000 | 374908 |  |
| Jackson County Special School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/01/2024 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 60000 | 58804 |  |
| National Park College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2025 (Callable 11/01/2024) | 235000 | 232865 |  |
| Salem Public Water Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 (Insured by BAM) | 120000 | 130454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2030 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 340000 | 334970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2032 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 255000 | 243647 |  |
| Southern Arkansas University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2025 (Insured by AGM) | 415000 | 424154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2026 (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 520000 | 530106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2026 (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 270000 | 275986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2027 (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 545000 | 554092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2027 (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 275000 | 280684 |  |
| University of Central Arkansas: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2027 (Callable 11/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 340000 | 348561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2028 (Callable 11/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 255928 |  |
| **Total Arkansas** |  |  |  |
| **(Cost $36,581,560)** |  | 34371076 | 1.4% |
| **California** |  |  |  |
| Acalanes Union High School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028<sup>(5)</sup> | 130000 | 132110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2032<sup>(5)</sup> | 480000 | 533279 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Acalanes Union High School District: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2029)<sup>(5)</sup> | $385000 | $411538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2029)<sup>(5)</sup> | 350000 | 366836 |  |
| Alameda Corridor Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 (Callable 10/01/2026) | 500000 | 511054 |  |
| Alisal Union School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2036 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 650000 | 664889 |  |
| Antelope Valley Community College District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2029 | 650000 | 519739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2031 | 1000000 | 733796 |  |
| Bakersfield City School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 (Insured by BAM) | 1030000 | 1047402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 (Insured by BAM) | 810000 | 842480 |  |
| Bay Area Toll Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.230%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(2)</sup> | 1375000 | 1383744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.230%, 04/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(2)</sup> | 3500000 | 3522256 |  |
| Beaumont Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 08/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 90000 | 103932 |  |
| Burbank Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2028)<sup>(5)</sup> | 210000 | 212500 |  |
| California Community College |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/01/2060 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2032)<sup>(3)</sup> | 5900000 | 5539488 |  |
| California Infrastructure & Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.480%, 08/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024)<sup>(2)</sup> | 360000 | 355004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.830%, 12/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.700%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026)<sup>(2)</sup> | 250000 | 241135 |  |
| California Municipal Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023<sup>(3)</sup> | 400000 | 400793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024<sup>(3)</sup> | 400000 | 401546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 300000 | 311531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 11/15/2026 (Callable 05/15/2023) | 1640000 | 1498307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2031 (Insured by BAM) | 470000 | 516991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2036 (Callable 11/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1057327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 02/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/03/2025)<sup>(1)(3)</sup> | 1500000 | 1413328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2039 (Callable 05/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 175000 | 167359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2041 (Callable 05/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 468266 |  |
| California Pollution Control |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2023<sup>(3)</sup> | 1085000 | 1089015 |  |
| California Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 11/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023)<sup>(3)</sup> | 2800000 | 2592269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/15/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2023)<sup>(3)</sup> | 3075000 | 2819067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/15/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2023)<sup>(3)</sup> | 2010000 | 1752545 |  |
| California Statewide Communities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 (Callable 03/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)(3)</sup> | 5150000 | 5150000 |  |
| Campbell Union School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 08/01/2035 (Callable 08/01/2026)<sup>(5)</sup> | 785000 | 863378 |  |
| Carlsbad Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 08/01/2031<sup>(5)</sup> | 125000 | 152713 |  |
| Cerritos Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2025 | 1800000 | 1672633 |  |
| Chawanakee Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2026 (Insured by BAM)<sup>(5)</sup> | 110000 | 114309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM)<sup>(5)</sup> | 100000 | 104250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM)<sup>(5)</sup> | 75000 | 78083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM)<sup>(5)</sup> | 80000 | 83186 |  |
| Citrus Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2024)<sup>(5)</sup> | 460000 | 468360 |  |
| City & County of San Francisco CA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.300%, 07/01/2023<sup>(1)</sup> | 400000 | 400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2039 (Callable 06/15/2028) | 1080000 | 1090728 |  |
| City of Palo Alto CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 (Callable 11/01/2028) | 1295000 | 1420067 |  |
| City of San Mateo CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/01/2040 (Callable 09/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1250000 | 1351643 |  |
| City of Tulare CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 11/15/2044 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(1)</sup> | 200000 | 154201 |  |
| Colton Joint Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.800%, 08/01/2035 (Pre-refunded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to 08/01/2026) (Insured by AGM)<sup>(5)</sup> | 300000 | 333334 |  |
| Compton Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 | 450000 | 287477 |  |
| Contra Costa Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 (Callable 03/01/2025) | 1390000 | 1463211 |  |
| Del Mar Union School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2046 (Callable 08/01/2032) | 2500000 | 2455043 |  |
| Denair Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2031 (Insured by AGM)<sup>(5)</sup> | 130000 | 158963 |  |
| Desert Hot Springs Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Successor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 (Callable 09/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 300000 | 327376 |  |
| Dublin Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2038 (Callable 06/01/2029) | 390000 | 392423 |  |
| El Rancho Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2034 (Callable 08/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 755000 | 867648 |  |
| Encinitas Union School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 08/01/2031<sup>(5)</sup> | 325000 | 399893 |  |
| Enterprise Elementary School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.200%, 08/01/2035 Callable 08/01/2031)<sup>(5)</sup> | 155000 | 189726 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Escondido Union High School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2029 (Insured by AGC) | $505000 | $406679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 08/01/2034 (Insured by AGC)<sup>(5)</sup> | 330000 | 449256 |  |
| Freddie Mac Multifamily |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Rate Certificate, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 07/25/2036 | 7500000 | 6441430 |  |
| Fresno Joint Powers Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (Insured by AGM) | 315000 | 346126 |  |
| Grossmont Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2039 (Callable 02/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 219800 |  |
| Hueneme Elementary School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2037 (Callable 08/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 504245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2038 (Callable 08/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1050000 | 1052812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2039 (Callable 08/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 660000 | 658610 |  |
| Indio Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2042 (Callable 11/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1113498 |  |
| Jefferson Elementary School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2049 (Callable 09/01/2032) | 1520000 | 1556223 |  |
| King Union School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (Insured by AMBAC) | 400000 | 330472 |  |
| Lake Elsinore Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Successor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 275000 | 290455 |  |
| Lathrop-Manteca Fire Protection District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2041 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 600000 | 591988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2046 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 730000 | 702687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2051 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 795000 | 758504 |  |
| Long Beach Bond Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2023 | 90000 | 90988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 | 50000 | 52718 |  |
| Los Alamitos Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2041 (Callable 08/01/2031)<sup>(5)</sup> | 590000 | 555004 |  |
| Los Angeles County Facilities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2043 (Callable 12/01/2028) | 110000 | 116875 |  |
| Manteca Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2025 (Insured by NATL) | 225000 | 206389 |  |
| Mayers Memorial Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2027 | 260000 | 211728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 | 290000 | 225735 |  |
| Modesto High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2024 (Insured by NATL) | 3625000 | 3456660 |  |
| Mount Diablo Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 08/01/2035 (Callable 08/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 340000 | 365864 |  |
| Mountain Empire Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 08/01/2048 (Callable 08/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 586904 |  |
| Napa Valley Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2035 (Callable 08/01/2026) | 3000000 | 3072726 |  |
| Newman-Crows Landing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2025 | 1850000 | 1695292 |  |
| Oak Park Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.100%, 08/01/2038 (Callable 08/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 110000 | 137639 |  |
| Ontario Montclair School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (Insured by NATL) | 1450000 | 1201906 |  |
| Ontario Public Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2047 (Callable 11/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1140000 | 1244965 |  |
| Oxnard School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2045 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM)<sup>(5)</sup> | 300000 | 314278 |  |
| Palomar Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2039 (Callable 08/01/2035)<sup>(5)</sup> | 385000 | 418832 |  |
| Peralta Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2033 (Callable 08/01/2025) | 1325000 | 1327103 |  |
| Perris Union High School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2036 (Callable 09/01/2029) | 635000 | 568497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2037 (Callable 09/01/2029) | 800000 | 703363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2038 (Callable 09/01/2029) | 700000 | 605618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2039 (Callable 09/01/2029) | 775000 | 659854 |  |
| Pleasanton Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 355000 | 373526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 06/01/2047 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 600000 | 621613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2052 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 1037002 |  |
| Rio Hondo Community College District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2034)<sup>(5)</sup> | 170000 | 193452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2034)<sup>(5)</sup> | 1115000 | 1288049 |  |
| River Islands Public Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/01/2042 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 987176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 3250000 | 3497059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2047 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1250000 | 1235139 |  |
| Riverside County Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Successor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2041 (Callable 10/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM)<sup>(5)</sup> | 100000 | 104992 |  |
| Ross Valley School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2026 (Insured by AGM) | 575000 | 499985 |  |
| Sacramento City Unified School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2025 (Callable 07/01/2024) | 505000 | 518465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2047 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 2000000 | 2240896 |  |
| San Jacinto Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 (Insured by BAM) | 310000 | 310040 |  |
| San Mateo Foster City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2026<sup>(5)</sup> | 75000 | 79788 |  |
| San Mateo Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2036)<sup>(5)</sup> | 5825000 | 5423337 |  |
| Santa Barbara Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2033)<sup>(5)</sup> | 540000 | 666319 |  |
| Saugus Union School District |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 (Callable 09/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 600000 | 638866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 (Callable 09/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 625000 | 631046 |  |
| Savanna School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2047 (Callable 08/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 1155000 | 1162909 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| School District of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Belmont-Redwood Shores CA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.900%, 08/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2026)<sup>(5)</sup> | $100000 | $111471 |  |
| Solano County Community College District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2027 (Callable 08/01/2025)<sup>(5)</sup> | 385000 | 387689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (Callable 08/01/2025)<sup>(5)</sup> | 115000 | 115803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2030 (Callable 08/01/2025)<sup>(5)</sup> | 695000 | 699853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2041 (Callable 08/01/2028)<sup>(5)</sup> | 605000 | 653511 |  |
| South Placer Wastewater Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034 | 500000 | 593521 |  |
| Southern Kern Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2034 (Insured by AGM) | 425000 | 267358 |  |
| State of California: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 (Callable 08/01/2025) | 880000 | 924818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 (Callable 09/01/2025) | 5000000 | 5257570 |  |
| Stockton Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2039 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1000229 |  |
| Temecula Valley Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM)<sup>(5)</sup> | 200000 | 205661 |  |
| Tulare Union High School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2025 (Insured by NATL) | 2345000 | 2168590 |  |
| Tuolumne Utilities District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/15/2024 (Callable 08/15/2023) | 7520000 | 7240257 |  |
| Waterford Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2042 (Callable 08/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1455000 | 1417765 |  |
| West Hills Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.100%, 08/01/2035 (Callable 08/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 50000 | 53523 |  |
| Wiseburn School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 (Callable 08/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 80000 | 81788 |  |
| Yorba Linda Redevelopment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Successor Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2028 (Insured by NATL) | 560000 | 456995 |  |
| **Total California** |  |  |  |
| **(Cost $132,038,582)** |  | 127975955 | 5.1% |
| **Colorado** |  |  |  |
| Boulder Valley School District No. Re-2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 2000000 | 2080740 |  |
| Bromley Park Metropolitan District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by BAM) | 225000 | 228467 |  |
| Canterberry Crossing Metropolitan District II: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 235000 | 264618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 250000 | 280977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 530000 | 594487 |  |
| City & County of Denver CO: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2027 | 1000000 | 1077055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2027 (Callable 11/15/2023) | 1500000 | 1523806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 2000000 | 2147150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2029 | 1905000 | 2131551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2030 (Callable 08/01/2026) | 500000 | 376042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2032 (Callable 08/01/2026) | 365000 | 250678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2038 (Callable 11/15/2032) | 1040000 | 1145649 |  |
| City of Commerce City CO: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2029 (Callable 12/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 310000 | 339463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 (Callable 12/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 546076 |  |
| City of Fort Lupton CO: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 12/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 250000 | 272393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Callable 12/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 350000 | 380020 |  |
| City of Sheridan CO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042 (Callable 12/01/2025) | 1130000 | 1177209 |  |
| Colorado Educational & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cultural Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 (ETM) | 700000 | 709826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2025<sup>(3)</sup> | 910000 | 910793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2028 | 540000 | 541918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 (Callable 06/01/2024) | 120000 | 122516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2030 (Callable 08/15/2024) | 500000 | 514609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2030 (Callable 09/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 270000 | 244226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 (Callable 06/01/2024) | 40000 | 40774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 | 45000 | 46444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 (Callable 08/15/2024) | 1000000 | 1026410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2042 (Callable 07/01/2032) | 500000 | 472696 |  |
| Colorado Health Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 140000 | 141780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 (ETM) | 750000 | 818002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 5575000 | 6017192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/15/2029 (Callable 05/15/2023) | 3545000 | 3171486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Callable 06/01/2025) | 405000 | 413740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2035 (Callable 11/01/2032) | 1100000 | 1203264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 (Callable 08/01/2029) | 150000 | 156375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2036 (Callable 11/01/2032) | 1100000 | 1195797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2037 (Callable 10/01/2030) | 320000 | 312955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2042 (Callable 01/30/2023) | 375000 | 360000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2045 (Callable 01/15/2026) | 120000 | 108446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (Callable 02/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2025)<sup>(1)</sup> | 2000000 | 2059207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 05/15/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/17/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/17/2026)<sup>(2)</sup> | 10000000 | 9884488 |  |
| Colorado Housing & Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2048 (Callable 11/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 185000 | 185116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2049 (Callable 11/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1640000 | 1654562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2052 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 4000000 | 4197443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/01/2052 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1000000 | 1090705 |  |
| Colorado School of Mines, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.870%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2025)<sup>(2)</sup> | 5000000 | 5000009 |  |
| Crystal Valley Metropolitan District No. 2: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 800000 | 818108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 1008185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2039 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1785000 | 1786016 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Denver City & County Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.600%, 08/01/2024 (Insured by HUD) | $400000 | $383306 |  |
| Denver Health & Hospital Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 400000 | 415812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 340000 | 360256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 (Callable 12/01/2029) | 750000 | 641169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2045 (Callable 12/01/2023) | 485000 | 487540 |  |
| Denver Urban Renewal Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Callable 01/30/2023) | 200000 | 200176 |  |
| E-470 Public Highway Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2029 (Insured by NATL) | 2550000 | 2043794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.231%, 09/01/2039 (SOFR + 0.350%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024)<sup>(2)</sup> | 1000000 | 992466 |  |
| Fort Collins Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 07/01/2024 (Callable 01/01/2024) | 2000000 | 1944880 |  |
| Glen Metropolitan District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2030 (Insured by BAM) | 245000 | 215602 |  |
| Grand River Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2030 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 350000 | 382838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2031 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1190000 | 1295906 |  |
| Gunnison County Crested |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Butte Fire Protection District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 | 790000 | 832617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 | 820000 | 866989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 | 855000 | 906736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 | 890000 | 945897 |  |
| Mizuho Floater/Residual Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.380%, 07/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 02/03/2023)<sup>(1)(3)</sup> | 1519102 | 1519102 |  |
| Prairie Center Metropolitan District No. 7, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/15/2036 (Callable 12/15/2025) | 405000 | 349533 |  |
| Regional Transportation District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2028 | 1500000 | 1566142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2031 | 1115000 | 1184549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 (Callable 11/01/2027) | 500000 | 547377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2023) | 595000 | 599604 |  |
| State of Colorado, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2037 (Callable 12/15/2028) | 705000 | 707802 |  |
| Stetson Ridge Metropolitan District No. 3, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/01/2030 (Insured by AGM) | 790000 | 704715 |  |
| Vauxmont Metropolitan District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2028 (Callable 12/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 125000 | 134025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2029 (Callable 12/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 125000 | 134005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 (Callable 12/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 125000 | 133991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2031 (Callable 12/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 135000 | 144609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 12/15/2050 (Callable 12/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 4775000 | 3926964 |  |
| Vista Ridge Metropolitan District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Insured by BAM) | 600000 | 635641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Insured by BAM) | 460000 | 496224 |  |
| **Total Colorado** |  |  |  |
| **(Cost $89,017,948)** |  | 86729736 | 3.5% |
| **Connecticut** |  |  |  |
| City of Hartford CT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (Callable 04/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 550000 | 553008 |  |
| City of Norwalk CT: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 (Callable 08/15/2030) | 3155000 | 3542441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2038 (Callable 08/15/2030) | 2770000 | 3098702 |  |
| Connecticut Housing Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 395000 | 423527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2027 | 440000 | 474635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 445000 | 483686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028 | 210000 | 229420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 | 225000 | 246925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 | 230000 | 254092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 | 125000 | 138333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 160000 | 178949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2047 (Callable 11/15/2026) | 85000 | 85008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2049 (Callable 11/15/2028) | 1070000 | 1073472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2051 (Callable 05/15/2031) | 3915000 | 3837955 |  |
| Connecticut State Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 500000 | 540467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2038 (Callable 07/01/2032) | 2000000 | 1864076 |  |
| Connecticut State Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplement Loan Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/15/2026) | 850000 | 861622 |  |
| East Hartford Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/01/2027 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 2000000 | 2017335 |  |
| State of Connecticut: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.120%, 03/01/2025 (SIFMA Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap Index + 0.990%)<sup>(2)</sup> | 375000 | 379143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2025 | 1000000 | 1060980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 1000000 | 1076821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2027 | 1100000 | 1209813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (Callable 10/01/2023) | 685000 | 696662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2031 (Callable 03/15/2025) | 1000000 | 1046796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034 (Callable 05/01/2030) | 1525000 | 1727414 |  |
| Town of Hamden CT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032 (Insured by BAM) | 1000000 | 1116959 |  |
| University of Connecticut: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2031 (Callable 01/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 1080873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2037 (Callable 11/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1175000 | 1175606 |  |
| **Total Connecticut** |  |  |  |
| **(Cost $31,535,567)** |  | 30474720 | 1.2% |
| **Delaware** |  |  |  |
| Delaware Municipal Electric Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 (Callable 07/01/2031) | 300000 | 308844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 (Callable 07/01/2031) | 330000 | 331676 |  |
| **Total Delaware** |  |  |  |
| **(Cost $739,255)** |  | 640520 | 0.0% |
| **District of Columbia** |  |  |  |
| District of Columbia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2037 (Callable 09/01/2029) | 795000 | 812637 |  |
| District of Columbia Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.350%, 04/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 04/01/2024) (Insured by FNMA)<sup>(1)</sup> | 6000000 | 5709613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2025) (Insured by FHA)<sup>(1)</sup> | 5090000 | 5289782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 03/01/2027 (Callable 04/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA)<sup>(1)</sup> | 2675000 | 2505540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2040 (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(1)</sup> | 3250000 | 3288489 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| District of Columbia Water & Sewer Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2057 (Callable 07/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2027)<sup>(1)</sup> | $7500000 | $7335857 |  |
| Metropolitan Washington Airports Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2023 (Insured by AGC) | 500000 | 487244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2029 (Insured by AGC) | 110000 | 85731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (Callable 10/01/2025) | 250000 | 263343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 (Callable 10/01/2028) | 330000 | 349381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 10/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGC)<sup>(5)</sup> | 665000 | 753448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/2044 (Callable 10/01/2028)<sup>(5)</sup> | 730000 | 812555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/01/2044 (Callable 10/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(5)</sup> | 1670000 | 1951389 |  |
| Washington Metropolitan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Area Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 (Callable 07/15/2030) | 1460000 | 1674998 |  |
| **Total District of Columbia** |  |  |  |
| **(Cost $32,199,173)** |  | 31320007 | 1.3% |
| **Florida** |  |  |  |
| Capital Trust Agency, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2029 (Callable 06/15/2026) | 400000 | 410116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2041 (Callable 06/01/2028) | 330000 | 309026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2056 (Callable 06/01/2028) | 485000 | 418973 |  |
| City of Fort Myers FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 12/01/2025) | 475000 | 501175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2025) | 1000000 | 982503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 (Callable 12/01/2025) | 500000 | 491413 |  |
| City of Jacksonville FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2032 (Callable 11/01/2029) | 375000 | 381018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (Callable 10/01/2026) | 1895000 | 1953407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.130%, 08/01/2036 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 4500000 | 4500000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.130%, 08/01/2036 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 300000 | 300000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2040 (Callable 11/01/2024) | 65000 | 61688 |  |
| City of Orlando FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034 (Callable 11/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 775000 | 837659 |  |
| City of St. Petersburg FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 (Callable 10/01/2029) | 900000 | 973611 |  |
| City of Tallahassee FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 400000 | 404727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 1525000 | 1565785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 12/01/2025) | 610000 | 630240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (Callable 10/01/2025) | 1250000 | 1309615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 (Callable 06/01/2025) | 1125000 | 1134192 |  |
| County of Miami-Dade FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2026) | 335000 | 353695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 10/01/2034 (Callable 10/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGC)<sup>(5)</sup> | 255000 | 316323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 10/01/2039 (Callable 10/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGC)<sup>(5)</sup> | 390000 | 478778 |  |
| County of Osceola FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 (Callable 10/01/2029) | 550000 | 565479 |  |
| County of Palm Beach FL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036 (Callable 12/01/2030) | 1165000 | 1191430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2030) | 1295000 | 1319489 |  |
| County of Sarasota FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2045 (Callable 10/01/2030) | 2000000 | 2136121 |  |
| County of Seminole FL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2052 (Callable 10/01/2032) | 2500000 | 2630953 |  |
| Escambia County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2035 (Callable 02/15/2030) | 820000 | 852439 |  |
| Florida Department of Management Services, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 | 2000000 | 2265900 |  |
| Florida Development Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2025 | 110000 | 105986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2026 | 115000 | 109050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 400000 | 428220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 250000 | 269862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2034 (Callable 06/15/2032) | 1000000 | 1038111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2031)<sup>(3)</sup> | 1900000 | 1436722 |  |
| Florida Gulf Coast University Financing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 (Callable 02/01/2028) | 600000 | 645531 |  |
| Florida Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Financial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 500000 | 504190 |  |
| Florida Housing Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 02/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (Insured by FNMA)<sup>(1)</sup> | 4550000 | 4354163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 01/01/2045 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 650000 | 629315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 100000 | 99866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2052 (Callable 01/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1150000 | 1118131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2054 (Callable 01/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2500000 | 2666319 |  |
| Florida Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030 (Callable 10/01/2027) | 500000 | 521997 |  |
| Florida State Turnpike Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2041 (Callable 07/01/2023) | 500000 | 500838 |  |
| Greater Orlando Aviation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 2665000 | 2836808 |  |
| Highlands County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.130%, 11/15/2035 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 8280000 | 8280000 |  |
| Hillsborough County Aviation Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 10/01/2024) | 500000 | 519379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2044 (Callable 10/01/2024) | 1485000 | 1496773 |  |
| Jacksonville Electric Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Callable 10/01/2027) | 700000 | 769048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2027) | 700000 | 765708 |  |
| Lee County Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2027 (Callable 10/01/2023) | 1710000 | 1619268 |  |
| Miami-Dade County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2037 (Callable 04/01/2023) | 200000 | 197395 |  |
| Orange County Convention Center, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 (Callable 10/01/2026) | 250000 | 254350 |  |
| Orange County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (Callable 08/01/2024) | 2500000 | 2542516 |  |
| Orange County School Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 08/01/2025) | 990000 | 1048272 |  |
| Palm Beach County Health Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2023 | 150000 | 149498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2023 | 1160000 | 1160235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2024 | 320000 | 315774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2024 | 300000 | 299943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | 200000 | 214747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2035 (Callable 05/15/2025) | 175000 | 145146 |  |
| Pinellas County Housing Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2054 (Callable 03/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2325000 | 2535890 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Pinellas County School Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2027) | $515000 | $558570 |  |
| Reedy Creek Improvement District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 (Callable 06/01/2027) | 1000000 | 1000197 |  |
| Sarasota County Public Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2028 (Insured by NATL) | 5000000 | 5380278 |  |
| School Board of Miami-Dade County: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 (Callable 02/01/2026) | 3500000 | 3708237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 (Callable 11/01/2024) | 660000 | 680507 |  |
| School District of Broward County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 (Callable 07/01/2032) | 3000000 | 3385184 |  |
| Seminole County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2028<sup>(3)</sup> | 245000 | 231313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2029<sup>(3)</sup> | 260000 | 242411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2030<sup>(3)</sup> | 270000 | 248783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2031)<sup>(3)</sup> | 315000 | 267018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2041 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2031)<sup>(3)</sup> | 420000 | 337084 |  |
| University Park Recreation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 05/01/2023 (Insured by BAM) | 270000 | 269253 |  |
| Village Community Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District No. 13, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 05/01/2024 | 240000 | 233613 |  |
| **Total Florida** |  |  |  |
| **(Cost $87,771,236)** |  | 85397254 | 3.4% |
| **Georgia** |  |  |  |
| Atlanta Urban Residential Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024)<sup>(1)</sup> | 5025000 | 4918092 |  |
| Bartow County Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.800%, 09/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/19/2026)<sup>(1)</sup> | 4000000 | 3568991 |  |
| Burke County Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 10/01/2032 (Callable 11/19/2026) | 1250000 | 1028050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 10/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/25/2023)<sup>(1)</sup> | 500000 | 496723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.800%, 07/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 3600000 | 3600000 |  |
| Carrollton Payroll Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1175000 | 1311223 |  |
| City of Atlanta GA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 (Callable 01/30/2023) | 225000 | 225310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 (Callable 01/30/2023) | 1000000 | 1001349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2038 (Callable 11/01/2027) | 2000000 | 1993165 |  |
| City of Monroe GA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 503817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 750000 | 751423 |  |
| Clayton County Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2031 (Callable 07/01/2027) | 495000 | 507293 |  |
| Cobb County Kennestone Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2042 (Callable 04/01/2027) | 450000 | 456645 |  |
| Development Authority for Fulton County: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 575000 | 615281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 565000 | 613241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 625000 | 688394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 500000 | 558612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 1710000 | 1914843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000000 | 1133887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 1000000 | 1145262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 1000000 | 1153494 |  |
| Development Authority of Bulloch County: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 405000 | 458213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (Callable 07/01/2030) | 420000 | 473011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 07/01/2030) | 445000 | 498675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2030) | 465000 | 517943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2039 (Callable 07/01/2030) | 305000 | 297932 |  |
| Development Authority of Cobb County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2028 (Callable 07/15/2027) | 305000 | 333167 |  |
| Development Authority of Monroe County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/01/2039 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/03/2025)<sup>(1)</sup> | 3740000 | 3533924 |  |
| Fayette County Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2054 (Callable 01/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2024)<sup>(1)</sup> | 975000 | 990378 |  |
| Gainesville & Hall County Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2029 (Callable 02/15/2027) | 485000 | 512309 |  |
| Georgia Housing & Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 12/01/2033 (Callable 06/01/2027) | 225000 | 218961 |  |
| Main Street Natural Gas, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2026 | 1470000 | 1511927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2034 (Callable 05/15/2029) | 1530000 | 1579152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.677%, 04/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.750%) (Callable 06/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2023)<sup>(2)</sup> | 2305000 | 2294765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.757%, 08/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.830%) (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2023)<sup>(2)</sup> | 3625000 | 3603436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (Callable 06/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2026)<sup>(1)</sup> | 10525000 | 10376361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2052 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2027)<sup>(1)</sup> | 6515000 | 6461659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (Callable 05/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2027)<sup>(1)(3)</sup> | 13000000 | 12222367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2052 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2029)<sup>(1)</sup> | 1000000 | 1032346 |  |
| Municipal Electric Authority of Georgia, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2032 | 500000 | 353335 |  |
| Private Colleges & Universities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 420000 | 448192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 | 495000 | 534472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 400000 | 437063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2034 (Callable 06/01/2031) | 395000 | 400644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 (Callable 06/01/2031) | 500000 | 499313 |  |
| Troup County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024 (Insured by ST AID) | 5025000 | 5194692 |  |
| Valdosta Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 02/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2024)<sup>(1)</sup> | 5285000 | 5137544 |  |
| **Total Georgia** |  |  |  |
| **(Cost $93,234,462)** |  | 88106876 | 3.5% |
| **Hawaii** |  |  |  |
| State of Hawaii, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2025 (Callable 08/01/2023) | 2500000 | 2525184 |  |
| **Total Hawaii** |  |  |  |
| **(Cost $2,523,444)** |  | 2525184 | 0.1% |
| **Idaho** |  |  |  |
| Idaho Housing & Finance Association, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 1000000 | 1079597 |  |
| **Total Idaho** |  |  |  |
| **(Cost $1,096,907)** |  | 1079597 | 0.0% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Illinois** |  |  |  |
| Adams & Hancock Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 4: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | $290000 | $299140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 310000 | 320814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 325000 | 337207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 350000 | 363096 |  |
| Bourbonnais Township Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2023 (Insured by BAM) | 100000 | 100321 |  |
| Bureau County Township |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 502, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/01/2027) (Insured by BAM) | 1330000 | 1415129 |  |
| Channahon Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2031 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 460000 | 483951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2034 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 510000 | 529750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2036 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 950000 | 960779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2038 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 595000 | 598063 |  |
| Chicago Board of Education: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by AGM) | 1000000 | 1014957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2025 (Insured by NATL) | 500000 | 446923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Insured by AGM) | 600000 | 618859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Insured by AGM) | 500000 | 524062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/2044 (Callable 12/01/2025) | 1375000 | 1455885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2046 (Callable 12/01/2026) | 1000000 | 1053998 |  |
| Chicago Midway International Airport: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 3240000 | 3284136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2026) | 2000000 | 2066924 |  |
| Chicago O'Hare International Airport: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 3500000 | 3644833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Insured by AGM) | 660000 | 706979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 (Callable 01/01/2026) | 1540000 | 1606055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 (Callable 01/01/2032) | 335000 | 357010 |  |
| Chicago Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 580000 | 589887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 (Callable 01/01/2024) | 1000000 | 1014824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 (Callable 01/01/2024) | 1000000 | 1014760 |  |
| Chicago Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2049 (Callable 12/01/2024) | 1700000 | 1717520 |  |
| City of Chicago Heights IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Insured by BAM) | 200000 | 210329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 (Insured by BAM) | 250000 | 264104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 350000 | 370460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 365000 | 384216 |  |
| City of Chicago IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2024 | 250000 | 252664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 09/01/2024) (Insured by HUD)<sup>(1)</sup> | 1750000 | 1763402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2027 (Insured by NATL) | 195000 | 167034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2028 (Insured by NATL) | 2195000 | 1801913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (Callable 11/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 625000 | 668686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 (Callable 11/01/2026) | 1810000 | 1882462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Callable 01/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 445000 | 453614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2032 (Callable 11/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 200000 | 203545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 (Callable 11/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 375000 | 398700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 (Callable 01/01/2024) | 1000000 | 1007681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 (Callable 11/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 260000 | 269670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2037 (Callable 01/30/2023) | 9000000 | 8852428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039 (Callable 01/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 3220000 | 3237104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2044 (Callable 01/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1002990 |  |
| City of Decatur IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2030 (Callable 03/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 254001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2034 (Callable 03/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 905000 | 960490 |  |
| City of Springfield IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 (Callable 03/01/2025) | 4500000 | 4657836 |  |
| Clinton, Bond, Fayette, Etc. Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community College District No. 501, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 (Insured by AGM) | 500000 | 554745 |  |
| Community Unit School District No. 427, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2026 (Insured by AGM) | 1340000 | 1203621 |  |
| Cook County Community Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 65, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2023 | 200000 | 194018 |  |
| Cook County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 217, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2039 (Callable 12/01/2031) | 1495000 | 1531813 |  |
| Cook County School District No. 111, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 (Insured by AGM) | 1000000 | 1032586 |  |
| Cook County School District No. 130: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1210000 | 1285007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 1060263 |  |
| Cook County School District No. 163: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/15/2025 (Insured by BAM) | 430000 | 467981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/15/2027 (Insured by BAM) | 1150000 | 1312479 |  |
| Cook County School District No. 83, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 06/01/2033 | 815000 | 953701 |  |
| Cook County School District No. 99: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Insured by BAM) | 1170000 | 1236266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 (Insured by BAM) | 2425000 | 2572668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Insured by BAM) | 250000 | 262404 |  |
| County of Cook IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 (Callable 11/15/2030) | 1500000 | 1666096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2041 (Callable 11/15/2032) | 1890000 | 2009157 |  |
| County of Sangamon IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2038 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 825000 | 692418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2039 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 700000 | 575138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2040 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 300000 | 300613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2041 (Callable 12/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 600000 | 475180 |  |
| Crawford Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2031 (Callable 01/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 345000 | 354637 |  |
| DuPage County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 200, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2038 (Callable 06/01/2026) | 100000 | 100190 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| DuPage County High School District No. 87, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2025) | $315000 | $327631 |  |
| DuPage County School District No. 60, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/30/2036 (Callable 12/30/2027) | 1000000 | 1004376 |  |
| Exceptional Children Have Opportunities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 (Callable 12/01/2029) | 765000 | 800073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2029) | 645000 | 661546 |  |
| Ford, Champaign Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 10, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 600000 | 651647 |  |
| Hampshire Special Service Area No. 13: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/01/2032 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 165000 | 156104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 03/01/2033 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 175000 | 165144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/01/2034 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 185000 | 174513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2035 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 195000 | 181227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 03/01/2036 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 205000 | 188463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2037 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 100000 | 90839 |  |
| Henry & Whiteside Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 228, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2031 (Callable 08/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 270000 | 284114 |  |
| Hoffman Estates Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 5000000 | 5379611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2044 (Callable 12/01/2024) | 800000 | 784244 |  |
| Huntley Area Public Library District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2037 (Callable 02/01/2029) | 500000 | 544383 |  |
| Illinois Development Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2025 (ETM) | 2000000 | 1839808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 11/15/2039 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 03/03/2026)<sup>(1)</sup> | 1125000 | 1099407 |  |
| Illinois Educational Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2036 (Callable 01/30/2023) | 1065000 | 1067353 |  |
| Illinois Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 105000 | 105269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 1100000 | 1121242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2027) | 475000 | 514281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2029 (Callable 02/15/2027) | 3275000 | 3516521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 10/01/2026) | 140000 | 148519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 (Callable 11/15/2025) | 1000000 | 1036521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2032 (Callable 12/15/2029) | 625000 | 646629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2034 (Callable 05/15/2026) | 300000 | 301731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.217%, 11/01/2034 (SOFR + 1.200%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(2)</sup> | 7890000 | 7872659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2036 (Callable 02/15/2027) | 1405000 | 1480766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 (Callable 12/01/2027) | 270000 | 264204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2041 (Callable 09/01/2026) | 240000 | 218267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2041 (Callable 10/01/2026) | 1400000 | 1439702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2042 (Callable 12/01/2027) | 275000 | 269399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2043 (Callable 07/01/2023) | 1000000 | 1011571 |  |
| Illinois Housing Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 04/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 04/01/2024) (Insured by HUD)<sup>(1)</sup> | 3535000 | 3491327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 09/01/2024) (Insured by HUD)<sup>(1)</sup> | 1000000 | 1006695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 02/01/2035 (Callable 02/01/2026) | 580000 | 549317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2043 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2024)<sup>(1)</sup> | 2800000 | 2811539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.450%, 06/01/2043 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 315490 | 252811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.830%, 05/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.000%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/15/2025)<sup>(2)</sup> | 425000 | 425382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 10/01/2052 (Callable 04/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 7245000 | 7940293 |  |
| Illinois Sports Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 | 1900000 | 1927393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 | 1750000 | 1777254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 (Insured by BAM) | 2500000 | 2645221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030 (Callable 06/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1280000 | 1354590 |  |
| Illinois State Toll Highway Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (Callable 01/01/2026) | 645000 | 680626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 (Callable 01/01/2025) | 2100000 | 2169158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 (Callable 01/01/2025) | 2750000 | 2809059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045 (Callable 01/01/2031) | 1895000 | 1997101 |  |
| Illinois State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2031 (Callable 04/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 554050 |  |
| Jo Daviess County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 119: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 345000 | 361295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 280000 | 292455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 380000 | 389616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 310000 | 317014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2039 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 285000 | 290767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2039 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 230000 | 232455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2041 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 305000 | 310105 |  |
| Joliet Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2030 (Callable 02/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 253219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2033 (Callable 02/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 315000 | 315305 |  |
| Kane & DeKalb Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 301: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2023 (Insured by NATL) | 1835000 | 1780112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 (Callable 01/01/2027) | 565000 | 608105 |  |
| Kankakee County School District No. 111, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2025 (Insured by BAM) | 480000 | 489931 |  |
| Kendall Kane & Will Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 308: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027 (Insured by BAM) | 1410000 | 1519818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 (Insured by BAM) | 3060000 | 3350143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/01/2031 (Callable 10/01/2023) | 1000000 | 1006719 |  |
| Knox & Warren Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 205: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 855000 | 876674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2036 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 920000 | 934044 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Lake County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 187, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2035 (Callable 01/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | $1190000 | $1207645 |  |
| Lake County Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 120: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2037 (Callable 12/01/2032) | 750000 | 837915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2038 (Callable 12/01/2032) | 840000 | 935731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2040 (Callable 12/01/2032) | 1510000 | 1666986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2041 (Callable 12/01/2032) | 890000 | 981311 |  |
| Lake County School District No. 33: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2026 (Insured by XLCA) | 525000 | 453947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2028 (Insured by XLCA) | 335000 | 267334 |  |
| Lake County Township |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 113, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2032 (Callable 01/01/2029) | 4130000 | 4265839 |  |
| Macon & De Witt Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 2: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 835000 | 844173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 400000 | 405683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2044 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 2650000 | 2556482 |  |
| Macon County School District No. 61: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 150000 | 153861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 200000 | 201996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 580000 | 605094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 (Callable 01/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 3000000 | 2859601 |  |
| Madison & Jersey Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 11, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1185000 | 1276328 |  |
| Madison County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 8: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1024457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1740000 | 1747303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2039 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1003325 |  |
| Madison, Bond, Etc. Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 5: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2036 (Callable 02/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 975000 | 1096607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2037 (Callable 02/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 380000 | 424194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2041 (Callable 02/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1720000 | 1888485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2042 (Callable 02/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 550000 | 602480 |  |
| Metropolitan Pier & Exposition Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2023 (Insured by NATL) | 55000 | 55698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2029 (Insured by NATL) | 1400000 | 1085227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2034 (Insured by NATL) | 9555000 | 5573723 |  |
| Northern Illinois University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 (Insured by BAM) | 300000 | 324518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1003636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 935000 | 930744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 984180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2038 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 952144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2039 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1700000 | 1600351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 400000 | 370905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2041 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 425000 | 389335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2043 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 625000 | 564071 |  |
| Ogle & Winnebago Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 223, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by BAM) | 415000 | 421207 |  |
| Peoria City School District No. 150, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 (Insured by BAM) | 330000 | 350011 |  |
| Regional Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2029 (Insured by AGM) | 5000000 | 5706141 |  |
| Richland County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12/01/2024) (Insured by AGM) | 155000 | 161358 |  |
| Rock Island County School District No. 41: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2038 (Callable 12/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1405000 | 1584134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2039 (Callable 12/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1645000 | 1845874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2040 (Callable 12/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1665000 | 1859068 |  |
| Sangamon & Morgan Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 16, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2042 (Callable 12/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 895000 | 978181 |  |
| Sangamon County School District No. 186, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2035 (Callable 02/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1500000 | 1538761 |  |
| Southwestern Illinois Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2023 (Insured by AGM) | 100000 | 96749 |  |
| St. Clair County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 187, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2028 (ETM) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 70000 | 74181 |  |
| St. Clair County High School District No. 201: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2029 (Callable 02/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1375000 | 1434534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2030 (Callable 02/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1335000 | 1394572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2031 (Callable 02/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1475000 | 1538559 |  |
| State of Illinois: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 1770000 | 1781921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 (Callable 04/01/2023) | 3350000 | 3360315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2024 | 285000 | 289401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 380000 | 387207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 7000000 | 7147363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 5000000 | 5123087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 3000000 | 3092375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2026) | 1005000 | 1022854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2033 (Callable 07/01/2023) | 410000 | 411453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2038 (Callable 06/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 2500000 | 2463382 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Tazewell County School District No. 51, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.000%, 12/01/2026 (Insured by NATL) | $1060000 | $1299203 |  |
| Town of Cicero IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2028 (Insured by BAM) | 1265000 | 1293585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2029 (Insured by BAM) | 815000 | 829527 |  |
| University of Illinois, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2044 (Callable 04/01/2024) | 685000 | 687832 |  |
| Upper Illinois River Valley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 | 700000 | 707397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 585000 | 599014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027)<sup>(3)</sup> | 245000 | 219434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2027)<sup>(3)</sup> | 615000 | 524429 |  |
| Village of Bartlett IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2033 (Callable 12/01/2028) | 450000 | 439483 |  |
| Village of Buffalo Grove IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/30/2042 (Callable 12/30/2032) | 1170000 | 1168259 |  |
| Village of Cary IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2038 (Callable 12/15/2029) | 750000 | 736585 |  |
| Village of Crestwood IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2027 (Callable 12/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 330000 | 336783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2031 (Callable 12/15/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 605000 | 612803 |  |
| Village of Franklin Park IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2029 (Callable 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 450000 | 464335 |  |
| Village of Hillside IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Callable 01/01/2027) | 2690000 | 2646271 |  |
| Village of Matteson IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Insured by BAM) | 300000 | 312728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Insured by BAM) | 300000 | 315597 |  |
| Village of McCook IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1865000 | 1963372 |  |
| Village of Minooka IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.540%, 12/01/2034 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 220000 | 182155 |  |
| Village of River Grove IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2027 (Callable 12/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 135000 | 138105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2028 (Callable 12/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 205000 | 209613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2035 (Callable 12/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 255924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2038 (Callable 12/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 795000 | 801509 |  |
| Village of Romeoville IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 (Callable 04/01/2025) | 100000 | 93208 |  |
| Village of Rosemont IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2046 (Callable 12/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 130000 | 136259 |  |
| Village of Stone Park IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2029 (Callable 02/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 230000 | 230323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2031 (Callable 02/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 310000 | 310431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2032 (Callable 02/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 275000 | 275375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/01/2033 (Callable 02/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 190000 | 190253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2035 (Callable 02/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 300000 | 328084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2036 (Callable 02/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 225000 | 244032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2038 (Callable 02/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 150000 | 142417 |  |
| Whiteside & Lee Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 5: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Insured by AGM) | 535000 | 564113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 630000 | 665573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 527561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2033 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 685000 | 719358 |  |
| Will County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 210: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2023 (Insured by AGM) | 215000 | 215000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2026 (Insured by AGM) | 265000 | 239856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2027 (Insured by BAM) | 1120000 | 977210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2027 (Insured by AGM) | 115000 | 100339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2028 (Insured by BAM) | 1140000 | 957177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2028 (Insured by AGM) | 180000 | 151133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2028 | 60000 | 50131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2029 | 145000 | 116295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Callable 01/01/2023) | 1000000 | 1000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 (Callable 01/01/2023) | 3400000 | 3400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2032 | 110000 | 77392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2033 (Insured by BAM) | 825000 | 559908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 (Callable 01/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 410000 | 415878 |  |
| Will County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 201-U: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2033 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 745000 | 776452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 785000 | 815859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2035 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 480000 | 494744 |  |
| Winnebago & Boone Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 207, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2036 (Callable 02/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1028603 |  |
| **Total Illinois** |  |  |  |
| **(Cost $280,258,883)** |  | 274248433 | 11.0% |
| **Indiana** |  |  |  |
| Ball State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2028) | 500000 | 539168 |  |
| Bloomington Redevelopment District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2025 | 325000 | 338195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2025 | 335000 | 352068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2036 (Callable 08/01/2029) | 3450000 | 3848585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2036 (Callable 08/01/2029) | 1600000 | 1784851 |  |
| City of Jeffersonville IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 325000 | 360107 |  |
| City of Kendallville IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2024 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 11/01/2023) (Insured by HUD)<sup>(1)</sup> | 5000000 | 4984628 |  |
| City of Lawrence IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 (Insured by BAM) | 385000 | 415176 |  |
| City of Rockport IN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2025 | 2750000 | 2701997 |  |
| Elkhart County Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2026 (Insured by BAM) | 1795000 | 1863566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 (Insured by BAM) | 1830000 | 1908916 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Elkhart County Building Corp.: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2027 (Insured by BAM) | $1870000 | $1959009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Insured by BAM) | 1900000 | 1999287 |  |
| Evansville Waterworks District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2042 (Callable 01/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 900000 | 982978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2047 (Callable 01/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 2150000 | 2303624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/01/2049 (Callable 01/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 750000 | 739911 |  |
| Fishers Town Hall Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2038 (Callable 07/15/2032) | 1000000 | 1140944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2042 (Callable 07/15/2032) | 970000 | 1092467 |  |
| Franklin Township-Marion County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multiple School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2035 (Callable 01/15/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 505000 | 505286 |  |
| Greater Clark Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/15/2034 (Callable 07/15/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1120000 | 1374396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2042 (Callable 07/15/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 1195652 |  |
| Hammond Multi-School Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2026 (Callable 01/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 625000 | 636716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2034 (Callable 01/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 2000000 | 2144505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2038 (Callable 01/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 3105000 | 3233830 |  |
| Hammond Sanitary District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2026 (Insured by BAM) | 610000 | 654739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2028 (Callable 07/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 315000 | 345660 |  |
| Indiana Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 180000 | 181180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1445000 | 1521510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 1595000 | 1636144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 245000 | 257406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1515000 | 1605558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1675000 | 1718450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Callable 10/01/2027) | 1000000 | 1049569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 220000 | 233919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2030 (Callable 08/01/2025) | 525000 | 552711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2030 | 2825000 | 2407109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2030 | 3000000 | 2895440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 250000 | 268295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (Callable 10/01/2031) | 170000 | 180914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 05/01/2023) | 290000 | 290979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2037 (Callable 10/01/2023) | 380000 | 329411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2042 (Callable 10/01/2023) | 220000 | 177394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/15/2043 (Callable 11/15/2023) | 2750000 | 2822793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (Callable 04/01/2032) | 2500000 | 2294359 |  |
| Indiana Housing & Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(1)</sup> | 3250000 | 3191293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (Callable 01/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2080000 | 2172280 |  |
| Indiana Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 (Callable 01/01/2025) | 1000000 | 1034208 |  |
| Indianapolis Board of School Commissioners: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2024 (Insured by ST AID) | 325000 | 331603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2025 (Insured by ST AID) | 515000 | 536379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2026 (Insured by ST AID) | 875000 | 929492 |  |
| Indianapolis Local Public |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvement Bond Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 01/01/2025) | 500000 | 522519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2049 (Callable 02/01/2029) | 1000000 | 1042107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2054 (Callable 02/01/2029) | 1885000 | 1959500 |  |
| IPS Multi-School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2026 (Callable 01/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 925000 | 961913 |  |
| Kankakee Valley Middle School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 (Insured by ST AID) | 1000000 | 1117981 |  |
| Mount Vernon of Hancock County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-School Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2032 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 700000 | 823382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2034 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 200000 | 233062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2035 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 400000 | 462465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2036 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 750000 | 861670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2038 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 840000 | 955066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2039 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 1131727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2040 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 750000 | 844729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2042 (Callable 07/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 1118159 |  |
| Plainfield Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2024 (Insured by ST AID) | 360000 | 356192 |  |
| South Montgomery Community School Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2024 (Insured by ST AID) | 475000 | 481267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2024 (Insured by ST AID) | 585000 | 596740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2025 (Insured by ST AID) | 300000 | 308031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2025 (Insured by ST AID) | 335000 | 345968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2026 (Insured by ST AID) | 250000 | 259303 |  |
| Taylor Community School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2029 (Callable 07/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 360000 | 282620 |  |
| Tri-Creek 2002 High School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2039 (Callable 07/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 345000 | 351582 |  |
| Westfield High School Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 (Callable 01/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 250000 | 265270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2030 (Callable 01/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 300000 | 318235 |  |
| Wheeler-Union Township School Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2042 (Callable 07/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1225000 | 1316249 |  |
| **Total Indiana** |  |  |  |
| **(Cost $87,263,927)** |  | 84940394 | 3.4% |
| **Iowa** |  |  |  |
| City of Ames IA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2035 (Callable 06/15/2026) | 1510000 | 1516809 |  |
| City of Coralville IA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2023 | 280000 | 279369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2023 | 135000 | 134635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2024 | 560000 | 554612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2024 | 290000 | 283197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2030 (Callable 05/01/2029) | 1000000 | 1000194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2033 (Callable 05/01/2029) | 1000000 | 881352 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| County of Carroll IA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 (Callable 06/01/2027) | $645000 | $703060 |  |
| Iowa Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2023 | 200000 | 199330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2024 | 250000 | 246699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 (Insured by GNMA) | 930000 | 1010570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2030)<sup>(3)</sup> | 2500000 | 2396272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2047 (Callable 07/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1000000 | 991545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1400000 | 1404404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.570%, 05/15/2056 (SOFR + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/15/2026)<sup>(2)</sup> | 2000000 | 1888844 |  |
| Iowa Higher Education Loan Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2029 | 870000 | 839019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 1160000 | 1224946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2030 | 650000 | 622934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2031 | 525000 | 496748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 (Callable 10/01/2030) | 300000 | 311910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 (Callable 10/01/2030) | 360000 | 371616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 (Callable 10/01/2030) | 365000 | 374774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/01/2042 (Callable 10/01/2030) | 750000 | 726511 |  |
| PEFA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2049 (Callable 06/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2026)<sup>(1)</sup> | 3750000 | 3839469 |  |
| Southern Iowa Rural Water Association, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2032 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1030000 | 980612 |  |
| **Total Iowa** |  |  |  |
| **(Cost $24,351,786)** |  | 23279431 | 0.9% |
| **Kansas** |  |  |  |
| City of Derby KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 03/01/2037 (Callable 03/01/2025) | 400000 | 393566 |  |
| City of Goddard KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2034 (Callable 01/20/2023) | 1420000 | 1226375 |  |
| City of Manhattan KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2027 (Callable 06/01/2025) | 1325000 | 1320836 |  |
| City of Wichita KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 (Callable 09/01/2027) | 1540000 | 1524825 |  |
| County of Pottawatomie KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 10/01/2023 (Callable 06/01/2023) | 7800000 | 7763095 |  |
| Kansas Power Pool: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 (Callable 12/01/2029) | 700000 | 692793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 (Callable 12/01/2029) | 1095000 | 1067385 |  |
| Wabaunsee County Unified School District No. 330: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2042 (Callable 09/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 750000 | 824066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2047 (Callable 09/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 750000 | 810832 |  |
| Wyandotte County Unified |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 203, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2048 (Callable 09/01/2028) | 1000000 | 936134 |  |
| **Total Kansas** |  |  |  |
| **(Cost $17,288,933)** |  | 16559907 | 0.7% |
| **Kentucky** |  |  |  |
| City of Versailles KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2026 (Callable 08/15/2024) | 3000000 | 2991402 |  |
| County of Leslie KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2052 (Callable 02/01/2030) | 2085000 | 1850496 |  |
| Kentucky Economic Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2025 (Insured by NATL) | 420000 | 380776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2026 (Insured by NATL) | 665000 | 580940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2027 (Insured by NATL) | 710000 | 596681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2028 (Insured by NATL) | 870000 | 703464 |  |
| Kentucky Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.850%, 04/01/2048 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2023)<sup>(1)</sup> | 1625980 | 1627129 |  |
| Kentucky Public Energy Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027 | 550000 | 542304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (Callable 03/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026)<sup>(1)</sup> | 1715000 | 1697675 |  |
| Kentucky Public Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2023) | 1500000 | 1517576 |  |
| Kentucky State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 (Insured by BAM) | 365000 | 422068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2033 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 260000 | 275449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 270000 | 280752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2038 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 325000 | 321608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2041 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 243716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2051 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 525000 | 477562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2056 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 446473 |  |
| Louisville & Jefferson County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/01/2038 (Callable 10/01/2023) | 11770000 | 11919526 |  |
| Paducah Electric Plant Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 1078533 |  |
| Paducah Independent School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2033 (Callable 09/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 300000 | 296508 |  |
| Rural Water Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 11/01/2024 (Callable 05/01/2023) | 1400000 | 1379999 |  |
| **Total Kentucky** |  |  |  |
| **(Cost $30,858,338)** |  | 29630637 | 1.2% |
| **Louisiana** |  |  |  |
| City of Pineville LA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2027 (Insured by BAM) | 240000 | 251348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2032 (Insured by BAM) | 290000 | 308115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2034 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 400000 | 416616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 325000 | 327876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2047 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 954607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2051 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1550000 | 1457028 |  |
| City of Shreveport LA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 (Insured by BAM) | 350000 | 353232 |  |
| Louisiana Housing Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 07/01/2024) (Insured by HUD)<sup>(1)</sup> | 3274000 | 3258334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2047 (Callable 12/01/2027) | 110000 | 111321 |  |
| Louisiana Local Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental Facilities & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 (Insured by BAM) | 200000 | 202940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 (Insured by BAM) | 100000 | 103513 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Louisiana Public Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2024<sup>(5)</sup> | $125000 | $120760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2031<sup>(5)</sup> | 2105000 | 2118447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2033<sup>(5)</sup> | 2000000 | 2013343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2051 (Callable 07/01/2026) | 2500000 | 2523283 |  |
| Louisiana Stadium & Exposition District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2023) | 1000000 | 1005817 |  |
| Louisiana State University & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural & Mechanical College: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2026) | 4200000 | 4431631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 (Callable 07/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 380000 | 400670 |  |
| Morehouse Parish Hospital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 (Callable 10/01/2027) | 660000 | 636729 |  |
| Parish of St. John the Baptist LA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 (Callable 03/01/2029) | 385000 | 424890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2032 (Callable 03/01/2029) | 500000 | 549772 |  |
| St. Tammany Parish Hospital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service District No. 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 (Callable 07/01/2028) | 1745000 | 1797684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 (Callable 07/01/2028) | 855000 | 874382 |  |
| Tangipahoa Parish School Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2041 (Callable 03/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 487526 |  |
| Terrebonne Parish Consolidated Government, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/01/2034 (Insured by AGM) | 715000 | 467784 |  |
| **Total Louisiana** |  |  |  |
| **(Cost $26,379,534)** |  | 25597648 | 1.0% |
| **Maine** |  |  |  |
| City of Portland ME, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 (Callable 01/01/2026) | 1090000 | 1135129 |  |
| Maine Health & Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037 (Callable 07/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 230000 | 227471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 (Callable 07/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1530000 | 1609074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2046 (Callable 07/01/2026) | 250000 | 247958 |  |
| Maine State Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.625%, 11/15/2039 (Callable 11/15/2024) | 2255000 | 2095203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2045 (Callable 05/15/2025) | 40000 | 39736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2045 (Callable 11/15/2025) | 90000 | 89915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2046 (Callable 11/15/2025) | 5000 | 4976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2047 (Callable 11/15/2026) | 350000 | 346925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2049 (Callable 05/15/2028) | 280000 | 280324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2050 (Callable 05/15/2029) | 755000 | 757002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (Callable 11/15/2031) | 3965000 | 4134337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (Callable 11/15/2031) | 1515000 | 1581082 |  |
| **Total Maine** |  |  |  |
| **(Cost $13,081,009)** |  | 12549132 | 0.5% |
| **Maryland** |  |  |  |
| County of Baltimore MD: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2027 (Callable 01/20/2023) | 1000000 | 1000045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2032 (Callable 09/01/2031) | 350000 | 368461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 (Callable 09/01/2031) | 230000 | 237774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2036 (Callable 09/01/2031) | 135000 | 136098 |  |
| Maryland Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Administration: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2024 (Insured by GNMA) | 5970000 | 5848101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 10/01/2024 | 4000000 | 4008855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.600%, 12/01/2024 | 10000000 | 10018326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 03/01/2046 (Callable 03/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2250000 | 2234237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2050 (Callable 03/01/2029) | 815000 | 806199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2052 (Callable 03/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 7900000 | 8232156 |  |
| Maryland Health & Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 300000 | 315078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2029 | 980000 | 982803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 290000 | 306170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 185000 | 196141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.130%, 07/01/2033 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 3415000 | 3415000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2045 (Callable 01/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2027)<sup>(1)</sup> | 780000 | 829030 |  |
| Maryland Stadium Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 750000 | 803197 |  |
| **Total Maryland** |  |  |  |
| **(Cost $40,322,400)** |  | 39737671 | 1.6% |
| **Massachusetts** |  |  |  |
| Commonwealth of Massachusetts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2042 (Callable 04/01/2025) | 1530000 | 1487667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2023)<sup>(1)</sup> | 1940000 | 1955964 |  |
| Massachusetts Clean Water Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038 (Callable 08/01/2029) | 630000 | 692471 |  |
| Massachusetts Development Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 (Insured by AGM) | 575000 | 602731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 (Callable 01/01/2027) | 475000 | 493261 |  |
| Massachusetts Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2026 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA) | 1000000 | 997235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 06/01/2027 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA) | 2600000 | 2591633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Callable 06/01/2023) | 1000000 | 1002506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2042 (Callable 06/01/2025) | 1005000 | 997271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2048 (Callable 12/01/2027) | 1175000 | 1189160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (Callable 12/01/2028) | 645000 | 646177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2050 (Callable 06/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1860000 | 1938249 |  |
| University of Massachusetts Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 (Callable 11/01/2025) | 1395000 | 1479223 |  |
| **Total Massachusetts** |  |  |  |
| **(Cost $16,431,379)** |  | 16073548 | 0.7% |
| **Michigan** |  |  |  |
| City of Wyandotte MI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 (Insured by BAM) | 25000 | 25292 |  |
| Clarkston Community Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2039 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 500000 | 544982 |  |
| Clio Area School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2038 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 635000 | 649931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2040 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 885000 | 895584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2041 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 895000 | 904580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2042 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 885000 | 884858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2043 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 900000 | 900100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2044 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 800000 | 795716 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Coopersville Area Public Schools: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2039 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | $300000 | $294394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/2041 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 310000 | 317483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/2043 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 300000 | 301086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2045 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 850000 | 801608 |  |
| Detroit City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2025 (Insured by BHAC) | 695000 | 717007 |  |
| Eastern Michigan University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2034 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 985000 | 1005009 |  |
| Ferris State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 865000 | 931973 |  |
| Flint Hospital Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/01/2023 | 300000 | 301194 |  |
| Grand Ledge Public Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2044 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 250000 | 270549 |  |
| Great Lakes Water Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2028) | 1000000 | 1087688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 (Callable 07/01/2026) | 5000000 | 5230169 |  |
| Lake Orion Community School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2024 (Insured by Q-SBLF) | 275000 | 279385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2025 (Insured by Q-SBLF) | 325000 | 333248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2026 (Insured by Q-SBLF) | 350000 | 363186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2027 (Insured by Q-SBLF) | 275000 | 288231 |  |
| Lake Superior State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2028 (Insured by AGM) | 620000 | 644442 |  |
| Lincoln Consolidated School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 (Callable 05/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 2000000 | 2131402 |  |
| Michigan Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2024 | 650000 | 649055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 400000 | 436306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2029 (Callable 10/01/2024) | 6900000 | 6916550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 (Callable 03/01/2030) | 440000 | 481233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 07/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 5000000 | 5133311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 (Callable 12/01/2027) | 1000000 | 1079288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044 (Callable 07/01/2024) | 3910000 | 3901111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 07/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024)<sup>(3)</sup> | 2735000 | 2866103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2044 (Callable 05/16/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/16/2026)<sup>(1)</sup> | 4950000 | 5257506 |  |
| Michigan State Hospital Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2047 (Callable 11/15/2026) | 595000 | 542789 |  |
| Michigan State Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2024 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2023) (Insured by HUD)<sup>(1)</sup> | 5000000 | 4975082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/2049 (Callable 12/01/2027) | 1360000 | 1369972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/01/2049 (Callable 06/01/2028) | 1340000 | 1351371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2050 (Callable 06/01/2029) | 4515000 | 4460089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2053 (Callable 12/01/2031) | 2940000 | 3064115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2053 (Callable 12/01/2031) | 2500000 | 2668571 |  |
| Michigan State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037 (Callable 08/15/2029) | 525000 | 574316 |  |
| Pinckney Community Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035 (Callable 05/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 1500000 | 1575163 |  |
| Romeo Community School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 (Callable 05/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 1000000 | 1069276 |  |
| Roseville Community Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 (Insured by Q-SBLF) | 400000 | 428500 |  |
| Swartz Creek Community Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2039 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 815000 | 889289 |  |
| Trenton Public Schools School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 (Callable 05/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 300000 | 335172 |  |
| Wayne County Airport Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 185000 | 200281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2027) | 375000 | 406924 |  |
| Wayne State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 (Callable 11/15/2025) | 1025000 | 1076241 |  |
| Wayne-Westland Community Schools, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2038 (Callable 05/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by Q-SBLF) | 500000 | 489169 |  |
| Western Michigan University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 (Callable 05/15/2025) | 250000 | 259892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 (Insured by AGM) | 300000 | 341098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2038 (Callable 05/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 375000 | 410370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2039 (Callable 05/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 400000 | 435712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2040 (Callable 05/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 420000 | 455315 |  |
| **Total Michigan** |  |  |  |
| **(Cost $76,795,458)** |  | 74998267 | 3.0% |
| **Minnesota** |  |  |  |
| City of Maple Grove MN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 200000 | 211209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 (Callable 05/01/2027) | 525000 | 549400 |  |
| City of Minneapolis MN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 (Callable 11/15/2028) | 1865000 | 1994326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 (Callable 11/15/2025) | 680000 | 702228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 (Callable 11/15/2028) | 2240000 | 2382041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2036 (Callable 11/15/2031) | 1090000 | 1072464 |  |
| Duluth Economic Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 | 300000 | 310633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 | 450000 | 469045 |  |
| Forest Lake Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 831, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/01/2039 (Callable 02/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 400000 | 365048 |  |
| Housing & Redevelopment Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the City of St. Paul MN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1115000 | 1143597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 (Callable 11/15/2027) | 705000 | 756035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 300000 | 307268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 (Callable 11/15/2027) | 1900000 | 2001748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 (Callable 12/01/2030) | 1600000 | 1608230 |  |
| Maple River Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 2135: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2037 (Callable 02/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 970000 | 999444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2038 (Callable 02/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 700000 | 718700 |  |
| Minnesota Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2039 (Callable 10/01/2030) | 2040000 | 2155610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 (Callable 10/01/2030) | 1030000 | 993652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/01/2041 (Callable 10/01/2030) | 1000000 | 971104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/01/2042 (Callable 10/01/2030) | 1000000 | 966365 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Minnesota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 02/01/2025 (Callable 08/01/2024) | $2040000 | $2052466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 07/01/2033 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 485000 | 471189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 07/01/2035 (Callable 07/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1500000 | 1447554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2038 (Callable 01/01/2024) | 265000 | 265104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 07/01/2038 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 160000 | 150518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.560%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.430%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA)<sup>(2)</sup> | 2250000 | 2247191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2047 (Callable 01/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 240000 | 239722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/01/2050 (Callable 01/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1530000 | 1523296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2050 (Callable 07/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2745000 | 2714422 |  |
| Plymouth Intermediate District No. 287: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2028 (Callable 02/01/2027) | 350000 | 362898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2037 (Callable 02/01/2027) | 250000 | 248435 |  |
| Robbinsdale Independent |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 281, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 750000 | 857584 |  |
| Southern Minnesota Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2023 (Insured by NATL) | 200000 | 200000 |  |
| St. Paul Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2041 (Callable 10/01/2027) | 400000 | 374107 |  |
| Zumbro Education District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2029 | 350000 | 351369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2038 (Callable 02/01/2031) | 385000 | 359711 |  |
| **Total Minnesota** |  |  |  |
| **(Cost $35,434,774)** |  | 34543713 | 1.4% |
| **Mississippi** |  |  |  |
| Biloxi Public School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 (Insured by BAM) | 500000 | 532535 |  |
| City of Flowood MS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2026 (Callable 10/01/2024) | 610000 | 618704 |  |
| City of Gulfport MS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 485000 | 495086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (Callable 07/01/2026) | 500000 | 509136 |  |
| City of Ridgeland MS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2025 | 1000000 | 990919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2026 | 1100000 | 1086739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2028 (Callable 10/01/2027) | 690000 | 676573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2029 (Callable 10/01/2027) | 540000 | 527645 |  |
| County of Lowndes MS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 04/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2027)<sup>(1)</sup> | 2500000 | 2335059 |  |
| Medical Center Educational Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2042 (Callable 06/01/2027) | 500000 | 516925 |  |
| Mississippi Business Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 09/01/2028 (Callable 03/13/2024) | 2100000 | 2069465 |  |
| Mississippi Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 455000 | 475543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2032 (Callable 03/01/2028) | 200000 | 205387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 (Callable 07/01/2031) | 150000 | 153385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2033 (Callable 03/01/2028) | 300000 | 307495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2034 (Callable 03/01/2028) | 490000 | 525577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2034 (Callable 07/01/2031) | 285000 | 287674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 (Callable 07/01/2031) | 405000 | 405778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2036 (Callable 03/01/2028) | 300000 | 303467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 (Callable 07/01/2031) | 250000 | 246778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2038 (Callable 07/01/2031) | 245000 | 238398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2039 (Callable 07/01/2031) | 390000 | 376455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2043 (Callable 06/01/2027) | 400000 | 380761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2045 (Callable 03/01/2028) | 1345000 | 1402882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2048 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1070000 | 1095988 |  |
| Mississippi Home Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.050%, 12/01/2047 (Callable 06/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 500000 | 450931 |  |
| Mississippi Hospital Equipment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 (Callable 12/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2027)<sup>(1)</sup> | 2000000 | 2092587 |  |
| State of Mississippi: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2028 (Callable 10/15/2025) | 1260000 | 1322729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2034 (Callable 10/15/2025) | 1000000 | 1041430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2035 (Callable 10/15/2028) | 3000000 | 3227781 |  |
| Sunflower County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2042 (Callable 06/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1620000 | 1564525 |  |
| University of Mississippi |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Building Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2047 (Callable 10/01/2032) | 800000 | 865036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2052 (Callable 10/01/2032) | 1000000 | 1012197 |  |
| University of Southern Mississippi, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 (Callable 09/01/2026) | 385000 | 408947 |  |
| Vicksburg Warren School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 | 125000 | 135393 |  |
| West Rankin Utility Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2025) (Insured by AGM) | 110000 | 114954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2025) (Insured by AGM) | 300000 | 313512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2025) (Insured by AGM) | 590000 | 616573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2043 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;01/01/2028) (Insured by AGM) | 1500000 | 1666572 |  |
| **Total Mississippi** |  |  |  |
| **(Cost $33,144,541)** |  | 31597521 | 1.3% |
| **Missouri** |  |  |  |
| Boone County Reorganized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. R-1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 03/01/2042 (Callable 09/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1750000 | 2030368 |  |
| Center School District No. 58, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2031 (Callable 04/15/2027) | 170000 | 176216 |  |
| City of St. Charles MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026 | 500000 | 515772 |  |
| City of St. Louis MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2039 (Callable 07/01/2029) | 425000 | 447942 |  |
| County of Cape Girardeau MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2024 | 825000 | 845614 |  |
| Hazelwood School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 520000 | 542488 |  |
| Health & Educational Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority of the State of Missouri: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2024 | 330000 | 329888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2025 (Callable 02/01/2024) | 45000 | 45171 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Health & Educational Facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority of the State of Missouri: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | $365000 | $373596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 410000 | 421636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 280000 | 288651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 (Callable 11/15/2025) | 585000 | 611913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2034 (Callable 02/01/2024) | 850000 | 840011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2035 (Callable 02/01/2024) | 385000 | 378482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 (Callable 11/15/2025) | 1950000 | 1990817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2036 (Callable 02/15/2029) | 425000 | 451915 |  |
| Jackson County School District No. R-IV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2038 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1005000 | 1180298 |  |
| Jefferson County Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 6: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2034 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 700000 | 667816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2039 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1300000 | 1126100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2041 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 831916 |  |
| Kansas City Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2035 (Callable 03/01/2030) | 455000 | 456494 |  |
| Meramec Valley School District No. R-III: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2037 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 360000 | 321976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2038 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 500000 | 441166 |  |
| Missouri Housing Development Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 11/01/2040 (Callable 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 125000 | 122715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/01/2052 (Callable 11/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 5010000 | 4882693 |  |
| Missouri Joint Municipal Electric |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 (Callable 06/01/2026) | 1000000 | 1030804 |  |
| Missouri Southern State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 (Callable 10/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 100000 | 101468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036 (Callable 10/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 110000 | 111070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2039 (Callable 10/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 110000 | 108592 |  |
| Move Rolla Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/01/2029 (Callable 06/01/2026) | 65000 | 62849 |  |
| Normandy Schools Collaborative: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2036 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1525000 | 1393819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2037 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1325000 | 1185052 |  |
| Northwest Missouri State University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2023 (Insured by BAM) | 400000 | 402867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 (Insured by BAM) | 560000 | 599011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 (Insured by BAM) | 600000 | 650314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 (Insured by BAM) | 500000 | 548140 |  |
| St. Charles County Francis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Howell R-III School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 (Callable 03/01/2028) | 2425000 | 2544491 |  |
| St. Louis Land Clearance for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 (Callable 12/01/2026) | 4000000 | 4147075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2035 (Callable 10/01/2029) | 330000 | 260334 |  |
| **Total Missouri** |  |  |  |
| **(Cost $35,369,080)** |  | 33467540 | 1.3% |
| **Montana** |  |  |  |
| City of Forsyth MT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2023)<sup>(1)</sup> | 7300000 | 7224845 |  |
| Montana Board of Housing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024)<sup>(1)</sup> | 3385000 | 3377123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2024)<sup>(1)</sup> | 4862000 | 4960780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 12/01/2030 (Callable 01/20/2023) | 290000 | 290028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2038 (Callable 12/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA) | 315000 | 304742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (Callable 12/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA) | 1050000 | 1050635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2052 (Callable 06/01/2031) | 1985000 | 1913394 |  |
| Montana Facility Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (Callable 12/01/2024) | 765000 | 787800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 (Callable 12/01/2024) | 715000 | 734354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 (Callable 06/01/2028) | 310000 | 326790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2037 (Callable 01/01/2030) | 700000 | 708035 |  |
| **Total Montana** |  |  |  |
| **(Cost $22,035,767)** |  | 21678526 | 0.9% |
| **Nebraska** |  |  |  |
| Central Plains Energy Project, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2050 (Callable 10/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 01/01/2024)<sup>(1)</sup> | 835000 | 842867 |  |
| County of Douglas NE, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 (Callable 07/01/2027) | 200000 | 211810 |  |
| Douglas County Hospital Authority No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 (Callable 05/15/2024) | 2125000 | 2148637 |  |
| Nebraska Investment Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2036 (Callable 03/01/2025) | 275000 | 262082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2046 (Callable 03/01/2025) | 60000 | 59497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2052 (Callable 03/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 4950000 | 5296145 |  |
| Papio-Missouri River Natural |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Resources District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2031 (Callable 10/12/2026) | 540000 | 523139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2032 (Callable 10/12/2026) | 385000 | 366539 |  |
| Village of Boys Town NE, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 | 2125000 | 2126622 |  |
| **Total Nebraska** |  |  |  |
| **(Cost $11,863,936)** |  | 11837338 | 0.5% |
| **Nevada** |  |  |  |
| City of Carson City NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 (Callable 09/01/2027) | 250000 | 262438 |  |
| City of Reno NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2043 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1845000 | 1744949 |  |
| City of Yerington NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/01/2023 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by USDA) | 2000000 | 1962271 |  |
| Clark County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2032 (Callable 06/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 450000 | 487806 |  |
| Henderson Public Improvement Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024) | 1000000 | 1037004 |  |
| Las Vegas Redevelopment Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (Callable 06/15/2026) | 1210000 | 1263274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 (Callable 06/15/2026) | 200000 | 208671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2032 (Callable 06/15/2026) | 1000000 | 906734 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Nevada Housing Division: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2024) (Insured by FHA)<sup>(1)</sup> | $2725000 | $2792303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2049 (Callable 10/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1530000 | 1532921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2049 (Callable 10/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 315000 | 315617 |  |
| State of Nevada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 (Callable 12/01/2023) | 300000 | 304703 |  |
| Washoe County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 (Callable 05/01/2027) | 525000 | 571760 |  |
| **Total Nevada** |  |  |  |
| **(Cost $13,960,898)** |  | 13390451 | 0.5% |
| **New Hampshire** |  |  |  |
| New Hampshire Business Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2036 | 2990988 | 2784607 |  |
| New Hampshire Health and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2027) | 275000 | 291537 |  |
| **Total New Hampshire** |  |  |  |
| **(Cost $3,009,331)** |  | 3076144 | 0.1% |
| **New Jersey** |  |  |  |
| Atlantic City Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 08/15/2027 (Insured by BAM)<sup>(3)</sup> | 3293000 | 3337915 |  |
| Camden County Improvement Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2038 (Callable 01/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(County Guaranteed) | 1795000 | 1777167 |  |
| City of Somers Point NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 (Callable 10/01/2026) | 1100000 | 1144709 |  |
| City of Trenton NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2023 (Insured by AGM) | 400000 | 401736 |  |
| City of Union City NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 (Insured by ST AID) | 640000 | 648558 |  |
| County of Gloucester NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 (ETM) | 825000 | 837421 |  |
| Gloucester County Improvement Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.600%, 03/01/2024 (Callable 01/30/2023) | 2325000 | 2226488 |  |
| New Jersey Economic Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 (Insured by BAM) | 295000 | 297356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2027 | 1100000 | 1130508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/01/2029 (Callable 07/01/2027) | 90000 | 88261 |  |
| New Jersey Health Care |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2043 (Callable 04/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2024)<sup>(1)</sup> | 2250000 | 2306681 |  |
| New Jersey Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Student Assistance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 375000 | 399945 |  |
| New Jersey Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/01/2025 (Callable 02/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 2300000 | 2269553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/01/2048 (Callable 10/01/2027) | 920000 | 934048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/01/2050 (Callable 04/01/2028) | 320000 | 326635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2053 (Callable 04/01/2031) | 2500000 | 2611027 |  |
| New Jersey Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust Fund Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2024 (Insured by AMBAC) | 4220000 | 3953371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2024 (Insured by BHAC) | 605000 | 570808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2026 | 5750000 | 4976124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 (Callable 06/15/2026) | 1465000 | 1544540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2031 (Callable 06/15/2023) | 1600000 | 1611923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2034 (Callable 12/15/2028) | 800000 | 850027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2035 (Callable 12/15/2030) | 1455000 | 1436920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2037 (Callable 12/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 497687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2044 (Callable 06/15/2023) | 145000 | 145197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2044 (Callable 06/15/2024) | 370000 | 371077 |  |
| New Jersey Turnpike Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.808%, 01/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1 Month LIBOR USD + 0.750%)<sup>(2)</sup> | 1020000 | 1020000 |  |
| Newark Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 (Insured by NATL) | 525000 | 568210 |  |
| South Jersey Port Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2024 (Callable 01/25/2023) | 100000 | 99817 |  |
| South Jersey Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2041 (Callable 11/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1350000 | 1398379 |  |
| State of New Jersey, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 2330000 | 2501548 |  |
| Township of Union NJ: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2025 | 830000 | 832596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2026 | 465000 | 467407 |  |
| **Total New Jersey** |  |  |  |
| **(Cost $44,836,934)** |  | 43583639 | 1.8% |
| **New Mexico** |  |  |  |
| Albuquerque Bernalillo County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Water Utility Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2046 (Callable 07/01/2029) | 1785000 | 1706355 |  |
| Loving Municipal School District No. 10: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2025 (Insured by ST AID) | 500000 | 528081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2026 (Insured by ST AID) | 500000 | 538281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2027 (Insured by ST AID) | 400000 | 438268 |  |
| New Mexico Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2035 (Callable 06/15/2028) | 305000 | 334180 |  |
| New Mexico Institute of Mining & Technology: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Insured by AGM) | 300000 | 313057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 (Insured by AGM) | 335000 | 348158 |  |
| New Mexico Mortgage Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2041 (Callable 03/01/2026) | 460000 | 440540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 09/01/2042 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1485000 | 1447222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2050 (Callable 01/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 780000 | 771296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2053 (Callable 03/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 3500000 | 3699968 |  |
| New Mexico State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2035 (Callable 04/01/2027) | 520000 | 531115 |  |
| Village of Los Ranchos de Albuquerque NM: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2024 | 100000 | 101152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 | 150000 | 153023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 150000 | 159224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 125000 | 139473 |  |
| **Total New Mexico** |  |  |  |
| **(Cost $12,293,855)** |  | 11649393 | 0.5% |
| **New York** |  |  |  |
| Albany County Airport Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2025 | 1000000 | 1041548 |  |
| Albany County Capital Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 07/01/2030 | 755000 | 652875 |  |
| Amherst Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 240000 | 262640 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Amherst Industrial Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 04/01/2025) (Insured by FHA)<sup>(1)</sup> | $9350000 | $9428614 |  |
| City of Long Beach NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/17/2023 | 4630000 | 4617932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/15/2042 (Callable 07/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1800000 | 1904136 |  |
| City of New York NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2023) | 250000 | 252813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.330%, 04/01/2042 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 7000000 | 7000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2043 (Callable 10/01/2032) | 1200000 | 1330389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2044 (Callable 03/01/2028) | 350000 | 367525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2044 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2025)<sup>(1)</sup> | 2000000 | 2085934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2044 (Callable 12/01/2028) | 1655000 | 1748632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2046 (Callable 09/01/2032) | 1000000 | 936711 |  |
| City of Yonkers NY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Insured by BAM) | 1000000 | 1096776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 (Insured by BAM) | 1570000 | 1749981 |  |
| East Ramapo Central School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/31/2023 (Insured by ST AID) | 4250000 | 4255050 |  |
| Guilderland Central School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/28/2023 (Insured by ST AID) | 9528300 | 9565393 |  |
| Huntington Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2027 | 2450000 | 2319467 |  |
| Le Roy Central School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/30/2023 (Insured by ST AID) | 8746596 | 8755373 |  |
| Long Island Power Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2034 (Callable 09/01/2028) | 325000 | 333331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2040 (Callable 09/01/2031) | 1000000 | 832956 |  |
| Monroe County Industrial Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.840%, 11/01/2040 (Insured by FNMA) | 5000000 | 5383345 |  |
| New York City Housing Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2048 (Callable 05/15/2024) | 8500000 | 8246787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2048 (Callable 05/15/2024) | 3820000 | 3716456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 11/01/2062 (Callable 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/22/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA)<sup>(1)</sup> | 6000000 | 5996441 |  |
| New York City Industrial Development Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 (Insured by AGM) | 250000 | 276179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 (Insured by AGM) | 250000 | 278834 |  |
| New York City Municipal Water Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 6570000 | 6570000 |  |
| New York City Transitional Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2034 (Callable 08/01/2026) | 650000 | 694345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 (Callable 05/01/2029) | 715000 | 785561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038 (Callable 08/01/2028) | 1295000 | 1389252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2038 (Callable 05/01/2031) | 1055000 | 1029659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2039 (Callable 11/01/2030) | 1000000 | 972336 |  |
| New York Convention |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2055 (Insured by BAM) | 3665000 | 731471 |  |
| New York Liberty Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.125%, 09/15/2050 (Callable 03/15/2030) | 1650000 | 1266271 |  |
| New York State Dormitory Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2031 (Callable 08/15/2027) | 730000 | 796907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2040 (Callable 03/15/2029) | 3275000 | 3481526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2041 (Callable 03/15/2029) | 2965000 | 3137554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2024) | 1025000 | 1065980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2044 (Callable 03/15/2024) | 2800000 | 2848529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2048 (Callable 02/15/2030) | 1925000 | 2023328 |  |
| New York State Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.700%, 11/01/2024 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA) | 5000000 | 4762987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.600%, 11/01/2024 (Callable 01/20/2023) | 11175000 | 10781438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 11/01/2056 (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA)<sup>(1)</sup> | 2500000 | 2274466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 11/01/2061 (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SONYMA)<sup>(1)</sup> | 1825000 | 1650422 |  |
| New York State Thruway Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 (Callable 01/01/2030) | 1250000 | 1161707 |  |
| New York State Urban Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2043 (Callable 09/15/2029) | 560000 | 531784 |  |
| New York Transportation Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2030) | 1250000 | 1344913 |  |
| Onondaga Civic Development Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/01/2026 (Callable 10/01/2025) | 50000 | 47109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 (Callable 10/01/2025) | 95000 | 85376 |  |
| Port Authority of New York & New Jersey: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2028 | 5000000 | 4884463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 (Callable 09/01/2024) | 805000 | 830452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 (Callable 09/01/2029) | 3930000 | 4398834 |  |
| Rome City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/26/2023 (Insured by ST AID) | 6000000 | 6019217 |  |
| Salmon River Central School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/04/2023 (Insured by ST AID) | 9439275 | 9450153 |  |
| St. Lawrence County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2026) | 345000 | 362225 |  |
| State of New York Mortgage Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2043 (Callable 04/01/2023) | 60000 | 59595 |  |
| Triborough Bridge & Tunnel Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2046 (Callable 05/15/2031) | 500000 | 464764 |  |
| Utility Debt Securitization Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2033 (Callable 12/15/2025) | 1175000 | 1247853 |  |
| Village of Johnson City NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/29/2023 | 2550000 | 2557576 |  |
| Westchester County Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 07/01/2026<sup>(3)</sup> | 2400000 | 2307846 |  |
| **Total New York** |  |  |  |
| **(Cost $169,401,005)** |  | 166452017 | 6.7% |
| **North Carolina** |  |  |  |
| Charlotte-Mecklenburg Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2028)<sup>(1)</sup> | 1930000 | 2132503 |  |
| City of Monroe NC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2043 (Callable 03/01/2027) | 305000 | 318130 |  |
| County of New Hanover NC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 (ETM) | 275000 | 302307 |  |
| Inlivian: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 04/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 04/01/2024)<sup>(1)</sup> | 5000000 | 4938228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2043 (Callable 12/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 9000000 | 9346545 |  |
| North Carolina Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2047 (Callable 01/01/2027) | 390000 | 389885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2052 (Callable 01/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 3520000 | 3491034 |  |
| North Carolina Medical Care Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2049 (Callable 01/01/2026) | 1000000 | 943133 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| North Carolina Turnpike Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | $250000 | $265243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2041 (Callable 01/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1105000 | 1066227 |  |
| **Total North Carolina** |  |  |  |
| **(Cost $23,730,848)** |  | 23193235 | 0.9% |
| **North Dakota** |  |  |  |
| City of Horace ND: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 08/01/2023 (Callable 01/30/2023) | 1000000 | 975326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2025 (Callable 01/01/2024) | 2500000 | 2487898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2029 (Callable 05/01/2027) | 430000 | 410545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2030 (Callable 05/01/2027) | 425000 | 403133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2031 (Callable 05/01/2027) | 380000 | 357127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2037 (Callable 05/01/2026) | 2495000 | 2156331 |  |
| City of Mandan ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2041 (Callable 01/30/2023) | 70000 | 56464 |  |
| City of Mayville ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 08/01/2025 (Callable 08/01/2023) | 3500000 | 3421699 |  |
| City of Williston ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 (Callable 05/01/2023) | 480000 | 481360 |  |
| County of McKenzie ND: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2023 | 1225000 | 1232827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2026 (Callable 08/01/2023) | 250000 | 250385 |  |
| Jamestown Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 07/01/2035 (Callable 01/17/2023) | 400000 | 394499 |  |
| Nesson Public School District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2031 (Callable 08/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 525000 | 544148 |  |
| North Dakota Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2034 (Callable 07/01/2028) | 90000 | 82457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2046 (Callable 01/01/2026) | 205000 | 203215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2050 (Callable 07/01/2028) | 790000 | 792451 |  |
| State Board of Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the State of North Dakota: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (Insured by AGM) | 205000 | 221566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 (Insured by AGM) | 100000 | 109561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2037 (Callable 04/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 400000 | 396179 |  |
| University of North Dakota, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2046 (Callable 06/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1275000 | 1171237 |  |
| Williston Parks & Recreation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2025 (Callable 01/17/2023) | 1700000 | 1658126 |  |
| Williston Public School District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2025 (Callable 08/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 1180000 | 1180609 |  |
| **Total North Dakota** |  |  |  |
| **(Cost $20,132,896)** |  | 18987143 | 0.8% |
| **Ohio** |  |  |  |
| Akron Bath Copley Joint Township |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 600000 | 644012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2032 (Callable 11/15/2030) | 1125000 | 1207089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2033 (Callable 11/15/2030) | 400000 | 384087 |  |
| American Municipal Power, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/10/2023 | 765000 | 761416 |  |
| City of Akron OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Callable 12/01/2029) | 1665000 | 1756893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 12/01/2029) | 1955000 | 2056548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2033 (Callable 12/01/2029) | 1950000 | 2039182 |  |
| City of Gahanna OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/02/2023 | 3400000 | 3430785 |  |
| City of Middleburg Heights OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 (Callable 08/01/2031) | 645000 | 704216 |  |
| City of Troy OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2041 (Callable 06/01/2025) | 355000 | 302414 |  |
| Cleveland-Cuyahoga County Port Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2031) | 400000 | 449394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 (Callable 07/01/2031) | 600000 | 664436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2038 (Callable 07/01/2031) | 500000 | 502142 |  |
| Columbus Metropolitan Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 11/01/2024 (Callable 09/01/2023) | 600000 | 577285 |  |
| Columbus-Franklin County Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2031 | 745000 | 638272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.820%, 11/15/2036 (Callable 01/30/2023) | 415000 | 413719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2038 (Callable 01/30/2023) | 320000 | 320002 |  |
| County of Franklin OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2048 (Callable 06/01/2028) | 1000000 | 1063548 |  |
| County of Lorain OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 (Callable 12/01/2023) | 480000 | 487913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2036 (Callable 12/01/2025) | 400000 | 357432 |  |
| County of Medina OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2033 (Callable 06/01/2026) | 590000 | 576211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2037 (Callable 06/01/2026) | 545000 | 482054 |  |
| County of Montgomery OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2037 (Callable 02/01/2031) | 400000 | 395574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2039 (Callable 02/01/2031) | 825000 | 862527 |  |
| Cuyahoga Metropolitan Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 06/01/2025) (Insured by FHA)<sup>(1)</sup> | 3012000 | 3039991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/01/2027 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2025) (Insured by FHA)<sup>(1)</sup> | 2280000 | 2344981 |  |
| Euclid City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 160000 | 161495 |  |
| Franklin County Convention |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (Callable 12/01/2029) | 500000 | 560176 |  |
| Hamilton County Convention |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Callable 12/01/2023) | 2570000 | 2587777 |  |
| Hopewell-Loudon Local School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2036 (Callable 11/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1055000 | 1068016 |  |
| Licking Heights Local School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.400%, 12/01/2028 (Insured by NATL) | 815000 | 897220 |  |
| Miami University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 520000 | 577599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 540000 | 607457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 500000 | 570612 |  |
| Ohio Air Quality Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/01/2029 | 1000000 | 916737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 5000000 | 4980118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 2000000 | 1994441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 12/01/2038 (Callable 10/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 10/01/2029)<sup>(1)</sup> | 645000 | 569319 |  |
| Ohio Higher Educational Facility Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 | 620000 | 626987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 | 200000 | 211701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 (Callable 05/01/2026) | 610000 | 643198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 (Callable 05/01/2026) | 475000 | 500767 |  |
| Ohio Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 2340000 | 2377538 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Ohio Housing Finance Agency: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 07/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | $2240000 | $2219193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2024)<sup>(1)</sup> | 4300000 | 4325372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.200%, 09/01/2036 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 585000 | 551576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 09/01/2045 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 6425000 | 5613384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2047 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 140000 | 139940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.350%, 09/01/2049 (Callable 09/01/2028) | 1000000 | 911747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/01/2052 (Callable 09/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2000000 | 1947927 |  |
| Ohio Turnpike & Infrastructure Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2034 (Callable 02/15/2031)<sup>(5)</sup> | 2350000 | 2747036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2036 (Callable 02/15/2031)<sup>(5)</sup> | 410000 | 475066 |  |
| Port of Greater Cincinnati |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2023 (Callable 01/30/2023) | 7225000 | 7188093 |  |
| Princeton City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2030 (Insured by NATL) | 1000000 | 1124025 |  |
| State of Ohio: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 (Callable 11/15/2030) | 605000 | 636912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2035 (Callable 06/30/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 7865000 | 8016568 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2036 (Callable 11/15/2030) | 635000 | 596644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2044 (Callable 01/15/2025) | 825000 | 756681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 01/15/2051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 1735000 | 1735000 |  |
| Streetsboro City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2044 (Callable 12/01/2026) | 725000 | 738304 |  |
| Township of Miami OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2033 (Callable 12/01/2029) | 80000 | 77067 |  |
| Triway Local School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 (Callable 12/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1580000 | 1585811 |  |
| Village of Bluffton OH: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 1890000 | 1988034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1340000 | 1421688 |  |
| Village of Woodmere OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/28/2023 (Insured by ST AID) | 1035000 | 1037374 |  |
| Warren City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Callable 12/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 1215000 | 1264724 |  |
| Warren County Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2053 (Callable 12/01/2031) | 1070000 | 832131 |  |
| Warrensville Heights City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2037 (Callable 11/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 467473 |  |
| **Total Ohio** |  |  |  |
| **(Cost $98,431,890)** |  | 94711051 | 3.8% |
| **Oklahoma** |  |  |  |
| Catoosa Industrial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 (Callable 10/01/2026) | 105000 | 100101 |  |
| Cleveland County Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031 | 1840000 | 1956437 |  |
| Edmond Public Works Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (Callable 07/01/2027) | 680000 | 755190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 07/01/2027) | 300000 | 329829 |  |
| Mcintosh County Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2023 | 550000 | 542742 |  |
| Oklahoma Development Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.600%, 03/01/2024 | 285000 | 279951 |  |
| Oklahoma Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2039 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 130000 | 118903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2052 (Callable 03/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 2995000 | 3121950 |  |
| Oklahoma Turnpike Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 (Callable 01/01/2026) | 400000 | 420967 |  |
| **Total Oklahoma** |  |  |  |
| **(Cost $7,759,877)** |  | 7626070 | 0.3% |
| **Oregon** |  |  |  |
| Clackamas Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2040 (Callable 06/15/2027)<sup>(5)</sup> | 475000 | 505931 |  |
| Clatsop County School District No. 1-C, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2041 (Callable 06/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 785000 | 334891 |  |
| Clatsop County School District No. 30, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2038 (Callable 06/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 425000 | 214723 |  |
| County of Crook OR: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2032<sup>(5)</sup> | 1045000 | 976245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2032)<sup>(5)</sup> | 1345000 | 1237404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2032)<sup>(5)</sup> | 1510000 | 1369349 |  |
| Multnomah & Clackamas Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 10JT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2031 (Callable 06/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 110000 | 79460 |  |
| Oregon City School District No. 62, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2043 (Callable 06/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 1000000 | 1072865 |  |
| Oregon State Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 125000 | 132610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/01/2052 (Callable 06/01/2032) | 600000 | 547593 |  |
| Salem Hospital Facility Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2023 | 105000 | 105123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2024 | 120000 | 120243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2025 | 130000 | 130164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2026 | 135000 | 134827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2035 (Callable 05/15/2026) | 500000 | 520696 |  |
| State of Oregon Housing & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Services Department: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 07/01/2043 (Callable 07/01/2027) | 3000000 | 2655151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2051 (Callable 01/01/2031) | 5820000 | 5829305 |  |
| Tri-County Metropolitan Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Oregon, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (Callable 04/01/2028) | 300000 | 305703 |  |
| Umatilla County School District No. 6R, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2035 (Callable 06/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY)<sup>(5)</sup> | 540000 | 569750 |  |
| Washington & Clackamas Counties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;School District No. 23J, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2040 (Callable 06/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 500000 | 539481 |  |
| **Total Oregon** |  |  |  |
| **(Cost $18,106,288)** |  | 17381514 | 0.7% |
| **Pennsylvania** |  |  |  |
| Aliquippa Municipal Water Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2046 (Callable 11/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 400000 | 378151 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Allegheny County Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 | $260000 | $263291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 450000 | 459006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 400000 | 411353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 500000 | 515235 |  |
| Bloomsburg PA Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 (Callable 03/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 249377 |  |
| Central Bradford Progress Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 12/01/2041 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 5860000 | 5860000 |  |
| Chester County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2045 (Callable 08/01/2023) | 750000 | 688191 |  |
| City of Erie Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 | 175000 | 180977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2036 (Callable 05/01/2031) | 200000 | 180105 |  |
| City of Oil City PA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2031 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 100000 | 105392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 275000 | 279861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 850000 | 847602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 320000 | 319278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2039 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 320000 | 318595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 270000 | 266553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2041 (Callable 12/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 270000 | 264292 |  |
| Coatesville School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2023 (Insured by ST AID) | 1750000 | 1751654 |  |
| Commonwealth Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2039 (Callable 06/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1670000 | 1643074 |  |
| Conestoga Valley School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2040 (Callable 08/01/2029) | 470000 | 459451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2041 (Callable 08/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 410000 | 400234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2043 (Callable 08/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 500000 | 487203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2044 (Callable 08/01/2029) | 500000 | 484319 |  |
| County of Mercer PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2046 (Callable 10/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 440000 | 422559 |  |
| County of Montgomery PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 (Callable 07/01/2029) | 1845000 | 2037248 |  |
| Dauphin County General Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 (Callable 06/01/2026) | 690000 | 722978 |  |
| Delaware County Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 240000 | 241137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 (Callable 04/01/2027) | 485000 | 518141 |  |
| Delaware Valley Regional Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.807%, 09/01/2048 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.880%) (Callable 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(2)</sup> | 1000000 | 984419 |  |
| East Hempfield Township Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 225000 | 234653 |  |
| Eastern Lebanon County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2041 (Callable 11/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 350000 | 339706 |  |
| Hamburg Area School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2034 (Callable 10/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 952623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2036 (Callable 10/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1400000 | 1277985 |  |
| Indiana County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 (Insured by BAM) | 1040000 | 1133968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 (Callable 11/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 920000 | 1004120 |  |
| Lancaster County Convention |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2038 (Callable 05/01/2032) | 1645000 | 1619078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 05/01/2042 (Callable 05/01/2032) | 1000000 | 991705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2049 (Callable 05/01/2032) | 1500000 | 1346129 |  |
| Lancaster County Hospital Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 (Callable 11/01/2029) | 600000 | 638762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2040 (Callable 11/01/2029) | 3100000 | 3237128 |  |
| Lancaster Higher Education Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030 (Callable 10/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1225000 | 1276114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2031 (Callable 10/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1000000 | 1038867 |  |
| Latrobe Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 | 175000 | 180716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2032 (Callable 03/01/2031) | 265000 | 272760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2033 (Callable 03/01/2031) | 290000 | 298274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2034 (Callable 03/01/2031) | 300000 | 306834 |  |
| Lycoming County Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2024)<sup>(1)</sup> | 525000 | 525961 |  |
| Montgomery County Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education & Health Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.125%, 05/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2023)<sup>(5)</sup> | 685000 | 679077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 (Callable 09/01/2028) | 1000000 | 1046458 |  |
| Old Forge School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2041 (Callable 05/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 491575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2045 (Callable 05/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 530000 | 509561 |  |
| Panther Valley School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2031 (Callable 10/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 730000 | 769043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2032 (Callable 10/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 350000 | 367471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2033 (Callable 10/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 185000 | 193310 |  |
| Pennsylvania Economic Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2030 | 1245000 | 1329780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2030 | 1000000 | 1069396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2034 (County Guaranteed) | 2940000 | 1818104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2034 (Insured by AGM) | 1680000 | 1050152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2034 (Callable 11/15/2027) | 1000000 | 1005976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2035 (Callable 12/31/2032) | 1250000 | 1328913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2036 (Callable 12/31/2032) | 1000000 | 1049709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2038 (Callable 12/31/2032) | 2000000 | 2104628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2039 (Insured by AGM) | 3640000 | 1638016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2047 (Insured by BAM) | 2980000 | 832984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2053 (Callable 12/31/2032) | 2000000 | 1958301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2057 (Callable 12/31/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 3000000 | 2975468 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Pennsylvania Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2026) | $300000 | $288144 |  |
| Pennsylvania Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2046 (Callable 10/01/2025) | 170000 | 168784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2049 (Callable 10/01/2028) | 1255000 | 1254304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2052 (Callable 04/01/2032) | 4000000 | 4046602 |  |
| Pennsylvania Turnpike Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030 (Callable 12/01/2025) | 280000 | 294072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2030 (Callable 12/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM)<sup>(5)</sup> | 205000 | 235808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 12/01/2037 (Callable 12/01/2026)<sup>(5)</sup> | 600000 | 617833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028)<sup>(5)</sup> | 1150000 | 1200771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 12/01/2038 (Callable 12/01/2027)<sup>(5)</sup> | 745000 | 841550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2039 (Callable 12/01/2031) | 1975000 | 1933069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2040 (Callable 06/01/2029)<sup>(5)</sup> | 645000 | 629619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2040 (Callable 12/01/2031) | 2555000 | 2501887 |  |
| Philadelphia Municipal Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 (Callable 04/01/2027) | 375000 | 406744 |  |
| Pittsburgh Water & Sewer Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.780%, 09/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.650%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM)<sup>(2)</sup> | 3300000 | 3296713 |  |
| Ridley School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2031 (Callable 03/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 830000 | 842938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2036 (Callable 11/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1000000 | 1008314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2037 (Callable 11/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 325000 | 326848 |  |
| School District of Philadelphia: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2024 (Insured by ST AID) | 600000 | 618971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 974308 |  |
| Sports & Exhibition Authority of |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pittsburgh and Allegheny County: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2028 (Callable 12/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 546474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2031 (Insured by AGM) | 3175000 | 3549380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2034 (Callable 02/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 4000000 | 4433273 |  |
| State Public School Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/15/2027 (Insured by NATL) | 160000 | 136939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/15/2030 (Insured by NATL) | 1780000 | 1360236 |  |
| Swarthmore Borough Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2039 (Callable 09/15/2028) | 3680000 | 4023105 |  |
| Trinity Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2043 (Callable 11/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1325000 | 1294702 |  |
| Upper Moreland Township School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 04/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 250000 | 261388 |  |
| Westmoreland County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 725000 | 769499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 550000 | 587995 |  |
| York Suburban School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2030 (Callable 05/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1780000 | 1775926 |  |
| **Total Pennsylvania** |  |  |  |
| **(Cost $105,101,412)** |  | 100859177 | 4.1% |
| **Puerto Rico** |  |  |  |
| Commonwealth of Puerto Rico: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2023 | 2724715 | 2724711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2024 | 4318000 | 4002017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2025 | 2870469 | 2892107 |  |
| Puerto Rico Industrial Tourist Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical & Environmental Control Facilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 125000 | 134331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2031) | 1335000 | 1455006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2031) | 200000 | 217139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2031) | 200000 | 214681 |  |
| Puerto Rico Sales Tax Financing Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.329%, 07/01/2040 (Callable 07/01/2028) | 5000000 | 4504190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/01/2053 (Callable 07/01/2028) | 2450000 | 2165671 |  |
| **Total Puerto Rico** |  |  |  |
| **(Cost $18,794,362)** |  | 18309853 | 0.7% |
| **Rhode Island** |  |  |  |
| Rhode Island Commerce Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 950000 | 1026850 |  |
| Rhode Island Health and Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2031 (Callable 09/15/2026) | 125000 | 127628 |  |
| Rhode Island Housing & Mortgage |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2051 (Callable 04/01/2030) | 2800000 | 2711163 |  |
| Rhode Island Student Loan Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1000000 | 1068845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1000000 | 1075779 |  |
| **Total Rhode Island** |  |  |  |
| **(Cost $6,137,540)** |  | 6010265 | 0.2% |
| **South Carolina** |  |  |  |
| City of Newberry SC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 (Insured by AGM) | 250000 | 278383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 (Insured by AGM) | 100000 | 113138 |  |
| County of Florence SC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 (Callable 11/01/2024) | 250000 | 257987 |  |
| Scago Educational Facilities Corp. for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Union School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by BAM) | 500000 | 509055 |  |
| South Carolina Jobs-Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 (Callable 05/01/2028) | 1080000 | 1154319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 (Callable 08/15/2026) | 270000 | 268986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/15/2033 (Callable 08/15/2026) | 2500000 | 2602325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2037 (Callable 07/01/2026) | 100000 | 102329 |  |
| South Carolina State Housing Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 03/01/2024)<sup>(1)</sup> | 2219000 | 2183685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.800%, 01/01/2049 (Callable 07/01/2027) | 145000 | 140763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2050 (Callable 07/01/2029) | 2560000 | 2567220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2052 (Callable 07/01/2030) | 8695000 | 8387104 |  |
| Spartanburg County School District No. 7, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2048 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCSDE) | 350000 | 370834 |  |
| Spartanburg Regional Health Services District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2036 (Callable 04/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 445000 | 448902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2037 (Callable 04/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 500873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2038 (Callable 04/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 498331 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Sumter Two School Facilities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2023 (Insured by BAM) | $200000 | $203532 |  |
| Tender Option Bond Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.880%, 12/01/2042 (Callable 01/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)(3)</sup> | 5000000 | 5000000 |  |
| **Total South Carolina** |  |  |  |
| **(Cost $26,461,193)** |  | 25587766 | 1.0% |
| **South Dakota** |  |  |  |
| City of Brandon SD, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1880000 | 2005383 |  |
| City of Rapid City SD, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2029) | 3260000 | 3092678 |  |
| Milbank School District No. 25-4: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 750000 | 779869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 785000 | 841035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 (Callable 08/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 820000 | 876805 |  |
| South Dakota Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2029 (Callable 09/01/2028) | 380000 | 358794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2030 (Callable 09/01/2028) | 175000 | 163355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2040 (Callable 11/01/2025) | 325000 | 306519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2041 (Callable 09/01/2028) | 250000 | 189237 |  |
| South Dakota Housing Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2049 (Callable 05/01/2028) | 1595000 | 1597377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (Callable 11/01/2031) | 3000000 | 3126722 |  |
| South Dakota State Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 (Callable 06/01/2028) | 100000 | 108772 |  |
| **Total South Dakota** |  |  |  |
| **(Cost $14,233,136)** |  | 13446546 | 0.5% |
| **Tennessee** |  |  |  |
| City of Clarksville TN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 02/01/2026) | 1000000 | 1067696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 09/01/2039 (Callable 09/01/2032) | 1000000 | 1002244 |  |
| City of Jackson TN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2025) | 30000 | 31393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 (Callable 04/01/2025) | 1125000 | 1159599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2025) | 60000 | 62787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 (Callable 04/01/2025) | 1890000 | 1903119 |  |
| City of Memphis TN: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 12/01/2024) | 530000 | 552748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2033 (Callable 12/01/2026) | 1300000 | 1343400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2033 (Callable 12/01/2027) | 480000 | 499828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 (Callable 12/01/2026) | 1310000 | 1342461 |  |
| Cleveland Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2025)<sup>(1)(3)</sup> | 3380000 | 3350588 |  |
| Greeneville Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 (Callable 07/01/2023) | 2000000 | 2003027 |  |
| Knox County Health Educational & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing Facility Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 (Callable 01/30/2023) | 1190000 | 1191017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 (Callable 01/30/2023) | 145000 | 145123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.650%, 12/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2024)<sup>(1)</sup> | 1200000 | 1099225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2027 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 12/01/2025) (Insured by HUD)<sup>(1)</sup> | 2175000 | 2187653 |  |
| Memphis-Shelby County Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2038 (Callable 04/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 535000 | 533218 |  |
| Nashville & Davidson County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2024 | 140000 | 136755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 (Callable 05/15/2025) | 1000000 | 1051853 |  |
| Shelby County Health Educational & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing Facilities Board: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037 (Callable 05/01/2027) | 250000 | 249952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2040 (Callable 02/01/2028) | 1120000 | 1122651 |  |
| Tennergy Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2030 | 3470000 | 3700985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 (Callable 09/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2030)<sup>(1)</sup> | 11550000 | 12218626 |  |
| Tennessee Energy Acquisition Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 09/01/2026 | 75000 | 78497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027 | 195000 | 199705 |  |
| Tennessee Housing Development Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 01/01/2031 (Callable 01/20/2023) | 1105000 | 1105056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 07/01/2036 (Callable 01/01/2026) | 245000 | 232533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/01/2039 (Callable 07/01/2024) | 180000 | 175392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2042 (Callable 07/01/2026) | 105000 | 105030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 07/01/2042 (Callable 01/01/2027) | 205000 | 199057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2043 (Callable 01/20/2023) | 100000 | 99288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2045 (Callable 01/01/2025) | 40000 | 39947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2047 (Callable 01/01/2026) | 40000 | 39668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2049 (Callable 01/01/2028) | 565000 | 571999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/01/2050 (Callable 01/01/2029) | 460000 | 458008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/01/2050 (Callable 07/01/2028) | 605000 | 608846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2053 (Callable 07/01/2031) | 3000000 | 3126648 |  |
| **Total Tennessee** |  |  |  |
| **(Cost $45,401,416)** |  | 44995622 | 1.8% |
| **Texas** |  |  |  |
| Abilene Convention Center Hotel |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2050 (Callable 10/01/2031) | 2850000 | 2158877 |  |
| Alamo Community College District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2038 (Callable 08/15/2027) | 1040000 | 1112804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2042 (Callable 08/15/2031) | 750000 | 768225 |  |
| Arlington Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2028 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 250000 | 256405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 (PSF Guaranteed) | 980000 | 1086706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2029 (PSF Guaranteed) | 325000 | 337102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 (PSF Guaranteed) | 560000 | 630265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 (PSF Guaranteed) | 415000 | 432349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2030 (PSF Guaranteed) | 605000 | 686479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2031 (Callable 08/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 510000 | 526346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2031 (PSF Guaranteed) | 585000 | 670158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032 (PSF Guaranteed) | 660000 | 760417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2033 (Callable 08/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 355000 | 365740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2036 (Callable 08/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 1370000 | 1363960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2037 (Callable 08/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 765000 | 758858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2040 (Callable 02/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 805000 | 786334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/2042 (Callable 08/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 2920000 | 2869152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/15/2047 (Callable 08/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 2405000 | 2341451 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Arlington Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2043 (Callable 05/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2025)<sup>(1)</sup> | $5000000 | $5009571 |  |
| Austin-Bergstrom Landhost Enterprises, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 (Callable 10/01/2027) | 1250000 | 1294646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 (Callable 10/01/2027) | 885000 | 913403 |  |
| Baytown Municipal Development District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/01/2031 | 500000 | 420616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2031<sup>(3)</sup> | 1020000 | 864665 |  |
| Brazoria County Toll Road Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/2043 (Callable 03/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(County Guaranteed)<sup>(5)</sup> | 490000 | 443886 |  |
| Central Texas Regional Mobility Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2025 (Callable 07/01/2024) | 1060000 | 1087527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2040 (Callable 01/01/2031) | 1250000 | 1185487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 07/01/2025) | 500000 | 528442 |  |
| Central Texas Turnpike System, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2036 (Callable 08/15/2024) | 1000000 | 543828 |  |
| City of Austin TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025 | 1000000 | 1043852 |  |
| City of Bryan TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2040 (Callable 07/01/2027) | 250000 | 246930 |  |
| City of Conroe TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 (Callable 11/15/2028) | 500000 | 543755 |  |
| City of Dallas Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2044 (Callable 06/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2026)<sup>(1)</sup> | 1000000 | 995347 |  |
| City of Decatur TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2024 (Insured by BAM) | 300000 | 306557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 (Insured by BAM) | 280000 | 292500 |  |
| City of El Paso TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2041 (Callable 08/15/2025) | 250000 | 239735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2041 (Callable 08/15/2025) | 250000 | 239735 |  |
| City of Houston TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 (Callable 11/15/2024) | 715000 | 743171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2029 (ETM) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by NATL) | 500000 | 562119 |  |
| City of Hutto TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/01/2047 (Callable 08/01/2032) | 1205000 | 1160695 |  |
| City of Magnolia TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 09/01/2046<sup>(3)</sup> | 975000 | 923839 |  |
| City of Mesquite TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2039 (Callable 03/01/2032) | 500000 | 548203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2040 (Callable 03/01/2032) | 500000 | 545790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2041 (Callable 03/01/2032) | 500000 | 544739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2042 (Callable 03/01/2032) | 500000 | 544368 |  |
| City of Port Arthur TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2023 (Insured by BAM) | 250000 | 250521 |  |
| City of San Antonio TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2023 | 2120000 | 2122991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2027)<sup>(1)</sup> | 7500000 | 7037978 |  |
| City of Temple TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2035 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 650000 | 668599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2037 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 200000 | 202041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2038 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 165000 | 163304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2039 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 435000 | 430448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2041 (Callable 08/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 200000 | 192396 |  |
| Clifton Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 (PSF Guaranteed) | 360000 | 379562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 800000 | 830249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2032 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 600000 | 620477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2033 (Callable 08/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 2000000 | 2058279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034 (Callable 04/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 325000 | 335747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 1000000 | 1060802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2035 (Callable 04/01/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 250000 | 254669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2035 (Callable 08/15/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 1380000 | 1396006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2042 (Callable 01/30/2023) | 3225000 | 3226837 |  |
| Comal County Water Control & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvement District No. 6: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 560000 | 568269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2032 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 690000 | 696356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2033 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 720000 | 723764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2033 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 425000 | 434409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2034 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 750000 | 751349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2034 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 445000 | 453099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2035 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 475000 | 481078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2036 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 504212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2037 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 530000 | 532248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2038 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 560000 | 560894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2042 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 1250000 | 1228303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/01/2045 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 2330000 | 2251438 |  |
| County of Wise TX: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 | 880000 | 928566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033 (Callable 08/15/2031) | 930000 | 979832 |  |
| Crane County Water District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2023 | 250000 | 250498 |  |
| Danbury Higher Education Authority, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2028 (Callable 02/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 250000 | 258698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2031 (Callable 02/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 200000 | 207920 |  |
| Deaf Smith County Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2040 (Callable 03/01/2027) | 2045000 | 1759882 |  |
| Denton County Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2025)<sup>(1)</sup> | 1750000 | 1803223 |  |
| Ferris Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2029 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 560000 | 602371 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 184: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/01/2038 (Callable 04/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 630000 | 613469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2040 (Callable 04/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1055000 | 1050473 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 184: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2042 (Callable 04/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | $1130000 | $1111228 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 30, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2023 (Insured by BAM) | 295000 | 296813 |  |
| Fort Bend County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 58: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2033 (Callable 04/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 800000 | 760235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2034 (Callable 04/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 450000 | 424524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2035 (Callable 04/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 430000 | 396769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2037 (Callable 04/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 825000 | 725657 |  |
| Grand Parkway Transportation Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2034 (Callable 10/01/2028)<sup>(5)</sup> | 40000 | 43215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2035 (Callable 10/01/2028)<sup>(5)</sup> | 50000 | 53683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2036 (Callable 10/01/2028)<sup>(5)</sup> | 325000 | 346561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2028)<sup>(5)</sup> | 1795000 | 1877336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2028)<sup>(5)</sup> | 1055000 | 1101688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2028)<sup>(5)</sup> | 2470000 | 2581484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2048 (Callable 10/01/2028)<sup>(5)</sup> | 745000 | 777910 |  |
| Harris County Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Callable 12/01/2024) | 635000 | 658900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.708%, 11/15/2046 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 0.650%) (Callable 07/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2024)<sup>(2)</sup> | 7000000 | 7004907 |  |
| Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 423: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2025 (Insured by AGM) | 425000 | 447235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2026 (Insured by AGM) | 450000 | 483162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2027 (Insured by AGM) | 450000 | 490768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2028 (Insured by AGM) | 450000 | 500168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2029 (Insured by AGM) | 475000 | 537552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2030 (Callable 04/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 566228 |  |
| Harris County Municipal Utility District No. 71, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 (Callable 09/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 250000 | 252042 |  |
| Harris County Toll Road Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2043 (Callable 02/15/2028) | 500000 | 525067 |  |
| Harris County-Houston Sports Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2025 (Insured by NATL) | 11185000 | 9952320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 (Callable 11/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 310000 | 321402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2053 (Callable 11/15/2024) | 2220000 | 2231459 |  |
| Harris-Waller Counties Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 3: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2024 (Insured by AGM) | 290000 | 302864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2025 (Insured by AGM) | 315000 | 337670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2026 (Insured by AGM) | 335000 | 367681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2027 (Insured by AGM) | 365000 | 408042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2028 (Insured by AGM) | 390000 | 443176 |  |
| Housing Options, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 02/01/2025) (Insured by HUD)<sup>(1)</sup> | 4000000 | 4017580 |  |
| Houston Higher Education Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 10/01/2037 (Callable 01/30/2023) | 770000 | 634087 |  |
| Hunt Memorial Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 525000 | 564030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2030 | 1015000 | 1113151 |  |
| Irving Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.230%, 10/15/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.100%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/15/2023) (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 10/15/2023) (Partially Pre-refunded)<sup>(2)</sup> | 850000 | 850000 |  |
| Joshua Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2026 (PSF Guaranteed) | 2425000 | 2537094 |  |
| Katy Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2032 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 485000 | 455373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2033 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 420000 | 388281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2034 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 575000 | 523422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2035 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 443261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/01/2039 (Callable 06/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1125000 | 915009 |  |
| Kilgore Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/15/2052 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/15/2025) (PSF Guaranteed)<sup>(1)</sup> | 4190000 | 4042627 |  |
| Lake Travis Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2038 (Callable 02/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 250000 | 250153 |  |
| Lakes Fresh Water Supply District |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of Denton County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 680000 | 703505 |  |
| Laredo Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (Callable 08/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 350000 | 384190 |  |
| Las Varas Public Facility Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.400%, 05/01/2025 (Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 05/01/2024)<sup>(1)</sup> | 1000000 | 934424 |  |
| Lazy Nine Municipal Utility District No. 1B: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2035 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 525000 | 405266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2037 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 530000 | 379524 |  |
| Leander Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2040 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2024) (PSF Guaranteed) | 20000 | 8846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2040 (Callable 08/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 500000 | 522284 |  |
| Lower Colorado River Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2042 (Callable 05/15/2026) | 465000 | 432787 |  |
| Martin County Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2027 | 225000 | 232199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2028 | 430000 | 446153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2031 (Callable 04/01/2030) | 235000 | 244927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2033 (Callable 04/01/2030) | 375000 | 386591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034 (Callable 04/01/2030) | 500000 | 510744 |  |
| Matagorda County Navigation District No. 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 05/01/2030 (Insured by AMBAC) | 2430000 | 2494850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2030 (Callable 06/03/2023) | 3500000 | 3498531 |  |
| Metropolitan Transit Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of Harris County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034 (Callable 11/01/2029) | 560000 | 630907 |  |
| Montgomery County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 119, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2023 (Insured by BAM) | 200000 | 200385 |  |
| Navasota Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2048 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2025) (PSF Guaranteed) | 2100000 | 2191620 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| New Hope Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/2026 | $1345000 | $1219520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2027) | 255000 | 277304 |  |
| Newark Higher Education Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2035 (Callable 08/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 425000 | 429833 |  |
| North Lamar Independent School District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2032 (Callable 02/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 1230000 | 1329356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2036 (Callable 02/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 715000 | 730919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2037 (Callable 02/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 625000 | 630059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2038 (Callable 02/15/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 650000 | 650606 |  |
| North Texas Tollway Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 (Callable 01/01/2026) | 675000 | 713010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.750%, 09/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2031)<sup>(5)</sup> | 40000 | 52195 |  |
| Northeast Travis County Utility District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2023 (Insured by BAM) | 275000 | 267135 |  |
| Northside Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.600%, 08/01/2049 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (PSF Guaranteed)<sup>(1)</sup> | 740000 | 716625 |  |
| Northwest Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 10: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 (Insured by BAM) | 640000 | 654296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2025 (Insured by BAM) | 650000 | 674301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 (Insured by BAM) | 725000 | 762523 |  |
| Red River Health Facilities Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.000%, 11/15/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/15/2024) | 2425000 | 2643505 |  |
| Remington Municipal Utility District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2025 (Callable 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 540000 | 540319 |  |
| Sabine-Neches Navigation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/2047 (Callable 02/15/2031) | 2000000 | 2033411 |  |
| Seminole Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2034 (Callable 02/15/2026) | 1200000 | 1004325 |  |
| Southwest Houston Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Insured by AGM) | 250000 | 267639 |  |
| Sugar Land 4B Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2030 (Callable 02/15/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 1045000 | 1100606 |  |
| Tarrant County Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 02/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023)<sup>(1)</sup> | 2655000 | 2652780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2037 (Callable 11/15/2027) | 600000 | 614749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 (Callable 12/01/2023) | 1015000 | 1023194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2040 (Callable 11/15/2026) | 400000 | 405786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2042 (Callable 05/15/2026) | 500000 | 469893 |  |
| Texas Department of Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Community Affairs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 08/01/2024) (Insured by HUD)<sup>(1)</sup> | 2000000 | 2009294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Insured by GNMA) | 215000 | 235753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 (Insured by GNMA) | 175000 | 193118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 (Insured by GNMA) | 450000 | 499674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/01/2049 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 3015000 | 3064190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/01/2052 (Callable 03/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 6000000 | 6416238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2053 (Callable 03/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by GNMA) | 1000000 | 1103731 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. I: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.645%, 12/15/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 1.450%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/03/2023)<sup>(2)</sup> | 4000000 | 3898166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/15/2026 | 1125000 | 1184261 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.065%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.870%)<sup>(2)</sup> | 12170000 | 12013853 |  |
| Texas Municipal Gas Acquisition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Supply Corp. III: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 | 1500000 | 1553590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2028 | 3000000 | 3112968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 | 2180000 | 2258518 |  |
| Texas Municipal Power Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2029 (Callable 09/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 2080000 | 2052452 |  |
| Texas State Technical College, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 08/01/2047 (Callable 08/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 4000000 | 4530336 |  |
| THF Public Facility Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/01/2040 (Callable 09/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2025)<sup>(1)</sup> | 1500000 | 1484911 |  |
| Tioga Independent School |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;District Public Facility Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/2027 (Callable 08/15/2024) | 200000 | 184873 |  |
| Travis County Municipal Utility District No. 4, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 (Callable 01/30/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 615000 | 615217 |  |
| Upper Trinity Regional Water District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 (Callable 08/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 265000 | 292859 |  |
| Viridian Municipal Management District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (Callable 12/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 315000 | 317592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 (Callable 12/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 470000 | 473838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2032 (Callable 12/01/2029) | 415000 | 424058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2037 (Callable 12/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 865000 | 837631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2037 (Callable 12/01/2029) | 690000 | 702142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2043 (Callable 12/01/2029) | 1260000 | 1279106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/01/2049 (Callable 12/01/2029) | 1300000 | 1326900 |  |
| Washington County Junior College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 (Callable 04/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 500000 | 529669 |  |
| White Settlement Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/15/2040 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;08/15/2023) (PSF Guaranteed) | 1370000 | 644014 |  |
| Wimberley Independent School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2031 (Callable 08/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PSF Guaranteed) | 355000 | 371378 |  |
| **Total Texas** |  |  |  |
| **(Cost $230,943,445)** |  | 221700057 | 8.9% |
| **Utah** |  |  |  |
| City of Herriman City UT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2041 (Callable 01/01/2031) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 500000 | 502376 |  |
| City of Salt Lake City UT: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1000000 | 1068978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 (Callable 07/01/2027) | 155000 | 167756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2042 (Callable 07/01/2027) | 4140000 | 4246865 |  |
| Grand County School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2037 (Callable 12/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 870000 | 907634 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Jordan Valley Water Conservancy District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 (Callable 10/01/2026) | $250000 | $269356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (Callable 10/01/2026) | 350000 | 376325 |  |
| Midvale Utah Redevelopment Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 290000 | 314475 |  |
| University of Utah, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2039 (Callable 08/01/2030) | 1760000 | 1760404 |  |
| Utah Charter School Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/15/2025 (Insured by UT CSCE) | 615000 | 558611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2027 (Insured by UT CSCE) | 370000 | 361427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2027 (Callable 04/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 365000 | 383917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2028 (Callable 04/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 720000 | 755815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2029 (Insured by UT CSCE) | 175000 | 176949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2032 (Callable 10/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 310000 | 327088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2036 (Callable 04/15/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 700000 | 702809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2037 (Callable 04/15/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 500000 | 478863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2037 (Callable 04/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 520000 | 532570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2042 (Callable 04/15/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 480000 | 438194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2043 (Pre-refunded to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/15/2023) (Insured by UT CSCE) | 2250000 | 2283225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2043 (Callable 10/15/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by UT CSCE) | 1000000 | 1020018 |  |
| Utah Housing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2045 (Callable 01/01/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FHA) | 140000 | 139854 |  |
| Utah Telecommunication Open |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/01/2040 (Callable 06/01/2032) | 1750000 | 1757905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/01/2040 (Callable 06/01/2032) | 1000000 | 1123652 |  |
| Utah Transit Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2041 (Callable 06/15/2028) | 400000 | 395467 |  |
| Utah Water Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 (Callable 03/01/2027) | 925000 | 964849 |  |
| **Total Utah** |  |  |  |
| **(Cost $23,045,206)** |  | 22015382 | 0.9% |
| **Vermont** |  |  |  |
| City of Burlington VT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2027) | 275000 | 299468 |  |
| University of Vermont, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2043 (Callable 10/01/2026) | 1000000 | 947067 |  |
| Vermont Educational & Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 (Callable 06/01/2026) | 500000 | 515507 |  |
| Vermont Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.650%, 11/01/2032 (Callable 11/01/2024) | 95000 | 95279 |  |
| Vermont Public Power Supply Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 (Callable 07/01/2027) | 500000 | 519240 |  |
| **Total Vermont** |  |  |  |
| **(Cost $2,605,854)** |  | 2376561 | 0.1% |
| **Virginia** |  |  |  |
| Chesapeake Bay Bridge & Tunnel District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 | 9720000 | 9808801 |  |
| City of Virginia Beach VA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2031 (Callable 03/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1500000 | 1504530 |  |
| County of James City VA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2029 (Callable 06/15/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by ST AID) | 1000000 | 1001877 |  |
| Farmville Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2053 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2043) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 7950000 | 8308419 |  |
| Fredericksburg Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030 (Callable 06/15/2024) | 1000000 | 1020027 |  |
| Hampton Roads Transportation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accountability Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2042 (Callable 01/01/2028) | 305000 | 325630 |  |
| James City County Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2043 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 06/01/2023) | 2360933 | 2386086 |  |
| Portsmouth Redevelopment & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2025 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 07/01/2024) (Insured by HUD)<sup>(1)</sup> | 3500000 | 3475025 |  |
| Virginia College Building Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2026 (Insured by NATL) | 1890000 | 1942586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2034 (Callable 02/01/2031) | 2000000 | 2099874 |  |
| Virginia Housing Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/01/2038 (Callable 01/20/2023) | 2570000 | 2441066 |  |
| Virginia Resources Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2031 (Callable 11/01/2028) | 1200000 | 1202379 |  |
| Virginia Small Business Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 (Callable 10/01/2032) | 1105000 | 1173115 |  |
| **Total Virginia** |  |  |  |
| **(Cost $37,791,176)** |  | 36689415 | 1.5% |
| **Washington** |  |  |  |
| Eastern Washington University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2033 (Callable 10/01/2026) | 600000 | 544348 |  |
| Energy Northwest, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 (Callable 07/01/2028) | 600000 | 667515 |  |
| FYI Properties, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 (Callable 06/01/2028) | 1500000 | 1604677 |  |
| Grant County Public Utility District No. 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/01/2044 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2025)<sup>(1)</sup> | 250000 | 241148 |  |
| King County Housing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2029 | 800000 | 826516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 (Callable 12/01/2026) | 1650000 | 1754786 |  |
| King County Public Hospital District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 (Callable 12/01/2028) | 1050000 | 1161510 |  |
| Metropolitan Park District of Tacoma WA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 (Callable 12/01/2026) | 500000 | 517806 |  |
| Pend Oreille County Public |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 220000 | 233517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 (Callable 01/01/2028) | 100000 | 105645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 (Callable 01/01/2029) | 2500000 | 2567773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039 (Callable 01/01/2028) | 1500000 | 1534129 |  |
| Seattle Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 (Callable 03/01/2025) | 5000000 | 5085297 |  |
| State of Washington: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2028) | 805000 | 871832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2039 (Callable 06/01/2029) | 800000 | 868516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2042 (Callable 07/01/2028) | 1330000 | 1407699 |  |
| Tacoma Metropolitan Park District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2024 | 430000 | 440700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 | 2290000 | 2279433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 (Callable 12/01/2028) | 1735000 | 1731281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2030 (Callable 12/01/2028) | 795000 | 790915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 (Callable 12/01/2027) | 385000 | 401954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 (Callable 12/01/2027) | 335000 | 347033 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Washington Health Care Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 (Callable 01/01/2028) | $1000000 | $1051401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 (Callable 02/15/2028) | 3015000 | 3137306 |  |
| Washington State Housing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.400%, 06/01/2025 (Insured by GNMA) | 810000 | 794299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 12/01/2033 (Callable 06/01/2024) | 20000 | 19892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (Callable 06/01/2028) | 440000 | 440727 |  |
| Western Washington University: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2028 (Insured by BAM) | 320000 | 333502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2029 (Insured by BAM) | 345000 | 359751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2030 (Insured by BAM) | 530000 | 553895 |  |
| **Total Washington** |  |  |  |
| **(Cost $34,003,159)** |  | 32674803 | 1.3% |
| **West Virginia** |  |  |  |
| West Virginia Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 12/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2025)<sup>(1)</sup> | 2500000 | 2478781 |  |
| West Virginia Hospital Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2029 (Callable 06/01/2026) | 445000 | 453812 |  |
| **Total West Virginia** |  |  |  |
| **(Cost $2,958,898)** |  | 2932593 | 0.1% |
| **Wisconsin** |  |  |  |
| City of Milwaukee WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 | 3695000 | 3773453 |  |
| County of Waushara WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2027 (Callable 06/01/2025) | 2260000 | 2329314 |  |
| Oak Creek-Franklin Joint School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.150%, 04/01/2028 (Callable 04/01/2025) | 5140000 | 5151381 |  |
| Oshkosh Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 03/01/2027 (Callable 03/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 12000000 | 11599606 |  |
| Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2023 | 1375000 | 1381499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023<sup>(3)</sup> | 2125000 | 2131286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024<sup>(3)</sup> | 2725000 | 2739680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2025<sup>(3)</sup> | 235000 | 225570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2025 | 220000 | 224460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(3)</sup> | 1250000 | 1172526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 09/01/2026) | 130000 | 107705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029<sup>(3)</sup> | 1000000 | 999357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 (Callable 03/01/2026) | 440000 | 462901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2032<sup>(3)</sup> | 900000 | 827707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2029)<sup>(3)</sup> | 2750000 | 2659673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 400000 | 419886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2032)<sup>(3)</sup> | 850000 | 676465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2044 (Callable 04/01/2029) | 1750000 | 1778239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2032)<sup>(3)</sup> | 1000000 | 724684 |  |
| University of Wisconsin Hospitals & Clinics: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 (Callable 10/01/2028) | 465000 | 499549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 04/01/2023) | 830000 | 834016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2043 (Callable 10/01/2028) | 2035000 | 2104781 |  |
| Village of Mount Pleasant WI: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2035 (Callable 04/01/2028) | 1795000 | 1848551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 (Callable 04/01/2028) | 1000000 | 1083325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2037 (Callable 04/01/2028) | 1000000 | 994719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2038 (Callable 04/01/2028) | 1000000 | 1069779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2048 (Callable 04/01/2028) | 200000 | 206094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2048 (Callable 04/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 2875000 | 2976234 |  |
| Wisconsin Center District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2023 (ETM) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 40000 | 40131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2023 (Insured by AGM) | 630000 | 641053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2027 (Insured by AGM) | 525000 | 444946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2027 (Insured by NATL) | 220000 | 183754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 (Callable 06/15/2026) | 500000 | 537556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2028 (Insured by AGM) | 255000 | 207992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2028 (Insured by AGM) | 1045000 | 842455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2028 (Callable 06/15/2026) | 345000 | 370207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (Insured by AGM) | 315000 | 246794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2030 (Insured by AGM) | 1325000 | 980178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2030 (Insured by AGM) | 460000 | 345639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 (Callable 06/15/2026) | 500000 | 534832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2031 (Callable 06/15/2026) | 440000 | 470652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2034 (Callable 12/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 615000 | 371552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2035 (Callable 12/15/2030) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 2780000 | 1581702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2035 (Callable 06/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by BAM) | 300000 | 170687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2061 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2030)<sup>(3)</sup> | 1000000 | 992703 |  |
| Wisconsin Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2023 | 165000 | 166297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2023 | 125000 | 124443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2024 | 250000 | 256041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2024 | 155000 | 153395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2025 (Callable 03/01/2024) | 315000 | 314591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 245000 | 240876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 135000 | 141862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 (Callable 07/01/2024) | 50000 | 51335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (Callable 11/01/2024) | 1190000 | 1231578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 (Callable 03/01/2024) | 1095000 | 1092201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 250000 | 272733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 (Callable 02/15/2027) | 575000 | 606337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 (Callable 03/01/2024) | 830000 | 825733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 (Callable 08/15/2023) | 1025000 | 1031278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 (Callable 11/01/2026) | 470000 | 452722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 (Callable 11/01/2026) | 395000 | 420461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 555000 | 619691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 (Callable 11/01/2026) | 515000 | 487785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 (Callable 12/15/2024) | 480000 | 496552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2031 (Callable 04/01/2027) | 250000 | 268431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 (Callable 10/01/2029) | 250000 | 274554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2034 (Callable 05/15/2026) | 1000000 | 1012114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2037 (Callable 08/15/2027) | 1905000 | 1906417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 (Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2023)<sup>(1)</sup> | 1000000 | 1000821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/01/2039 (Callable 01/30/2023) | 230000 | 226260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2039 (Callable 05/15/2026) | 525000 | 511386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2039 (Callable 12/15/2024) | 1450000 | 1470190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2044 (Callable 12/15/2024) | 675000 | 680865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2045 (Callable 12/01/2032) | 2000000 | 2066333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2046 (Callable 05/15/2026) | 475000 | 435797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2048 (Callable 12/01/2032) | 3000000 | 3157969 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Wisconsin Health & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority: (cont.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2051 (Callable 08/15/2026) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/15/2027)<sup>(1)</sup> | $2300000 | $2403051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2052 (Callable 08/15/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/15/2025)<sup>(1)</sup> | 1000000 | 1021322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 02/15/2053 (Callable 01/03/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/06/2023)<sup>(1)</sup> | 8470000 | 8470000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.680%, 08/15/2054 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.550%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/20/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/26/2023)<sup>(2)</sup> | 1445000 | 1444798 |  |
| Wisconsin Housing & Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2048 (Callable 03/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FNMA) | 805000 | 804706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2049 (Callable 09/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FNMA) | 1260000 | 1271222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.500%, 11/01/2050 (Callable 05/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by HUD)<sup>(1)</sup> | 1110000 | 1036704 |  |
| **Total Wisconsin** |  |  |  |
| **(Cost $102,104,512)** |  | 98414124 | 4.0% |
| **Wyoming** |  |  |  |
| County of Laramie WY: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2030 | 720000 | 753693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2032 (Callable 05/01/2031) | 525000 | 538768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2034 (Callable 05/01/2031) | 500000 | 506711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2036 (Callable 05/01/2031) | 600000 | 600687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037 (Callable 05/01/2031) | 225000 | 221578 |  |
| Wyoming Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2044 (Callable 06/01/2024) | 25000 | 24762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2048 (Callable 06/01/2028) | 1175000 | 1176882 |  |
| **Total Wyoming** |  |  |  |
| **(Cost $4,255,467)** |  | 3823081 | 0.2% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $2,441,143,962)** |  | 2364845152 | 95.0% |
| Short-Term Investments |  |  |  |
| **U.S. Treasury Security** |  |  |  |
| U.S. Treasury Bill, 3.92%<sup>(6)</sup>, 02/21/2023 | 80000000 | 79547403 |  |
| **Total U.S. Treasury Security** |  |  |  |
| **(Cost $79,536,920)** |  | 79547403 | 3.2% |
|  | *Shares* |  |  |
| **Money Market Mutual Fund** |  |  |  |
| Federated Hermes Institutional Tax-Free |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Trust, Premier Shares, 3.56%<sup>(4)</sup> | 1610761 | 1610761 |  |
| **Total Money Market Mutual Fund** |  |  |  |
| **(Cost $1,610,761)** |  | 1610761 | 0.1% |
| **Total Short-Term Investments** |  |  |  |
| **(Cost $81,147,681)** |  | 81158164 | 3.3% |
| **Total Investments** |  |  |  |
| **(Cost $2,522,291,643)** |  | 2446003316 | 98.3% |
| Other Assets in Excess of Liabilities |  | 42476766 | 1.7% |
| **TOTAL NET ASSETS** |  | $2488480082 | 100.0% |

---

#### Notes to Schedule of Investments
AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

BHAC – Berkshire Hathaway Assurance Corp.

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

HUD – US Department of Housing and Development

NATL – National Public Finance Guarantee Corp.

Q-SBLF – Qualified School Building Loan Fund

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

SONYMA – State of New York Mortgage Agency

SCSDE – South Carolina School District

ST AID – State Aid Intercept/Withholding

USDA – USDA OneRD Guarantee

UT CSCE – Utah Charter School Credit Enhancement Program

XLCA – XL Capital Assurance, Inc.

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

SOFR – Secured Overnight Financing Rate

<sup>(1)</sup> Variable rate security. The rate reported is the rate in effect as of December 31, 2022.

<sup>(2)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(3)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $76,360,020, which represented 3.07% of total net assets.

<sup>(4)</sup> Seven-day yield.

<sup>(5)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

<sup>(6)</sup> Effective yield as of December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Core Intermediate Municipal Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| Municipal Bonds | $— | $2364845152 | $— | $2364845152 |
| **Total Long-Term Investments** |  | 2364845152 |  | 2364845152 |
| **Short-Term Investments** |  |  |  |  |
| U.S. Treasury Security |  | 79547403 |  | 79547403 |
| Money Market Mutual Fund | 1610761 |  |  | 1610761 |
| **Total Short-Term Investments** | 1610761 | 79547403 |  | 81158164 |
| **Total Investments** | $1610761 | $2444392555 | $— | $2446003316 |

---

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.*

------

Baird Municipal Bond Fund

December 31, 2022 (Unaudited)

------

The Baird Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and is consistent with the preservation of capital.

The tax-exempt market closed the year with a strong tone, as yields fell modestly in December, adding to the strong rally that began in November. Although yields were lower for the quarter, they still rose significantly across the curve for the full year with short-term rates rising more than long. The magnitude of the move in short rates left yields between the 1–10-year curve inverted for the first time ever (-18 bps at year end). Inflation, which rose much more than expected and proved to be more persistent than transitory, was the obvious catalyst for the big upward yield adjustment in 2022. Exacerbating the inflation pressures was Russia's invasion of Ukraine, especially impacting global food and energy prices, as well as China's strict COVID-19 lockdowns, which prolonged global supply constraints. A tight labor market in the US, with nearly two job openings for every unemployed individual, also kept wage pressures elevated. The Fed reacted aggressively as the inflation data became more troubling. Rather than boost rates by the total of 75 bps they expected at the start of the year, the federal funds rate rose by 425 bps (including four successive 75 bps increases); the most aggressive Fed rate campaign on record combined with transitioning from quantitative easing (QE) to quantitative tightening (QT) as the Fed's balance sheet was unwound.

During 2022, the Institutional Class Shares of the Fund (BMQIX) posted a net return of -7.73% vs. a -8.53% return for the Bloomberg Municipal Bond Index.

Positive contributors to the Fund's relative performance during the year include:

• Security selection – Opportunistic trading and underweight to longer spread-duration structures

• Sector Positioning – Transportation and Hospital drag offset by Housing and Education allocation outperformance

Negative contributors to the Fund's relative performance during the year include:

• Curve Positioning – Rising rates and a flattening curve was a performance drag

• Credit Positioning – Overweight to lower-quality detracted from performance

• Pricing Service Impact – ICE (Fund) lagged the pricing of Benchmark (BVAL) securities

We expect economic growth to slow over the course of 2023, with the understanding that monetary policy changes operate with long and variable lags. Inflation should also fall, but to what level and at what pace are the key questions that will determine how high the federal funds rate rises and how long it remains elevated. Our view is that a "higher for longer" federal funds rate is likely, which implies that an unusually flat yield curve is probable for much of the year. Municipal issuance should remain modest even as infrastructure spending picks up but refunding volume will once again be quite low given the higher rate levels. With tax-loss harvesting largely behind us and much more attractive yields than a year ago, investor demand should improve, leading to positive municipal fund flows once again in 2023. The backdrop for municipal credit fundamentals remains strong. State and local governments begin the new year with record reserves that will help cushion an expected slowdown in tax revenues. Therefore, we expect credit ratings to remain relatively stable throughout 2023. Two sectors that we are more cautious on are Hospitals, which face labor shortages and rising costs, and Higher Education, which is challenged by declining enrollment growth. That said, structural opportunities in various sectors of the market (e.g., Housing) combined with modestly wider credit spreads over the year would be viewed as an opportunity in 2023.

The Fund maintains a neutral duration posture relative to the benchmark while seeking a yield curve allocation that optimizes roll-down benefit. Sector weightings will likely favor revenue-backed issues, with a particular focus, selectively, on Hospitals and Housing bonds. Given the recent widening in credit spreads, we believe a modest credit overweight is appropriate, particularly shorter on the curve. Although the pace of economic growth and tax revenues are likely to slow, credit fundamentals across most municipalities remains strong. That said, careful fundamental credit analysis and review remains critically important to adding value. Additional yield will also be sought from structural nuances at the individual security level where differing bond characteristics, such as coupon, call optionality and cash-flow variability help to create market inefficiencies.

------

Baird Municipal Bond Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

#### Quality Distribution<sup>(2)(7)</sup>

---

| | | |
|:---|:---|:---|
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Net Assets** | $59755212 |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **SEC 30-Day Yield<sup>(4)</sup>** |  |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Institutional Class | 3.73% |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Investor Class | 3.48% |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Average Effective Duration** | 6.39 years |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Average Effective Maturity** | 8.21 years |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Annualized Expense Ratio<sup>(5)</sup>** |  |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Institutional Class | 0.30% |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Investor Class | 0.55%<br><sup>(6)</sup> |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |
| ![](bmbf_qd-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | **Portfolio Turnover Rate** | 76% |
| **Sector Weightings<sup>(1)</sup>** | **Number of Holdings** | 261 |
| ![](bmbf_sw-piechart.jpg)&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |

---

<sup>(1)</sup> Percentages shown are based on the Fund's total net assets.

<sup>(2)</sup> The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody's or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

<sup>(3)</sup> Includes pre-refunded and escrowed-to-maturity (ETM) bonds.

<sup>(4)</sup> SEC yields are based on SEC guidelines and are calculated for the 30 days ended December 31, 2022.

<sup>(5)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022.

<sup>(6)</sup> Includes 0.25% 12b-1 fee.

<sup>(7)</sup> Percentages shown are based on the Fund's total investments.

------

Baird Municipal Bond Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bmbf_inst-linechart.jpg) | ![](bmbf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 11/15/19, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 11/15/19, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -7.73% | 1.63% | 1.95% |
| Investor Class Shares | -7.78% | 1.38% | 1.70% |
| Bloomberg Municipal Bond Index<sup>(2)</sup> | -8.53% | -0.77% | -0.48% |

---

<sup>(1)</sup> For the period from November 15, 2019 (inception date) through December 31, 2022.

<sup>(2)</sup> The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity of at least one year. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The Fund's expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund may invest up to 15% of its net assets in non-investment grade debt securities (commonly referred to as "high yield" bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund's share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.***

***U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| **Municipal Bonds** |  |  |  |
| **Alabama** |  |  |  |
| Alabama Corrections Institution Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 (Callable 07/01/2032) | $500000 | $550729 |  |
| Alabama Special Care Facilities Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (Callable 06/01/2025) | 110000 | 115379 |  |
| Black Belt Energy Gas District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2025)<sup>(1)</sup> | 45000 | 44504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2028)<sup>(1)</sup> | 500000 | 525218 |  |
| Chilton County Health Care Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2027 (Callable 11/01/2025) | 100000 | 96824 |  |
| Jacksonville State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2027) (Insured by AGM) | 500000 | 538999 |  |
| Lower Alabama Gas District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (Callable 09/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2025)<sup>(1)</sup> | 175000 | 173616 |  |
| Southeast Energy Authority A Cooperative District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2053 (Callable 09/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/01/2029)<sup>(1)</sup> | 250000 | 264650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (Callable 05/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 08/01/2028)<sup>(1)</sup> | 250000 | 256628 |  |
| Wilcox County Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2025) (Insured by AGM) | 125000 | 128083 |  |
| **Total Alabama** |  |  |  |
| **(Cost $2,686,542)** |  | 2694630 | 4.5% |
| **Alaska** |  |  |  |
| CIVIC Ventures, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 (Callable 09/01/2025) | 200000 | 204457 |  |
| **Total Alaska** |  |  |  |
| **(Cost $209,058)** |  | 204457 | 0.3% |
| **Arizona** |  |  |  |
| Arizona Industrial Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 (Callable 10/01/2026)<sup>(3)</sup> | 100000 | 98356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2032 (Callable 01/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SD CRED PROG) | 100000 | 98925 |  |
| Glendale Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 07/01/2033 (Callable 07/01/2029) | 250000 | 206551 |  |
| Glendale Municipal Property Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2038 (Callable 01/30/2023) | 180000 | 179994 |  |
| Industrial Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the County of Pima, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2029 | 25000 | 24663 |  |
| **Total Arizona** |  |  |  |
| **(Cost $660,821)** |  | 608489 | 1.0% |
| **Arkansas** |  |  |  |
| Batesville Public Facilities Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 150000 | 156075 |  |
| City of Heber Springs AR, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 06/01/2047 (Callable 06/01/2028) | 215000 | 190284 |  |
| **Total Arkansas** |  |  |  |
| **(Cost $374,030)** |  | 346359 | 0.6% |
| **California** |  |  |  |
| Brea Redevelopment Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2036 (Callable 08/01/2027)<sup>(5)</sup> | 145000 | 149831 |  |
| California Community College |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/01/2060 (Callable 07/01/2032)<sup>(3)</sup> | 350000 | 328614 |  |
| California Public Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.375%, 11/15/2028 (Callable 05/15/2023)<sup>(3)</sup> | 75000 | 68758 |  |
| California Statewide Communities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2036 (Callable 04/01/2030) | 500000 | 500385 |  |
| City of Los Angeles Department of Airports, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2033 (Callable 05/15/2029) | 500000 | 534279 |  |
| El Rancho Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2028) (Insured by AGM)<sup>(5)</sup> | 115000 | 132326 |  |
| Freddie Mac Multifamily Variable Rate Certificate, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 07/25/2036 | 748495 | 642851 |  |
| Golden Valley Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (Insured by NATL) | 75000 | 61895 |  |
| Hawthorne School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.200%, 08/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027) (Insured by AGM)<sup>(5)</sup> | 250000 | 268463 |  |
| Los Alamitos Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2042 (Callable 08/01/2029)<sup>(5)</sup> | 195000 | 199128 |  |
| Los Angeles County Schools Regionalized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2029 (Insured by AMBAC) | 285000 | 222792 |  |
| Mayers Memorial Hospital District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2029 | 160000 | 119024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2030 | 360000 | 255899 |  |
| Morongo Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2041 (Callable 08/01/2030)<sup>(5)</sup> | 125000 | 120222 |  |
| Newport Mesa Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.300%, 08/01/2042 (Callable 08/01/2031)<sup>(5)</sup> | 35000 | 42608 |  |
| Oak Park Unified School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.100%, 08/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2031) (Insured by AGM)<sup>(5)</sup> | 50000 | 62563 |  |
| Solano County Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2030 (Callable 08/01/2025)<sup>(5)</sup> | 150000 | 151047 |  |
| **Total California** |  |  |  |
| **(Cost $3,958,539)** |  | 3860685 | 6.5% |
| **Colorado** |  |  |  |
| City & County of Denver CO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2041 (Callable 08/01/2026) | 365000 | 380077 |  |
| Colorado Educational & Cultural |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2030 (Callable 09/01/2028) | 100000 | 89825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2038 (Callable 12/01/2028) | 75000 | 76382 |  |
| Colorado Water Resources & Power |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2044 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2024) (Insured by BAM) | 200000 | 204497 |  |
| Grand River Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) (Insured by AGM) | 75000 | 81675 |  |
| Pueblo Urban Renewal Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2025<sup>(3)</sup> | 200000 | 168652 |  |
| Regional Transportation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2039 | 110000 | 99613 |  |
| State of Colorado, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2036 (Callable 12/15/2031) | 415000 | 422417 |  |
| Vauxmont Metropolitan District: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) (Insured by AGM) | 25000 | 26760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 12/15/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2024) (Insured by AGM) | 150000 | 123360 |  |
| **Total Colorado** |  |  |  |
| **(Cost $1,733,779)** |  | 1673258 | 2.8% |
| **Connecticut** |  |  |  |
| Connecticut State Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2031 (Callable 07/01/2028) | 30000 | 28060 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Connecticut State Higher Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplement Loan Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded to 11/15/2026) | $150000 | $152051 |  |
| Town of Stratford CT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/15/2030) (Insured by BAM) | 400000 | 396162 |  |
| **Total Connecticut** |  |  |  |
| **(Cost $566,046)** |  | 576273 | 1.0% |
| **District of Columbia** |  |  |  |
| Metropolitan Washington Airports Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2028 (Insured by AGC) | 180000 | 146285 |  |
| **Total District of Columbia** |  |  |  |
| **(Cost $166,261)** |  | 146285 | 0.2% |
| **Florida** |  |  |  |
| Brevard County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2052 (Callable 04/01/2032) | 750000 | 759680 |  |
| Florida Development Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2029 (Callable 06/15/2027)<sup>(3)</sup> | 200000 | 193520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032<sup>(3)</sup> | 455000 | 430036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2051 (Callable 07/01/2031)<sup>(3)</sup> | 100000 | 75617 |  |
| Florida Housing Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.200%, 01/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) (Insured by GNMA) | 45000 | 43568 |  |
| Orange County Convention Center, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2034 (Callable 10/01/2026) | 150000 | 152610 |  |
| Orange County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 (Callable 08/01/2024) | 200000 | 203401 |  |
| Palm Beach County Health Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2023 | 200000 | 200041 |  |
| School Board of Miami-Dade County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 (Callable 02/01/2026) | 500000 | 529748 |  |
| University of West Florida, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2034 (Callable 06/01/2026) | 50000 | 50380 |  |
| **Total Florida** |  |  |  |
| **(Cost $2,721,527)** |  | 2638601 | 4.4% |
| **Georgia** |  |  |  |
| Atlanta Urban Residential Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/01/2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 09/01/2024)<sup>(1)</sup> | 200000 | 195745 |  |
| Burke County Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 10/01/2032 (Callable 11/19/2026) | 250000 | 205610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/01/2052 (Callable 05/03/2031)<sup>(5)</sup> | 500000 | 325347 |  |
| Development Authority of Cobb County, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2049 (Callable 06/01/2027) | 245000 | 253734 |  |
| Main Street Natural Gas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (Callable 05/01/2027) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 11/01/2027)<sup>(1)(3)</sup> | 400000 | 376073 |  |
| **Total Georgia** |  |  |  |
| **(Cost $1,397,567)** |  | 1356509 | 2.3% |
| **Idaho** |  |  |  |
| Idaho Housing & Finance Association, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2042 (Callable 05/01/2032) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCH BD GTY) | 500000 | 368332 |  |
| **Total Idaho** |  |  |  |
| **(Cost $373,393)** |  | 368332 | 0.6% |
| **Illinois** |  |  |  |
| Chicago Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2026 (Insured by NATL) | 60000 | 61927 |  |
| Chicago Midway International Airport, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 (Callable 01/01/2026) | 365000 | 377214 |  |
| Chicago O'Hare International Airport: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/01/2038 | 150000 | 150674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2055 (Callable 01/01/2032) | 250000 | 261649 |  |
| City of Chicago IL: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2027 (Insured by NATL) | 100000 | 85658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2028 (Callable 01/01/2024) | 270000 | 271645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2033 (Insured by NATL) | 175000 | 113539 |  |
| Cook County Community College District No. 508: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2026 (Callable 12/01/2023) | 400000 | 402854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2028 (Callable 12/01/2023) | 75000 | 75452 |  |
| Exceptional Children Have Opportunities, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2029) | 150000 | 153848 |  |
| Hoffman Estates Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2044 (Callable 12/01/2024) | 200000 | 196061 |  |
| Illinois Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2036 (Callable 02/15/2027) | 400000 | 421570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2037 (Callable 11/15/2025) | 60000 | 60036 |  |
| Illinois Sports Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030 | 500000 | 507674 |  |
| Illinois State Toll Highway Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045 (Callable 01/01/2031) | 515000 | 542748 |  |
| Joliet Park District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2023) (Insured by AGM) | 100000 | 100097 |  |
| Kendall Kane & Will Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit School District No. 308, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2028 (Insured by AGM) | 280000 | 235110 |  |
| Macon County School District No. 61, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/01/2028) (Insured by AGM) | 250000 | 260816 |  |
| Metropolitan Pier & Exposition Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2029 (Insured by NATL) | 100000 | 77516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2034 (Insured by NATL) | 500000 | 291665 |  |
| State of Illinois, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 200000 | 206421 |  |
| Upper Illinois River Valley Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045 (Callable 01/01/2027)<sup>(3)</sup> | 200000 | 170546 |  |
| Village of Crestwood IL, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 12/15/2025) (Insured by BAM) | 100000 | 102055 |  |
| Will County Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 210: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2027 | 95000 | 82564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2029) (Insured by AGM) | 100000 | 101434 |  |
| Winnebago & Boone Counties Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High School District No. 207, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2027) (Insured by BAM) | 210000 | 216007 |  |
| **Total Illinois** |  |  |  |
| **(Cost $5,606,669)** |  | 5526780 | 9.3% |
| **Indiana** |  |  |  |
| Indiana Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/2030 | 100000 | 85207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (Callable 04/01/2032) | 250000 | 229436 |  |
| Indiana Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2046 (Callable 11/15/2026) | 100000 | 101291 |  |
| St. Joseph County Airport Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.010%, 07/01/2028 (Insured by BAM) | 155000 | 126940 |  |
| **Total Indiana** |  |  |  |
| **(Cost $569,608)** |  | 542874 | 0.9% |
| **Iowa** |  |  |  |
| City of Coralville IA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2025 (Callable 06/01/2024) | 100000 | 99673 |  |
| Iowa Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 01/01/2032 (Callable 01/01/2030)<sup>(3)</sup> | 250000 | 239627 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Iowa Higher Education Loan Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 10/01/2052 (Callable 10/01/2030) | $500000 | $506931 |  |
| **Total Iowa** |  |  |  |
| **(Cost $851,681)** |  | 846231 | 1.4% |
| **Kansas** |  |  |  |
| City of Coffeyville KS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2025 (Insured by NATL)<sup>(3)</sup> | 100000 | 100530 |  |
| Wyandotte County-Kansas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;City Unified Government, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2027 (Insured by NATL) | 130000 | 106449 |  |
| **Total Kansas** |  |  |  |
| **(Cost $217,020)** |  | 206979 | 0.3% |
| **Kentucky** |  |  |  |
| City of Henderson KY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/01/2032<sup>(3)</sup> | 200000 | 190267 |  |
| Kentucky Economic Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2027 (Insured by NATL) | 90000 | 75636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2031 (Callable 07/01/2025) | 100000 | 95535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2045 (Callable 07/01/2025) | 200000 | 190500 |  |
| Kentucky Public Energy Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.047%, 12/01/2049 (1 Month LIBOR |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USD + 1.120%) (Callable 03/01/2025) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2025)<sup>(2)</sup> | 50000 | 49487 |  |
| **Total Kentucky** |  |  |  |
| **(Cost $648,469)** |  | 601425 | 1.0% |
| **Maine** |  |  |  |
| Maine Health & Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2030) (Insured by ST AID) | 600000 | 633286 |  |
| **Total Maine** |  |  |  |
| **(Cost $638,543)** |  | 633286 | 1.1% |
| **Maryland** |  |  |  |
| Maryland Community |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Administration, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.700%, 03/01/2046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2031) (Insured by GNMA) | 400000 | 397198 |  |
| Maryland Economic Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030 (Callable 06/01/2028) | 500000 | 529665 |  |
| Maryland Health & Higher |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Educational Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 100000 | 106022 |  |
| **Total Maryland** |  |  |  |
| **(Cost $1,038,763)** |  | 1032885 | 1.7% |
| **Massachusetts** |  |  |  |
| Massachusetts Development Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2024 | 150000 | 151082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2025<sup>(3)</sup> | 50000 | 51272 |  |
| Massachusetts Educational Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2037 (Callable 07/01/2031) | 400000 | 331431 |  |
| **Total Massachusetts** |  |  |  |
| **(Cost $609,279)** |  | 533785 | 0.9% |
| **Michigan** |  |  |  |
| Flint Hospital Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2023 | 20000 | 20104 |  |
| Michigan Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044 (Callable 07/01/2024) | 300000 | 299318 |  |
| Michigan Strategic Fund: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2028 | 400000 | 415380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2043 (Callable 12/31/2028) | 305000 | 299248 |  |
| **Total Michigan** |  |  |  |
| **(Cost $1,012,820)** |  | 1034050 | 1.7% |
| **Minnesota** |  |  |  |
| City of Minneapolis MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 11/15/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Optional Put Date 01/03/2023)<sup>(1)</sup> | 150000 | 150000 |  |
| Housing & Redevelopment Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the City of St. Paul MN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 (Callable 12/01/2030) | 150000 | 150771 |  |
| Minnesota Higher Education Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2040 (Callable 10/01/2030) | 105000 | 101295 |  |
| Minnesota Housing Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2028) (Insured by GNMA) | 185000 | 186363 |  |
| Roseville Independent School District No. 623, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2032 (Callable 04/01/2030) | 200000 | 202523 |  |
| **Total Minnesota** |  |  |  |
| **(Cost $830,517)** |  | 790952 | 1.3% |
| **Mississippi** |  |  |  |
| City of Gulfport MS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 100000 | 104011 |  |
| County of Lafayette MS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2028 (Callable 06/01/2027) | 135000 | 136280 |  |
| Mississippi Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 (Callable 11/01/2027) | 100000 | 104440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2045 (Callable 03/01/2028) | 150000 | 156455 |  |
| **Total Mississippi** |  |  |  |
| **(Cost $536,959)** |  | 501186 | 0.8% |
| **Missouri** |  |  |  |
| City of Kansas City MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/01/2029 | 160000 | 128234 |  |
| City of St. Louis MO, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2039 (Callable 07/01/2029) | 300000 | 316194 |  |
| Health & Educational Facilities Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of the State of Missouri: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2025 | 150000 | 146342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 (Callable 11/15/2030) | 360000 | 393106 |  |
| St. Louis Land Clearance for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/2026 | 105000 | 105583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2035 (Callable 10/01/2029) | 145000 | 114389 |  |
| **Total Missouri** |  |  |  |
| **(Cost $1,240,458)** |  | 1203848 | 2.0% |
| **Nebraska** |  |  |  |
| Village of Boys Town NE, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2028 | 100000 | 100076 |  |
| **Total Nebraska** |  |  |  |
| **(Cost $100,000)** |  | 100076 | 0.2% |
| **Nevada** |  |  |  |
| City of Sparks NV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/15/2024<sup>(3)</sup> | 25000 | 24246 |  |
| **Total Nevada** |  |  |  |
| **(Cost $24,030)** |  | 24246 | 0.0% |
| **New Hampshire** |  |  |  |
| New Hampshire Business Finance Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.375%, 09/20/2036 | 496906 | 479820 |  |
| **Total New Hampshire** |  |  |  |
| **(Cost $472,491)** |  | 479820 | 0.8% |
| **New Jersey** |  |  |  |
| Atlantic City Board of Education, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 08/15/2024<sup>(3)</sup> | 85000 | 84070 |  |
| Borough of Woodbury Heights NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023) (Insured by AGC) | 20000 | 20017 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| New Jersey Economic Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2026 (Insured by NATL) | $500000 | $530159 |  |
| New Jersey Housing & Mortgage Finance Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2063 (Insured by HUD) | 500000 | 491103 |  |
| South Jersey Transportation Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2052 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2032) (Insured by BAM) | 500000 | 522439 |  |
| Township of Willingboro NJ, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.125%, 09/01/2033 (Callable 09/01/2028) | 225000 | 187801 |  |
| **Total New Jersey** |  |  |  |
| **(Cost $1,853,795)** |  | 1835589 | 3.1% |
| **New York** |  |  |  |
| Albany County Capital Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.100%, 07/01/2030 | 100000 | 86474 |  |
| Amherst Industrial Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/01/2026 (Mandatory Tender |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Date 04/01/2025) (Insured by FHA)<sup>(1)</sup> | 400000 | 403363 |  |
| Brookhaven Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/01/2025 | 145000 | 134162 |  |
| City of New York NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2046 (Callable 09/01/2032) | 250000 | 234178 |  |
| Huntington Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2027 | 250000 | 236680 |  |
| Middletown City School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2034 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/15/2024) (Insured by ST AID) | 110000 | 104477 |  |
| Monroe County Industrial Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.840%, 11/01/2040 (Insured by FNMA) | 499746 | 538061 |  |
| New York City Housing Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2048 (Callable 05/15/2024) | 500000 | 485105 |  |
| New York City Industrial Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.980%, 03/01/2025 (CPI YOY + 0.870%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by FGIC)<sup>(2)</sup> | 100000 | 101604 |  |
| New York City Transitional Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2038 (Callable 05/01/2029) | 325000 | 317194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2040 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/15/2029) (Insured by ST AID) | 150000 | 145114 |  |
| New York State Dormitory Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2048 (Callable 09/15/2028) | 250000 | 261802 |  |
| New York State Urban Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2042 (Callable 09/15/2030) | 500000 | 476048 |  |
| Onondaga Civic Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 100000 | 100339 |  |
| Schenectady County Capital Resource Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2052 (Callable 07/01/2032) | 350000 | 375005 |  |
| Town of Ramapo NY, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/01/2030 (Callable 03/01/2023) | 50000 | 45140 |  |
| Triborough Bridge & Tunnel Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2047 (Callable 11/15/2032) | 500000 | 505774 |  |
| Westchester County Local Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.875%, 07/01/2026<sup>(3)</sup> | 150000 | 144240 |  |
| **Total New York** |  |  |  |
| **(Cost $4,750,946)** |  | 4694760 | 7.9% |
| **North Carolina** |  |  |  |
| Greater Asheville Regional Airport Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2032) (Insured by AGM) | 350000 | 376281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2047 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2032) (Insured by AGM) | 500000 | 531362 |  |
| North Carolina Medical Care Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2049 (Callable 01/01/2026) | 250000 | 235783 |  |
| Winston-Salem State University, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/01/2032 (Callable 06/01/2024) | 50000 | 48935 |  |
| **Total North Carolina** |  |  |  |
| **(Cost $1,237,194)** |  | 1192361 | 2.0% |
| **North Dakota** |  |  |  |
| City of Mandan ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2036 (Callable 09/01/2024) | 200000 | 177914 |  |
| County of Ward ND, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 (Callable 06/01/2028) | 300000 | 285076 |  |
| Williston Parks & Recreation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2025 (Callable 01/17/2023) | 50000 | 48768 |  |
| **Total North Dakota** |  |  |  |
| **(Cost $539,016)** |  | 511758 | 0.9% |
| **Ohio** |  |  |  |
| Akron Bath Copley Joint |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Township Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 (Callable 11/15/2030) | 100000 | 107919 |  |
| Buckeye Tobacco Settlement Financing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 (Callable 06/01/2030) | 500000 | 434000 |  |
| Cleveland-Cuyahoga County Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2052 (Callable 08/01/2032) | 350000 | 374602 |  |
| County of Montgomery OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2034 (Callable 02/01/2031) | 100000 | 90250 |  |
| Ohio Air Quality Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 06/01/2027)<sup>(1)</sup> | 500000 | 498012 |  |
| Ohio Higher Educational Facility Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.510%, 12/01/2023 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(CPI YOY + 1.120%) (Insured by FGIC)<sup>(2)</sup> | 170000 | 174524 |  |
| Ohio Housing Finance Agency: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.900%, 09/01/2045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by GNMA) | 800000 | 698943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/01/2050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2029) (Insured by GNMA) | 55000 | 54737 |  |
| Ohio Turnpike & Infrastructure Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2034 (Callable 02/15/2031)<sup>(5)</sup> | 90000 | 105206 |  |
| Port of Greater Cincinnati Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2023 (Callable 01/30/2023) | 100000 | 99489 |  |
| Village of Bluffton OH, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (Callable 12/01/2027) | 200000 | 201913 |  |
| Warren County Port Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2053 (Callable 12/01/2031) | 100000 | 77769 |  |
| **Total Ohio** |  |  |  |
| **(Cost $3,026,336)** |  | 2917364 | 4.9% |
| **Oklahoma** |  |  |  |
| Norman Regional Hospital Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 (Callable 09/01/2026) | 250000 | 253138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 (Callable 09/01/2027) | 25000 | 25391 |  |
| Tulsa Industrial Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023 | 25000 | 25033 |  |
| **Total Oklahoma** |  |  |  |
| **(Cost $324,443)** |  | 303562 | 0.5% |
| **Oregon** |  |  |  |
| Clackamas Community College District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 (Callable 06/15/2027)<sup>(5)</sup> | 100000 | 107066 |  |
| Clackamas County Hospital Facility Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2024 | 165000 | 164325 |  |
| Salem Hospital Facility Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2034 (Callable 05/15/2029) | 50000 | 53876 |  |
| Yamhill County Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/15/2026 (Callable 01/20/2023) | 145000 | 132837 |  |
| **Total Oregon** |  |  |  |
| **(Cost $473,987)** |  | 458104 | 0.8% |
| **Pennsylvania** |  |  |  |
| Allegheny County Airport Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2056 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/01/2031) (Insured by BAM) | 500000 | 422855 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Chester County Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 (Callable 08/01/2023) | $135000 | $131311 |  |
| City of Philadelphia PA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2027) (Insured by AGM) | 500000 | 538736 |  |
| Coatesville School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2023 (Insured by ST AID) | 250000 | 250236 |  |
| East Hempfield Township Industrial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 (Callable 12/01/2025) | 400000 | 417094 |  |
| Lancaster County Hospital Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2040 (Callable 11/01/2029) | 275000 | 287165 |  |
| Mckeesport Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2033 (Insured by AGM) | 400000 | 257648 |  |
| Pennsylvania Economic Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2042 (Callable 06/30/2026) | 300000 | 299951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2061 (Callable 12/31/2032) | 500000 | 527672 |  |
| Pennsylvania Higher Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 (Callable 05/01/2026) | 25000 | 26204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 (Callable 07/01/2026) | 150000 | 144072 |  |
| Pennsylvania Turnpike Commission: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2040 (Callable 06/01/2029)<sup>(5)</sup> | 75000 | 73211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2048 (Callable 12/01/2028) | 40000 | 41589 |  |
| Philadelphia Authority for Industrial Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2032 (Callable 06/15/2030) | 340000 | 328321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2052 (Callable 11/01/2032) | 250000 | 261621 |  |
| Reading School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/15/2029 (Insured by NATL) | 100000 | 79474 |  |
| Ridley School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/15/2029) (Insured by AGM) | 100000 | 100832 |  |
| Sayre Health Care Facilities Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.020%, 12/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.830%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 01/30/2023)<sup>(2)</sup> | 165000 | 161050 |  |
| State Public School Building Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 05/15/2030 (Insured by NATL) | 200000 | 152836 |  |
| **Total Pennsylvania** |  |  |  |
| **(Cost $4,703,668)** |  | 4501878 | 7.5% |
| **Puerto Rico** |  |  |  |
| Puerto Rico Sales Tax Financing Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/01/2053 (Callable 07/01/2028) | 300000 | 265184 |  |
| **Total Puerto Rico** |  |  |  |
| **(Cost $292,860)** |  | 265184 | 0.4% |
| **Rhode Island** |  |  |  |
| Providence Redevelopment Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (Callable 04/01/2025) | 410000 | 419942 |  |
| Rhode Island Turnpike & Bridge Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036 (Callable 10/01/2029) | 125000 | 125873 |  |
| **Total Rhode Island** |  |  |  |
| **(Cost $560,235)** |  | 545815 | 0.9% |
| **South Carolina** |  |  |  |
| Patriots Energy Group Financing Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2048 (Callable 11/01/2023) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 02/01/2024)<sup>(1)</sup> | 65000 | 64942 |  |
| Scago Educational Facilities Corp. for |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartanburg School District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 06/01/2030 (Callable 06/01/2025) | 100000 | 98699 |  |
| South Carolina Jobs-Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 (Callable 08/15/2026) | 100000 | 99625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/15/2033 (Callable 08/15/2026) | 150000 | 156139 |  |
| Spartanburg County School District No. 7, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2037 (Callable 03/01/2029) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by SCSDE) | 150000 | 163913 |  |
| **Total South Carolina** |  |  |  |
| **(Cost $613,255)** |  | 583318 | 1.0% |
| **South Dakota** |  |  |  |
| City of Rapid City SD: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 220000 | 227996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2035 (Callable 12/01/2029) | 125000 | 118584 |  |
| **Total South Dakota** |  |  |  |
| **(Cost $359,930)** |  | 346580 | 0.6% |
| **Tennessee** |  |  |  |
| Chattanooga Health Educational & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing Facility Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 (Callable 08/01/2029) | 250000 | 264939 |  |
| Tennessee Housing Development Agency, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/01/2043 (Callable 07/01/2027) | 220000 | 211198 |  |
| **Total Tennessee** |  |  |  |
| **(Cost $486,043)** |  | 476137 | 0.8% |
| **Texas** |  |  |  |
| Abilene Convention Center Hotel |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2050 (Callable 10/01/2031) | 220000 | 166650 |  |
| Arlington Higher Education Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/01/2028) (PSF Guaranteed) | 125000 | 127565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 08/15/2031) (PSF Guaranteed) | 440000 | 438060 |  |
| Austin-Bergstrom Landhost Enterprises, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 (Callable 10/01/2027) | 100000 | 103572 |  |
| Brazoria County Toll Road Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/01/2038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 03/01/2030) (County Guaranteed)<sup>(5)</sup> | 55000 | 50832 |  |
| Brazos Higher Education Authority, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.350%, 04/01/2040 (Callable 04/01/2030) | 5000 | 4963 |  |
| City of Alvin TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 02/01/2031) (Insured by AGM) | 310000 | 303698 |  |
| City of Brownsville TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2031) (Insured by BAM) | 150000 | 169270 |  |
| City of Magnolia TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.700%, 09/01/2046<sup>(3)</sup> | 50000 | 47376 |  |
| Clifton Higher Education Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 08/15/2038 (Callable 08/15/2025) | 10000 | 10096 |  |
| County of Tom Green TX, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/01/2038 (Callable 02/01/2025) | 200000 | 195296 |  |
| Far North Fort Worth Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 10/01/2029) (Insured by BAM) | 350000 | 343421 |  |
| Gulfgate Redevelopment Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 09/01/2030) (Insured by AGM) | 170000 | 175299 |  |
| Harris County Cultural Education |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 12/01/2049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.570%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 06/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 12/04/2024)<sup>(2)</sup> | 40000 | 39735 |  |
| Harris County-Houston Sports Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2025 (Insured by NATL) | 500000 | 444896 |  |
| Love Field Airport Modernization Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2031) (Insured by AGM) | 500000 | 483394 |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Municipal Bond Fund

Schedule of Investments, December 31, 2022

------

Long-Term Investments (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal* |  | *% of* |
|  | *Amount* | *Value* | *Net Assets* |
| Martin County Hospital District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2036 (Callable 04/01/2030) | $450000 | $451871 |  |
| Matagorda County Navigation District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.400%, 05/01/2030 (Insured by AMBAC) | 70000 | 71868 |  |
| North Texas Tollway Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 01/01/2040 (Callable 01/01/2032) | 200000 | 195678 |  |
| Northwest Harris County Municipal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility District No. 5, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 05/01/2024) (Insured by BAM) | 350000 | 336887 |  |
| Port Beaumont Navigation District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2050 (Callable 01/30/2023)<sup>(3)</sup> | 500000 | 359279 |  |
| Tarrant County Cultural |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Facilities Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/15/2025 | 150000 | 143669 |  |
| Texas Municipal Gas Acquisition & Supply Corp. I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/15/2026 | 65000 | 68424 |  |
| Texas Municipal Gas Acquisition & Supply Corp. II, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.065%, 09/15/2027 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(3 Month LIBOR USD + 0.870%)<sup>(2)</sup> | 220000 | 217177 |  |
| Viridian Municipal Management District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/01/2049 (Callable 12/01/2029) | 375000 | 382760 |  |
| **Total Texas** |  |  |  |
| **(Cost $5,452,070)** |  | 5331736 | 8.9% |
| **Utah** |  |  |  |
| Weber Basin Water Conservancy District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2050 (Callable 10/01/2029) | 205000 | 219235 |  |
| **Total Utah** |  |  |  |
| **(Cost $242,637)** |  | 219235 | 0.4% |
| **Virginia** |  |  |  |
| Farmville Industrial Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2053 (Callable 07/01/2028) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 07/01/2043) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Insured by AGM) | 150000 | 156763 |  |
| **Total Virginia** |  |  |  |
| **(Cost $178,100)** |  | 156763 | 0.3% |
| **Washington** |  |  |  |
| King County Housing Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2036 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 11/01/2029) (County Guaranteed) | 200000 | 203457 |  |
| Pend Oreille County Public Utility District No. 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 (Callable 01/01/2029) | 150000 | 154066 |  |
| Port of Seattle WA: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2036 (Callable 08/01/2031) | 300000 | 292987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2047 (Callable 08/01/2032) | 250000 | 266776 |  |
| Washington Health Care Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.530%, 01/01/2035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 1.400%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 07/01/2024) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Mandatory Tender Date 01/01/2025)<sup>(2)</sup> | 90000 | 90392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 (Callable 02/15/2028) | 300000 | 312170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 (Callable 04/01/2025) | 300000 | 305585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (Callable 08/01/2029) | 250000 | 244003 |  |
| Washington State Housing Finance Commission, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2035 | 488589 | 430445 |  |
| **Total Washington** |  |  |  |
| **(Cost $2,419,933)** |  | 2299881 | 3.8% |
| **Wisconsin** |  |  |  |
| County of Waushara WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2027 (Callable 06/01/2025) | 500000 | 515335 |  |
| Palmyra-Eagle Area School District, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2025 (Callable 03/01/2023) | 75000 | 71653 |  |
| Public Finance Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2023<sup>(3)</sup> | 75000 | 75222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/01/2029 | 130000 | 120255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2044 (Callable 04/01/2029) | 250000 | 254034 |  |
| Village of Mount Pleasant WI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Callable 04/01/2028) (Insured by BAM) | 150000 | 155282 |  |
| Wisconsin Health & Educational |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities Authority: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 (Callable 03/01/2024) | 300000 | 298457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2052 (Callable 12/01/2032) | 250000 | 267440 |  |
| Wisconsin Housing & Economic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Authority, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2025 (Insured by HUD)<sup>(3)</sup> | 50000 | 47600 |  |
| **Total Wisconsin** |  |  |  |
| **(Cost $1,851,698)** |  | 1805278 | 3.0% |
| **Wyoming** |  |  |  |
| Carbon County Specific Purpose |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Joint Powers Board, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2025 | 100000 | 102753 |  |
| **Total Wyoming** |  |  |  |
| **(Cost $107,171)** |  | 102753 | 0.2% |
| **Total Long-Term Investments** |  |  |  |
| **(Cost $58,718,187)** |  | 57080357 | 95.5% |
| Short-Term Investment |  |  |  |
|  | *Shares* |  |  |
| **Money Market Mutual Fund** |  |  |  |
| Federated Hermes Institutional Tax-Free Cash |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust, Premier Shares, 3.56%<sup>(4)</sup> | 731157 | 731157 |  |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $731,157)** |  | 731157 | 1.2% |
| **Total Investments** |  |  |  |
| **(Cost $59,449,344)** |  | 57811514 | 96.7% |
| Other Assets in Excess of Liabilities |  | 1943698 | 3.3% |
| **TOTAL NET ASSETS** |  | $59755212 | 100.0% |

---

#### Notes to Schedule of Investments
AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

FGIC – Financial Guaranty Insurance Company

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

HUD – US Department of Housing and Development

NATL – National Public Finance Guarantee Corp.

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

SCSDE – South Carolina School District

ST AID – State Aid Intercept/Withholding

CPI YOY – Consumer Price Index – Year-Over-Year

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

<sup>(1)</sup> Variable rate security. The rate reported is the rate in effect as of December 31, 2022.

<sup>(2)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate as of the last reset date in effect as of December 31, 2022.

<sup>(3)</sup> Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2022, the value of these securities totaled $3,273,901, which represented 5.48% of total net assets.

<sup>(4)</sup> Seven-day yield.

<sup>(5)</sup> Step-up bond; the interest rate shown is the rate in effect as of December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Municipal Bond Fund

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** | | | | |
| Municipal Bonds | $— | $57080357 | $— | $57080357 |
| **Total Long-Term Investments** |  | 57080357 |  | 57080357 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 731157 |  |  | 731157 |
| **Total Short-Term Investment** | 731157 |  |  | 731157 |
| **Total Investments** | $731157 | $57080357 | $— | $57811514 |

---

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.*

------

Additional Information on Fund Expenses

December 31, 2022 (Unaudited)

------

Expense Example

As a shareholder of the Funds, you incur ongoing costs, such as management fees; distribution and/or service (12b-1) fees; and other fund expenses. Although the Funds do not charge any sales loads, redemption fees, or other transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Funds' transfer agent. If you request that a redemption be made by wire transfer, currently the Funds' transfer agent charges a $15.00 fee.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (7/1/22 – 12/31/22).

Actual Expenses

The third and fourth columns of the following tables provide information about account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the fourth column entitled "Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fifth and sixth columns of the following tables provide information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the sixth column of the tables (entitled "Expenses Paid During Period") is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds.

Actual vs. Hypothetical Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Hypothetical** | **Hypothetical** |
|  |  |  | **Actual** | **Actual** | **(5% return before expenses)** | **(5% return before expenses)** |
|  |  | **Beginning** | **Ending** |  | **Ending** |  |
|  | **Fund's Annualized** | **Account Value** | **Account Value** | **Expenses Paid** | **Account Value** | **Expenses Paid** |
|  | **<u>Expense Ratio<sup>(1)</sup></u>** | **<u>7/1/22</u>** | **<u>12/31/22</u>** | **<u>During Period<sup>(1)</sup></u>** | **<u>12/31/22</u>** | **<u>During Period<sup>(1)</sup></u>** |
| **Baird Ultra Short Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.15% | $1000.00 | $1014.10 | $0.76 | $1024.45 | $0.77 |
| Investor Class | 0.40% | $1000.00 | $1011.70 | $2.03 | $1023.19 | $2.04 |
| **Baird Short-Term Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $999.10 | $1.51 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $997.80 | $2.77 | $1022.43 | $2.80 |
| **Baird Intermediate Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $984.70 | $1.50 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $983.20 | $2.75 | $1022.43 | $2.80 |
| **Baird Aggregate Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $973.90 | $1.49 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $972.60 | $2.73 | $1022.43 | $2.80 |
| **Baird Core Plus Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $979.50 | $1.50 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$979.10 | $2.74 | $1022.43 | $2.80 |
| **Baird Short-Term Municipal Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $1004.00 | $1.52 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $1002.70 | $2.78 | $1022.43 | $2.80 |
| **Baird Strategic Municipal Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $1010.10 | $1.52 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $1008.80 | $2.78 | $1022.43 | $2.80 |
| **Baird Quality Intermediate Municipal Bond Fund** | **Baird Quality Intermediate Municipal Bond Fund** |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $1004.60 | $1.52 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $1004.10 | $2.78 | $1022.43 | $2.80 |
| **Baird Core Intermediate Municipal Bond Fund** | **Baird Core Intermediate Municipal Bond Fund** |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $1008.90 | $1.52 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $1007.60 | $2.78 | $1022.43 | $2.80 |
| **Baird Municipal Bond Fund** |  |  |  |  |  |  |
| Institutional Class | 0.30% | $1000.00 | $1006.90 | $1.52 | $1023.69 | $1.53 |
| Investor Class | 0.55% | $1000.00 | $1006.60 | $2.78 | $1022.43 | $2.80 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value over the period, 184 days and divided by 365 to reflect the one-half year period.

------

Statements of Assets and Liabilities

December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** | **Baird** | **Baird** | **Baird** | **Baird** |
|  | **Ultra Short** | **Short-Term** | **Intermediate** | **Aggregate** | **Core Plus** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
| **ASSETS:** | | | | | |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $5,713,734,127, $9,428,901,600, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$7,537,782,821, $39,249,645,260, and $25,253,028,315, respectively) | $5676506015 | $9083597284 | $7012936855 | $34700372426 | $22325688034 |
| &nbsp;&nbsp;&nbsp; Uninvested cash | 1508889 | 271029 | 302244 | 2959710 | 2077211 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 28726121 | 63564595 | 47197348 | 231419090 | 172263177 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold |  |  | 172434545 |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 47112941 | 19229804 | 35813486 | 99232391 | 42600569 |
| &nbsp;&nbsp;&nbsp; Receivable for matured bonds | 110000000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 2793 |  | 141816 | 137551 | 7585 |
| &nbsp;&nbsp;&nbsp; Total assets | 5863856759 | 9166662712 | 7268826294 | 35034121168 | 22542636576 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | 237415553 | 189446671 | 219623366 | 144910576 | 184502233 |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 18088564 | 10487117 | 7429481 | 96267151 | 18423303 |
| &nbsp;&nbsp;&nbsp; Payable to Advisor, net (Note 5) | 480211 | 1913676 | 1493671 | 7512017 | 4795906 |
| &nbsp;&nbsp;&nbsp; Accrued administration fees (Note 5) | 240935 | 382826 | 299003 | 1502533 | 959510 |
| &nbsp;&nbsp;&nbsp; Accrued Rule 12b-1 fees (Note 7) | 21183 | 76717 | 25961 | 281355 | 383813 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 256246446 | 202307007 | 228871482 | 250473632 | 209064765 |
| **NET ASSETS** | $5607610313 | $8964355705 | $7039954812 | $34783647536 | $22333571811 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | 5667264101 | 9568822739 | 7770778233 | 40353450758 | 25813789700 |
| &nbsp;&nbsp;&nbsp; Total accumulated deficit | (59653788) | (604467034) | (730823421) | (5569803222) | (3480217889) |
| **NET ASSETS** | $5607610313 | $8964355705 | $7039954812 | $34783647536 | $22333571811 |
| **INSTITUTIONAL CLASS SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $5514956705 | $8747436609 | $6980617434 | $34102531076 | $21288531623 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 552178733 | 948667657 | 692361235 | 3551762846 | 2157271130 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $9.99 | $9.22 | $10.08 | $9.60 | $9.87 |
| **INVESTOR CLASS SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $92653608 | $216919096 | $59337378 | $681116460 | $1045040188 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 9252712 | 23531171 | 5603471 | 68333412 | 101102709 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $10.01 | $9.22 | $10.59 | $9.97 | $10.34 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Assets and Liabilities

December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Baird** | **Baird** | |
|  | **Baird** | **Baird** | **Quality** | **Core** | |
|  | **Short-Term** | **Strategic** | **Intermediate** | **Intermediate** | **Baird** |
|  | **Municipal** | **Municipal** | **Municipal** | **Municipal** | **Municipal** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
| **ASSETS:** | | | | | |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $1,799,658,266, $493,728,578, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$1,130,660,645, $2,522,291,643, and $59,449,344, respectively) | $1746472365 | $479987303 | $1097159504 | $2446003316 | $57811514 |
| &nbsp;&nbsp;&nbsp; Uninvested cash | 2652 | 92041 | 26032 | 231783 | 27716 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 16446868 | 4507466 | 11038442 | 23649205 | 615358 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold |  |  | 1321875 | 979167 |  |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 12118718 | 5626224 | 7082188 | 25429204 | 1569700 |
| &nbsp;&nbsp;&nbsp; Deposits with broker for futures contracts |  | 5764 |  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets |  | 8047 | 53 |  |  |
| &nbsp;&nbsp;&nbsp; Total assets | 1775040603 | 490226845 | 1116628094 | 2496292675 | 60024288 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased |  | 7428944 |  | 99681 | 150048 |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 7323320 | 1218151 | 2638605 | 7096906 | 101516 |
| &nbsp;&nbsp;&nbsp; Payable to Advisor, net (Note 5) | 387461 | 95998 | 243535 | 504425 | 12719 |
| &nbsp;&nbsp;&nbsp; Accrued administration fees (Note 5) | 77600 | 19200 | 48707 | 100885 | 2544 |
| &nbsp;&nbsp;&nbsp; Accrued Rule 12b-1 fees (Note 7) | 32759 | 4480 | 68007 | 10696 | 2249 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 7821140 | 8766773 | 2998854 | 7812593 | 269076 |
| **NET ASSETS** | $1767219463 | $481460072 | $1113629240 | $2488480082 | $59755212 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $1867609370 | $508361934 | $1187785300 | $2603708455 | $63356374 |
| &nbsp;&nbsp;&nbsp; Total accumulated deficit | (100389907) | (26901862) | (74156060) | (115228373) | (3601162) |
| **NET ASSETS** | $1767219463 | $481460072 | $1113629240 | $2488480082 | $59755212 |
| **INSTITUTIONAL CLASS SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $1695487189 | $470799998 | $1083009240 | $2449663133 | $55699564 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 172127200 | 47263634 | 98875951 | 242569475 | 5751601 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $9.85 | $9.96 | $10.95 | $10.10 | $9.68 |
| **INVESTOR CLASS SHARES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $71732274 | $10660074 | $30620000 | $38816949 | $4055648 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 7294486 | 1070247 | 2723540 | 3845888 | 419044 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $9.83 | $9.96 | $11.24 | $10.09 | $9.68 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Operations

Year Ended December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** | **Baird** | **Baird** | **Baird** | **Baird** |
|  | **Ultra Short** | **Short-Term** | **Intermediate** | **Aggregate** | **Core Plus** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp; Interest income, net of paydowns | $90698126 | $195782378 | $165537502 | $993481165 | $761223538 |
| &nbsp;&nbsp;&nbsp; Other income |  | 673276 | 617899 | 1121164 | 580273 |
| &nbsp;&nbsp;&nbsp; Total investment income | 90698126 | 196455654 | 166155401 | 994602329 | 761803811 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 5) | 15231181 | 24967856 | 17224963 | 90109491 | 61094787 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 5) | 3046236 | 4993571 | 3444992 | 18021898 | 12218957 |
| &nbsp;&nbsp;&nbsp; Rule 12b-1 fees – Investor Class Shares (Note 7) | 285833 | 585407 | 111677 | 1881997 | 3143902 |
| &nbsp;&nbsp;&nbsp; Total expenses | 18563250 | 30546834 | 20781632 | 110013386 | 76457646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee waiver by Advisor (Note 5) | (9138708) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net expenses | 9424542 | 30546834 | 20781632 | 110013386 | 76457646 |
| **NET INVESTMENT INCOME** | 81273584 | 165908820 | 145373769 | 884588943 | 685346165 |
| **REALIZED AND UNREALIZED LOSS ON INVESTMENTS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | (9717166) | (254007629) | (201837334) | (895602951) | (487341184) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (26291187) | (309605768) | (563129596) | (5301736772) | (3821826740) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (36008353) | (563613397) | (764966930) | (6197339723) | (4309167924) |
| **NET INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;RESULTING FROM OPERATIONS** | $45265231 | $(397704577) | $(619593161) | $(5312750780) | $(3623821759) |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Operations

Year Ended December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Baird** | **Baird** | |
|  | **Baird** | **Baird** | **Quality** | **Core** | |
|  | **Short-Term** | **Strategic** | **Intermediate** | **Intermediate** | **Baird** |
|  | **Municipal** | **Municipal** | **Municipal** | **Municipal** | **Municipal** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
| **INVESTMENT INCOME:** | | | | | |
| &nbsp;&nbsp;&nbsp; Interest income | $38585814 | $9836594 | $29809399 | $46170133 | $1473057 |
| &nbsp;&nbsp;&nbsp; Total investment income | 38585814 | 9836594 | 29809399 | 46170133 | 1473057 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 5) | 5186566 | 992440 | 3328184 | 4999421 | 125520 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 5) | 1037313 | 198488 | 665637 | 999884 | 25104 |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 6) |  | 4 |  |  |  |
| &nbsp;&nbsp;&nbsp; Rule 12b-1 fees – Investor Class Shares (Note 7) | 218054 | 21047 | 127907 | 100916 | 8399 |
| &nbsp;&nbsp;&nbsp; Total expenses | 6441933 | 1211979 | 4121728 | 6100221 | 159023 |
| **NET INVESTMENT INCOME** | 32143881 | 8624615 | 25687671 | 40069912 | 1314034 |
| **REALIZED AND UNREALIZED LOSS ON INVESTMENTS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized loss on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (47128258) | (12543317) | (28730038) | (39517721) | (1980641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (759591) |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (72671094) | (17057248) | (90334500) | (111608035) | (2574152) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (119799352) | (30360156) | (119064538) | (151125756) | (4554793) |
| **NET DECREASE IN NET ASSETS** <br> **&nbsp;&nbsp;&nbsp;&nbsp;RESULTING FROM OPERATIONS** | $(87655471) | $(21735541) | $(93376867) | $(111055844) | $(3240759) |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Ultra Short Bond Fund** | **Baird Ultra Short Bond Fund** | **Baird Short-Term Bond Fund** | **Baird Short-Term Bond Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp; Net investment income | $81273584 | $22450373 | $165908820 | $102453271 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (9717166) | 1230922 | (254007629) | 27488221 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (26291187) | (14371951) | (309605768) | (173584600) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 45265231 | 9309344 | (397704577) | (43643108) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 5151744331 | 7299933633 | 3778175889 | 5492971809 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 81671057 | 27688154 | 152694426 | 125842179 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (6635885368) | (4833276101) | (5136435328) | (3680208926) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (1402469980) | 2494345686 | (1205565013) | 1938605062 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (87591687) | (28631822) | (167714327) | (136524302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (1276605) | (460082) | (3523701) | (2792875) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (88868292) | (29091904) | (171238028) | (139317177) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1446073041) | 2474563126 | (1774507618) | 1755644777 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 7053683354 | 4579120228 | 10738863323 | 8983218546 |
| &nbsp;&nbsp;&nbsp; End of year | $5607610313 | $7053683354 | $8964355705 | $10738863323 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Intermediate Bond Fund** | **Baird Intermediate Bond Fund** | **Baird Aggregate Bond Fund** | **Baird Aggregate Bond Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS**: | | | | |
| &nbsp;&nbsp;&nbsp; Net investment income | $145373769 | $93742115 | $884588943 | $597168911 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (201837334) | 40955594 | (895602951) | 52601867 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (563129596) | (215729880) | (5301736772) | (1137531781) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (619593161) | (81032171) | (5312750780) | (487761003) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3016470885 | 2348786714 | 11664210933 | 15299830584 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 126726838 | 122042836 | 831583616 | 657560136 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2018763028) | (888077446) | (11436828390) | (7696662317) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from capital share transactions | 1124434695 | 1582752104 | 1058966159 | 8260728403 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (145267678) | (139265211) | (900625260) | (705825312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (825985) | (852632) | (16400637) | (16234426) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (146093663) | (140117843) | (917025897) | (722059738) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 358747871 | 1361602090 | (5170810518) | 7050907662 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 6681206941 | 5319604851 | 39954458054 | 32903550392 |
| &nbsp;&nbsp;&nbsp; End of year | $7039954812 | $6681206941 | $34783647536 | $39954458054 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Core Plus Bond Fund** | **Baird Core Plus Bond Fund** | **Baird Short-Term Municipal Bond Fund** | **Baird Short-Term Municipal Bond Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp; Net investment income | $685346165 | $655909815 | $32143881 | $21111113 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (487341184) | 189384151 | (47128258) | 149684 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | (3821826740) | (1138368517) | (72671094) | (8079617) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3623821759) | (293074551) | (87655471) | 13181180 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 5516171299 | 9753907824 | 1692061716 | 1579197811 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 651747060 | 814187216 | 23012924 | 16948442 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (8771298217) | (9620960881) | (2128711604) | (899444976) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (2603379858) | 947134159 | (413636964) | 696701277 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (675060211) | (830745770) | (30930374) | (20660800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (31303480) | (46040306) | (1121192) | (869927) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (706363691) | (876786076) | (32051566) | (21530727) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (6933565308) | (222726468) | (533344001) | 688351730 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 29267137119 | 29489863587 | 2300563464 | 1612211734 |
| &nbsp;&nbsp;&nbsp; End of year | $22333571811 | $29267137119 | $1767219463 | $2300563464 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Baird Quality Intermediate** | **Baird Quality Intermediate** |
|  | **Baird Strategic Municipal Bond Fund** | **Baird Strategic Municipal Bond Fund** | **Municipal Bond Fund** | **Municipal Bond Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp; Net investment income | $8624615 | $2804531 | $25687671 | $27413340 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures | (13302908) | 1400324 | (28730038) | (2068531) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (17057248) | 1105024 | (90334500) | (21106098) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (21735541) | 5309879 | (93376867) | 4238711 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 475706389 | 255347371 | 813043520 | 440875958 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 8250455 | 4371225 | 22811318 | 24562689 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (325367747) | (78612916) | (1188546488) | (358030397) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 158589097 | 181105680 | (352691650) | 107408250 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (8469135) | (4397093) | (24886321) | (27021126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (157066) | (108298) | (864715) | (799722) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (8626201) | (4505391) | (25751036) | (27820848) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 128227355 | 181910168 | (471819553) | 83826113 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 353232717 | 171322549 | 1585448793 | 1501622680 |
| &nbsp;&nbsp;&nbsp; End of year | $481460072 | $353232717 | $1113629240 | $1585448793 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Core Intermediate** | **Baird Core Intermediate** | | |
|  | **Municipal Bond Fund** | **Municipal Bond Fund** | **Baird Municipal Bond Fund** | **Baird Municipal Bond Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended**  | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp; Net investment income | $40069912 | $17226321 | $1314034 | $565235 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (39517721) | 1382670 | (1980641) | 229011 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (111608035) | (134822) | (2574152) | 229753 |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (111055844) | 18474169 | (3240759) | 1023999 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 2707781167 | 915163434 | 57743925 | 18382948 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 30661901 | 15348561 | 1126834 | 745644 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1672955500) | (220744745) | (32272377) | (3504732) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from capital share transactions | 1065487568 | 709767250 | 26598382 | 15623860 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (39031327) | (18564674) | (1223767) | (774852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (663365) | (384884) | (81592) | (71879) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (39694692) | (18949558) | (1305359) | (846731) |
| **TOTAL INCREASE IN NET ASSETS** | 914737032 | 709291861 | 22052264 | 15801128 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1573743050 | 864451189 | 37702948 | 21901820 |
| &nbsp;&nbsp;&nbsp; End of year | $2488480082 | $1573743050 | $59755212 | $37702948 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Financial Highlights

Baird Ultra Short Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $10.05 | $10.08 | $10.06 | $10.01 | $10.03 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.13 | 0.04 | 0.12 | 0.26 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.03) | (0.02) | 0.05<br><sup>(2)</sup>  | 0.05 | (0.04) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.10 | 0.02 | 0.17 | 0.31 | 0.19 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.05) | (0.14) | (0.26) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.00)<sup>(3)</sup> | (0.01) | (0.00)<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.16) | (0.05) | (0.15) | (0.26) | (0.21) |
| **Net asset value, end of year** | $9.99 | $10.05 | $10.08 | $10.06 | $10.01 |
| **Total return** | 0.96% | 0.20% | 1.66% | 3.11% | 1.95% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $5515.0 | $6889.5 | $4456.4 | $1701.0 | $1031.5 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.34% | 0.38% | 1.24% | 2.61% | 2.24% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets (before waivers) | 1.19% | 0.23% | 1.09% | 2.46% | 2.09% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(4)</sup> | 104% | 96% | 92% | 70% | 66% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> 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.*

------

Financial Highlights

Baird Ultra Short Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $10.07 | $10.10 | $10.05 | $10.00 | $10.03 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.11 | 0.01 | 0.10 | 0.24 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.04) | (0.01) | 0.07<br><sup>(2)</sup>  | 0.04 | (0.04) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.07 |  | 0.17 | 0.28 | 0.16 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.13) | (0.03) | (0.11) | (0.23) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.00)<sup>(3)</sup> | (0.01) | (0.00)<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.13) | (0.03) | (0.12) | (0.23) | (0.19) |
| **Net asset value, end of year** | $10.01 | $10.07 | $10.10 | $10.05 | $10.00 |
| **Total return** | 0.70% | (0.05)% | 1.66% | 2.87% | 1.60% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $92.7 | $164.2 | $122.7 | $32.5 | $15.6 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.09% | 0.13% | 0.99% | 2.36% | 1.99% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets (before waivers) | 0.94% | (0.02)% | 0.84% | 2.21% | 1.84% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(4)</sup> | 104% | 96% | 92% | 70% | 66% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> 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.*

------

Financial Highlights

Baird Short-Term Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $9.74 | $9.92 | $9.77 | $9.57 | $9.64 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.16 | 0.10 | 0.18 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.51) | (0.14) | 0.23 | 0.20 | (0.07) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.35) | (0.04) | 0.41 | 0.44 | 0.14 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.17) | (0.11) | (0.19) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(2)</sup> | (0.03) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.17) | (0.14) | (0.26) | (0.24) | (0.21) |
| **Net asset value, end of year** | $9.22 | $9.74 | $9.92 | $9.77 | $9.57 |
| **Total return** | (3.64)% | (0.42)% | 4.23% | 4.68% | 1.49% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $8747.4 | $10486.4 | $8790.5 | $6469.1 | $5596.2 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.67% | 1.05% | 1.87% | 2.50% | 2.21% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 77% | 67% | 64% | 64% | 58% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.*

------

Financial Highlights

Baird Short-Term Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $9.74 | $9.91 | $9.77 | $9.57 | $9.64 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.13 | 0.08 | 0.16 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.51) | (0.13) | 0.21 | 0.20 | (0.07) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.38) | (0.05) | 0.37 | 0.42 | 0.12 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.14) | (0.09) | (0.16) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(2)</sup> | (0.03) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.14) | (0.12) | (0.23) | (0.22) | (0.19) |
| **Net asset value, end of year** | $9.22 | $9.74 | $9.91 | $9.77 | $9.57 |
| **Total return** | (3.88)% | (0.57)% | 3.86% | 4.42% | 1.24% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $216.9 | $252.5 | $192.7 | $182.4 | $145.0 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.42% | 0.80% | 1.62% | 2.25% | 1.96% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 77% | 67% | 64% | 64% | 58% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.*

------

Financial Highlights

Baird Intermediate Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $11.27 | $11.69 | $11.27 | $10.80 | $11.01 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.22 | 0.18 | 0.25 | 0.29 | 0.27 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.19) | (0.34) | 0.58 | 0.46 | (0.21) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.97) | (0.16) | 0.83 | 0.75 | 0.06 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.22) | (0.18) | (0.25) | (0.28) | (0.27) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.08) | (0.16) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.22) | (0.26) | (0.41) | (0.28) | (0.27) |
| **Net asset value, end of year** | $10.08 | $11.27 | $11.69 | $11.27 | $10.80 |
| **Total return** | (8.64)% | (1.41)% | 7.42% | 7.05% | 0.58% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $6980.6 | $6639.0 | $5264.4 | $4342.1 | $3264.9 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.11% | 1.54% | 2.17% | 2.57% | 2.51% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 47% | 51% | 37% | 26% | 32% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year. <br> <sup>(2)</sup> 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.*

------

Financial Highlights

Baird Intermediate Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $11.83 | $12.26 | $11.80 | $11.29 | $11.50 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.20 | 0.16 | 0.23 | 0.27 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.25) | (0.36) | 0.61 | 0.50 | (0.22) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.05) | (0.20) | 0.84 | 0.77 | 0.03 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.19) | (0.15) | (0.22) | (0.26) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.08) | (0.16) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.19) | (0.23) | (0.38) | (0.26) | (0.24) |
| **Net asset value, end of year** | $10.59 | $11.83 | $12.26 | $11.80 | $11.29 |
| **Total return** | (8.88)% | (1.68)% | 7.16% | 6.83% | 0.30% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $59.3 | $42.2 | $55.2 | $52.2 | $47.3 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.86% | 1.29% | 1.92% | 2.32% | 2.26% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 47% | 51% | 37% | 26% | 32% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year. <br> <sup>(2)</sup> 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.*

------

Financial Highlights

Baird Aggregate Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $11.37 | $11.77 | $11.21 | $10.53 | $10.87 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.25 | 0.19 | 0.25 | 0.30 | 0.29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.76) | (0.36) | 0.71 | 0.69 | (0.33) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.51) | (0.17) | 0.96 | 0.99 | (0.04) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.26) | (0.22) | (0.27) | (0.31) | (0.30) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.26) | (0.23) | (0.40) | (0.31) | (0.30) |
| **Net asset value, end of year** | $9.60 | $11.37 | $11.77 | $11.21 | $10.53 |
| **Total return** | (13.35)% | (1.46)% | 8.63% | 9.48% | (0.30)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $34102.5 | $39050.1 | $31874.6 | $21857.4 | $14897.5 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.46% | 1.66% | 2.13% | 2.74% | 2.77% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 43% | 39% | 35% | 31% | 24% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.*

------

Financial Highlights

Baird Aggregate Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $11.79 | $12.20 | $11.60 | $10.89 | $11.23 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.23 | 0.17 | 0.23 | 0.28 | 0.27 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.82) | (0.38) | 0.74 | 0.71 | (0.33) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.59) | (0.21) | 0.97 | 0.99 | (0.06) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.23) | (0.19) | (0.24) | (0.28) | (0.28) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.23) | (0.20) | (0.37) | (0.28) | (0.28) |
| **Net asset value, end of year** | $9.97 | $11.79 | $12.20 | $11.60 | $10.89 |
| **Total return** | (13.52)% | (1.74)% | 8.42% | 9.17% | (0.54)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $681.1 | $904.3 | $1029.0 | $786.4 | $718.2 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.21% | 1.41% | 1.88% | 2.49% | 2.52% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 43% | 39% | 35% | 31% | 24% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year. <br> <sup>(2)</sup> 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.*

------

Financial Highlights

Baird Core Plus Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $11.67 | $12.14 | $11.56 | $10.82 | $11.22 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.29 | 0.26 | 0.29 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.79) | (0.38) | 0.72 | 0.75 | (0.39) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.50) | (0.12) | 1.01 | 1.08 | (0.06) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.30) | (0.28) | (0.31) | (0.34) | (0.34) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(2)</sup> | (0.07) | (0.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.30) | (0.35) | (0.43) | (0.34) | (0.34) |
| **Net asset value, end of year** | $9.87 | $11.67 | $12.14 | $11.56 | $10.82 |
| **Total return** | (12.87)% | (1.02)% | 8.80% | 10.11% | (0.51)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $21288.5 | $27654.9 | $26805.5 | $21424.9 | $15635.3 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.82% | 2.16% | 2.46% | 2.95% | 3.01% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 29% | 45% | 33% | 26% | 26% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.*

------

Financial Highlights

Baird Core Plus Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $12.21 | $12.68 | $12.05 | $11.28 | $11.68 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.28 | 0.24 | 0.28 | 0.32 | 0.31 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.87) | (0.39) | 0.74 | 0.76 | (0.40) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.59) | (0.15) | 1.02 | 1.08 | (0.09) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.28) | (0.25) | (0.28) | (0.31) | (0.31) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(2)</sup> | (0.07) | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.28) | (0.32) | (0.39) | (0.31) | (0.31) |
| **Net asset value, end of year** | $10.34 | $12.21 | $12.68 | $12.05 | $11.28 |
| **Total return** | (13.09)% | (1.23)% | 8.58% | 9.69% | (0.74)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $1045.0 | $1612.2 | $2684.3 | $2500.0 | $2171.0 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.57% | 1.91% | 2.21% | 2.70% | 2.76% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 29% | 45% | 33% | 26% | 26% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.*

------

Financial Highlights

Baird Short-Term Municipal Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $10.39 | $10.43 | $10.26 | $10.06 | $10.08 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.16 | 0.12 | 0.17 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.54) | (0.04) | 0.16 | 0.20 | (0.03) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.38) | 0.08 | 0.33 | 0.40 | 0.17 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.12) | (0.16) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.00)<sup>(2)</sup> |  |  | (0.00)<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.16) | (0.12) | (0.16) | (0.20) | (0.19) |
| **Net asset value, end of year** | $9.85 | $10.39 | $10.43 | $10.26 | $10.06 |
| **Total return** | (3.66)% | 0.74% | 3.25% | 3.96% | 1.75% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $1695.5 | $2190.2 | $1520.0 | $926.1 | $281.2 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.56% | 1.10% | 1.61% | 1.96% | 2.03% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 64% | 44% | 32% | 34% | 107% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.*

------

Financial Highlights

Baird Short-Term Municipal Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $10.38 | $10.41 | $10.25 | $10.04 | $10.06 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.13 | 0.09 | 0.14 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.55) | (0.03) | 0.15 | 0.21 | (0.03) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.42) | 0.06 | 0.29 | 0.38 | 0.15 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.13) | (0.09) | (0.13) | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.00)<sup>(2)</sup> |  |  | (0.00)<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.13) | (0.09) | (0.13) | (0.17) | (0.17) |
| **Net asset value, end of year** | $9.83 | $10.38 | $10.41 | $10.25 | $10.04 |
| **Total return** | (4.01)% | 0.59% | 2.90% | 3.81% | 1.52% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $71.7 | $110.4 | $92.2 | $89.6 | $64.0 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.31% | 0.85% | 1.36% | 1.71% | 1.78% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 64% | 44% | 32% | 34% | 107% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.*

------

Financial Highlights

Baird Strategic Municipal Bond Fund – Institutional Class

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Period Ended** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $10.74 | $10.67 | $10.07 | $10.00 |
| **Income from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.22 | 0.11 | 0.18 | 0.02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.79) | 0.14 | 0.66 | 0.07 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.57) | 0.25 | 0.84 | 0.09 |
| **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.21) | (0.12) | (0.17) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(3)</sup> | (0.06) | (0.07) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.21) | (0.18) | (0.24) | (0.02) |
| **Net asset value, end of period** | $9.96 | $10.74 | $10.67 | $10.07 |
| **Total return** | (5.31)% | 2.26% | 8.39% | 0.88%<sup>(4)</sup> |
| **Supplemental data and ratios:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $470.8 | $345.0 | $164.3 | $12.0 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.18% | 1.07% | 1.72% | 1.60%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 89% | 55% | 119% | 47%<sup>(4)</sup> |

---

<sup>(1)</sup> Inception was close of business on November 15, 2019.

<sup>(2)</sup> Calculated using average shares outstanding during the period.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> 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.*

------

Financial Highlights

Baird Strategic Municipal Bond Fund – Investor Class

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Period Ended** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $10.74 | $10.67 | $10.07 | $10.00 |
| **Income from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.19 | 0.09 | 0.15 | 0.02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.79) | 0.13 | 0.67 | 0.06 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.60) | 0.22 | 0.82 | 0.08 |
| **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.18) | (0.09) | (0.15) | (0.01) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(3)</sup> | (0.06) | (0.07) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.18) | (0.15) | (0.22) | (0.01) |
| **Net asset value, end of period** | $9.96 | $10.74 | $10.67 | $10.07 |
| **Total return** | (5.55)% | 2.00% | 8.13% | 0.85%<sup>(4)</sup> |
| **Supplemental data and ratios:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $10660.1 | $8262.3 | $6976.1 | $27.4 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.93% | 0.82% | 1.47% | 1.35%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 89% | 55% | 119% | 47%<sup>(4)</sup> |

---

<sup>(1)</sup> Inception was close of business on November 15, 2019.

<sup>(2)</sup> Calculated using average shares outstanding during the period.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> 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.*

------

Financial Highlights

Baird Quality Intermediate Municipal Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $11.85 | $12.03 | $11.75 | $11.38 | $11.52 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.22 | 0.21 | 0.24 | 0.27 | 0.27 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.90) | (0.17) | 0.28 | 0.37 | (0.14) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.68) | 0.04 | 0.52 | 0.64 | 0.13 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.22) | (0.22) | (0.24) | (0.27) | (0.27) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.22) | (0.22) | (0.24) | (0.27) | (0.27) |
| **Net asset value, end of year** | $10.95 | $11.85 | $12.03 | $11.75 | $11.38 |
| **Total return** | (5.74)% | 0.27% | 4.43% | 5.65% | 1.19% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $1083.0 | $1526.2 | $1449.2 | $1257.4 | $1009.2 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.94% | 1.75% | 2.03% | 2.30% | 2.39% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 33% | 18% | 15% | 20% | 40% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year. <br> <sup>(2)</sup> 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.*

------

Financial Highlights

Baird Quality Intermediate Municipal Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $12.16 | $12.34 | $12.04 | $11.66 | $11.80 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.19 | 0.18 | 0.22 | 0.24 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.92) | (0.18) | 0.29 | 0.38 | (0.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.73) |  | 0.51 | 0.62 | 0.10 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.19) | (0.18) | (0.21) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.19) | (0.18) | (0.21) | (0.24) | (0.24) |
| **Net asset value, end of year** | $11.24 | $12.16 | $12.34 | $12.04 | $11.66 |
| **Total return** | (5.99)% | 0.02% | 4.23% | 5.33% | 0.90% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $30.6 | $59.2 | $52.4 | $85.1 | $110.8 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.69% | 1.50% | 1.78% | 2.05% | 2.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 33% | 18% | 15% | 20% | 40% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year. <br> <sup>(2)</sup> 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.*

------

Financial Highlights

Baird Core Intermediate Municipal Bond Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $10.96 | $10.96 | $10.65 | $10.22 | $10.32 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.21 | 0.16 | 0.23 | 0.25 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.88) | 0.02<br><sup>(2)</sup>  | 0.33 | 0.43 | (0.10) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.67) | 0.18 | 0.56 | 0.68 | 0.13 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.19) | (0.17) | (0.22) | (0.24) | (0.23) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(3)</sup> | (0.01) | (0.03) | (0.01) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.19) | (0.18) | (0.25) | (0.25) | (0.23) |
| **Net asset value, end of year** | $10.10 | $10.96 | $10.96 | $10.65 | $10.22 |
| **Total return** | (6.07)% | 1.60% | 5.26% | 6.75% | 1.30% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $2449.7 | $1531.2 | $842.2 | $535.5 | $378.1 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.01% | 1.47% | 2.09% | 2.36% | 2.30% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(4)</sup> | 59% | 31% | 35% | 38% | 70% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> 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.*

------

Financial Highlights

Baird Core Intermediate Municipal Bond Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $10.96 | $10.95 | $10.64 | $10.22 | $10.32 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.18 | 0.13 | 0.20 | 0.22 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (0.88) | 0.03<br><sup>(2)</sup>  | 0.33 | 0.43 | (0.11) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.70) | 0.16 | 0.53 | 0.65 | 0.10 |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.17) | (0.14) | (0.19) | (0.22) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.00)<sup>(3)</sup> | (0.01) | (0.03) | (0.01) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.17) | (0.15) | (0.22) | (0.23) | (0.20) |
| **Net asset value, end of year** | $10.09 | $10.96 | $10.95 | $10.64 | $10.22 |
| **Total return** | (6.40)% | 1.44% | 5.01% | 6.40% | 1.05% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $38.8 | $42.5 | $22.3 | $5.9 | $2.0 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.76% | 1.22% | 1.84% | 2.11% | 2.05% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(4)</sup> | 59% | 31% | 35% | 38% | 70% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> 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.*

------

Financial Highlights

Baird Municipal Bond Fund – Institutional Class

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Period Ended** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $10.76 | $10.67 | $10.10 | $10.00 |
| **Income from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.26 | 0.20 | 0.23 | 0.02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.09) | 0.17 | 0.76 | 0.10 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.83) | 0.37 | 0.99 | 0.12 |
| **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.25) | (0.20) | (0.21) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.08) | (0.21) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.25) | (0.28) | (0.42) | (0.02) |
| **Net asset value, end of period** | $9.68 | $10.76 | $10.67 | $10.10 |
| **Total return** | (7.73)% | 3.46% | 9.95% | 1.19%<sup>(3)</sup> |
| **Supplemental data and ratios:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $55.7 | $34.5 | $20.3 | $7.4 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.30% | 0.30% | 0.30% | 0.30%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.63% | 1.83% | 2.20% | 1.69%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup> | 76% | 38% | 124% | 46%<sup>(3)</sup> |

---

<sup>(1)</sup> Inception was close of business on November 15, 2019.

<sup>(2)</sup> Calculated using average shares outstanding during the period.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> 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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Financial Highlights

Baird Municipal Bond Fund – Investor Class

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Period Ended** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $10.74 | $10.66 | $10.10 | $10.00 |
| **Income from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.24 | 0.17 | 0.21 | 0.02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.08) | 0.16 | 0.75 | 0.10 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.84) | 0.33 | 0.96 | 0.12 |
| **Less distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.22) | (0.17) | (0.19) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.08) | (0.21) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.22) | (0.25) | (0.40) | (0.02) |
| **Net asset value, end of period** | $9.68 | $10.74 | $10.66 | $10.10 |
| **Total return** | (7.78)% | 3.12% | 9.58% | 1.16%<sup>(3)</sup> |
| **Supplemental data and ratios:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $4055.6 | $3193.3 | $1624.8 | $29.1 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.55% | 0.55% | 0.55% | 0.55%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.38% | 1.58% | 1.95% | 1.44%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup> | 76% | 38% | 124% | 46%<sup>(3)</sup> |

---

<sup>(1)</sup> Inception was close of business on November 15, 2019.

<sup>(2)</sup> Calculated using average shares outstanding during the period.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> 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

December 31, 2022

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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:

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| | | |
|:---|:---|:---|
|  | **<u>Inception Date</u>** | **<u>Inception Date</u>** |
| **<u>Fund</u>** | **<u>Institutional Class</u>** | **<u>Investor Class</u>** |
| Baird Ultra Short Bond Fund | December 31, 2013 | December 31, 2013 |
| Baird Short-Term Bond Fund | August 31, 2004 | September 19, 2012 |
| Baird Intermediate Bond Fund | September 29, 2000 | September 29, 2000 |
| Baird Aggregate Bond Fund | September 29, 2000 | September 29, 2000 |
| Baird Core Plus Bond Fund | September 29, 2000 | September 29, 2000 |
| Baird Short-Term Municipal Bond Fund | August 31, 2015 | August 31, 2015 |
| Baird Strategic Municipal Bond Fund | November 15, 2019 | November 15, 2019 |
| Baird Quality Intermediate Municipal Bond Fund | March 30, 2001 | March 30, 2001 |
| Baird Core Intermediate Municipal Bond Fund | August 31, 2015 | August 31, 2015 |
| Baird Municipal Bond Fund | November 15, 2019 | November 15, 2019 |

---

Institutional Class shares are not subject to a distribution and service (12b-1) fee, while Investor Class shares are subject to a distribution and service (12b-1) fee of 0.25%. See Note 7.

The investment objective of the Baird Ultra Short Bond Fund is to seek current income consistent with preservation of capital.

The investment objective of the Baird Short-Term Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg 1-3 Year U.S. Government/Credit Bond Index. The Fund's benchmark index, the Bloomberg 1-3 Year U.S. Government/Credit Bond Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and three years.

The investment objective of the Baird Intermediate Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg Intermediate U.S. Government/Credit Bond Index. The Fund's benchmark index, the Bloomberg Intermediate U.S. Government/Credit Bond Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and ten years.

The investment objective of the Baird Aggregate Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Aggregate Bond Index. The Fund's benchmark index, the Bloomberg U.S. Aggregate Bond Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed debt obligations, with maturities of at least one year.

The investment objective of the Baird Core Plus Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Universal Bond Index. The Fund's benchmark index, the Bloomberg U.S. Universal Bond Index, is an unmanaged, market value weighted index of fixed income debt obligations issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed debt obligations, Eurobonds, 144A securities and emerging market debt, with maturities of at least one year.

The investment objective of the Baird Short-Term Municipal Bond Fund is to seek current income that is exempt from federal income tax and is consistent with the preservation of capital.

The investment objective of the Baird Strategic Municipal Bond Fund is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.

The primary investment objective of the Baird Quality Intermediate Municipal Bond Fund is to seek current income that is substantially exempt from federal income tax. A secondary objective is to seek total return with relatively low volatility of principal.

The investment objective of the Baird Core Intermediate Municipal Bond Fund is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.

The investment objective of the Baird Municipal Bond Fund is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). 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 market for such security is limited, the validity of quotations is questionable or the Funds' independent pricing service does not provide a price), 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). |

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------

Notes to the Financial Statements

December 31, 2022

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---

| | |
|:---|:---|
| 2. | Significant Accounting Policies (cont.) |
|  | Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: debt securities are valued at their evaluated bid prices as provided by an independent pricing service based on various market inputs such as benchmark yields, market transactions and dealer quotations. Debt securities purchased with maturities of 60 days or less are valued as described above unless an evaluated price is not available, in which case such security is valued at acquisition cost, plus or minus any amortized discount or premium ("amortized cost"), or, if the Advisor does not believe amortized cost is reflective of the fair value of the security, the security is priced at fair value as described below. Investments in mutual funds, including money market funds, are valued at their stated NAV. Common stocks that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sales price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities that were not traded on the valuation date, as well as stocks that are not listed on an exchange, including NASDAQ, are valued at the average of the current bid and ask price. Other assets and securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor in accordance with the Advisor's fair value procedures. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, or it may use broker quotes or prices obtained from alternative independent pricing services or, if broker quotes or prices from alternative pricing services are unavailable or deemed to be unreliable, fair value will be determined by the Advisor. The Advisor has 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 the Funds' NAVs may fluctuate significantly from day to day or from period to period. |
| b) | **Securities Purchased on a When-Issued, Delayed Delivery or Forward Commitment Basis** – Each Fund may purchase securities on a when-issued, delayed delivery or forward commitment basis. When-issued, delayed delivery and forward commitment transactions involve the risk that the price or yield obtained in a transaction may be more or less favorable than the price or yield available in the market when delivery takes place. At the time a Fund makes a commitment to purchase a security, the Fund records the transaction and reflects the value of the security in determining net asset value. Certain when-issued, delayed delivery or forward commitment securities are considered derivatives. |
| c) | **Unregistered Securities** – The Funds own certain investment securities which are unregistered. All of the unregistered securities held by the Funds as of December 31, 2022 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: |

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---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Value** | **% of Net Assets** |
| Baird Ultra Short Bond Fund | $1312178255 | 23.40% |
| Baird Short-Term Bond Fund | 2612866083 | 29.15% |
| Baird Intermediate Bond Fund | 1359270815 | 19.31% |
| Baird Aggregate Bond Fund | 6444476453 | 18.53% |
| Baird Core Plus Bond Fund | 5119276858 | 22.92% |
| Baird Short-Term Municipal Bond Fund | 81127723 | 4.59% |
| Baird Strategic Municipal Bond Fund | 26646729 | 5.53% |
| Baird Quality Intermediate Municipal Bond Fund | 23295165 | 2.09% |
| Baird Core Intermediate Municipal Bond Fund | 76360020 | 3.07% |
| Baird Municipal Bond Fund | 3273901 | 5.48% |

---

---

| | |
|:---|:---|
| d) | **Foreign Securities –** The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Aggregate Bond Fund, and Baird Core Plus Bond Fund may invest in U.S. dollar-denominated debt obligations of foreign companies and foreign governments. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include foreign currency fluctuations, political and economic instability, differences in financial reporting standards and less strict regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund's securities, these securities may be valued at their fair value pursuant to the Advisor's fair value procedures. |
| 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, dividends and exchange rates. Futures contracts are carried at fair value using the primary exchange's closing (settlement) price and are generally categorized in Level 1. |
| f) | **Deposits with Broker** – When trading 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 December 31, 2022, the Baird Strategic Municipal Bond Fund had $5,764 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. |

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------

Notes to the Financial Statements

December 31, 2022

------

---

| | |
|:---|:---|
| 2. | Significant Accounting Policies (cont.) |
|  | These subsequent payments, called "variation margin," to and from the futures broker are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." At period end, the variation margin is shown as either a receivable or payable on the Fund's Statement of Assets and Liabilities. The Fund expects to earn interest income on any margin deposits. |
| g) | **Income Tax Status –** The Funds intend to continue to qualify as regulated investment companies as provided in Subchapter M of the Internal Revenue Code and to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax expense to the Funds. Therefore, no federal income or excise tax provision is recorded. |
|  | There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2022, or for any other tax years which are open for exam. As of December 31, 2022, open tax years include the tax years ended December 31, 2019 through 2022. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest and other expense, respectively, in the Statement of Operations. During the period, the Funds did not incur any interest or penalties. |
| h) | **Allocation of Income and Expenses –** Each Fund is charged for those expenses directly attributable to it. Expenses directly attributable to a class of shares, such as Rule 12b-1 distribution fees, are charged to that class of shares. Income, expenses and realized and unrealized gains and losses are allocated to the classes based on their respective net assets. Expenses that are not directly attributable to a Fund are allocated among the Funds in the series in proportion to their assets or are divided equally amongst the Funds. |
| i) | **Shareholder Transactions and Distributions –** Shareholder transactions are recorded on the trade date. Dividends from net investment income are declared and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. All distributions to shareholders are recorded on the ex-dividend date. The book basis character of distributions may differ from their ultimate characterization for Federal income tax purposes. GAAP requires that permanent financial reporting and tax differences be reclassified in the capital accounts. |
| j) | **Use of Estimates –** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
| k) | **Securities Transactions and Investment Income** – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions using the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Premiums and discounts on the purchase of securities are amortized/accreted using the effective interest method. Paydown gains and losses are recorded as interest income on the Statements of Operations for financial reporting purposes. |
| l) | **Guarantees and Indemnifications –** In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown and would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be low. |
| m) | **New Regulatory and Accounting Pronouncements** – In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds were required to comply with Rule 2a-5 by September 8, 2022. Management has evaluated Rule 2a-5 and has adopted the relevant provisions of the disclosure framework. |
|  | In November 2020, the SEC adopted Rule 18f-4 under the 1940 Act and issued Release No. IC-34084, *Use of Derivatives by Registered Investment Companies and Business Development Companies* ("Rule 18f-4"), to govern the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4 replaced existing SEC and staff guidance with a new framework for the use of derivatives by registered investment companies. Unless a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, Rule 18f-4 requires registered investment companies that trade derivatives and other instruments that create future payment or delivery obligations to adopt a value at-risk leverage limit and implement a derivatives risk management program. Each Fund that participates in derivatives transactions intends to qualify as a limited derivatives user. Management has evaluated Rule 18f-4 and has adopted the relevant provisions of the disclosure framework. |
|  | 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. |

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Notes to the Financial Statements

December 31, 2022

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3. Capital Share Transactions

The following table summarizes the capital share transactions of each Fund for the past two fiscal years:

#### Baird Ultra Short Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 510778406 | $5106885871 | 706670026<br><sup>(1)</sup>  | $7113668044<br><sup>(1)</sup>  |
| Shares issued to shareholders in reinvestment of distributions | 8061269 | 80399650 | 2705405 | 27229753 |
| Shares redeemed | (652378673) | (6519104866) | (465834447) | (4688653810) |
| Net increase (decrease) | (133538998) | $(1331819345) | 243540984 | $2452243987 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 685717731 |  | 442176747 |  |
| End of year | 552178733 |  | 685717731 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4481615 | $44858460 | 18443119 | $186265589 |
| Shares issued to shareholders in reinvestment of distributions | 127158 | 1271407 | 45414 | 458401 |
| Shares redeemed | (11658271) | (116780502) | (14329674) | (144622291) |
| Net increase (decrease) | (7049498) | $(70650635) | 4158859 | $42101699 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 16302210 |  | 12143351 |  |
| End of year | 9252712 |  | 16302210 |  |
| Total net increase (decrease) |  | $(1402469980) |  | $2494345686 |
| <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. | <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. | <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. | <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. |  |
| **Baird Short-Term Bond Fund** |  |  |  |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 391080943 | $3673283683 | 541846644 | $5339349583 |
| Shares issued to shareholders in reinvestment of distributions | 16033899 | 149270614 | 12532691 | 123134971 |
| Shares redeemed | (535281625) | (5005563954) | (364097312) | (3588101413) |
| Net increase (decrease) | (128166783) | $(1183009657) | 190282023 | $1874383141 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 1076834440 |  | 886552417 |  |
| End of year | 948667657 |  | 1076834440 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 11154652 | $104892206 | 15561012 | $153622226 |
| Shares issued to shareholders in reinvestment of distributions | 368325 | 3423812 | 275715 | 2707208 |
| Shares redeemed | (13924914) | (130871374) | (9346379) | (92107513) |
| Net increase (decrease) | (2401937) | $(22555356) | 6490348 | $64221921 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 25933108 |  | 19442760 |  |
| End of year | 23531171 |  | 25933108 |  |
| Total net increase (decrease) |  | $(1205565013) |  | $1938605062 |

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Notes to the Financial Statements

December 31, 2022

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3. Capital Share Transactions (cont.)

#### Baird Intermediate Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 283794838<br><sup>(1)</sup>  | $2977433440<br><sup>(1)</sup>  | 202092671<br><sup>(1)</sup>  | $2322166062<br><sup>(1)</sup>  |
| Shares issued to shareholders in reinvestment of distributions | 12209851 | 125904456 | 10626575 | 121195480 |
| Shares redeemed | (192704900) | (2000544006) | (73997341) | (849445075) |
| Net increase | 103299789 | $1102793890 | 138721905 | $1593916467 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 589061446 |  | 450339541 |  |
| End of year | 692361235 |  | 589061446 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3627892 | $39037445 | 2200599 | $26620652 |
| Shares issued to shareholders in reinvestment of distributions | 76180 | 822382 | 70776 | 847356 |
| Shares redeemed | (1669780) | (18219022) | (3203719) | (38632371) |
| Net increase (decrease) | 2034292 | $21640805 | (932344) | $(11164363) |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 3569179 |  | 4501523 |  |
| End of year | 5603471 |  | 3569179 |  |
| Total net increase |  | $1124434695 |  | $1582752104 |
| <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. | <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. | <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. | <sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note. |  |
| **Baird Aggregate Bond Fund** |  |  |  |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1132790635 | $11448888258 | 1299107235 | $14925486252 |
| Shares issued to shareholders in reinvestment of distributions | 81727428 | 815301963 | 56052498 | 641563055 |
| Shares redeemed | (1098175721) | (11116504107) | (628479154) | (7215058879) |
| Net increase | 116342342 | $1147686114 | 726680579 | $8351990428 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 3435420504 |  | 2708739925 |  |
| End of year | 3551762846 |  | 3435420504 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 20420963 | $215322675 | 31386082 | $374344332 |
| Shares issued to shareholders in reinvestment of distributions | 1570967 | 16281653 | 1347619 | 15997081 |
| Shares redeemed | (30367979) | (320324283) | (40396219) | (481603438) |
| Net decrease | (8376049) | $(88719955) | (7662518) | $(91262025) |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 76709461 |  | 84371979 |  |
| End of year | 68333412 |  | 76709461 |  |
| Total net increase |  | $1058966159 |  | $8260728403 |
| **Baird Core Plus Bond Fund** |  |  |  |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 504649661 | $5264617388 | 779746048 | $9237061141 |
| Shares issued to shareholders in reinvestment of distributions | 60377638 | 620675811 | 65142363 | 768500008 |
| Shares redeemed | (777453867) | (8149147748) | (683375828) | (8083597220) |
| Net increase (decrease) | (212426568) | $(2263854549) | 161512583 | $1921963929 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 2369697698 |  | 2208185115 |  |
| End of year | 2157271130 |  | 2369697698 |  |

---

------

Notes to the Financial Statements

December 31, 2022

------

3. Capital Share Transactions (cont.)

#### Baird Core Plus Bond Fund (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 22790115 | $251553911 | 41521715 | $516846683 |
| Shares issued to shareholders in reinvestment of distributions | 2880904 | 31071249 | 3703407 | 45687208 |
| Shares redeemed | (56639771) | (622150469) | (124846487) | (1537363661) |
| Net decrease | (30968752) | $(339525309) | (79621365) | $(974829770) |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 132071461 |  | 211692826 |  |
| End of year | 101102709 |  | 132071461 |  |
| Total net increase (decrease) |  | $(2603379858) |  | $947134159 |
| **Baird Short-Term Municipal Bond Fund** |  |  |  |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 167243863 | $1663156971 | 145229039 | $1515263682 |
| Shares issued to shareholders in reinvestment of distributions | 2226981 | 22051002 | 1557066 | 16218709 |
| Shares redeemed | (208046440) | (2065552673) | (81845339) | (853254906) |
| Net increase (decrease) | (38575596) | $(380344700) | 64940766 | $678227485 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 210702796 |  | 145762030 |  |
| End of year | 172127200 |  | 210702796 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2906247 | $28904745 | 6141869 | $63934129 |
| Shares issued to shareholders in reinvestment of distributions | 97420 | 961922 | 70162 | 729733 |
| Shares redeemed | (6344406) | (63158931) | (4436586) | (46190070) |
| Net increase (decrease) | (3340739) | $(33292264) | 1775445 | $18473792 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 10635225 |  | 8859780 |  |
| End of year | 7294486 |  | 10635225 |  |
| Total net increase (decrease) |  | $(413636964) |  | $696701277 |
| **Baird Strategic Municipal Bond Fund** |  |  |  |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 46538898 | $469432787 | 23465676 | $252459481 |
| Shares issued to shareholders in reinvestment of distributions | 820672 | 8177741 | 400578 | 4306615 |
| Shares redeemed | (32225708) | (322083246) | (7137742) | (76900323) |
| Net increase | 15133862 | $155527282 | 16728512 | $179865773 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 32129772 |  | 15401260 |  |
| End of year | 47263634 |  | 32129772 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 620372 | $6273602 | 268897 | $2887890 |
| Shares issued to shareholders in reinvestment of distributions | 7297 | 72714 | 6013 | 64610 |
| Shares redeemed | (327044) | (3284501) | (159100) | (1712593) |
| Net increase | 300625 | $3061815 | 115810 | $1239907 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 769622 |  | 653812 |  |
| End of year | 1070247 |  | 769622 |  |
| Total net increase |  | $158589097 |  | $181105680 |

---

------

Notes to the Financial Statements

December 31, 2022

------

3. Capital Share Transactions (cont.)

#### Baird Quality Intermediate Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 69927672 | $772989941 | 35483051 | $423658386 |
| Shares issued to shareholders in reinvestment of distributions | 1987985 | 21982125 | 1996768 | 23789767 |
| Shares redeemed | (101791866) | (1123505420) | (29165756) | (347651750) |
| Net increase (decrease) | (29876209) | $(328533354) | 8314063 | $99796403 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 128752160 |  | 120438097 |  |
| End of year | 98875951 |  | 128752160 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3517749 | $40053579 | 1409837 | $17217572 |
| Shares issued to shareholders in reinvestment of distributions | 73270 | 829193 | 63248 | 772922 |
| Shares redeemed | (5738401) | (65041068) | (848015) | (10378647) |
| Net increase (decrease) | (2147382) | $(24158296) | 625070 | $7611847 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 4870922 |  | 4245852 |  |
| End of year | 2723540 |  | 4870922 |  |
| Total net increase (decrease) |  | $(352691650) |  | $107408250 |
| **Baird Core Intermediate Municipal Bond Fund** |  |  |  |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 260786481 | $2665957218 | 80705470 | $885625355 |
| Shares issued to shareholders in reinvestment of distributions | 2967412 | 30034377 | 1367974 | 14985015 |
| Shares redeemed | (160863049) | (1630020249) | (19257996) | (211074750) |
| Net increase | 102890844 | $1065971346 | 62815448 | $689535620 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 139678631 |  | 76863183 |  |
| End of year | 242569475 |  | 139678631 |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4085710 | $41823949 | 2693728 | $29538079 |
| Shares issued to shareholders in reinvestment of distributions | 62064 | 627524 | 33210 | 363546 |
| Shares redeemed | (4181317) | (42935251) | (883426) | (9669995) |
| Net increase (decrease) | (33543) | $(483778) | 1843512 | $20231630 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 3879431 |  | 2035919 |  |
| End of year | 3845888 |  | 3879431 |  |
| Total net increase |  | $1065487568 |  | $709767250 |
| **Baird Municipal Bond Fund** |  |  |  |  |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5433325 | $53876656 | 1540495 | $16605748 |
| Shares issued to shareholders in reinvestment of distributions | 112936 | 1101451 | 66656 | 717800 |
| Shares redeemed | (3002030) | (29485764) | (300031) | (3245575) |
| Net increase | 2544231 | $25492343 | 1307120 | $14077973 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 3207370 |  | 1900250 |  |
| End of year | 5751601 |  | 3207370 |  |

---

------

Notes to the Financial Statements

December 31, 2022

------

3. Capital Share Transactions (cont.)

#### Baird Municipal Bond Fund (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 396064 | $3867269 | 166129 | $1777200 |
| Shares issued to shareholders in reinvestment of distributions | 2621 | 25383 | 2590 | 27844 |
| Shares redeemed | (276876) | (2786613) | (23976) | (259157) |
| Net increase | 121809 | $1106039 | 144743 | $1545887 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 297235 |  | 152492 |  |
| End of year | 419044 |  | 297235 |  |
| Total net increase |  | $26598382 |  | $15623860 |

---

#### Purchase in-kind transactions
During the year ended December 31, 2022, the Funds satisfied purchase in-kind requests made by large institutional shareholders by transferring cash and securities into the Funds. The transfers were effected in accordance with policies and procedures approved by the Board. Consideration received and shares sold were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  |  | **Value of Cash and** | |
| **<u>Fund</u>** | **Effective Date** | **Securities Received** | **Shares Sold** |
| Baird Intermediate Bond Fund – Institutional Class | March 29, 2022 | $105831914 | 9909355 |
| Baird Intermediate Bond Fund – Institutional Class | March 30, 2022 | 512255 | 47874 |
| Baird Intermediate Bond Fund – Institutional Class | April 27, 2022 | 60581686 | 5764195 |
| Baird Intermediate Bond Fund – Institutional Class | May 17, 2022 | 253996 | 24329 |
| Total |  | $167179851 |  |

---

During the year ended December 31, 2021, the Funds satisfied purchase in-kind requests made by large institutional shareholders by transferring cash and securities into the Funds. The transfers were effected in accordance with policies and procedures approved by the Board. Consideration received and shares sold were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  |  | **Value of Cash and** | |
| **<u>Fund</u>** | **Effective Date** | **Securities Received** | **Shares Sold** |
| Baird Ultra Short Bond Fund – Institutional Class | January 27, 2021 | $44201852 | 4385104 |
| Baird Intermediate Bond Fund – Institutional Class | March 29, 2021 | 49293543 | 4312646 |
| Baird Intermediate Bond Fund – Institutional Class | October 27, 2021 | 39779568 | 3489436 |
| Total |  | $89073111 |  |

---

4. Investment Transactions and Income Tax Information

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments and any in-kind transactions) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** | **All Other** | **All Other** |
|  | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Baird Ultra Short Bond Fund | $645665625 | $592062693 | $3615590971 | $4230290792 |
| Baird Short-Term Bond Fund | 4500580907 | 5569805585 | 3093221010 | 3134419515 |
| Baird Intermediate Bond Fund | 3082959583 | 2502258339 | 1227064047 | 694960920 |
| Baird Aggregate Bond Fund | 8867810094 | 11355563163 | 7907919254 | 4177560998 |
| Baird Core Plus Bond Fund | 3362736017 | 5916514476 | 3628582591 | 3583793698 |
| Baird Short-Term Municipal Bond Fund |  | 74696016 | 1231988333 | 1290038993 |
| Baird Strategic Municipal Bond Fund |  |  | 520372622 | 331941575 |
| Baird Quality Intermediate Municipal Bond Fund | 58891406 | 59006250 | 359007387 | 664433787 |
| Baird Core Intermediate Municipal Bond Fund | 276677988 | 275214238 | 1868307265 | 787337572 |
| Baird Municipal Bond Fund | 1009465 | 1012859 | 61863624 | 36331623 |

---

As of December 31, 2022, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** | **Baird** | **Baird** | **Baird** | **Baird** |
|  | **Ultra Short** | **Short-Term** | **Intermediate** | **Aggregate** | **Core Plus** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
| **Cost of investments** | $5713773120 | $9438354774 | $7563724095 | $39433006077 | $25312042354 |
| Gross unrealized appreciation | 2687300 | 7123615 | 5498610 | 50529382 | 37031438 |
| Gross unrealized depreciation | (39954405) | (361881105) | (556285850) | (4783163033) | (3023385758) |
| **Net unrealized depreciation** | (37267105) | (354757490) | (550787240) | (4732633651) | (2986354320) |
| Undistributed ordinary income | 85650 | 1621607 | 321883 | 1073764 | 1165596 |
| **Distributable earnings** | 85650 | 1621607 | 321883 | 1073764 | 1165596 |
| **Other accumulated losses** | (22472333) | (251331151) | (180358064) | (838243335) | (495029165) |
| **Total accumulated deficit** | $(59653788) | $(604467034) | $(730823421) | $(5569803222) | $(3480217889) |

---

------

Notes to the Financial Statements

December 31, 2022

------

4. Investment Transactions and Income Tax Information (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** | **Baird** | **Baird Quality** | **Baird Core** | |
|  | **Short-Term** | **Strategic** | **Intermediate** | **Intermediate** | **Baird** |
|  | **Municipal** | **Municipal** | **Municipal** | **Municipal** | **Municipal** |
|  | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** | **Bond Fund** |
| **Cost of investments** | $1800023698 | $493728685 | $1130702886 | $2522370846 | $59449382 |
| Gross unrealized appreciation | 2700789 | 2130820 | 4989403 | 10606952 | 446419 |
| Gross unrealized depreciation | (56252122) | (15872202) | (38532784) | (86974482) | (2084287) |
| **Net unrealized depreciation** | (53551333) | (13741382) | (33543381) | (76367530) | (1637868) |
| Undistributed tax-exempt income | 343060 | 142730 | 229182 | 616381 | 17397 |
| **Distributable earnings** | 343060 | 142730 | 229182 | 616381 | 17397 |
| **Other accumulated losses** | (47181634) | (13303210) | (40841861) | (39477224) | (1980691) |
| **Total accumulated deficit** | $(100389907) | $(26901862) | $(74156060) | $(115228373) | $(3601162) |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. There were no reclassifications made for the year ended December 31, 2022.

#### 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 period shown below were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Ordinary** | **Long-Term** | **Tax-Exempt** | |
| **<u>Fund</u>** | **Income** | **Capital Gains** | **Income** | **Total** |
| Baird Ultra Short Bond Fund | $88868292 | $— | $— | $88868292 |
| Baird Short-Term Bond Fund | 167037340 | 4200688 |  | 171238028 |
| Baird Intermediate Bond Fund | 146093663 |  |  | 146093663 |
| Baird Aggregate Bond Fund | 917025897 |  |  | 917025897 |
| Baird Core Plus Bond Fund | 702114693 | 4248998 |  | 706363691 |
| Baird Short-Term Municipal Bond Fund | 341883 |  | 31709683 | 32051566 |
| Baird Strategic Municipal Bond Fund | 827054 |  | 7799147 | 8626201 |
| Baird Quality Intermediate Municipal Bond Fund | 10535 |  | 25740501 | 25751036 |
| Baird Core Intermediate Municipal Bond Fund | 499131 |  | 39195561 | 39694692 |
| Baird Municipal Bond Fund | 23809 |  | 1281550 | 1305359 |

---

For the year ended December 31, 2022, the table above reflects the estimated characterization of the distributions paid based on each Fund's operating results for the period. The actual characterization of the distributions made during the period is not determined until after the end of the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Ordinary** | **Long-Term** | **Tax-Exempt** | |
| **<u>Fund</u>** | **Income** | **Capital Gains** | **Income** | **Total** |
| Baird Ultra Short Bond Fund | $29091904 | $— | $— | $29091904 |
| Baird Short-Term Bond Fund | 113615447 | 25701730 |  | 139317177 |
| Baird Intermediate Bond Fund | 96264986 | 43852857 |  | 140117843 |
| Baird Aggregate Bond Fund | 680906564 | 41153174 |  | 722059738 |
| Baird Core Plus Bond Fund | 703200275 | 173585801 |  | 876786076 |
| Baird Short-Term Municipal Bond Fund | 561733 |  | 20968994 | 21530727 |
| Baird Strategic Municipal Bond Fund | 1909435 |  | 2595956 | 4505391 |
| Baird Quality Intermediate Municipal Bond Fund | 1308 |  | 27819540 | 27820848 |
| Baird Core Intermediate Municipal Bond Fund | 1654250 |  | 17295308 | 18949558 |
| Baird Municipal Bond Fund | 298002 |  | 548729 | 846731 |

---

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 years ended December 31, 2021 and 2022. 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.

------

Notes to the Financial Statements

December 31, 2022

------

4. Investment Transactions and Income Tax Information (cont.)

At December 31, 2022, no Funds deferred, on a tax basis, qualified late year losses.

At December 31, 2022, accumulated net realized capital loss carryovers, if any, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss Carryover** | **Capital Loss Carryover** | **Year of Expiration** | **Year of Expiration** |
| **<u>Fund</u>** | **Short-term** | **Long-term** | **Short-term** | **Long-term** |
| Baird Ultra Short Bond Fund | $20191287 | $2281046 | Indefinitely | Indefinitely |
| Baird Short-Term Bond Fund | 167710572 | 83620579 | Indefinitely | Indefinitely |
| Baird Intermediate Bond Fund | 59857275 | 120500789 | Indefinitely | Indefinitely |
| Baird Aggregate Bond Fund | 395273909 | 442969426 | Indefinitely | Indefinitely |
| Baird Core Plus Bond Fund | 208612464 | 286416701 | Indefinitely | Indefinitely |
| Baird Short-Term Municipal Bond Fund | 25121911 | 22059723 | Indefinitely | Indefinitely |
| Baird Strategic Municipal Bond Fund | 8988227 | 4314983 | Indefinitely | Indefinitely |
| Baird Quality Intermediate Municipal Bond Fund | 11352420 | 29489441 | Indefinitely | Indefinitely |
| Baird Core Intermediate Municipal Bond Fund | 23842011 | 15635213 | Indefinitely | Indefinitely |
| Baird Municipal Bond Fund | 1051468 | 929223 | Indefinitely | Indefinitely |

---

During the year ended December 31, 2022, the Funds did not utilize short-term or long-term 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 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, 2024. The agreement may only be terminated prior to the end of this term by or with the consent of the Board.

For the year ended December 31, 2022, the Advisor waived the following amount pursuant to the fee waiver agreement between the Advisor and the Company on behalf of the Baird Ultra Short Bond Fund:

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| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Waived Amount</u>** |
| Baird Ultra Short Bond Fund | $9138708 |

---

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 year ended December 31, 2022 for the Funds.

The Funds may use related party broker-dealers. For the year ended December 31, 2022 there were no brokerage commissions paid to broker-dealers affiliated with the Advisor. The Advisor or its affiliates may have lending, banking, brokerage, underwriting, or other business relationships with the issuers of the securities in which the Funds invest.

The Funds may purchase securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor. For the year ended December 31, 2022, the following Funds purchased the following amounts of such securities:

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| | |
|:---|:---|
| **<u>Fund</u>** | **Purchases** |
| Baird Aggregate Bond Fund | $69850000 |
| Baird Core Plus Bond Fund | 1500000 |
| Baird Short-Term Municipal Bond Fund | 18030000 |
| Baird Strategic Municipal Bond Fund | 2500000 |
| Baird Quality Intermediate Municipal Bond Fund | 8030000 |
| Baird Core Intermediate Municipal Bond Fund | 17630000 |

---

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 $850,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of 1.00% and the Prime Rate minus 2.00%. As of December 31, 2022, the Prime Rate was 7.50%. The LOC matures on May 22, 2023, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.

During the year ended December 31, 2022, the Baird Core Intermediate Municipal Bond Fund borrowed from the LOC as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Amount** | **Interest Charges** | **Borrowing** |
| **<u>Fund</u>** | **<u>Borrowed</u>** | **<u>Accrued</u>** | **<u>Rate</u>** |
| Baird Core Intermediate Municipal Bond Fund | $131622000 | $4,570\* | 1.25% |

---

\* Interest charges for this borrowing were borne by the Advisor.

During the year ended December 31, 2022, the Baird Strategic Municipal Bond Fund incurred broker interest charges of $4 related to its trading of futures contracts.

No other borrowings occurred during the year ended December 31, 2022, nor were any other borrowings outstanding under the LOC as of December 31, 2022.

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Notes to the Financial Statements

December 31, 2022

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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 year ended December 31, 2022, the Funds' Investor Class shares incurred fees pursuant to the Plan as follows:

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| | |
|:---|:---|
| **<u>Fund</u>** | |
| Baird Ultra Short Bond Fund | $285833 |
| Baird Short-Term Bond Fund | 585407 |
| Baird Intermediate Bond Fund | 111677 |
| Baird Aggregate Bond Fund | 1881997 |
| Baird Core Plus Bond Fund | 3143902 |
| Baird Short-Term Municipal Bond Fund | 218054 |
| Baird Strategic Municipal Bond Fund | 21047 |
| Baird Quality Intermediate Municipal Bond Fund | 127907 |
| Baird Core Intermediate Municipal Bond Fund | 100916 |
| Baird Municipal Bond Fund | 8399 |

---

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 December 31, 2022.

Management has adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect a Fund's Statement of Assets and Liabilities and Statement of Operations. Since the derivatives may be held for speculative trading purposes, the derivative instruments are not designated as hedging instruments. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open contracts from the preceding period, are recognized as part of realized and unrealized gain (loss) in the Statement of Operations. These contracts are not subject to a master netting agreement.

The following table presents the results of the derivatives trading and information related to volume for the year ended December 31, 2022 for the Baird Strategic Municipal Bond Fund. The below captions of "Net Realized" and "Net Change in Unrealized" correspond to the captions in the Fund's Statement of Operations.

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| | | |
|:---|:---|:---|
|  | **Gain (Loss) from Trading** | **Gain (Loss) from Trading** |
|  | **Net** | **Net Change** |
| **<u>Fund and Type of Derivatives Instrument</u>** | **Realized** | **in Unrealized** |
| **Baird Strategic Municipal Bond Fund** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate | $(759591) | $— |
| Total U.S. Treasury futures contracts | $(759591) | $— |

---

The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts during the year ended December 31, 2022 were:

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| | | |
|:---|:---|:---|
|  | **Average Notional Amount** | **Average Notional Amount** |
|  | **Long Contracts** | **Short Contracts** |
| **Baird Strategic Municipal Bond Fund** | | |
| U.S. Treasury futures contracts | $7349339 | $— |

---

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 December 31, 2022. There were no subsequent events since December 31, 2022, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.

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Report of Independent Registered Public Accounting Firm

#### To the Shareholders and Board of Directors of Baird Funds, Inc.
<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the "Funds"), each a series of Baird Funds, Inc., as of December 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
|  | **Statements of** | **Statements of Changes** |  |
| **Fund Name** | **Operations** | **in Net Assets** | **Financial Highlights** |
| Baird Ultra Short Bond Fund | For the year ended | For the years ended | For the years ended December 31, |
| Baird Short-Term Bond Fund | December 31, 2022 | December 31, 2022 and 2021 | 2022, 2021, 2020, 2019, and 2018 |
| Baird Intermediate Bond Fund |  |  |  |
| Baird Aggregate Bond Fund |  |  |  |
| Baird Core Plus Bond Fund |  |  |  |
| Baird Short-Term Municipal Bond Fund |  |  |  |
| Baird Quality Intermediate Municipal Bond Fund |  |  |  |
| Baird Core Intermediate Municipal Bond Fund |  |  |  |
| Baird Strategic Municipal Bond Fund | For the year ended | For the years ended | For the years ended December 31, |
| Baird Municipal Bond Fund | December 31, 2022 | December 31, 2022 and 2021 | 2022, 2021, and 2020 and for the |
|  |  |  | period from November 15, 2019 |
|  |  |  | (commencement of operations) |
|  |  |  | through December 31, 2019 |

---

 

<br> <u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

![](cohencompany27-signature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 27, 2023

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Directors & Officers

As of December 31, 2022 (Unaudited)

#### Independent Directors

#### John W. Feldt
Independent Director, Audit Committee Chair

Term of Office: Indefinite

Length of Time Served: Since September 2000

Age: 80

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Thompson Plumb Funds, Inc., a mutual fund complex (3 portfolios) (1987-2018).

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#### Darren R. Jackson
Independent Director

Term of Office: Indefinite

Length of Time Served: Since November 2018

Age: 58

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Wolfspeed, Inc., a semiconductor company, since 2016; Director of Fastenal Company, a tool and supply distributor (2012-2020).

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#### David J. Lubar
Independent Director

Term of Office: Indefinite

Length of Time Served: Since November 2021

Age: 68

c/o Lubar & Co.

833 E. Michigan Street,

Suite 1500

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: President and CEO, Lubar & Co., Incorporated, a private investment firm, since 1983.

Number of Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Hallador Energy Company, since 2018.

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#### Cory L. Nettles
Independent Director

Term of Office: Indefinite

Length of Time Served: Since January 2008

Age: 52

c/o Generation Growth Capital, Inc.

111 East Kilbourn Avenue, Suite 2800

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Managing Director, Generation Growth Capital, Inc., a private equity fund, since March 2007.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Weyco Group, Inc., a men's footwear distributor, since 2007; Director of Associated Banc-Corp,

since 2013.

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#### Marlyn J. Spear, CFA
Independent Director, Chair of Board

Term of Office: Indefinite

Length of Time Served: Since January 2008

Age: 69

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Management Trustee of AFL-CIO Housing Investment Trust, a mutual fund complex (1 portfolio) (1995-2018).

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#### Frederick P. Stratton, Jr.
Independent Director, Nominating Committee Chair

Term of Office: Indefinite

Length of Time Served: Since May 2004

Age: 83

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired; Chairman Emeritus, Briggs & Stratton Corporation, a manufacturing company (2003-2020).

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Weyco Group, Inc., a men's footwear distributor, since 1976.

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Directors & Officers

As of December 31, 2022 (Unaudited)

#### Officers

#### Mary Ellen Stanek
President

Term of Office: Re-elected by Board annually

Length of Time Served: Since September 2000

Age: 66

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Co-Chief Investment Officer, Baird Advisors, a department of the Advisor, since October 2021; Chief Investment Officer, Baird Advisors (March 2000-October 2021); Managing Director, the Advisor, since March 2000.

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#### Charles B. Groeschell
Vice President

Term of Office: Re-elected by Board annually

Length of Time Served: Since January 2010

Age: 69

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Managing Director, the Advisor, and Senior Portfolio Manager, Baird Advisors, a department of the Advisor, since February 2000.

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#### Angela M. Palmer
Chief Compliance Officer and

AML Compliance Officer

Term of Office: Re-elected by Board annually

Length of Time Served: Since March 2014

Age: 50

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Ave

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Chief Compliance Officer, the Advisor, since March 2014; Anti-Money Laundering Compliance Officer since May 2015; Managing Director, the Advisor, since January 2022; Director, the Advisor, (July 2014-December 2021).

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#### Dustin J. Hutter
Treasurer

Term of Office: Re-elected by Board annually

Length of Time Served: Since April 2021

Age: 46

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Senior Business Analyst, the Advisor, since September 2017; Managing Director, the Advisor, since January 2020; Director, the Advisor (July 2014-December 2019).

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#### Charles M. Weber
Secretary

Term of Office: Re-elected by Board annually

Length of Time Served: Since September 2005

Age: 59

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Senior Associate General Counsel, the Advisor, since January 2013; Managing Director, the Advisor, since January 2009.

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#### Peter J. Hammond
Vice President

Term of Office: Re-elected by Board annually

Length of Time Served: Since August 2012

Age: 59

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Managing Director, the Advisor, since January 2016.

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#### Mandy L. Hess
Assistant Treasurer

Term of Office: Re-elected by Board annually

Length of Time Served: Since April 2021

Age: 52

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Senior Vice President, the Advisor, since November 2019; Director of Finance and Assistant Treasurer, The Lynde and Harry Bradley Foundation, Inc. (a private grantmaking foundation) (December 2005-July 2019).

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#### Andrew D. Ketter
Assistant Secretary

Term of Office: Re-elected by Board annually

Length of Time Served: Since February 2011

Age: 48

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Associate General Counsel, the Advisor, since September 2010; Managing Director, the Advisor, since January 2022; Director, the Advisor, (July 2014-December 2021).

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Additional information about the Funds' Directors is available in the Statement of Additional Information which may be obtained without charge, upon request, by calling 1-866-442-2473, or at www.bairdfunds.com.

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Baird Funds, Inc.

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Disclosure Regarding Approval of the Investment Advisory Agreement for Baird Bond Funds (Unaudited)

The Board of Directors (the "Board") of Baird Funds, Inc. (the "Company"), comprised of directors who are not "interested persons" of the Company within the meaning of the Investment Company Act of 1940 (the "Independent Directors"), met on August 12, 2022 and August 25, 2022 to consider the annual renewal of the investment advisory agreement between Robert W. Baird & Co. Incorporated ("Baird" or the "Advisor") and the Company on behalf of the Baird Ultra Short Bond Fund, the Baird Short-Term Bond Fund, the Baird Intermediate Bond Fund, the Baird Aggregate Bond Fund, the Baird Core Plus Bond Fund, the Baird Short-Term Municipal Bond Fund, the Baird Strategic Municipal Bond Fund, the Baird Quality Intermediate Municipal Bond Fund, the Baird Core Intermediate Municipal Bond Fund, and the Baird Municipal Bond Fund (the "Bond Funds" or the "Funds").

The Board, which is comprised solely of Independent Directors, approved the continuation of the investment advisory agreement for the Bond Funds through a process that concluded at the August 25, 2022 meeting. In connection with the consideration of the investment advisory agreement, the Board reviewed and discussed various information that had been provided prior to the meeting, including a copy of the investment advisory agreement and the Funds' fee schedules, the fee waiver agreement for the Baird Ultra Short Bond Fund, a memorandum provided by the Funds' legal counsel summarizing the guidelines relevant to the Board's consideration of the investment advisory agreement, a memorandum and other information provided in response to a request from the Board by the Advisor, a copy of the Advisor's Form ADV Part 1A and Form ADV brochures and brochure supplements, the organizational chart for Baird Advisors, financial information for the Advisor and its parent company, a profitability analysis, comparative information about the Funds' performance for the applicable periods ended June 30, 2022, comparative information about management fees and expense ratios, composite performance information for similar accounts managed by the Advisor, trading information and information related to payments to financial intermediaries.

The Board reviewed the Advisor's 15(c) response with representatives of the Advisor at the August 12, 2022 special meeting. The directors also took into account knowledge gained through their experience with the Advisor over time as well as information reviewed periodically throughout the year, including information about performance, asset flows and expenses; discussions with management about personnel, succession planning and services provided to the Funds and their shareholders; discussions with the Company's Chief Compliance Officer about compliance matters; and discussions with the Funds' portfolio managers. As part of their deliberations, the Independent Directors also met in executive session with the Funds' legal counsel and without representatives of the Advisor present.

In considering the investment advisory agreement and reaching its conclusions, the Board reviewed and analyzed various factors that it determined were relevant, including the factors below. In deciding to approve the renewal of the investment advisory agreement for each Fund, the Board did not identify any single factor as determinative but considered all factors together.

#### Nature, Extent and Quality of Services Provided to the Funds
The Board considered the nature, extent and quality of the services provided by the Advisor to the Funds. The Board noted the Advisor's positive reputation, the Advisor's long-term history of managing the Funds and the continuity and experience of the portfolio management teams employed to manage the Funds' investments. The Board considered the depth and quality of the Advisor's personnel who provide services to the Funds, including investment management, shareholder services, legal, compliance and accounting personnel, and noted that the Advisor has continued to provide high quality services to the Funds during the challenging market environment in 2021 and 2022. The Board also considered the Advisor's addition of resources in support of the Funds, including investments in personnel, technology, trading and research.

The Board considered the Advisor's disciplined investment decision-making process used for the Funds. The Board noted the effective operation of the Advisor's risk management system and investment process during the COVID-19 pandemic and the elevated market risk environment in recent months and years. The Board also considered other services that the Advisor provides the Funds in its capacity as their investment advisor, such as providing key personnel to serve as officers of the Funds, selecting broker-dealers for execution of portfolio transactions, ensuring adherence to the Funds' investment policies and restrictions, proxy voting, compliance services, performing shareholder servicing responsibilities, administering the Funds' liquidity risk management program, administering the Funds' cybersecurity program and business continuity plan, valuation support, providing support services to the Board and the committees of the Board and overseeing the Funds' other service providers.

The Board concluded that the nature, extent and quality of the services provided by the Advisor to the Funds were appropriate and that each Fund was likely to continue to benefit from services provided under the investment advisory agreement.

#### Investment Performance of the Advisor and the Funds
In considering the investment performance of each Fund, the Board reviewed information as of June 30, 2022 regarding the performance of each class of each Fund for applicable one-year, three-year, five-year, ten-year and since-inception periods in comparison to its benchmark index and its peer group as determined by Lipper. The Board also considered each Fund's Lipper ranking for periods ending June 30, 2022 and, where applicable, the Fund's Morningstar star rating. The Board reviewed the composite investment performance of Baird Advisors with respect to accounts managed by the Advisor that are comparable to the Funds but did not consider it to be a material factor in the 15(c) process.

The Board noted that the Bond Funds have generated competitive and consistent long-term performance results. The Board noted that the Bond Funds generally underperformed the respective benchmark index for the one-year period, with the exception of the Municipal Bond Fund, and that the Funds' performance was in line with the Advisor's expectations given market conditions and interest rate volatility. The Board noted that the returns of the Institutional Class of each Fund, other than the Baird Quality Intermediate Municipal Bond Fund, have exceeded the benchmark index over the applicable three-year, five-year, ten-year and since-inception periods, the Funds also generally exceeded the Lipper peer group average over those periods, and each Fund other than the Baird Quality Intermediate Municipal Bond Fund ranked in the top quartile of the respective Lipper category for the since-inception period. With respect to the underperformance of the Baird Quality Intermediate Municipal Bond Fund, the Board took note of the Advisor's commentary regarding the Fund's high-quality bias and the recent outperformance of lower quality issues in the market compared to high-quality issues, which has impacted the Fund's relative returns. The Board also considered the Advisor's commentary regarding the recent underperformance of the Baird Intermediate Bond Fund, the Baird Short-Term Municipal Bond Fund and the Baird Strategic Municipal Bond Fund.

The Board also considered the Advisor's quarterly portfolio commentaries and discussions regarding the Funds' performance and the investment strategies the Advisor employs for each Fund. The Board concluded that each Fund and its shareholders were likely to benefit from the continued management by the Advisor.

#### Advisory Fees and Expenses
The Board reviewed the fee and expense information for each of the Bond Funds, including a comparison of each Fund's advisory fee and total net expense ratio to industry data for all funds in the same Morningstar category (excluding ETFs and index funds). The Board noted that each Fund's advisory fee (after waivers, in the case of the Baird Ultra Short Bond Fund) is significantly lower than the average and median advisory fee for the Morningstar category. The net expense ratio for each Fund's Institutional Class is also significantly lower than the Morningstar category average and median. With respect to the Baird Ultra Short Bond Fund, the Board considered the Advisor's contractual agreement to waive management fees in an amount equal to an annual rate of 0.15% until April 30, 2023. In addition, the Board considered that under the Administration Agreement, each of the Bond Funds pays administrative fees to the Advisor at an annual rate of 0.05% of each Fund's average daily net assets, and the Advisor is responsible for paying almost all other expenses of each Fund, excluding management fees, Rule 12b-1 fees and specified excluded expenses, which has the effect of capping the Funds' expense ratios at 0.55% and 0.30% for Investor and Institutional Class Shares, respectively.

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Baird Funds, Inc.

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Disclosure Regarding Approval of the Investment Advisory Agreement for Baird Bond Funds (Unaudited) (Continued)

The Board also considered investment management fees charged by the Advisor to other investment accounts managed in similar strategies, including separately managed accounts, subadvised funds and a collective investment trust, but did not consider these comparisons to be a material factor given the Advisor's greater level of responsibilities and additional services provided with respect to the Funds, as well as the more extensive regulatory requirements and risks associated with managing the Funds.

The Board concluded that the management fee and total expense ratio of each Fund were reasonable in light of the nature and quality of services provided and fees paid by comparable funds.

#### Costs and Profitability
The Board considered the fees realized, and the costs incurred, by the Advisor in providing investment management services and administration services to the Funds and a profitability analysis with respect to each Fund. The Board considered that the Advisor's profitability information does not reflect costs incurred for various internal support services and systems to the Funds such as IT, compliance, risk, human resources, legal and finance. The Board reviewed the financial condition of the Advisor and its parent company and determined it to be sound. The Board concluded that the Advisor's current level of profitability for each Fund, where applicable, was reasonable.

#### Economies of Scale and Fee Levels Reflecting Those Economies
The Board considered the extent to which economies of scale might be realized as each Fund grows and to the extent which each Fund's advisory fee reflects those economies of scale for the benefit of Fund investors.

The Board considered that the Bond Funds' advisory fee structure does not contain any breakpoint reductions as the Funds grow in size. The Board agreed with management's view that each Fund shares in economies of scale through the low advisory fee, which was designed to be comparable to the second or third breakpoint advisory fee levels paid by other comparable mutual funds and noted that this pricing structure has been in place since the inception of each Fund. In addition, the Board noted that the Advisor bears almost all of the Funds' expenses other than management, Rule 12b-1 and administration fees. The Board also considered investments made by the Advisor in resources that benefit the Funds. The directors concluded that the current fee structure of each Fund was reasonable and provides for a sharing of any economies of scale with the Funds' investors.

#### Benefits Derived from the Relationship with the Funds
The Board considered other benefits to the Advisor from serving as advisor to the Funds (in addition to the advisory fee). Those benefits include fees received by the Advisor under the administration agreement with the Funds and Rule 12b-1 fees received by the Distributor and its representatives. The Board noted that the Advisor's asset management and other institutional businesses may experience indirect benefits from the Advisor's association with the Funds. The Board concluded that the other benefits realized by the Advisor from its relationship with the Funds were appropriate.

Based on its evaluation of the above factors, the directors, all of whom are Independent Directors, concluded that the continuation of the investment advisory agreement was in the best interest of each Fund and its shareholders.

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Additional Information

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Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds' website at *www.bairdfunds.com* or by accessing the SEC's website at *www.sec.gov*.

Each Fund's proxy voting record for the most recent 12-month period ended June 30, if applicable, is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds' website at *www.bairdfunds.com* or by accessing the SEC's website at *www.sec.gov*. The Funds generally do not vote proxies because the securities held in their portfolios, consisting of bonds and other fixed-income securities, are not entitled to vote.

Portfolio Holdings Disclosure

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' filings on Part F of Form N-PORT are available on the SEC's website at *www.sec.gov*. The Funds' Form N-PORT reports may also be obtained by calling toll-free 1-866-442-2473 or by accessing the Funds' website at *www.bairdfunds.com*.

Tax Information

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

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| | |
|:---|:---|
| Baird Strategic Municipal Bond Fund | 12.24% |
| Baird Core Intermediate Municipal Bond Fund | 1.69% |

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Baird Funds, Inc. Privacy Policy

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| | |
|:---|:---|
| **FACTS** | **WHAT DOES BAIRD FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | • Social Security number |
|  | • Account balances, transaction history and assets |
|  | • Checking account information and wire transfer instructions |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Baird Funds, Inc. chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
|  | **Does Baird** | **Can you limit** |
| **Reasons we can share your personal information** | **Funds, Inc. share?** | **this sharing?** |
| **For our everyday business purposes—** | Yes | No |
| such as to process your transactions, maintain your account(s), respond |  |  |
| to court orders and legal investigations, or report to credit bureaus |  |  |
| **For our marketing purposes—** | Yes | No |
| to offer our products and services to you |  |  |
| **For joint marketing with other financial companies** | No | We do not share |
| **For our affiliates' everyday business purposes—** | Yes | No |
| information about your transactions and experiences |  |  |
| **For our affiliates' everyday business purposes—** | No | We do not share |
| information about your creditworthiness |  |  |
| **For our affiliates to market to you** | No | We do not share |
| **For nonaffiliates to market to you** | No | We do not share |

---

---

| | |
|:---|:---|
| **Questions?** | Call (toll free) 1-866-442-2473, Email <u>prospectus@bairdfunds.com</u> or go to <u>www.bairdfunds.com</u> |

---

Page A-1

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Baird Funds, Inc. Privacy Policy

------

---

| | |
|:---|:---|
| **Who we are** |  |
| **Who is providing this notice?** | Baird Funds, Inc. |
| **What we do** |  |
| **How does Baird Funds, Inc.** | To protect your personal information from unauthorized access and use, we use security measures that comply with |
| **protect my personal information?** | federal law. These measures include computer safeguards and secured files and buildings. |
| **How does Baird Funds, Inc.** | We collect your personal information, for example, when you |
| **collect my personal information?** | • open an account or give us your contact information |
|  | • make a wire transfer or provide account information |
|  | • make deposits or withdrawals from your account |
|  | We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only |
|  | • sharing for affiliates' everyday business purposes—information about your creditworthiness |
|  | • affiliates from using your information to market to you |
|  | • sharing for nonaffiliates to market to you |
|  | State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** |  |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  | • *Robert W. Baird & Co Incorporated (the investment adviser and distributor to the Baird Funds) and its affiliates may share information among each other.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | • *Baird Funds, Inc. does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. We do not have any joint marketing partners. |
|  | • *Baird Funds, Inc. does not have any joint marketing partners.* |

---

Page A-2

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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

#### Board of Directors
John W. Feldt

Darren R. Jackson

David J. Lubar

Cory L. Nettles

Marlyn J. Spear (Chair)

Frederick P. Stratton, Jr.

#### Investment Advisor and Distributor
Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

#### Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC

P.O. Box 701

615 East Michigan Street

Milwaukee, WI 53202

#### Custodian
U.S. Bank, N.A.

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

#### Legal Counsel
Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, WI 53202

#### Independent Registered Public

#### Accounting Firm
Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

------

![](baird-logo.jpg)

## Annual Report –

## Baird Funds
December 31, 2022

Baird Mid Cap Growth Fund

Baird Small/Mid Cap Growth Fund

Baird Equity Opportunity Fund

Chautauqua International Growth Fund

Chautauqua Global Growth Fund

---

| | | |
|:---|:---|:---|
| Go Green. | ![](baird-gogreenlogo.jpg) | Go Paperless. |

---

Sign up to receive your Baird Funds' prospectuses and reports online.

------

**Table of Contents**

---

| | |
|:---|:---|
| Letter to Shareholders | 1 |
| Baird Mid Cap Growth Fund | 2 |
| Baird Small/Mid Cap Growth Fund | 7 |
| Baird Equity Opportunity Fund | 12 |
| Chautauqua International Growth Fund | 17 |
| Chautauqua Global Growth Fund | 23 |
| Additional Information on Fund Expenses | 29 |
| Statements of Assets and Liabilities | 30 |
| Statements of Operations | 32 |
| Statements of Changes in Net Assets | 34 |
| Financial Highlights | 37 |
| Notes to the Financial Statements | 47 |
| Report of Independent Registered Public Accounting Firm | 56 |
| Directors and Officers | 57 |
| Disclosure Regarding Approval of Investment Advisory Agreement for Baird Equity Funds | 59 |
| Additional Information | 61 |
| Privacy Notice | A-1 |

---

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

**Cautionary Note on Analyses, Opinions and Outlooks:** In this report we offer analyses and opinions on the performance of individual securities, companies, industries, sectors, markets, interest rates and governmental policies, including predictions, forecasts and outlooks regarding possible future events. These can generally be identified as such because the context of the statements may include such words as "believe," "should," "will," "expects," "anticipates," "hopes" and words of similar effect. These statements reflect the portfolio managers' good faith beliefs and judgments and involve risks and uncertainties, including the risk that the portfolio managers' analyses, opinions and outlooks are or will prove to be inaccurate. It is inherently difficult to correctly assess and explain the performance of particular securities, sectors, markets, interest rate movements, governmental actions or general economic trends and conditions, and many unforeseen factors contribute to the performance of Baird Funds. Investors are, therefore, cautioned not to place undue reliance on subjective judgments contained in this report.

------

![](baird-logo.jpg)

Baird Funds

1-866-442-2473

www.bairdfunds.com

February 27, 2023

Dear Shareholder,

There is no way to sugar coat it. 2022 proved to be an historically difficult environment for equity investors as interest rates rose sharply in response to rising inflation and the US Federal Reserve's policy actions to combat that inflation, which compressed multiples. While it certainly was a challenging year, we focused on finding companies with strong fundamentals and were able to take advantage of attractive opportunities the volatile environment presented.

While the 2022 financial markets challenged returns, we are pleased with the consistency of our work and the performance of the Baird Equity Funds relative to peers and their respective benchmarks. As we look back on the year, we are reminded of the power of our focus on high-quality business fundamentals that produced these results for our Fund investors. The volatile and down year reinforced our view that our bottom-up investment approach remains a prudent path.

We are mindful that we continue to operate in an elevated risk environment and are committed to judicious management of your assets. Our team has never been stronger, and we continue to play offense by focusing every day on serving our investors, including ongoing investments in our people, processes and the technology they utilize to deliver results and provide service to you.

While the challenging equity markets reduced the Baird Equity Funds' AUM at year end to $2.9 billion, we are pleased with our investors' continued use of our strategies to meet their equity needs. As we look ahead, it is our expectation that 2023 will continue to see market volatility as the Fed contemplates a new rate trajectory and as the broader economy adjusts to the already substantial rate increases in the past year. We will work diligently during 2023 to look for opportunities from fundamentally sound businesses.

We are honored to serve as your equity manager and we never lose sight of the fact that our success rests on the trust you have placed in us to be effective stewards of your assets. We are truly grateful for our relationship with you and are committed to delivering competitive performance, exceptional client service and timely and transparent communication to you.

Sincerely,

![](mary_stanek-signature.jpg)

Mary Ellen Stanek, CFA

President

Baird Funds

------

Baird Mid Cap Growth Fund

December 31, 2022 (Unaudited)

#### Portfolio Managers' Commentary
For the year ended December 31, 2022, the Baird Mid Cap Growth Fund Institutional Class posted a total return of -27.64% as compared to -26.72% for the Russell Midcap<sup>®</sup> Growth Index, the Fund's benchmark index.

After three strong absolute return years, the Fund experienced a meaningful decline in 2022, closely tracking the drop in the benchmark index. The Federal Reserve's effort to fight high inflation led to a series of interest rate increases not experienced in decades when considering the combination of their magnitude and speed. The significant policy tightening, while likely to temper inflation, also pushed the risk of recession higher and acted as a weight on the broad equity market.

Fund characteristics remained very similar to prior years with overall Fund portfolio holdings possessing a higher level of profitability, stronger revenue growth, and lower balance sheet leverage compared to its benchmark index. In our view, these key fundamental indicators reflect measures of quality, and the Fund's investment mix has tended to earn a higher relative valuation level as measured by price-to-earnings. From a factor standpoint, price-earnings was a strong indicator of performance in 2022; stocks with higher valuations generally declined more than those with lower valuations. The performance difference likely reflected the toll of rising interest rates and an element of reversion to the mean after several strong years of performance for stocks in the higher growth, higher valuation category.

The negative valuation impact was offset in part by significant price declines among unprofitable companies included in the benchmark, which the Fund does not hold. Ever since inflation surged and the Fed's interest rate response became the market's focal point in the second half of 2021, the negative impact on unprofitable companies has been notable, and a tailwind to the Fund's relative performance. This dynamic was most apparent in the technology sector, and particularly within the sizable software industry group, where owning profitable companies and avoiding those reporting losses led to strong outperformance. While some unprofitable companies will mature and adjust, economic cycles tend to have their relative winners and losers, and unprofitable companies may find themselves parked in the latter category should interest rates remain elevated compared to recent years. Either way, we will hold to profitability as a key tenet of what constitutes a quality company for the Fund.

On the negative side of the performance ledger was the relative drag from the energy sector. The sharp price advance in many energy companies hurt performance as the Fund carried less exposure to the sector than the benchmark index. In a year of meaningful price declines across the broad equity market, the positive overall return for the energy sector stood out at 40.2%. Higher oil and natural gas prices and a lower valuation starting point for many companies in the sector proved a favorable combination for performance. The benchmark's energy weight rose in the past year, in part due to annual benchmark adjustments and in part due to stronger stock performance. We added two energy sector holdings to the Fund's portfolio, one participating in the solar power industry and the other a traditional energy exploration & production company, recognizing the growing size of the sector as well as improved fundamental trends.

The Fund's industrial sector holdings also detracted from performance. In this case, it was not an issue of sector weight, but stock-picking misses that hurt results. Three holdings declined much more than the benchmark and accounted for a bulk of sector underperformance. In one, we misjudged the durability of capital spending for a company producing digital textile printing machines and decided to sell out of the position. The two other companies, one a composite decking manufacturer and the other a producer of home standby generators and related systems, struggled to balance capacity with demand that accelerated during the initial years of the pandemic. While there were execution missteps by each management team, we believe the companies face good secular demand for their products. We expect the performance downturns for these two companies to reverse in 2023, but the performance pain in 2022 was acute. We typically view holdings in the materials sector as an extension of the industrial sector as we favor companies tied to manufacturing rather than more commodity-related activities. The two Fund holdings in the materials sector helped offset a portion of the performance sting from industrials.

The Fund's consumer holdings delivered strong outperformance compared to the benchmark index. Within the consumer discretionary sector, traditional retail holdings have been a source of strength in recent years and that continued in 2022. In the consumer staples sector, good stock picking made a positive contribution to the Fund's relative performance.

The valuation compression described above and demand moderation experienced by a few of the Fund's holdings in the healthcare sector hurt performance and kept the sector from acting as defensively as we would have expected in a down market. Two holdings that assist in drug and biologic development and manufacturing processes faced concern over slower spending in part due to lower COVID-19 related activity. Consumer behavior changes negatively impacted the Fund's holding in a dental product provider, which struggled with lower procedure counts. However, we continue to believe that we can assemble a strong mix of high-quality growth companies in this sector given the favorable trends in long-term spending and innovation.

Two sectors, telecommunications and real estate, had a single holding during the year, owing to their small benchmark weights. The Fund's holdings in both sectors outperformed, with the Fund's telecommunications sector holding benefitting from high product demand for the network switching business. In the real estate sector, the Fund's holding of a data provider to the apartment and commercial real estate markets held in well as demand for the company's services and market information remained stable and tends to be counter cyclical. A shortfall in relative performance from the financial sector offset a portion of the telecommunication and real estate strength. The Fund held more weight in banks and less in insurance compared to the benchmark index, with that mix detracting from performance as economic risks built during the year.

The Fund does not use its cash position tactically; however, with the market moving sharply lower, even cash held to accommodate additions to individual holdings or new investment ideas provided help to relative performance.

In the upcoming year, companies will likely find it challenging to gauge the lagged effect of Federal Reserve action on demand for their respective products and to hold profit margins steady as they deal with inflation's impact on their cost structures. Whether it all adds up to a recession this year, or next, or not at all, time will tell. Amid the uncertainty, we believe it is important to remain sensible about market risk but open to new investment opportunities. The long-standing investment process underlying the Fund remains focused on identifying high-quality companies that deliver attractive returns and above average growth relative to peers. Seeking to control risk at the sector and position level is also a priority of our process, with the goal of providing attractive long-term returns for the Fund compared to its benchmark index.

We appreciate your support.

Portfolio Managers:

Charles F. Severson, CFA

Kenneth M. Hemauer, CFA

------

Baird Mid Cap Growth Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

A December 31, 2022 summary of the Fund's top 10 holdings and equity sector analysis compared to the Russell Midcap<sup>®</sup> Growth Index is shown below.

---

| | | |
|:---|:---|:---|
| **Top 10 Holdings<sup>(1)</sup>** |  | **Equity Sector Analysis<sup>(2)</sup>** |
| Insulet Corp. | 2.6% | ![](bmcgf-barchart.jpg) |
| Keysight Technologies, Inc. | 2.5% | ![](bmcgf-barchart.jpg) |
| Synopsys, Inc. | 2.4% | ![](bmcgf-barchart.jpg) |
| HEICO Corp. | 2.4% | ![](bmcgf-barchart.jpg) |
| Cadence Design System, Inc. | 2.3% | ![](bmcgf-barchart.jpg) |
| IDEX Corp. | 2.3% | ![](bmcgf-barchart.jpg) |
| O'Reilly Automotive, Inc. | 2.3% | ![](bmcgf-barchart.jpg) |
| Copart, Inc. | 2.3% | ![](bmcgf-barchart.jpg) |
| CDW Corp. | 2.3% | ![](bmcgf-barchart.jpg) |
| DexCom, Inc. | 2.2% | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
| **Net Assets:** | $1916406981 | ![](bmcgf-barchart.jpg) |
| **Portfolio Turnover Rate:** | 26% | ![](bmcgf-barchart.jpg) |
| **Number of Equity Holdings:** | 54 | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
| **Annualized Portfolio Expense Ratio**<sup>(3)</sup>: |  | ![](bmcgf-barchart.jpg) |
| Institutional Class: | 0.80% | ![](bmcgf-barchart.jpg) |
| Investor Class: | 1.05%<br><sup>(4)</sup> | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |
|  |  | ![](bmcgf-barchart.jpg) |

---

<sup>(1)</sup> The Fund's portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund's total net assets as of December 31, 2022.

<sup>(2)</sup> Percentages shown in parentheses relate to the Fund's total value of investments as of December 31, 2022, and may not add up to 100% due to rounding.

<sup>(3)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022. The Advisor has contractually agreed to limit the Fund's total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2024.

<sup>(4)</sup> Includes 0.25% 12b-1 fee.

------

Baird Mid Cap Growth Fund<sup>(1)</sup>

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bmcgf_inst-linechart.jpg) | ![](bmcgf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Five** | **Ten** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(2)</sup>** |
| Institutional Class Shares | -27.64% | 9.89% | 11.16% | 7.92% |
| Investor Class Shares | -27.82% | 9.60% | 10.88% | 7.66% |
| Russell Midcap<sup>®</sup> Growth Index<sup>(3)</sup> | -26.72% | 7.64% | 11.41% | 7.14% |

---

<sup>(1)</sup> Effective April 30, 2022, the Fund changed its name from the Baird MidCap Fund to the Baird Mid Cap Growth Fund.

<sup>(2)</sup> For the period from December 29, 2000 (inception date) through December 31, 2022.

<sup>(3)</sup> The Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of mid-capitalization companies. Mid-capitalization companies often are more volatile and face greater risks than larger, more established companies. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Mid Cap Growth Fund

Schedule of Investments, December 31, 2022

------

Common Stocks

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Aerospace & Defense** |  |  |  |
| HEICO Corp. | 297068 | $45641528 | 2.4% |
| **Banks** |  |  |  |
| Pinnacle Financial Partners, Inc. | 506650 | 37188110 | 1.9% |
| **Beverages** |  |  |  |
| Boston Beer Co., Inc.<sup>(1)</sup> | 89551 | 29508846 | 1.5% |
| **Building Products** |  |  |  |
| Advanced Drainage Systems, Inc. | 342106 | 28042429 | 1.5% |
| Trex Co., Inc.<sup>(1)</sup> | 491596 | 20809258 | 1.1% |
|  |  | 48851687 | 2.6% |
| **Capital Markets** |  |  |  |
| MSCI, Inc. | 89953 | 41843437 | 2.2% |
| **Commercial Services & Supplies** |  |  |  |
| Copart, Inc.<sup>(1)</sup> | 730855 | 44501761 | 2.3% |
| **Communications Equipment** |  |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 333530 | 40473865 | 2.1% |
| **Distributors** |  |  |  |
| Pool Corp. | 135608 | 40998367 | 2.1% |
| **Electrical Equipment** |  |  |  |
| Generac Holdings, Inc.<sup>(1)</sup> | 184287 | 18550329 | 1.0% |
| **Electronic Equipment,** |  |  |  |
| **Instruments & Components** |  |  |  |
| CDW Corp. | 244071 | 43586199 | 2.3% |
| Keysight Technologies, Inc.<sup>(1)</sup> | 275968 | 47209846 | 2.5% |
|  |  | 90796045 | 4.8% |
| **Food Products** |  |  |  |
| Lamb Weston Holdings, Inc. | 351731 | 31430682 | 1.6% |
| **Health Care Equipment & Supplies** |  |  |  |
| Align Technology, Inc.<sup>(1)</sup> | 132832 | 28014269 | 1.5% |
| DexCom, Inc.<sup>(1)</sup> | 379556 | 42980921 | 2.2% |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 101182 | 41278209 | 2.2% |
| Insulet Corp.<sup>(1)</sup> | 168369 | 49566150 | 2.6% |
| ResMed, Inc. | 174354 | 36288298 | 1.9% |
|  |  | 198127847 | 10.4% |
| **Health Care Technology** |  |  |  |
| Doximity, Inc.<sup>(1)</sup> | 882134 | 29604417 | 1.5% |
| **Hotels, Restaurants & Leisure** |  |  |  |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 21594 | 29961459 | 1.6% |
| **Household Durables** |  |  |  |
| DR Horton, Inc. | 354569 | 31606281 | 1.6% |
| **Insurance** |  |  |  |
| Kinsale Capital Group, Inc. | 92421 | 24169940 | 1.3% |
| **IT Services** |  |  |  |
| Broadridge Financial Solutions, Inc. | 298548 | 40044243 | 2.1% |
| EPAM Systems, Inc.<sup>(1)</sup> | 123578 | 40501454 | 2.1% |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 327904 | 30947579 | 1.6% |
| Globant SA<sup>(1)</sup> | 212297 | 35699864 | 1.9% |
| Jack Henry & Associates, Inc. | 209027 | 36696780 | 1.9% |
|  |  | 183889920 | 9.6% |
| **Life Sciences Tools & Services** |  |  |  |
| ICON PLC<sup>(1)</sup> | 211063 | 40998988 | 2.1% |
| Repligen Corp.<sup>(1)</sup> | 191876 | 32486525 | 1.7% |
|  |  | 73485513 | 3.8% |
| **Machinery** |  |  |  |
| Graco, Inc. | 482157 | 32429880 | 1.7% |
| IDEX Corp. | 195639 | 44670253 | 2.3% |
| Ingersoll Rand, Inc. | 750165 | 39196121 | 2.0% |
| RBC Bearings, Inc.<sup>(1)</sup> | 161521 | 33814421 | 1.8% |
|  |  | 150110675 | 7.8% |
| **Oil, Gas & Consumable Fuels** |  |  |  |
| Diamondback Energy, Inc. | 252041 | 34474168 | 1.8% |
| **Pharmaceuticals** |  |  |  |
| Catalent, Inc.<sup>(1)</sup> | 468583 | 21090921 | 1.1% |
| **Professional Services** |  |  |  |
| CoStar Group, Inc.<sup>(1)</sup> | 467164 | 36102434 | 1.9% |
| **Road & Rail** |  |  |  |
| J.B. Hunt Transport Services, Inc. | 125984 | 21966570 | 1.1% |
| **Semiconductors &** |  |  |  |
| **Semiconductor Equipment** |  |  |  |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 423521 | 27478042 | 1.4% |
| Monolithic Power Systems, Inc. | 88349 | 31241090 | 1.6% |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 93100 | 26372437 | 1.4% |
|  |  | 85091569 | 4.4% |
| **Software** |  |  |  |
| ANSYS, Inc.<sup>(1)</sup> | 124997 | 30198025 | 1.6% |
| Cadence Design System, Inc.<sup>(1)</sup> | 280163 | 45005384 | 2.3% |
| NCR Corp.<sup>(1)</sup> | 690012 | 16153181 | 0.8% |
| Paycom Software, Inc.<sup>(1)</sup> | 102354 | 31761470 | 1.7% |
| PTC, Inc.<sup>(1)</sup> | 218096 | 26180244 | 1.4% |
| Synopsys, Inc.<sup>(1)</sup> | 143259 | 45741166 | 2.4% |
| Tyler Technologies, Inc.<sup>(1)</sup> | 106056 | 34193515 | 1.8% |
|  |  | 229232985 | 12.0% |
| **Specialty Retail** |  |  |  |
| Five Below, Inc.<sup>(1)</sup> | 208965 | 36959640 | 1.9% |
| Floor & Decor Holdings, Inc.<sup>(1)</sup> | 434342 | 30243233 | 1.6% |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 52812 | 44574912 | 2.3% |
| Tractor Supply Co. | 179043 | 40279304 | 2.1% |
| Williams-Sonoma, Inc. | 230806 | 26524226 | 1.4% |
|  |  | 178581315 | 9.3% |
| **Trading Companies & Distributors** |  |  |  |
| Fastenal Co. | 669343 | 31673311 | 1.7% |
| Watsco, Inc. | 107722 | 26865867 | 1.4% |
|  |  | 58539178 | 3.1% |
| **Total Common Stocks** |  |  |  |
| **(Cost $1,428,196,664)** |  | 1855819849 | 96.8% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Mid Cap Growth Fund <br>

Schedule of Investments, December 31, 2022

------

Short-Term Investment

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(2)</sup> | 70441185 | $70441185 | 3.7% |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $70,441,185)** |  | 70441185 | 3.7% |
| **Total Investments** |  |  |  |
| **(Cost $1,498,637,849)** |  | 1926261034 | 100.5% |
| **Liabilities in Excess of Other Assets** |  | (9854053) | (0.5)% |
| **TOTAL NET ASSETS** |  | $1916406981 | 100.0% |

---

#### Notes to Schedule of Investments
<sup>(1)</sup> Non-Income Producing. <br> <sup>(2)</sup> Seven-Day Yield.

** 

<br> *Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS<sup>®</sup>). 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. Bancorp Fund Services, LLC.*

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity** | | | | |
| Common Stocks | $1855819849 | $— | $— | $1855819849 |
| **Total Equity** | 1855819849 |  |  | 1855819849 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 70441185 |  |  | 70441185 |
| **Total Short-Term Investment** | 70441185 |  |  | 70441185 |
| **Total Investments\*** | $1926261034 | $— | $— | $1926261034 |

---

\* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year's annual report. See the Fund's Valuation Policy in Note 2a to the financial statements.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Small/Mid Cap Growth Fund

December 31, 2022 (Unaudited)

#### Portfolio Manager's Commentary
For the year ended December 31, 2022, the Baird Small/Mid Cap Growth Fund Institutional Class posted a total return of -27.14% as compared to -26.21% for the Russell 2500<sup>®</sup> Growth Index, the Fund's benchmark index.

After three strong absolute return years, the Fund experienced a meaningful decline in 2022, closely tracking the drop in the benchmark index. The Federal Reserve's effort to fight high inflation led to a series of interest rate increases not experienced in decades when considering the combination of their magnitude and speed. The significant policy tightening, while likely to temper inflation, also pushed the risk of recession higher and acted as a weight on the broad equity market.

Fund characteristics remained very similar to prior years with overall Fund portfolio holdings possessing a higher level of profitability, stronger revenue growth, and lower balance sheet leverage compared to the Fund's benchmark index. In our view, these key fundamental indicators reflect measures of quality, and the Fund's investment mix has tended to earn a higher relative valuation level as measured by price-to-earnings. From a factor standpoint, price-earnings was a strong indicator of performance in 2022; stocks with higher valuations generally declined more than those with lower valuations. The performance difference likely reflected the toll of rising interest rates and an element of reversion to the mean after several strong years of performance for stocks in the higher growth, higher valuation category.

The healthcare sector delivered the Fund's strongest relative returns, mostly due to positive fundamental performance from several holdings. Medical technology continues to be an area of focus for the Fund, as companies may exceed their financial targets, regardless of the macroeconomic environment. We found this to be the case for three Fund holdings in 2022, one focused on diabetes pump technology, one focused on technology to treat calcified arteries, and another focused on an implant to treat sleep apnea. We also saw positive returns in two of the Fund's therapeutics holdings, and a home health services provider holding, which was acquired early in the year. Offsetting those gains was the Fund's position in a contract drug manufacturer, which saw a slowdown in growth from lower-than-expected COVID-19 vaccine manufacturing in 2022. Finally, another setback was from a manufacturer of medical monitoring equipment, which announced a surprise acquisition that reduced its profit margins. We did not share management's enthusiasm for the transaction so we exited the Fund's position in the company.

The Fund also generated positive relative performance from the consumer staples sector, although the Fund's and the benchmark's weight is relatively small at roughly 3%. After disappointing performance in 2021, the Fund's long-time holding focused on potato processing generated favorable returns as improved cost controls and favorable pricing dynamics drove significant operating margin improvement that led to positive growth in earnings. Throughout the year we added two new companies to the Fund's holdings in this sector, but the impact on the Fund's performance for the year was negligible.

Although the Fund remains underweight the energy sector (which has been increasing in weight in the Fund's benchmark the last several years), successful stock picking drove slightly positive relative returns for the year. We exited two Fund positions in the middle of the year as their market capitalizations became too big for the Fund's small/mid cap-focused portfolio. They were replaced with smaller companies in similar industries, as we didn't want the Fund's energy sector weight to be too low. The Fund remains invested in both traditional oil exploration companies, as well as businesses providing solar products and technologies.

Two small sectors, basic materials and telecommunications, both added positive attribution for the full year, despite the Fund holding only one stock in each sector. The Fund's lone materials position is levered to improved airplane manufacturing, which began to increase throughout the calendar year. Within telecommunications, the Fund's only holding, which provides communication technologies within healthcare facilities, was acquired at a premium valuation early in the year.

Despite the many positive developments across several holdings mentioned above, the Fund had negative attribution in technology, industrials, and consumer discretionary sectors that more than offset those gains, leading to annual performance slightly below benchmark returns for the calendar year. Broadly speaking, this was due to stock weakness from the raising interest rate environment that affected faster-growing, higher-multiple stocks, as well as companies that benefited from strong housing market trends in prior years. Although we reduced the Fund's weight in these areas by trimming position sizes or selling stocks outright, these adjustments were executed later in the year after stock declines had already begun.

The technology sector detracted from annual Fund performance due to disappointing stock performance from high growth software stocks that were strong performers for the Fund in prior years. The Fund also experienced negative performance from select IT services companies due to investor worries over future spending should the economy face a recession. Although the Fund invests in some unprofitable companies that we believe are good investments for the Fund, the Fund's exposure to such companies is capped at 10% of the Fund's assets (at the time of investment). We further reduced the Fund's exposure to unprofitable companies throughout the year, and at year end the exposure was less than 3%. Despite the macro environment that pressured valuation multiples, the Fund had three software stocks that declined significantly less than the benchmark and drove positive relative performance. The Fund also had strong positive relative performance from its two semiconductor holdings.

On an absolute basis, the industrials sector declined less than the broader market, but unfortunately, our stock picking detracted from the Fund's relative performance. Three stocks in particular drove the majority of the weakness. We exited the position of the Fund's composite decking company, which saw a slowdown in demand after several years of outsized growth due to industry tailwinds from the COVID-19 pandemic. We also sold the Fund's position in a home stand-by generator business as the magnitude of the slowdown in its business was worse than we thought. The Fund also experienced negative returns late in the year when one of its oil and gas equipment providers decided to add debt to the balance sheet and make an acquisition that was negatively perceived by the market. Although sector performance on a relative basis was negative for the year, there were several holdings that executed well in the face of the challenging macroeconomic environment. Holdings that performed much better than the benchmark in 2022 included a variety of industries, such as: mobile storage containers, lawncare and snow removal equipment, engineering and construction, and mobile payment technology.

In short, consumer discretionary was negatively affected by companies with exposure to the housing market. After several years of strong industry tailwinds from low interest rates and "stay-at-home" trends due to COVID-19, those situations reversed in 2022, leading to slower growth and lower returns than we expected. In particular, this affected two long-term Fund holdings focused on pool supply and landscaping materials distribution. This environment also caused weakness for the Fund's lone homebuilder stock, as well as a home renovation retailer. Gains in the consumer discretionary sector came from the Fund's position in a leading footwear manufacturer, as well as a retailer focused on smaller price point items. Finally, the Fund's position in an auto salvage auction company was acquired, although the transaction was funded partially by stock from the acquirer that limited the upside in the transaction value, as the acquirer's stock declined after announcing the acquisition.

The Fund's relative annual performance was negative in two other smaller sectors – financials and real estate. Given macroeconomic worries driving increasing interest rates, the Fund's bank holding detracted from performance, as did the Fund's self-storage REIT holding. We decided to maintain the Fund's position in the self-storage business, but exited the Fund's position in its lone regional bank holding.

The Fund does not use its cash position tactically; however, with the market moving sharply lower even cash held to accommodate additions to individual holdings or new investment ideas provided help to relative performance.

In the upcoming year, companies will likely find it challenging to gauge the lagged effect of Federal Reserve action on demand for their respective products and to hold profit margins steady as they deal with inflation's impact on their cost structures. Whether it all adds up to a recession this year, or next, or not at all, time will tell. Amid the uncertainty we believe it is important to remain sensible about market risk but open to new investment opportunities. The long-standing investment process underlying the Fund remains focused on identifying high-quality companies that deliver attractive returns and above average growth relative to peers. Seeking to control risk at the sector and position level is also a priority of our process, with the goal of providing attractive long-term returns for the Fund compared to its benchmark index.

We appreciate your support.

Portfolio Manager:

Jonathan Good

------

Baird Small/Mid Cap Growth Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

A December 31, 2022 summary of the Fund's top 10 holdings and equity sector analysis compared to the Russell 2500<sup>®</sup> Growth Index is shown below.

---

| | | |
|:---|:---|:---|
| **Top 10 Holdings<sup>(1)</sup>** |  | **Equity Sector Analysis<sup>(2)</sup>** |
| WillScot Mobile Mini Holdings Corp. | 3.3% | ![](bsmcgf-barchart.jpg) |
| Pool Corp. | 2.8% | ![](bsmcgf-barchart.jpg) |
| Deckers Outdoor Corp. | 2.7% | ![](bsmcgf-barchart.jpg) |
| Halozyme Therapeutics, Inc. | 2.6% | ![](bsmcgf-barchart.jpg) |
| IDEX Corp. | 2.6% | ![](bsmcgf-barchart.jpg) |
| Five Below, Inc. | 2.6% | ![](bsmcgf-barchart.jpg) |
| PTC, Inc. | 2.6% | ![](bsmcgf-barchart.jpg) |
| Bio-Techne Corp. | 2.4% | ![](bsmcgf-barchart.jpg) |
| Watsco, Inc. | 2.2% | ![](bsmcgf-barchart.jpg) |
| Jack Henry & Associates, Inc. | 2.2% | ![](bsmcgf-barchart.jpg) |
|  |  | ![](bsmcgf-barchart.jpg) |
| **Net Assets:** | $147863741 | ![](bsmcgf-barchart.jpg) |
| **Portfolio Turnover Rate:** | 39% | ![](bsmcgf-barchart.jpg) |
| **Number of Equity Holdings:** | 55 | ![](bsmcgf-barchart.jpg) |
|  |  | ![](bsmcgf-barchart.jpg) |
| **Annualized Portfolio Expense Ratio**<sup>(3)</sup>**:** |  | ![](bsmcgf-barchart.jpg) |
| <u>Gross</u> |  | ![](bsmcgf-barchart.jpg) |
| Institutional Class: | 1.00% | ![](bsmcgf-barchart.jpg) |
| Investor Class: | 1.25%<br><sup>(4)</sup> | ![](bsmcgf-barchart.jpg) |
|  |  | ![](bsmcgf-barchart.jpg) |
| <u>Net</u> |  | ![](bsmcgf-barchart.jpg) |
| Institutional Class: | 0.85% | ![](bsmcgf-barchart.jpg) |
| Investor Class: | 1.10%<br><sup>(4)</sup> | ![](bsmcgf-barchart.jpg) |
|  |  | ![](bsmcgf-barchart.jpg) |
|  |  | ![](bsmcgf-barchart.jpg) |
|  |  | ![](bsmcgf-barchart.jpg) |

---

<sup>(1)</sup> The Fund's portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund's total net assets as of December 31, 2022.

<sup>(2)</sup> Percentages shown in parentheses relate to the Fund's total value of investments as of December 31, 2022, and may not add up to 100% due to rounding.

<sup>(3)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022. The Advisor has contractually agreed to limit the Fund's total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2024.

<sup>(4)</sup> Includes 0.25% 12b-1 fee.

------

Baird Small/Mid Cap Growth Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](bsmcgf_inst-linechart.jpg) | ![](bsmcgf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 10/31/18, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 10/31/18, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -27.14% | 7.64% | 10.73% |
| Investor Class Shares | -27.29% | 7.31% | 10.39% |
| Russell 2500<sup>®</sup> Growth Index<sup>(2)</sup> | -26.21% | 2.88% | &nbsp;&nbsp;&nbsp;&nbsp;6.73% |

---

---

| |
|:---|
| <sup>(1)</sup> |
| <sup>(2)</sup><br> The Russell 2500<sup>®</sup> Growth Index measures the performance of the Small-to-Mid Cap Growth segment of the U.S. equity universe. It includes those Russell 2500<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |

---

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The gross and net expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of small- and mid-capitalization companies. Small- and mid-capitalization companies often are more volatile and face greater risks than larger, more established companies. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Small/Mid Cap Growth Fund

Schedule of Investments, December 31, 2022

------

Common Stocks

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Aerospace & Defense** |  |  |  |
| BWX Technologies, Inc. | 52265 | $3035551 | 2.1% |
| HEICO Corp. | 19078 | 2931144 | 2.0% |
|  |  | 5966695 | 4.1% |
| **Beverages** |  |  |  |
| Boston Beer Co., Inc.<sup>(1)</sup> | 6546 | 2157038 | 1.5% |
| Vita Coco Co., Inc.<sup>(1)</sup> | 129874 | 1794859 | 1.2% |
|  |  | 3951897 | 2.7% |
| **Biotechnology** |  |  |  |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 68791 | 3914208 | 2.6% |
| **Building Products** |  |  |  |
| Advanced Drainage Systems, Inc. | 26792 | 2196140 | 1.5% |
| **Capital Markets** |  |  |  |
| Focus Financial Partners, Inc.<sup>(1)</sup> | 64838 | 2416512 | 1.6% |
| **Commercial Services & Supplies** |  |  |  |
| IAA, Inc.<sup>(1)</sup> | 53053 | 2122120 | 1.4% |
| **Construction & Engineering** |  |  |  |
| MasTec, Inc.<sup>(1)</sup> | 24796 | 2115843 | 1.4% |
| WillScot Mobile Mini Holdings Corp.<sup>(1)</sup> | 106573 | 4813903 | 3.3% |
|  |  | 6929746 | 4.7% |
| **Distributors** |  |  |  |
| Pool Corp. | 13787 | 4168224 | 2.8% |
| **Electronic Equipment,** |  |  |  |
| **Instruments & Components** |  |  |  |
| Littelfuse, Inc. | 11685 | 2573037 | 1.7% |
| **Energy Equipment & Services** |  |  |  |
| ChampionX Corp. | 106457 | 3086188 | 2.1% |
| **Equity Real Estate** |  |  |  |
| **Investment Trusts (REITs)** |  |  |  |
| National Storage Affiliates Trust | 61170 | 2209460 | 1.5% |
| **Food Products** |  |  |  |
| Lamb Weston Holdings, Inc. | 34045 | 3042261 | 2.1% |
| **Health Care Equipment & Supplies** |  |  |  |
| CONMED Corp. | 26483 | 2347453 | 1.6% |
| Inspire Medical Systems, Inc.<sup>(1)</sup> | 12222 | 3078477 | 2.1% |
| Insulet Corp.<sup>(1)</sup> | 10897 | 3207969 | 2.2% |
| iRhythm Technologies, Inc.<sup>(1)</sup> | 16690 | 1563352 | 1.0% |
| Shockwave Medical, Inc.<sup>(1)</sup> | 10091 | 2074811 | 1.4% |
|  |  | 12272062 | 8.3% |
| **Health Care Technology** |  |  |  |
| Doximity, Inc.<sup>(1)</sup> | 48922 | 1641822 | 1.1% |
| **Insurance** |  |  |  |
| Kinsale Capital Group, Inc. | 9746 | 2548774 | 1.7% |
| **IT Services** |  |  |  |
| Endava PLC – ADR<sup>(1)(2)</sup> | 21116 | 1615374 | 1.1% |
| Globant SA<sup>(1)</sup> | 13100 | 2202896 | 1.5% |
| Jack Henry & Associates, Inc. | 18471 | 3242769 | 2.2% |
| Shift4 Payments, Inc.<sup>(1)</sup> | 45608 | 2550855 | 1.7% |
| WNS Holdings Ltd. – ADR<sup>(1)(2)</sup> | 40089 | 3206719 | 2.2% |
|  |  | 12818613 | 8.7% |
| **Life Sciences Tools & Services** |  |  |  |
| Bio-Techne Corp. | 42726 | 3541130 | 2.4% |
| ICON PLC<sup>(1)</sup> | 16006 | 3109166 | 2.1% |
| Repligen Corp.<sup>(1)</sup> | 18518 | 3135283 | 2.1% |
|  |  | 9785579 | 6.6% |
| **Machinery** |  |  |  |
| Chart Industries, Inc.<sup>(1)</sup> | 11095 | 1278477 | 0.9% |
| IDEX Corp. | 17034 | 3889373 | 2.6% |
| Kadant, Inc. | 13782 | 2448097 | 1.7% |
| Oshkosh Truck Corporation | 28737 | 2534316 | 1.7% |
| RBC Bearings, Inc.<sup>(1)</sup> | 14274 | 2988262 | 2.0% |
| Toro Co. | 27884 | 3156469 | 2.1% |
|  |  | 16294994 | 11.0% |
| **Media** |  |  |  |
| TechTarget, Inc.<sup>(1)</sup> | 24001 | 1057484 | 0.7% |
| **Oil, Gas & Consumable Fuels** |  |  |  |
| Matador Resources Co. | 49987 | 2861256 | 1.9% |
| **Pharmaceuticals** |  |  |  |
| Catalent, Inc.<sup>(1)</sup> | 31589 | 1421821 | 1.0% |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 18535 | 2952810 | 2.0% |
| Revance Therapeutics, Inc.<sup>(1)</sup> | 55973 | 1033262 | 0.7% |
|  |  | 5407893 | 3.7% |
| **Road & Rail** |  |  |  |
| Knight-Swift Transportation Holdings, Inc. | 37403 | 1960291 | 1.3% |
| **Semiconductors &** |  |  |  |
| **Semiconductor Equipment** |  |  |  |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 47097 | 3055654 | 2.1% |
| Monolithic Power Systems, Inc. | 3276 | 1158426 | 0.8% |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 6190 | 1753441 | 1.2% |
|  |  | 5967521 | 4.1% |
| **Software** |  |  |  |
| Descartes Systems Group, Inc.<sup>(1)(2)</sup> | 44002 | 3064739 | 2.1% |
| Paycor HCM, Inc.<sup>(1)</sup> | 80266 | 1964109 | 1.3% |
| Paylocity Holding Corp.<sup>(1)</sup> | 10651 | 2069063 | 1.4% |
| PTC, Inc.<sup>(1)</sup> | 31869 | 3825556 | 2.6% |
| Tyler Technologies, Inc.<sup>(1)</sup> | 3942 | 1270940 | 0.9% |
|  |  | 12194407 | 8.3% |
| **Specialty Retail** |  |  |  |
| Five Below, Inc.<sup>(1)</sup> | 21659 | 3830826 | 2.6% |
| Floor & Decor Holdings, Inc.<sup>(1)</sup> | 34150 | 2377865 | 1.6% |
| Williams-Sonoma, Inc. | 16040 | 1843317 | 1.2% |
|  |  | 8052008 | 5.4% |
| **Textiles, Apparel & Luxury Goods** |  |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 10138 | 4046684 | 2.7% |
| **Trading Companies & Distributors** |  |  |  |
| Watsco, Inc. | 13063 | 3257912 | 2.2% |
| **Total Common Stocks** |  |  |  |
| **(Cost $145,017,861)** |  | 142743788 | 96.5% |

---

*The accompanying notes are an integral part of these financial statements.*

------

Baird Small/Mid Cap Growth Fund

Schedule of Investments, December 31, 2022

------

Short-Term Investment

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(3)</sup> | 4973936 | $4973936 | 3.4% |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $4,973,936)** |  | 4973936 | 3.4% |
| **Total Investments** |  |  |  |
| **(Cost $149,991,797)** |  | 147717724 | 99.9% |
| **Other Assets in Excess of Liabilities** |  | 146017 | 0.1% |
| **TOTAL NET ASSETS** |  | $147863741 | 100.0% |

---

#### Notes to Schedule of Investments
<sup>(1)</sup> Non-Income Producing. <br> <sup>(2)</sup> Foreign Security. <br> <sup>(3)</sup> Seven-Day Yield.

ADR – American Depository Receipt

*Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS<sup>®</sup>). 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. Bancorp Fund Services, LLC.*

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity** | | | | |
| Common Stocks | $142743788 | $— | $— | $142743788 |
| **Total Equity** | 142743788 |  |  | 142743788 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 4973936 |  |  | 4973936 |
| **Total Short-Term Investment** | 4973936 |  |  | 4973936 |
| **Total Investments\*** | $147717724 | $— | $— | $147717724 |

---

\* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year's annual report. See the Fund's Valuation Policy in Note 2a to the financial statements.

*The accompanying notes are an integral part of these financial statements.*

------

Baird Equity Opportunity Fund

December 31, 2022 (Unaudited)

#### Portfolio Manager's Commentary
Equities sank in 2022 as persistent inflation forced interest rates higher and valuations lower. The Russell 2000 Index declined 20.44%, the largest annual retrenchment in over a decade. The Institutional Class shares of the Baird Equity Opportunity Fund fell 11.56% on a net basis, a solid result that outperformed the Index by 888 basis points.

Market action in 2022 was dominated by the reversal of the Federal Reserve's long-held commitment to ultra-loose monetary policy in an effort to quell the highest inflation in four decades. The Fed aggressively hiked interest rates and accelerated monthly reductions in the size of its balance sheet (so-called quantitative tightening (QT)), tightening financial conditions and setting off various knock-on effects that negatively impacted markets. Valuations retrenched, particularly among the fastest growing and least profitable companies. It is perhaps little surprise that the technology sector declined most during the year, and growth stocks underperformed value stocks by a wide margin. Selling was at times indiscriminate, with declines in small and large issues, growth stocks and value, and across all sectors other than energy which, ironically, was the sole "green" sector.

The Fund's performance was buffeted by our detailed, flexible, and opportunistic investment process, which intensely focuses on stocks we think feature highly favorable risk-reward profiles. Perhaps more importantly, our team's discipline and experience paid off handsomely. Having collectively managed through similarly exuberant times during our careers, we generally avoided large mistakes such as investing in "growth at any price" and "FOMO" (fear of missing out) situations, as we have personally witnessed how badly these episodes typically end.

A prominent example of how our disciplined focus on risk-reward delivered outperformance lies in the Fund's investments in software, a sector that experienced notable weakness in 2022 with the average stock falling roughly 40% for the year. The Fund owned two prominent software positions, Blackbaud (BLKB) and Dropbox (DBX), both more-established, slower-growing, highly-profitable and, we believe, reasonably-valued names – the kind of companies that most tech investors eschewed in favor of faster- growing (and unprofitable) companies that led the significant sector declines. While Blackbaud and Dropbox were not unscathed – BLKB declined roughly 25% and DBX pulled back less than 10% - the more modest losses relative to the broader software sector helped sustain the Fund's relative outperformance.

We often describe our Fund holdings as "idiosyncratic", which the dictionary defines as "peculiar or individual." Our definition centers on whether the Fund holding "has a company-specific thesis" or "beats to its own drum." Either way, to the extent it smacks of marketing-speak, it's notable that the Fund had several positions that were up considerably during the year, unusual in an equity market down over 20%. Clearly, these names were in fact peculiar and did beat to their own drum. Card processor EVO Payments (EVOP), irrigation equipment manufacturer Valmont Industries (VMI), mobile video-game maker Zynga (ZNGA) and energy services provider Oceaneering (OII) all delivered gains during 2022.

EVO Payments rose significantly on news of Global Payments' announced acquisition over the summer. While many "fintech" investors ignored the steady, high-quality nature of the company in favor of flavor-of-the-day businesses such as crypto exchanges and money-losing "buy now, pay later" names, in the end, EVOP's value was proven and recognized by the market. We are grateful that the EVO management team and Board of Directors negotiated a favorable cash deal for shareholders, and we exited the Fund's position before year end. Valmont delivered consistently strong results, supported by momentum in its irrigation equipment segment, which in turn was driven by rising crop prices globally. Zynga was acquired early in the year by Take-Two Interactive (TTWO), though the effective premium turned out to be a relatively modest one as TTWO's stock price declined after the announcement.

Our biggest detractors for the year were Clarus Corp. (CLAR) and Infinera (INFN). After years of strong stock price performance, Clarus declined significantly in 2022. Fundamentals were only partly to blame, as Clarus saw growth stall in the back half of the year as several of its larger retail customers sought to right-size existing inventory, impacting new order growth and product replenishment. To add insult to injury, a top holder of the stock was forced to liquidate its portfolio, placing a several million-share position for sale, negatively impacting the stock price from sheer supply increase while also inviting a spike in short-seller interest, which had an additional negative impact on the stock. We increased the Fund's position on weakness, as we believe fundamentals will recover, technical impacts should soon abate, and the valuation is compelling.

Similarly, Infinera fell for both fundamental and technical reasons. While results were solid during the year, supply chain headwinds continued to restrain revenue and profit growth during the company's all-important new optical product cycle. An ill-timed convertible bond offering delivered a body blow late in the year, as hedging transactions by the note buyers negatively impacted the equity price. We continue to believe in our Infinera investment thesis, and while a weakening economy could replace supply chain issues as a headwind, we still expect fundamentals to improve over the intermediate term.

Since the onset of COVID-19 in 2020, there has been a considerable increase in investor attention toward the macroenvironment; it is easy to understand why. That year, the floodgates opened, with double-barreled monetary and fiscal stimulus. Interest rates plunged, central bank balance sheets exploded higher, and trillions of dollars were sent to American families. As a result, most companies and consumers benefited, broadly boosting corporate fundamentals over the past few years. But in 2022, the main aftereffect of COVID-19 and this policy response began to reveal itself, rampant inflation. This spurred a reversal of the 2020 policies – interest rates rose, central bank balance sheets began to shrink, and fiscal stimulus abated. The resultant wide-ranging effects on sectors, styles, and valuations caused countless equity market participants to hang on every macro headline.

We are bottom-up fundamental investors that operate in an increasingly macro-driven environment. While we will always naturally ascribe more weight to company analysis and leveraging our domain expertise, we also appreciate the opportunity to assemble puzzle pieces in search of a macro mosaic – after all, even bottom-up investors like us must consider the bigger picture to help inform various inputs into our individual investment theses. As such, we think it is reasonable to share some top-down views of our own, especially as it pertains to the hotly-debated topics of monetary policy and the likelihood and timing of a potential recession.

While perhaps now consensus, we tend to take Fed Chairman Powell's words at face value and assume there are several more interest rate hikes ahead, accompanied by further balance sheet shrinkage. However, because we believe inflation is likely to be stickier above the Fed's low single digit target, we would take the "over", relative to consensus, on how long it takes the Fed to swing back to interest rate cuts. And while oft forgotten amongst the inflation headlines, we do not think the Fed will back off on QT, which should continue to drain a significant amount of liquidity from the broader financial markets throughout 2023, if not beyond. As a result, a prolonged Fed-induced rally driven by near-term monetary loosening is not part of our current thinking. Of course, we could be wrong in our assessment, or more likely, the weekly speculation on this topic from various market participants could drive increased volatility in both directions.

As it relates to a possible recession, we consider history to be as good of a guide as any. There have been nine recessions since the 1960s, and each one has been preceded by a yield curve inversion in which the yield on the 10-year Treasury Bond falls below that of the 2-year Treasury Note. On average, the onset of recession lags the initial inversion by just over a year. If this history were to repeat, there would be a good likelihood of recession sometime in the back half of 2023, based on an initial (and sustained) yield curve inversion in July 2022. With the average duration of a modern-day recession at just under a year, the next potential recession could last well into 2024. Typically, though, equity markets bottom about midway through recessionary conditions, suggesting a bottom late this year or early next. While history often rhymes and historical context is helpful, each cycle is, of course, different. So, while we employ pattern recognition and consider historical timelines helpful guides, we try always to remain flexible in our approach and thinking.

The impact of this macro framework is relatively modest as it relates to specific actions we are taking in the Fund. We think it is likely too early to add a material amount of exposure to high growth names, though we have put a toe in the water in a few names such as B2B payments provider Bill.com, which holds a strong market position, is growing rapidly while profitable, and is down some 75% from its prior highs. Even though many such names are down as much or more, we believe fundamental deterioration lies ahead for most companies, and far too many remain unprofitable, thus rendering them relatively unattractive within our investment framework.

Broadly, we believe a good time to put more capital to work and take more risk is when fundamentals have bottomed, sentiment is poor, valuations are cheap, and monetary policy is poised to no longer be restrictive. Entering 2023, none of these conditions is firmly in place, in our view. However, we monitor these inputs regularly, and we believe things could potentially line up more favorably at some point during this year. The environment can change quickly, as we saw in 2022, and we remain attuned to shifting winds and prepared to tack to take advantage of opportunities as they present themselves.

We wish you all a safe and healthy start to 2023 and look forward to sharing another update mid-year.

Respectfully,

Joe Milano, CFA

Portfolio Manager and CIO, Greenhouse Funds

------

Baird Equity Opportunity Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

A December 31, 2022 summary of the Fund's top 10 holdings and equity sector analysis compared to the Russell 2000<sup>®</sup> Index is shown below.

---

| | | |
|:---|:---|:---|
| **Top 10 Holdings<sup>(1)</sup>** |  | **Equity Sector Analysis<sup>(2)</sup>** |
| Chefs' Warehouse Inc. | 6.8% | ![](beof-barchart.jpg) |
| Valmont Industries, Inc. | 5.6% | ![](beof-barchart.jpg) |
| Blackbaud, Inc. | 5.5% | ![](beof-barchart.jpg) |
| nVent Electric PLC | 5.5% | ![](beof-barchart.jpg) |
| Evolent Health, Inc. | 4.8% | ![](beof-barchart.jpg) |
| Madison Square Garden Sports Corp. | 4.3% | ![](beof-barchart.jpg) |
| Infinera Corp. | 4.1% | ![](beof-barchart.jpg) |
| Fluor Corporation | 4.1% | ![](beof-barchart.jpg) |
| Ingersoll Rand, Inc. | 3.7% | ![](beof-barchart.jpg) |
| Cadre Holdings, Inc. | 3.4% | ![](beof-barchart.jpg) |
|  |  | ![](beof-barchart.jpg) |
| **Net Assets:** | $57814503 | ![](beof-barchart.jpg) |
| **Portfolio Turnover Rate:** | 72% | ![](beof-barchart.jpg) |
| **Number of Equity Holdings:** | 33 | ![](beof-barchart.jpg) |
|  |  | ![](beof-barchart.jpg) |
| **Annualized Portfolio Expense Ratio**<sup>(3)</sup>**:** |  | ![](beof-barchart.jpg) |
| <u>Gross</u> |  | ![](beof-barchart.jpg) |
| Institutional Class: | 1.90% | ![](beof-barchart.jpg) |
| Investor Class: | 2.15%<br><sup>(4)</sup> | ![](beof-barchart.jpg) |
|  |  | ![](beof-barchart.jpg) |
| <u>Net</u> |  | ![](beof-barchart.jpg) |
| Institutional Class: | 1.25% | ![](beof-barchart.jpg) |
| Investor Class: | 1.50%<br><sup>(4)</sup> | ![](beof-barchart.jpg) |
|  |  | ![](beof-barchart.jpg) |
|  |  | ![](beof-barchart.jpg) |
|  |  | ![](beof-barchart.jpg) |

---

<sup>(1)</sup> The Fund's portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund's total net assets as of December 31, 2022.

<sup>(2)</sup> Percentages shown in parentheses relate to the Fund's total value of investments as of December 31, 2022, and may not add up to 100% due to rounding.

<sup>(3)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022. The Advisor has contractually agreed to limit the Fund's total annual fund operating expenses to 1.25% of average daily net assets for the Institutional Class shares and 1.50% of average daily net assets for the Investor Class shares, at least through April 30, 2025.

<sup>(4)</sup> Includes 0.25% 12b-1 fee.

------

Baird Equity Opportunity Fund<sup>(1)</sup>

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](beof_inst-linechart.jpg) | ![](beof_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 12/31/12, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Five** | **Ten** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(2)</sup>** |
| Institutional Class Shares | -11.56% | 1.45% | 6.88% | 6.78% |
| Investor Class Shares | -11.77% | 1.20% | 6.62% | 6.52% |
| Russell 2000<sup>®</sup> Index<sup>(3)</sup> | -20.44% | 4.13% | 9.01% | 8.93% |

---

<sup>(1)</sup> Effective December 12, 2021, the Fund changed its name from the Baird SmallCap Value Fund to the Baird Equity Opportunity Fund. In addition, Greenhouse Funds LLLP ("Greenhouse") was appointed as subadvisor to and assumed portfolio management of the Fund.

<sup>(2)</sup> For the period from May 1, 2012 (inception date) through December 31, 2022.

<sup>(3)</sup> The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000<sup>®</sup> is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

***The Fund invests primarily in a select portfolio of equity securities of companies with small- to medium-market capitalizations (those with market capitalizations, at the time of purchase, of less than $20 billion). The Fund may invest up to 15% of its total assets in equity securities of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of smaller-capitalization companies. Smaller-capitalization companies often are more volatile and face greater risks than larger, more established companies. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

#### The gross and net expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund is "non-diversified," meaning that it may invest a greater percentage of its assets in a smaller number of companies than a diversified mutual fund. Given Greenhouse's opportunistic investment strategy, the Fund will generally be overweight in certain sectors and underweight in other sectors, as compared to the sector weightings in the Russell 2000<sup>®</sup> Index (the Fund's benchmark index), based on Greenhouse's judgment of the sectors' relative attractiveness and its individual securities selection.***

***The Fund may purchase and sell (or write) call and put options. Options are subject to various types of risks, including market risk, liquidity risk, volatility risk, counterparty risk, legal risk and operations risk. With options purchased by the Fund, the risk is limited to the premium paid for the option if the underlying stock price moves in the opposite direction from desired and the option expires worthless. For options sold or written by the Fund, the primary risk is that the underlying stock price may move directionally away from the exercise price resulting in the option holder exercising the option and requiring the Fund to either deliver the securities (in the case of a call option) or pay for the securities (in the case of a put option) and recognize a significant loss.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Baird Equity Opportunity Fund

Schedule of Investments, December 31, 2022

------

Common Stocks

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Aerospace & Defense** |  |  |  |
| Cadre Holdings, Inc. | 97836 | $1970417 | 3.4% |
| **Communications Equipment** |  |  |  |
| Infinera Corp.<sup>(1)</sup> | 354961 | 2392437 | 4.1% |
| **Construction & Engineering** |  |  |  |
| Fluor Corporation<sup>(1)</sup> | 69005 | 2391713 | 4.1% |
| Valmont Industries, Inc. | 9728 | 3216758 | 5.6% |
|  |  | 5608471 | 9.7% |
| **Diversified Consumer Services** |  |  |  |
| Mister Car Wash, Inc.<sup>(1)</sup> | 118487 | 1093635 | 1.9% |
| **Electrical Equipment** |  |  |  |
| nVent Electric PLC<sup>(4)</sup> | 82742 | 3183085 | 5.5% |
| **Energy Equipment & Services** |  |  |  |
| NexTier Oilfield Solutions, Inc.<sup>(1)</sup> | 178463 | 1648998 | 2.9% |
| Oceaneering International, Inc.<sup>(1)</sup> | 78037 | 1364867 | 2.4% |
|  |  | 3013865 | 5.3% |
| **Entertainment** |  |  |  |
| Madison Square Garden Sports Corp. | 13607 | 2494571 | 4.3% |
| **Food & Staples Retailing** |  |  |  |
| Chefs' Warehouse Inc.<sup>(1)</sup> | 117905 | 3923878 | 6.8% |
| **Health Care Providers & Services** |  |  |  |
| Castle Biosciences, Inc.<sup>(1)</sup> | 24819 | 584239 | 1.0% |
| **Health Care Technology** |  |  |  |
| Evolent Health, Inc.<sup>(1)</sup> | 99711 | 2799885 | 4.8% |
| **Hotels, Restaurants & Leisure** |  |  |  |
| Sportradar Holding AG<sup>(1)(2)</sup> | 177750 | 1770390 | 3.1% |
| **Interactive Media & Services** |  |  |  |
| ZoomInfo Technologies, Inc.<sup>(1)</sup> | 48796 | 1469248 | 2.5% |
| **Internet & Direct Marketing Retail** |  |  |  |
| Xometry, Inc.<sup>(1)</sup> | 34690 | 1118059 | 1.9% |
| **IT Services** |  |  |  |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 18298 | 1726965 | 3.0% |
| Global Payments, Inc. | 6465 | 642104 | 1.1% |
|  |  | 2369069 | 4.1% |
| **Leisure Products** |  |  |  |
| Clarus Corp. | 230232 | 1805019 | 3.1% |
| Vista Outdoor, Inc.<sup>(1)</sup> | 60000 | 1462200 | 2.5% |
|  |  | 3267219 | 5.6% |
| **Life Sciences Tools & Services** |  |  |  |
| NeoGenomics, Inc.<sup>(1)</sup> | 146519 | 1353836 | 2.3% |
| **Machinery** |  |  |  |
| Ingersoll Rand, Inc. | 41256 | 2155626 | 3.7% |
| **Oil, Gas & Consumable Fuels** |  |  |  |
| Devon Energy Corp. | 10000 | 615100 | 1.1% |
| Diamondback Energy, Inc. | 10252 | 1402268 | 2.4% |
|  |  | 2017368 | 3.5% |
| **Pharmaceuticals** |  |  |  |
| Catalent, Inc.<sup>(1)</sup> | 24347 | 1095858 | 1.9% |
| **Professional Services** |  |  |  |
| Verisk Analytics, Inc. | 11000 | 1940620 | 3.4% |
| **Semiconductors & Semiconductor Equipment** |  |  |  |
| SiTime Corp.<sup>(1)</sup> | 17386 | 1766766 | 3.1% |
| Universal Display Corp. | 15406 | 1664464 | 2.9% |
|  |  | 3431230 | 6.0% |
| **Software** |  |  |  |
| Bill.com Holdings, Inc.<sup>(1)</sup> | 10494 | 1143426 | 2.0% |
| Blackbaud, Inc.<sup>(1)</sup> | 54413 | 3202749 | 5.5% |
| Crowdstrike Holdings, Inc.<sup>(1)</sup> | 7066 | 743979 | 1.3% |
| Dropbox, Inc.<sup>(1)</sup> | 52991 | 1185939 | 2.1% |
| ON24, Inc.<sup>(1)</sup> | 139466 | 1203592 | 2.1% |
| Opera Ltd. – ADR<sup>(1)(2)</sup> | 169201 | 1064274 | 1.8% |
|  |  | 8543959 | 14.8% |
| **Total Common Stocks** |  |  |  |
| **(Cost $60,369,384)** |  | 57596965 | 99.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Purchased Option Contracts |  |  |  |  |
|  | *Notional* | *Number of* |  |  |
|  | *Amount* | *Contracts<sup>(5)</sup>* |  |  |
| **Call Option Contracts** |  |  |  |  |
| Global X Cloud Computing ETF, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise Price: $18.00, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: 06/16/2023 | $559447 | 349 | 30712 | 0.1% |
| **Total Purchased** |  |  |  |  |
| **Option Contracts** |  |  |  |  |
| **(Cost $27,809)** |  |  | 30712 | 0.1% |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-Term Investment |  |  |  |
|  | *Shares* |  |  |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(3)</sup> | 347423 | 347423 | 0.6% |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $347,423)** |  | 347423 | 0.6% |
| **Total Investments** |  |  |  |
| **(Cost $60,744,616)** |  | 57975100 | 100.3% |
| **Liabilities in Excess of Other Assets** |  | (160597) | (0.3)% |
| **TOTAL NET ASSETS** |  | $57814503 | 100.0% |

---

#### Notes to Schedule of Investments
<sup>(1)</sup> Non-Income Producing.

<sup>(2)</sup> Foreign Security.

<sup>(3)</sup> Seven-Day Yield.

<sup>(4)</sup> All or a portion of this security is held as collateral for options written. At December 31, 2022, the value of this collateral is $2,308,200.

<sup>(5)</sup> Each contract is equivalent to 100 shares of common stock.

ADR – American Depository Receipt

*Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS<sup>®</sup>). 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. Bancorp Fund Services, LLC.*

*The accompanying notes are an integral part of these financial statements.*

------

Baird Equity Opportunity Fund

Schedule of Investments, December 31, 2022

------

Schedule of Written Option Contracts, December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** | **Number of** | |
| **<u>Written Option Contracts</u>** | **Amount** | **Contracts**<sup>(a)</sup> | **Value** |
| **Call Option Contracts** | | | |
| &nbsp;&nbsp;&nbsp; Xometry, Inc., (Exercise Price: $65.00, Expiration: 01/20/2023) | $241725 | (75) | $(750) |
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings, Inc., (Exercise Price: $135.00, Expiration: 06/16/2023) | 558037 | (53) | (35404) |
| &nbsp;&nbsp;&nbsp; Blackbaud, Inc., (Exercise Price: $60.00, Expiration: 01/20/2023) | 88290 | (15) | (3675) |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc., (Exercise Price: $330.00, Expiration: 01/20/2023) | 297603 | (9) | (7785) |
| **Total Written Option Contracts (Premiums Received $131,376)** |  |  | $(47614) |

---

<sup>(a)</sup> Each contract is equivalent to 100 shares of common stock.

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity** | | | | |
| Common Stocks | $57596965 | $— | $— | $57596965 |
| **Total Equity** | 57596965 |  |  | 57596965 |
| **Purchased Option Contracts** |  |  |  |  |
| Call Option Contracts | 30712 |  |  | 30712 |
| **Total Purchased Option Contracts** | 30712 |  |  | 30712 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 347423 |  |  | 347423 |
| **Total Short-Term Investment** | 347423 |  |  | 347423 |
| **Total Investments\*** | $57975100 | $— | $— | $57975100 |
| **Written Option Contracts** |  |  |  |  |
| Call Option Contracts | $(35404) | $(12210) | $— | $(47614) |
| **Total Written Option Contracts** | $(35404) | $(12210) | $— | $(47614) |

---

\* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year's annual report. See the Fund's Valuation Policy in Note 2a to the financial statements.

*The accompanying notes are an integral part of these financial statements.*

------

Chautauqua International Growth Fund

December 31, 2022 (Unaudited)

#### Portfolio Manager's Commentary
In 2022, the Chautauqua International Growth Fund Institutional Class returned -17.84%, underperforming its benchmark index, the MSCI ACWI ex-U.S. Index<sup>®</sup> ND, which returned -16.00%.

The Fund typically holds a limited number of companies (25 to 35) and invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations. Stock selection was a positive contributor to performance for the Fund, as compared to its benchmark. Investments in the health care and financials sectors were among the most additive to the Fund's performance. Standouts included Novo Nordisk, Genmab, Sinopharm, Fairfax Financial, Bank Rakyat Indonesia, and DBS. However, portfolio allocation was a detractor to performance for the Fund, as compared to its benchmark. The Fund's overweight positioning in the information technology sector and a zero weighting to the energy sector were the most detractive. The biggest detractors in the information technology sector were Temenos, Atlassian, and Adyen.

The market environment was extremely difficult in 2022. The Fund underperformed its benchmark in the past year due to a broad market rotation to value stocks. However, the Fund significantly outperformed the growth style of its benchmark, due to a consistent application of our investment process that not only considers growth, but also returns on capital and valuation.

Equity markets declined in the first quarter of 2022. Inflation remained elevated, and major central banks made the containment of inflation their near-unanimous priority. After weeks building up a large military force along its border with Ukraine and in neighboring Belarus, Russia launched a full-scale invasion of Ukraine in late February, marking a grim new chapter for the European continent. At the time of invasion, Russia was a major supplier of energy to Europe, accounting for 40% of the Eurozone's natural gas supply, and it is also an important source of metals, fertilizers, and wheat worldwide. The U.S. and its Western allies have imposed a wide array of economic sanctions against Russia. These sanctions have included blocking the Bank of Russia from accessing foreign currency reserves and removing some Russian banks from the SWIFT network of international interbank payments. Additionally, many large multinational corporations have curtailed or stopped outright their business operations in Russia.

Equity markets also declined significantly in the second quarter. The inflationary environment was not just a U.S. phenomenon but a global one. In addition to roiled supply chains, Russia's invasion of Ukraine and the wave of COVID-19 lockdowns in China added to the complexity. Countries were hit by higher commodity prices, which added to inflationary pressures and curbed real income and spending, further dampening the recovery. Central banks aggressively tightened their monetary policies in order to moderate inflation.

Equity markets declined significantly again in the third quarter. Surging inflation was a global phenomenon, in both developed and emerging economies alike. COVID-19 induced supply disruptions collided with strong consumer demand for goods and services in the reopening. The war in Ukraine also intensified the inflation picture by further disrupting critical energy and food supplies. Central banks responded by sending interest rates higher and in larger increments. Additionally, central banks signaled their acceptance of any resulting economic consequences from the vigorous push to bring down inflation.

Equity markets benefited from a significant rebound in the fourth quarter. The global economy continued to deteriorate through the end of 2022, but not to the extent that was previously feared. In fact, some parts of the U.S. and European economies showed resilience despite the high inflationary environment, rising interest rates, and war in Ukraine. In the U.S., the labor market was still tight, and household balance sheets were still strong. Europe managed the energy disruption by cutting back on energy consumption and doling out fiscal support to households to help address high energy and food costs. China faced a swell of COVID-19 cases, but it took a momentous step by easing tough pandemic policies and setting the stage for a reopening rebound.

#### Outlook
The global economic outlook remains highly uncertain. The energy shock has pushed up inflation to levels not seen in many decades. Higher interest rates slow inflation by cooling business investments and consumer demand for goods and services, paving the way for more moderate price increases. But, in the process, higher interest rates also curtail employment, weaken wage growth, and ripple through financial markets in disruptive ways. Just how much pain these moves will ultimately cause remains unclear. So many countries are raising rates so quickly, and so in sync, that it is difficult to determine how intense any slowdown will be once the rate hikes take full effect. Monetary policy instruments are blunt tools, and their full effects often lag Fed action.

There is already a broad slowdown of the global economy. However, we believe in 2023 Asia will be the main engine of growth, whereas we expect North America, Europe, and Latin America will see very little growth. The most recent forecast for global economic growth in 2023 is 2.2% according to the Organization for Economic Cooperation and Development (OECD), or 2.7% according to the International Monetary Fund (IMF). Global inflation is thought to have already peaked and is forecasted by the OECD to be 6.5% in 2023. The big question is how quickly inflation comes down.

In the U.S., the Fed appears to be planning to hike rates higher than previously expected, to 5.1%, by the end of 2023, and to keep rates elevated for longer than previously expected. This will give the Fed time to see how inflation and the labor market react to policy changes it has already put in place. The Fed expects that it will still take years for inflation to fully return to its 2% target and that inflation risks remain elevated. In particular, the U.S. job market is still very strong, and wages are growing rapidly, so a sharper economic deceleration may be needed for inflation to fully fade. The Fed has projected economic growth of 0.5% in 2023, which would be consistent with a short and shallow recession during the year. On the contrary, because the recent inflation data in the U.S. has shown that inflation has started to abate, there is also speculation in the markets that the Fed could pursue a less aggressive policy path in 2023 and that there is a chance of accomplishing the elusive "soft landing". In a press conference following a recent Fed meeting, Chairman Powell stated "I don't think anyone knows whether we're going to have a recession or not, and if we do, whether it's going to be a deep one or not. It is not knowable."

We believe Europe faces the strongest economic headwinds in the months ahead. It is heavily reliant on Russia for its energy, and it could face sharp increases in energy prices as additional sanctions went into effect in December. The European Central Bank ("ECB") expects to raise interest rates significantly further because inflation remains far too high, and therefore, interest rates have still not reached the levels where they are restrictive. The situation in Europe is fundamentally different as compared the one in the U.S., where both rates have been hiked significantly and inflation has come down significantly. European economic growth is expected to be weak, and likely negative in the first quarter, due to high energy costs and softening business sentiment. The ECB has projected economic growth of 0.5% in 2023.

In China, the recent surge in COVID-19 infections and weak consumer sentiment have raised questions on how soon the economy can rebound. However, there has been a clear pivot on COVID-19 policies and better visibility on an exit strategy. Additionally, the government has pledged more support for the housing market and taken more of a pro-growth stance on the economy. Inflation is also much lower in China than in the U.S. and other Western economies. Taken together, the changes point to an incrementally brighter outlook for China, though the ride is still likely to be bumpy. The World Bank forecasts economic growth in China of 4.3% in 2023, rebounding from 2.7% in 2022 as the economy reopens. Lastly, for context, institutional holdings of Chinese stocks are the lowest they have been in five years, and valuations are far below average. Amidst the aforementioned positive shifts in the economic picture in China, the risk-to-reward appears to be incrementally more favorable for investment. Over the last two years, we have reduced the Fund's weightings to Greater China (inclusive of holdings in Mainland China, Hong Kong, and Taiwan) on a net basis. Roughly 18% of the Fund's assets are invested in Greater China holdings, which is modestly overweight relative to its benchmark.

------

Chautauqua International Growth Fund

December 31, 2022 (Unaudited)

------

Our investment philosophy emphasizes businesses that benefit from secular trends and possess strong competitive advantages and market positions. Over longer investment horizons, some of the most exciting growth trends can be relatively immune to the global economic picture or the specific situations impacting certain regions. These include our many investments in and adjacent to cloud computing, software-as-a-service, digitalization, artificial intelligence, semiconductor advancement, e-commerce and payments, industrial automation, electric vehicles, and novel biologic and biosimilar therapies. Other exciting growth areas pertain to rapidly expanding consumer classes, broadly in emerging economies and especially in Asia, which are propelling the uptake of various consumer goods and financial products.

We do not expect the current environment of weakening economic growth to dislodge the long-term staying power of these investment themes, nor the business models or market positions of the Fund's portfolio companies. Furthermore, we purposefully select portfolio companies that earn attractive profit margins, carry strong balance sheets, and generate cash on a consistent basis. In other words, we seek portfolio companies that are on solid footing, even when times are tough. For these reasons, the Fund's portfolio holdings have the capacity to outgrow market growth rates over the long-term.

We have also taken great care to try to insulate the Fund against the most pernicious risks that inflation poses to equity investments, namely pressure on company profit margins and compression of valuation multiples. First, we have emphasized companies that we believe have pricing power because of the mission-critical or value-add nature of their products and services. Because of these features, these companies are oftentimes able to obtain favorable prices for goods and services in inflationary environments, and therefore protect their profit margins. Furthermore, we have made incremental adjustments to the Fund's portfolio to emphasize companies with more attractive valuations, in light of higher market discount rates. We have implemented these adjustments in a long series throughout 2021 and 2022.

Respectfully Submitted,

Portfolio Managers:

Jesse A. Flores, CFA

Haicheng Li, CFA

Nathaniel R. Velarde

------

Chautauqua International Growth Fund

December 31, 2022 (Unaudited)

------

Portfolio Characteristics

A December 31, 2022 summary of the Fund's top 10 holdings and equity sector analysis compared to the MSCI ACWI ex USA Index is shown below.

#### Top 10 Holdings<sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
| Novo Nordisk A/S | 5.2% | **Net Assets:** | $493065695 |
| Constellation Software, Inc. | 4.7% | **Portfolio Turnover Rate:** | 23% |
| Bank Rakyat Indonesia Persero Tbk PT | 4.7% | **Number of Equity Holdings:** | 31 |
| HDFC Bank Ltd. | 4.6% |  |  |
| Fairfax Financial Holdings Ltd. | 4.6% | **Annualized Portfolio Expense Ratio**<sup>(3)</sup>**:** |  |
| Genmab A/S | 4.5% | <u>Gross</u> |  |
| DBS Group Holdings Ltd. | 4.3% | Institutional Class: | 0.86% |
| Waste Connections, Inc. | 4.2% | Investor Class: | 1.11%<br><sup>(4)</sup> |
| Tata Consultancy Services Ltd. | 4.2% |  |  |
| ASML Holding NV | 4.0% | <u>Net</u> |  |
|  |  | Institutional Class: | 0.80% |
|  |  | Investor Class: | 1.05%<br><sup>(4)</sup> |

---

---

| | |
|:---|:---|
| **Equity Sector Analysis<sup>(2)</sup>** | **Country Allocation<sup>(2)</sup>** |
| ![](cigf-barchart.jpg) | ![](cigf_country-barchart.jpg) |

---

<sup>(1)</sup> The Fund's portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund's total net assets as of December 31, 2022.

<sup>(2)</sup> Percentages shown in parentheses relate to the Fund's total value of investments as of December 31, 2022, and may not add up to 100% due to rounding.

<sup>(3)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022. The Advisor has contractually agreed to limit the Fund's total annual fund operating expenses to 0.80% of average daily net assets for the Institutional Class shares and 1.05% of average daily net assets for the Investor Class shares, at least through April 30, 2024.

<sup>(4)</sup> Includes 0.25% 12b-1 fee.

------

Chautauqua International Growth Fund

December 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](cigf_inst-linechart.jpg) | ![](cigf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 04/15/16, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 04/15/16, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Five** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -17.84% | 7.09% | 5.27% | 8.07% |
| Investor Class Shares | -18.03% | 6.79% | 4.98% | 7.80% |
| MSCI ACWI ex USA Index<sup>(2)</sup> | -16.00% | 0.07% | 0.88% | 4.79% |

---

<sup>(1)</sup> For the period from April 15, 2016 (inception date) through December 31, 2022.

<sup>(2)</sup> The MSCI ACWI ex USA Index is a market-capitalization-weighted index maintained by MSCI, Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S. based companies. The MSCI ACWI ex USA Index includes both developed and emerging markets. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The gross and net expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund focuses primarily on non-U.S. stocks with medium to large market capitalizations and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. Under normal market conditions, the Fund will invest at least 65% of its total assets at the time of purchase in non-U.S. companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Chautauqua International Growth Fund

Schedule of Investments, December 31, 2022

------

Common Stocks

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Aerospace & Defense** |  |  |  |
| Safran SA (France)<sup>(2)</sup> | 126223 | $15809877 | 3.2% |
| **Application Software** |  |  |  |
| Atlassian Corp. (United States)<sup>(1)</sup> | 74942 | 9643537 | 2.0% |
| Temenos Group AG (Switzerland)<sup>(2)</sup> | 181207 | 9968795 | 2.0% |
|  |  | 19612332 | 4.0% |
| **Auto Components** |  |  |  |
| Aptiv PLC (United States)<sup>(1)</sup> | 115180 | 10726713 | 2.2% |
| **Automobiles** |  |  |  |
| Suzuki Motor Corp. (Japan)<sup>(2)</sup> | 484385 | 15513567 | 3.1% |
| **Biotechnology** |  |  |  |
| BeiGene Ltd. – ADR (China)<sup>(1)</sup> | 60462 | 13298012 | 2.7% |
| Genmab A/S (Denmark)<sup>(1)(2)</sup> | 52550 | 22217866 | 4.5% |
|  |  | 35515878 | 7.2% |
| **Capital Markets** |  |  |  |
| Hong Kong Exchanges & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearing Ltd. (Hong Kong)<sup>(2)</sup> | 301790 | 12967994 | 2.6% |
| **Diversified Banks** |  |  |  |
| Bank Rakyat Indonesia Persero |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tbk PT (Indonesia)<sup>(2)</sup> | 73127152 | 23184983 | 4.7% |
| DBS Group Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ltd. (Singapore)<sup>(2)</sup> | 833919 | 21107827 | 4.3% |
|  |  | 44292810 | 9.0% |
| **Diversified Support Services** |  |  |  |
| Recruit Holdings Co. Ltd. (Japan)<sup>(2)</sup> | 394370 | 12344561 | 2.5% |
| **Electronic Equipment & Instruments** |  |  |  |
| Keyence Corp. (Japan)<sup>(2)</sup> | 40247 | 15625688 | 3.2% |
| **Entertainment** |  |  |  |
| Sea Ltd. – ADR (Singapore)<sup>(1)</sup> | 80426 | 4184565 | 0.8% |
| **Environmental & Facilities Services** |  |  |  |
| Waste Connections, Inc. (United States) | 157840 | 20923270 | 4.2% |
| **Health Care Equipment & Supplies** |  |  |  |
| Coloplast A/S (Denmark)<sup>(2)</sup> | 98777 | 11571994 | 2.3% |
| **Healthcare Distributors** |  |  |  |
| Sinopharm Group Co. Ltd. (China)<sup>(2)</sup> | 5709564 | 14451552 | 2.9% |
| **Industrial Machinery** |  |  |  |
| FANUC Corp. (Japan)<sup>(2)</sup> | 78535 | 11752494 | 2.4% |
| **Information Technology** |  |  |  |
| Constellation Software, Inc. (Canada) | 14986 | 23397198 | 4.7% |
| **Internet & Direct Marketing Retail** |  |  |  |
| Prosus NV (China)<sup>(2)</sup> | 223210 | 15411131 | 3.1% |
| **Internet Retail** |  |  |  |
| Alibaba Group Holding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ltd. – ADR (China)<sup>(1)</sup> | 116416 | 10255085 | 2.1% |
| **IT Services** |  |  |  |
| Adyen NV (Netherlands)<sup>(1)(2)</sup> | 10465 | 14527981 | 3.0% |
| Tata Consultancy Services Ltd. (India)<sup>(2)</sup> | 528790 | 20795787 | 4.2% |
|  |  | 35323768 | 7.2% |
| **Life Sciences Tools & Services** |  |  |  |
| Wuxi Biologics Cayman, Inc. (China)<sup>(1)(2)</sup> | 916486 | 6941383 | 1.4% |
| **Multi-Line Insurance** |  |  |  |
| Fairfax Financial Holdings Ltd. (Canada) | 38105 | 22572288 | 4.6% |
| **Pharmaceuticals** |  |  |  |
| Novo Nordisk A/S – ADR (Denmark) | 190331 | 25759398 | 5.2% |
| **Regional Banks** |  |  |  |
| HDFC Bank Ltd. – ADR (India) | 332756 | 22763838 | 4.6% |
| **Renewable Electricity** |  |  |  |
| Brookfield Renewable Corp. (United States) | 310959 | 8563811 | 1.7% |
| **Semiconductor Equipment** |  |  |  |
| ASML Holding NV (Netherlands) | 35777 | 19548553 | 4.0% |
| **Semiconductors** |  |  |  |
| Taiwan Semiconductor Manufacturing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Co. Ltd. – ADR (Taiwan) | 235439 | 17537851 | 3.6% |
| **Semiconductors &** |  |  |  |
| **Semiconductor Equipment** |  |  |  |
| SolarEdge Technologies, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inc. (United States)<sup>(1)</sup> | 51861 | 14690665 | 3.0% |
| **Textiles, Apparel & Luxury Goods** |  |  |  |
| Kering SA (France)<sup>(2)</sup> | 22781 | 11593844 | 2.4% |
| **Total Common Stocks** |  |  |  |
| **(Cost $427,988,949)** |  | 479652108 | 97.2% |
| Short-Term Investment |  |  |  |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(3)</sup> | 12598201 | 12598201 | 2.6% |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $12,598,201)** |  | 12598201 | 2.6% |
| **Total Investments** |  |  |  |
| **(Cost $440,587,150)** |  | 492250309 | 99.8% |
| **Other Assets in Excess of Liabilities** |  | 815386 | 0.2% |
| **TOTAL NET ASSETS** |  | $493065695 | 100.0% |

---

#### Notes to Schedule of Investments
<sup>(1)</sup> Non-Income Producing. <br> <sup>(2)</sup> Level 2 Security – See Note 2a to the financial statements. <br> <sup>(3)</sup> Seven-Day Yield.

ADR – American Depository Receipt

*Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS<sup>®</sup>). 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. Bancorp Fund Services, LLC.*

*The accompanying notes are an integral part of these financial statements.*

------

Chautauqua International Growth Fund

Schedule of Investments, December 31, 2022

------

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity** | | | | |
| Common Stocks | $223864784 | $255787324 | $— | $479652108 |
| **Total Equity** | 223864784 | 255787324 |  | 479652108 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 12598201 |  |  | 12598201 |
| **Total Short-Term Investment** | 12598201 |  |  | 12598201 |
| **Total Investments\*** | $236462985 | $255787324 | $— | $492250309 |

---

\* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year's annual report. See the Fund's Valuation Policy in Note 2a to the financial statements.

*The accompanying notes are an integral part of these financial statements.*

------

Chautauqua Global Growth Fund

December 31, 2022 (Unaudited)

#### Portfolio Manager's Commentary
In 2022, the Chautauqua Global Growth Fund Institutional Class returned -20.11%, underperforming its benchmark index, the MSCI ACWI Index<sup>®</sup> ND, which returned -18.36%.

The Fund typically holds a limited number of companies (35 to 45) and invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations. Stock selection was a positive contributor to performance for the Fund, as compared to its benchmark. More specifically, stock selection in non-U.S. holdings was a positive contributor to performance for the Fund, while stock selection in U.S. holdings was a detractor to performance for the fund. Investments in the health care and consumer discretionary sectors were among the most additive to the Fund's performance. Standouts included Novo Nordisk, Genmab, Regeneron, Sinopharm, and TJX. However, portfolio allocation was a detractor to performance for the Fund, as compared to its benchmark. The Fund's overweight positioning in the information technology sector and a zero weighting to the energy sector were the most detractive. The biggest detractors in the information technology sector were Atlassian, EPAM Systems, and Temenos. We exited the Fund's position in EPAM Systems in the first quarter of 2022.

The market environment was extremely difficult in 2022. The Fund underperformed its benchmark in the past year due to a broad market rotation to value stocks. However, the Fund significantly outperformed the growth style of its benchmark, due to a consistent application of our investment process that not only considers growth, but also returns on capital and valuation.

Equity markets declined in the first quarter of 2022. Inflation remained elevated, and major central banks made the containment of inflation their near-unanimous priority. After weeks building up a large military force along its border with Ukraine and in neighboring Belarus, Russia launched a full-scale invasion of Ukraine in late February, marking a grim new chapter for the European continent. At the time of invasion, Russia was a major supplier of energy to Europe, accounting for 40% of the Eurozone's natural gas supply, and it is also an important source of metals, fertilizers, and wheat worldwide. The U.S. and its Western allies have imposed a wide array of economic sanctions against Russia. These sanctions have included blocking the Bank of Russia from accessing foreign currency reserves and removing some Russian banks from the SWIFT network of international interbank payments. Additionally, many large multinational corporations have curtailed or stopped outright their business operations in Russia.

Equity markets also declined significantly in the second quarter. The inflationary environment was not just a U.S. phenomenon but a global one. In addition to roiled supply chains, Russia's invasion of Ukraine and the wave of COVID-19 lockdowns in China added to the complexity. Countries were hit by higher commodity prices, which added to inflationary pressures and curbed real income and spending, further dampening the recovery. Central banks aggressively tightened their monetary policies in order to moderate inflation.

Equity markets declined significantly again in the third quarter. Surging inflation was a global phenomenon, in both developed and emerging economies alike. COVID-19 induced supply disruptions collided with strong consumer demand for goods and services in the reopening. The war in Ukraine also intensified the inflation picture by further disrupting critical energy and food supplies. Central banks responded by sending interest rates higher and in larger increments. Additionally, central banks signaled their acceptance of any resulting economic consequences from the vigorous push to bring down inflation.

Equity markets benefited from a significant rebound in the fourth quarter. The global economy continued to deteriorate through the end of 2022, but not to the extent that was previously feared. In fact, some parts of the U.S. and European economies showed resilience despite the high inflationary environment, rising interest rates, and war in Ukraine. In the U.S., the labor market was still tight, and household balance sheets were still strong. Europe managed the energy disruption by cutting back on energy consumption and doling out fiscal support to households to help address high energy and food costs. China faced a swell of COVID-19 cases, but it took a momentous step by easing tough pandemic policies and setting the stage for a reopening rebound.

#### Outlook
The global economic outlook remains highly uncertain. The energy shock has pushed up inflation to levels not seen in many decades. Higher interest rates slow inflation by cooling business investments and consumer demand for goods and services, paving the way for more moderate price increases. But, in the process, higher interest rates also curtail employment, weaken wage growth, and ripple through financial markets in disruptive ways. Just how much pain these moves will ultimately cause remains unclear. So many countries are raising rates so quickly, and so in sync, that it is difficult to determine how intense any slowdown will be once the rate hikes take full effect. Monetary policy instruments are blunt tools, and their full effects often lag Fed action.

There is already a broad slowdown of the global economy. However, we believe in 2023 Asia will be the main engine of growth, whereas we expect North America, Europe, and Latin America will see very little growth. The most recent forecast for global economic growth in 2023 is 2.2%, according to the Organization for Economic Cooperation and Development (OECD), or 2.7%, according to the International Monetary Fund (IMF). Global inflation is thought to have already peaked and is forecasted by the OECD to be 6.5% in 2023. The big question is how quickly inflation comes down.

In the U.S., the Fed appears to be planning to hike rates higher than previously expected, to 5.1%, by the end of 2023, and to keep rates elevated for longer than previously expected. This will give the Fed time to see how inflation and the labor market react to policy changes it has already put in place. The Fed expects that it will still take years for inflation to fully return to its 2% target and that inflation risks remain elevated. In particular, the U.S. job market is still very strong, and wages are growing rapidly, so a sharper economic deceleration may be needed for inflation to fully fade. The Fed has projected economic growth of 0.5% in 2023, which would be consistent with a short and shallow recession during the year. On the contrary, because the recent inflation data in the U.S. has shown that inflation has started to abate, there is also speculation in the markets that the Fed could pursue a less aggressive policy path in 2023 and that there is a chance of accomplishing the elusive "soft landing". In a press conference following a recent Fed meeting, Chairman Powell stated "I don't think anyone knows whether we're going to have a recession or not, and if we do, whether it's going to be a deep one or not. It is not knowable."

We believe Europe faces the strongest economic headwinds in the months ahead. It is heavily reliant on Russia for its energy, and it could face sharp increases in energy prices as additional sanctions went into effect in December. The European Central Bank ("ECB") expects to raise interest rates significantly further because inflation remains far too high, and therefore, interest rates have still not reached the levels where they are restrictive. The situation in Europe is fundamentally different as compared the one in the U.S., where both rates have been hiked significantly and inflation has come down significantly. European economic growth is expected to be weak, and likely negative in the first quarter, due to high energy costs and softening business sentiment. The ECB has projected economic growth of 0.5% in 2023.

In China, the recent surge in COVID-19 infections and weak consumer sentiment have raised questions on how soon the economy can rebound. However, there has been a clear pivot on COVID-19 policies and better visibility on an exit strategy. Additionally, the government has pledged more support for the housing market and taken more of a pro-growth stance on the economy. Inflation is also much lower in China than in the U.S. and other Western economies. Taken together, the changes point to an incrementally brighter outlook for China, though the ride is still likely to be bumpy. The World Bank forecasts economic growth in China of 4.3% in 2023, rebounding from 2.7% in 2022 as the economy reopens. Lastly, for context, institutional holdings of Chinese stocks are the lowest they have been in five years, and valuations are far below average. Amidst the aforementioned positive shifts in the economic picture in China, the risk-to-reward appears to be incrementally more favorable for investment. Over the last two years, we have reduced the Fund's weightings to Greater China (inclusive of holdings in Mainland China, Hong Kong, and Taiwan) on a net basis. Roughly 13% of the Fund's assets are invested in Greater China holdings, which is overweight relative to its benchmark.

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Chautauqua Global Growth Fund

December 31, 2022 (Unaudited)

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Our investment philosophy emphasizes businesses that benefit from secular trends and possess strong competitive advantages and market positions. Over longer investment horizons, some of the most exciting growth trends can be relatively immune to the global economic picture or the specific situations impacting certain regions. These include our many investments in and adjacent to cloud computing, software-as-a-service, digitalization, artificial intelligence, semiconductor advancement, e-commerce and payments, industrial automation, electric vehicles, and novel biologic and biosimilar therapies. Other exciting growth areas pertain to rapidly expanding consumer classes, broadly in emerging economies and especially in Asia, which are propelling the uptake of various consumer goods and financial products.

We do not expect the current environment of weakening economic growth to dislodge the long-term staying power of these investment themes, nor the business models or market positions of the Fund's portfolio companies. Furthermore, we purposefully select portfolio companies that earn attractive profit margins, carry strong balance sheets, and generate cash on a consistent basis. In other words, we seek portfolio companies that are on solid footing, even when times are tough. For these reasons, the Fund's portfolio holdings have the capacity to outgrow market growth rates over the long-term.

We have also taken great care to try to insulate the Fund against the most pernicious risks that inflation poses to equity investments, namely pressure on company profit margins and compression of valuation multiples. First, we have emphasized companies that we believe have pricing power because of the mission-critical or value-add nature of their products and services. Because of these features, these companies are oftentimes able to obtain favorable prices for goods and services in inflationary environments, and therefore protect their profit margins. Furthermore, we have made incremental adjustments to the Fund's portfolio to emphasize companies with more attractive valuations, in light of higher market discount rates. We have implemented these adjustments in a long series throughout 2021 and 2022.

Respectfully Submitted,

Portfolio Managers:

Jesse A. Flores, CFA

Haicheng Li, CFA

Nathaniel R. Velarde

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Chautauqua Global Growth Fund

December 31, 2022 (Unaudited)

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Portfolio Characteristics

A December 31, 2022 summary of the Fund's top 10 holdings and equity sector analysis compared to the MSCI ACWI Index is shown below.

#### Top 10 Holdings<sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
| Novo Nordisk A/S | 4.3% | **Net Assets:** | $265868185 |
| Charles Schwab Corp. | 4.0% | **Portfolio Turnover Rate:** | 12% |
| MasterCard, Inc. – Class A | 3.7% | **Number of Equity Holdings:** | 44 |
| Genmab A/S | 3.7% |  |  |
| TJX Companies, Inc. | 3.7% | **Annualized Portfolio Expense Ratio**<sup>(3)</sup>**:** |  |
| HDFC Bank Ltd. | 3.6% | <u>Gross</u> |  |
| DBS Group Holdings Ltd. | 3.6% | Institutional Class: | 0.92% |
| Bank Rakyat Indonesia Persero Tbk PT | 3.4% | Investor Class: | 1.17%<br><sup>(4)</sup> |
| Fairfax Financial Holdings Ltd. | 3.3% |  |  |
| Alphabet, Inc. – Class A | 3.2% | <u>Net</u> |  |
|  |  | Institutional Class: | 0.80% |
|  |  | Investor Class: | 1.05%<br><sup>(4)</sup> |

---

---

| | |
|:---|:---|
| **Equity Sector Analysis<sup>(2)</sup>** | **Country Allocation<sup>(2)</sup>** |
| ![](cggf-barchart.jpg) | ![](cggf_country-barchart.jpg) |

---

<sup>(1)</sup> The Fund's portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund's total net assets as of December 31, 2022.

<sup>(2)</sup> Percentages shown in parentheses relate to the Fund's total value of investments as of December 31, 2022, and may not add up to 100% due to rounding.

<sup>(3)</sup> Reflects expense ratios as stated in the Fund's current prospectus dated May 1, 2022. The Advisor has contractually agreed to limit the Fund's total annual fund operating expenses to 0.80% of average daily net assets for the Institutional Class shares and 1.05% of average daily net assets for the Investor Class shares, at least through April 30, 2024.

<sup>(4)</sup> Includes 0.25% 12b-1 fee.

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Chautauqua Global Growth Fund

December 31, 2022 (Unaudited)

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---

| | |
|:---|:---|
| **Institutional Class** | **Investor Class** |
| **Value of a $10,000 Investment** | **Value of a $10,000 Investment** |
| ![](cggf_inst-linechart.jpg) | ![](cggf_inv-linechart.jpg) |
| ***Growth of a hypothetical investment of $10,000 made on 04/15/16, assuming*** | ***Growth of a hypothetical investment of $10,000 made on 04/15/16, assuming*** |
| ***reinvestment of all distributions.*** | ***reinvestment of all distributions.*** |

---

#### Total Returns

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Average Annual** | **Average Annual** | **Average Annual** |
|  | **One** | **Three** | **Five** | **Since** |
| *For the Periods Ended December 31, 2022* | **Year** | **Years** | **Years** | **Inception<sup>(1)</sup>** |
| Institutional Class Shares | -20.11% | 7.57% | 6.68% | 10.21% |
| Investor Class Shares | -20.32% | 7.38% | 6.46% | &nbsp;&nbsp;&nbsp;&nbsp;9.97% |
| MSCI ACWI Index<sup>(2)</sup> | -18.36% | 4.00% | 5.23% | &nbsp;&nbsp;&nbsp;&nbsp;8.19% |

---

<sup>(1)</sup> For the period from April 15, 2016 (inception date) through December 31, 2022.

<sup>(2)</sup> The MSCI ACWI Index is a market-capitalization-weighted index maintained by MSCI, Inc. and designed to provide a broad measure of stock performance throughout the world. The MSCI ACWI Index includes both developed and emerging markets. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

#### <br>
***The line graphs and the returns table shown above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.***

#### The gross and net expense ratio for each Class, as reflected in the Fund's current prospectus, is set forth under "Portfolio Characteristics".
***The Fund focuses on both U.S. and non-U.S. stocks with medium to large market capitalizations and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. Under normal market conditions, the Fund will invest at least 40% of its total assets at the time of purchase in non-U.S. companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors. Russia's ongoing war with Ukraine has heightened global geopolitical tensions, resulting in an elevated risk environment and increased volatility in asset prices. The uncertain course of the war may have a significant negative impact on the global economy. U.S. relations with China have become increasingly strained, and tension between the U.S. and China may have a significant negative impact on the global economy and asset prices. Measures of inflation reached levels not experienced in several decades, leading the Federal Reserve to raise short term interest rates significantly over the last year, with the potential for further rate increases in 2023. Uncertainty regarding the ability of the Federal Reserve to successfully control inflation, the potential for incremental rate increases, and the full impact of prior rate increases on the economy may negatively impact asset prices and increase market volatility. The possibility of a U.S. or global recession may also contribute to market volatility. The coronavirus (COVID-19) pandemic caused significant economic disruption in recent years as countries worked to limit the negative health impacts of the virus. While the virus appears to be entering an endemic stage, significant outbreaks or new variants present a continued risk to the global economy. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund's investments.***

***Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.***

***For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.***

------

Chautauqua Global Growth Fund

Schedule of Investments, December 31, 2022

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Common Stocks

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Aerospace & Defense** |  |  |  |
| Safran SA (France)<sup>(2)</sup> | 44267 | $5544598 | 2.1% |
| **Apparel Retail** |  |  |  |
| TJX Companies, Inc. (United States) | 122890 | 9782045 | 3.7% |
| **Application Software** |  |  |  |
| Atlassian Corp. (United States)<sup>(1)</sup> | 26588 | 3421344 | 1.3% |
| Temenos Group AG (Switzerland)<sup>(2)</sup> | 46224 | 2542935 | 1.0% |
|  |  | 5964279 | 2.3% |
| **Auto Components** |  |  |  |
| Aptiv PLC (United States)<sup>(1)</sup> | 44149 | 4111596 | 1.6% |
| **Automobiles** |  |  |  |
| Suzuki Motor Corp. (Japan)<sup>(2)</sup> | 174261 | 5581118 | 2.1% |
| **Biotechnology** |  |  |  |
| BeiGene Ltd. – ADR (China)<sup>(1)</sup> | 18520 | 4073289 | 1.5% |
| Genmab A/S (Denmark)<sup>(1)(2)</sup> | 23421 | 9902277 | 3.7% |
| Incyte Corp. (United States)<sup>(1)</sup> | 98919 | 7945174 | 3.0% |
| Regeneron Pharmaceuticals, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inc. (United States)<sup>(1)</sup> | 10701 | 7720664 | 2.9% |
|  |  | 29641404 | 11.1% |
| **Capital Markets** |  |  |  |
| Hong Kong Exchanges & |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearing Ltd. (Hong Kong)<sup>(2)</sup> | 114202 | 4907289 | 1.8% |
| **Data Processing & Outsourced Services** |  |  |  |
| MasterCard, Inc. – Class A (United States) | 28505 | 9912044 | 3.7% |
| **Diversified Banks** |  |  |  |
| Bank Rakyat Indonesia Persero |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tbk PT (Indonesia)<sup>(2)</sup> | 28436212 | 9015708 | 3.4% |
| DBS Group Holdings Ltd. (Singapore)<sup>(2)</sup> | 374679 | 9483726 | 3.6% |
|  |  | 18499434 | 7.0% |
| **Diversified Support Services** |  |  |  |
| Recruit Holdings Co. Ltd. (Japan)<sup>(2)</sup> | 155414 | 4864766 | 1.8% |
| **Electronic Equipment & Instruments** |  |  |  |
| Keyence Corp. (Japan)<sup>(2)</sup> | 12069 | 4685726 | 1.8% |
| Universal Display Corp. (United States) | 23300 | 2517332 | 0.9% |
|  |  | 7203058 | 2.7% |
| **Entertainment** |  |  |  |
| Sea Ltd. – ADR (Singapore)<sup>(1)</sup> | 32817 | 1707469 | 0.6% |
| **Environmental & Facilities Services** |  |  |  |
| Waste Connections, Inc. (United States) | 63347 | 8397278 | 3.2% |
| **Equity Real Estate** |  |  |  |
| **Investment Trusts (REITs)** |  |  |  |
| Alexandria Real Estate Equities, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inc. (United States) | 20050 | 2920684 | 1.1% |
| **Health Care Equipment & Supplies** |  |  |  |
| Coloplast A/S (Denmark)<sup>(2)</sup> | 36818 | 4313329 | 1.6% |
| **Healthcare Distributors** |  |  |  |
| Sinopharm Group Co. Ltd. (China)<sup>(2)</sup> | 2252028 | 5700137 | 2.1% |
| **Industrial Machinery** |  |  |  |
| FANUC Corp. (Japan)<sup>(2)</sup> | 28505 | 4265676 | 1.6% |
| **Information Technology** |  |  |  |
| Constellation Software, Inc. (Canada) | 5301 | 8276294 | 3.1% |
| **Interactive Media & Services** |  |  |  |
| Alphabet, Inc. – Class A (United States)<sup>(1)</sup> | 95600 | 8434788 | 3.2% |
| **Internet & Direct Marketing Retail** |  |  |  |
| Prosus NV (China)<sup>(2)</sup> | 81612 | 5634753 | 2.1% |
| **Internet Retail** |  |  |  |
| Alibaba Group Holding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ltd. – ADR (China)<sup>(1)</sup> | 34253 | 3017347 | 1.1% |
| Amazon.com, Inc. (United States)<sup>(1)</sup> | 53651 | 4506684 | 1.7% |
|  |  | 7524031 | 2.8% |
| **IT Services** |  |  |  |
| Adyen NV (Netherlands)<sup>(1)(2)</sup> | 4234 | 5877828 | 2.2% |
| Tata Consultancy Services Ltd. (India)<sup>(2)</sup> | 181454 | 7136062 | 2.7% |
|  |  | 13013890 | 4.9% |
| **Life Sciences Tools & Services** |  |  |  |
| Illumina, Inc. (United States)<sup>(1)</sup> | 11767 | 2379287 | 0.9% |
| Wuxi Biologics Cayman, Inc. (China)<sup>(1)(2)</sup> | 330853 | 2505852 | 0.9% |
|  |  | 4885139 | 1.8% |
| **Multi-Line Insurance** |  |  |  |
| Fairfax Financial Holdings Ltd. (Canada) | 15013 | 8893262 | 3.3% |
| **Other Diversified Financial Services** |  |  |  |
| Charles Schwab Corp. (United States) | 128257 | 10678678 | 4.0% |
| **Pharmaceuticals** |  |  |  |
| Novo Nordisk A/S – ADR (Denmark) | 83682 | 11325522 | 4.3% |
| **Regional Banks** |  |  |  |
| HDFC Bank Ltd. – ADR (India) | 138866 | 9499823 | 3.6% |
| SVB Financial Group (United States)<sup>(1)</sup> | 15070 | 3468210 | 1.3% |
|  |  | 12968033 | 4.9% |
| **Renewable Electricity** |  |  |  |
| Brookfield Renewable Corp. (United States) | 157673 | 4342314 | 1.6% |
| **Semiconductor Equipment** |  |  |  |
| ASML Holding NV (Netherlands) | 12663 | 6919063 | 2.6% |
| **Semiconductors** |  |  |  |
| Nvidia Corp. (United States) | 32027 | 4680426 | 1.8% |
| Taiwan Semiconductor Manufacturing |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Co. Ltd. – ADR (Taiwan) | 89038 | 6632440 | 2.5% |
|  |  | 11312866 | 4.3% |
| **Semiconductors &** |  |  |  |
| **Semiconductor Equipment** |  |  |  |
| Micron Technology, Inc. (United States) | 58744 | 2936025 | 1.1% |
| SolarEdge Technologies, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inc. (United States)<sup>(1)</sup> | 19396 | 5494305 | 2.1% |
|  |  | 8430330 | 3.2% |
| **Textiles, Apparel & Luxury Goods** |  |  |  |
| Kering SA (France)<sup>(2)</sup> | 9729 | 4951341 | 1.9% |
| **Total Common Stocks** |  |  |  |
| **(Cost $258,739,105)** |  | 260906508 | 98.1% |

---

*The accompanying notes are an integral part of these financial statements.*

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Chautauqua Global Growth Fund

Schedule of Investments, December 31, 2022

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Short-Term Investment

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | *% of* |
|  | *Shares* | *Value* | *Net Assets* |
| **Money Market Mutual Fund** |  |  |  |
| First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund, Class U, 4.11%<sup>(3)</sup> | 4736744 | $4736744 | 1.8% |
| **Total Short-Term Investment** |  |  |  |
| **(Cost $4,736,744)** |  | 4736744 | 1.8% |
| **Total Investments** |  |  |  |
| **(Cost $263,475,849)** |  | 265643252 | 99.9% |
| **Other Assets in Excess of Liabilities** |  | 224933 | 0.1% |
| **TOTAL NET ASSETS** |  | $265868185 | 100.0% |

---

#### Notes to Schedule of Investments
<sup>(1)</sup> Non-Income Producing. <br> <sup>(2)</sup> Level 2 Security – See Note 2a to the financial statements. <br> <sup>(3)</sup> Seven-Day Yield.

ADR – American Depository Receipt

*Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS<sup>®</sup>). 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. Bancorp Fund Services, LLC.*

Summary of Fair Value Exposure at December 31, 2022

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Equity** | | | | |
| Common Stocks | $163993387 | $96913121 | $— | $260906508 |
| **Total Equity** | 163993387 | 96913121 |  | 260906508 |
| **Short-Term Investment** |  |  |  |  |
| Money Market Mutual Fund | 4736744 |  |  | 4736744 |
| **Total Short-Term Investment** | 4736744 |  |  | 4736744 |
| **Total Investments\*** | $168730131 | $96913121 | $— | $265643252 |

---

\* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year's annual report. See the Fund's Valuation Policy in Note 2a to the financial statements.

*The accompanying notes are an integral part of these financial statements.*

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Additional Information on Fund Expenses

December 31, 2022 (Unaudited)

------

Expense Example

As a shareholder of the Funds, you incur ongoing costs, such as management fees; distribution and/or service (12b-1) fees; and other fund expenses. The Funds do not charge any sales loads, redemption fees or other transaction fees; however, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Funds' transfer agent. If you request that a redemption be made by wire transfer, currently the Funds' transfer agent charges a $15.00 fee.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (7/1/22 – 12/31/22).

Actual Expenses

The third and fourth columns of the following table provide information about account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the fourth column entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fifth and sixth columns of the following table provide information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the sixth column of the table (entitled "Expenses Paid During Period") is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds.

Actual vs. Hypothetical Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Hypothetical (5% return** | **Hypothetical (5% return** |
|  |  |  | **Actual** | **Actual** | **before expenses**) | **before expenses**) |
|  |  | **Beginning** | **Ending** |  | **Ending** |  |
|  | **Fund's Annualized** | **Account Value** | **Account Value** | **Expenses Paid** | **Account Value** | **Expenses Paid** |
|  | **<u>Expense Ratio<sup>(1)</sup></u>** | **<u>7/1/22</u>** | **<u>12/31/22</u>** | **<u>During Period<sup>(1)</sup></u>** | **<u>12/31/22</u>** | **<u>During Period<sup>(1)</sup></u>** |
| **Baird Mid Cap Growth Fund** |  |  |  |  |  |  |
| Institutional Class | 0.81% | $1000.00 | $1043.90 | $4.17 | $1021.12 | $4.13 |
| Investor Class | 1.06% | $1000.00 | $1042.60 | $5.46 | $1019.86 | $5.40 |
| **Baird Small/Mid Cap Growth Fund** |  |  |  |  |  |  |
| Institutional Class | 0.85% | $1000.00 | $1018.80 | $4.33 | $1020.92 | $4.33 |
| Investor Class | 1.10% | $1000.00 | $1017.60 | $5.59 | $1019.66 | $5.60 |
| **Baird Equity Opportunity Fund** |  |  |  |  |  |  |
| Institutional Class | 1.25% | $1000.00 | $1067.90 | $6.52 | $1018.90 | $6.36 |
| Investor Class | 1.50% | $1000.00 | $1066.60 | $7.81 | $1017.64 | $7.63 |
| **Chautauqua International Growth Fund** |  |  |  |  |  |  |
| Institutional Class | 0.80% | $1000.00 | $1043.80 | $4.12 | $1021.17 | $4.08 |
| Investor Class | 1.05% | $1000.00 | $1043.10 | $5.41 | $1019.91 | $5.35 |
| **Chautauqua Global Growth Fund** |  |  |  |  |  |  |
| Institutional Class | 0.80% | $1000.00 | $1043.40 | $4.12 | $1021.17 | $4.08 |
| Investor Class | 1.05% | $1000.00 | $1042.00 | $5.40 | $1019.91 | $5.35 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value over the period, 184 days and divided by 365 to reflect the one-half year period.

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Statements of Assets and Liabilities

December 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Baird Mid Cap** | **Baird Small/Mid** | **Baird Equity** |
|  | **Growth Fund** | **Cap Growth Fund** | **Opportunity Fund** |
| **ASSETS:** | | | |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $1,498,637,849, $149,991,797, and $60,744,616, respectively) | $1926261034 | $147717724 | $57975100 |
| &nbsp;&nbsp;&nbsp; Dividends receivable | 284771 | 17179 | 5350 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 201430 | 32213 | 1764 |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 6451618 | 206156 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 32653 | 29065 | 14454 |
| &nbsp;&nbsp;&nbsp; Total assets | 1933231506 | 148002337 | 57996668 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts, at value (premiums received $0, $0, and $131,376, respectively) |  |  | 47614 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | 12551914 |  | 34328 |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 2763704 | 691 | 5069 |
| &nbsp;&nbsp;&nbsp; Payable to Advisor, net (Note 5) | 1247709 | 79673 | 37981 |
| &nbsp;&nbsp;&nbsp; Payable to Directors | 22115 | 22115 | 22114 |
| &nbsp;&nbsp;&nbsp; Accrued fund accounting and administration fees | 22768 | 6130 | 5255 |
| &nbsp;&nbsp;&nbsp; Accrued shareholder servicing fees | 97008 | 4910 | 5950 |
| &nbsp;&nbsp;&nbsp; Accrued professional fees | 17012 | 17012 | 19572 |
| &nbsp;&nbsp;&nbsp; Accrued custody fees | 3437 | 1410 | 1475 |
| &nbsp;&nbsp;&nbsp; Accrued interest expense | 513 |  | 163 |
| &nbsp;&nbsp;&nbsp; Accrued Rule 12b-1 fees (Note 7) | 64382 | 669 | 457 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 33963 | 5986 | 2187 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 16824525 | 138596 | 182165 |
| **NET ASSETS** | $1916406981 | $147863741 | $57814503 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $1538376839 | $169944114 | $61454139 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated deficit) | 378030142 | (22080373) | (3639636) |
| **NET ASSETS** | $1916406981 | $147863741 | $57814503 |
| **INSTITUTIONAL CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $1762765994 | $147084390 | $57812238 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 83890648 | 10193245 | 4933286 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $21.01 | $14.43 | $11.72 |
| **INVESTOR CLASS SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $153640987 | $779351 | $2265 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 8009772 | 54738 | 194 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $19.18 | $14.24 | $11.65 |

---

*The accompanying notes are an integral part of these financial statements.*

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Statements of Assets and Liabilities

December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | **Chautauqua** | **Chautauqua** |
|  | **International** | **Global** |
|  | **Growth Fund** | **Growth Fund** |
| **ASSETS:** | | |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $440,587,150 and $263,475,849, respectively) | $492250309 | $265643252 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $75,329 and $26,672, respectively) | 74602 | 25979 |
| &nbsp;&nbsp;&nbsp; Uninvested cash | 84581 | 42887 |
| &nbsp;&nbsp;&nbsp; Dividends receivable | 423054 | 165767 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 34118 | 18915 |
| &nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 1001491 | 286349 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 23680 | 25919 |
| &nbsp;&nbsp;&nbsp; Total assets | 493891835 | 266209068 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 148601 | 16681 |
| &nbsp;&nbsp;&nbsp; Payable to Advisor, net (Note 5) | 264456 | 132765 |
| &nbsp;&nbsp;&nbsp; Payable to Directors | 22115 | 22115 |
| &nbsp;&nbsp;&nbsp; Accrued fund accounting and administration fees | 10823 | 10165 |
| &nbsp;&nbsp;&nbsp; Accrued shareholder servicing fees | 20174 | 9063 |
| &nbsp;&nbsp;&nbsp; Accrued professional fees | 20168 | 20168 |
| &nbsp;&nbsp;&nbsp; Accrued custody fees | 13920 | 6368 |
| &nbsp;&nbsp;&nbsp; Accrued Rule 12b-1 fees (Note 7) | 7615 | 747 |
| &nbsp;&nbsp;&nbsp; Deferred tax | 287996 | 109139 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 30272 | 13672 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 826140 | 340883 |
| **NET ASSETS** | $493065695 | $265868185 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $467786332 | $268015749 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated deficit) | 25279363 | (2147564) |
| **NET ASSETS** | $493065695 | $265868185 |
| **INSTITUTIONAL CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $479072213 | $264936407 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 31544240 | 14847093 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $15.19 | $17.84 |
| **INVESTOR CLASS SHARES** |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $13993482 | $931778 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.01 par value, unlimited shares authorized) | 926310 | 52780 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $15.11 | $17.65 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Operations

Year Ended December 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Baird Mid Cap** | **Baird Small/Mid** | **Baird Equity** |
|  | **Growth Fund** | **Cap Growth Fund** | **Opportunity Fund** |
| **INVESTMENT INCOME:** | | | |
| &nbsp;&nbsp;&nbsp; Dividends (net of issuance fees and/or foreign taxes withheld of $0, $391, and $3,384, respectively) | $9759876 | $638836 | $383783 |
| &nbsp;&nbsp;&nbsp; Interest | 944650 | 127656 | 21999 |
| &nbsp;&nbsp;&nbsp; Total investment income | 10704526 | 766492 | 405782 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 5) | 15372761 | 1135432 | 720409 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | 813629 | 30742 | 21914 |
| &nbsp;&nbsp;&nbsp; Federal and state registration | 137808 | 124904 | 59182 |
| &nbsp;&nbsp;&nbsp; Directors fees | 96688 | 96688 | 96494 |
| &nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 141217 | 41789 | 34106 |
| &nbsp;&nbsp;&nbsp; Professional fees | 35277 | 34807 | 45153 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders | 69818 | 7809 | 8850 |
| &nbsp;&nbsp;&nbsp; Custody fees | 19464 | 4349 | 9109 |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 6) | 514 |  | 163 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2856 | 194 | 123 |
| &nbsp;&nbsp;&nbsp; Rule 12b-1 fees – Investor Class Shares (Note 7) | 414395 | 1978 | 7 |
| &nbsp;&nbsp;&nbsp; Total expenses | 17104427 | 1478692 | 995510 |
| &nbsp;&nbsp;&nbsp; Fee waiver by Advisor (Note 5) |  | (189890) | (274931) |
| &nbsp;&nbsp;&nbsp; Net expenses | 17104427 | 1288802 | 720579 |
| **NET INVESTMENT LOSS** | (6399901) | (522310) | (314797) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (45618233) | (19684321) | 175234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  | 453426 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (676294509) | (28001622) | (7362498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts |  |  | 62008 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (721912742) | (47685943) | (6671830) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(728312643) | $(48208253) | $(6986627) |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Operations

Year Ended December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | **Chautauqua** | **Chautauqua** |
|  | **International** | **Global** |
|  | **Growth Fund** | **Growth Fund** |
| **INVESTMENT INCOME:** | | |
| &nbsp;&nbsp;&nbsp; Dividends (net of issuance fees and/or foreign taxes withheld of $857,621 and $344,388, respectively) | $5238780 | $2641385 |
| &nbsp;&nbsp;&nbsp; Interest | 196053 | 93699 |
| &nbsp;&nbsp;&nbsp; Total investment income | 5434833 | 2735084 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 5) | 3473871 | 2048150 |
| &nbsp;&nbsp;&nbsp; Federal and state registration | 112359 | 149646 |
| &nbsp;&nbsp;&nbsp; Directors fees | 96688 | 96688 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | 127782 | 52624 |
| &nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 65754 | 58501 |
| &nbsp;&nbsp;&nbsp; Custody fees | 69493 | 30873 |
| &nbsp;&nbsp;&nbsp; Professional fees | 37626 | 37626 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders | 20377 | 10675 |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 6) | 482 |  |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 17413 | 17657 |
| &nbsp;&nbsp;&nbsp; Rule 12b-1 fees – Investor Class Shares (Note 7) | 12685 | 2114 |
| &nbsp;&nbsp;&nbsp; Total expenses | 4034530 | 2504554 |
| &nbsp;&nbsp;&nbsp; Fee waiver by Advisor (Note 5) | (315901) | (317746) |
| &nbsp;&nbsp;&nbsp; Net expenses | 3718629 | 2186808 |
| **NET INVESTMENT INCOME** | 1716204 | 548276 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (net of foreign taxes withheld of $340,308 and $50,967, respectively) | (22684700) | (2903941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (278479) | (112212) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (71281288) | (62326769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 9428 | 764 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments and foreign currency translation | (94235039) | (65342158) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(92518835) | $(64793882) |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Mid Cap Growth Fund** | **Baird Mid Cap Growth Fund** | **Baird Small/Mid Cap Growth Fund** | **Baird Small/Mid Cap Growth Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(6399901) | $(12339959) | $(522310) | $(697516) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (45618233) | 404747998 | (19684321) | 5184457 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (676294509) | 92627945 | (28001622) | 11628428 |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (728312643) | 485035984 | (48208253) | 16115369 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 630389326 | 431337899 | 46431461 | 113262327 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 26758497 | 310928256 | 993301 | 4792628 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (549380616) | (550689749) | (15543812) | (15948443) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from capital share transactions | 107767207 | 191576406 | 31880950 | 102106512 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (28370957) | (339105769) | (994847) | (4818997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (2701934) | (35306991) | (5385) | (26279) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (31072891) | (374412760) | (1000232) | (4845276) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (651618327) | 302199630 | (17327535) | 113376605 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 2568025308 | 2265825678 | 165191276 | 51814671 |
| &nbsp;&nbsp;&nbsp; End of year | $1916406981 | $2568025308 | $147863741 | $165191276 |

---

*The accompanying notes are an integral part of these financial statements.*

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Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | **Baird Equity Opportunity Fund** | **Baird Equity Opportunity Fund** |
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(314797) | $298253 |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments and written option contracts | 628660 | 17549299 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments and written option contracts | (7300490) | (11030259) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (6986627) | 6817293 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 12850612 | 9453742 |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued in connection with reorganization (Note 10) |  | 25764804 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 14261145 | 1597257 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (8777787) | (11747283) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from capital share transactions | 18333970 | 25068520 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (14495880) | (1631391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (570) | (14867) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (14496450) | (1646258) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3149107) | 30239555 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 60963610 | 30724055 |
| &nbsp;&nbsp;&nbsp; End of year | $57814503 | $60963610 |

---

*The accompanying notes are an integral part of these financial statements.*

------

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Chautauqua International Growth Fund** | **Chautauqua International Growth Fund** | **Chautauqua Global Growth Fund** | **Chautauqua Global Growth Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp; Net investment income | $1716204 | $853030 | $548276 | $21747 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency translation | (22963179) | 6291368 | (3016153) | 1275493 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency translation | (71271860) | 16058365 | (62326005) | 23034419 |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (92518835) | 23202763 | (64793882) | 24331659 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 284419533 | 161726532 | 56027768 | 176950833 |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 3796060 | 1816295 | 326779 | 1033641 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (167135571) | (38228944) | (41676691) | (23914556) |
| &nbsp;&nbsp;&nbsp; Redemption fees<sup>(1)</sup> |  | 46201 |  | 11901 |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from capital share transactions | 121080022 | 125360084 | 14677856 | 154081819 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4214970) | (2200637) | (343463) | (1097930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (110964) | (2876) | (1217) | (5607) |
| &nbsp;&nbsp;&nbsp; Total net distributions to shareholders | (4325934) | (2203513) | (344680) | (1103537) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 24235253 | 146359334 | (50460706) | 177309941 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 468830442 | 322471108 | 316328891 | 139018950 |
| &nbsp;&nbsp;&nbsp; End of year | $493065695 | $468830442 | $265868185 | $316328891 |

---

<sup>(1)</sup> Effective December 1, 2021, the Funds eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8.

*The accompanying notes are an integral part of these financial statements.*

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Financial Highlights

Baird Mid Cap Growth Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $29.50 | $28.17 | $22.90 | $17.72 | $19.16 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.07) | (0.15) | (0.08) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (8.08) | 6.30 | 7.99 | 6.44 | (0.30) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (8.15) | 6.15 | 7.91 | 6.42 | (0.33) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (4.82) | (2.64) | (1.24) | (1.11) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.34) | (4.82) | (2.64) | (1.24) | (1.11) |
| **Net asset value, end of year** | $21.01 | $29.50 | $28.17 | $22.90 | $17.72 |
| **Total return** | (27.64)% | 22.51% | 34.81% | 36.31% | (1.61)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $1762.8 | $2334.3 | $2065.5 | $1825.8 | $1337.4 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.81% | 0.80% | 0.82% | 0.82% | 0.81% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (0.29)% | (0.49)% | (0.35)% | (0.07)% | (0.15)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 26% | 31% | 47% | 43% | 38% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year. <br> <sup>(2)</sup> 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.*

------

Financial Highlights

Baird Mid Cap Growth Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $27.04 | $26.22 | $21.53 | $16.76 | $18.23 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.11) | (0.21) | (0.14) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (7.41) | 5.85 | 7.47 | 6.08 | (0.28) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (7.52) | 5.64 | 7.33 | 6.01 | (0.36) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.34) | (4.82) | (2.64) | (1.24) | (1.11) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.34) | (4.82) | (2.64) | (1.24) | (1.11) |
| **Net asset value, end of year** | $19.18 | $27.04 | $26.22 | $21.53 | $16.76 |
| **Total return** | (27.82)% | 22.25% | 34.32% | 35.94% | (1.86)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $153.6 | $233.7 | $200.3 | $148.3 | $95.5 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.06% | 1.05% | 1.07% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (0.54)% | (0.74)% | (0.60)% | (0.32)% | (0.40)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)</sup> | 26% | 31% | 47% | 43% | 38% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year. <br> <sup>(2)</sup> 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.*

------

Financial Highlights

Baird Small/Mid Cap Growth Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | **Period Ended** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $19.94 | $17.39 | $12.26 | $8.95 | $10.00 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(2)</sup> | (0.05) | (0.12) | (0.06) | (0.03) | (0.00)<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (5.36) | 3.29 | 5.52 | 3.34 | (1.05) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (5.41) | 3.17 | 5.46 | 3.31 | (1.05) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.62) | (0.33) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.10) | (0.62) | (0.33) |  |  |
| **Net asset value, end of period** | $14.43 | $19.94 | $17.39 | $12.26 | $8.95 |
| **Total return** | (27.14)% | 18.42% | 44.57% | 36.98% | (10.50)%<sup>(4)</sup> |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $147.1 | $164.3 | $51.2 | $18.3 | $7.3 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 0.98% | 1.00% | 1.43% | 2.10% | 3.88%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (0.33)% | (0.63)% | (0.41)% | (0.25)% | (0.03)%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets (before waivers) | (0.45)% | (0.78)% | (0.99)% | (1.50)% | (3.06)%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 39% | 50% | 65% | 60% | 9%<sup>(4)</sup> |

---

<sup>(1)</sup> Inception was close of business on October 31, 2018.

<sup>(2)</sup> Calculated using average shares outstanding during the period.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> 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.*

------

Financial Highlights

Baird Small/Mid Cap Growth Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | **Period Ended** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period | $19.72 | $17.25 | $12.21 | $8.94 | $10.00 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(2)</sup> | (0.09) | (0.17) | (0.09) | (0.06) | (0.00)<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (5.29) | 3.26 | 5.46 | 3.33 | (1.06) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (5.38) | 3.09 | 5.37 | 3.27 | (1.06) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.62) | (0.33) |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.10) | (0.62) | (0.33) |  |  |
| **Net asset value, end of period** | $14.24 | $19.72 | $17.25 | $12.21 | $8.94 |
| **Total return** | (27.29)% | 18.10% | 43.89% | 36.69% | (10.60)%<sup>(4)</sup> |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $779.4 | $863.7 | $661.0 | $287.3 | $8.9 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.10% | 1.10% | 1.10% | 1.10% | 1.10%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 1.23% | 1.25% | 1.68% | 2.35% | 4.13%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets | (0.58)% | (0.88)% | (0.66)% | (0.50)% | (0.28)%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets (before waivers) | (0.70)% | (1.03)% | (1.24)% | (1.75)% | (3.31)%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 39% | 50% | 65% | 60% | 9%<sup>(4)</sup> |

---

<sup>(1)</sup> Inception was close of business on October 31, 2018.

<sup>(2)</sup> Calculated using average shares outstanding during the period.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> 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.*

------

Financial Highlights

Baird Equity Opportunity Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $17.68 | $15.56 | $15.96 | $13.58 | $16.99 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.09) | 0.14 | 0.03 | 0.13 | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.95) | 2.82 | 0.43<br><sup>(2)</sup>  | 2.36 | (2.85) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (2.04) | 2.96 | 0.46 | 2.49 | (2.80) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.17) | (0.03) | (0.11) | (0.06) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.92) | (0.67) | (0.83) |  | (0.55) |
| &nbsp;&nbsp;&nbsp; Total distributions | (3.92) | (0.84) | (0.86) | (0.11) | (0.61) |
| **Net asset value, end of year** | $11.72 | $17.68 | $15.56 | $15.96 | $13.58 |
| **Total return** | (11.56)% | 19.40% | 2.85% | 18.40% | (16.45)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $57.8 | $61.0 | $30.4 | $33.0 | $28.8 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.25% | 0.98%<sup>(4)</sup> | 0.95% | 0.95% | 1.00%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 1.73% | 1.53% | 1.64% | 1.44% | 1.38% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.55)% | 0.82% | 0.21% | 0.87% | 0.29% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br> &nbsp;&nbsp;&nbsp;&nbsp;to average net assets (before waivers) | (1.02)% | 0.27% | (0.48)% | 0.38% | (0.09)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 72% | 67%<sup>(5)</sup> | 61% | 55% | 36% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.

<sup>(3)</sup> Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.95%. Prior to December 1, 2018, the expense cap was 1.00%.

<sup>(4)</sup> 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%.

<sup>(5)</sup> The cost of purchases and proceeds from sales of securities that were incurred by the Fund subsequent to Greenhouse's appointment as subadvisor to the Baird Equity Opportunity Fund that related to the alignment of the Fund's portfolio with Greenhouse's investment style are excluded from the portfolio turnover rate calculation. See Note 10 of the Notes to Financial Statements for further information regarding Greenhouse's appointment as subadvisor and other changes impacting the Fund. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021.

<sup>(6)</sup> 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.*

------

Financial Highlights

Baird Equity Opportunity Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $17.65 | $15.52 | $15.97 | $13.58 | $16.97 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.13) | 0.10 | (0.01) | 0.09 | 0.01 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments | (1.95) | 2.83 | 0.42<br><sup>(2)</sup>  | 2.37 | (2.85) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (2.08) | 2.93 | 0.41 | 2.46 | (2.84) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.13) | (0.03) | (0.07) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.92) | (0.67) | (0.83) |  | (0.55) |
| &nbsp;&nbsp;&nbsp; Total distributions | (3.92) | (0.80) | (0.86) | (0.07) | (0.55) |
| **Net asset value, end of year** | $11.65 | $17.65 | $15.52 | $15.97 | $13.58 |
| **Total return** | (11.77)% | 19.16% | 2.54% | 18.19% | (16.71)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (thousands) | $2.3 | $2.6 | $295.7 | $883.8 | $758.6 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.50% | 1.23%<sup>(4)</sup> | 1.20% | 1.20% | 1.25%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 1.98% | 1.78% | 1.89% | 1.69% | 1.63% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.80)% | 0.57% | (0.04)% | 0.62% | 0.04% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br> &nbsp;&nbsp;&nbsp;&nbsp;to average net assets (before waivers) | (1.27)% | 0.02% | (0.73)% | 0.13% | (0.34)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 72% | 67%<sup>(5)</sup> | 61% | 55% | 36% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.

<sup>(3)</sup> Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.20%. Prior to December 1, 2018, the expense cap was 1.25%.

<sup>(4)</sup> 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%.

<sup>(5)</sup> The cost of purchases and proceeds from sales of securities that were incurred by the Fund subsequent to Greenhouse's appointment as subadvisor to the Baird Equity Opportunity Fund that related to the alignment of the Fund's portfolio with Greenhouse's investment style are excluded from the portfolio turnover rate calculation. See Note 10 of the Notes to Financial Statements for further information regarding Greenhouse's appointment as subadvisor and other changes impacting the Fund. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021.

<sup>(6)</sup> 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.*

------

Financial Highlights

Chautauqua International Growth Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $18.65 | $17.51 | $12.62 | $10.17 | $12.59 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.06 | 0.04 | 0.01 | 0.30 | 0.06 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on <br> &nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency translation | (3.38) | 1.19 | 5.00 | 2.42 | (2.19) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.32) | 1.23 | 5.01 | 2.72 | (2.13) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.03) | (0.09) | (0.12) | (0.27) | (0.06) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.11) |  |  |  | (0.23) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.14) | (0.09) | (0.12) | (0.27) | (0.29) |
| &nbsp;&nbsp;&nbsp; Paid in capital from redemption fees<sup>(4)</sup> |  | 0.00<br><sup>(2)</sup>  | 0.00<br><sup>(2)</sup>  | 0.00<br><sup>(2)</sup>  | 0.00<br><sup>(2)</sup>  |
| **Net asset value, end of year** | $15.19 | $18.65 | $17.51 | $12.62 | $10.17 |
| **Total return** | (17.84)% | 6.90% | 39.84% | 26.72% | (16.94)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $479.1 | $468.2 | $321.8 | $172.7 | $85.4 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.80% | 0.80% | 0.80% | 0.80% | 0.94%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 0.87% | 0.86% | 0.90% | 0.96% | 1.07% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.37% | 0.20% | 0.07% | 2.56% | 0.51% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br> &nbsp;&nbsp;&nbsp;&nbsp;to average net assets (before waivers) | 0.31% | 0.14% | (0.03)% | 2.40% | 0.38% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup> | 23% | 14% | 31% | 31% | 42% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%.

<sup>(4)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8.

<sup>(5)</sup> 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.*

------

Financial Highlights

Chautauqua International Growth Fund – Investor Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $18.58 | $17.48 | $12.60 | $10.15 | $12.57 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.02 | (0.01) | (0.02) | 0.27 | 0.03 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on <br> &nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency translation | (3.37) | 1.20 | 4.95<br><sup>(2)</sup>  | 2.41 | (2.19) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (3.35) | 1.19 | 4.93 | 2.68 | (2.16) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.01) | (0.09) | (0.05) | (0.23) | (0.03) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.11) |  |  |  | (0.23) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.12) | (0.09) | (0.05) | (0.23) | (0.26) |
| &nbsp;&nbsp;&nbsp; Paid in capital from redemption fees<sup>(5)</sup> |  | 0.00<br><sup>(3)</sup>  | 0.00<br><sup>(3)</sup>  | 0.00<br><sup>(3)</sup>  | 0.00<br><sup>(3)</sup>  |
| **Net asset value, end of year** | $15.11 | $18.58 | $17.48 | $12.60 | $10.15 |
| **Total return** | (18.03)% | 6.62% | 39.37% | 26.42% | (17.21)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (thousands) | $13993.5 | $608.0 | $697.4 | $1494.8 | $2147.0 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.05% | 1.19%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 1.12% | 1.11% | 1.15% | 1.21% | 1.32% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 0.12% | (0.05)% | (0.18)% | 2.31% | 0.26% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br> &nbsp;&nbsp;&nbsp;&nbsp;to average net assets (before waivers) | 0.06% | (0.11)% | (0.28)% | 2.15% | 0.13% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 23% | 14% | 31% | 31% | 42% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> 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.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.05%. Prior to December 1, 2018, the expense cap was 1.20%.

<sup>(5)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8.

<sup>(6)</sup> 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.*

------

Financial Highlights

Chautauqua Global Growth Fund – Institutional Class

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $22.36 | $19.85 | $14.47 | $11.29 | $13.43 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.04 | 0.00<br><sup>(2)</sup>  | (0.03) | 0.22 | 0.00<br><sup>(2)</sup>  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on <br> &nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency translation | (4.54) | 2.59 | 5.49 | 3.18 | (1.98) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (4.50) | 2.59 | 5.46 | 3.40 | (1.98) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.08) | (0.09) | (0.16) | (0.00)<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) |  |  | (0.06) | (0.16) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.02) | (0.08) | (0.09) | (0.22) | (0.16) |
| &nbsp;&nbsp;&nbsp; Paid in capital from redemption fees<sup>(4)</sup> |  | 0.00<br><sup>(2)</sup>  | 0.01 | 0.00<br><sup>(2)</sup>  | 0.00<br><sup>(2)</sup>  |
| **Net asset value, end of year** | $17.84 | $22.36 | $19.85 | $14.47 | $11.29 |
| **Total return** | (20.11)% | 12.93% | 37.97% | 30.14% | (14.70)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $264.9 | $314.7 | $137.3 | $55.8 | $36.8 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 0.80% | 0.80% | 0.80% | 0.80% | 0.94%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 0.92% | 0.92% | 1.04% | 1.23% | 1.34% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 0.20% | 0.01% | (0.17)% | 1.64% | 0.01% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br> &nbsp;&nbsp;&nbsp;&nbsp;to average net assets (before waivers) | 0.09% | (0.11)% | (0.41)% | 1.21% | (0.39)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup> | 12% | 13% | 24% | 26% | 38% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%.

<sup>(4)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8.

<sup>(5)</sup> 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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Financial Highlights

Chautauqua Global Growth Fund – Investor Class

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $22.18 | $19.74 | $14.36 | $11.22 | $13.37 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.01) | (0.05) | (0.06) | 0.19 | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on <br> &nbsp;&nbsp;&nbsp;&nbsp;investments and foreign currency translation | (4.50) | 2.57 | 5.44 | 3.15 | (1.96) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (4.51) | 2.52 | 5.38 | 3.34 | (1.99) |
| **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.08) | (0.05) | (0.14) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) |  |  | (0.06) | (0.16) |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.02) | (0.08) | (0.05) | (0.20) | (0.16) |
| Paid in capital from redemption fees<sup>(4)</sup> |  | 0.00<br><sup>(2)</sup>  | 0.05 | 0.00<br><sup>(2)</sup>  | 0.00<br><sup>(2)</sup>  |
| **Net asset value, end of year** | $17.65 | $22.18 | $19.74 | $14.36 | $11.22 |
| **Total return** | (20.32)% | 12.64% | 37.94% | 29.73% | (14.86)% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (thousands) | $931.8 | $1590.1 | $1676.7 | $1606.9 | $713.9 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.05% | 1.19%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before waivers) | 1.17% | 1.17% | 1.29% | 1.48% | 1.59% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.05)% | (0.24)% | (0.42)% | 1.39% | (0.24)% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) <br> &nbsp;&nbsp;&nbsp;&nbsp;to average net assets (before waivers) | (0.16)% | (0.36)% | (0.66)% | 0.96% | (0.64)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup> | 12% | 13% | 24% | 26% | 38% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.05%. Prior to December 1, 2018, the expense cap was 1.20%.

<sup>(4)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less. See Note 8.

<sup>(5)</sup> 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

December 31, 2022

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1. Organization

Baird Funds, Inc. (the "Company") was incorporated on June 9, 2000, as a Wisconsin corporation and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The accompanying financial statements include the Baird Mid Cap Growth Fund, the Baird Small/Mid Cap Growth Fund, the Baird Equity Opportunity Fund, the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund (each a "Fund" and collectively the "Funds"), five of the fifteen active funds in the series comprising the Company. Pursuant to the 1940 Act, the Funds are "diversified" series of the Company except for the Baird Equity Opportunity Fund, which is a non-diversified fund. The investment advisor to the Funds is Robert W. Baird & Co. Incorporated ("Baird" or the "Advisor"). The investment subadvisor to the Baird Equity Opportunity Fund is Greenhouse Funds LLLP ("Greenhouse" or the "Subadvisor").

The following table presents the class-specific inception dates for each of the Funds:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Inception Date</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Inception Date</u>** |
| **<u>Fund</u>** | **<u>Institutional Class</u>** | **<u>Investor Class</u>** |
| Baird Mid Cap Growth Fund<sup>(1)</sup> | 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 |
| Chautauqua International Growth Fund | April 15, 2016 | April 15, 2016 |
| Chautauqua Global Growth Fund | April 15, 2016 | April 15, 2016 |

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<sup>(1)</sup> Effective April 30, 2022, the Fund changed its name from the Baird MidCap Fund to the Baird Mid Cap Growth Fund.

Institutional Class shares are not subject to a distribution and service (12b-1) fee, while Investor Class shares are subject to a distribution and service (12b-1) fee up to 0.25%. See Note 7.

The Baird Mid Cap Growth Fund seeks long-term growth of capital through investments in equity securities of mid-capitalization companies.

The Baird Small/Mid Cap Growth Fund seeks long-term growth of capital through investments in equity securities of small- and mid-capitalization companies.

The Baird Equity Opportunity Fund seeks to provide long-term capital appreciation through investments in equity securities of small- and mid-capitalization companies.

The Chautauqua International Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations.

The Chautauqua Global Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, the Advisor, in its capacity as sponsor of the Baird Profit Sharing & Savings Plan and the Baird Non-Qualified Compensation Plan, and the Baird Foundation, an entity related to the Advisor, on a combined basis, owned a controlling ownership in the Baird Equity Opportunity Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). 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*.

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| | |
|:---|:---|
| a) | **Investment Valuation** – Section 2(a)(41) of the 1940 Act, together with the rules and interpretations of the U.S. Securities and Exchange Commission (the "SEC"), require the Funds, in computing net asset value ("NAV"), to value their portfolio securities using market quotations when they are "readily available." When market quotations are not readily available (e.g., because there is no regular market quotation for such securities, the market for such security is limited, the validity of quotations is questionable or the Funds' independent pricing service does not provide a price), the 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: common stocks that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sales price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities that were not traded on the valuation date, as well as stocks that are not listed on an exchange, including NASDAQ, are valued at the average of the current bid and ask price. 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. Debt securities purchased with maturities of 60 days or less are valued as described above unless an evaluated price is not available, in which case such security is valued at acquisition cost, plus or minus any amortized discount or premium ("amortized cost"), or, if the Advisor does not believe amortized cost is reflective of the fair value of the security, the security is priced at fair value as described below. Investments in mutual funds, including money market funds, are valued at their stated NAV. 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 Advisor's fair value procedures. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, or it may use broker quotes or prices obtained from alternative independent pricing services or, if broker quotes or prices from alternative pricing services are unavailable or deemed to be unreliable, fair value will be determined by the Advisor. The Advisor has 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 the Funds' NAVs may fluctuate significantly from day to day or from period to period. |
|  | Put and call options purchased for the Baird Equity Opportunity Fund will be valued at the last sale price or, in the absence of such a price, at the mean between bid and asked prices. See Note 2(d) for additional information regarding financial derivative instruments. |

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Notes to the Financial Statements

December 31, 2022

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| | |
|:---|:---|
| 2. | Significant Accounting Policies (cont.) |
|  | The Chautauqua International Growth, Chautauqua Global Growth, and Baird Equity Opportunity Funds have retained an independent fair value pricing service to assist in valuing foreign securities in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the Funds calculate their NAVs. The fair value pricing service uses statistical data based on historical performance of securities and markets, and other data in developing factors used to estimate fair value for that day. |
| b) | **Foreign Securities** – Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include foreign currency fluctuations and adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund's securities, these securities may be valued at their fair value pursuant to the Advisor's fair value procedures. |
| c) | **Foreign Currency Translation** – Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. When a Fund purchases or sells a foreign security, it will customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to the settlement date of such transaction. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held nor currency gains or losses realized between the trade and settlement dates on securities transactions. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Net realized gain (loss) on foreign currency translations include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates. |
| d) | **Financial 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 and limits its derivatives exposure to 10% of its net assets. |
|  | A call option gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security or index at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligations under the option contract. A put option gives the purchaser the right to sell the underlying security or index at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security or index. In contrast to an option on a particular security, an option on an index provides the holder with the right to make or receive a cash settlement upon exercise of the option. The amount of this settlement will be equal to the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple. |
|  | *Writing Put and Call Options* |
|  | As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received. |
|  | By writing a call option on a security, the Fund foregoes the opportunity to profit from an increase in the market price of the underlying security above the exercise price except insofar as the premium represents such a profit, and it is not able to sell the underlying security until the option expires or is exercised or the Fund effects a closing purchase transaction by purchasing an option of the same series. Except to the extent that a written call option on an index is covered by an option on the same index purchased by the Fund, movements in the index may result in a loss to the Fund; however, such losses may be mitigated by changes in the value of securities held by the Fund during the period the option was outstanding. |
|  | If a call option on a security is exercised, the Fund may deliver the underlying security held by the Fund or purchase the underlying security in the open market. In either event, the proceeds of the sale will be increased by the net premium originally received, and the Fund will realize a gain or loss. |
|  | At December 31, 2022, the Baird Equity Opportunity Fund pledged securities with a fair value of $2,308,200 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, 2022, or for any other tax years which are open for exam. As of December 31, 2022, open tax years include the tax years ended December 31, 2019 through 2022. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense, respectively, in the Statement of Operations. During the period, the Funds did not incur any interest or penalties. |
| f) | **Allocation of Income and Expenses** – Each Fund is charged for those expenses directly attributable to it. Expenses directly attributable to a class of shares, such as Rule 12b-1 distribution fees, are charged to that class of shares. Income, expenses and realized and unrealized gains and losses are allocated to the classes based on their respective net assets. Expenses that are not directly attributable to a Fund are allocated among the Funds in the series in proportion to their respective assets or are divided equally amongst the Funds. |
| g) | **Shareholder Transactions and Distributions** – Shareholder transactions are recorded on trade date. Dividends from net investment income, if any, are declared and paid annually. Distributions of net realized capital gains, if any, are declared and paid at least annually. All distributions to shareholders are recorded on the ex-dividend date. The book basis character of distributions may differ from their ultimate characterization for Federal income tax purposes. GAAP requires that permanent financial reporting and tax differences be reclassified in the capital accounts. |
| h) | **Use of Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |

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Notes to the Financial Statements

December 31, 2022

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| | |
|:---|:---|
| 2. | Significant Accounting Policies (cont.) |
| i) | **Securities Transactions and Investment Income** – Investment transactions are recorded on trade date. The Funds determine the gain or loss realized from investment transactions using the identified cost basis. For financial reporting purposes, investment transactions are recorded on the trade date. When a capital gain tax is determined to apply, the Funds may record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date. Dividend income is recognized on the ex-dividend date net of withholding taxes, if any, and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been accounted for in accordance with the Funds' interpretation of applicable tax laws of the countries in which they invest. Distributions received from underlying investments in real estate investment trusts ("REITs") may be classified as dividends, capital gains or return of capital. |
| j) | **Guarantees and Indemnifications** – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown and would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be low. |
| k) | **New Regulatory and Accounting Pronouncements** – In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds were required to comply with Rule 2a-5 by September 8, 2022. Management has evaluated Rule 2a-5 and has adopted the relevant provisions of the disclosure framework. |
|  | In November 2020, the SEC adopted Rule 18f-4 under the 1940 Act and issued Release No. IC-34084, *Use of Derivatives by Registered Investment Companies and Business Development Companies* ("Rule 18f-4"), to govern the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4 replaced existing SEC and staff guidance with a new framework for the use of derivatives by registered investment companies. Unless a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, Rule 18f-4 requires registered investment companies that trade derivatives and other instruments that create future payment or delivery obligations to adopt a value at-risk leverage limit and implement a derivatives risk management program. Each Fund that participates in derivatives transactions intends to qualify as a limited derivatives user. Management has evaluated Rule 18f-4 and has adopted the relevant provisions of the disclosure framework. |
|  | 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. |
| 3. | Capital Share Transactions |

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The following table summarizes the capital share transactions of each Fund for the past two fiscal years:

#### Baird Mid Cap Growth Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Institutional Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 25796351 | $593227526 | 12401472 | $383737973 |
| Shares issued to shareholders in reinvestment of distributions | 1129988 | 24102645 | 9745081 | 276370483 |
| Shares redeemed | (22159031) | (495135412) | (16358498) | (494976770) |
| Net increase | 4767308 | $122194759 | 5788055 | $165131686 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 79123340 |  | 73335285 |  |
| End of year | 83890648 |  | 79123340 |  |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Investor Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 1757374 | $37161800 | 1635445 | $47599926 |
| Shares issued to shareholders in reinvestment of distributions | 136407 | 2655852 | 1329656 | 34557773 |
| Shares redeemed | (2528284) | (54245204) | (1959561) | (55712979) |
| Net increase (decrease) | (634503) | $(14427552) | 1005540 | $26444720 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 8644275 |  | 7638735 |  |
| End of year | 8009772 |  | 8644275 |  |
| Total net increase |  | $107767207 |  | $191576406 |

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Notes to the Financial Statements

December 31, 2022

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3. Capital Share Transactions (cont.)

#### Baird Small/Mid Cap Growth Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Institutional Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 2879793 | $46228086 | 5865374 | $113153475 |
| Shares issued to shareholders in reinvestment of distributions | 67805 | 987916 | 251655 | 4766350 |
| Shares redeemed | (996638) | (15500122) | (816667) | (15919773) |
| Net increase | 1950960 | $31715880 | 5300362 | $102000052 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 8242285 |  | 2941923 |  |
| End of year | 10193245 |  | 8242285 |  |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Investor Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 13483 | $203375 | 5507 | $108852 |
| Shares issued to shareholders in reinvestment of distributions | 374 | 5385 | 1403 | 26278 |
| Shares redeemed | (2908) | (43690) | (1438) | (28670) |
| Net increase | 10949 | $165070 | 5472 | $106460 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 43789 |  | 38317 |  |
| End of year | 54738 |  | 43789 |  |
| Total net increase |  | $31880950 |  | $102106512 |
| **Baird Equity Opportunity Fund** |  |  |  |  |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Institutional Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 828640 | $12850612 | 553251 | $9425497 |
| Shares issued in connection with reorganization (Note 10) |  |  | 1496876 | 25764804 |
| Shares issued to shareholders in reinvestment of distributions | 1217811 | 14260575 | 94369 | 1588236 |
| Shares issued in exchange for Investor Class shares<sup>(1)</sup> |  |  | 18299 | 315192 |
| Shares redeemed | (560334) | (8777787) | (671143) | (11698999) |
| Net increase | 1486117 | $18333400 | 1491652 | $25394730 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 3447169 |  | 1955517 |  |
| End of year | 4933286 |  | 3447169 |  |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Investor Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold |  | $— | 1703 | $28245 |
| Shares issued to shareholders in reinvestment of distributions | 49 | 570 | 537 | 9021 |
| Shares exchanged for Institutional Class shares<sup>(1)</sup> |  |  | (18335) | (315192) |
| Shares redeemed |  |  | (2807) | (48284) |
| Net increase (decrease) | 49 | $570 | (18902) | $(326210) |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 145 |  | 19047 |  |
| End of year | 194 |  | 145 |  |
| Total net increase |  | $18333970 |  | $25068520 |

---

<sup>(1)</sup> Investor Class shares converted to Institutional Class shares in December 2021.

------

Notes to the Financial Statements

December 31, 2022

------

3. Capital Share Transactions (cont.)

#### Chautauqua International Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Institutional Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 17375159 | $270605607 | 8651399 | $161248569 |
| Shares issued to shareholders in reinvestment of distributions | 239100 | 3685237 | 97773 | 1813689 |
| Shares redeemed | (11175681) | (166780762) | (2024941) | (37597545) |
| Redemption fees |  |  |  | 46105 |
| Net increase | 6438578 | $107510082 | 6724231 | $125510818 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 25105662 |  | 18381431 |  |
| End of year | 31544240 |  | 25105662 |  |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Investor Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 910520 | $13813926 | 26138 | $477963 |
| Shares issued to shareholders in reinvestment of distributions | 7208 | 110823 | 141 | 2606 |
| Shares redeemed | (24147) | (354809) | (33445) | (631399) |
| Redemption fees |  |  |  | 96 |
| Net increase (decrease) | 893581 | $13569940 | (7166) | $(150734) |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 32729 |  | 39895 |  |
| End of year | 926310 |  | 32729 |  |
| Total net increase |  | $121080022 |  | $125360084 |
| **Chautauqua Global Growth Fund** |  |  |  |  |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Institutional Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 2949098 | $55678922 | 8197289 | $176454925 |
| Shares issued to shareholders in reinvestment of distributions | 17927 | 325563 | 46030 | 1028304 |
| Shares redeemed | (2197613) | (40872035) | (1085967) | (23131403) |
| Redemption fees |  |  |  | 11794 |
| Net increase | 769412 | $15132450 | 7157352 | $154363620 |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 14077681 |  | 6920329 |  |
| End of year | 14847093 |  | 14077681 |  |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2021 |
| **Investor Class Shares** | Shares | Amount | Shares | Amount |
| Shares sold | 19559 | $348846 | 23122 | $495908 |
| Shares issued to shareholders in reinvestment of distributions | 68 | 1216 | 241 | 5337 |
| Shares redeemed | (38552) | (804656) | (36619) | (783153) |
| Redemption fees |  |  |  | 107 |
| Net decrease | (18925) | $(454594) | (13256) | $(281801) |
| Shares Outstanding: |  |  |  |  |
| Beginning of year | 71705 |  | 84961 |  |
| End of year | 52780 |  | 71705 |  |
| Total net increase |  | $14677856 |  | $154081819 |

---

4. Investment Transactions and Income Tax Information

During the year ended December 31, 2022, purchases and sales of investment securities (excluding short-term investments) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Chautauqua** | **Chautauqua** |
|  | **Baird Mid Cap** | **Baird Small/Mid** | **Baird Equity** | **International** | **Global** |
|  | **Growth Fund** | **Cap Growth Fund** | **Opportunity Fund** | **Growth Fund** | **Growth Fund** |
| Purchases: | $604503448 | $88323081 | $47310991 | $227851783 | $55332463 |
| Sales: | 515668889 | 57124378 | 40322558 | 102354332 | 30922766 |

---

The Funds did not purchase or sell U.S. Government securities during the year ended December 31, 2022.

------

Notes to the Financial Statements

December 31, 2022

------

4. Investment Transactions and Income Tax Information (cont.)

As of December 31, 2022, the components of accumulated earnings (accumulated losses) for income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** | **Baird** | **Baird Equity** | **Chautauqua** | **Chautauqua** |
|  | **Mid Cap** | **Small/Mid Cap** | **Opportunity** | **International** | **Global** |
|  | **Growth Fund** | **Growth Fund** | **Fund** | **Growth Fund** | **Growth Fund** |
| **Cost of investments** | $1502643294 | $150185110 | $60785201 | $458385277 | $266499055 |
| Gross unrealized appreciation | 550513897 | 15793689 | 4867830 | 104543594 | 47183466 |
| Gross unrealized depreciation | (126896157) | (18261075) | (7677931) | (70966558) | (48148408) |
| **Net unrealized appreciation (depreciation)** | 423617740 | (2467386) | (2810101) | 33577036 | (964942) |
| Undistributed ordinary income |  |  |  | 1276371 | 392866 |
| **Distributable earnings** |  |  |  | 1276371 | 392866 |
| **Other accumulated losses** | (45587598) | (19612987) | (829535) | (9574044) | (1575488) |
| **Total distributable earnings (accumulated deficit)** | $378030142 | $(22080373) | $(3639636) | $25279363 | $(2147564) |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and mark-to-market on passive foreign investment companies.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are primarily due to differing treatments for equalization accounting for tax purposes and net operating losses. These reclassifications have no effect on net assets or NAV per share.

For the year ended December 31, 2022, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Total Distributable Earnings** | **Paid In Capital** |
| Baird Mid Cap Growth Fund | $6401018 | $(6401018) |
| Baird Small/Mid Cap Growth Fund | 522385 | (522385) |
| Baird Equity Opportunity Fund | (800963) | 800963 |

---

#### <br> 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.

The tax components of distributions paid during the periods shown below are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Ordinary** | **Long-Term** | |
| **<u>Fund</u>** | **Income** | **Capital Gains** | **Total** |
| Baird Mid Cap Growth Fund | $5430320 | $25642571 | $31072891 |
| Baird Small/Mid Cap Growth Fund |  | 1000232 | 1000232 |
| Baird Equity Opportunity Fund | 449445 | 14047005 | 14496450 |
| Chautauqua International Growth Fund | 2548180 | 1777754 | 4325934 |
| Chautauqua Global Growth Fund | 344680 |  | 344680 |
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Ordinary** | **Long-Term** |  |
| **<u>Fund</u>** | **Income** | **Capital Gains** | **Total** |
| Baird Mid Cap Growth Fund | $32637096 | $341775664 | $374412760 |
| Baird Small/Mid Cap Growth Fund | 265469 | 4579807 | 4845276 |
| Baird Equity Opportunity Fund | 328711 | 1317547 | 1646258 |
| Chautauqua International Growth Fund | 2203513 |  | 2203513 |
| Chautauqua Global Growth Fund | 1103537 |  | 1103537 |

---

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, 2022.

At December 31, 2022, the following Fund deferred, on a tax basis, post-October losses and specified losses of:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Loss Deferral</u>** |
| Baird Equity Opportunity Fund | $913297 |

---

At December 31, 2022, accumulated net realized capital loss carryovers without expiration were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss Carryover** | **Capital Loss Carryover** | **Year of Expiration** | **Year of Expiration** |
| **<u>Fund</u>** | **Short-term** | **Long-term** | **Short-term** | **Long-term** |
| Baird Mid Cap Growth Fund | $45587598 | $— | Indefinitely | N/A |
| Baird Small/Mid Cap Growth Fund | 11832524 | 7780463 | Indefinitely | Indefinitely |
| Chautauqua International Growth Fund | 5686321 | 3888629 | Indefinitely | Indefinitely |
| Chautauqua Global Growth Fund | 520040 | 1055905 | Indefinitely | Indefinitely |

---

During the year ended December 31, 2022, the Funds did not utilize short-term or long-term capital loss carryover. At December 31, 2022, there were no accumulated net realized capital loss carryovers without expiration for the Funds.

------

Notes to the Financial Statements

December 31, 2022

------

5. Investment Advisory and Other Agreements

The Funds have entered into an Investment Advisory Agreement with Baird for the provision of investment advisory services. In addition, Baird has entered into a Subadvisory Agreement with Greenhouse related to the Baird Equity Opportunity Fund. Pursuant to the Investment Advisory Agreement, the Advisor is entitled to receive a fee, calculated daily and payable monthly, at the annual rates as follows:

---

| | |
|:---|:---|
| **Fund** | **<u>Investment Advisory Fees</u>** |
| Baird Mid Cap Growth Fund | 0.75% |
| Baird Small/Mid Cap Growth Fund | 0.75% |
| Baird Equity Opportunity Fund | 1.25% |
| Chautauqua International Growth Fund | 0.75% |
| Chautauqua Global Growth Fund | 0.75% |

---

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:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Institutional Class</u>** | **<u>Investor Class</u>** |
| Baird Mid Cap Growth Fund | 0.85% | 1.10% |
| Baird Small/Mid Cap Growth Fund | 0.85% | 1.10% |
| Baird Equity Opportunity Fund | 1.25% | 1.50% |
| Chautauqua International Growth Fund | 0.80% | 1.05% |
| Chautauqua Global Growth Fund | 0.80% | 1.05% |

---

The Expense Cap/Reimbursement Agreement is in effect through at least April 30, 2024 for the Baird Mid Cap Growth, Baird Small/Mid Cap Growth, Chautauqua International Growth, and Chautauqua Global Growth Funds. The Expense Cap/Reimbursement Agreement is in effect through at least April 30, 2025 for the Baird Equity Opportunity Fund.

To the extent that the Advisor reimburses or absorbs fees and expenses, it may seek payment of such amounts for three years after the date in which expenses were reimbursed or absorbed for all Funds other than the Baird Equity Opportunity Fund. A Fund will make no such payment, however, if its total annual operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed. The Advisor is not entitled to recoup any fees waived and/or expenses reimbursed by the Baird Equity Opportunity Fund under the agreement or under prior agreements.

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Fiscal Year Ended December 31,</u>** | **<u>Fiscal Year Ended December 31,</u>** | **<u>Fiscal Year Ended December 31,</u>** |
| Recoverable amounts reimbursed during: | **<u>2022</u>** | **<u>2021</u>** | **<u>2020</u>** |
| Subject to recovery on or before: | **<u>2025</u>** | **<u>2024</u>** | **<u>2023</u>** |
| **<u>Fund</u>** |  |  |  |
| Baird Small/Mid Cap Growth Fund | $189890 | $161354 | $174146 |
| Chautauqua International Growth Fund | 315901 | 265579 | 211480 |
| Chautauqua Global Growth Fund | 317746 | 295197 | 209335 |

---

For the year ended December 31, 2022, the Advisor waived the following amount pursuant to the Expense Cap/Reimbursement Agreement between the Advisor and the Company on behalf of the Baird Equity Opportunity Fund:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Waived Amount</u>** |
| Baird Equity Opportunity Fund | $274931 |

---

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 year ended December 31, 2022 for the Funds.

Certain officers and employees of the Advisor are also officers of the Funds.

6. Line of Credit

The Company maintains an uncommitted line of credit ("LOC") with U.S. Bank to provide the fifteen Funds comprising the Company a temporary liquidity source to meet unanticipated redemptions 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 $850,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of 1.00% and the Prime Rate minus 2.00%. As of December 31, 2022, the Prime Rate was 7.50%. The LOC matures on May 22, 2023, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.

During the year ended December 31, 2022, the Funds borrowed from the LOC as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amount** | **Interest Charges** | **Borrowing** |
| **<u>Fund</u>** | **Borrowed** | **Accrued** | **Rate** |
| Baird Mid Cap Growth Fund | $3361000 | $514 | 5.50% |
| Baird Equity Opportunity Fund | 391000 | 163 | 5.00% |
| Chautauqua International Growth Fund | 8678000 | 482 | 2.00% |

---

No other borrowings occurred during the year ended December 31, 2022, nor were any other borrowings outstanding under the LOC as of December 31, 2022.

------

Notes to the Financial Statements

December 31, 2022

------

7. Distribution and Shareholder Service Plan

The Funds have adopted a distribution and shareholder service plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan allows the Funds to compensate the Distributor for the costs incurred in distributing the Funds' Investor Class shares, including amounts paid to brokers or dealers, at an annual rate of 0.25% of the average daily net assets of the Funds' Investor Class shares.

For the year ended December 31, 2022, the Funds' Investor Class shares incurred fees pursuant to the Plan as follows:

---

| | |
|:---|:---|
| **<u>Fund</u>** |  |
| Baird Mid Cap Growth Fund | $414395 |
| Baird Small/Mid Cap Growth Fund | 1978 |
| Baird Equity Opportunity Fund | 7 |
| Chautauqua International Growth Fund | 12685 |
| Chautauqua Global Growth Fund | 2114 |

---

8. Redemption Fees

At a meeting held on November 16, 2021, the Board, on behalf of the Chautauqua International Growth and Chautauqua Global Growth Funds, approved the elimination of the 2.00% redemption fee charged by the Funds for both Investor Class and Institutional Class shares. This change became effective on December 1, 2021. Prior to that date, a redemption fee of 2.00% was assessed on Institutional and Investor Class shares of the Chautauqua International Growth Fund and Chautauqua Global Growth Fund if redeemed (including in connection with an exchange) 90 days or less from their date of purchase, determined on a first-in, first-out ("FIFO") basis. The redemption fee was paid directly to the Funds and was designed to offset brokerage commissions, market impact and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.

The other Funds do not charge redemption fees.

9. 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 December 31, 2022 as presented on the Fund's Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** |
|  | **Statement of** | | |
|  | **Assets and** | | |
| **<u>Derivatives Not Accounted for as Hedging Instruments</u>** | **<u>Liabilities Location</u>** | **<u>Assets</u>** | **<u>Liabilities</u>** |
| **Baird Equity Opportunity Fund** |  | | |
| Option Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased option contracts | Investments, at value | $30712 | $— |
| &nbsp;&nbsp;&nbsp; Written option contracts | Written option contracts, at value |  | 47614 |
| Total Option Contracts |  | $30712 | $47614 |

---

The following table presents the results of the derivatives trading and information related to volume for the year ended December 31, 2022. The below captions of "Net Realized" and "Net Change in Unrealized" correspond to the captions in the Fund's Statement of Operations.

---

| | | |
|:---|:---|:---|
|  | **Gain (Loss) from Trading** | **Gain (Loss) from Trading** |
|  | | **Net Change** |
|  | | **in Unrealized** |
|  | **Net** | **Appreciation** |
|  | **Realized** | (Depreciation) |
| **Baird Equity Opportunity Fund** |  |  |
| Option Contracts |  |  |
| &nbsp;&nbsp;&nbsp; Purchased option contracts<sup>(a)</sup> | $(55839) | $(81642) |
| &nbsp;&nbsp;&nbsp; Written option contracts | 453426 | 62008 |
| Total Option Contracts | $397587 | $(19634) |

---

<sup>(a)</sup> 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 year ended December 31, 2022 were:

---

| | | |
|:---|:---|:---|
|  | **Average Notional** | **Average Notional** |
|  | **Purchased** | **Written** |
| **Baird Equity Opportunity Fund** | | |
| &nbsp;&nbsp;&nbsp; Option contracts | $3345622 | $3160925 |

---

Please refer to the Fund's prospectus for a full listing of risks associated with these investments.

------

Notes to the Financial Statements

December 31, 2022

------

10. Reorganization

On September 7, 2021, the Board approved the retention of Greenhouse as subadvisor to the Baird SmallCap Value Fund, subject to approval by the shareholders of the Baird SmallCap Value Fund. In connection with the proposed retention of Greenhouse, the Board also approved the reclassification of the Fund from a "diversified" to a "non-diversified" fund within the meaning of the 1940 Act, subject to shareholder approval, and a change in the name of the Fund to Baird Equity Opportunity Fund. Also on September 7, 2021, the Board approved a Plan of Reorganization (the "Reorganization") of the Baird Small/Mid Cap Value Fund with and into the Baird SmallCap Value Fund, subject to approval of shareholders of the Baird Small/Mid Cap Value Fund.

At a special meeting held on December 7, 2021, shareholders of the Baird SmallCap Value Fund approved the appointment of Greenhouse as subadvisor and the reclassification of the Baird SmallCap Value Fund as non-diversified within the meaning of the 1940 Act. Also at a separate special meeting held on December 7, 2021, shareholders of the Baird Small/Mid Cap Value Fund approved the Reorganization of the Fund with and into the Baird SmallCap Value Fund. The shareholders of the Baird SmallCap Value Fund approved an increase in the management fee from 0.85% to 1.25%. The cost of the Reorganization was borne by the Advisor.

The Reorganization allowed shareholders of the Baird Small/Mid Cap Value Fund to continue to pursue their investment goals through a similar fund that invests in small- and mid-cap companies. The retention of a new sub-advisor for the combined Fund has the potential for improved net of fee performance. The Reorganization may benefit Fund shareholders by resulting in a combined Fund with a larger asset base and greater prospects for long-term viability.

Effective December 13, 2021 (the "Merger Date"), the Baird SmallCap Value Fund (the "Acquiring Fund") acquired all the net assets of the Baird Small/Mid Cap Value Fund (the "Target Fund"). Under Section 368 of the Internal Revenue Code of 1986, as amended, the Reorganization qualified as a tax-free merger to shareholders of the Target Fund. The acquisition was accomplished by an exchange of 1,496,876 Institutional shares of the Acquiring Fund (valued at $25,764,804, representing the Target Fund's total net assets) for the Institutional and Investor shares outstanding of 1,823,023 and 20,227, respectively, of the Target Fund. The value, cost and unrealized appreciation of investments of the Target Fund pre-merger amounted to $27,280,503, $20,535,579 and $6,744,924, respectively. The aggregate net assets of the Acquiring Fund before and immediately after the acquisition were $30,315,385 and $56,080,189, respectively.

The Target Fund's balances were as follows:

---

| | |
|:---|:---|
|  | Target Fund on Merger Date |
| Paid-in capital | $19064548 |
| Total distributable earnings | 6700256 |
| Total Net Assets | $25764804 |

---

For financial reporting purposes, the Acquiring Fund is deemed to be the accounting survivor and as a result, the Statement of Operations and Financial Highlights reflect the operations of the Acquiring Fund only. The assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Because the Acquiring Fund has been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund and the Acquiring Fund that have been included in the Acquiring Fund's Statement of Operations since the Merger Date.

In connection with the Reorganization, the Acquiring Fund was renamed the Baird Equity Opportunity Fund.

Assuming the Reorganization had been completed on January 1, 2021, the beginning of the reporting period, the unaudited pro forma results of operations for the year ended December 31, 2021 would have been as follows:

---

| | |
|:---|:---|
|  | (Unaudited) |
| Net investment income | $725433 |
| Net realized and unrealized gain on investments | 10282967 |
| Net increase in net assets resulting from operations | $11008400 |

---

11. Subsequent Events

In preparing these financial statements, management has evaluated events after December 31, 2022. There were no subsequent events since December 31, 2022, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.

------

Report of Independent Registered Public Accounting Firm

------

To the Shareholders and Board of Directors of Baird Funds, Inc.

 

<br> <u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedule of written option contracts of Baird Equity Opportunity Fund and the schedules of investments of the funds listed below (the "Funds"), each a series of Baird Funds, Inc., as of December 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
|  | **Statements of** | **Statements of Changes** |  |
| **Fund Name** | **Operations** | **in Net Assets** | **Financial Highlights** |
| Baird Mid Cap Growth Fund | For the year ended | For the years ended | For the years ended December 31, |
| (formerly Baird MidCap Fund) | December 31, 2022 | December 31, 2022 and 2021 | 2022, 2021, 2020, 2019, and 2018 |
| Baird Equity Opportunity Fund |  |  |  |
| Chautauqua International Growth Fund |  |  |  |
| Chautauqua Global Growth Fund |  |  |  |
| Baird Small/Mid Cap Growth Fund | For the year ended | For the years ended | For the years ended December 31, |
|  | December 31, 2022 | December 31, 2022 and 2021 | 2022, 2021, 2020, and 2019 and for |
|  |  |  | the period from October 31, 2018 |
|  |  |  | (commencement of operations) |
|  |  |  | through December 31, 2018 |

---

 

<br> <u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

![](cohencompany27-signature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 27, 2023

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Directors & Officers

As of December 31, 2022 (Unaudited)

#### Independent Directors

#### John W. Feldt
Independent Director, Audit Committee Chair

Term of Office: Indefinite

Length of Time Served: Since September 2000

Age: 80

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Thompson Plumb Funds, Inc., a mutual fund complex (3 portfolios) (1987-2018).

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#### Darren R. Jackson
Independent Director

Term of Office: Indefinite

Length of Time Served: Since November 2018

Age: 58

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Wolfspeed, Inc., a semiconductor company, since 2016; Director of Fastenal Company, a tool and supply distributor (2012-2020).

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#### David J. Lubar
Independent Director

Term of Office: Indefinite

Length of Time Served: Since November 2021

Age: 68

c/o Lubar & Co.

833 E. Michigan Street,

Suite 1500

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: President and CEO, Lubar & Co., Incorporated, a private investment firm, since 1983.

Number of Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Hallador Energy Company, since 2018.

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#### Cory L. Nettles
Independent Director

Term of Office: Indefinite

Length of Time Served: Since January 2008

Age: 52

c/o Generation Growth Capital, Inc.

111 East Kilbourn Avenue, Suite 2800

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Managing Director, Generation Growth Capital, Inc., a private equity fund, since March 2007.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Weyco Group, Inc., a men's footwear distributor, since 2007; Director of Associated Banc-Corp,

since 2013.

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#### Marlyn J. Spear, CFA
Independent Director, Chair of Board

Term of Office: Indefinite

Length of Time Served: Since January 2008

Age: 69

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired.

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Management Trustee of AFL-CIO Housing Investment Trust, a mutual fund complex (1 portfolio) (1995-2018).

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#### Frederick P. Stratton, Jr.
Independent Director, Nominating Committee Chair

Term of Office: Indefinite

Length of Time Served: Since May 2004

Age: 83

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Retired; Chairman Emeritus, Briggs & Stratton Corporation, a manufacturing company (2003-2020).

Number of Active Portfolios in Complex Overseen by Director: 15

Other Directorships Held by Director: Director of Weyco Group, Inc., a men's footwear distributor, since 1976.

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Directors & Officers

As of December 31, 2022 (Unaudited) (Continued)

#### Officers

#### Mary Ellen Stanek
President

Term of Office: Re-elected by Board annually

Length of Time Served: Since September 2000

Age: 66

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Co-Chief Investment Officer, Baird Advisors, a department of the Advisor, since October 2021; Chief Investment Officer, Baird Advisors (March 2000-October 2021); Managing Director, the Advisor, since March 2000.

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#### Charles B. Groeschell
Vice President

Term of Office: Re-elected by Board annually

Length of Time Served: Since January 2010

Age: 69

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Managing Director, the Advisor, and Senior Portfolio Manager, Baird Advisors, a department of the Advisor, since February 2000.

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#### Angela M. Palmer
Chief Compliance Officer and

AML Compliance Officer

Term of Office: Re-elected by Board annually

Length of Time Served: Since March 2014

Age: 50

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Ave

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Chief Compliance Officer, the Advisor, since March 2014; Anti-Money Laundering Compliance Officer since May 2015; Managing Director, the Advisor, since January 2022; Director, the Advisor (July 2014-December 2021).

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#### Dustin J. Hutter
Treasurer

Term of Office: Re-elected by Board annually

Length of Time Served: Since April 2021

Age: 46

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Senior Business Analyst, the Advisor, since September 2017; Managing Director, the Advisor, since January 2020; Director, the Advisor (July 2014-December 2019).

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#### Charles M. Weber
Secretary

Term of Office: Re-elected by Board annually

Length of Time Served: Since September 2005

Age: 59

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Senior Associate General Counsel, the Advisor, since January 2013; Managing Director, the Advisor, since January 2009.

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#### Peter J. Hammond
Vice President

Term of Office: Re-elected by Board annually

Length of Time Served: Since August 2012

Age: 59

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Managing Director, the Advisor, since January 2016.

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#### Mandy L. Hess
Assistant Treasurer

Term of Office: Re-elected by Board annually

Length of Time Served: Since April 2021

Age: 52

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Senior Vice President, the Advisor, since November 2019; Director of Finance and Assistant Treasurer, The Lynde and Harry Bradley Foundation, Inc. (a private grantmaking foundation) (December 2005-July 2019).

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#### Andrew D. Ketter
Assistant Secretary

Term of Office: Re-elected by Board annually

Length of Time Served: Since February 2011

Age: 48

c/o Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Principal Occupation(s) During the Past 5 Years: Managing Director, the Advisor, since January 2022; Associate General Counsel, the Advisor, since September 2010; Director, the Advisor (July 2014-December 2021).

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Additional information about the Funds' Directors is available in the Statement of Additional Information which may be obtained without charge, upon request, by calling 1-866-442-2473, or at www.bairdfunds.com.

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Baird Funds, Inc.

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Disclosure Regarding Approval of the Investment Advisory Agreement for Baird Equity Funds (Unaudited)

<br> The Board of Directors (the "Board") of Baird Funds, Inc. (the "Company"), comprised of directors who are not "interested persons" of the Company within the meaning of the Investment Company Act of 1940 (the "Independent Directors"), met on August 12, 2022 and August 25, 2022 to consider the annual renewal of the investment advisory agreement between Robert W. Baird & Co. Incorporated ("Baird" or the "Advisor") and the Company on behalf of the Baird Mid Cap Growth Fund, the Baird Small/Mid Cap Growth Fund, the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund (the "Equity Funds" or the "Funds").

The Board, which is comprised solely of Independent Directors, approved the continuation of the investment advisory agreement for the Equity Funds through a process that concluded at the August 25, 2022 meeting. In connection with the consideration of the investment advisory agreement, the Board reviewed and discussed various information that had been provided prior to the meeting, including a copy of the investment advisory agreement and the Funds' fee schedules, the expense cap agreement for the Funds, a memorandum provided by the Funds' legal counsel summarizing the guidelines relevant to the Board's consideration of the investment advisory agreement, a memorandum and other information provided in response to a request from the Board by the Advisor, a copy of the Advisor's Form ADV Part 1A and Form ADV brochures and brochure supplements, the organizational chart for Baird Equity Asset Management, financial information for the Advisor and its parent company, a profitability analysis, comparative information about the Funds' performance for the applicable periods ended June 30, 2022, comparative information about management fees and expense ratios, composite performance information for similar accounts managed by the Advisor, trading and brokerage commission information and information related to payments to financial intermediaries.

The Board reviewed the Advisor's 15(c) response with representatives of the Advisor at the August 12, 2022 special meeting. The directors also took into account knowledge gained through their experience with the Advisor over time as well as information reviewed periodically throughout the year, including information about performance, asset flows and expenses; discussions with management about personnel, succession planning and services provided to the Funds and their shareholders; discussions with the Company's Chief Compliance Officer about compliance matters; and discussions with the Funds' portfolio managers. As part of their deliberations, the Independent Directors also met in executive session with the Funds' legal counsel and without representatives of the Advisor present.

In considering the investment advisory agreement and reaching its conclusions, the Board reviewed and analyzed various factors that it determined were relevant, including the factors below. In deciding to approve the renewal of the investment advisory agreement for each Fund, the Board did not identify any single factor as determinative but considered all factors together.

#### Nature, Extent and Quality of Services Provided to the Funds
The Board considered the nature, extent and quality of the services provided by the Advisor to the Funds. The Board noted the Advisor's positive reputation, the Advisor's long-term history of managing the Funds and the continuity and experience of the portfolio management teams employed to manage the Funds' investments. The Board considered the depth and quality of the Advisor's personnel who provide services to the Funds, including investment management, shareholder services, legal, compliance and accounting personnel, and noted that the Advisor has continued to provide high quality services to the Funds during the challenging market environment in 2021 and 2022. The Board also considered the Advisor's addition of resources in support of the Funds, including investments in personnel, technology, trading and research.

The Board considered the Advisor's disciplined investment decision-making process used for the Funds. The Board noted the effective operation of the Advisor's risk management system and investment process during the COVID-19 pandemic and the elevated market risk environment in recent months and years. The Board also considered other services that the Advisor provides the Funds in its capacity as their investment advisor, such as providing key personnel to serve as officers of the Funds, selecting broker-dealers for execution of portfolio transactions, ensuring adherence to the Funds' investment policies and restrictions, proxy voting, compliance services, performing shareholder servicing responsibilities, administering the Funds' liquidity risk management program, administering the Funds' cybersecurity program and business continuity plan, valuation support, providing support services to the Board and the committees of the Board and overseeing the Funds' other service providers.

The Board concluded that the nature, extent and quality of the services provided by the Advisor to the Funds were appropriate and that each Fund was likely to continue to benefit from services provided under the investment advisory agreement.

#### Investment Performance of the Advisor and the Funds
In considering the investment performance of each Fund, the Board reviewed information as of June 30, 2022 regarding the performance of each class of each Fund for applicable one-year, three-year, five-year, ten-year and since-inception periods in comparison to its benchmark index and its peer group as determined by Lipper. The Board also considered each Fund's Lipper ranking for periods ending June 30, 2022 and, where applicable, the Fund's Morningstar star rating. The Board reviewed the composite investment performance of Baird Equity Asset Management with respect to accounts managed by the Advisor that are comparable to the Funds but did not consider it to be a material factor in the 15(c) process.

The Board noted that the performance of the Institutional Class of the Baird Mid Cap Growth Fund exceeded its benchmark index for the one-year, three-year, five-year and since-inception periods, had outperformed the Lipper peer group average over all time periods, and ranked in the top quartile of its Lipper category for the since-inception period. The Board considered that the Institutional Class of the Baird Small/Mid Cap Growth Fund had outperformed its benchmark and the Lipper peer group average over all applicable time periods and ranked in the top quartile of its Lipper category for the since-inception period.

The Board noted that the Institutional Class of each of the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund had underperformed its respective benchmark index for the one-year period, had outperformed the benchmark index over all other time periods, had outperformed the Lipper peer group average over all time periods and ranked in the top quartile of the respective Lipper category for the since-inception period. The Board considered the Advisor's commentary regarding each Chautauqua Fund's one-year underperformance compared to the benchmark.

The Board also considered the Advisor's quarterly portfolio commentaries and discussions regarding the Funds' performance and the investment strategies the Advisor employs for each Fund. The Board concluded that each Fund and its shareholders were likely to benefit from the continued management by the Advisor.

#### Advisory Fees and Expenses
The Board reviewed the fee and expense information for each of the Funds, including a comparison of each Fund's advisory fee and total net expense ratio to industry data for all funds in the same Morningstar category (excluding ETFs and index funds). The Board noted that the advisory fee for the Baird Mid Cap Growth Fund and the Baird Small/Mid Cap Growth Fund is above the Morningstar category average and slightly above the Morningstar category median; the advisory fee for the Chautauqua International Growth Fund is above the category average and equal to the category median; and the advisory fee for the Chautauqua Global Growth Fund is below the category average and equal to the category median. The Board also considered the net expense ratio of each Fund, after fee waivers and expense reimbursements by the Advisor, relative to the Morningstar category. The Board noted that the net expense ratio for the Institutional Class of each Fund, after waivers, is below the Morningstar category average and median.

The Board also considered management fees charged by the Advisor to other investment accounts managed in similar strategies, including separately managed accounts, subadvised funds, private partnerships and a collective investment trust, but did not consider these comparisons to be a material factor given the Advisor's greater level of responsibilities and additional services provided with respect to the Funds, as well as the more extensive regulatory requirements and risks associated with managing the Funds.

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Baird Funds, Inc.

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Disclosure Regarding Approval of the Investment Advisory Agreement for Baird Equity Funds (Unaudited) (Continued)

The Board concluded that the management fee and total expense ratio of each Fund were reasonable in light of the nature and quality of services provided and fees paid by comparable funds.

#### Costs and Profitability
The Board considered the fees realized, and the costs incurred, by the Advisor in providing investment management services to the Funds and a profitability analysis with respect to each Fund. The Board considered that the Advisor's profitability information does not reflect costs incurred for various internal support services and systems to the Funds such as IT, compliance, risk, human resources, legal and finance. The Board reviewed the financial condition of the Advisor and its parent company and determined it to be sound. The Board noted that certain Funds were not yet profitable to the Advisor. The Board concluded that the Advisor's current level of profitability for each Fund, where applicable, was reasonable.

#### Economies of Scale and Fee Levels Reflecting Those Economies
The Board considered the extent to which economies of scale might be realized as each Fund grows and to the extent which each Fund's advisory fee reflects those economies of scale for the benefit of Fund investors.

The Board noted that the Equity Funds' advisory fee structure does not contain any breakpoint reductions as the Funds grow in size but considered the expenses incurred and management fees waived by the Advisor in the past and the competitiveness of the Funds' fees and expenses. The Board also considered investments made by the Advisor in resources that benefit the Funds as well as hard dollar payments made by the Advisor for research that benefits the Funds. The directors concluded that the current fee structure of each Fund was reasonable and provides for a sharing of any economies of scale with the Funds' investors.

#### Benefits Derived from the Relationship with the Funds
The Board considered other benefits to the Advisor from serving as advisor to the Equity Funds (in addition to the advisory fee). Those benefits include Rule 12b-1 fees received by the Distributor and its representatives. The Board noted that the Advisor derives ancillary benefits from its association with the Funds in the form of research products and services received from unaffiliated broker-dealers who execute portfolio trades for the Funds. The Board noted that the Advisor's asset management and other institutional businesses may experience indirect benefits from the Advisor's association with the Funds. The Board concluded that the other benefits realized by the Advisor from its relationship with the Funds were appropriate.

Based on its evaluation of the above factors, the directors, all of whom are Independent Directors, concluded that the continuation of the investment advisory agreement was in the best interest of each Fund and its shareholders.

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Additional Information (Unaudited)

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Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds' website at *www.bairdfunds.com* or by accessing the SEC's website at *www.sec.gov*.

Each Fund's proxy voting record for the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds' website at *www.bairdfunds.com* or by accessing the SEC's website at *www.sec.gov*.

Portfolio Holdings Disclosure

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' filings on Part F of Form N-PORT are available on the SEC's website at *www.sec.gov*. The Funds' Form N-PORT reports may also be obtained by calling toll-free 1-866-442-2473 or by accessing the Funds' website at *www.bairdfunds.com*.

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended December 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

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| | |
|:---|:---|
| Baird Mid Cap Growth Fund | 100.00% |
| Baird Equity Opportunity Fund | 100.00% |
| Chautauqua International Growth Fund | 100.00% |
| Chautauqua Global Growth Fund | 100.00% |

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For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2022 was as follows:

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| | |
|:---|:---|
| Baird Mid Cap Growth Fund | 100.00% |
| Baird Equity Opportunity Fund | 87.67% |
| Chautauqua Global Growth Fund | 6.34% |

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The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows (unaudited):

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| | |
|:---|:---|
| Baird Mid Cap Growth Fund | 100.00% |
| Baird Equity Opportunity Fund | 100.00% |
| Chautauqua International Growth Fund | 67.47% |
| Chautauqua Global Growth Fund | 100.00% |

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Baird Funds, Inc. Privacy Policy

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| | |
|:---|:---|
| **FACTS** | **WHAT DOES BAIRD FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | • Social Security number |
|  | • Account balances, transaction history and assets |
|  | • Checking account information and wire transfer instructions |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Baird Funds, Inc. chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
|  | **Does Baird** | **Can you limit** |
| **Reasons we can share your personal information** | **Funds, Inc. share?** | **this sharing?** |
| **For our everyday business purposes—** | Yes | No |
| such as to process your transactions, maintain your account(s), respond |  |  |
| to court orders and legal investigations, or report to credit bureaus |  |  |
| **For our marketing purposes—** | Yes | No |
| to offer our products and services to you |  |  |
| **For joint marketing with other financial companies** | No | We do not share |
| **For our affiliates' everyday business purposes—** | Yes | No |
| information about your transactions and experiences |  |  |
| **For our affiliates' everyday business purposes—** | No | We do not share |
| information about your creditworthiness |  |  |
| **For our affiliates to market to you** | No | We do not share |
| **For nonaffiliates to market to you** | No | We do not share |

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| | |
|:---|:---|
| **Questions?** | Call (toll free) 1-866-442-2473, Email <u>prospectus@bairdfunds.com</u> or go to <u>www.bairdfunds.com</u> |

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Page A-1

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Baird Funds, Inc. Privacy Policy

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| | |
|:---|:---|
| **Who we are** |  |
| **Who is providing this notice?** | Baird Funds, Inc. |
| **What we do** |  |
| **How does Baird Funds, Inc.** | To protect your personal information from unauthorized access and use, we use security measures that comply with |
| **protect my personal information?** | federal law. These measures include computer safeguards and secured files and buildings. |
| **How does Baird Funds, Inc.** | We collect your personal information, for example, when you |
| **collect my personal information?** | • open an account or give us your contact information |
|  | • make a wire transfer or provide account information |
|  | • make deposits or withdrawals from your account |
|  | We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only |
|  | • sharing for affiliates' everyday business purposes—information about your creditworthiness |
|  | • affiliates from using your information to market to you |
|  | • sharing for nonaffiliates to market to you |
|  | State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** |  |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  | • *Robert W. Baird & Co Incorporated (the investment adviser and distributor to the Baird Funds) and its affiliates may share information among each other.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | • *Baird Funds, Inc. does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. We do not have any joint marketing partners. |
|  | • *Baird Funds, Inc. does not have any joint marketing partners.* |

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Page A-2

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(This Page Intentionally Left Blank.)

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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

#### Board of Directors
John W. Feldt

Darren R. Jackson

David J. Lubar

Cory L. Nettles

Marlyn J. Spear (Chair)

Frederick P. Stratton, Jr.

#### Investment Advisor and Distributor
Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

#### Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC

P.O. Box 701

615 East Michigan Street

Milwaukee, WI 53202

#### Custodian
U.S. Bank, N.A.

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

#### Legal Counsel
Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, WI 53202

#### Independent Registered Public

#### Accounting Firm
Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the President, Treasurer and Assistant Treasurer of the Registrant. The Registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the Registrant's Code of Ethics is incorporated by reference. See Item 13(a)(1).

#### Item 3. Audit Committee Financial Expert.

The Registrant's board of directors has determined that John W. Feldt, Frederick P. Stratton, Jr., Marlyn J. Spear, Darren R. Jackson, and David J. Lubar, each a member of the audit committee, each qualify as an "audit committee financial expert" as such term is defined in paragraph (b) of Item 3 of Form N-CSR. Mr. Feldt, Mr. Stratton, Ms. Spear, Mr. Jackson, and Mr. Lubar are each "independent" as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.

Aggregate fees billed by Cohen & Company, Ltd. ("Cohen"), the Registrant's principal accountant, during the last two fiscal years were as follows:

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| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| (a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp; $239450 | &nbsp;&nbsp;&nbsp;&nbsp; $228100 |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp; $67500 | &nbsp;&nbsp;&nbsp;&nbsp; $72000 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

In the above table, "audit fees" are fees billed for professional services for the audit of the Registrant's annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements. "Tax fees" are fees billed for professional services rendered for tax compliance, tax advice and tax planning, and specifically relate to Cohen's review of the Registrant's federal and state tax returns.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services rendered to the Registrant, as well as all non-audit services provided to the Registrant's investment adviser and any entity affiliated with the Registrant's investment adviser with respect to any engagement that relates directly to the operations and financial reporting of the Registrant. In accordance with its policies and procedures, the audit committee pre-approved all audit and tax services provided by Cohen to the Registrant during fiscal 2022. During the past two fiscal years, the Registrant did not receive any non-audit services from Cohen pursuant to any waivers of the pre-approval requirement under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. Additionally, during the past two fiscal years, neither the Registrant's investment adviser nor any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant received non-audit services from Cohen.

(e)(2) The percentages of fees billed by Cohen applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | Not applicable | Not applicable |
| Tax Fees | 0% | 0% |
| All Other Fees | Not applicable | Not applicable |

---

(f) Not applicable because substantially less than 50 percent of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year was attributed to work performed by persons other than Cohen's full-time, permanent employees.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The complete Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Baird Mid Cap Growth Fund, Baird Small/Mid Cap Growth Fund, Baird Equity Opportunity Fund, Chautauqua
 International Growth Fund, Chautauqua Global Growth Fund, Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Aggregate Bond Fund, Baird Core Plus Bond Fund, Baird Short-Term Municipal Bond Fund,
 Baird Strategic Municipal Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Municipal Bond Fund are included as part of the report to shareholders filed under Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable because the Registrant is not a closed-end management investment company.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable because the Registrant is not a closed-end management investment company.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable because the Registrant is not a closed-end management investment company.

#### Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors.

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's management, with the participation of its principal executive and principal financial officers, has evaluated the effectiveness of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940 (the "Act")), as of a date within 90 days prior to the filing date of this Form N-CSR, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
 1934. Based on such evaluation, the Registrant's principal executive and principal financial officers have concluded that the design and operation of the Registrant's disclosure controls and procedures are effective in providing reasonable
 assurance that the information required to be disclosed on Form N-CSR is recorded, processed, summarized and reported within the applicable time periods.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable because the Registrant is not a closed-end management investment company.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Code of ethics*](https://www.sec.gov/Archives/edgar/data/1282693/000089853118000184/baird-ex99codeeth.htm) [Incorporated by reference to the Registrant's Form N-CSR filed on March 9, 2018.](https://www.sec.gov/Archives/edgar/data/1282693/000089853118000184/baird-ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [*A separate certification for each principal executive and principal financial officer of the Registrant pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith*.*](baird-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons*. Not applicable because the Registrant is not a closed-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Changes in the Registrant's independent public accountant.*

There was no change in the Registrant's independent public accountant for the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*.<br> Furnished herewith.](baird-ex99cert906.htm)

#### <br>

------

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>BAIRD FUNDS, INC.</u> 

By (Signature and Title) <u>/s/Mary Ellen Stanek</u>

Mary Ellen Stanek, President (Principal Executive Officer)

Date <u>March 8, 2023</u><br>

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) <u>/s/Mary Ellen Stanek</u>

Mary Ellen Stanek, President (Principal Executive Officer)

Date <u>March 8, 2023</u>

By (Signature and Title) <u>/s/Dustin J. Hutter</u>

Dustin J. Hutter, Treasurer (Principal Financial Officer)

Date <u>March 8, 2023</u>

## Ex-99.Cert

#### CERTIFICATIONS

I, Mary Ellen Stanek, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baird Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 8, 2023</u>  | <u>/s/Mary Ellen Stanek</u><br> Mary Ellen Stanek<br> President |

---

------

I, Dustin J. Hutter, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Baird Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 8, 2023</u>  | <u>/s/Dustin J. Hutter</u> <br> Dustin J. Hutter<br> Treasurer |

---

## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Baird Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Baird Funds, Inc. for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Baird Funds, Inc. for the stated period.

---

| | |
|:---|:---|
| <u>/s/Mary Ellen Stanek</u> <br> Mary Ellen Stanek<br> President, Baird Funds, Inc.<br>| <u>/s/Dustin J. Hutter</u> <br> Dustin J. Hutter<br> Treasurer, Baird Funds, Inc.<br>|
| Dated: <u>March 8, 2023</u>  | Dated: <u>March 8, 2023</u>  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Baird Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.

<br>